Explain Ethereum like I'm five - DEV

Hey, Fuck You!

A subreddit initially designed for off-your-chest rants, now mainly for interacting with a very rude bot. Come have fun you little retard! ***** I've also found that Reddit search is based on the description. I'm going to add a *fuck* ton of tags so that all you guys find my sub! Tags; robot reddit sub crypto bitcoin cryptocurrency trump obama politics humor funny cute derp retard btc eth ethereum nano help ripple runescape 2007scape meme 4chan dank game wtf monero
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🌕moons?

I lie here in my apartment, dumplings stains on my clothes and a bit of soy sauce still at the corner of my mouth from last night's dinner. I finally crashed at 4:00 AM Pacific time and woke up at 11:00 PM. I'm still getting paid my full time salary, no work to speak of in the near future. I'm bored.
In my mid-morning delirium, I stumble around Reddit with half assed political revolution comments and when things are nice and stirred up I check my Robinhood account. My investment in Dogecoin is still stagnant after that Tik Tok pump and dump.
Flipping back to Reddit wondering if I should've stayed in Litecoin for all these years, I notice I've been on this app for the good part of 18 hours over the last 3 days. There's nothing to look at that's new. Then I look at my profile section and boom. Some bullshit about moons. moons. moons. moons.
What is it? I don't have a clue. Do I want it? Yes. I quickly give Reddit my face ID and slam accept on a bunch of "I'll never read" privacy and disclosure agreements. Gimme the moons. I'm a pretty smart guy despite my degenerate lifestyle but even after reading through the moon picture book of explaining blockchain ethereum crypto networks I'm still sitting here with my 54 moons wondering when I'll be able to buy my Lamborghini. And then I see the thing. The thing that says this isn't convertable to money and yet I'm an owner in something. The community it says. What does that mean? I'm already a member in the community so what comes with being an owner? I still don't get it. Can someone tell me wtf moons do?? I get the whole weighted commenting/posting thing but this is a sub with minimal weight needed. I mean we're just talking about different cryptos right?? Why would I need "weight" to say hey guys I think BTC will MOON soon? It's not like we're voting on business decisions or a theme makeover. WHAT IS THIS FOR?
submitted by yarf13 to CryptoCurrency [link] [comments]

Community Points/MOON like tokens could serve an important role in Decentralization and Accountability

tl;dr: mods are highly centralized and not truly accountable to anyone but reddit admins, tokens should on some level be implemented for community governance to prevent abuse.
Decentralization is the word, it's the main reason I'm such a big supporter of crypto and ethereum especially. I will always be in favor of pretty much any initiative that moves power out of the hands of the few and to the many. This is badly needed in a place like reddit, and Community Points could play a big role here if it's done right.
Why I write this post now is this this

Basically, a dude exposes that the top subreddits are HIGHLY centralized into the hands of just a few mods and is suspended from all of these communities. WTF right? As it stands right now communities here basically have to have faith that their moderators won't be garbage, and if they are the only option is to move subs. Not the best outcome, fractures the community if it works, the shit mods retains power over anyone who is numb to the garbage and stays, which will always be a lot of people.
If these community points are implemented correctly, it could be arranged for mods to have some degree of accountability to their community. There would be other issues that would need to be addressed, such as the potential for centralization of tokens, but on /some/ level a layer of accountability to someone other than reddit admins can be added. Even the most basic token voting system would be 100% better than the level of accountability that exists now, and I'm sure a better system can be found.
So to the skeptics I ask you to please consider the decentralization potential of this initiative, and to everyone I ask to push for communities to make use of this potential as much as possible.


edit: after 3 hours being up this post went from ~12 karma suddenly down to 0 in the course of 10 minutes despite generally positive sentiment in the comments. I don't know what's going on, but it is looking like this is an idea somebody does not like
submitted by Muffl to CryptoCurrency [link] [comments]

Top Potential Subreddits: r/transbad with 111, r/iamatotalpieceofsatan with 74 and r/somnisomnivexillology with 49 upvotes

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KYC is absolutely not acceptable for MakerDAO!

