BIP-110 Bitcoiners want to fork since BIP 110 failed...
▲ 31 r/bitcoinismoney+2 crossposts

BIP-110 Bitcoiners want to fork since BIP 110 failed...

Correct me if I'm wrong, but I'm fairly certain LTC does what all these people wanting to fork are asking. They seemingly want two things:

1.) Smaller op return

2.) Different mining algo.

But be fair launch proof of work with no insiders waiting to rugpull them. Well:

Litecoin already does that from my understanding. Bitcoin Core v30+: ~100,000 vbytes default data-carrier limit
Litecoin Core: 83 bytes default

BTC: SHA-256

LTC: SCRYPT

https://www.youtube.com/watch?v=QMeceiUktIk

This is an opportunity to educate these people that another version of Bitcoin does what they are asking already and was a fair launch. I suspect the argument against it is "Charlie sold", but remind them Charlie didn't have any advantage over the hundreds of other miners that were mining at launch. So get out there and evangelize these BIP 110ers!

Even with this horrible sentiment, LTC is still doing ~ 150k transactions per day. I have a hunch that'll be significantly more than the Bitcoin fork will pull. Also if this is about the node runners and decentralization, LTC node is ~200 GB vs BTC's like 700 GB or whatever.

P.S. rather than just downvoting, provide an argument. Reason with me. Let's talk about this rationally

u/Awkward-Silver1333 — 3 days ago
▲ 4 r/ltc+1 crossposts

BCH vs LTC

I’m just trying to educate myself. Are BCH and LTC more or less competing for the same thing? More transact-able POW coin with a fair launch? If that is the case which I believe it is, why not consolidate only to one? If all efforts went into one, let’s say LTC, that would give a much stronger energy behind the coin. Does this make sense or am I missing something big?

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u/Awkward-Silver1333 — 11 days ago
▲ 56 r/Bitcoin

Full nodes are too expensive for their intended purpose

I went to impulse buy a mini pc and 2 TB SSD to run a full node only to find out that will run me well over $500 and 2 TB SSD will not be enough space in the next handful of years and in need to spend more money.

How does bitcoin expect to have world wide node operators when people in first world countries with full time employment (<1% global population) are not willing to fork over full node money and the prices are only continuing to expand for storage along with total storage needed also expanding?

I realize that pruned nodes are a thing but what happens when the only full nodes being run are corporate types that have gov and investor eyes on their backs?

Will bitcoin be able to maintain its white papers ethos of peer to peer e cash at the current rate? I would argue it already failed at the original claims. Maybe it will be successful as some other thing.

Please assist. Not trying to be mean but these topics affect people’s savings so I believe they should be straight to the point so common people can make educated decisions.

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u/Awkward-Silver1333 — 1 month ago

No incentive for nodes

There is no financial incentive to running a node. Only holding and mining. I see that as a major issue as nodes have a necessary function in the network and if they are not populous enough it will detract from this function more and more over time crippling the network.

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u/Awkward-Silver1333 — 3 months ago
▲ 8 r/BitcoinBeginners+1 crossposts

The biggest risk in my opinion

My biggest problem with Bitcoin is there is no financial incentive to running a node. Only to holding bitcoin or mining. Therefore I see nodes as going to be not populous enough to support their function in the network.

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u/Awkward-Silver1333 — 3 months ago