[2019-10-23] Winklevoss: Bitcoin Is ‘Source of Truth’

hv_

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Quote from: 1Referee on December 02, 2019, 09:33:09 AM

Quote from: hv_ on December 02, 2019, 02:57:22 AM

With SegWit btc is no longer a chain of signatures - that's not good for a decent money - and no, it's not how you do industrial scaling

Industrial scaling? That's something centralized blockchains do because there are businesses behind them doing what's best for their business.

Shady entities tried to do that with Bitcoin in the past but failed. I'm glad big blockers have their own centralized chains to play with now. It suits them well. Plenty of block space yet no one willing to utilize it. In other words, the industry isn't interested.

These business are called miners.

It is open for all to compete

That is BitCoin and secure. Indepenant from block size

I m glad that small blocker have no clue

1Referee

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Quote from: hv_ on December 02, 2019, 02:57:22 AM

With SegWit btc is no longer a chain of signatures - that's not good for a decent money - and no, it's not how you do industrial scaling

Industrial scaling? That's something centralized blockchains do because there are businesses behind them doing what's best for their business.

Shady entities tried to do that with Bitcoin in the past but failed. I'm glad big blockers have their own centralized chains to play with now. It suits them well. Plenty of block space yet no one willing to utilize it. In other words, the industry isn't interested.

hv_

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Quote from: 1Referee on December 01, 2019, 04:18:03 PM

Quote from: hv_ on December 01, 2019, 03:39:27 PM

Pretty much the blockchain is a source of truth , so for that onchain scaling/capacity is such important

https://blockchair.com/bitcoin/charts/segwit-usage

Bitcoin is scaling on-chain. Segwit adoption increasing means Bitcoin's throughput increasing, and that in a slow but steady manner. I'm pretty sure that when Binance rolls out full support for Segwit, that we can reach 60-65% without any problems. Services that haven't upgraded yet will turn out to be more expensive to use, which means that the services using Segwit offer cheaper service.

With SegWit btc is no longer a chain of signatures - that's not good for a decent money - and no, it's not how you do industrial scaling

1Referee

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Quote from: hv_ on December 01, 2019, 03:39:27 PM

Pretty much the blockchain is a source of truth , so for that onchain scaling/capacity is such important

https://blockchair.com/bitcoin/charts/segwit-usage

Bitcoin is scaling on-chain. Segwit adoption increasing means Bitcoin's throughput increasing, and that in a slow but steady manner. I'm pretty sure that when Binance rolls out full support for Segwit, that we can reach 60-65% without any problems. Services that haven't upgraded yet will turn out to be more expensive to use, which means that the services using Segwit offer cheaper service.

hv_

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Pretty much the blockchain is a source of truth , so for that onchain scaling/capacity is such important

Kprawn

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I think the best proof of this is the solving of the "Byzantine Generals Problem" to establish trust. If you do not know what it is, go read more

about this here - https://en.wikipedia.org/wiki/Byzantine_fault and how Bitcoin supposedly solved it, https://coincentral.com/byzantine-generals-problem/

You can also say it is the source of truth, because nothing is hidden, once it is included in the Blockchain. If you can identify the person behind the

token, then you can track every transaction that has ever made with that token. Cool

rodel caling

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The new technology continues to stand into the truth for the future to help,people to give easy of life living, since the new technology start to raised in the market offices and the banking system we experience the easy way of banking system using the new technology. So meaning bitcoin is part of the new technology so the truth is as part of new technology not impossible bitcoin become truth expensive digital gold.

chaoscoinz

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Quote from: CryptoBry on October 23, 2019, 10:39:07 AM

Cameron Winklevoss — one half of the eponymous family office Winklevoss Capital and co-founder of the Gemini crypto exchange — says Bitcoin’s (BTC) possibilities go beyond digital gold.

“Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that's really just the beginning...it's digital gold, source of truth, etc…”

Cameron’s argument aims at going beyond the commonplace analogy of Bitcoin with gold, whose proponents compare the scarcity of the precious metal with Bitcoin’s finite supply to emphasize the cryptocurrency’s role as a digital store of value.

While accepting this perspective, his accent lies on the revolutionary potential of the cryptocurrency’s open-source software, which establishes a decentralized digital public record of transactions that is immutable, secure and anonymous: a shared, single source of truth.

In information systems, a Source of Truth (SOT) is a term used to denote a trusted data source that gives a complete picture of the data object as a whole.

Read here from the source...

So we are not talking about Bitcoin's scarcity but also its integrity. The article above is talking about the "roughly 1,000 fake gold kilogram bars were found in the vaults of major banks such as JPMorgan Chase..." which is not astounding to me but considering that we are talking about a big and reputable institution like that then this can really be raising many eyebrows higher.

With Bitcoin, it would be so hard (or maybe impossible) to make a fake one and have it circulated and be accepted as genuine. Maybe the best reason why CW is using all the opportunities he can to hammer the message that BSV is the genuine article.

With Bitcoin, we are standing with the truth, the whole truth and nothing but the truth. May the source be with us...

I love these two guys, they've been through a lot in there college days. Having old Zuckberg rip them off like that way before he was famous for stealing the Connect-U idea in order to create Facebook. I know they were really well of way before the critical acclaim from the Facebook story but it is good to see the two brothers leading the way in the pioneering of Bitcoin and cryptocurrency. I'm sure their Bitcoin exchange Gemini has earned them more then they settled with in dealing with Marky Mark and the Facebook bunch.

Wonder twins powers, activate!

1Referee

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I don't believe a word these rogues say and I won't begin to believe it

The beauty of Bitcoin is that you don't have to believe anything of what people say. If you are in doubt, verify.

What makes them rogue in your opinion? They are quite hype'ish about Bitcoin in general, but who isn't when you hold a lot of it? In fact, they have done more for the crypto space in general than imbeciles such as John McAfee who's only goal is to extract as much capital from clueless noobs as possible. This dude has a long record of criminal offences and people cheer for him? Unreal. Roll Eyes

Look at what people do for the space. It's clear that the winkies have done a lot of positive things. Too bad you don't see that.

BitHodler

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Quote from: Kemarit on October 25, 2019, 06:42:19 PM

"Source of Truth", where the hell did they got that term and apply it to Bitcoin?

Because of how high the probability is that after (6) confirmations your transaction or other data has been stamped into the ledger for ever. It's the absolute truth in the sense that you can't change it anymore.

The more days pass, the less likely it is that the chain get rolled back to a point where your transactions are no longer stamped into the ledger. Obviously, the probability is extremely low for that to happen, but it's handy to know nonetheless.

error08

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Quote from: 1Referee on October 25, 2019, 03:01:59 PM

Quote from: error08 on October 25, 2019, 04:31:17 AM

Bitcoin really is a source of truth, there is no fake bitcoin such as 1,000 fake gold kilogram bars in the vaults of major banks.

Not sure where you read that, but that's not true at all. The problem with these bars wasn't that they were fake bars, but that they were rebranded. The actual metal consistency was still 99.99% Gold, so nothing fake about it. No Gold bar enters the vault of a bank without it being tested thoroughly.

Well, it's mentioned in the article, it's misleading. They should just say rebranded instead of fake.

Quote from: Kemarit on October 25, 2019, 06:42:19 PM

Yeah, this is exaggeration at the highest level, LOL. "Source of Truth", where the hell did they got that term and apply it to Bitcoin?

Nope, bitcoin being "source of truth" isn't exaggerated at all, that's the way it is due to blockchain technology, nodes, consensus, and so on, there is no fake bitcoin such as fake gold and fake fiat currencies.