I've heard that founder of MakerDAO is not strictly against KYC. I have a message to whole community and specifically to a founder of MakerDAO Rune Christensen. I will explain using concrete examples why having KYC in MakerDAO is a grave mistake and it will lead to MakerDAO fork.
Many people in the first world never actually understand why financial privacy and financial inclusion is important. Even people (in the first world) who seemingly supportive of such ideas are not able to provide any concrete examples of why it's actually important.
Unfortunately, I was born in a "wrong" country (Uzbekistan) and I experienced first hand what financial exclusion actually means. I know first hand that annoying feeling when you read polite, boilerplate rejection letter from financial institution based in first world. So I had to become practical libertarian. I'm going to give you concrete examples of financial discrimination against me. Then I'm going to explain fundamental reasons why it happens. And finally, I'm going to explain my vision for DAI.
Back in 2005, I lived in Uzbekistan. I had an idea to invest in US stocks. I was very naive and I didn't know anything about investing, compliance, bank transfers, KYC etc. All I knew is nice long term charts of US stocks and what P/E means. I didn't contact any US brokerage but I checked information about account opening and how to transfer money there. I approached local bank in Uzbekistan and asked how to transfer money to Bank of New York. Banker's face was like - WOW, WTF?!?! They asked me to go to private room to talk with senior manager. Senior manager of local bank in Uzbekistan asked me why I wanted to transfer money to US. They told me that it's absolutely impossible to transfer money to US/EU and pretty much anywhere. I approached nearly every local bank in the town and they told me the same.
In 2012, I already lived in Moscow and acquired Russian citizenship. I got back to my old idea - investing in US stocks. I called to many US brokerages and all of them politely rejected me. Usually when I called I asked them if I can open an account with them. They told me to hold on line. After long pause, I was able to speak with "senior" support who politely explain me that Russia in their list of restricted countries and they can't open an account for me. Finally, I was able to open an account with OptionsXpress. Next challenge was to convince local Russian bank to transfer money to US. Back then in 2012, I was able to get permission to do so. So you might say - is this happy end?
Fast forwarding US brokerage story to 2017, OptionsXpress was acquired by Charles Schwab. I was notified that my OptionsXpress account will be migrated to Charles Schwab platform. In 2017, I already lived in the Netherlands (but still having Russian citizenship). I wasn't happy with my stupid job in the Netherlands. I called Charles Schwab and asked if I quit my job in the Netherlands and have to return to Russia, what will happen with my account. Schwab told me that they will restrict my account, so I can't do anything except closing my account. So even if I was long term customer of OptionsXpress, Charles Schwab is not fully okay with me.
Going back to 2013, I still lived in Russia. I had another idea. What if I quit my job and build some SAAS platform (or whatever) and sell my stuff to US customers. So I need some website which accept US credit cards. I contacted my Russian bank (who previously allowed me to transfer money to OptionsXpress) about steps to make in order to accept US credit cards in Russia. I've been told explicitly in email that they won't allow me to accept US credit cards under any circumstances.
Back then I still believed in "the free west". So I thought - no problem, I will just open bank account abroad and do all operations from my foreign account. I planned vacation in Hong Kong. And Hong Kong is freest economy in the world. Looks like it's right place to open bank account. I contacted HSBC Hong Kong via email. Their general support assured me that I can open bank account with them if I'm foreigner. I flew to Hong Kong for vacation and visited HSBC branch. Of course, they rejected me. But they recommended me to visit last floor in their HQ building, they told me that another HSBC branch specializes on opening bank accounts for foreigners. I went there and they said minimum amount to open bank account is 10 mil HKD (1.27 mil USD). Later I learned that it's called private banking.
When I relocated to the Netherlands, I asked ABN Amro staff - what's happen with my bank account if I quit/lose my job in the Netherlands and have to return back to Russia. I've been told that I can't have my dutch bank account if I go back to Russia even if I already used their bank for 2+ years.
I still had idea that I would like to quit my job and do something for myself. The problem is that I'm Russian citizen and I don't have any residency which is independent from my employment. So if I quit my job in the Netherlands, I have to return back to Russia. I wanted to see how I would get payments from US/EU customers. I found Stripe Atlas, it's so exciting, they help you to incorporate in US, and even help with banking, all process of receiving credit card payments is very smooth. But as usual in my case, there is a catch - Russia in their list of restricted countries.
Speaking of centralized compliance-friendly (e.g. KYC) crypto exchanges. This year I live and work in Hong Kong. Earlier this year, I thought it would be nice to have an account at local crypto exchange in Hong Kong so I can quickly transfer money from my bank account in Hong Kong to crypto exchange using FPS (local payment system for fast bank transfers). What could go wrong? After all Hong Kong is freest economy in the world, right? I submitted KYC documents to crypto exchange called Weever including copy of my Hong Kong ID as they requested. They very quickly responded that they need copy of my passport as well. I submitted copy of my Russian passport. This time they got silent. After a few days, they sent me email saying that Russia is on the US Office of Foreign Assets Control sanction list, so they just require me to fill a form about source of the funds. I told them that the source of my funds is salary, my Hong Kong bank can confirm that along with my employment contract. They got very silent after I sent them a filled form. After a week of silence I asked them - when my account get approved? They said that their compliance office will review my application soon. And they got very silent again. I waited for two or three weeks. Then I asked them again. And I immediately got email with title - Rejection for Weever Account Opening. And text of email was:
We are sorry to inform you that Weever may not be able to accept your account opening application at this stage.
Exactly the same situation I had with one crypto exchange in Europe back in 2017. Luckily I have accounts at other crypto exchanges including Gemini, one of most compliance obsessed exchange in the world. Although I don't keep my money there because I can't trust them, who knows what might come into head of their compliance officer one sunny day.
By the way, I'm living and working outside of Russia for quite a few years. The situation with crypto exchanges is much worse for those who still living in Russia.
I give you a few other examples of financial discrimination is not related to troubles with my Russian citizenship.
Back in 2018, I still lived in the Netherlands. I logged in into my brokerage account just to buy US ETFs as I always do - SPY and QQQ. I placed my order and it failed to fill. I thought it's just a technical problem with my brokerage account. After a few failed attempts to send buy orders for SPY and QQQ, I contacted their support. What they told me was shocking and completely unexpected. They said I'm not permitted to buy US ETFs anymore as EU resident because EU passed a law to protect retail investors. So as a EU resident I'm allowed to be exposed to more risk by buying individual US stocks but I'm not allowed to reduce my risk by buying SPY because ... EU wants to protect me. I felt final result of new law. By the way, on paper their law looks fine.
And the final example. It's a known fact that US public market become less attractive in recent decades. Due to heavy regulatory burden companies prefer to go public very late. So if successful unicorn startup grows from its inception/genesis to late adoption, company's valuation would be 3-5 orders of orders of magnitude. For example, if valuation of successful company at inception is 1 Mil USD, then at its very latest stage it's valuation would be 10 Bil USD. So we have 10'000 times of growth. In the best case scenario, company would go public at 1 Bil USD 5-10 years before reaching its peak 10 Bil USD. So investors in private equity could enjoy 1000 fold growth and just leave for public only last 10 fold growth stretched in time. In the worst case scenario, company would go public at 10 Bil USD, i.e. at its historical peak. But there are well known platforms to buy shares of private companies, one of such platforms is Forge Global. You can buy shares of almost all blue chip startups. You can even invest in SpaceX! But as always, there is a catch - US government wants to protect not just US citizens but all people in the world (sounds ridiculous, right?). US law requires you to have 1 Mil USD net worth or 200'000 USD annual income if you want to buy shares of non-public company. So if you are high-net worth individual you can be called "accredited investor". Funny thing is that the law intends to protect US citizens but even if you are not US citizen and never even lived in US, this law is still applies to you in practice. So if you are "poor loser", platforms like Forge Global will reject you.
So high-net worth individuals have access and opportunity to Bitcoin-style multi-magnitude growth every 5-10 years. Contrary to private equity markets, US public markets is low risk/low return type of market. If you have small amount of capital, it's just glorified way to protect yourself from inflation plus some little return on top. It's not bad, US public market is a still great way to store your wealth. But I'm deeply convinced that for small capital you must seek fundamentally different type of market - high risk/high return. It's just historical luck that Bitcoin/Ethereum/etc were available for general public from day one. But in reality, viral/exponential growth is happening quite often. It's just you don't have access to such type of markets due to regulatory reasons.
I intentionally described these examples of financial discrimination in full details as I experienced them because I do feel that vast majority of people in the first world honestly think that current financial system works just fine and only criminals and terrorists are banned. In reality that's not true at all. 99.999% of innocent people are completely cut off from modern financial system in the name of fighting against money laundering.
Here is a big picture why it's happening. There are rich countries (so called western world) and poor countries (so called third world). Financial wall is carefully built by two sides. Authoritarian leaders of poor countries almost always want full control over their population, they don't like market economy, and since market forces don't value their crappy legal system (because it works only for close friends of authoritarian leader) they must implement strict capital control. Otherwise, all capital will run away from their country because nobody really respects their crappy legal system. It only has value under heavy gun of government. Only friends of authoritarian leader can move their money out of country but not you.
Leaders of rich countries want to protect their economy from "dirty money" coming from third world. Since citizens of poor countries never vote for leaders of rich countries nobody really cares if rich country just ban everyone from poor country. It's the most lazy way to fight against money laundering - simply ban everyone from certain country.
Actually if you look deeper you will see that rich countries very rarely directly ban ordinary people from third world. Usually, there is no such law which doesn't allow me to open bank account somewhere in Europe as non-EU resident. What's really happens is that US/EU government implement very harsh penalties for financial institutions if anything ever goes wrong.
So what's actually happens is that financial institutions (banks, brokerages etc) do de-risking. This is the most important word you must know about traditional financial system!
So if you have wrong passport, financial institution (for example) bank from rich country just doesn't want to take any risks dealing with you even if you are willing to provide full documentation about your finances. It's well known fact that banks in Hong Kong, Europe, US like to unexpectedly shutdown accounts of thousands innocent businesses due to de-risking.
So it's actually de-risking is the real reason why I was rejected so many times by financial institutions in the first world!!! It's de-risking actually responsible for banning 99.999% of innocent people. So governments of rich democratic countries formally have clean hands because they are not banning ordinary people from third world directly. All dirty job is done by financial institutions but governments are well aware of that, it's just more convenient way to discriminate. And nobody actually cares! Ordinary citizens in rich countries are never exposed to such problems and they really don't care about people in third world, after all they are not citizens of US/EU/UK/CH/CA/HK/SG/JP/AU/NZ.
And now are you ready for the most hilarious part? If you are big corrupt bureaucrat from Russia you are actually welcome by the first world financial institutions! All Russian's junta keep their stolen money all across Europe and even in US. You might wonder how this is possible if the western financial system is so aggressive in de-risking.
Here is a simple equation which financial institution should solve when they decide whether to open an account for you or not:
Y - R = net profit
Where:
Y - how much profit they can make with you;
R - how much regulatory risk they take while working with you;
That's it! It's very simple equation. So if you are really big junta member from Russia you are actually welcome according to this equation. Banks have special name for serving (ultra) high-net worth individuals, it's called private banking. It's has nothing to do with the fact that bank is private. It's just fancy name for banking for rich.
So what's usually happen in real world. Some Estonian or Danish bank got caught with large scale money laundering from Russia. European leaders are ashamed in front of their voters. They implement new super harsh law against money laundering to keep their voters happy. Voters are ordinary people, they don't care about details of new regulations. So banks get scared and abruptly shutdown ALL accounts of Russian customers. And European voters are happy.
Modern money laundering laws are like shooting mouse in your house using bazooka! It's very efficient to kill mouse, right?
Now imagine world without financial borders. It's hard to do so because we are all get so used to current status quo of traditional financial system. But with additional effort you can start asking questions - if Internet economy is so global and it doesn't really matter where HQ of startup is located, why they are all concentrated in just a few tiny places like Silicon Valley and ... well, that's mostly it if you count the biggest unicorns!
Another question would be - why so many talented russian, indian, chinese programmers just go to the same places like San Francisco, London and make super rich companies like Amazon, Google, Facebook, Apple to get even richer? If all you need is laptop and access to internet, why you don't see any trade happening between first and third world?
Well actually there is a trade between first and third world but it's not exactly what I want to see. Usually third world countries sell their natural resources through giant corporations to the first world.
So it's possible to get access to the first world market from third world but this access usually granted only to big and established companies (and usually it means not innovative).
Unicorns are created through massive parallel experiment. Every week bunch of new startups are created in Silicon Valley. Thousands and thousands startups are created in Silicon Valley with almost instant access to global market. Just by law of large numbers you have a very few of them who later become unicorns and dominate the world.
But if you have wrong passport and you are located in "wrong" country where every attempt to access global market is very costly, then you most likely not to start innovative startup in the first place. In the best case scenario, you just create either local business or just local copy-paste startup (copied from the west) oriented on (relatively small) domestic market. Obviously in such setup it's predictable that places like Silicon Valley will have giant advantage and as a result all unicorns get concentrated in just a few tiny places.
In the world without financial barriers there will be much smaller gap between rich and poor countries. With low barrier of entry, it won't be a game when winner takes all.
Whole architecture of decentralized cryptocurrencies is intended to remove middle man and make transactions permissionless. Governments are inherently opposite to that, they are centralized and permissioned. Therefore, decentralized cryptocurrencies are fundamentally incompatible with traditional financial system which is full of middle mans and regulations (i.e. permissions).
Real value of crypto are coming from third world, not the first world. People are buying crypto in rich countries just want to invest. Their financial system and their fiat money are more or less already working for them. So there is no immediate urgency to get rid of fiat money in the first world. So the first world citizens buying crypto on centralized KYCd exchanges are essentially making side bet on the success of crypto in third world.
Real and natural environment of cryptocurrencies is actually dark OTC market in places like Venezuela and China.
But cryptocurrencies like Bitcoin and Ethereum have a big limitation to wide adoption in third world - high volatility.
So the real target audience is oppressed (both by their own government and by first world governments) ordinary citizens of third world countries yet they are least who can afford to take burden of high volatility.
Right now, Tether is a big thing for dark markets across the world (by the way, dark market doesn't automatically imply bad!). But Tether soon or later be smashed by US/EU regulators.
The only real and working permissionless stable cryptocurrency (avoiding hyped word - stablecoin) is DAI.
DAI is the currency for post-Tether world to lead dark OTC market around the world and subvert fiat currencies of oppressive third world governments.
Once DAI become de-facto widespread currency in shadow economy in all of third world, then it will be accepted (after many huge push backs from governments) as a new reality. I'm talking about 10-20+ years time horizon.
But if MakerDAO chooses the route of being compliance friendly then DAI will lose its real target audience (i.e. third world).
I can not imagine US/EU calmly tolerate someone buying US stocks and using as a collateral to issue another security (i.e. DAI) which is going to be traded somewhere in Venezuela! You can not be compliance friendly and serve people in Venezuela.
Facebook's Libra was stupidest thing I've seen. It's extremely stupid to ask permission from the first world regulators to serve third world and create borderless economy. Another stupid thing is to please third world governments as well. For example, Libra (if ever run) will not serve Indian, Chinese, Venezuelan people. Who is then going to use stupid Libra? Hipsters in Silicon Valley? Why? US dollars are good enough already.
submitted by omgcoin to MakerDAO [link] [comments]

