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Bitcoin

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QuarkCoin Cryptocurrency

Quark is a decentralized digital monetary system. It facilitates sending Quarks to Friends, Family Members Online Payments free of charges and charge-backs. Military Grade Encryption. No Bank or Government Control. Quark coins are based on the original idea of Bitcoin but improved, more secure, faster transaction times and zero fees. With improvements to design and security. There is also a greater coin supply with higher block rewards for miners. Quark is fully Open Source.
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Zero Hedge--What Is Bitcoin XT: A Primer For Everyone

submitted by xcsler to bitcoinxt [link] [comments]

Bloomberg: What is Bitcoin XT and Why Was It Released?

Bloomberg: What is Bitcoin XT and Why Was It Released? submitted by BitcoinDreamland to BitcoinTV [link] [comments]

Bloomberg: What is Bitcoin XT?

Bloomberg: What is Bitcoin XT? submitted by BitcoinAll to BitcoinAll [link] [comments]

Zero Hedge--What Is Bitcoin XT: A Primer For Everyone

submitted by coincrazyy to BitcoinAll [link] [comments]

What is going on with bitcoin lately?

What is happening at /bitcoin?
What is BitcoinXT?
Why is the community divided all of a sudden? Could we get an unbiased explanation here?
submitted by ywecur to OutOfTheLoop [link] [comments]

A few of the posts deleted on /r/bitcoin yesterday

Edit added link from drapetomano
submitted by arichnad to bitcoin_uncensored [link] [comments]

The Big Blocks Mega Thread

Since this is a pressing and prevalent issue, I thought maybe condensing the essential arguments into one mega thread is better than rehashing everything in new threads all the time. I chose a FAQ format for this so a certain statement can be answered. I don't want to re-post everything here so where appropriate I'm just going to use links.
Disclaimer: This is biased towards big blocks (BIP 101 in particular) but still tries to mention the risks, worries and fears. I think this is fair because all other major bitcoin discussion places severely censor and discourage big block discussion.
 
What is the block size limit?
The block size limit was introduced by Satoshi back in 2010-07-15 as an anti-DoS measure (though this was not stated in the commit message, more info here). Ever since, it has never been touched because historically there was no need and raising the block size limit requires a hard fork. The block size directly limits the number of transactions in a block. Therefore, the capacity of Bitcoin is directly limited by the block size limit.
 
Why does a raise require a hard fork?
Because larger blocks are seen as invalid by old nodes, a block size increase would fork these nodes off the network. Therefore it is a hard fork. However, it is possible to downsize the block limit with a soft fork since smaller blocks would still be seen as valid from old nodes. It is considerably easier to roll out a soft fork. Therefore, it makes sense to roll out a more ambitious hard fork limit and downsize as needed with soft forks if problems arise.
 
What is the deal with soft and hard forks anyways?
See this article by Mike Hearn: https://medium.com/@octskyward/on-consensus-and-forks-c6a050c792e7#.74502eypb
 
Why do we need to increase the block size?
The Bitcoin network is reaching its imposed block size limit while the hard- and software would be able to support more transactions. Many believe that in its current phase of growth, artificially limiting the block size is stifling adoption, investment and future growth.
Read this article and all linked articles for further reading: http://gavinandresen.ninja/time-to-roll-out-bigger-blocks
Another article by Mike Hearn: https://medium.com/@octskyward/crash-landing-f5cc19908e32#.uhky4y1ua (this article is a little outdated since both Bitcoin Core and XT now have mempool limits)
 
What is the Fidelity Effect?
It is the Chicken and Egg problem applied to future growth of Bitcoin. If companies do not see how Bitcoin can scale long term, they don't invest which in turn slows down adoption and development.
See here and here.
 
Does an increase in block size limit mean that blocks immediately get larger to the point of the new block size limit?
No, blocks are as large as there is demand for transactions on the network. But one can assume that if the limit is lifted, more users and businesses will want to use the blockchain. This means that blocks will get bigger, but they will not automatically jump to the size of the block size limit. Increased usage of the blockchain also means increased adoption, investment and also price appreciation.
 
