"FIRE THE CORE DEVS"
a reminder...
https://medium.com/the-coinbase-blog/what-happened-at-the-satoshi-roundtable-6c11a10d8cdf
Login to reply
Replies (49)
HELLO DAN 🫡
He's not a Dan, is he?
It's a good reminder for people to stop using Coinbase as it's CEO is essentially an enemy of Bitcoin.
Classic 😝
Lol...I was slightly confused by this till I read "segregated witness" and realised it must be a very old article 🤦♀️
Also, what exactly is Bitcoin Classic? never heard it mentioned on Nostr and I have been here for more than a year 😅
"FIRE THE CORE DEVS"
a reminder...
https://medium.com/the-coinbase-blog/what-happened-at-the-satoshi-roundtable-6c11a10d8cdf
View quoted note →
This argument is so stupid. If fees spike then the incentive to mine will be higher and miners will be turned back on. “Let’s make drastic changes because of a hypothetical problem that I think could happen” is such a fiat mindset.
Glad the block size war was lost but people like this take a long time to change.
Interesting. I didn’t know Armstrong was on the wrong side of the block size war.
Who knows what is he metamorphosing to right abt now?
"In my opinion, perhaps the biggest risk in bitcoin right now is, ironically, one of the things that has helped it the most in the past: the bitcoin core developers."
-- CEO of the company that right now is holding most ETF and many other Bitcoins in their custody.
I was there. Peter Smith fromBlockchain literally stood up and made a dramatic show of firing the bitcoin core developers. it was cringe and pathetic
It's better to have people with a high IQ and low communication skills than people with a low IQ and high communication skills.
I never held back at any Blockchain(dot)info staff meetings, so I had a lot to fucking say after Peter did that. 😂
It was obvious by then that the big block movement was about people trying to shape Bitcoin to meet their business models. There was only one clear choice forward.
self awareness fail
Awesome thread…link is very informative🌅
you are going to be fired
This is back in 2016 big block discussion...
Coinbase has been a major enemy of bitcoin for 7+ years now.
Throwback to a time when Bitcoin was just unfolding to me. Thanks for sharing.
I don't think I'll be "upgrading" to bitcoin classic.
dan't be
You’re Dan Tootin!
you mean this Peter Smith?😏
https://www.weforum.org/people/peter-smith/
Bad actors... I didn't upgrade to bitcoin classic
jack and d(i)an. heh.
i am not playing dress up with you but i could not resist. finance is finished. ✌🏻📽️🎞️
Wait? What did I miss?
This article is from 2016, is it too late to upgrade to Bitcoin Classic?
Only up until people stop transacting. Larger blocks have more transactions so overall miners can get more revenue.
TL;DR - incredibly smart people do not want to sacrifice bitcoin development for quick returns, says coinbase ceo who no longer supports on-chain payments for bitcoin and actively supports shitcoin.
On a diff note, the miners control part is interesting. I recall someone organising a bitcoin mining council before.
More transactions per block means less fees per transaction because of supply and demand. Miner total revenue depends on the slope of supply and demand curves and could decrease with big blocks. Luxury good manufacturers intentionally limit supply because it increases their total revenue for example.
Not to mention all of the other centralization problems that come with big blocks as @LynAlden has explained repeatedly.
What an ego that guy has
Yeah, only up to a certain point because if people use custodians and lightning, miners receive very little revenue from the occasional channel opening and closing.
That's why the miners supported big blocks in the block size wars.
Decentralisation is maximised by minimising the total cost of using Bitcoin in a permissionless way.
Total cost = capital cost of a node + transaction cost x number of on-chain transactions.
Currently you can run a node with a $100 second hand computer. At a fee cost of $1 per transaction you can do one transaction a month for 4 years before the cost of the transactions exceeds the cost of the node.
If the block size was increased to reduce transactions to 10 cents but the node now costs $1000 it would cost more overall.
But if fees go to $10 per transaction, you can only do about 2 transactions per year before the cost of transactions exceeds the cost of the old computer you are running the node with. This could be managed with just opening one channel to a fedmint and splicing once a year, but that comes with some tradeoffs.
Where to go once fees continue to rise, say to a theoretical $100 per transaction?
😬
Ah, classic scenerio of the super intellectual beings making retarded decisions. We are told to look up to these smart people amd that they are better than us because their super smart and can code lol
Is this block size wars again?
Don’t we have Bitcoin Cash for that?
Dear Nostr, you worship Bitcoin as a god and look at this, its being destroyed by humans within. Find jesus and stop worshipping mammon.
"FIRE THE CORE DEVS"
a reminder...
https://medium.com/the-coinbase-blog/what-happened-at-the-satoshi-roundtable-6c11a10d8cdf
View quoted note →
You answered your own question. Lighting, custodians, fedminits, stuff not yet invented is what will happen when it’s $100 equivalent per transaction.
Normal people already hold checking, savings, credit cards, brokerages, HSA, Venmo, etc accounts. In the future they could mix a custodian lighting wallet for checking, a custodian L1 / Fedimint / whatever for short term savings, and cold storage self custody for retirement. 1 solution should not meet all of these needs as they are different.
Necessity breeds invention. Bitcoin already transacts as much as Fedwire and its open nature means it should be easier to verify your funds with a custodian than the current black box of fractional reserve banking. Not saying it shouldn’t ever change, but the barriers being so high is a good thing. It means there needs to be a real problem to solve instead of hypotheticals in the future.
the northstr remembers
…realized this was written in 2016… ha
"We need.... bla bla bla"
Not an argument, and you don't know what I need.
I'm not trying to argue, just verifying the trade-offs wth a back of the envelope calculation.
The goal is to maximise participation in running nodes, but there is not much point running a node if you can't afford a transaction.
The block size means there are a maximum of 4000 transactions every 10 min. That's 210,240,000 transactions a year with full blocks.
Even if you saved up to add to or withdraw from your retirement savings once every 10 years it only allows 2 billion people to use Bitcoin onchain. What are the other 5 billion meant to do?
I'm not arguing for larger blocks. It's an inefficient scaling solution and one that is not beneficial for a long time. We should develop the scaling solutions cautiously first, because these could become more different to implement as time goes on.
Yeah, and also taking “fees” to list new shitcoins, and then frontrunning their customers to profit in the “Coinbase effect”. 
Token Front-Running Was Common at Coinbase Crypto Exchange, a New Study Argues
Researchers at the University of Technology Sydney estimate that insider trading occurred on 10% to 25% of new crypto listings at Coinbase between ...
Who else noticed the price of #Bitcoin is about to rip so hard that it creates a 90° right angle on the price ticker.
Get ready for the green candles🚀
This is the phase we’ve been preparing for since the lows of late 2022
If you’re a fan of #bitcoin and you haven’t join the rebelcapitalist vip newsletter yet to 100x your sats, then I don’t even know what you’re doing here!
The rebelcapitalist grinds to produce top-level crypto content every day. their threads and insights are awesome and educative, you will
learn a lot from the trend.
Source: 
Telegram
The Rebel Capitalist Show
RebelCapitalist is an invaluable resource for aspiring investors, offering insights from top investors that can guide you towards financial success...
Thanks. That’s a little piece of history that I didn’t know. Very useful context to know now, though.
Gd
Oh wow, this is from 2016
Lol Brian is such a fucking faggot 😂
100%. Especially for a project like this
Beware the sociopaths