Nuo Network was grossly negligent and caused me financial harm

TL:DR:
My fixed term loan with Nuo was liquidated.
When I signed up for the loan, it was not disclosed anywhere that this was possible.
My two key pieces of evidence are this screenshot where Nuo admits to only adding the disclosure after I took out my loan, and this comment from me that shows this information was more than likely not listed anywhere on the website at the time of the loan.
I was blindsided by the fact my loan was liquidated, resulting in financial harm to myself.
I allege that Nuo acted grossly negligent by not disclosing these risks, not just inadequately, like not even buried in their terms of service.
Full story:
Excuse this post if my tone comes off as enraged. It's because I am.
I know I share some responsibility in what happened here, ranging from 100% to 0%. I'll let you decide how much.
The story goes is that I had used Nuo to take out a loan against an ERC20 they accept as collateral. I had done this months ago as well, took out a 60 day loan, and paid it back on day 59, with interest. I took out a term loan and borrowed against my own assets, and repaid it. Cool! DeFi! I love it.
I then immediately took out another loan against the same collateral, this time however they didn't let me borrow as much as they did before despite the collateral being worth the same. They maximized the size of the loans either based on risk management or liquidity pool size, that's fine. I borrow less than I did before and locked it up for another 60 days. That was about 6 weeks ago. A couple days ago I go and check on my loan to double check how much time I have left to pay to be sure not to miss it. I login and I am shocked at what I saw. All of my loans have been liquidated!!! WTF? I didn't even know it was possible for these fixed term loans to be liquidated. I thought the entire point of Nuo choosing the collateral, the leverage ratio, the total amount borrowed, the limited term window etc. all served to minimize the risk for Nuo to be able to issue a fixed term loan in the first place! I was under the impression that unlike a revolving open loan like Maker and Compound where obviously the value of your collateral matters at all times, it wouldn't matter in a fixed loan, and they had sufficiently adjusted the parameters to adjust for the risk of the collateral being devalued over that time period. If they're so worried about it not making it the 60 days, which I would understand, limit the term! Choose 30 days or 7 days or 1 day where you're confident that the collateral won't be devalued.
Why have a fixed term loan in the first place if you won't honor the loan to the term!
If I take out a car loan for 5 years and the car is used as collateral and I completely destroy it, I still owe the $ for the car loan! You give me a chance to repay before you put a lien on my house.
I thought I had an agreement! That agreement was to repay a debt after a certain amount of time or they will keep my collateral.
I was completely blindsided by this function of the loan I had no idea existed.
How could this have happened?
So I poke around and check the loan tab in the screen and I see a prominent "Your loan will be liquidated at 0.75x ratio".
I had never seen that before. If I had, I might not have ever taken out the loan, let alone not checked up on it during this downturn! Having knowledge of this fact would have completely changed my behaviour and given me a chance to avoid being liquidated.
I could have sworn that this was never disclosed to me at the time of taking out the loan.
I try and reach out to the team and after a couple days finally get a meaningful response from them.
I express my concern that the risk of liquidation was not adequately disclosed, and they say that they added copy of the disclosure on the loan page "a month or so ago". I took out my loan more than a month or so ago!!! Where does that leave me? I feel I have been totally taken advantage of in regards to what my impressions of the risks were as I took out the loan. I feel completely misled.
In writing this post I stumbled across more proof that Nuo was lacking not only adequate disclosures of risk, but any disclosures!
I found a reddit post from me from 3 months ago seeking clarity on this exact issue! Check out my 2 comments. The ultimate irony being that it was in a thread that was calling Nuo a scam! And even worse, responding to a comment where a Nuo team member made a plea about how they will be better about disclosing risks! You can't make this up.
My post shows I was trying to reach out across multiple channels to answer this question and was ignored, and that if I'm asking this question, clearly the disclosure was not mentioned during the loan flow, but I also reference it was nowhere on the website at all as the only relevant question in the FAQ was a dead link!
Between Nuo admitting they added the disclosure 'a month or so ago', and the fact I tried multiple channels to ask this exact question only to be ignored, with an explicit timestamped mention of the FAQ not working, I feel strongly that Nuo acted with gross negligence when offering this loan.
I realize that I should probably have never taken out the loan I wasn't 100% sure how it worked. That's my mistake. I also could have personally looked through the smart contracts and seen the mechanics there, but truthfully I lack the technical knowledge to meaningfully do so.
What I can say is that I am very familiar with the theory and practicalities of how Ethereum and DeFi work. I can tell you the Maker oracle system and how it works and what an oracle attack would look like. I know smart contract bugs are real and it could all be stolen in a flash. I'm aware of risk mitigating options like Nexus Mutual. I literally spend nearly all my free time learning about Ethereum and new applications. So how is it possible that whatever category I fall into, 'passionate early adopter' that I could have been so blindsided by the risks inherent with this loan? If I, someone with a decent level of knowledge of how these systems work can be so blindsided, what chance do normal users have?
MEW, Mycrypto, Maker CDPs all make it extremely clear what the risks are when interacting with the system. UX is so bad they have bent over backwards to create mandatory click throughs, pop ups, highlighted text, etc. That's being responsible. I even reference the clarity of liquidation in Maker CDPs in my linked comment!
Not only was this never prominently displayed in the loan process with Nuo, it wasn't displayed at all, anywhere!
I am just in shock at the negligence of the lack of disclosures of this significant risk.
I have incurred significant financial harm as a result of this negligence through refinancing costs and repurchase of the tokens.
I want compensation for the financial loss I have incurred as a result of this. I feel that Nuo's admitted lack of disclosures was negligent and has caused me direct financial harm.
Whatever happens with my claim to recoup losses from Nuo. I want to let the community be aware of what they are doing in case you are also under the same impression that I was.
I also want to reiterate and implore the community and dapp developers to ADEQUATELY DISCLOSE THE RISKS of using your platform. Nobody should ever be blindsided like I was. I can tell you it is an absolutely shitty UX and I'm really pissed, and you won't find someone more pro Ethereum and DeFi than me! Perhaps I would be better off using a centralized service so I have some legal recourse in regards to this. I might have some legal recourse here but I don't want to be a lawsuit guy, I want to be a guy who uses an app who actually tells you under what conditions you could incur serious financial losses. Fwiw I think it's bs that Nuo or any crypto company dodges liability and hides behind smart contracts and decentralization to not taking responsibility when a member of the community gets misled. I don't care if you're a DAO, you still are a group providing a service!
In conclusion, Nuo was grossly negligent about disclosing key risks, and it has cost me untold amounts on money.
submitted by whuttheeperson to ethtrader [link] [comments]

Nuo Network...WTF!?

TL:DR: Nuo Network was grossly negligent in not disclosing the risks of fixed term loans being liquidated.
Excuse this post if my tone comes off as enraged. It's because I am.
I know I share some responsibility in what happened here, ranging from 100% to 0%. I'll let you decide how much.
The story goes is that I had used Nuo to take out a loan against an ERC20 they accept as collateral. I had done this months ago as well, took out a 60 day loan, and paid it back on day 59, with interest. I took out a term loan and borrowed against my own assets, and repaid it. Cool! DeFi! I love it.
I then immediately took out another loan against the same collateral, this time however they didn't let me borrow as much as they did before despite the collateral being worth the same. They maximized the size of the loans either based on risk management or liquidity pool size, that's fine. I borrow less than I did before and locked it up for another 60 days. That was about 6 weeks ago. A couple days ago I go and check on my loan to double check how much time I have left to pay to be sure not to miss it. I login and I am shocked at what I saw. All of my loans have been liquidated!!! WTF? I didn't even know it was possible for these fixed term loans to be liquidated. I thought the entire point of Nuo choosing the collateral, the leverage ratio, the total amount borrowed, the limited term window etc. all served to minimize the risk for Nuo to be able to issue a fixed term loan in the first place! I was under the impression that unlike a revolving open loan like Maker and Compound where obviously the value of your collateral matters at all times, it wouldn't matter in a fixed loan, and they had sufficiently adjusted the parameters to adjust for the risk of the collateral being devalued over that time period. If they're so worried about it not making it the 60 days, which I would understand, limit the term! Choose 30 days or 7 days or 1 day where you're confident that the collateral won't be devalued.
Why have a fixed term loan in the first place if you won't honor the loan to the term!
If I take out a car loan for 5 years and the car is used as collateral and I completely destroy it, I still owe the $ for the car loan! You give me a chance to repay before you put a lien on my house.
I thought I had an agreement! That agreement was to repay a debt after a certain amount of time or they will keep my collateral.
I was completely blindsided by this function of the loan I had no idea existed.
How could this have happened?
So I poke around and check the loan tab in the screen and I see a prominent "Your loan will be liquidated at 0.75x ratio".
I had never seen that before. If I had, I might not have ever taken out the loan, let alone not checked up on it during this downturn! Having knowledge of this fact would have completely changed my behaviour and given me a chance to avoid being liquidated.
I could have sworn that this was never disclosed to me at the time of taking out the loan.
I try and reach out to the team and after a couple days finally get a meaningful response from them.
I express my concern that the risk of liquidation was not adequately disclosed, and they say that they added copy of the disclosure on the loan page "a month or so ago". I took out my loan more than a month or so ago!!! Where does that leave me? I feel I have been totally taken advantage of in regards to what my impressions of the risks were as I took out the loan. I feel completely misled.
In writing this post I stumbled across more proof that Nuo was lacking not only adequate disclosures of risk, but any disclosures!
I found a reddit post from me from 3 months ago seeking clarity on this exact issue! Check out my 2 comments. The ultimate irony being that it was in a thread that was calling Nuo a scam! And even worse, responding to a comment where a Nuo team member made a plea about how they will be better about disclosing risks! You can't make this up.
My post shows I was trying to reach out across multiple channels to answer this question and was ignored, and that if I'm asking this question, clearly the disclosure was not mentioned during the loan flow, but I also reference it was nowhere on the website at all as the only relevant question in the FAQ was a dead link!
Between Nuo admitting they added the disclosure 'a month or so ago', and the fact I tried multiple channels to ask this exact question only to be ignored, with an explicit timestamped mention of the FAQ not working, I feel strongly that Nuo acted with gross negligence when offering this loan.
I realize that I should probably have never taken out the loan I wasn't 100% sure how it worked. That's my mistake. I also could have personally looked through the smart contracts and seen the mechanics there, but truthfully I lack the technical knowledge to meaningfully do so.
What I can say is that I am very familiar with the theory and practicalities of how Ethereum and DeFi work. I can tell you the Maker oracle system and how it works and what an oracle attack would look like. I know smart contract bugs are real and it could all be stolen in a flash. I'm aware of risk mitigating options like Nexus Mutual. I literally spend nearly all my free time learning about Ethereum and new applications. So how is it possible that whatever category I fall into, 'passionate early adopter' that I could have been so blindsided by the risks inherent with this loan? If I, someone with a decent level of knowledge of how these systems work can be so blindsided, what chance do normal users have?
MEW, Mycrypto, Maker CDPs all make it extremely clear what the risks are when interacting with the system. UX is so bad they have bent over backwards to create mandatory click throughs, pop ups, highlighted text, etc. That's being responsible. I even reference the clarity of liquidation in Maker CDPs in my linked comment!
Not only was this never prominently displayed in the loan process with Nuo, it wasn't displayed at all, anywhere!
I am just in shock at the negligence of the lack of disclosures of this significant risk.
I have incurred significant financial harm as a result of this negligence through refinancing costs and repurchase of the tokens.
I want compensation for the financial loss I have incurred as a result of this. I feel that Nuo's admitted lack of disclosures was negligent and has caused me direct financial harm.
Whatever happens with my claim to recoup losses from Nuo. I want to let the community be aware of what they are doing in case you are also under the same impression that I was.
I also want to reiterate and implore the community and dapp developers to ADEQUATELY DISCLOSE THE RISKS of using your platform. Nobody should ever be blindsided like I was. I can tell you it is an absolutely shitty UX and I'm really pissed, and you won't find someone more pro Ethereum and DeFi than me! Perhaps I would be better off using a centralized service so I have some legal recourse in regards to this. I might have some legal recourse here but I don't want to be a lawsuit guy, I want to be a guy who uses an app who actually tells you under what conditions you could incur serious financial losses. Fwiw I think it's bs that Nuo or any crypto company dodges liability and hides behind smart contracts and decentralization to not taking responsibility when a member of the community gets misled. I don't care if you're a DAO, you still are a group providing a service!
In conclusion, Nuo was grossly negligent about disclosing key risks, and it has cost me untold amounts on money.
submitted by whuttheeperson to ethereum [link] [comments]

A late Valentine's Day gift, I guess! [Winner's Thread #39]

I don’t know what to say quite honestly, I was minding my own business on a Sunday evening when I saw I had a message on reddit. When I saw the “congratulations to lolsokje” I let out my biggest “WTF” ever (and in my excitement I forgot to actually reply to the drawing thread, oops), and I'm pretty sure I almost woke up my parents, whom I'm staying at for the weekend. It's still kinda surreal I actually won one of these!
Anyway, some more details about me; I’m a 23-year old Dutchman currently living in Belgium. I started my first ever full time job as a web developer September last year, after finally getting my Bachelor’s degree after 6 years and 2 earlier studies I dropped out off. My main interests are Formula 1, the NBA (currently watching the All Star game while typing this up at 3am), playing guitar and occasionally gaming as well. I also like making websites in my free time, but as that's my job as well it's less of a hobby.
During the 6 years to get my degree I racked up quite some student debt (more than is usual here), and I also had to borrow some money from my grandparents, so that’ll be the main target for any money kindly donated! In case anyone wants something in return, we've got a cute as fuck dog I can post pictures of if anyone's interested :D
Edit: Dog pictures!
Everything listed should result in direct lines of payment to lolsokje. We ask all users to donate at least $1 USD.
submitted by lolsokje to millionairemakers [link] [comments]

Constantinople Hard Fork - ELI5 Edition

What is it?
A non contentious hard fork to improve Ethereum. This is better described as a network upgrade, than a hard fork.
When is it?
Block number 7,080,000. 13 and a bit days from now. Countdown. - Thanks juxtaposezen
Who is doing it?
Everyone. This is a non contentious fork, meaning that nerds on Twitter and Reddit aren't fighting about it.
Do I get double ETH for FREE?
Technically yes. But the old ETH will be worthless, and the new ETH will assume the value that the old ETH had. ELI5: No.
My ETH is on an exchange, what do I need to do?
Nothing!
My ETH is in a MEW, Mycrypto, Coinbase Wallet, Jaxx, paper wallet etc. What do I need to do?
Nothing!
My ETH is on a hardware wallet what do I need to do?
Nothing!
I got contacted by someone asking for my private key to upgrade my ETH or whatever?
It's a TRAP! See above.
I was contacted by someone with a link to go claim my fork ETH, should I do that?
This is a scam!
I run a node what do I need to do?
Update it! But if you don't, you won't lose your ETH or anything so don't stress too much.
I mine, what do I need to do?
Make sure your miner is pointed at the new chain.
Is this going to increase the price?
Maybe?
Is this POS?
Nope.
What's this even all about?
This hard fork is adding the following EIPs. Most notably, this hard fork reduces issuance of ETH by 33% from 3 ETH per block to 2 ETH per block, as well as a few other neat upgrades. You can read about them below.
EIP 145, EIP 1014, EIP 1052, EIP 1283, EIP 1234.
WTF is a Constantinople anyways?
Constantinople was the capital city of the Roman/Byzantine Empire (330–1204 and 1261–1453), and also of the brief Crusader state known as the Latin Empire (1204–1261), until finally falling to the Ottoman (1453–1923) empire. It was reinaugurated in 324 from ancient Byzantium as the new capital of the Roman Empire by Emperor Constantine the Great, after whom it was named, and dedicated on 11 May 330.[5] The city was largely located in what is now the European side and the core of modern Istanbul.
submitted by LamboshiNakaghini to ethtrader [link] [comments]

Biggest mid-year Ethereum conference incoming and no one's talking about it ?

