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Jiangzhuoer: BCH TOP 3 unique advantages - [BitKan 1v1] Craig Wright vs Jiangzhuoer

Jiangzhuoer: BCH TOP 3 unique advantages - [BitKan 1v1] Craig Wright vs Jiangzhuoer
Digest from BitKan 1v1 Debate. Get our APP to find more.

Question1.
What is your main reason for supporting BCH?
What are the top 3 unique advantages as compared to other mainstream cryptocurrencies?

https://reddit.com/link/chkr1q/video/19b9ytx3oec31/player
Jiang Zhuoer: I support BCH because BCH implements Nakamoto's design for Bitcoin. The title of the Bitcoin white paper is "A Peer-to-Peer Electronic Cash System", Hence, Bitcoin is designed as electronic cash.
The ultimate goal of Bitcoin is to become a world currency, a currency that everyone in the world can use, to bring monetary freedom to the world, so that the money in our hands is not inflated, not restrict by the border, and not get plundered. To achieve this goal, Bitcoin needs to expand the block to accommodate more and more users.
Nakamoto also made a clear plan to increase the block size.

https://preview.redd.it/721dq9p6oec31.png?width=2521&format=png&auto=webp&s=02ca1e288becc7dbeb84fd2f588ded46c60b000d

https://preview.redd.it/wf5adir7oec31.png?width=944&format=png&auto=webp&s=751c9488c90b3a0789fa827ab15107266d57620c
However, in the expansion competition during 2014, the Core development team has been dissatisfied with the expansion of Sakamoto's plan, and eventually led Bitcoin to split into two currencies, BTC and BCH, in August 2017.
Subsequent developments prove that BCH is correct in the expansion of the dispute, during 2017 bull market, there was a huge congestion on the BTC network, a transaction fee reached a shocking thousand or even thousands of dollars, this conflicts with what Satoshi Nakamoto envisions.
In the following 2018~19, Core claims SW (Isolation Witness) and LN (Lightning Network) that can solve congestion problems proves its inefficiency.
isolation verification has only 1.23MB expansion effect

https://preview.redd.it/n4sm40zboec31.png?width=1114&format=png&auto=webp&s=9ef30f45e23c4fcae4f3d37a138268901eaeedd3
The lightning network is also almost useless. In the price increment during May 2019, the same congestion appeared as in the previous 2017 period has, and the transaction fee percentage has risen significantly.

https://preview.redd.it/0p3msm6woec31.png?width=697&format=png&auto=webp&s=fd23816baabd1019a22d96441af8e41844a15ce3
Transaction fee percentage has risen significantly in two price surges
It can be expected that in the next 2020~21 halving of bull market, BTC will once again experience super-congestion. It is estimated that a transaction fee will reach several thousand yuan or even tens of thousands of yuan. This method is definitely not going to work.
Nakamoto said: I am sure that in 20 years, the number of Bitcoin transactions is either very large or not at all.

https://preview.redd.it/nypdlwuxoec31.png?width=904&format=png&auto=webp&s=99d9e81a6e097f04c509b97200db6b52114e052e

To discuss about BCH TOP 3 unique advantages compare to other mainstream currencies, I think is:
  1. The right direction: decentralized + large block, high number of users
  2. Community spirit: rational and pragmatic
  3. Infrastructure: layered design, main chain trading & side Chain smart contracts, this do not interfere with each other. Let me explain in detail
1) The right direction: decentralized + large block, the most important goal is to have High number of users, even if many Core supporters focus on the stored value function, there is a need to have high user count support, if there are no users, there will be no value. The most typical example is the stamp. The supply of stamp is also limited, just like BTC, but is the stamp market still hot? Is the value of stamp still going up? Why is the limited edition stamp value no longer rising? The main reason is no user, who is still using the stamp Letter now anyway?
So high user numbers are the most important goal of a chain. However, the high number of users cannot be violated the rule of decentralisation. For example, like EOS, there are only 21 super nodes designed, the risk is greater because it is not decentralized and not resistant to censorship. You only have 21 super nodes, 21 companies or individuals operate. When a government sends a policeman to a node, asks to freeze some accounts.do you follow or not to follow?
There is a famous saying in China that “do not do more than you should". For example, people who don’t drink water will be thirsty, but people who drink too much water will lead to water intoxication. Adults should drink 2 liters of water a day, but if they drink, for a short time, 5 liters of water, it will be poisoned by water, produce hyponatremia, eventually lead to death if did not treated in time.
Similarly for block size, if the block is too small, as the BTC is only 1M, a transaction will cost around thousands of dollars during congestion, this definitely not feasible. But if the block is too big, as what BSV claims, a block needs to be expanded to 2G. Then every year, dozens of hard disks will be used for storage. To access the server, it will require very high CPU power, memory and processing power. Bitcoin will become like EOS, only left with dozens or even a few nodes. This method not feasible.
For example, recently the US government announced that it has banned the bitcoin addresses of two Iranians. When the government finds there are dozens of nodes and asks to block the address, should you listen to the government? If you listen, the government further believes that you are limited in speculation and disrupts finance. The government order you to modify the 21 million cap similar to ETH, and you can't listen to it.
Even if the government does not come to you, you only have a few dozens of nodes left. The hacker can launch a DDOS attack. paralize your entire network. You are known as the world currency. As a result, anyone can easily paralize you. Isn’t this a joke? ?
Therefore, BCH is such a moderate size that does not exceed the network hardware carrying capacity is the most suitable solution