Which are the block size increase proposals?
See here.
It should be noted that BIP 101 is the only proposal which has been implemented and is ready to go.
 
What is the long term vision of BIP 101?
BIP 101 tries to be as close to hardware limitations regarding bandwidth as possible so that nodes can continue running at normal home-user grade internet connections to keep the decentralized aspect of Bitcoin alive. It is believed that it is hard to increase the block size limit, so a long term increase is beneficial to planning and investment in the Bitcoin network. Go to this article for further reading and understand what is meant by "designing for success".
BIP 101 vs actual transaction growth visualized: http://imgur.com/QoTEOO2
Note that the actual growth in BIP 101 is piece-wise linear and does not grow in steps as suggested in the picture.
 
What is up with the moderation and censorship on bitcoin.org, bitcointalk.org and /bitcoin?
Proponents of a more conservative approach fear that a block size increase proposal that does not have "developeexpert consensus" should not be implemented via a majority hard fork. Therefore, discussion about the full node clients which implement BIP 101 is not allowed. Since the same individuals have major influence of all the three bitcoin websites (most notably theymos), discussion of Bitcoin XT is censored and/or discouraged on these websites.
 
What is Bitcoin XT anyways?
More info here.
 
What does Bitcoin Core do about the block size? What is the future plan by Bitcoin Core?
Bitcoin Core scaling plan as envisioned by Gregory Maxwell: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Decembe011865.html
 
Who governs or controls Bitcoin Core anyways? Who governs Bitcoin XT? What is Bitcoin governance?
Bitcoin Core is governed by a consensus mechanism. How it actually works is not clear. It seems that any major developer can "veto" a change. However, there is one head maintainer who pushes releases and otherwise organizes the development effort. It should be noted that the majority of the main contributors to Bitcoin Core are Blockstream employees.
BitcoinXT follows a benevolent dictator model (as Bitcoin used to follow when Satoshi and later Gavin Andresen were the lead maintainers).
It is a widespread believe that Bitcoin can be separated into protocol and full node development. This means that there can be multiple implementations of Bitcoin that all follow the same protocol and overall consensus mechanism. More reading here. By having multiple implementations of Bitcoin, single Bitcoin implementations can be run following a benevolent dictator model while protocol development would follow an overall consensus model (which is enforced by Bitcoin's fundamental design through full nodes and miners' hash power). It is still unclear how protocol changes should actually be governed in such a model. Bitcoin governance is a research topic and evolving.
 
What are the arguments against a significant block size increase and against BIP 101 in particular?
The main arguments against a significant increase are related to decentralization and therefore robustness against commercial interests and government regulation and intervention. More here (warning: biased Wiki article).
Another main argument is that Bitcoin needs a fee market established by a low block size limit to support miners long term. There is significant evidence and game theory to doubt this claim, as can be seen here.
Finally, block propagation and verification times increase with an increased block size. This in turn increases the orphan rate of miners which means reduced profit. Some believe that this is a disadvantage to small miners because they are not as well connected to other big miners. Also, there is currently a large miner centralization in China. Since most of these miners are behind the Great Firewall of China, their bandwidth to the rest of the world is limited. There is a fear that larger block propagation times favor Chinese miners as long as they have a mining majority. However, there are solutions in development that can drastically reduce block propagation times so this problem will be less of an issue long term.
 
What is up with the fee market and what is the Lightning Network (LN)?
Major Bitcoin Core developers believe that a fee market established by a low block size is needed for future security of the bitcoin network. While many believe fundamentally this is true, there is major dispute if a fee market needs to be forced by a low block size. One of the main LN developers thinks such a fee market through low block size is needed (read here). The Lightning Network is a non-bandwidth scaling solution. It uses payment channels that can be opened and closed using Bitcoin transactions that are settled on the blockchain. By routing transactions through many of these payment channels, in theory it is possible to support a lot more transactions while a user only needs very few payment channels and therefore rarely has to use (settle on) the actual blockchain. More info here.
 