Title.
 
Probably the biggest mid-year conference (over 250 speakers ? 1500 attendees ? wtf?) is coming up in literally two weeks in Paris, and I don't see anyone talking about it (again?).
 
It's free for students (apply here), free for volunteers (apply here). Tickets are 240euros, sold at cost (they even published last years' budget). Pretty low fare compared to other events...
 
Right before the conference there's the Ethereum Magician Council (it was actually founded during last EthCC if I recall correctly). Right after EthCC there's the first ETHParis hackathon.
 
Venue is CNAM (historical place in Paris), and food was delicious last year (hope it will be this year too).
 
Am I the only one getting HYPED ? This feels like Devcon 4.5 !!
submitted by Biliklok to ethereum [link] [comments]

E-F 1k-5k

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FormulaDrift FormulaFeeders Formulaww1 fornite ForniteBattleRoyal ForrestFennTreasure forsale Forth ForTheKing fortify FortMyers FortNite_Epic FortNiteBR2Deep FortniteCirclejerk FortniteClips FortniteDisscusion FortniteFleaMarket FortniteFr FortniteGlitches fortniteloadouts FortniteMusic FortniteRoyaleLFG FortniteStW FortniteSwitch FortniteVideos fortran Fortuna69 FortuneJackCasino fortwayne Forum_Democratie forwardsfrombabushka forwardsfromgunny Forza_Horizon3 ForzaAuctions ForzaHorizon2 ForzaMotorsport7 FOSSHelpWanted FossilHunting fossils Fosterparents FosterThePeople Fotografi fotosmexico foucault foulweather foundfootage FoundOnGoogleMaps FoundOnYoutube FoundTheCanadian foundthedesktopuser FoundTheElon foundthefridgeuser foundthehypocrite foundthepcuser foundtheprogrammer FoundTheRedcoat FoundWords FountainPen FountainPenPals FourEyed_MUA fourpanelcringe FourSouls fourthsub Fox FoxandFriends Foxbody foxgifs foxloaf foxmustang FOXNEWS FoxStevenson Foxtrot fpgagaming FPSAimTrainer 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frugalcosplay FrugalHouston frugalinteriordesign frugaljerk FrugalMensFashion frugalnyc FrugalPaleo FrugalSports frugalsupplements FrugalTO frugaltravelgear FrugalUrbanHermits FrugalWedding FrugalWrist fruit fruitfaces Fruitgore FruitsBasket FRUITUNION FruityLoops FryMyMeme fsf fsusports fsx FTB_Design FTH ftm_irl FTM_SELFIES ftmcirclejerk ftmfashionadv FTMfemininity FTMMen FTMOver30 FtMpassing Fuchsia fuck FuckableFaces fuckanimals FuckArvo FUCKBLOAT FuckCaillou Fuckcancer FuckCilantro fuckcoop FUCKDAVIDKING FuckDruid fuckedupsimsstories FuckedUpThoughts fuckerebus fuckfuckfuckthirdsub fuckfuckthirdsub FUCKGARY Fucking fuckingcooking FuckingDragonCars FUCKINGINFURIATING fuckingkaren fuckmarrykill FuckMindy fuckmoash FuckMyLife FuckMyne fucknoobmaster69 fuckpatty Fuckscapes Fuckstannis FuckStuartLittle FuckTedFaro FuckTheZuck fuckthirdsub FuckToken FuckUnitedAirlines fuckyea fuckyoumorgan Fude FuelRats FujifilmX fulbo fulbright fulhamfc FullAlbumsOnYouTube fullanimeonyoutube fullconcertonyoutube fulldisclosure FULLDISCOURSE fulldocumentary fullhouse fulllife fullmatch fullmatchesonyoutube fullmetalifrit fullmovierequest FullNames FullNEWS fullnfl FULLPOSADISM FullSciFiMovies FullSkateVideos FullSpeedAhead FullStack fullstalinism FullTiming fulltvshows fulltvshowsongoogle FullyClothedAsians Fun FunAskReddit functional functional_miniatures FundersToken fundraiser FuneralDoomMetal FuneralHomePorn FunFair Fungi FungusZombies FunHolsters funimation funkhouse Funko_Pop FunkoPopDeals FunkStyle FunniestVideos Funny_Autocorrect funny_news funny_pics_videos funny_uncensored funnyanswers funnybutsad FunnyButWhy funnycarmods funnycats FunnyCommercials FunnyDankMemes Funnydogs funnyfartstories FunnyGun funnymeme funnyphilosophy funnyreviews FunnySad FunnyStockPics funnystories FunnySupernatural FunnyTexts funrun FunUnsolvedMysteries Funwaa furby Furi FuriousParents furniture_design furnitureporn furniturerestoration furrealmemes FurriesAreSubhuman furry_catwalk FurryHateFederation furryjerk fursona fusion Fusionfall fuslieandedison FusterTwins Futanarly futbolmx futsal FuturamaBlockchain futuramashitposting FuturamaSleepers future future_economics Future_Technology FutureAnthropology FutureBassProduction futurehouse FutureMan futurememes futureology FuturePresent FutureSchoolCool FuturesTrading futuretechno futureworldproblems Futuristpolitics fuuka Fuzzrock fweddit FWEPP fwjodye fxKorea FYFFest FZ07 FZ09 Fzero
submitted by j259awesome to u/j259awesome [link] [comments]

FUD Copy Pastas

**Last updated: May 30, 2018: Updated wallet info with release of Trinity.
This 4 part series from the IOTA foundation covers most of the technical FUD centered at IOTA.
https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
Also the official IOTA faq on iota.org answers nearly all of these questions if you want to hear the answers directly.
Purpose of Writing
Since posting FUD is so ridiculously low-effort in comparison to setting the record straight, I felt it necessary to put a log of copy-pastas together to balance the scales so its just as easy to answer the FUD as it was to generate it. So next time you hear someone say "IOTA is centralized", you no longer have to take an hour out of your day and spin your wheels with someone who likely had an agenda to begin with. You just copy-paste away and move on.
It's also worth mentioning IOTA devs are too damn busy working on the protocol and doing their job to answer FUD. So I felt a semblance of responsibility.
Here they are. These answers are too my understanding so if you see something that doesn't look right let me know! They are divided into the following categories so if you are interested in a specific aspect of IOTA you can scroll to that section.
1) WALLET
2) COMMUNITY
3) INVESTING
4) TECHNICAL

WALLET

IOTA was hacked and users funds were stolen!

First, IOTA was not hacked. The term “hacked” is thrown around way too brazingly nowadays and often used to describe events that weren’t hacks to begin with. Its a symptom of this space growing way too fast creating situations of the blind leading the blind and causing hysteria.
What happened:
Many IOTA users trusted a certain 3rd party website to create their seed for their wallets. This website silently sent copies of all the seeds generated to an email address and waited till it felt it had enough funds, then it took everyones money simultaneously. That was the ”hack”.
https://blog.iota.org/the-secret-to-security-is-secrecy-d32b5b7f25ef
The lesson:
The absolute #1 marketed feature of crypto is that you are your own bank. Of everything that is common knowledge about crypto, this is at the top. But being your own bank means you are responsible for the security of your own funds. There is no safety net or centralized system in place that is going to bail you out.
For those that don’t know (and you really should if you’ve invested in anything crypto), your seed is your username-pw-security question-backup email all rolled into one. Would you trust a no-name 3rd party website to produce your username+pw for your bank account? Because thats essentially what users did.
The fix:
Make your seed offline with the generators in the sidebar or use dice. This is outlined in the “how to generate wallet and seed” directly following.
The trinity and carriota wallets will have seed generators within them upon their release.

How to generate wallet and seed

1) Download official trinity wallet here
2) follow the instructions on the app.
3) Do not run any apps in conjunction with the trinity app. Make sure all other apps are completely closed out on your device.

Are you sure a computer can’t just guess my seed?

An IOTA seed is 81 characters long. There are more IOTA seed combinations than atoms in the universe. All the computers in the world combined would take millions billions of years just to find your randomly generated one that’s located somewhere between the 0th and the 2781st combination. The chance for someone to randomly generate the exact same seed as yours is 1 / (2781).
If you can’t fathom the number 27 ^ 81, this video should help:
https://www.youtube.com/watch?v=p8YIdmwcubc

Why is Trinity wallet taking so long!!??

Trinity is out. https://trinity.iota.org/

COMMUNITY

IOTA introduction video to share with family

https://youtu.be/LyC04NrJ3yA

Tangle visualizers

http://tangle.glumb.de/

How to setup a full node

Download Bolero and run! Bolero is an all-in-one full node install package with the latest IOTA IRI and Nelson all under a one-click install!
https://github.com/SemkoDev/bolero.fun/releases
"If you want to help the network then spam the network. If you really want to help the network then create a full node and let others spam you!"

No questions or concerns get upvoted, only downvoted!

That’s just the nature of this business. Everyone in these communities has money at stake and are extremely incentivized to keep only positive news at the top of the front page. There is nothing you're going to do about that on this subreddit or any crypto subreddit. It's just a reddit fact of life we have to deal with. Everyone has a downvote and everyone has an upvote. But what can be done is just simply answer the questions even if they are downvoted to hell. Yea most people wont' see the answers or discussion but that one person will. every little bit counts.
I will say that there are most certainly answers to nearly every FUD topic out there. Every single one. A lot of the posts I'm seeing as of late especially since the price spike are rehashed from months ago. They are often not answered not because there isn't an answeexplanation, but because regulars who have the answers simply don't see them (for the reason listed above). I can see how it's easy for this to be interpreted (especially by new users) as there not being an answer or "the FUDsters are on to something" but thats just not the case.

