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Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains
- empath75 9y agoSo basically this guy is forking bitcoin, causing contention between miners, etc, and now is making a new coin that allows him to profit from that contention?
- jdhn 9y agoPretty much. Also, this new coin sounds like a version of atomic swaps.
- wyldfire 9y agoI'm looking forward to atomic swaps, but in the meantime I will endorse https://shapeshift.io/ https://shapeshift.io/ -- it's a remarkably convenient and simple exchange. I found it far easier to use than bitsquare and far superior liquidity.
- kobeya 9y agoAtomic swaps have worked from day one, if people would just use them.
- wyldfire 9y agoReally? Can you refer me to where I can read more?
- kobeya 9y agoOn mobile, but I believe there is a wiki page describing how to do cross chain atomic swaps using bitcoin script.
- wakamoleguy 9y agohttps://en.bitcoin.it/wiki/Atomic_cross-chain_trading https://en.bitcoin.it/wiki/Atomic_cross-chain_trading This wiki article describes an atomic swap process. I believe the largest issue with that process is that it takes multiple steps. Those steps can be reversed if the process is halted (and are therefore atomic). However, needing to transmit to the network multiple times and wait before continuing makes it a hassle to carry out manually. That leads to either wallets or trusted third parties completing the transaction for you so you don't have to sit and wait.
- kobeya 9y agoEdit: I should’ve said I know it is possible, as I have done it before, and that I believe there is a wiki page explaining how.
- VMG 9y agoUnclear how his solution improves on Lightning Network: https://bitcoinmagazine.com/articles/atomic-swaps-how-the-lightning-network-extends-to-altcoins-1484157052/ https://bitcoinmagazine.com/articles/atomic-swaps-how-the-li...
- jhall1468 9y agoCreate a problem, then offer a solution. In this case, invent a problem that doesn't exist, and your solution is one among a sea of shitty pre-mined Ethereum ICOs. It's pretty sad, really.
- sitepodmatt 9y agonail on the head..
- dabockster 9y agoMeanwhile, blockchain is actually a pretty nice data structure on its own. But no, everyone builds off ETH so they can hype their pre-mine.
- rothbardrand 9y agoEconomic incentives matter. Bitcoin has them right for making itself "digital gold"... but ethereum discovered the "be your own virtual altcoin at almost no cost and raise a bunch of money" application.
- ishtu 9y agodivide and conquer that is
- uncletammy 9y ago> So basically this guy is forking bitcoin Nope. ~80% of miners, 90% of Bitcoin businesses, and at least half of the community are forking Bitcoin. Jeff just happens to be the lead developer for the new client. The contention has been there for years and it's been fueled by the horrific sensorship on the main communication channels. This is sad to see though. I don't know how he'll find time to juggle both of these projects.
- chabes 9y ago> at least half of the community source?
- rothbardrand 9y agoThere's no evidence of that, more than %90 of miners are running core, and there are more businesses opposed to 2x than endorsing it: http://nob2x.org http://nob2x.org Meanwhile "signers" of the New York "Agreement"[1] are dropping like flies, most recent Coinbase that says they will support the core chain. Hell the biggest "proponents" of 2X aren't willing to risk their own bitcoin in a swap (eg: Ver who has backed out of such promises in the past too with BCH) 2X is nothing but a scam to get suckers to sell BTC for B2X while people like Ver sell B2X to get more BTC! Its funny how the bitcoin haters talk about censorship-- reality is /r/bitcoin is not censored, but the entire 2x movement was done behind closed doors, with no peer review, with a heavily censored slack channel and mailing list-- that is if you can get on it in the first place... while bitcoin does all this in public. 2X hasn't had commits or serious work in months last I checked and I really feel sad for the people who bought the propaganda these scammers are selling. [1] It's not an agreement when only one side agreed with itself.
- j_s 9y ago> reality is /r/bitcoin is not censored As a complete outsider not paying much attention this is the first time I've ever seen anyone try to make this claim, it seems easily disproven.
- rothbardrand 9y ago
- deadmetheny 9y agoYup. This is good for Bitcoin.
- wyldfire 9y ago> Bloq and Metronome’s authors will receive 20% of the initial MTN offering as a one-time author’s retention. I don't know Jeff Garzik's reputation well, but I've heard his name many times. The fact that he endorses Segwit2x [1] and that he wants a premine/grant for his altcoin are concerning IMO. [1] https://medium.com/@jgarzik/why-segwit2x-is-the-best-path-for-bitcoin-d9a4103f2fda https://medium.com/@jgarzik/why-segwit2x-is-the-best-path-fo...
- kobeya 9y agoHe IS s2x.
- shp0ngle 9y agoThis is important to note. He is the main and, it can be argued, the only developer of the bitcoin segwit2x attack/upgrade (depending on which propaganda do you prefer). https://github.com/btc1/bitcoin/commits/segwit2x https://github.com/btc1/bitcoin/commits/segwit2x
- rothbardrand 9y agoI think lack of replay protection and making the nodes pretend to be core nodes makes the intentions clear. If you're honest you don't need to deceive like that.
