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Fascinating how all the comments explaining that for fast and cheap transactions there is Litecoin (which has SegWit and Lightning) and pointing out BCash (stil

Fascinating how all the comments explaining that for fast and cheap transactions there is Litecoin (which has SegWit and Lightning) and pointing out BCash (still vulnerable to transaction malleability because it does not have SegWit) technical and governance problems immediately got downvoted into oblivion. Edit: including this comment.

wmf 9y ago
Fascinating how all the "just use Litecoin" comments don't count the value of continuity of the UTXO set, etc.
- ryebit 9y ago
  What is the value of maintaining continuity of the UTXO set? Pretty much any BTC spinoff can and has forked the chain, auto-airdropping their coin to all BTC holders. You don't even have to go that far though, a coin could easily have a smart-contract style method of signing a message with your BTC private key, and get granted an equivalent in free starter coins. Coins are also becoming increasingly fungible ... there's more exchanges every day, shapeshift/changelly style portals, and lightning adding atomic swaps across chains. More importantly though, whether this is the end of the early adopter phase, or just a "late end of early adoption" phase... most people coming in won't want a coin with a lot of baggage and most of the value hoarded into a few accounts (inheriting BTC's chain could be seen as a negative there; and BCH's speedmining run didn't help it out).
ryebit 9y ago
There is a LOT of money being invested to make BCash appear legit. One bit I noticed was this address -- https://bitinfocharts.com/bitcoin%20cash/address/19hZx234vNtLazfx5J2bxHsiWEmeYE8a7k https://bitinfocharts.com/bitcoin%20cash/address/19hZx234vNt... which has been quietly accumulating (yet never spending) a massive amount of BCH. My best guess is this is bitmain accumulating part of their mining proceeds, but isolating it away to create artificial scarcity to inflate the price. (That's just one of a bunch of similar addresses). They sort of depend on keeping the price inflated; because without that, their difficulty would adjust & drop to the point where a 51% attack was actually feasible. Per https://fork.lol/security/fork https://fork.lol/security/fork it would only take 50 days for 25% of the BTC hashrate to remine the entire BCH fork, undoing any BCH transactions the miner might have made. It's an incredibly shaky coin in a large number of ways.
pmorici 9y ago
The lead Litecoin dev, Charlie Lee, made an unholy alliance with Bitcoin Core. He is part of their Dragon's Den troll coordination chat room and in return for his support on issues like blocksize and segwit they throw him a bone by recommending litecoin as Bitcoin becomes unusable for smaller transactions.
speedplane 9y ago
I know the marketing jargon that "LiteCoin is silver to Bitcoin's gold", but can anyone explain how they differ materially, or is just another line of speculation?
joseluis 9y ago
Fascinanting the misinformation indeed. 1. Litecoin fees are much more expensive than with Bitcoin Cash and it's not secure with 0 confirmations. 2. The DAA upgrade included the NULLFAIL and LOW_S BIPs, both of which remove sources of transaction malleability. https://www.reddit.com/r/btc/comments/7hqt7k/transaction_malleability_reference_post/ https://www.reddit.com/r/btc/comments/7hqt7k/transaction_mal...
- deleted 9y ago
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wmf 9y ago

Fascinating how all the "just use Litecoin" comments don't count the value of continuity of the UTXO set, etc.

ryebit 9y ago
What is the value of maintaining continuity of the UTXO set? Pretty much any BTC spinoff can and has forked the chain, auto-airdropping their coin to all BTC holders. You don't even have to go that far though, a coin could easily have a smart-contract style method of signing a message with your BTC private key, and get granted an equivalent in free starter coins. Coins are also becoming increasingly fungible ... there's more exchanges every day, shapeshift/changelly style portals, and lightning adding atomic swaps across chains. More importantly though, whether this is the end of the early adopter phase, or just a "late end of early adoption" phase... most people coming in won't want a coin with a lot of baggage and most of the value hoarded into a few accounts (inheriting BTC's chain could be seen as a negative there; and BCH's speedmining run didn't help it out).

ryebit 9y ago

There is a LOT of money being invested to make BCash appear legit. One bit I noticed was this address -- https://bitinfocharts.com/bitcoin%20cash/address/19hZx234vNtLazfx5J2bxHsiWEmeYE8a7k https://bitinfocharts.com/bitcoin%20cash/address/19hZx234vNt... which has been quietly accumulating (yet never spending) a massive amount of BCH. My best guess is this is bitmain accumulating part of their mining proceeds, but isolating it away to create artificial scarcity to inflate the price. (That's just one of a bunch of similar addresses). They sort of depend on keeping the price inflated; because without that, their difficulty would adjust & drop to the point where a 51% attack was actually feasible. Per https://fork.lol/security/fork https://fork.lol/security/fork it would only take 50 days for 25% of the BTC hashrate to remine the entire BCH fork, undoing any BCH transactions the miner might have made. It's an incredibly shaky coin in a large number of ways.

pmorici 9y ago

The lead Litecoin dev, Charlie Lee, made an unholy alliance with Bitcoin Core. He is part of their Dragon's Den troll coordination chat room and in return for his support on issues like blocksize and segwit they throw him a bone by recommending litecoin as Bitcoin becomes unusable for smaller transactions.

speedplane 9y ago

I know the marketing jargon that "LiteCoin is silver to Bitcoin's gold", but can anyone explain how they differ materially, or is just another line of speculation?

joseluis 9y ago

Fascinanting the misinformation indeed. 1. Litecoin fees are much more expensive than with Bitcoin Cash and it's not secure with 0 confirmations. 2. The DAA upgrade included the NULLFAIL and LOW_S BIPs, both of which remove sources of transaction malleability. https://www.reddit.com/r/btc/comments/7hqt7k/transaction_malleability_reference_post/ https://www.reddit.com/r/btc/comments/7hqt7k/transaction_mal...

deleted 9y ago
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