How does LN and other non-bandwidth scaling solutions relate to Bitcoin Core and its long term scaling vision?
Bitcoin Core is headed towards a future where block sizes are kept low so that a fee market is established long term that secures miner incentives. The main scaling solution propagated by Core is LN and other solutions that only sometimes settle transactions on the main Bitcoin blockchain. Essentially, Bitcoin becomes a settlement layer for solutions that are built on top of Bitcoin's core technology. Many believe that long term this might be inevitable. But forcing this off-chain development already today seems counterproductive to Bitcoin's much needed growth and adoption phase before such solutions can thrive. It should also be noted that no major non-bandwidth scaling solution (such as LN) has been tested or even implemented. It is not even clear if such off-chain solutions are needed long term scaling solutions as it might be possible to scale Bitcoin itself to handle all needed transaction volumes. Some believe that the focus on a forced fee market by major Bitcoin Core developers represents a conflict of interest since their employer is interested in pushing off-chain scaling solutions such as LN (more reading here).
 
Are there solutions in development that show the block sizes as proposed via BIP 101 are viable and block propagation times in particular are low enough?
Yes, most notably: Weak Blocks, Thin Blocks and IBLT.
 
What is Segregated Witness (SW) and how does it relate to scaling and block size increases?
See here. SW among other things is a way to increase the block size once without a hard fork (the actual block size is not increased but there is extra information exchanged separately to blocks).
 
Feedback and more of those question/answer type posts (or revised question/answer pairs) appreciated!
 
ToDo and thoughts for expansion:
@Mods: Maybe this could be stickied?
submitted by BIP-101 to btc [link] [comments]

BitcoinXt is a slavery chain for Bitcoin

I think if BitcoinXT fork success will be a slavery chain for the bitcoin revolution. Let me explain why. First developers that support it like Mike Hearn has a strange vision about how bitcoin will be and they think that bitcoin is better to be a system for the financial system and not for the people. The fact is
Please people weak up and give time to yourself to read what is BitcoinXT and what is the shady vision of developers that support it. Satoshi Nakamoto create a system to server people and the independence for them and not the financial system and governments. Satoshi Nakamoto is create a true free payment system and not a slavery chain for everyone!
submitted by chek2fire to bitcoinxt [link] [comments]

What is the current status on the blocksize debate?

I want to know a status on where we are right now on the blocksize debate.
Also, what is BitcoinXT up to, if you change your node to XT, is it already making a fork with latest release or what is in the latest release.
Are there any plans from the core devs to implement bigger blocks in the near future, or is it still silently waiting somewhere in the corner waiting for something to come out?
submitted by heldertb to Bitcoin [link] [comments]

ELI5: What will happen if there is a hard fork with Bitcoin-XT and Bitcoin-Core? Why do they say coins could be lost? won't the majority decide what the blockchain will be?

What I understand:
If say 35% of the nodes support raising the blocklimit and start running Bitcoin-XT instead, and some 5Mb blocks start to appear, won't these be rejected by the other 65% of nodes, and the blockchain should continue the same way it is, and those transactions that were supposed to be in the 5Mb block, won't they just be in the memory pool of the Bitcoin-core clients until they get added to the next blocks? (probably waiting for hours and hours...)
Please explain how could coins be lost?
submitted by gubatron to Bitcoin [link] [comments]

Bitcoin Core proponents now UDP DDos'ing XT nodes. This is what decentralized libertarian decision making looks like.

Bitcoin Core proponents now UDP DDos'ing XT nodes. This is what decentralized libertarian decision making looks like. submitted by ButtersBeButtin to Buttcoin [link] [comments]

Bitcoin XT: What is it and why was it released? - Bloomberg Business

Bitcoin XT: What is it and why was it released? - Bloomberg Business submitted by cswords to bitcoinxt [link] [comments]

What is better, joining a XT mining pool or purchasing a 21 bitcoin computer to mine BIP 101 blocks?

What do users do who want to help raise mining BIP 101 blocks but don't have professional mining hardware?
If enough people have the same goal (BIP 101), can't we get a substantial percentage of hashing power?
submitted by dappsWL to btc [link] [comments]

What is the timeline for Bitcoin XT introduction?

When does it start, what does it need and when does it finish? Where do I see a simple summary.
submitted by FMTY to bitcoinxt [link] [comments]

ELI5: What is the differences between Bitcoin Classic, XT, and Core software versions?