- Kiro 9y agoWhat's the problem with endorsing Segwit2x?
- acjohnson55 9y agoThe article is a bit vague on how this works. Does anyone know of a good summary?
- wyldfire 9y agoDetails are in the "Media Kit" [1]. Not a "paper" but a "Media kit". Note that "media kits" probably have positive correlation with P&D and "papers" probably do not. Not causation, I suppose, but just an interesting tidbit for consideration. [1] https://www.scribd.com/document/362437500/Metronome-Media-Kit-FAQ https://www.scribd.com/document/362437500/Metronome-Media-Ki...
- shp0ngle 9y agoAt least it's honest. Most ICO "whitepapers" are just PR kits.
- away2017throw 9y ago1. Promote. 2. Convert 20% into assets at the peak. 3. Hide in Uruguay.
- dabockster 9y agoYou don't even need to hide anywhere. Since there is no regulations on pre-mines themselves, only ICOs, you could do a pre-mine in the US and be 100% fine as long as you paid the capital gains tax. IANAL, so take this with a grain of salt. Meanwhile, I'm holding out for the day ETH crashes, ICOs end, and pumpers go back to using Litecoin forks. I'm just sitting here with a GTX 1060 ready to mine some scamcoins for lulz.
- jacobush 9y agoYou get good XMR hash rate with that: https://www.youtube.com/watch?v=nErHc5OvjkI https://www.youtube.com/watch?v=nErHc5OvjkI
- ggambetta 9y ago
- SadWebDeveloper 9y agoSo now they are trying to sell a Digital-to-Digital (Bit)Coin exchange as a new currency "to rule them all" because it has a blockchain.
- argo_ 9y ago> Its authors will receive a one-time retention of 20% (2 million) of the initial MTN supply. Need to say anything else? Sounds really shady to me.. Anyway, the Sidechain Project which is in development by the Blockstream team is supposed to do that, but above the bitcoin protocol itself, not in a 'new coin'.
- dabockster 9y agoClassic pump and dump (PnD). If they were serious about developing a better crypto, they would have divested almost all of their coins. This ratio shows that the devs only want to make a quick buck.
- artursapek 9y agoThis is the depressing state of the cryptocurrency world these days. A sucker born every minute, and an "ICO" starting every hour.
- anonymous5133 9y agoAgree. If devs want their ICO to be taken seriously then they need to do the leg work first and show us at leas a working prototype.
- just_one_time_ 9y agoNot sure how you can mention shady dealings and Blockstream in the same breath without any irony. The only business plan of Blockstream's sub-human CTO is to limit (or even reduce) the number of allowed transactions per second on the "main chain" to be able to sell a Blockstream Branded service as a "side chain". The whole success of the company depends on a hobbled and restrictively EXPENSIVE Bitcoin network.
- mrb 9y agoAs long as this is disclosed, why would it be shady? This is no different than executives retaining a fraction of the shares after doing an IPO.
- vocatus_gate 9y agoPremine/"founders reward"? Another scamcoin doomed to failure.
- 1053r 9y agoFrom the "Owner's Manual" [1], it appears that this is just another ETH ERC20 token. All of the "portability" features of it are just based on atomic swaps, which means that the security of this token for most purposes is equal to the security of the lowest security chain on which it lives. Since participating in this requires being in the ETH ecosystem, and this is not designed to be an "appcoin" (single use token), but instead is designed to be a general purpose currency, I'm unclear what it really brings to the table. Also, it appears that it will only support being on ETH initially. While I imagine it would be pretty easy to port to ETC, it's probably never going to live on top of Bitcoin, because the smart contracts would be prohibitive in terms of cost. 1 - https://www.metronome.io/pdf/owners_manual.pdf https://www.metronome.io/pdf/owners_manual.pdf
- perpetualcrayon 9y agoI think the big breakthrough with cryptocurrency will be when someone invents a "Basic Income" cryptocurrency. I've been thinking about it for a while, and have even started writing up a specification (may not need to write the actual implementation). I think it's a tricky problem, but I'm almost 100% certain now that it's probably going to be invented and used in the near future. EDIT: And by "near future" I mean "within 5-10 years".
- rothbardrand 9y agoThis doesn't really make sense. The thing that gives cryptocurrencies value is that they are scarce. The thing that gives them security is proof of work, allowing a distributed consensus algorithm that is hard to game. Cryptocurrency isn't a source of magic money in the sense that you could tap it for a "basic income" type scheme-- where the recipients are not doing anything to earn it. In cryptocurrency every actor in the system has a job that they do, namely, miners mine and that's how they get paid. I'm not saying its impossible, it just seems like it doesn't make sense at first look.
- perpetualcrayon 9y agoI agree that it does seem counter-intuitive given what we've come to expect a cryptocurrency to be.
- setr 9y agoThats.. not a sufficient response..
- perpetualcrayon 9y agoI apologize, but when I double-checked I didn't see a specific question in the parent comment.
- setr 9y ago