“From the user’s point of view, bitcoin fees are hard to understand and predict. Fees are disconnected from value.” @jgarzik #ScalingBitcoin
@kevinriggle @josephfcox Nope, users and industry don’t enforce a consensus on monetary policy. Only Federal Reserve & banks do.
“We can bootstrap the Lightning Network by defaulting to opening channels instead of regular bitcoin txns.” - Joseph Poon #ScalingBitcoin
@kevinriggle Sure, in 140 characters I’d sum it up as https://t.co/iAZnxru2gh
“With cooperative parties it’s possible to close a Lightning Network channel & open a new one in the same txn.” @tdryja #ScalingBitcoin
bencxr Minimum viable lightning network will be workable next week when #bitcoin OP CHECKLOCKTIMEVERIFY activates! - @tdryja #scalingbitcoin
“The 3 levels of Lightning Network” - @tdryja #ScalingBitcoin pic.twitter.com/373ijE1AhD
“There are several different levels of Lightning Network that may be deployed, depending upon available features.” - @tdryja #ScalingBitcoin
This is huge. Segregated Witness is shaping up to be a giant leap forward in the evolution of the Bitcoin protocol. #ScalingBitcoin
“Segregated Witness allows us to soft fork a block size increase.” - @pwuille #ScalingBitcoin pic.twitter.com/xELXGgQ5Ia
“Segregated Witness will also enable us to compactly prove miner subsidy fraud & spending of nonexistent outputs” - @pwuille #ScalingBitcoin
“Script versioning enables us to deploy script changes as soft forks w/o being restricted to redefining OP_NOPs.” - @pwuille #ScalingBitcoin
“I dismissed Segregated Witness as a solution until recently when Luke-JR found how to soft fork it into Bitcoin.” @pwuille #ScalingBitcoin
“Segregated Witness offers many advantages, including fixing unintentional malleability.” - @pwuille #ScalingBitcoin pic.twitter.com/BxajUDExAz
“Signatures don’t effect a txn other than proving that it is authorized, but they comprise 60% of blockchain.” - @pwuille #ScalingBitcoin
“Segregated Witness is about ignoring transaction signatures when possible bc they’re only needed by full nodes.” - @pwuille #ScalingBitcoin
Nakamoto consensus is a proxy for meatspace consensus. If something’s wrong, we fall back to meatspace consensus, patch code, and carry on.
@josephfcox In reality, no group has control over Bitcoin due to the checks and balances between devs, miners, exchanges, industry, & users.
@josephfcox Centralization has many measures; you could make same claim about the development team but the claim would have the same flaw.
4) No, there were no women on stage. I won’t try to explain why, but I do know that the Bitcoin protocol doesn’t discriminate.
3) Risk of Chinese govt seizing hardware to censor Bitcoin seems low; it has similar problems to collusion. Devs would detect it & react.
2) No, miners aren’t going to collude to censor Bitcoin — they’d be shooting themselves in the foot & wasting $Ms of capital investment.
Regarding the photo of Bitcoin mining companies:
1) Yes, more mining decentralization is preferable; it’s one reason I suppor@2121’s vision.
.@threekeysg developed UTXO selection software capable of targeting different objectives! #ScalingBitcoin pic.twitter.com/E0NBjikuBz
On stage right now: people representing approximately 90% of the Bitcoin hashing power. Truly an historic moment. pic.twitter.com/bKSuvGfzam
“Bitcoin nodes with Intel Atom CPUs or that are located in China can’t currently handle 9MB blocks.” - @jtoomim #ScalingBitcoin
“Delay attack can blind a victim node for 5 consecutive blocks with 40% success rate, enabling double spending” @HatforceSec #ScalingBitcoin