Why Decentralized Finance’s value proposition isn’t just a meme

Just kidding.

Decentralized Finance is just a rebrand of Open Finance, which failed to gain traction because OpFi isn’t as catchy.

I don’t know how many words I need to type for Medium to allow me to submit this as an actual post, so I’ll just ramble on a bit until I feel like the length is comfortable.

I should probably add an image to this so that when I link it on Twitter it looks legitimate.

Image for post
Image for post

There you go.

Apologies to anyone who was disappointed, but this will be my shortest Medium post ever and I’m so excited to dedicate it to such a worthless subject. …


An Overview Of Mining Pool Exploits That BetterHash Disables

Intro

BetterHash is the working name for alternative mining protocols currently in development. When it’s completed there will need to be enough miners willing to switch to a new mining pool using these protocols, or an existing pool that is willing to service both the old and new protocols while miners gradually ready themselves to switch over. In either circumstance the initial switch will need to be supported by enough miners to make doing so profitable, else profit volatility would be too high. Ultimately miners will need to understand why they should switch, and there will need to be forward thinking pool operators who don’t want the control current pools have. …


And Changing Bitcoin’s Proof-of-Work is a Futile Endeavor

Introduction

In the wake of the recent and most (in)significant push to change Bitcoin’s Proof-of-Work, I thought it would be a good opportunity to score some more brownie points from the community by laying it to rest. I’m going to discuss the broader topic of hardware specialization (“ASIC Resistance”), the technical and logical flaws in trying to resist specialized hardware, some history around this, and then I’ll touch on what I hope to be a short lived (and fishy) motion for a Proof-of-Work algorithm change that nobody wants besides two and a half people.

Since the inception of the first alternative-cryptocurrency there has been a need for them to differentiate themselves from Bitcoin, or else it becomes obvious to the bystander (those your coin is appealing to) that it’s just a copy. They’re an alternative for a reason, you don’t want them to think it’s just a copy because then they dismiss it for what it really is…a copy. …


(It’s just your eyes playing tricks on you)

Image for post
Image for post

Person A: Look at the Lightning Network, it’s amazing & it’s growing so fast!

Person B: Look at those central hubs, doesn’t look that amazing to me!

Person C: Well, Lightning is still in its infancy, people don’t want to “risk” their Bitcoin on the off-chance the software glitches. Or maybe they just want to wait until they can actually use it for something they specifically find useful, which doesn’t exist yet because these kinds of things grow organically, and merchant adoption will take just as much time as Bitcoin originally took.

Person B: No you don’t understand…LOOK at those HUBS, just look! You can SEE them! They’re right there!


The differences between Light-Clients & Fully-Validating Nodes

Are you wondering what that even means? Don’t worry, you will. Go make a cup of coffee first, it’s another long one. If you haven’t read this yet, start here:

The following is an exchange I had with Vitalik following the publication of the article above. Although initiated by his response to my article, the purpose of the exchange from my perspective became to extract the underlying reason him and many other Ethereum fans don’t see sharding as diminishing the integrity of the network it’s being applied to. …


Bitcoin is an impenetrable fortress of validation.

Image for post
Image for post

Like my Moore’s Law article, this is an excerpt from a much larger article. It’s good enough to serve as a standalone piece because the misconception this aims to put to rest is a commonly raised one that becomes annoyingly repetitive.

Understanding the Bitcoin network without math.

Bitcoin is more than just a chain of blocks. I want to help you understand how Bitcoin’s blockchain network is designed because it’ll help you fill in some gaps as you begin to acquire more knowledge in this field. I say blockchain network because Bitcoin also has a payment channel network (lightning) layered on top of it that doesn’t effect the structure of the blockchain network. …


(TL;DR: It has nothing to do with storage space limits)

Introduction

This is an indirect response to the following article by Afri Schoedon, a developer for the Parity Ethereum client, written less than a year ago:

I want to make it clear that I have respect for almost all of the developers in this space, and this is not intended to attack anyone. It’s meant to elaborate on what the real concerns are and explain how the original article does nothing to address those real concerns. I would actually love to see something that does, because then we can throw it into Bitcoin. That being said, there are some developers who mislead, obscure, ignore, and attack via protocol confusion like what occurred with 2X and the replay protection drama, but most aren’t like that. You can’t watch something like this or read something like this and hate these developers. …


How to compile a Bitcoin Full Node on a fresh installation of Kubuntu 18.04 without any Linux experience whatsoever.

Image for post
Image for post

Preface

I recently installed a new SSD so I wouldn’t have to prune on my laptop and figured I’d give creating a tutorial a shot.

Never used Linux? Don’t know what “prune” means? Perfect. This one’s for you. I want you to learn Linux, and I want Bitcoin to motivate you to switch. This will be as much a “Linux for Dummies” guide as it is a guide to setting up a Bitcoin node.

If you already know a thing or two and want to skip all the useless words:

Just copy and paste the commands at the bottom of this article.


Or, There and Back Again, a Full-Node’s tale

Introduction

I want to precede this article with some clarification to make things very clear. Just to kick this off the right way, when I say BCash, I mean the Bitcoin copycat, formally referred to as Bitcoin ‘Cash’.

Out of their community’s lack of enthusiasm for the BCash nickname everyone else has graced their project with, someone created a fake project actually called “BCash” as a laughable attempt to confuse bystanders and dismiss people from referring to Bitcoin ‘Cash’ as BCash. …


…and how it’s irrelevant to scaling Bitcoin

Foreword

This article is a segment of a much larger piece I’ll be publishing in the near future, and I’ll provide that link at the bottom when I do. I wanted this to also be a standalone piece that could easily be linked when someone tries to make this argument in the future. Please bookmark this if you find that useful.

Image for post
Image for post
https://twitter.com/ELEProbtc/status/963845795140292609

Moore’s law is the observation that the number of transistors in a dense integrated circuit doubles approximately every two years. — Wikipedia

It’s become commonplace to cite Moore’s Law when people discuss raising Bitcoin’s block size in an attempt to justify why the network can continue scaling this way. …

About

StopAndDecrypt

Information Aggregator

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store