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Showing 5 of 5 results by yusufjalal
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Board Bitcoin Discussion
Can Bitcoin Ever Be Shutdown?
by
yusufjalal
on 13/10/2017, 11:12:12 UTC
I was just wondering, what would it take for the Bitcoin Network to be shutdown completely?
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Topic
Board Bitcoin Discussion
Re: Why isn't the Lightning Network being implemented in the Bitcoin protocol?
by
yusufjalal
on 20/04/2017, 11:40:54 UTC
In my opinion, I think the intended purpose of Bitcoin wasn't to make profit, but to create a utopian society where monetary systems have no value.

It doesn't really matter what the intended purpose was. It becomes what the subsequent users decide it is. Unfortunately those users are human and so avarice will shit all over anything more noble.


If I could just ask why would it not matter what the intended purpose was?

I'm sure the creator of the Bitcoin protocol had an intended purpose for it, like an end goal.

If extreme greed is the concern, don't we have the technology and the infrastructure in our society to produce everything at abundance for free?

The monetary system is what discriminates who gets to access which good or service is sought.

Anyways, that's just my opinion, what do you think it's intended purpose was if you don't mind me asking?

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Topic
Board Bitcoin Discussion
Re: Why isn't the Lightning Network being implemented in the Bitcoin protocol?
by
yusufjalal
on 20/04/2017, 09:35:50 UTC
It seems as though the incentives are not aligned within the Bitcoin ecosystem.

Miners seek profit whilst some individual nodes seek integrity and some developers seek change. But change to what?

The other question is how do you balance all these incentives to create a sustainable network for the future?

I think that all of us here that want to see Bitcoin thrive as a means of transfering value and I think that's what Satoshi wants as well.

So how do improve transferring value online to make it more efficient, less costly and trustworthy for all the players?

In my opinion, I think the intended purpose of Bitcoin wasn't to make profit, but to create a utopian society where monetary systems have no value.

Money is just used to access goods and services and I think Bitcoin's aim is to destroy any form of access and provide goods and services for free once the cap is reached.

Sorry if I'm not being too technical but I'm fairly new in the crypto space and I just thought I would share my opinion.

What do you guys think was Satoshi's purpose in creating the Bitcoin protocol amidst the financial crisis of 2009?

I would love to know your thoughts.
Post
Topic
Board Bitcoin Discussion
Why isn't the Lightning Network being implemented in the Bitcoin protocol?
by
yusufjalal
on 19/04/2017, 09:36:22 UTC
I'm fairly new to this discussion board so please pardon me if my question seems to be quite trivial.

I was wondering why the lightning network hasn't been launched yet?

I understand the SegWit needs to be activated first and miners are essentially centralizing their power for their own interests but for the whole Bitcoin ecosystem, the LN speeds up confirmation times, enables the transfer of really small values and streamlines the process of transferring BTC within the Bitcoin network.

Although there are drawbacks to this extension, I think that the pros outweigh the cons and it should be launched as soon as possible. The politics behind this debate does not contribute anything to the ecosystem and something needs to be done in order for Bitcoin to be a sustainable method of payment in the future.

So can anyone help me understand what's stopping this from happening? In my opinion, I think this is the future of the Bitcoin network and it would be a shame if consensus cannot be reached regarding this topic.

Please discuss.

Post
Topic
Board Bitcoin Discussion
Re: "The First Academic Journal Focusing on Bitcoin & Blockchain is here"
by
yusufjalal
on 17/04/2017, 08:44:57 UTC
Anyone ready to submit a wonderful research article on Bitcoin?

Will do soon.