Kemarit

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Yeah, this is exaggeration at the highest level, LOL. "Source of Truth", where the hell did they got that term and apply it to Bitcoin? I guess the twins really needs to hug the limelight as well since they have a huge investments behind Bitcoin and "sell the news". Gold vs Bitcoin, we have heard so much argument about it that it's about time that crypto enthusiast shouldn't bother with Gold analogy, that is so 2017. Grin

. Bitcoin is immutable, enough said.

LeGaulois

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@1Referee is right, it's was a story exaggerated by the media.
The bars were rebranded but it was still real gold. It's how you inject in circulation gold coming from countries not so clean or call it whatever you want. A country in a war, or where children are mining, etc. It's called the 'Dirty Gold'

Not only the metal is tested before but you also get certificated ownership when you bought it so. Otherwise, people could say "hey! I gave you real gold and now you gave me fake bars?? Refund me!" just to cheat the system for money.

Perhaps Bitcoin's advantages over gold are that it may appear more easily accessible and more easily resalable, in the daytime as well. Such comment isn't impressive or surprising coming from the guys, remember they're Pro-Bitcoin

Edit
Here is the story from Reuters this summer https://www.reuters.com/article/us-gold-swiss-fakes-exclusive/exclusive-fake-branded-bars-slip-dirty-gold-into-world-markets-idUSKCN1VI0DD

1Referee

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Quote from: error08 on October 25, 2019, 04:31:17 AM

Bitcoin really is a source of truth, there is no fake bitcoin such as 1,000 fake gold kilogram bars in the vaults of major banks.

Not sure where you read that, but that's not true at all. The problem with these bars wasn't that they were fake bars, but that they were rebranded. The actual metal consistency was still 99.99% Gold, so nothing fake about it. No Gold bar enters the vault of a bank without it being tested thoroughly.

Quote from: error08 on October 25, 2019, 04:31:17 AM

There are tons of fake gold and fake fiat currencies that have been in circulation which might be a bit tricky to prove its authenticity, but we will never find such a problem in bitcoin transactions.

As long as you wait for at least 2 confirmations it's indeed safe to say that your transaction is final. We have had instances of stupidity where ATM's paid out cash for people's 0 confirmation transactions. If you want to lose money, that's definitely the path to follow, because without confirmations the coins can't be considered yours yet.

error08

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Bitcoin really is a source of truth, there is no fake bitcoin such as 1,000 fake gold kilogram bars in the vaults of major banks.
The full Bitcoin node ensures that all original data is unchanged, secure and immutable.
There are tons of fake gold and fake fiat currencies that have been in circulation which might be a bit tricky to prove its authenticity, but we will never find such a problem in bitcoin transactions.

CryptoBry

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Cameron Winklevoss — one half of the eponymous family office Winklevoss Capital and co-founder of the Gemini crypto exchange — says Bitcoin’s (BTC) possibilities go beyond digital gold.

“Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that's really just the beginning...it's digital gold, source of truth, etc…”

Cameron’s argument aims at going beyond the commonplace analogy of Bitcoin with gold, whose proponents compare the scarcity of the precious metal with Bitcoin’s finite supply to emphasize the cryptocurrency’s role as a digital store of value.

While accepting this perspective, his accent lies on the revolutionary potential of the cryptocurrency’s open-source software, which establishes a decentralized digital public record of transactions that is immutable, secure and anonymous: a shared, single source of truth.

In information systems, a Source of Truth (SOT) is a term used to denote a trusted data source that gives a complete picture of the data object as a whole.

Read here from the source...

So we are not talking about Bitcoin's scarcity but also its integrity. The article above is talking about the "roughly 1,000 fake gold kilogram bars were found in the vaults of major banks such as JPMorgan Chase..." which is not astounding to me but considering that we are talking about a big and reputable institution like that then this can really be raising many eyebrows higher.

With Bitcoin, it would be so hard (or maybe impossible) to make a fake one and have it circulated and be accepted as genuine. Maybe the best reason why CW is using all the opportunities he can to hammer the message that BSV is the genuine article.

With Bitcoin, we are standing with the truth, the whole truth and nothing but the truth. May the source be with us...

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