Non trovato

4Mes·

$BTC (-0,72%)
Tell me you have too big an ego without telling me you have too big an ego:

https://max-otte-fonds.de/max-otte-bitcoin-kritik/

The good Max Otte has finally found Bitcoin's flaw! As a critic for years, he was enraged by the constant new highs in the Bitcoin price.

Now he recently read the new book "Hijacking Bitcoin", in which Roger Ver, formerly known as the "Bitcoin Jesus", describes his view of the "Blocksize Wars" and claims that Bitcoin has been hijacked.

Between 2015 and 2017, a significant lobby formed around Roger Ver, also known as the "Big Blockers", who wanted to change Bitcoin by increasing the block size limit of Bitcoin (1MB per block). Almost all of the major institutional players at the time, such as Coinbase and Grayscale, were involved, as well as around 80% of all miners.

Behind closed doors on May 22, 2017, the so-called "New York Agreement", it was decided that the block size limit would be increased, resulting in a hard fork of the network. Almost all of the institutions in the "big blocker" camp were involved, but no one from the "small blockers" was invited.

https://dcgco.medium.com/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77

The big blockers called for the block size limit to be increased so that Bitcoin could be used quickly as a means of payment. The larger the blocks, the more transactions could have been executed per block.

But what would have been the fatal consequence?

Due to the large blocks, the blockchain would have quickly grown into a data monster.

Today, thanks to the block size limit, anyone can operate a Bitcoin fullnode (node) at home with a small mini-computer. This full node can be seen as a voting right in the network, as each individual can decide for themselves which updates to the Bitcoin network to install on it - and which not.

If the blockchain were many terrabytes in size, it would probably be difficult for private individuals to afford to operate such a node.

-> The network would have become increasingly centralized.

But which players would have had the capacity to do so?🤔

The institutions that wanted the large blocks, of course. Basically, the institutions tried to take control of the network (not the other way around!) and would have been able to determine the rules of the network in the long term.

Long Story Short: The people with their nodes did not install the update at the time and did not bow to the institutions.

The fork of the network $BCH (-2,01%) was created, which today has no economic relevance compared to Bitcoin. The miners were forced to remain in the conventional Bitcoin network, as they would have earned nothing in a network without users.

This event has shown how resilient the Bitcoin network is to such "hostile takeovers".

Have a nice evening!

max-otte-fonds.deMax Otte: Jetzt weiß ich endlich, warum Bitcoin Murks ist!

111 Commenti

Udo@Cash-Flow-Cow

4Mes

As soon as I read something about the AfD, I'm out. All these people who wear aluminum hats are out of their minds.

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Testo-Investor@Testo-Investor

4Mes

@Cash-Flow-Cow and if I read such nonsense from you, I'm out.

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Spoon@Spoon666

4Mes

@Testo-Investor Your comment, photo and nickname just fit perfectly 💉🙈💉

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Testo-Investor@Testo-Investor

4Mes

@Spoon666 yes normal complete credibility :)

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Udo@Cash-Flow-Cow

4Mes

@Testo-InvestorIf I include my training as a media designer, I have been working for 26 years. However, I was unemployed for almost 3 years afterwards, with a few interruptions, so I'm starting to think about the time after that. I started at 6.39 euros per hour back then. In the last 20 years, I was laid off twice for operational reasons and once I resigned myself. I now work for a DAX company as a career changer in the semiconductor industry. I get just over 2,500 euros for my work, which I didn't learn in the traditional way. Whatever. Whether initially badly paid or later dismissed for operational reasons, there were different parties in government during that time and I never had the feeling that voting for far-left or far-right parties would change anything positively for me. In other words, you are responsible for yourself and the framework conditions are the same for everyone, in which you can let off steam. But somehow more and more people seem to prefer complaining and blaming others rather than getting off their own backsides. With every career change, I've also been able to improve myself financially, investing more and more in recent years, so that some months in the course performance look better and better than what I'm working for. I'm definitely not going to work until I'm 67. 📈🤘🏻🤑
I'm happy with myself and the general conditions so far, but you, @Testo-Investor, also seem to prefer complaining to enjoying life. 😉

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HyFive@HyFive

4Mes

@Cash-Flow-Cow I have to say, with my democratic streak, I would only vote AFD. There is currently no alternative in GERMANY. People who have something against it should think democratically and simply vote for what they think for themselves. Discussions are more than okay, but ranting against the MAJORITY like this is pretty stupid. You can just tell who wants to justify their GEZ contributions here. Fortunately, I no longer live permanently in Germany. 🇩🇪 👋🏼🤐

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Udo@Cash-Flow-Cow

4Mes

@HyFiveThank you for your pointless comment, but learn proper spelling and grammar first. 😅😉

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HyFive@HyFive

4Mes

@Cash-Flow-Cow is difficult as a person who has only lived in the country for 6 years.
But there we see the superficial discriminatory streak of this left-wing radical society. But thanks for the confirmation. Over and out. 🦄

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Udo@Cash-Flow-Cow

4Mes

@HyFiveyou want to vote for AfD, those stupid fascists, then you have to put up with shit like that from me.

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Sabine@Kamikazefrau

4Mes

@HyFive Was that supposed to be satire? Anyone who cares about democracy can never vote for the AFD or has never studied German history and how the Nazis came to power. With the AFD, it's goodbye democracy! I also find it difficult to vote for the old parties at the moment, but then you just switch to a smaller, more electable party. Never ever AFD - and for me as a woman anyway.

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Stig C.@Sharehoff

4Mes

@Kamikazefrau What comes after democracy?

