The Week In Bitcoin - Issue #89: Yes, Bitcoin Is An Absolute Sh** Show

Yes, Bitcoin Is An Absolute Sh** Show"What is going with Bitcoin?"This is the most common conversatio
The Week In Bitcoin
The Week In Bitcoin - Issue #89: Yes, Bitcoin Is An Absolute Sh** Show
By The Week In Bitcoin • Issue #31
Yes, Bitcoin Is An Absolute Sh** Show
What is going with Bitcoin?”
This is the most common conversation I’m currently having around blockchain tech/digital currency. My general response is - it’s a ‘sh** show’. 
For those who haven’t been paying close attention to what’s going, basically, the block size debate has reached a fork in the road (pardon the pun). Those who want to move directly to a bigger block size are starting to take some aggressive positions, namely the Bitcoin Unlimited (BU) camp, while the Bitcoin Core (BC) team are still arguing for a second layer approach (i.e segwit and the lightning network) upon which future payment layers can be built.
The debate is nuanced and turns on one’s philosophical view of what bitcoin really is. Is it meant to be cheap payments rail (BU view) or the core infrastructure layer upon which the rail should be built on (BC’s view). This is a gross oversimplification of the debate - it is actually very nuanced - but it gives you a sense of the complexity that sits behind getting to a resolution.
The outcome could, in my opinion, be really unpleasant. Although most would like to avoid a fork, a split of the main bitcoin chain into two competing chains, it’s looking more and more likely.
Below, I’ve curated a few specific articles that I thought were really useful in understanding the debate. 
Alan Tsen, @alantsen 👊💯
Ps. If you like what I’m doing here please feel free to share it on your favourite social media network. Also, it’d be great if you forwarded this newsletter to a friend you think might enjoy it.

The Bitcoin Civl War...Continues
There’s so much interesting work going on in the blockchain space right now that I initially didn’t want to share my 2 cents about the latest Bitcoin drama. 
With the increasing possibility of the bitcoin miners initiating a split in the bitcoin network, we wanted to take this opportunity to clarify our position regarding this and other potential network…  •  Share
After visiting with Coinbase on 16 March 2017 and with Bitpay on 20 March 2017, this is the message that resonates inside me: “the upgrade to larger blocks must be decisive and absolute.”  •  Share
It’s possible to switch PoW algorithms with a soft fork rather than a hard fork. You make it so that there are two different PoWs, the old one and the new one, and each old-style block has to reference a new-style block and contain the exact same transactions. 
The goal of this post is to argue that second-layer technologies will ultimately translate to a growth in revenue for miners who will increasingly be relied upon to secure settlements of contracts…  •  Share
News This Week
This information sheet (INFO 219) is for both existing licensees and start-ups that are considering operating market infrastructure, or providing financial or consumer credit services, using distributed ledger technology (DLT) or blockchain.  •  Share
The basic concept of blockchain is quite simple: a distributed database that maintains a continuously growing list of ordered records. However, it is easy to get mixed up as usually when we talk…  •  Share
The effort to create an enterprise Ethereum could lead to robust private blockchains, but one of the key strengths of the project has to do with Ethereum’s roots as an open-source platform.
If someone were to ask what the most successful startups of this decade are, the answer would likely be Snap (market cap $22bn). Uber and Airbnb might also be on the list although those companies were launched in the prior decade (2009 and 2008 respectively).  •  Share
If you are a developer new to Ethereum/blockchain, it is possible you are overwhelmed (at lease I was) trying to understand all the tools and technologies in the Ethereum ecosystem.  •  Share
The Internal Revenue Service revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns.  •  Share
Many trends on the horizon offer opportunities that could transform our cities. From self-driving vehicles and the sharing economy through to cloud computing and blockchain technologies, each of these trends is quite significant on its own. But the convergence of their disruptive forces is what will create real value and drive innovations.
We’ll be able to track goods between companies and across borders.  •  Share
Bitcoin Core developers released a new technology roadmap today that charts the project’s planned transition from its current digital signature algorithm to a more advanced alternative.
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