Gold collapsing. Bitcoin UP.

[kostialevin]

@kyuupichan
"the Genesis Block contains no spendable coins". True. It's just that they are a part of the 21 million bitcoins.. if I'm not wrong.

 

[cypherdoc]

"Bitcoin’s first block, the genesis of its history, contains a transaction minting 50 BTC. However, this transaction’s 50 BTC output isn’t included in the UTXO set. It’s still unclear whether it was an oversight or done on purpose.

The result is that those 50 BTC are not present in Bitcoin’s ledger, even if they are visible in a transaction included in the main chain."

https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-d2e
[doublepost=1574262940][/doublepost]the confusing thing for me is that, iirc, the UTXO set was a database inserted/created into your ~/.bitcoin/chainstate directory by pwuille; not something in the original code.

 

[cypherdoc]

or maybe the UTXO set was always there but pwuille was the one who added it to a new chainstate directory.

 

[AdrianX]

One way confiscation could happen is like this:
"You'll get ten years in prison, and your coins are frozen as long as we want. If you cooperate and give us your keys, you'll get a reduced sentence."

No protocol change needed.

Given the number of BTC auctioned by Law Enforcement and some of the sentences, it seems it may be much easier than that @Norway.
[doublepost=1574274523,1574273428][/doublepost]

Great technical interview with @Otaci.

BU gets a mention around the 30 min mark, It sounds like Xthin, but I wonder why they didn't use BU's parallelization? (that arriving on the Genesis upgrade)

None the less the BSV orphaned blocks that resulted from a fork because of excessively large block seemed to have occurred because there was no block compression, and no parallel validation. So this is a very positive sign to see, nChain's BSV client is not just building on ABC.

It was mentioned to me the BSV client is under the Bitcoin Association banner, and development is funded by nChain, also moving in the right direction if true.

 

[Norway]

I'm on Youtube!

 

[Zarathustra]

A prepper wearing a tie. Nice. And a real face. Great!

 

[Norway]

The tie is just a tool, just like a knife or a gun.

 

[Norway]

The crowdfunding of KaChing is accumulating. When we reach our funding goal, Thomas and I can meet in an office 5 days a week.

What we "sell" at our crowdfunding page is a cheaper Trezor/Ledger hodl tool.

Trezor claim they have sold hundreds of thousands of devices, the french Ledger company claims they have sold more than a million of their devices. But that basic utility is nothing compared to our vision.

The venture capitalists we have been talking to so far, seem to like the basic HODL tool (Trezor/Ledger), but get scared when we talk about the importance of network effects, making good libraries and more important documentation that we will issue to support our own business model. (KaChing is the best documented Bitcoin protocol and this link is the proof.)

They also gets scared when we reveal that we want to grab the big untouched treasure chest called e-money.

And that KaChing is a general-purpose communication protocol (a Swiss army knife) based on the original definition of a Bitcoin transaction.

The concept of e-money is regulated in EU from a few years back. It's not a new thing. Many FinTech companies try to do this, but they fail. Because they can't compete with the banks. They can't compete with Visa/Mastercard. It's all about the cost, network effect and security.

E-money/fiat tokens on top of BSV can compete and will win in the e-money game. Because it's better.

As bitcoin maximalists, we all know that e-money is a temporary situation that will be irrelevant in 10-20 years when bitcoin (BSV) is stable and "stable coins" are redundant. But in the meantime, it's a good strategy because merchants need predictability.

Fund my and Thomas' crazy ideas by ordering a sexy multi-purpose card here:
https://www.indiegogo.com/projects/kaching-secure-bitcoin-wallet

EUR 9/USD 10!

 

[AdrianX]

The tie is just a tool, just like a knife or a gun.

The reason CSW moved to teh UK is he wants to be knitted one day. Statistics suggest you drop the tie.

Re. your summary maybe it's a good idea to develop the full business but capitalise on the low hanging fruit and market V 1.0 as a cold storage device (somthing missin in the BSV space)

 

[Norway]

@AdrianX
If anyone tries to cut my tie off like Richard Branson did, I will smash his face.
[doublepost=1574386080][/doublepost]

Re. your summary maybe it's a good idea to develop the full business but capitalise on the low hanging fruit and market V 1.0 as a cold storage device (somthing missin in the BSV space)

That is exactly what we are doing! We will build it brick by brick.

 

[AdrianX]

If anyone tries to cut my tie off like Richard Branson did, I will smash his face.

remember he's a knight. (apparently, he takes scissors to every interview)

 

[cypherdoc]

looks like my smoothly increasing mining blocksize "creep" concept has been accepted into BSV longterm strategical thinking . well done:

 

[79b79aa8]

N.B. around 1:12:00 mark
required txn ordering hinders parallelization

 

[cypherdoc]

nice volume spike:

 

[Otaci]

N.B. around 1:12:00 mark
required txn ordering hinders parallelization

Yes, any ordering does. The question of whether the parent transaction is *in* the block is very different from whether the parent transaction is *before* the child.
[doublepost=1574636015,1574635248][/doublepost]Imagine you have *n* separate systems, all incrementally building merkle trees from the stream of transactions that are arriving (at 1,000,000 tps). They can work pretty independently, submitting their merkle tree sub-roots which are combined into one final merkle tree root. Nice.

Now a tx arrives who's parent is somewhere in "there". Where? Dammit, I wasn't keeping track of that because it wasn't necessary, now I have to add a whole load of extra stuff. Extra stuff = complexity = overhead = slower. Now imagine that you did find the parent and were about to include the child after the parent in the sub-merkle tree and woah .. it has two parents and the other parent is already included in a different sub-merkle tree. Damn. 10 parents?

 

[trinoxol]

@Otaci Would you consider the existing topological ordering rule a hindrance and/or a mistake?

 

[cypherdoc]

up down up down. but back over 0.5 for now:

 

[freetrader]

Craig at least has his reputation at stake.

You have to be joking.

 

[sgbett]

...said the anon without any reputation at stake...

 

[freetrader]

The people banking on Bitcoin Cash disagree.