VMG

41 ms·

631.
by VMG 9y ago
How do we know these aren't wash trades?
632.
by VMG 9y ago
If double-spend detection rather than prevention was enough, you could build a much cheaper and more efficient payment system than Bitcoin. What makes Bitcoin interesting is the fact that you don't have to resort to the legal system fo
633.
by VMG 9y ago
The goal is to make it simple and inexpensive. Since it supports microtransactions in the sub-cent range and is irreversible, it would beat credit cards in those regards. The most expensive step would be opening a channel, but there is work
634.
by VMG 9y ago
How would you determine the culprit? You can't even prove that there was an intent to roll back a particular transaction.
635.
by VMG 9y ago
Certainly not running open source software on commodity hardware. Other than that I don't know, same as for 90% of Blockchain companies that get the same level of investment or more.
636.
by VMG 9y ago
How would they protect it after a double spend occurred?
637.
by VMG 9y ago
> The second one can be retaliated against off-chain. What do you mean?
638.
by VMG 9y ago
We would see two chains forking of a shared block with a significant length (~10). Unless you count Bitcoin Clashic[1], there's no proof of that http://bitcoinclashic.org/
639.
by VMG 9y ago
Yes, there are three interoperable implementations https://cdecker.github.io/lightning-integration/ It runs on top of Bitcoin-like Blockchains that have segwit or something comparable. If you run a LN node you can char
640.
by VMG 9y ago
Yes, any coin that has segwit or a comparable fix for malleability can use lightning. Litecoin is already supported. You can even have atomic swaps between both over lightning channels.
641.
by VMG 9y ago
Yet Torvalds runs neither of those businesses. What is your point here?
642.
by VMG 9y ago
What competitive advantage would Blockstream have? Why would exchanges not peer directly? It is all open source protocols and software. There are three major implementations to choose from.
643.
by VMG 9y ago
Lighting Network is a trustless protocol
644.
by VMG 9y ago
> they have a stake in making money off the lightning network How? Anyone can run a lighting node > And now that we've reach a critical mass of transactions this lightning network is nowhere to be found That conflicts with the o
645.
by VMG 9y ago
I have successfully sent payments already. If you are a computer-savvy person you can set it up in a few hours. Let me know if you need help.
646.
by VMG 9y ago
None of the coins can scale realistically on-chain as a peer-to-peer system. If you run the numbers, the transaction volume of 1B people making one transaction a day goes into the terabytes. If you externalize the costs of verifying that to
647.
by VMG 9y ago
Bcash is at high risk of a 51% attack unless they change their proof-of-work algorithm https://notehub.org/z6ztu Litecoin is equally cheap, has fast block times and no such risk. Neither will scale sufficiently without off-
648.
by VMG 9y ago
There is a market for public good: charities
649.
by VMG 9y ago
Waste is something that is unnecessary. Competing for PoW solution is critical. There is no waste. If you know a different way of solving the consensus problem, tell us.
650.
by VMG 9y ago
You need opportunity cost in order to secure the network. Without that, there is no incentive to keep the network secure. There is no cheaper solution to solve this problem, therefore there is no waste.
651.
by VMG 9y ago
In addition to what my sibling comment says, LN channels retains trustlessness. Great Zappa album btw.
652.
by VMG 9y ago
Understanding Bitcoin is hard. Here is a response to some of the criticism: > Every time a block is validated, a single node in the network gets a reward, and everyone else’s computing time is completely wasted. This is a misunderstandin
653.
by VMG 9y ago
Are you shorting on CBOE?
654.
On the growing risk of the 51% attack against BCash(notehub.org)
1 points by VMG 9y ago|0 comments
655.
by VMG 9y ago
Ethereum has been hyping proof-of-stake since version one and delivers Cryptokittens instead.
656.
by VMG 9y ago
why is fog.sh storage better than dropbox?
657.
by VMG 9y ago
Many exchanges just use BitGo to deal with this: 2-of-3 multisig wallet
658.
by VMG 9y ago
> I've been hearing talk about 1k people own >40% of BTC[1]. That seems dubious. These numbers usually don't account for custodial wallets e.g. exchanges
659.
by VMG 9y ago
Bitcoin prune node still downloads the full blockchain, just does not store all of it. It trusts the local file system, not other nodes.
660.
by VMG 9y ago
If the community didn't reject Segwit2x, it would have been much, much worse.

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