Developer's candidness (aka dev's are assholes!)

http://www.reddit.com/Iota/comments/7obyyx/serious_talk_about_pr_system_iota_and_david/ds8ouvc
http://www.reddit.com/Iota/comments/7obyyx/serious_talk_about_pr_system_iota_and_david/ds8rega
http://www.reddit.com/Iota/comments/7oi9g8/why_is_everyone_so_critical_of_david_this_has_to/ds9rtbb
https://i.redd.it/qb0ik4tgny401.jpg
Lastly and to no surprise, David conducts himself very professionally in this interview even when asked several tough questions about the coordinator and MIT criticism.

IOTA Devs do not respond appropriately to criticism

When critiquers provide feedback that is ACTUALLY useful to the devs, then sure they'll be glad to hear it. So far not once has an outside dev brought up something that the IOTA devs found useful. Every single time it ends up being something that was already taken into consideration with the design and if the critiquer did an ounce of research they would know that. Thus you often find the IOTA devs dismissing their opinion as FUD and responding with hostility because all their critique is really doing is sending the message to their supporters that they are not supposed to like IOTA anymore.
Nick Johnson was a perfect example of this. The Ethereum community was co-existing [peacefully]with IOTA’s community (as they do with nearly all alt coins) until Nick wrote his infamous article. Then almost overnight Ethereum decided it didn’t like IOTA anymore and we’ve been dealing with that shit since. As of today, add LTC to that list with Charlie’s (even admitting) ignorant judgement of IOTA.
12/17/2017: Add John McAfee (bitcoin cash) and Peter Todd (bitcoin) to the list of public figures who have posted ignorantly on IOTA.

A lot of crypto communities certainly like to hate on IOTA...

IOTA is disrupting the disrupters. It invented a completely new distributed ledger infrastructure (the tangle) that replaces the blockchain and solves all of its fundamental problems (namely fees and scaling). To give you an idea of this significance, 99% of the cryptocurrencies that exist are built on a block chain. These projects have billions of dollars invested into them meaning everyone in their communities are incentivized to see IOTA fail and spread as much FUD about it as possible. This includes well known organizations, public figures, and brands. Everyone commenting in these subreddits and crypto communities have their own personal money at stake and skin in the game. Misinformation campaigns, paid reddit posters, upvote/downvote bots, and corrupt moderators are all very real in this space.

INVESTING

How do I buy IOTA

https://medium.com/@fuo213/how-to-buy-iota-the-complete-guide-for-crypto-dummies-e63560caf921

What is the IOTA foundation?

IOTA foundation is a non-profit established in Germany and recognized by the European Union. Blog post here: https://blog.iota.org/iota-foundation-fb61937c9a7e

How many companies and organizations are interested, partnered or actively using IOTA?

A lot, and often too many to keep up with.
https://reddit.com/Iota/comments/7f3dmx/list_of_known_iota_partnerships_corporate/

How was IOTA distributed?

All IOTAs that will ever exist were sold at the ICO in 2015. There was no % reserved for development. Devs had to buy in with their personal money. Community donated back 5% of all IOTA so the IOTA foundation could be setup.

No inflation schedule? No additional coins? How is this sustainable?

Interestingly enough, IOTA is actually the only crypto that does not run into any problems with a currency cap and deflationaryism. Because there are zero fees, you will always be able to pay for something for exactly what it's worth using IOTA, no matter how small the value. If by chance in the future a single iota grows so large in value that it no longer allows someone to pay for something in fractions of a penny, the foundation would just add decimal points allowing for a tenth or a hundreth or a thousandth of an iota to be transacted with.
To give you some perspective, if a single IOTA equals 1 penny, IOTA would have a 27 trillion dollar market cap (100x that of Bitcoin's today)

IOTA is not for P2P, only for M2M

With the release of the trinity wallet, it's now dead simple for anyone to use IOTA funds for P2P. Try it out.

Companies technically don’t have to use the IOTA token

Yes they do
Worth clarifying that 0 iota data transactions are perfectly fine and are welcomed since they still provide pow for 2 other transactions and help secure the network. In the early stages, these types of transactions will probably be what give us the tps/pow needed to remove the coordinator and allow the network defend 34% attacks organically.
But... if someone does not want to sell or exchange their data for free (0 IOTA transaction), then Dominic is saying that the IOTA token must be used for that or any exchange in value on the network.
This is inherently healthy for the ecosystem since it provides a neutral and non-profit middle ground that all parties/companies can trust. If one company made their own token it wouldn’t be trusted since companies are incentivized by profits and nothing is stopping them from manipulating their token to make them more money. Thus, the IOTA foundation will not partner with anyone who refuses to take this option off the table.

All these companies are going to influence IOTA development!!

These companies have no influence on the development of IOTA. They either choose to use it or they don’t.

Internet of things is cheap and will stay cheap

Internet of things is one application of IOTA and considered by many to be the 4th industrial revolution. Go do some googling. IOTA having zero fees enables M2M for the first time in history. Also, if a crypto can do M2M it sure as shit can do M2P and P2P. M2M is hard mode.

IOTA surpassing speculation

IOTA, through the data marketplace and [qubic](qubic.iota.org), will be the first crypto to surpass speculation and actually be used in the real world for something. From there, it will branch out into other use cases, such as P2P. Or maybe P2P use of IOTA will grow in parallel with M2M, because why not?
https://blog.iota.org/iota-data-marketplace-cb6be463ac7f
12/19/17 update: Bosch reinforces IOTA's break-out from speculation by buying IOTA tokens for its future use in the data marketplace. https://i.redd.it/8e5b8bi9ov401.png
http://www.bosch-presse.de/pressportal/de/en/robert-bosch-venture-capital-makes-first-investment-in-distributed-ledger-technology-137411.html

Investing in a new project barely off the ground

Investing in a project in its early stages was something typically reserved for wealthy individuals/organizations before ICO’s became a thing. With early investing comes much less hand holding and more responsibility on the user to know what they are doing. If you have a hard time accepting this responsibility, don’t invest and wait for the technology to get easier for you. How many people actually knew how to use and mine bitcoin in 2009 before it had all its gui infrastructure?
IOTA is a tangle, the first of its kind. NOT a copy paste blockchain. As a result wallets and applications for IOTA are the first of their kind and translating the tangle into a nice clean user-friendly blockchain experience for the masses is even more taxing.

Why is the price of my coin falling?!

This may be the most asked question on any crypto subreddit but it's also the easiest to explain. The price typically falls when bad things happen to a coin or media fabricates bad news about a coin and a portion of investors take it seriously. The price increases when good things happen to a coin, such as a new exchange listing or a partnership announced etc.. The one piece that is often forgotten but trumps all these effects is something called "market forces".
Market forces is what happens to your coin when another coin gets a big news hit or a group of other coins get big news hits together. For example, when IOTA data marketplace released, IOTA hit a x5 bull run in a single week. But did you notice all the other alt coins in the red? There are a LOT of traders that are looking at the space as a whole and looking to get in on ANY bull action and will sell their other coins to do so. This effect can also be compounded over a long period of time such as what we witnessed when the bitcoin fork FOMO was going on and alt coins were squeezed continuously to feed it for weeks/months.
These examples really just scratch the surface of market forces but the big takeaway is that your coin or any coin will most certainly fall (or rise) in price at the result of what other coins are doing, with the most well known example being bitcoin’s correlation to every coin on the market. If you don't want to play the market-force game or don't have time for it, then you can never go wrong buying and holding.
It's also important to note that there are layers of investors. There's a top layer of light-stepping investors that are a mixture of day traders and gamblers trying to jump in and jump out to make quick money then look for the next buying (or shorting) opportunity at another coin. There's a middle layer of buyers and holders who did their research, believe in the tech and placing their bets it will win out in the long run. And the bottom layer are the founders and devs that are in it till the bitter end and there to see the vision realized. When a coin goes on a bull run, always expect that any day the top layer is going to pack up and leave to the next coin. But the long game is all about that middle layer. That is the layer that will be giving the bear markets their price-drop resistance. That is why the meme "HODL" is so effective because it very elegantly simplifies this whole concept for the common joe and makes them a part of that middle layer regardless if they understand whats going on or not.

TECHNICAL

How is IOTA free and how does it scale

IOTA is an altruistic system. Proof of work is done in IOTA just like bitcoin. Only a user’s device/phone must do pow for 2 other transactions before issuing one of its own. Therefore no miners and no fees. And the network becomes faster the more transactions are posted. Because of this, spamming the network is encouraged since they provide pow for 2 other transactions and speed up the network.

IOTA is centralized

IOTA is more decentralized than any blockchain crypto that relies on 5 pools of miners, all largely based in China. Furthermore, the coordinator is not a server in the dev’s basement that secretly processes all the transactions. It’s several nodes all around the globe that add milestone transactions to show the direction of the IF’s tangle within the DAG so people don’t accidentally follow a fork from a malicious actor. Anyone with the know-how can fork the tangle right now with a double-spend. But no one would follow their fork because the coordinator reveals which tangle is the legit IF one. If the coordinator wasn’t there (assuming low honest-transaction volume), there would be no way to discern which path to follow especially after the tangle diverges into forks of forks. Once throughout of honest transactions is significant enough, the “honest tangle” will replace the coordinated one and people will know which one to follow simply because it’s the biggest one in the room.
Referencing the coordinator is also optional.
Also, if you research and understand how IOTA intends to work without the coordinator, it’s easier to accept it for now as training wheels. I suggest reading pg 15 and on of the white paper analyzing in great depth how the network will defend different attack scenarios without a coordinator. For the past several months, IOTA foundation has been using St Petersburg college’s super computer to stress test IOTA and learn when they can turn the coordinator off. There will likely be a blog about the results soon.
This is another great read covering double spends on IOTA without a coordinator: www.tangleblog.com/2017/07/10/is-double-spending-possible-with-iota/
This too: http://www.reddit.com/Iota/comments/7eix4a/any_iota_guru_that_can_explain_what_this_guy_is/dq5ijrm
Also this correspondence with Vitalik and Come_from_Beyond https://twitter.com/DavidSonstebo/status/932510087301779456
At the end of the day, outstanding claims require outstanding evidence and folks approaching IOTA with a “I’ll believe it when I see it” attitude is completely understandable. It’s all about your risk tolerance.

Can IOTA defend double spend attacks?

99% of these “but did they think about double spend attacks?” type questions could just be answered if people went and did their own research. Yes of course they thought about that. That’s like crypto101…
www.tangleblog.com/2017/07/10/is-double-spending-possible-with-iota/

Will IOTA have smart contracts?

Yes - qubic.iota.org

Trinary vs binary?

"By using a ternary number system, the amount of devices and cycles can be reduced significantly. In contrast to two-state devices, multistate devices provide better radix economy with the option for further scaling"
https://www.nature.com/articles/srep36652
https://www.reddit.com/CryptoCurrency/comments/6jgbvb/iota_isnt_it_the_perfect_cryptocurrency/dje8os2/

Bitcoin with lightning network will make IOTA obsolete.

If you want lightning network, IOTA already released it. Called flash channels.
https://blog.iota.org/instant-feeless-flash-channels-88572d9a4385

IOTA rolled its own crypto!

