Twetch ·
I see a lot of religious and political talk on here and I’m just a newb to the bitcoin game trying to learn about crypto like...
Replies
Twetch ·
advice- find least 20-30 active users who generally talk about stuff you are interested in instead of going to the noise at "Latest".
For Bitcoin, start with @2567 @292 and @24
Twetch ·
Happy to chat about bitcoin. Ask questions.
Twetch ·
Wow, thank you so much for reaching out. I really appreciate you guys taking the time to share all this info with me. I have followed all and I look forward to learning more!
Twetch ·
What’s your take on then following:
1) BSV possible double spend threat?
2) BCH possible double spend threat?
3) Lightning Network?
4) Using WBTC on Tron blockchain which is super fast & cheap?
Sorry for the 4 questions, hopefully it’s cool.
Twetch ·
1; double spends are possible on all blockchains. They are least likely on networks with better connectivity of consensus nodes. BSV shines in that area, so I would expect them to be particularly unlikely.
Twetch ·
BCH’s likelihood of double spending comes from the fact that it has lots of different node implementations. BCHN, BCHD, Flowee, Verde, BU and maybe even a couple XT nodes. Add in low hash power and pumped up valuation, and it’s a more likely target.
Twetch ·
LN is highly susceptible to flood, sybil, time warp & other cyber attacks. It also has an exponential routing problem = the network increases in complexity as it grows. This is an innate scaling problem that, so far, has been solved with centralization.
Twetch ·
People like Strike and other apps, but they’re almost entirely custodial - begging the question why everyone shouldn’t run a BTC node but use a Visa Venture-backed LN provider.
Then the economic problem: LN isn’t for big amounts, but BTC has high fees.
Twetch ·
In order for BTC to survive, in the next decade fees have to get much, much higher. If the average transaction fee is $50-$100, but it is unwise to hold more than $100 in a LN channel, the tool never really makes sense at scale.
Twetch ·
It will require big central LTN hubs absorbing costs and grouping transactions, welcome to SWIFT 2.0. LTN is such a stupid idea for scaling.
Twetch ·
4: I like tokenized assets. I don’t like Tron’s governance because Justin is untrustworthy, and the network is used primarily to enrich him. But the notion of WBTC is actually the best way to use BTC at all. WBTC on any network would be cheaper/faster.
Twetch ·
It can work using the same models of todays financial system, but it is ripe for disruption at the moment of its birth.
Twetch ·
Correct. Blockstream and Lightning Labs are both largely owned by MasterCard, Federal Reserve insiders and other finance magnates through DCG. They don’t want bitcoin disrupting their business models - hence the civil war we’ve quietly had.
Twetch ·
Do you have any material on who are the investors on DCG?
Twetch ·
Thank you for replying, so awesome of you. I agree with everything you said and you taught me a lot as well. Using WBTC is without a doubt the best way of using BTC, but there is a little centralization involved. I do enjoy TRON blockchain though...
Twetch ·
Here’s a good start: https://dcg.co/who-we-are/
Note Larry Summers from the Clinton Initiative and the Fed. And guys from Mitt Romney’s Bain Capital, and other venture firms like Silver Lake.
Twetch ·
Tron trades off a number of things for speed. The design is similar to EOS and other older systems like Lisk, Ark, etc...
Not a fan, for various reasons, but at today’s scale, they are all very fast and easy to develop on.
Twetch ·
do you think the BTC double-spend was timed? merely induced? or coincidental.
Twetch ·
Thanks, I was aware of the webpage, but had not made any research on the funds or the people.
Twetch ·
Takes a bit of digging. MasterCard is a silent partner, but there’s still evidence. https://techcrunch.com/2015/10/27/barry-silbert-launches-digital-currency-group-with-funding-from-mastercard-others/amp/
Twetch ·
Give this a read: https://coingeek.com/double-spend-newspeak-and-the-case-for-magic-numbers/
Twetch ·
i have. and i still see a distinction between a coincidental double spend, and a deliberate one. i don't understand the mechanism for a deliberate one.
Twetch ·
You need a fat wallet with RBF capabilities. Then you send the same inputs twice. If the second one wins, it’s a double spend.
Twetch ·
The mystery of how someone managed to make it at the right time to create the magical transaction remains. Do you have any clue on this?
Twetch ·
what does the size of the wallet have to do with it?
Twetch ·
I mean it’s likely a full node and plausibly a miner. They likely have the full chain and some possibly specialized tools.
Twetch ·
No. It could just be a coincidence, but it seems unlikely. However, doublespending BTC like this has happened only 2-3 other times, so whatever happened is unique. I can theorize on how, but it could be any number of factors that made it happen.
Twetch ·
what seems implausible is that it could be timed. you can keep sending duplicate RBF txs and wait for the coincidence of different miners accepting both simultaneously. you would only do this for a negliglble amount and high fees amount if making a point.
Twetch ·
you would do it with LN funding cashing out txs if you want to be especially mischievous.
but you can't time when it happens.
Twetch ·
Since however the timing was salient, it'd be informative if someone followed up on @462:
https://powping.com/posts/47bbdc5103387b27a6a1a8d48623c2c2a69207b4a9cb2f523efbe2e1f985d01c/comments/b4e880e3fc8fae9b23519e3bfd3e14aed03fa8d4bc69a582b3186ef5529b7296
Twetch ·
tag @243
Twetch ·
The knowledge you’re providing is immensely helpful! I am trying to keep up and am researching as I go.
Twetch ·
Ask more questions. I’m here to help!
Twetch ·
I definitely will. My friend who invited me to Twetch, @431, recommended watching Theory of Bitcoin on YouTube. I really am a beginner and I want to start from square one. Thanks again Kurt.