ODELL Profile picture
Jul 24, 2017 14 tweets 4 min read Twitter logo Read on Twitter
1/ Don't be scared of potential hard forks. They are a key component of #bitcoin's ability to upgrade through rough consensus/game theory.
2/ A healthy #Bitcoin network is one which will fork many times in its future. Forks can enable new ideas, market will value accordingly.
3/ Only reason we don't already have many #bitcoin forks (w/ different PoW) is b/c devs can make a lot more $$ starting a fresh chain. $btc
4/ Forks that use #bitcoin's existing utxo set, rather than a fresh chain, should be encouraged. Better for existing $btc holders.
5/ Only people who are hurt by a #bitcoin fork using current utxo set, are altcoin investors & greedy altcoin dev teams.
6/ Ex: If a new #bitcoin fork adopted 2.5 min avg block times, a new PoW, & forked from current utxo set, I'd value that over #litecoin.
7/ In that scenario, current #bitcoin holders would benefit. Current #litecoin holders would lose $$.
8/ You can repeat that example with most altcoin innovations, if those same innovations are applied to a true #bitcoin fork.
9/ The 8 tweets above assume theoretical fork would change PoW. If that isn't the case, then the fork which market values more will survive.
10/ Due to ASICs, it is pretty much impossible for two SHA256 #Bitcoin chains to survive side by side. One would have to change PoW.
11/ If BitcoinCash fork goes forward it will be the first attempt to attack #bitcoin through a premeditated malicious hard fork.
12/ They intentionally setup the BitcoinCash replay protection design to spam #bitcoin's chain & create confusion around segwit transactions
13/ They also changed difficulty retarget algo to allow it to survive (at least for a bit) even if they have minority of SHA256 hashrate.
14/ You still shouldn't panic. With #bitcoin, all types of attacks should be expected. This isn't the first attack & won't be the last.

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More from @ODELL

Aug 13, 2018
Couple of thoughts re: bitmain IPO.

(1)Bitmain will want to make their holdings look as impressive as possible, so they will probably try to pump bch (maybe the other alts too) before the IPO. They have been trying (and failing) to corner the market for the last year.
(2a) The added transparency for the IPO has put them in a vulnerable position. They are overexposed to bitcoin cash and now their competitors know. I have theorized in the past that the main reason bch hasn't been 51% attacked yet is due to fear of retaliation from bitmain.
(2b) So with that said, my thought now is bitmain's competitors have an extra incentive to attack the bitcoin cash chain to disrupt the IPO. On top of that, bitmain is probably less likely to retaliate given the extra attention the IPO brings.
Read 4 tweets
Jul 4, 2018
My take re: $SYS pump on Binance

1. Many Binance users were using a 3rd party trading bot w/ API access.
2. Bot was compromised.
3. Malicious actor set high SYS sell orders, then used compromised accounts to pump SYS price into them.
4. Same method used w/ $VIA in March.
So most likely neither binance or $SYS were hacked. It was the 3rd party trading bot, which was either an inside job or was compromised. My guess is inside job.

This is a risk users take when they trust a trading bot & its operator with access to their exchange funds/account.
Looks like binance is going to rollback the trades made with the compromised trading bot. They don't have to do this in my opinion, fault lies on the user. Binance & CZ should be applauded here on their user friendly response.

Read 4 tweets
Jun 16, 2018
EOS launch has been a complete joke, not surprised.

Classic Larimer, launch with bugs, shit incentives, and broken security assumptions.
Also, if this is true, it is absolutely hilarious. Talk about a stupid design decision.

Not only can you only get EOS by buying from an existing holder, b/c it's DPOS instead of PoW(where you can mine), but you need them to make a wallet for you. 🤦‍♂️

Oh yeah, and while we are at it. The network can confiscate your EOS if you don't make a transaction within 3 years. I'm sure they'll do a conference call before they take your money though, don't worry.

I honestly don't know where he comes up with half this shit.
Read 7 tweets
Jun 13, 2018
"The authors of the new 66-page paper do not have emails or documents that prove that Bitfinex knew about or was responsible for price manipulation...This method is not conclusive"

I've said this countless times before, the fact that Tether supply increased during market declines doesn't prove manipulation. That's exactly what should happen if Tether is working as designed.
Prices fall -> users sell for USDT -> USDT price increases as a result -> More Tether issued to bring price back down to $1 peg
Read 6 tweets
Jun 10, 2018
Wow. Tezos foundation is holding contributions hostage unless contributors submit to KYC/AML...

May be used to prevent US citizens from claiming their XTZ.

There was no KYC at the time of ICO(a year ago).

Wouldn't be surprised if this results in two chains at launch.
Interesting, looks like Tezos cofounder @ArthurB(murbard on reddit) is saying he isn't on board with the decision.

"Not my call."

I already questioned @ArthurB & @breitwoman's security assumptions with Tezos but this move will make their network even less secure. Every tezos holder at launch will have a passport registered with both the foundation & a third party company...
Read 7 tweets
Feb 12, 2018
While everyone is on the topic of mining using hydroelectric because of the recent WSJ piece, worth mentioning that's what the majority of China based mining ops have been using for years now. Excess hydro is insanely cheap.

#bitcoin $btc #cryptocurrency
2/ Source: en.wikipedia.org/wiki/List_of_c… which pulls most data from iea.org

Also, there's been a couple of articles highlighting Chinese mining ops that are relevant:




3/ "The global "capital of bitcoin mining" is China's Sichuan province, thanks to its abundance of hydropower plants and some of the world's cheapest electricity. Bitcoin mines there can gross millions per year"
Read 11 tweets

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