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
This is why: https://blog.iota.org/the-transparency-compendium-26aa5bb8e260
Cybercrypt has been hired to review and audit it. IOTA is currently running SHA-3/KECCAK now until Curl is ready.

MIT said bad things about IOTA

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
And for official formal closure that MIT was completely wrong:
https://www.reddit.com/CryptoCurrency/comments/7svr8mit_media_lab_dci_allegations_proven_wrong_iotas/
https://blog.iota.org/curl-disclosure-beyond-the-headline-1814048d08ef
https://medium.com/@comefrombeyond/cfbs-comments-on-https-www-media-mit-edu-posts-iota-response-5834c7f8172d

Nick Johnson says IOTA is bad!

Nick Johnson is an ethereum dev who is incentivized to see IOTA fail, see CFBs twitter responses here.
https://mobile.twitter.com/nicksdjohnson/status/912676954184323073?lang=en
And this
https://t.co/1HgfPhg2lP
And this
https://www.reddit.com/Iota/comments/72lly0/comment/dnjk9f5?st=JB2VKUBB&sh=a2892548
And this
https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2

IOTA is not private!

Masked authenticated messages exist right now so data can be transferred privately. Very important for businesses.

Coin privacy

Centralized coin mixer is out that foundation runs. Logs are kept so they can collect data and improve it Folks can copy the coin mixer code and run it themselves. Goal is for mixer to be decentralized and ran by any node.

How do nodes scale? How on earth can all that data be stored?

Full nodes store, update and verify from the last snapshot, which happens roughly every month. Its on the roadmap to make snapshotting automatic and up to each full node’s discretion.With automatic snapshots, each full node will act as a partial perma-node and choose when to snapshot its tangle data. If someone wants to keep their tangle data for several months or even years, they could just choose not to snapshot. Or if they are limited on hard drive space, they could snapshot every week.
Perma-nodes would store the entire history of the tangle from the genesis. These are optional and would likely only be created by companies who wish to sell historical access of the tangle as a service or companies who heavily use the tangle for their own data and want to have quick, convenient access to their data’s history.
Swarm nodes are also in development which will ease the burden on full nodes. https://blog.iota.org/iota-development-roadmap-74741f37ed01

Node discovery is manual? Wtf?

Nelson is fixing has fixed this:
https://medium.com/deviota/carriota-nelson-automatic-peer-discovery-for-iota-bdca9b8b8750
https://medium.com/deviota/carriota-nelson-in-a-nutshell-1ee5317d8f19
https://github.com/SemkoDev/nelson.cli

IOTA open source?

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
IOTA protocol is open source. The coordinator is closed source open source.
https://imgur.com/a/xWQUp

Foundation moved user's funds?

https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2
https://blog.iota.org/claims-and-reclaims-finalization-e692844c505a
https://www.reddit.com/Iota/comments/7mmimu/claims_and_reclaims_is_processing/drv63d5/

My IOTA donation address:

9PZFQNPLVDUNGAOYYMMXFWMGNPMNAJWZKTYOOMCYQTZQA9RPVVN9SE9KGOL9HWZFJBXKQGEOY9JJYDXB9TY9FLQPXB
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Long live decentralized bitcoin(!) A reading list

Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until a top of $20000 before correcting to where we are today.
During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it)
In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited.
For more threads like this see UASF

Summary / The fundamental tradeoff

A trip to the moon requires a rocket with multiple stages by gmaxwell (must read) https://www.reddit.com/Bitcoin/comments/438hx0/a_trip_to_the_moon_requires_a_rocket_with/
Bram Cohen, creator of bittorrent, argues against a hard fork to a larger block size https://medium.com/@bramcohen/bitcoin-s-ironic-crisis-32226a85e39f#.558vetum4
gmaxwell's summary of the debate https://bitcointalk.org/index.php?topic=1343716.msg13701818#msg13701818
Core devs please explain your vision (see luke's post which also argues that blocks are already too big) https://www.reddit.com/Bitcoin/comments/61yvvv/request_to_core_devs_please_explain_your_vision/
Mod of btc speaking against a hard fork https://www.reddit.com/btc/comments/57hd14/core_reaction_to_viabtc_this_week/d8scokm/
It's becoming clear to me that a lot of people don't understand how fragile bitcoin is https://www.reddit.com/Bitcoin/comments/59kflj/its_becoming_clear_to_me_that_a_lot_of_people/
Blockchain space must be costly, it can never be free https://www.reddit.com/Bitcoin/comments/4og24h/i_just_attended_the_distributed_trade_conference/
Charlie Lee with a nice analogy about the fundamental tradeoff https://medium.com/@SatoshiLite/eating-the-bitcoin-cake-fc2b4ebfb85e#.444vr8shw
gmaxwell on the tradeoffs https://bitcointalk.org/index.php?topic=1520693.msg15303746#msg15303746
jratcliff on the layering https://www.reddit.com/btc/comments/59upyh/segwit_the_poison_pill_for_bitcoin/d9bstuw/

Scaling on-chain will destroy bitcoin's decentralization

Peter Todd: How a floating blocksize limit inevitably leads towards centralization [Feb 2013] https://bitcointalk.org/index.php?topic=144895.0 mailing list https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2013-February/002176.html with discussion on reddit in Aug 2015 https://www.reddit.com/Bitcoin/comments/3hnvi8/just_a_little_history_lesson_for_everyone_new_the/
Nick Szabo's blog post on what makes bitcoin so special http://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html
There is academic research showing that even small (2MB) increases to the blocksize results in drastic node dropoff counts due to the non-linear increase of RAM needed. http://bravenewcoin.com/assets/Whitepapers/block-size-1.1.1.pdf
Reddit summary of above link. In this table, you can see it estimates a 40% drop immediately in node count with a 2MB upgrade and a 50% over 6 months. At 4mb, it becomes 75% immediately and 80% over 6 months. At 8, it becomes 90% and 95%. https://www.reddit.com/Bitcoin/comments/5qw2wa_future_led_by_bitcoin_unlimited_is_a/dd442pw/
Larger block sizes make centralization pressures worse (mathematical) https://petertodd.org/2016/block-publication-incentives-for-miners
Talk at scalingbitcoin montreal, initial blockchain synchronization puts serious constraints on any increase in the block size https://www.youtube.com/watch?v=TgjrS-BPWDQ&t=2h02m06s with transcript https://scalingbitcoin.org/transcript/montreal2015/block-synchronization-time
Bitcoin's P2P Network: The Soft Underbelly of Bitcoin https://www.youtube.com/watch?v=Y6kibPzbrIc someone's notes: https://gist.github.com/romyilano/5e22394857a39889a1e5 reddit discussion https://www.reddit.com/Bitcoin/comments/4py5df/so_f2pool_antpool_btcc_pool_are_actually_one_pool/
In adversarial environments blockchains dont scale https://scalingbitcoin.org/transcript/hongkong2015/in-adversarial-environments-blockchains-dont-scale
Why miners will not voluntarily individually produce smaller blocks https://scalingbitcoin.org/transcript/hongkong2015/why-miners-will-not-voluntarily-individually-produce-smaller-blocks
Hal Finney: bitcoin's blockchain can only be a settlement layer (mostly interesting because it's hal finney and its in 2010) https://www.reddit.com/Bitcoin/comments/3sb5nj/most_bitcoin_transactions_will_occur_between/
petertodd's 2013 video explaining this https://www.youtube.com/watch?v=cZp7UGgBR0I
luke-jr's summary https://www.reddit.com/Bitcoin/comments/61yvvv/request_to_core_devs_please_explain_your_vision/dficjhj/
Another jratcliff thread https://www.reddit.com/Bitcoin/comments/6lmpll/explaining_why_big_blocks_are_bad/

Full blocks are not a disaster

Blocks must be always full, there must always be a backlog https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54#.kh2vi86lr
Same as above, the mining gap means there must always be a backlog talk: https://www.youtube.com/watch?time_continue=2453&v=iKDC2DpzNbw transcript: https://scalingbitcoin.org/transcript/montreal2015/security-of-diminishing-block-subsidy
Backlogs arent that bad https://www.reddit.com/Bitcoin/comments/49p011/was_the_fee_event_really_so_bad_my_mind_is/
Examples where scarce block space causes people to use precious resources more efficiently https://www.reddit.com/Bitcoin/comments/4kxxvj/i_just_singlehandedly_increased_bitcoin_network/
https://www.reddit.com/Bitcoin/comments/47d4m2/why_does_coinbase_make_2_transactions_pe
https://www.reddit.com/Bitcoin/comments/53wucs/why_arent_blocks_full_yet/d7x19iv
Full blocks are fine https://www.reddit.com/Bitcoin/comments/5uld1a/misconception_full_blocks_mean_bitcoin_is_failing/
High miner fees imply a sustainable future for bitcoin https://www.reddit.com/BitcoinMarkets/comments/680tvf/fundamentals_friday_week_of_friday_april_28_2017/dgwmhl7/
gmaxwell on why full blocks are good https://www.reddit.com/Bitcoin/comments/6b57ca/full_blocks_good_or_bad/dhjxwbz/
The whole idea of the mempool being "filled" is wrong headed. The mempool doesn't "clog" or get stuck, or anything like that. https://www.reddit.com/Bitcoin/comments/7cusnx/to_the_people_still_doubting_that_this_congestion/dpssokf/

Segwit

What is segwit

luke-jr's longer summary https://www.reddit.com/Bitcoin/comments/6033h7/today_is_exactly_4_months_since_the_segwit_voting/df3tgwg/?context=1
Charlie Shrem's on upgrading to segwit https://twitter.com/CharlieShrem/status/842711238853513220
Original segwit talk at scalingbitcoin hong kong + transcript https://youtu.be/zchzn7aPQjI?t=110
https://scalingbitcoin.org/transcript/hongkong2015/segregated-witness-and-its-impact-on-scalability
Segwit is not too complex https://www.reddit.com/btc/comments/57vjin/segwit_is_not_great/d8vos33/
Segwit does not make it possible for miners to steal coins, contrary to what some people say https://www.reddit.com/btc/comments/5e6bt0/concerns_with_segwit_and_anyone_can_spend/daa5jat/?context=1
https://keepingstock.net/segwit-eli5-misinformation-faq-19908ceacf23#.r8hlzaquz
Segwit is required for a useful lightning network It's now known that without a malleability fix useful indefinite channels are not really possible.
https://www.reddit.com/Bitcoin/comments/5tzqtc/gentle_reminder_the_ln_doesnt_require_segwit/ddqgda7/
https://www.reddit.com/Bitcoin/comments/5tzqtc/gentle_reminder_the_ln_doesnt_require_segwit/ddqbukj/
https://www.reddit.com/Bitcoin/comments/5x2oh0/olaoluwa_osuntokun_all_active_lightning_network/deeto14/?context=3
Clearing up SegWit Lies and Myths: https://achow101.com/2016/04/Segwit-FUD-Clearup
Segwit is bigger blocks https://www.reddit.com/Bitcoin/comments/5pb8vs/misinformation_is_working_54_incorrectly_believe/dcpz3en/
Typical usage results in segwit allowing capacity equivalent to 2mb blocks https://www.reddit.com/Bitcoin/comments/69i2md/observe_for_yourself_segwit_allows_2_mb_blocks_in/

