Brianna said:
@Kyrie
What happened in 2017? I’m a bit late to this.
It got taken over by people with bad motives who turned it from a cryptocurrency into a system for just holding bags.
@Chao
Peer-to-peer bag holding
Now I know a new term for 99.99% of altcoins, this is great
Brianna said:
@Kyrie
What happened in 2017? I’m a bit late to this.
You should look up the Bitcoin block size limit issue. In brief, there was a split in opinions on how Bitcoin should grow. One side wanted on-chain scaling, while the other wanted to stick with an arbitrary block size and focus on layer two options like the Lightning Network. The layer two side ultimately won, causing those who supported large on-chain scaling to hard fork and create Bitcoin Cash.
@Valentine
Thank you
@Valentine
That description isn’t accurate.
Increasing the block size is, and has been, a temporary fix.
The consensus was there should be no temporary solutions.
Edit: Referring to 1mb as an arbitrary block size is just incorrect. It’s just about not changing it at that time.
You also missed reasons for not changing it, like ease of running nodes.
@Francis
lol, nice try, but I’m not debating this. I kept it brief so he would look it up himself. if you think you’ve got a better summary, post it and let the upvotes decide.
Valentine said:
@Francis
lol, nice try, but I’m not debating this. I kept it brief so he would look it up himself. if you think you’ve got a better summary, post it and let the upvotes decide.
> TL;DR
The discussions on how to grow Bitcoin have been going on for years.
Some wanted to increase the block size, while others were against changing the size at that time. Both sides have valid points.
Eventually, the consensus was to leave the block size unchanged. Some felt so strongly against that consensus that they forked off to create BCH.
> upvotes decide
Here, upvotes don’t mean a thing. Most people are quite new here. I’ve been around for nearly ten years, and I was present during the block size wars. I remember witnessing it all online. I even made about five figures from selling BCH, which was a nice gain.
Brianna said:
@Kyrie
What happened in 2017? I’m a bit late to this.
BTC hit 19k at the end of 2017 and plummeted to 3.5K in January 2019.
Brianna said:
@Kyrie
What happened in 2017? I’m a bit late to this.
It was like tulip mania. Price became very speculative.
The original ideas of using Bitcoin as a peer-to-peer currency faded away.
People just bought it hoping to get rich quickly.
@Kyrie
Yes, Bitcoin now is not what it was when this video was made. It’s clear someone could change their opinion over time.
LTC, XMR, BCH… are all still good options for peer-to-peer cash.
My main interest is peer-to-peer cash, I don’t just hold coins and hope the price goes up.
I need payment methods free from third-party rules and fees.
I once accepted ETH, but the gas fees became insane, leading many to stop using it. It’s also a hassle from a coding perspective, just like XMR. Setting up payment gateways for Bitcoin works easily in comparison to coins like LTC or BCH which are similar in function, whereas coins that run differently like BTC-core take way more effort to integrate into sites.
Old issues, but if someone wants to pay me in Bitcoin these days, I tack on an extra 10% to the total, I might as well just get paid by a card or use almost any other coin.
@Kyrie
The BCH codebase has changed a lot and now includes features for compressing blocks. A block containing one gigabyte of transactions can be compressed down to 4 mb. Unlike BTC, BCH does not keep transactions forever; after a while, they get deleted. This was even stated in the Bitcoin whitepaper. BTC has changed its code and often does things differently than what the whitepaper describes. If you don’t believe me, read point 7 about saving disk space.
@Davis
Yes, but adding to a mining pool or similar application is still similar for BTC, LTC, and others. My point is that ETH and XMR are very different to work with. If you have added BTC, you can add LTC or BCH without needing to learn anything more.
@Kyrie
Few people realize how true this is. I bought Bitcoin in 2013 and found it exciting at that moment. I recall buying a burrito from a food truck and paying a tiny fee. Back then, there weren’t any mobile payment apps available. Today, with so many phone apps, the novelty of Bitcoin payments has faded. 2017 was really Bitcoin’s peak, with everyone adopting it suddenly, but it didn’t hold up. I mean, it really failed. Four years earlier, I was paying about $0.002 for a burrito, and now those fees went up to $50. Retailers that were initially keen to support it stopped showing interest. It has not recovered and now exists mainly as a portfolio item for speculators (who probably won’t do as well because Bitcoin isn’t a strong investment asset for that purpose). I’ve sold all my crypto. It’s a waste these days. I felt relieved when I sold my last crypto (Maker, which also turned out not to be worth it). If I were to get back into the market, I’d look at something like Nano, but the truth is the market has decided and hardly anyone cares about any of this except for collecting fees for a little while longer while it remains trendy.
@Kyrie
What are you referring to?
@Kyrie
Also, all those who bought at the peak during the last halving at around 65-75k… I’m not sure if those retail buyers will return.
Ansel said:
Bill Gates also mentioned he would short Bitcoin if he could back in 2018.
So he sort of went against what he suggested here.
He probably just thought it was overhyped and overpriced. Can’t really blame him for that.
Ansel said:
Bill Gates also mentioned he would short Bitcoin if he could back in 2018.
So he sort of went against what he suggested here.
That isn’t always the case. Shorting an asset doesn’t mean you think it has no future. It just indicates you believe its immediate future will see a drop. Most assets, currencies, indexes, and other instruments fluctuate constantly. Shorting doesn’t mean you think it’s finished. It just suggests you believe its value will be lower at some point down the line.
It doesn’t reflect your beliefs about whether you’ll see it higher than its current price again. It doesn’t show faith in it, nor does it relate to hope.
How upset would everyone be if Bill Gates turned out to be Satoshi