So Bitcoin Might Fork. Here’s What to Expect…

It is with some lament that I write this. If everyone agreed on a path forward, then there would be no need for this post, but here we are. There is a strong likelihood that we will need to know what will happen if Bitcoin forks (again). There is a chance that the protocol of Bitcoin will fork, which will cause a chain fork as well. (I discussed hard forks & soft forks from my perspective in a previous post.)

Some Bitcoin miners are signaling that they would accept one of two competing Bitcoin protocol changes: one protocol is Bitcoin Unlimited (BU), which would increase the maximum transactions that Bitcoin can process by 100%. The other protocol, called Segregated Witness (SegWit), is expected to increase this maximum by 70%. As of this writing, 35.9% of blocks are signaling for Bitcoin Unlimited while 26.8% are signaling for SegWit.

Bitcoin miners signaling for Bitcoin Unlimited and SegWit blocks

Bitcoin blocks found by miners signaling Bitcoin Unlimited support vs. miners signalining SegWit support

Bitcoin Unlimited vs. SegWit: Abstractly, what is happening?

Let’s make a hypothetical situation where the proportion of Bitcoin Unlimited to SegWit votes stays the same, but is extrapolated out so that ALL Bitcoin miners MUST choose either Bitcoin Unlimited or SegWit. That would mean around 55% of miners would be supporting Bitcoin Unlimited and 45% of miners would be supporting SegWit. (There is an incentive to go with the “winning” majority chain, so this division of hashing power could be even more severe at the time of a hard fork.)

If Bitcoin Unlimited activated and a block over 1MB was mined, then the SegWit part of the network would reject this block and build off the previous block. With a drastic drop in hashing power but no change in the difficulty target, it would take the Bitcoin network longer to find the winning solution that confirms a new block to the blockchain. With our hypothetical numbers, blocks for Bitcoin Unlimited would come out approximately every 18.2 minutes and SegWit blocks would come out approximately every 22.2 minutes. Any transaction capacity increase promised by Bitcoin Unlimited and SegWit would be delayed until the difficulty target adjustment shakes out. As more blocks were found, the difficulty of each chain would adjust and after about a month (a little longer for SegWit), the 10-minute block time target would be restored.

How would this hard fork affect Bitcoin users?

A Bitcoin user with coins before the hard fork would then be considered to have a positive balance on both ledgers/blockchains after the hard fork. (The Ethereum blockchain forked after last year’s DAO debacle, yielding ETH tokens and ETC tokens (Ethereum Classic) for users who owned ETH before the fork.) But without taking care, a user could intend to spend coins on one chain and unintentionally spend on both chains; this is known as a replay attack, though it’s really not an attack if it’s done unintentionally. Maybe that should be called a replay error so as to not be confused with an intentional replay attack meant to defraud.

How does one guard against a replay attack after a hard fork?

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Ep197: Wikileaks CIA Hacking Tools, Bitcoin Loses Vendors, DASH Masternodes DDoS Attack

Wikileaks reveals the CIA is just as evil as you thought they were. Quantum computers are not far away at IBM. NASDAQ compares Bitcoin to gold and government-issued currency. People’s Bank of China doublespeak on Bitcoin regulations. Bitcoin transaction fees are causing the crypto to lose support and vendors. Many Bitcoin addresses have less BTC than the fees needed to move it. Darren talks about soft forks, hard forks, and sporks. DASH remains strong and the DDoS on DASH Masternodes may just be a badge of honor. China has first trade deficit in three years. Randy mentions Louis CK’s show “Horace and Pete” because it made him weep and Louis CK accepts Bitcoin.

All this and more on the Neocash Radio podcast, episode 197 — Wednesday, March 8th, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!

Stream this podcast episode:

or Direct Download the podcast as an MP3 – Neocash Radio episode 197 


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunesSoundcloudStitcher/ YouTubeGoogle Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Financial Markets Cryptocurrency Markets
Gold $1,209 Bitcoin (BTC) $1,161
Silver $17.21 Ethereum (ETH) $17.01
Oil $50.19 DASH $42.50
Dow Jones 20,855 points Zcash (ZEC) $35.26
30Y UST Yield 3.151% Monero (XMR) $12.67

Continue reading

Bitcoin Blocksize Rants & Raves: Long Waits & High Fees (Bonus Episode)

Scaling Bitcoin: Increasing the Maximum Blocksize

After recording last week’s podcast—Ep195: Confessions of a Bitcoiner, South Korea Scandal Fit for a Movie, Crypto Security—Darren continued chatting with our friend/special guest Andy, who works at a Bitcoin ATM company. While JJ and Randy began prepping the new episode for publishing, Darren said he wished we could have an episode where we just kind of vented about what was happening to the Bitcoin network and within the Bitcoin community.