In (5 year old) layman's terms, what is the difference between these? Do each increase the block size? Do they have any extra code that does something else besides that?
I am NOT looking for badmouthing someone else's code, I just want plain Jane basics on what they do.
submitted by ILikeGreenit to bitcoin_uncensored [link] [comments]

Bitcoin XT: What Is It and Why Was It Released?

Bitcoin XT: What Is It and Why Was It Released? submitted by empyreandreams to btc [link] [comments]

Really glad I found this sub. I wondered why my post about XT didn't show up on r/bitcoin. What is going on? We can now cast our vote, but no one is talking about it!?

Really glad I found this sub. I wondered why my post about XT didn't show up on bitcoin. What is going on? We can now cast our vote, but no one is talking about it!? submitted by SundoshiNakatoto to bitcoin_uncensored [link] [comments]

ELI5: What is the differences between Bitcoin Classic, XT, and Core software

In (5 year old) layman's terms, what is the difference between these? Do each increase the block size? Do they have any extra code that does something else besides that?
I am NOT looking for badmouthing someone else's code, I just want plain Jane basics on what they do.
submitted by ILikeGreenit to btc [link] [comments]

Bitcoin vs XT: What is the Block Size debate - InfoGraphic

Bitcoin vs XT: What is the Block Size debate - InfoGraphic submitted by nakedbitcoins to Bitcoin [link] [comments]

Bitcoin XT: What Is It and Why Was It Released? (YouTube clip from Bloomberg)

Bitcoin XT: What Is It and Why Was It Released? (YouTube clip from Bloomberg) submitted by SatoshisGhost to bitcoin_uncensored [link] [comments]

ELI5: What is the differences between Bitcoin Classic, XT, and Core software /r/bitcoinxt

ELI5: What is the differences between Bitcoin Classic, XT, and Core software /bitcoinxt submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin XT: What Is It and Why Was It Released?

Bitcoin XT: What Is It and Why Was It Released? submitted by empyreandreams to bitcoinxt [link] [comments]

What Is Bitcoin - Bitcoin Passive Income Strategy - Bitcoin Cloud Mining BITCOIN IS STILL GOING DOWN BY OVER 600 DOLLARS  MY ... What is Bitcoin? Is Bitcoin Safe? - YouTube What is Bitcoin? The Debate Rages on What Is Bitcoin?

Und nun gibt es also zwei Bitcoin-Systeme. Die neue Version heißt wie ein Update, wie es sich auch die Marketingabteilungen großer IT-Konzerne ausdenken würden: Bitcoin XT. Bitcoin XT was a fork of Bitcoin Core, the reference client for the bitcoin network. Skip to content. Menu. Home; Sample Page; Uncategorized Posted on October 4, 2020 October 4, 2020. Bitcoin Regrets: How Much Would $100 Be Worth Today? Bitcoin Regrets: How Much Would $100 Be Worth Today? Mining gives legitimacy to Satoshi Nakamoto’s imaginative and prescient, enabling a decentralised and ... Bitcoin XT was a fork of Bitcoin Core, the reference client for the bitcoin network. Skip to content. Menu. Home; Sample Page; Blockchain. by admin Posted on June 3, 2020. Blockchain. There is rarely a ripe second to join the blockchain movement as an insider. Even the most skilled builders like Vitalik Buterin are studying as they progress and the possibilities of succeeding are excessive ... Bitcoin XT. Bitcoin XT is an implementation of a Bitcoin Cash (BCH) full node that embraces Bitcoin's original vision of simple, reliable, low-cost transactions for everyone in the world. Bitcoin XT originated as a series of patches on top of Bitcoin Core and is now a independently maintained software fork. See some selected features. Bitcoin XT is an implementation of a full node client network Bitcoin Cash (BCH) and Bitcoin (BTC). XT corresponds to the original vision of Bitcoin: simple, reliable, low-cost transactions for everyone in the world. Initially, Bitcoin XT was a simple set of patches on top of Bitcoin Core, now Bitcoin XT is an independently developed client of the Bitcoin network.

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What Is Bitcoin - Bitcoin Passive Income Strategy - Bitcoin Cloud Mining

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