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May 11, 2017

Slush: To clarify, I’m not against HF and bigger blocks, but BU is comedy show.


Slush: To clarify, I’m not against HF and bigger blocks, but BU is comedy show.
https://twitter.com/slushcz/status/862656667703488512

Submitted May 11, 2017 at 11:04PM by slacker-77
via reddit http://bit.ly/2poVbWv

Interest-Paying Accounts in Bitcoin – is Japanese Exchange a Pioneer?

Infographics of all the money that exists in the world (2016)


Infographics of all the money that exists in the world (2016)
http://bit.ly/2q8sqMy

Submitted May 12, 2017 at 02:49AM by amarett0
via reddit http://bit.ly/2pE0sFX

MRW I’m the price of Bitcoin


MRW I’m the price of Bitcoin
http://bit.ly/2qxEDvx

Submitted May 11, 2017 at 09:52PM by ztsmart
via reddit http://bit.ly/2r7rtTp

Thank you dev team for being strong on the blocksize debate! This is why I have confidence in Bitcoin.


Thank you dev team for being strong on the blocksize debate! This is why I have confidence in Bitcoin.

I admit, there have been times even I was frustrated with the blocksize issue and just wished for bigger blocks. That was small-minded thinking driven by greed for short-term gains. The truth is, bigger blocks ultimately will become the death of bitcoin.

Ultimately, bitcoin may be able to have short-term price increases with bigger blocks, but its long-term future would be compromised. The real value and stability of bitcoin is in its decentralized nature. Governments are embracing bitcoin now, but what happens governments stop embracing bitcoin tomorrow?

The only defense against this will be if the network can function even against government. If nodes need to be managed by 3rd parties (data centers), then government can easily enforce bans of bitcoin. It is the same way government controls money, borders, and enforces taxes. It creates "chokepoints". Bigger blocks is creating a chokepoint in the bitcoin network that government can exploit.

Ultimately, nodes need to be runnable using individual infrastucture (homes) and not corporate infrastructure (data centers). Certainly, if bitcoin had bigger blocks maybe the price would go up to $2500 tomorrow, which is great for speculation. But, does it really matter if it means in 2 years from now bitcoin price will be $0? To me, that is not a good tradeoff because I take a long-term view.

So, thank you dev team for being consistently a champion of decentralization even in the phase of mania, irrationality, and coopted interests that are currently against Bitcoin

For people begging the core team to "compromise", bigger blocks are a poison pill. If I offered you poison and you offered food, and we compromised in the middled, would it be a good comprise? Not really. Bigger blocks are a poison pill to the network, long-term.

EDIT: A lot of people seem to be forgetting something. Even if someone in the US has a fast enough home connection for a full node with bigger blocks, they don't have enough available data due to data caps (many in US limited to 250GB, australia / canada even worse). A full node needs to not only download the blocks, but also upload blocks to other full nodes. If individuals download only without uploading, then it basically will be a DOS against the ones that do upload as their bandwidth requirements will increase far higher.

So no, there are not really many people that could run a full node with bigger blocks. The intersection of people with enough spare bandwidth and spare data caps to run a full node is actually very small.

Submitted May 12, 2017 at 01:33AM by GettingGains
via reddit http://bit.ly/2ppMRG0

Time for mBTC


Time for mBTC

Many new people that ask to me about bitcoins are "scared" by the fact that to buy a bitcoin you need several thousand of euros. And to buy 0.05 of "something" sounds weird and little. So I think the community would greatly benefit if switches to mBTC in the exchanges and wallets. Also for the shopping is easier to think that you are paying a beer 3 mBTC and not 0.003 BTC. (and please do not start here the discussion about the fees to pay 3mBTC for a beer, this post is not intended for it, there are other millions on the group for that conversation).

Submitted May 11, 2017 at 03:35PM by burglar_ot
via reddit http://bit.ly/2qYOvOW

Interest-Paying Accounts in Bitcoin – is Japanese Exchange a Pioneer?


Interest-Paying Accounts in Bitcoin – is Japanese Exchange a Pioneer?
http://bit.ly/2pCSrQE

Submitted May 12, 2017 at 04:43AM by cryptoidol
via reddit http://bit.ly/2r5sk64

Interest-Paying Accounts in Bitcoin – is Japanese Exchange a Pioneer?

Lightweight Lightning Network Client Lit Ready for Testing


Lightweight Lightning Network Client Lit Ready for Testing
http://bit.ly/2qZ8ZXJ

Submitted May 12, 2017 at 12:54AM by tencrypto
via reddit http://bit.ly/2pCTQqr

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