Fidelity, the $2.3 trillion investment giant, is testing out a new cryptocurrency service
Submitted August 09, 2017 at 10:27PM by xcsler
via reddit http://bit.ly/2vOBQAj
Fidelity.com Integrates Digital Assets
Submitted August 09, 2017 at 10:09PM by TRWNBC
via reddit http://bit.ly/2up62hP
Here’s why we should NOT hard fork in a few months
Rejoice, Segwit is ours(!) BIP141 has reached the "locked-in" state which is the point of no return. Right now huge sections of the bitcoin economy enforce the fact that in about two weeks (around 21st August) segwit will be live and usable on the bitcoin mainnet.
The miners were blocking segwit for months, forcing up transactions fees to scary levels and blocking exciting new technology. So large parts of the bitcoin economy came together and co-ordinated themselves to support segwit activation via user-activated-soft-fork. This spooked the miners who activated segwit early with bip91. Make no mistake; this is a huge achievement on our part. We've proved that the users of bitcoin are truly in control. We who give value to bitcoin by using it and investing in it, our full node wallets enforce the rules to make sure nobody can change the system to illegitimately suit themselves.
Because we can co-ordinate we know we can defend ourselves. If 51% of miners ever attacked bitcoin again (for example, by censoring transactions unless they passed Chinese KYC laws) then the bitcoin economic majority knows it can do a PoW algorithm hard fork. If they try to adopt a miner-only soft fork for extention blocks, we could adopt a UASF to render the extention blocks invalid. Before segwit UASF this was much more in doubt.
It's worth understanding WHY there was all this politics and drama, and what will happen next. Bitcoin's blockchain is one of the least efficient data structures ever, every transaction has to be broadcasted to every node. That's okay, the point isn't to be efficient but to put the user in control. There's a tradeoff between scale and decentralization: if the block size is increased it makes transaction fees cheaper but makes the system harder to run for users and miners and therefore less decentralized. If the block size is reduced then decentralization goes up but so do transaction fees. The result is that you get politics, drama and fighting in the community; people who transact a lot always want block sizes to go up but people who want control over their money want it to go down.
The big blockers would have solved this contradiction by completely disenfranchising the pro-decentralization camp. Their first proposal called BitcoinXT would have increased block sizes to 8GB (that's gigabytes with a G) which would have completely centralized mining and made full nodes impossible to run except by large datacenters.
One reason segwit is such a smart solution is it doesn't disenfranchise anybody. By allowing secure off-chain transactions everybody can be happy. Technology like Lightning Network allows transactions which don't have to be broadcasted to every single node, yet still have virtually all the security of bitcoin's blockchain. So transactors can use off-chain solutions which will be very cheap, allow instant transactions and will be more private because they're not on the blockchain. People who want a decentralized bitcoin can store their coins in cold storage same as always.
So that's why I think we shouldn't hard fork now. We should let the new technology that segwit allows to mature and become adopted. Not just Lightning but also transaction cut-through, coinswap, schnorr signatures, MAST, fraud proofs, etc. What's likely to happen is that all the drama and politics resulting from this will end. Then there won't anymore be two camps constantly fighting to increase or decrease the block size and the bitcoin forums will be happy and calm again, and bitcoin's enemies won't be able to use these divisions to attack bitcoin. We can look at how the system behaves now that segwit has increased the block size and in future years maybe do a hard fork depending. But for now, lets allow the full benefits of segwit to play out.
To make sure any hard fork attempt doesn't affect you, always use a full node as your wallet when receiving bitcoin payments. Your full node will reject any invalid transactions in the same way a careful goldsmith rejects fool's gold. The greater proportion of bitcoin's economy that does this, the less disruption will be had if they attempt any other hard forks.
Submitted August 09, 2017 at 08:11PM by belcher_
via reddit http://bit.ly/2hK8L3u