Rather than wait for some other time, we hit record again while the energy was still high. And thus, a bonus episode was born! We also talk with Andy about some of the topics we discussed with him in our main episode… like privacy, encryption, Dash, Monero, Zcash, Ethereum and how to better secure & anonymize cryptocurrency transactions.


Stream this bonus podcast episode:

or Direct Download the podcast as an MP3 – Bitcoin Blocksize Rants & Raves: Long Waits & High Fees (Neocash Radio Bonus Episode) 


Link from the show: Darren mentioned a short post he’d written for the Neocash Radio blog several years ago—How to rebroadcast a transaction on Blockchain.info—and Andy commented that it had been helpful to him and that he’d sent it along to several other people, so we’re including an additional link to it here for anyone interested! 


Just a reminder that you can tune into Neocash Radio EVERY Wednesday night! 

Don’t want to miss a single moment of awesome Neocash content including special episodes and bonus interviews? SUBSCRIBE to our podcast on Google Play Music / iTunes / Soundcloud / Stitcher / iHeartRadio / YouTube / Podcast Addict / LBRY and more!


Bitcoin Unlimited: on-chain scaling -- Roger Ver interview -- Neocash Radio podcastRelated listening: We’ve also got a special bonus interview with Roger Ver that we recently posted! Listen in as Bitcoin Angel Investor and Bitcoin.com CEO Roger Ver talks with us about how the current Bitcoin block size limit is throttling the Bitcoin network, and how Bitcoin Unlimited could be poised to increase the block size and allow the Bitcoin network to scale.

YouTube channel launched! Video podcasts coming soon!

Great news for Neocash Radio listeners! We’ve been working feverishly over the last few months to enhance our coverage of global economic policy, cryptocurrency news, decentralization, and blockchain technology; part of that intention was to get our podcast onto more platforms to make it easier for people to discover, listen to, and share.

In that vein, allow us to present the brand new Neocash Media YouTube channel! We’ve teased for a few weeks now that we’re working to build a video podcast room here at Neocash Radio HQ—we’re gearing up to start construction this month—but we’ve begun uploading our audio feed with some graphics to YouTube in the meantime. (We hope to have live video along with our weekly podcast by year’s end!)

Here’s last week’s episode—Ep 180: All eyes on Zcash launch, Obama Administration steals $5 Billion, Cell 411 beats Arcade City—posted to YouTube:

Don’t forget to tune in to Neocash Radio EVERY Wednesday night! We also post occasional special segments and bonus interviews — if you don’t want to miss a single update, SUBSCRIBE! In addition to our new YouTube channel, we’ve added several content providers in the last few months! Pick your flavor: iTunesGoogle Play MusicSoundcloudStitcherTunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, and more!  Continue reading

Bitcoin Unlimited: Special Interview with Roger Ver

In this bonus episode of Neocash Radio, Bitcoin angel investor & Bitcoin.com CEO Roger Ver talks with JJ, Darren, and Randy about Bitcoin Unlimited, a new initiative that lets Bitcoin miners dictate the block size they want to use. Could this be an end to the BTC block size debate? Will this require a hard fork? Could that create two different Bitcoin chains like what happened with Ethereum? What does Roger plan to do if Bitcoin doesn’t scale and loses its value? We also discuss censorship on Reddit’s r/bitcoin channel, the Lightning Network, SegWit, and more!

Bitcoin Unlimited: on-chain scaling -- Roger Ver interview -- Neocash Radio podcast

Stream this special episode here:

or Direct Download the MP3 – Roger Ver interview: Bitcoin Unlimited – scaling Bitcoin on-chain & an end to the block size debate?


Did you catch this week’s Neocash Radio podcast yet?!

The European Central Bank wants more regulations on cryptocurrencies. The Deutsche Bank saga thickens. Wikileaks shows Hillary Clinton’s plans to “covertly” invade Syria. UK’s spy agency has been illegally operating for 17 years. Ethereum ain’t afraid of no fork. Bitcoin Unlimited gets some major support. Netflix releases documentary on mass incarceration and slave labor in the U.S. … and more!

Listen in: Neocash Radio episode 178 – (October 19th, 2016)


Tune in to Neocash Radio EVERY Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to Neocash Radio
on iTunes / SoundcloudStitcher / and Google Play Music!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, and more!

 

Ep 178: Ethereum Hard Fork Funtime, Bitcoin Unlimited Possibilities, Wikileaks Dumps on Clinton

The European Central Bank wants more regulations on cryptocurrencies. The Deutsche Bank saga thickens. Wikileaks shows Hillary Clinton’s plans to “covertly” invade Syria. UK’s spy agency has been illegally operating for 17 years. Ethereum ain’t afraid of no fork. Bitcoin Unlimited gets some major support. Netflix releases documentary on mass incarceration and slave labor in the U.S.

All this and more on Neocash Radio episode 178 here on Wednesday October 19th, 2016!

We’ve written out short overviews of the topics discussed on today’s show below; be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!

