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Chatter Report: Vitalik Doesn’t Believe in Proof of Work, Chris Pacia Discusses Big Blocks

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In this latest roundup of crypto chatter from social media, Vitalik Buterin sparks debate by declaring that he doesn’t believe in proof of work. Also, developer Rhett Creighton is accused of foul play in the Bitcoin Private pre-mine scandal. Finally, Chris Pacia clarifies his stance on large block limitations.

Also read: A Look at Some of 2018’s Most Popular Cryptocurrency Traders

Vitalik Doesn’t Believe in Proof of Work

Ethereum founder Vitalik Buterin turned a lot of heads recently when he tweeted to Bitcoin maximalist Giacomo Zucco that he doesn’t “believe in proof of work.”

Crypto Twitter erupted with responses. One commentator, Crypto Domains, pointed out the ridiculousness of Vitalik’s comment, comparing it to not believing “in oxygen.” Crypto Domains’ remark resonated widely, not least since Ethereum itself currently runs on a proof of work model.

Bitcoin Community Skeptical of Rhett Creighton

The Bitcoin Private team recently released an official statement explaining that they had no prior knowledge of the BTCP coins that were covertly created during the fork that birthed the project. Instead, they were mislead by developer airk42, they insist. Airk42 had started out innocently by accepting a bounty the team had placed. He then managed to became a BTCP developer and was promoted to contributor on Github. However, when airk42 merged his own code, he left out one crucial line and a bad actor exploited this bug, creating approximately 2 million additional coins.

Many in the cryptocurrency community were suspicious of the BTCP team and their official response. In a recent live stream by bitcoin trader Tone Vays, developer Jimmy Song pointed out that former BTCP developer Rhett Creighton left the project in a rather cryptic manner that foreshadowed the hack.

Likewise, Vays expressed skepticism at Creighton’s sincerity and quickly theorized that he may have secretly been airk42. Cryptocurrency trader Nick Core also agreed with Tone, explaining that scammers are prone to “leave projects before they are finished.”

Chris Pacia Clarifies Tweet on Blocksize Limitations

Bitcoin commentator u/satoshi_vision 1 recently called out Openbazaar developer Chris Pacia on the r/bitcoincashSV subreddit for Pacia’s comments that bitcoin software will start to break down when blocks reach about 22 MB in size. u/satoshi_vision 1 was criticizing Pacia, as Coingeek had mined a 64MB block at block height 557335.

We were told by Chris Pacia that 22MB blocks would not work, not we have blocks nearly 3x that size. from bitcoincashSV

Pacia was unable to defend himself on the subreddit, as he had been banned from participating on r/bitcoincashSV, despite never having commented on it before. Instead, Pacia took to Twitter to defend himself, explaining that his tweet wasn’t about the ability to mine a single large block.

Rather than large single blocks, Pacia was referring to the ability to mine many large blocks in tandem. He then went on to point out that the average blocksize over a one-hour period never went above 7 MB when BSV was mining 32 MB blocks.

What do you think of Vitalik’s thoughts on proof of work? Let us know in the comments below.


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The post Chatter Report: Vitalik Doesn’t Believe in Proof of Work, Chris Pacia Discusses Big Blocks appeared first on Bitcoin News.

Chatter Report: Antonopoulos Criticizes KYC, Kasireddy Claims Decentralization Not Always Better

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Criticism is the overarching theme of today’s crypto chatter roundup. Andreas Antonopoulos vehemently opposes mandatory KYC to access banking services. Also, Preethi Kasireddy calls for cryptocurrency users to rethink decentralization.

Also Read: Jimmy Song Uses Andreas Antonopoulos Model, Open Sources Forthcoming Book

The Role of Documentation in Banking

Mastering Bitcoin author Andreas Antonopoulos recently released a video that criticized the need for documentation to access banking services.

Chatter Report: Antonopoulos Criticizes KYC, Kasireddy Claims Decentralization Not Always BetterAntonopoulos explains that requiring documentation for banking is a historically recent phenomenon that is based on two assumptions. First, people with identification are “assumed” to be good and thus allowed access to banking services. Also, documentation is required because it allows governments to track and punish those who commit crime.

Antonopoulos is critical of both these assumptions as they have excluded “several billion people from the financial system.” Also, it’s a system that doesn’t work because society is full of criminals who have identification documents and banking licenses.

Who Will Guard the Guards?

Antonopoulos also believes that current KYC banking requirements are a toxic and fascist concept that gives governments too much power. Since the government issues identification documents, they have absolute control over who has access to financial services. This is supposed to prevent fraud and terrorism, but the result is that criminals are funded and supported by governments themselves.

More Decentralization Is Not Always Better

In other news, Trustory founder Preethi Kasireddy recently called out crypto Twitter on their religious-like stance on decentralization.

Centralization is a taboo concept in the crypto community and often serves as the basis for strong criticism about cryptocurrency projects. Kasireddy argues that this should not be the case because context matters when talking about decentralization. Her statement received mixed reactions. One commentator opined that decentralization is always better because “you can build centralized apps on top of a decentralized protocol, but you can’t build a decentralized app on top of a centralized protocol.”

Other cryptocurrency pundits agreed with Kasireddy, like Melik Manukyan who lamented the use of “decentralization” as just another empty buzzword. Manukyan believes that decentralization is just a means to an end, and not an end in itself.

What do you think of requiring documentation to access banking services? How about the importance of decentralization in the cryptocurrency industry? Let us know in the comments below.


Images courtesy of Shutterstock.


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