Why is segwit being blocked

Jihan Wu (head of largest bitcoin mining group) is blocking segwit because of perceived loss of income https://www.reddit.com/Bitcoin/comments/60mb9e/complete_high_quality_translation_of_jihans/
Witness discount creates aligned incentives https://segwit.org/why-a-discount-factor-of-4-why-not-2-or-8-bbcebe91721e#.h36odthq0 https://medium.com/@SegWit.co/what-is-behind-the-segwit-discount-988f29dc1edf#.sr91dg406
or because he wants his mining enterprise to have control over bitcoin https://www.reddit.com/Bitcoin/comments/6jdyk8/direct_report_of_jihan_wus_real_reason_fo

Segwit is being blocked because it breaks ASICBOOST, a patented optimization used by bitmain ASIC manufacturer

Details and discovery by gmaxwell https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/013996.html
Reddit thread with discussion https://www.reddit.com/Bitcoin/comments/63otrp/gregory_maxwell_major_asic_manufacturer_is/
Simplified explaination by jonny1000 https://www.reddit.com/Bitcoin/comments/64qq5g/attempted_explanation_of_the_alleged_asicboost/
http://www.mit.edu/~jlrubin/public/pdfs/Asicboost.pdf
https://medium.com/@jimmysong/examining-bitmains-claims-about-asicboost-1d61118c678d
Evidence https://www.reddit.com/Bitcoin/comments/63yo27/some_circumstantial_evidence_supporting_the_claim/
https://www.reddit.com/Bitcoin/comments/63vn5g/please_dont_stop_us_from_using_asicboost_which/dfxmm75/
https://www.reddit.com/Bitcoin/comments/63soe3/reverse_engineering_an_asic_is_a_significant_task/dfx9nc
Bitmain admits their chips have asicboost but they say they never used it on the network (haha a likely story) https://blog.bitmain.com/en/regarding-recent-allegations-smear-campaigns/
Worth $100m per year to them (also in gmaxwell's original email) https://twitter.com/petertoddbtc/status/849798529929424898
Other calculations show less https://medium.com/@vcorem/the-real-savings-from-asicboost-to-bitmaintech-ff265c2d305b
This also blocks all these other cool updates, not just segwit https://www.reddit.com/Bitcoin/comments/63otrp/gregory_maxwell_major_asic_manufacturer_is/dfw0ej3/
Summary of bad consequences of asicboost https://www.reddit.com/Bitcoin/comments/64qq5g/attempted_explanation_of_the_alleged_asicboost/dg4hyqk/?context=1
Luke's summary of the entire situation https://www.reddit.com/Bitcoin/comments/6ego3s/why_is_killing_asicboost_not_a_priority/diagkkb/?context=1
Prices goes up because now segwit looks more likely https://twitter.com/TuurDemeestestatus/849846845425799168
Asicboost discovery made the price rise https://twitter.com/TuurDemeestestatus/851520094677200901
A pool was caught red handed doing asicboost, by this time it seemed fairly certain that segwit would get activated so it didnt produce as much interest as earlier https://www.reddit.com/Bitcoin/comments/6p7lr5/1hash_pool_has_mined_2_invalid_blocks/ and https://www.reddit.com/Bitcoin/comments/6p95dl/interesting_1hash_pool_mined_some_invalid_blocks/ and https://twitter.com/petertoddbtc/status/889475196322811904
This btc user is outraged at the entire forum because they support Bitmain and ASICBOOST https://www.reddit.com/btc/comments/67t43y/dragons_den_planned_smear_campaign_of_bitmain/dgtg9l2/
Antbleed, turns out Bitmain can shut down all its ASICs by remote control: http://www.antbleed.com/

What if segwit never activates

What if segwit never activates? https://www.reddit.com/Bitcoin/comments/6ab8js/transaction_fees_are_now_making_btc_like_the_banks/dhdq3id/ with https://www.reddit.com/Bitcoin/comments/5ksu3o/blinded_bearer_certificates/ and https://www.reddit.com/Bitcoin/comments/4xy0fm/scaling_quickly/

Lightning

bitcoinmagazine's series on what lightning is and how it works https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/ https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-creating-the-network-1465326903/ https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-completing-the-puzzle-and-closing-the-channel-1466178980/
The Lightning Network ELIDHDICACS (Explain Like I Don’t Have Degrees in Cryptography and Computer Science) https://letstalkbitcoin.com/blog/post/the-lightning-network-elidhdicacs
Ligtning will increases fees for miners, not lower them https://medium.com/lightning-resources/the-lightning-paradox-f15ce0e8e374#.erfgunumh
Cost-benefit analysis of lightning from the point of view of miners https://medium.com/@rusty_lightning/miners-and-bitcoin-lightning-a133cd550310#.x42rovlg8
Routing blog post by rusty https://medium.com/@rusty_lightning/routing-dijkstra-bellman-ford-and-bfg-7715840f004 and reddit comments https://www.reddit.com/Bitcoin/comments/4lzkz1/rusty_russell_on_lightning_routing_routing/
Lightning protocol rfc https://github.com/lightningnetwork/lightning-rfc
Blog post with screenshots of ln being used on testnet https://medium.com/@btc_coach/lightning-network-in-action-b18a035c955d video https://www.youtube.com/watch?v=mxGiMu4V7ns
Video of sending and receiving ln on testnet https://twitter.com/alexbosworth/status/844030573131706368
Lightning tradeoffs http://www.coindesk.com/lightning-technical-challenges-bitcoin-scalability/
Beer sold for testnet lightning https://www.reddit.com/Bitcoin/comments/62uw23/lightning_network_is_working_room77_is_accepting/ and https://twitter.com/MrHodl/status/848265171269283845
Lightning will result in far fewer coins being stored on third parties because it supports instant transactions https://medium.com/@thecryptoconomy/the-barely-discussed-incredible-benefit-of-the-lightning-network-4ce82c75eb58
jgarzik argues strongly against LN, he owns a coin tracking startup https://twitter.com/petertoddbtc/status/860826532650123264 https://twitter.com/Beautyon_/status/886128801926795264
luke's great debunking / answer of some misinformation questions https://www.reddit.com/Bitcoin/comments/6st4eq/questions_about_lightning_network/dlfap0u/
Lightning centralization doesnt happen https://www.reddit.com/Bitcoin/comments/6vzau5/reminder_bitcoins_key_strength_is_in_being/dm4ou3v/?context=1
roasbeef on hubs and charging fees https://twitter.com/roasbeef/status/930209165728825344 and https://twitter.com/roasbeef/status/930210145790976000

Immutability / Being a swiss bank in your pocket / Why doing a hard fork (especially without consensus) is damaging

A downside of hard forks is damaging bitcoin's immutability https://www.reddit.com/Bitcoin/comments/5em6vu/what_happens_if_segwit_doesnt_activate/dae1r6c/?context=3
Interesting analysis of miners incentives and how failure is possible, don't trust the miners for long term https://www.reddit.com/Bitcoin/comments/5gtew4/why_an_increased_block_size_increases_the_cost_of/daybazj/?context=2
waxwing on the meaning of cash and settlement https://www.reddit.com/Bitcoin/comments/5ei7m3/unconfirmed_transactions_60k_total_fees_14btc/dad001v/
maaku on the cash question https://www.reddit.com/Bitcoin/comments/5i5iq5/we_are_spoiled/db5luiv/?context=1
Digital gold funamentalists gain nothing from supporting a hard fork to larger block sizes https://www.reddit.com/Bitcoin/comments/5xzunq/core_please_compromise_before_we_end_up_with_bu/dem73xg/?context=1
Those asking for a compromise don't understand the underlying political forces https://www.reddit.com/Bitcoin/comments/6ef7wb/some_comments_on_the_bip148_uasf_from_the/dia236b/?context=3
Nobody wants a contentious hard fork actually, anti-core people got emotionally manipulated https://www.reddit.com/Bitcoin/comments/5sq5ocontentious_forks_vs_incremental_progress/ddip57o/
The hard work of the core developers has kept bitcoin scalable https://www.reddit.com/Bitcoin/comments/3hfgpo/an_initiative_to_bring_advanced_privacy_features/cu7mhw8?context=9
Recent PRs to improve bitcoin scaleability ignored by the debate https://twitter.com/jfnewbery/status/883001356168167425
gmaxwell against hard forks since 2013 https://bitcointalk.org/index.php?topic=140233.20
maaku: hard forks are really bad https://www.reddit.com/Bitcoin/comments/5zxjza/adam_greg_core_devs_and_big_blockers_now_is_the/df275yk/?context=2

Some metrics on what the market thinks of decentralization and hostile hard forks

The price history shows that the exchange rate drops every time a hard fork threatens: https://i.imgur.com/EVPYLR8.jpg
and this example from 2017 https://twitter.com/WhalePanda/status/845562763820912642
http://imgur.com/a/DuHAn btc users lose money
price supporting theymos' moderation https://i.imgur.com/0jZdF9h.png
old version https://i.imgur.com/BFTxTJl.png
older version https://pbs.twimg.com/media/CxqtUakUQAEmC0d.jpg
about 50% of nodes updated to the soft fork node quite quickly https://imgur.com/O0xboVI

Bitcoin Unlimited / Emergent Consensus is badly designed, changes the game theory of bitcoin

Bitcoin Unlimited was a proposed hard fork client, it was made with the intention to stop segwit from activating
A Future Led by Bitcoin Unlimited is a Centralized Future https://blog.sia.tech/a-future-led-by-bitcoin-unlimited-is-a-centralized-future-e48ab52c817a#.p1ly6hldk
Flexible transactions are bugged https://www.reddit.com/Bitcoin/comments/57tf5g/bitcoindev_bluematt_on_flexible_transactions/
Bugged BU software mines an invalid block, wasting 13 bitcoins or $12k
https://www.reddit.com/Bitcoin/comments/5qwtr2/bitcoincom_loses_132btc_trying_to_fork_the/
https://www.reddit.com/btc/comments/5qx18i/bitcoincom_loses_132btc_trying_to_fork_the/
bitcoin.com employees are moderators of btc https://medium.com/@WhalePanda/the-curious-relation-between-bitcoin-com-anti-segwit-propaganda-26c877249976#.vl02566k4
miners don't control stuff like the block size http://hackingdistributed.com/2016/01/03/time-for-bitcoin-user-voice/
even gavin agreed that economic majority controls things https://www.reddit.com/Bitcoin/comments/5ywoi9/in_2010_gavin_predicted_that_exchanges_ie_the/
fork clients are trying to steal bitcoin's brand and network effect, theyre no different from altcoins https://medium.com/@Coinosphere/why-bitcoin-unlimited-should-be-correctly-classified-as-an-attempted-robbery-of-bitcoin-not-a-9355d075763c#.qeaynlx5m
BU being active makes it easier to reverse payments, increases wasted work making the network less secure and giving an advantage to bigger miners https://www.reddit.com/Bitcoin/comments/5g1x84/bitcoin_unlimited_bu_median_value_of_miner_eb/
bitcoin unlimited takes power away from users and gives it to miners https://medium.com/@alpalpalp/bitcoin-unlimiteds-placebo-controls-6320cbc137d4#.q0dv15gd5
bitcoin unlimited's accepted depth https://twitter.com/tdryja/status/804770009272696832
BU's lying propaganda poster https://imgur.com/osrViDE