Direct Download – Neocash Radio Episode 178 (MP3)


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to Neocash Radio
on iTunes / SoundcloudStitcher / and Google Play Music!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, and more!

Roger Ver discusses Bitcoin Unlimited on Neocash Radio
We’ve also got a special bonus episode this Friday: we interview Bitcoin Angel Investor and Bitcoin.com CEO Roger Ver. We discuss how the current Bitcoin block size limit is throttling the Bitcoin network, and how Bitcoin Unlimited could be poised to increase the block size and allow the Bitcoin network to scale.


Traditional Markets Crypto Markets
Gold $1268.90 Bitcoin (BTC) $630
Silver $17.65 Litecoin (LTC) $3.80
Oil $51.43 Ethereum (ETH) $12.00
Dow Jones 18,202 points DASH $10.40
30Y UST Yield 2.52% Monero (XMR) $3.816
STEEM $0.234
AMP $0.171
1 Doge = 1 Doge

Continue reading

Ep177: US-Russia Proxy War in Syria, Onecoin is a Scam, and Scaling Sidechains

Dubai wants all government documents on the Blockchain by 2020. The United Nations is testing blockchains for funding and remittances. Onecoin is a scam and Bruce Fenton is concerned that its crash could stir up a call for crypto regulations. More scam wallets take down from the Apple Store. Darren calculates the half-life of Swiss francs given the negative interest rates. The US is engaged in a proxy war with Russia over regime change in Syria. Scaling bitcoin conference has no mention of blocksize increase. Augur ICO raises $5.3 Million. Randy attends the New Hampshire State House Cryptocurrency Commission.

All this and more on episode 177 here on Wednesday, October 12th, 2016!

We’ve written out short overviews of the topics discussed on today’s show below; be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!

Direct Download – Neocash Radio Episode 177 (MP3)


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to Neocash Radio
on iTunes / SoundcloudStitcher / and Google Play Music!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, and more!


Traditional Markets Crypto Markets
Gold $1254.90 Bitcoin (BTC) $635
Silver $17.45 Litecoin (LTC) $3.78
Oil $50.01 Ethereum (ETH) $11.66
Dow Jones 18,144.20 points DASH $11.32
30Y UST Yield 2.498% Monero (XMR) $7.27
STEEM $0.281
AMP $0.178
1 Doge = 1 Doge

Continue reading

Episode 174 – The Federal Reserve has no exit, Ethereum Devcon 2 & more!

Bayer buys Monsanto with largest all cash deal on record. The New York Police Department has used civil asset forfeiture so much that it’s outdated computer system, allegedly, cannot even calculate the amount. The US government wants Deutsche Bank to pay for the financial crisis of 2008. The Wells Fargo executive in charge of the unit that made headlines with phony bank accounts walks away with a $124.5 Million dollar paycheck. Credit unions are looking more appealing in light of the recent bank scandals. The Federal Reserve has no way out of the terrible bailout strategy. A Federal Judge has ruled Bitcoin is money. The Bank of England and PricewaterhouseCoopers are looking to adopt blockchain technology. Synereo raises 3 million so far with a recently started fundraising campaign. We talk quite a bit about the latest news with Ethereum. Roger Ver’s Bitcoin.com pool mines the first Bitcoin Unlimited block.

All this and more on Neocash Radio episode 174 on September 21st, 2016!

We’ve written out short overviews of the topics discussed on today’s show below; be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!

Stream this episode of Neocash Radio here:

Direct Download – Neocash Radio episode 174 (MP3)


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to Neocash Radio on iTunes / Stitcher / and Google Play Music!


Traditional Markets
Gold up $1337
Silver up $19.81
Oil up $45.62
DOW Jones up 18,293
30Y UST down 2.378%

Crypto Markets
Bitcoin (BTC) 597 Down
Litecoin (LTC) 3.77 Down
Dash 11.48 Down
Ether (ETH) 13.36 Up
Monero (XMR) 10.15 Steady
1 doge = 1 doge


Continue reading

Episode 105 – Gold Bits and 21 Inc

Altcoins have seen a jump in value this week. Bitcoin Pizza Day celebrated by Darren. NYSE to add a Bitcoin index. Venezuela’s Bolivar loses another 30% of it’s value this week. BitFinEx hot wallet hacked and about 1600 BTC lost. BitGold buys GoldMoney for $52 Million. Energy subsidies may backfire. 21 Inc is indeed looking to put a bitcoin miner in your toaster, and your router, and your phone, and your…. Roger Ver and OKcoin have a contract dispute.

 

Direct Download

Episode 54– Taper, Yuan, and Bitcoin price rise (oh my)

The Federal Open Monetary Committee continues to taper. Chinese yuan/Russian ruble is used to settle trades. Roger Ver offers a bounty to catch a hacker who was attacking him. The bitcoin price up over 20% this week. Bitcoin interest in Estonia and other countries. Coinotron has around 50% of litecoin hashing power.

 

Direct download