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Visualizza tutti 9 ulteriori risposte

V7Hodl@V7Hodl

4Mes

Thank you, that's an exciting story. The fact that the network centralizes with large blocks wasn't really on my radar. But of course it sounds logical

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Stefan21@stefan_21

4Mes

@vise72 can recommend the book "The Blocksize War" by Jonathan Bier for the detailed story :)

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Simon@sc1

4Mes

Quote: Ver is therefore emphatically NOT a conspiracy theorist.
However, the good Max Otte presents himself as one to me here. 😜

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Stefan21@stefan_21

4Mes

@sc1 Also thought the good Max Otte is in favor of a free market... but apparently only as long as it fits his narrative passt🤷‍♂️

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PowerWordChill@PowerWordChill

4Mes

@sc1 but not just since yesterday 🫠
https://www.zeit.de/gesellschaft/zeitgeschehen/2022-02/max-otte-afd-bundespraesidentenwahl-verschwoerungsideologie-netzwerk

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Testo-Investor@Testo-Investor

4Mes

Otto used to be my YouTube mentor a few years ago with krall and Friedrich ... :-) but that quickly changed with his active funds Die Dreck sind.... I really like him and he has a terrific, broad knowledge.

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Stefan21@stefan_21

4Mes

@Testo-Investor Sure, but as is so often the case with Bitcoin, people's cognitive dissonance is the problem. Admitting to yourself that you were wrong is difficult. That's why people are desperately looking for reasons to maintain their own narrative.
I was an absolute Bitcoin critic myself for years... the way to get there, to lower your own ego and admit that you were wrong, is difficult - but it's worth it :)

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Testo-Investor@Testo-Investor

4Mes

@stefan_21 of course, but we are developing and evolving and that is the big difference .... That's also the problem, that 90% of 60-70
year olds still vote spd... that's why the big turnaround is coming soon .... 5-10 years ...

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Stefan21@stefan_21

4Mes

@Testo-Investor I live in Bavaria, where everyone votes for the CSU because they have done so for the last 40 years :D

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Testo-Investor@Testo-Investor

4Mes

@stefan_21 really bad like that.... "because we've always done it" My father always drove the new car in front of the tree, so I do it too :D

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Kuhnemann💸@donemiliokuhn

4Mes

What kind of Dirk Müller 2.0 is this again?

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Harald@Madhatter5566

4Mes

What economic relevance does Bitcoin have, please? It is not used as a currency because transactions are expensive and traceable at all levels, it is purely an object of speculation. The only economic relevance it had was to those who sold you the shovels and electricity to mine it.

In my opinion, if you limit the number of transactions, you completely take yourself out of the running as a "currency". How else is it supposed to absorb the number of transactions if someone really wanted to use it?

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PowerWordChill@PowerWordChill

4Mes

@Madhatter5566 damit:
https://www.btc-echo.de/academy/bibliothek/lightning-network/

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Harald@Madhatter5566

4Mes

@PowerWordChill not yet in force, eh? So for now it's just hot smoke and the second layer would, in my opinion, almost be a splintering?

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Stefan21@stefan_21

4Mes

@Madhatter5566 Ask yourself why Bitcoin is the 10th largest asset by market capitalization and tell me why that has no economic relevance.

The network has to be slow and it has to finance itself in the long term through transaction fees. Bitcoin focuses on decentralization and security. Bitcoin can scale in 2nd layer technologies such as Lightning. This means that transactions cost almost nothing and you can also use it to pay for your coffee (which I have often done, by the way).

Bitcoin is not a "currency", that is correct. However, unlike the currencies of the states, Bitcoin is voluntary. Anyone can use it, no one is forced. However, you are forced to use the euro.

To become money, Bitcoin must fulfill the 3 functions of store of value, medium of exchange and unit of account. We are well on the way to fulfilling the Store of Value. In order to ever fulfill the other two, it MUST first become a store of value. Otherwise it will not become a means of transaction and certainly not a unit of account.

Bitcoin is only 15 years old and you criticize it for not being used as a currency (which, by the way, it already is to some extent today) and I always ask myself with such statements what exactly you imagine something like Bitcoin should look like. Should it fall from the sky, not be dependent on any central authority and be used immediately by everyone in the world? No, it's a bottom-up movement that takes a very long time.

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Stefan21@stefan_21

4Mes

@Madhatter5566 The Lightning Network is of course already "in force". Transactions in the Lightning network are also much more anonymous than on-chain transactions. Lightning is also not the only 2nd layer technology - but at the moment it is the most widely used.
https://mempool.space/de/lightning

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Stefan21@stefan_21

4Mes

@Madhatter5566 A suggestion from me: Get involved with the Lightning Network, send me an Invoice and I'll buy you a beer😉 Then you too will be in possession of the scarcest commodity in human history.

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Alexander_Bitcoin@Alexander_Bitcoin

4Mes

@Madhatter5566 Bitcoin will live longer than you. The Bitcoin network will outlive you.

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Harald@Madhatter5566

4Mes

@stefan_21 I asked about the economic relevance. Don't blurt out a lot of text without even answering the question.

My God, these Bitcoin disciples

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Alexander_Bitcoin@Alexander_Bitcoin

4Mes

@Madhatter5566 You just don't understand the point and are trying to make a name for yourself with your comments. Maybe it's also because of your name "Mad Hatter" :D

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Harald@Madhatter5566

4Mes

@stefan_21 All I find it that is more in a beta state!? Its a proposed solution but not wide spread.

And i dont think its the same as working directly in the Blockchain itself.

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Stefan21@stefan_21

4Mes

@Madhatter5566 You claim that Bitcoin has no economic relevance because the transactions are slow and expensive. That's exactly what I answered.

You're not exactly creating a basis for discussion with "My God, those Bitcoin disciples".

You obviously don't know a lot of things - like the Lightning Network, for example - but you're also not open to learning anything and then I can't help you either :)

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