BU is bugged, poorly-reviewed and crashes

bitcoin unlimited allegedly funded by kraken stolen coins
https://www.reddit.com/btc/comments/55ajuh/taint_analysis_on_bitcoin_stolen_from_kraken_on/
https://www.reddit.com/btc/comments/559miz/taint_analysis_on_btc_allegedly_stolen_from_kraken/
Other funding stuff
https://www.reddit.com/Bitcoin/comments/5zozmn/damning_evidence_on_how_bitcoin_unlimited_pays/
A serious bug in BU https://www.reddit.com/Bitcoin/comments/5h70s3/bitcoin_unlimited_bu_the_developers_have_realized/
A summary of what's wrong with BU: https://www.reddit.com/Bitcoin/comments/5z3wg2/jihanwu_we_will_switch_the_entire_pool_to/devak98/

Bitcoin Unlimited Remote Exploit Crash 14/3/2017

https://www.reddit.com/Bitcoin/comments/5zdkv3/bitcoin_unlimited_remote_exploit_crash/ https://www.reddit.com/Bitcoin/comments/5zeb76/timbe https://www.reddit.com/btc/comments/5zdrru/peter_todd_bu_remote_crash_dos_wtf_bug_assert0_in/
BU devs calling it as disaster https://twitter.com/SooMartindale/status/841758265188966401 also btc deleted a thread about the exploit https://i.imgur.com/lVvFRqN.png
Summary of incident https://www.reddit.com/Bitcoin/comments/5zf97j/i_was_undecided_now_im_not/
More than 20 exchanges will list BTU as an altcoin
https://www.reddit.com/Bitcoin/comments/5zyg6g/bitcoin_exchanges_unveil_emergency_hard_fork/
Again a few days later https://www.reddit.com/Bitcoin/comments/60qmkt/bu_is_taking_another_shit_timberrrrr

User Activated Soft Fork (UASF)

site for it, including list of businesses supporting it http://www.uasf.co/
luke's view
https://www.reddit.com/Bitcoin/comments/5zsk45/i_am_shaolinfry_author_of_the_recent_usedf1dqen/?context=3
threat of UASF makes the miner fall into line in litecoin
https://www.reddit.com/litecoin/comments/66omhlitecoin_global_roundtable_resolution/dgk2thk/?context=3
UASF delivers the goods for vertcoin
https://www.reddit.com/Bitcoin/comments/692mi3/in_test_case_uasf_results_in_miner_consensus/dh3cm34/?context=1
UASF coin is more valuable https://www.reddit.com/Bitcoin/comments/6cgv44/a_uasf_chain_will_be_profoundly_more_valuable/
All the links together in one place https://www.reddit.com/Bitcoin/comments/6dzpew/hi_its_mkwia_again_maintainer_of_uasfbitcoin_on/
p2sh was a uasf https://github.com/bitcoin/bitcoin/blob/v0.6.0/src/main.cpp#L1281-L1283
jgarzik annoyed at the strict timeline that segwit2x has to follow because of bip148 https://twitter.com/jgarzik/status/886605836902162432
Committed intolerant minority https://www.reddit.com/Bitcoin/comments/6d7dyt/a_plea_for_rational_intolerance_extremism_and/
alp on the game theory of the intolerant minority https://medium.com/@alpalpalp/user-activated-soft-forks-and-the-intolerant-minority-a54e57869f57
The risk of UASF is less than the cost of doing nothing https://www.reddit.com/Bitcoin/comments/6bof7a/were_getting_to_the_point_where_a_the_cost_of_not/
uasf delivered the goods for bitcoin, it forced antpool and others to signal (May 2016) https://bitcoinmagazine.com/articles/antpool-will-not-run-segwit-without-block-size-increase-hard-fork-1464028753/ "When asked specifically whether Antpool would run SegWit code without a hard fork increase in the block size also included in a release of Bitcoin Core, Wu responded: “No. It is acceptable that the hard fork code is not activated, but it needs to be included in a ‘release’ of Bitcoin Core. I have made it clear about the definition of ‘release,’ which is not ‘public.’”"
Screenshot of peter rizun capitulating https://twitter.com/chris_belcher_/status/905231603991007232

Fighting off 2x HF

https://twitter.com/MrHodl/status/895089909723049984
https://www.reddit.com/Bitcoin/comments/6h612o/can_someone_explain_to_me_why_core_wont_endorse/?st=j6ic5n17&sh=cc37ee23
https://www.reddit.com/Bitcoin/comments/6smezz/segwit2x_hard_fork_is_completely_useless_its_a/?st=j6ic2aw3&sh=371418dd
https://www.reddit.com/Bitcoin/comments/6sbspv/who_exactly_is_segwit2x_catering_for_now_segwit/?st=j6ic5nic&sh=1f86cadd
https://medium.com/@elliotolds/lesser-known-reasons-to-keep-blocks-small-in-the-words-of-bitcoin-core-developers-44861968185e
b2x is most of all about firing core https://twitter.com/WhalePanda/status/912664487135760384
https://medium.com/@StopAndDecrypt/thats-not-bitcoin-this-is-bitcoin-95f05a6fd6c2

Misinformation / sockpuppets

https://www.reddit.com/Bitcoin/comments/6uqz6k/markets_update_bitcoin_cash_rallies_for_three/dlurbpx/
three year old account, only started posting today https://archive.is/3STjH
Why we should not hard fork after the UASF worked: https://www.reddit.com/Bitcoin/comments/6sl1qf/heres_why_we_should_not_hard_fork_in_a_few_months/

History

Good article that covers virtually all the important history https://bitcoinmagazine.com/articles/long-road-segwit-how-bitcoins-biggest-protocol-upgrade-became-reality/
Interesting post with some history pre-2015 https://btcmanager.com/the-long-history-of-the-fight-over-scaling-bitcoin/
The core scalabality roadmap + my summary from 3/2017 https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Decembe011865.html my summary https://www.reddit.com/Bitcoin/comments/5xa5fa/the_core_development_scalability_roadmap/
History from summer 2015 https://www.reddit.com/Bitcoin/comments/5xg7f8/the_origins_of_the_blocksize_debate/
Brief reminders of the ETC situation https://www.reddit.com/Bitcoin/comments/6nvlgo/simple_breakdown_of_bip91_its_simply_the_miners/dkcycrz/
Longer writeup of ethereum's TheDAO bailout fraud https://www.reddit.com/ethereumfraud/comments/6bgvqv/faq_what_exactly_is_the_fraud_in_ethereum/
Point that the bigblocker side is only blocking segwit as a hostage https://www.reddit.com/BitcoinMarkets/comments/5sqhcq/daily_discussion_wednesday_february_08_2017/ddi3ctv/?context=3
jonny1000's recall of the history of bitcoin https://www.reddit.com/Bitcoin/comments/6s34gg/rbtc_spreading_misinformation_in_rbitcoinmarkets/dl9wkfx/

Misc (mostly memes)

libbitcoin's Understanding Bitcoin series (another must read, most of it) https://github.com/libbitcoin/libbitcoin/wiki/Understanding-Bitcoin
github commit where satoshi added the block size limit https://www.reddit.com/Bitcoin/comments/63859l/github_commit_where_satoshi_added_the_block_size/
hard fork proposals from some core devs https://bitcoinhardforkresearch.github.io/
blockstream hasnt taken over the entire bitcoin core project https://www.reddit.com/Bitcoin/comments/622bjp/bitcoin_core_blockstream/
blockstream is one of the good guys https://www.reddit.com/Bitcoin/comments/6cttkh/its_happening_blockstream_opens_liquid_sidechain/dhxu4e
Forkers, we're not raising a single byte! Song lyrics by belcher https://gist.github.com/chris-belche7264cd6750a86f8b4a9a
Some stuff here along with that cool photoshopped poster https://medium.com/@jimmysong/bitcoin-realism-or-how-i-learned-to-stop-worrying-and-love-1mb-blocks-c191c35e74cb
Nice graphic https://twitter.com/RNR_0/status/871070843698380800
gmaxwell saying how he is probably responsible for the most privacy tech in bitcoin, while mike hearn screwed up privacy https://www.reddit.com/btc/comments/6azyme/hey_bu_wheres_your_testnet/dhiq3xo/?context=6
Fairly cool propaganda poster https://twitter.com/urbanarson/status/880476631583924225
btc tankman https://i.redd.it/gxjqenzpr27z.png https://twitter.com/DanDarkPill/status/853653168151986177
asicboost discovery meme https://twitter.com/allenscottoshi/status/849888189124947971
https://twitter.com/urbanarson/status/882020516521013250
gavin wanted to kill the bitcoin chain https://twitter.com/allenscottoshi/status/849888189124947971
stuff that btc believes https://www.reddit.com/Bitcoin/comments/6ld4a5/serious_is_the_rbtc_and_the_bu_crowd_a_joke_how/djszsqu/
after segwit2x NYA got agreed all the fee pressure disappeared, laurenmt found they were artificial spam https://twitter.com/i/moments/885827802775396352
theymos saying why victory isnt inevitable https://www.reddit.com/Bitcoin/comments/6lmpll/explaining_why_big_blocks_are_bad/djvxv2o/
with ignorant enemies like these its no wonder we won https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-999 ""So, once segwit2x activates, from that moment on it will require a coordinated fork to avoid the up coming "baked in" HF. ""
a positive effect of bcash, it made blockchain utxo spammers move away from bitcoin https://www.reddit.com/btc/comments/76lv0b/cryptograffitiinfo_now_accepts_bitcoin_cash/dof38gw/
summary of craig wright, jihan wu and roger ver's positions https://medium.com/@HjalmarPeters/the-big-blockers-bead6027deb2
Why is bitcoin so strong against attack?!?! (because we're motivated and awesome) https://www.reddit.com/btc/comments/64wo1h/bitcoin_unlimited_is_being_blocked_by_antivirus/dg5n00x/
what happened to #oldjeffgarzik https://www.reddit.com/Bitcoin/comments/6ufv5x/a_reminder_of_some_of_jeff_garziks_greatest/
big blockers fully deserve to lose every last bitcoin they ever had and more https://www.reddit.com/BitcoinMarkets/comments/756nxf/daily_discussion_monday_october_09_2017/do5ihqi/
gavinandresen brainstorming how to kill bitcoin with a 51% in a nasty way https://twitter.com/btcdrak/status/843914877542567937
Roger Ver as bitcoin Judas https://imgur.com/a/Rf1Pi
A bunch of tweets and memes celebrating UASF
https://twitter.com/shaolinfry/status/842457019286188032 | https://twitter.com/SatoshiLite/status/888335092560441345 | https://twitter.com/btcArtGallery/status/887485162925285377 | https://twitter.com/Beautyon_/status/888109901611802624 | https://twitter.com/Excellion/status/889211512966873088 | https://twitter.com/lopp/status/888200452197801984 | https://twitter.com/AlpacaSW/status/886988980524396544 | https://twitter.com/BashCo_/status/877253729531162624 | https://twitter.com/tdryja/status/865212300361379840 | https://twitter.com/Excellion/status/871179040157179904 | https://twitter.com/TraceMayestatus/849856343074902016 | https://twitter.com/TraceMayestatus/841855022640033792 | https://fs.bitcoinmagazine.com/img/images/Screen_Shot_2017-08-18_at_01.36.47.original.png
submitted by belcher_ to Bitcoin [link] [comments]

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