Hello Steemit comunity
Hi my name is Peter and I am from Latvia. First I heard of STEEM on Poloniex and after it was mentioned on some of my favorite YouTube channels. There was no choice but to get to know what it is. So here I am. I think it's a great idea and I see bright future for it.
Originally I studied finances and most of my background is tied with accounting. For last couple of month I have been digging deep into crypto-currencies, ICOs and possible regulations. And I must say it got me excited like I haven't been for long time. So I plan to stick with it at least for a while.
Not sure about all the altcoins yet but I feel that bitcoin is here stay. When I first heard of bitcoin back in 2013. I thought it was something that could change the future. But didn't put much else to it back than. And now I see that the future is now!
August 1st is coming and I feel that everyone who has done their research know that SegWit is way to go (China miners might be the exception with their ASICBoost technology of which the value is unknown for public). It solves some of the bitcoin's scaling issues, adds extra security and puts all of the miners at equal technological capabilities (nullifying China's ASICBoost that works only if size of the blocks stay the same). So if user activated soft-fork (possibly with BIP 148) goes well and bitcoin avoids any possible hard-forks, I can see bitcoin prices go to moon.
As you could have probably guessed I have bought some bitcoin. And I feel that people need to be educated about bitcoin and blockchain technology in general. Spread the knowledge!
I think you have been misinformed about the nuances of the Bitcoin scaling debate and the relevant politics. Specifically, AsicBoost is a bunch of FUD.
I'd recommend this to understand the nuances a little better and beware of anything you read on either r/Bitcoin or r/Btc -- they are all engaging in propaganda and the former's propaganda seems to have worked on you, sadly.
Either, good to have another Baltic Steemian! Cheers.
I don't think I have been misinformed. I have been reading the same Jimmy Song's articles as you and listening him talk on podcasts. It's just that 2 weeks in Bitcoin is like a year in normal market. Things evolved so much in two weeks. I feel like I'm up to date with SegWit2x and 2MB hard-fork possibilities. But anyway thanks for bringing more people to the understanding.
This is an example of being misinformed. Do you know how many non-ASICBOOST patents are in a Bitcoin ASIC? Do you know how much ASICBOOST has been used to advantage certain Chinese miners? The answer is tons and not at all respectively. The way you positioned your comment suggested that you belief the FUD that Greg Maxwell started on ASICBOOST for political reasons. That's an example of being misinformed. Miners will never be on the same technological capabilities, somoene will always have an edge, that is how tech and markets work together. Sigh. And segwit doesn't solve scaling. If lightning works, and if lightning is used, which will take years to happen, at that point, it will be a financial derivatives network on top of Bitcoin. Not trustless, not Bitcoin, but a financial derivatives network, debt. Which is fine, but doesn't solve scaling and isn't Bitcoin, but a derivative. The nuances are important, but certain people don't want you to understand those nuances because they want to win a political battle that's complicated and involved.
It's rough out there, and a lot of people use their positions to manipulate people who are less sophisticated while claiming to be objective.
I positioned my comment the same as Jimmy Song, who actually did some research on Bitmain's ASIC. He said that rough estimation of technology's value could be around $2 million (which seemed very little).
How much ASICBOOST has been used to advantage Chinese miners? Only they know, and if you claim to know, I don't believe you.
They have been stalling SegWit for long enough and getting more and more advantage while they are doing that.
Right the potential value was $2mm. Next to nothing. Not even worth bringing up unless someone is playing politics.
There are telltale signs when it is used. Evidence suggests it has never been used at all.
They have not been stalling SegWit. They have been looking for an actual on-chain scaling solution and SegWit doesn't do that. SegWit is also flawed in many ways (changes the economics of certain txes in favor of other txes, adds tons of tech debt, many more negatives), so it's not a binary issue --> Segwit = good, Segwit = bad, someone against SegWit = bad/has an agenda.
SegWit has a potential for scaling the network. It supports option of Lighting network which in theory could speed up transaction time and lower the fees. Sure you can't predict everything and something might come out bad. But how is this not scaling?
And what is making you so sure that Chinese miners are looking for an actual on-chain scaling solution that isn't SegWit? What is that they are looking at? And why they are going trough with SegWit now and admitting that it is the best way forward if it isn't a solution?
A block size increase is what they are looking at. And the roadmap provided by Bitmain included EVERY single scaling option. They aren't putting their eggs in any one scaling basket -- they are (appropriately) willing to explore them all.
Lightning is NOT Bitcoin. It's a financial derivative that is NOT P2P. It has points of centralization. It's cool but it is NOT Bitcoin.
Block size increase also is not the answer. At least not right now. Maybe next year or year after it will be a necessity.
Welcome to Steem @eviljedi I have sent you a tip
Thanks mate!
I will try not to ;)
Welcome to the platform it's great and I hope you make a lot of money don't forget to follow me at CarlosGarcia
welcome to steemit.
Hope you have a wonderful time here
follow me to get a follow back :)
Hello there and welcome to Steemit! I hope you enjoy your time here and make lots of $$$. If you're interested in lotteries, please check my profile out @steemitlotteries. I run FULLY TRANSPARENT LOTTERIES with promotional posts where I issue FREE TICKETS for those who help me curate my promotions. All the best! :)
Welcome to steemit community. You will love it. Following links may help you to get started.
New Users Guide: https://steemit.com/welcome
Dos and don’ts on Steemit:https://steemit.com/steemit/@najoh/dos-and-don-ts-on-steemit
ChainBB Steem Forum: https://steemit.com/chainbb/@jesta/chainbbcom-a-blockchain-forum-platform-for-steem
Congratulations @eviljedi! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!