2) Community spirit: Rational and pragmatic is very simple, the first is not to make empty promises, such as Core, while saying that to reduce the requirements of each node on the computer, reduce the price of node, so that the Raspberry Pi can also run the whole node. On the one hand, claims that every transaction is expensive, and there are no problems with thousands of dollars per transaction.
Second is to make the goal clear. Just like Deng Xiaoping’s cat theory, no matter black cat or white cat, only the good cat can catch a mouse. The goal of BCH is to become a world currency. As long as it is decentralized, it can improve the number of users. It is a good cat. Therefore, the community has little difference in the direction of development, and an improvement is measured by the ability to increase the number of users. This is an objective indicator, and the community is easy to reach an agreement.

3) Infrastructure: layered design, main chain trading & side chain smart contracts, do not interfere with each other
The original infrastructure design by Nakamoto is advanced, and it can reach very high transaction performance. For example, ETH now has a block size of less than 1M every 10 minutes. It is easy for a personal computer to run BTC's 1M block, but now a PC cannot run an ETH full nodes, thanks to the Bitcoin is based on UTXO design mechanism which is better than ETH's account mechanism.
Based on Bitcoin protocol, BCH use layered design. The main chain runs transactions with storing side chain data, so the requirement for the nodes is very low. The side chain nodes only run the smart contract data that they are interested in. If they don’t use, they don't have to run smart contract, unlike ETH, each node has to run all the smart contracts, so the requirement for side chain nodes in BCH also very low.
Therefore, the capacity of the BCH is larger than ETH. ETH is now congested and BTC is also congested. BCH can carry this part users who can’t stand congestion of BTC and ETH, and gradually accumulate its own users to meet a healthy cycle.

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submitted by BitKan to btc [link] [comments]

Satoshi birthday 7 million quiz

To celebrate Satoshi's birthday I am giving away a brain wallet with some satoshis on it. Not much, only 7 million, which is about $350 now. This is just for fun and to experiment with this format. Maybe help people learn about brain wallets.
I have just sent the satoshis to the first address in the brain wallet.
To find the seed, answer the following 7 quiz questions (multiple choice). The SHA 256 hash of all correct answers combined is the wallet seed. Insert one space between answers.
Brute forcing all 16384 possible combinations is a trivial exercise if you are prepared for this kind of quiz and have hours or days of time at your disposal. I count on that not being the case and the race getting decided by who gets the perfect answer first by either knowing the answer or searching faster than others. From that point on it still takes some time to derive and sweep the relevant private key from the brain wallet seed. And of course you need to know how to do that in the first place. If multiple perfect scoring answers compete in that race, it may be a matter of luck which sweeping transaction confirms first.
Let's see how long it takes before someone sweeps that address. It will be interesting to see if it takes more or less than the average ten minutes for finding a block.
  1. On December 7, 2010 a) There was a guy describing himself as an ordained priest offering to "bless your dildo" for only one bitcoin on the Bitcoin subreddit. b) Satoshi was a moderator of the Bitcoin subreddit with the user name noagendamarker. c) The Bitcoin subreddit had less subscribers than Satoshi's age at the time. d) There were were only two posts about price on the Bitcoin subreddit.
  2. Satoshi chose April 5 as his birthday because the American government prohibited private holding of gold on that day. Which of the following is correct? a) The government paid less than the world market price for gold when they prohibited private holding that day. b) Roosevelt had the authority to do this under the Trading with the Enemy Act of 1917 and the executive order also prohibited importing gold into the United States. c) Franklin D. Roosevelt required all American citizens by executive order 6102 to deliver all of their gold at the fixed price of $20.67 before May 1st. d) In a challenge to this executive order the government won by a 6 to 3 majority decision at the Supreme Court.
  3. If you mined bitcoins on Satoshi's 34th birthday, you would on average mine (according to a post by Satoshi) a) A few tens of bitcoins a day. b) A few bitcoins a day. c) A few thousand bitcoins a day. d) A few hundred bitcoins a day.
  4. Which of the following Bitcoin burn addresses has the largest balance? a) 1AndrewYangForPresident2o2ozm6Pzd. b) 1WarrenForPresident2o2oxxxy3DCZMZ. c) 1SandersForPresident2o2oxxxvYnPyW. d) 1TRUMPforPresident2o2oxxxxxAvY6s.
  5. The author of a paper proposing a practical escrow cash system in 1996 was a) Satoshi Sakamoto. b) Tatsuaki Okamoto. c) Satoshi Nakamoto. d) Tatsuaki Nakamura.
  6. The small girl looking at the two most famous pizzas in history in 2010 was a) wearing a red t-shirt. b) wearing a green t-shirt. c) wearing a blue t-shirt. d) wearing a yellow t-shirt.
  7. RPOW was a proof-of-work based system using trusted computing. It ran on a) an IBM 4758 PCI Cryptographic Coprocessor. b) an Intel 4758 PCI Cryptographic Coprocessor. c) an AMD 4758 PCI Cryptographic Coprocessor. d) a Dell 4758 PCI Cryptographic Coprocessor.
submitted by AoiNakamoto to Bitcoin [link] [comments]

Why it seems evident that Dorian Nakamoto is not Satoshi Nakamoto

Even though a Newsweek reporter found a man by the name of Satoshi Nakamoto, who would fit the profile of the Bitcoin founder, there is this one thing:
Dorian Sakamoto is known for his extreme want of privacy. Why on earth would he then go on to publish Bitcoin using his real name? Wanting to hide your identity and then using your real name? I don't get it.
submitted by annoyanse to Bitcoin [link] [comments]

Regarding Nakamoto's quotes

Okay so i'm going to put on my tinfoil hat for a second so please bear with me.
Assuming that the quote was accurate, and assuming that Dorian Nakamoto answered truthfully when pressed with the question about his involvement with bitcoin (this is the big stretch i think, whether or not he was able to answer competently) what conclusion can we draw from his answer?
He worked for a military contractor doing classified work for corporations and intelligence agencies. According to Sakamoto, he believed the question posed to him was regarding that work. The questions asked were about Bitcoins. I feel like there's more to this story than is reported.
tl:dr Crazy conspiracy theory please disregard.
submitted by jkalltheway to Bitcoin [link] [comments]

Satoshi Nakamoto: The Mysterious Founder of Bitcoin Bitcoin - Unmasking Satoshi Nakamoto Mystery Founder Of Bitcoin: Uncovering Satoshi Nakamoto's Identity Of Bitcoin Matters  CNBC BITCOIN - Before They Were Famous - Satoshi Nakamoto Bitcoin or BTC and Satoshi Nakamoto 9000% Gain till this day 2020. Story behind of Cryptocurrency.

Satoshi has returned with Tabula Rasa, a clean-slate, three-tier method of taking Bitcoin and block chain to the next level. It’s consistent with his early work to establish trust, accountability, and transparency and create opportunity for all. In the three years since Dorian was misidentified as Satoshi, a lot has happened to bitcoin. And a lot has happened in the life of the now 67-year-old who got off on the wrong foot with bitcoin. Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main Satoshi Nakamoto is the founder of Bitcoin and initial creator of the Original Bitcoin client. He has said in a P2P foundation profile that he is from Japan. Beyond that, not much else is known about him and his identity. He has been working on the Bitcoin project since 2007. Bitcoin is an innovative payment network and a new kind of money created by Satoshi Nakamoto. His legacy is preserved on SatoshiNakamoto.me

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Satoshi Nakamoto: The Mysterious Founder of Bitcoin

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