Bitcoin's Magnificent SevensteemCreated with Sketch.

in bitcoin •  4 months ago

Now that there are two legitimate Bitcoins in the Top Five on coinmarketcap.com, one has to ask... how many legitimate bitcoins can there be? What makes a Bitcoin legitimate anyway? There's no company with a registered brand name. Who gets to use the brand without a qualifier? Can that ever change?

Bitcoin's Magnificent Seven

Bitcoin's Magnificent Seven

Well, here are some reasons why a form of Bitcoin might be considered "legitimate"

  • It uses mostly Satoshi's original code
  • It is supported by a group of developers with some lineage back to Satoshi
  • It is supported by the companies that have the best mining equipment
  • It is supported by the exchanges - they are willing to list it.
  • It is supported by merchants and businesses - lots of people accept it.
  • It has the largest network effect or market cap
  • It's tokens are held by people who can trace them back to an original owner on the original chain

So, 100 years from now, which of these are likely to remain true
for any of the candidates we are about to discuss?

I claim it's only the last one.
All others can and will change in the next 100 years,
whether incrementally or in a seismic shift.

  • There won't be a stick of Satoshi's original code left in 2117.
  • There won't be a bit of hardware in common.
  • None of the current developers or miners will still be living.
  • Exchanges will still be trading anything that's profitable.
  • Merchants will be using universal coin translators and won't care what's under the hood.
  • The largest network effect and market cap can shift many times in a hundred years - perhaps to something not even called Bitcoin.

But some blockchain will still hold the Bitcoin name. How will that baton pass down to them?

Well, let's make the best case we can for all seven

Slow Bitcoins - There are Three

These three bitcoins are all in the "Slow" category because they use slight variations of Proof of Work (POW) which is inherently far slower than modern solutions. Still, there are those who consider this an essential feature. Both new entries in the slow category claim to be Bitcoin (a) because they honored the existing ownership distribution at the time of the fork, (b) because they made only tiny, incremental changes to the original software, and (c) because their developers used to work on the original bitcoin in some capacity. Of course, lots of altcoin clones can make similar claims to (b) and (c), so it all comes down to (a) honoring original owners faithfully.

  • Bitcoin Classic (Deceased) This is the original bitcoin that died on August 1, 2017 when various interest groups created alternative software suites and started them running at the now infamous Block 478558. Nobody wanted to keep mining Satoshi's original, so it died. Let's just say it "retired".

  • Bitcoin Segwit "The king is dead, long live the king!" Apparently all the major exchanges decided to list this fork as the Official Successor - The One that gets to be just Bitcoin (BTC). It will run maybe twice as fast - another 3 to 7 transactions per second. It still takes ten minutes per block and perhaps hours to confirm on busy days - if you don't pay the miners a few dollars extra.

  • Bitcoin Cash - BTH gets relegated to the role of "cheeky upstart" -- cheeky 4th-place, 5-billion-plus upstart. How illegitimate exactly can that be? It can run twice as fast as "The King". Maybe even as fast as Ethereum on a good day. That's 25 transactions per second for the whole world to share! (A single credit card, say VISA, routinely peaks at over 4000 transactions per second, so these contenders won't be taking over any time soon.) Still, when The King hits its stops (at the current growth rate, just months from now), maybe Bitcoin Cash will take up some slack and grow to #1 in market cap. If another 2x leap forward occurs after that, which one will the exchanges crown King?

Fast Bitcoins - There are Four

Fast Bitcoins conduct their transactions in real time. This is accomplished by running on a private server (Exchange Bitcoin below) or using more advanced decentralization algorithms like Delegated Proof of Stake (DPOS). All three of those BitShares-based DPOS assets shown below have 3 second transaction time and are effortlessly running amid VISA loads already. Further they are scalable to tens or hundreds of thousands of transactions per second and will have unlimited bandwidth when they upgrade to EOS technology next year. They'll all be featured at FastBitcoinUnited.com.

  • Exchange Bitcoin - This is actually a category of Bitcoin you find on every exchange. These are the "casino chips" that the exchange gives you to trade with on their private server while the bitcoins you have deposited with them sit mostly off-line in a cold wallet. Think of them as "receipts" or "IOUs" for real bitcoins. When you "cash out" the exchange takes back your "chips" and sends you the equivalent in "real" Bitcoin (BTC) - whatever that is by exchange consensus. Since they are redeemable for Bitcoin, they are precisely pegged to the value of Bitcoin.

  • BitShares Open.BTC - On the BitShares decentralized exchange this substitution is made explicit. Exchanges that use the BitShares blockchain as a common ledger issue their trading chips as User Issued Assets (UIA) that then trade freely on the blockchain without further exchange involvement until it's time to cash out. This decentralizes everything except the counter party risk associated with the exchange you are trusting to redeem your UIAs in the end. Since they are redeemable for Bitcoin, they are tightly pegged to the value of Bitcoin. Open.BTC is a popular version issued by OpenLedger.info.

  • BitShares BitBTC - BitBTC is a "smartcoin" Market Pegged Asset (MPA) that eliminates the need to trust an exchange to redeem the coin. Instead they are backed by twice as many BitShares as it currently takes to buy a Bitcoin on the market - all held in counter party risk-free escrow by the BitShares blockchain itself. There are slight fluctuations in price due to supply and demand but a solid floor of 99% of the current price, guaranteed by the blockchain itself.

  • Fast Bitcoin (FBTC) - This is the third Bitcoin born on the Great Fork of August 1, 2017 with Bitcoin Segwit and Bitcoin Cash. It's was originally called Bitcoin United (BTCX), but after the Great Fork, alas, Bitcoin will never be united again. It represents the biggest change and greatest improvement of all three, boosting Bitcoin performance to unlimited scalability of the BitShares/EOS technologies. Like Bitcoin Cash, every one of them belongs to the original owners at Block 478558 - the only true source of legitimacy. Like its two sister coins born on that day, it is free to trade and seek its own value relative to the others. That value is chiefly the ability to scale to handle all the world's transactions. Thousands today and hundreds of thousands tomorrow as opposed to, well, 28. Currently FBTC exists virtually on the BitShares blockchain waiting for the BitShares holders to vote to fork in the code release it. That's what the "Free the Fast Bitcoins" campaign is all about.

Time to rack and stack them. It's no contest really...

There you have it. Here's a chart summarizing them for your inspection. Each has it's uses, but only one is likely to be extremely undervalued if and when it is approved to start trading - Fast Bitcoin may remain a sleeper for a number of months. It's the one to watch.


Bitcoin's Magnificent Seven

The huge gulf between Slow Bitcoin (10 minute blocks, 28 transactions per second) and Fast Bitcoin (3 second blocks and tens of thousands of transactions per second) will be a great test of whether the Bitcoin mantle will ever be passed to technology worthy of Satoshi's original vision. But It's easy to say the one with the biggest market cap will aways hold the coveted heavy weight title "Bitcoin (BTC)".

Well, let's hope that is true!

I claim the heavyweight champ will one day be Fast Bitcoin.
You laugh? ...I smile.

Check out the BillionHeroCampaign.com website to understand why its targeted 10x industry-wide growth in new mainstream users, all first trained there about the facts shown here, who might not feel the need to use slow bitcoins much. What will 10x growth in industry users do to reshuffle the existing standings in network effect?

We will soon see!


Epilogue

A debate is raging between the names Fast Bitcoin (FBTC) or Light Speed Bitcoin (LSBTC). I've edited in the leader, FBTC, but I'll use whichever name winds up with the most support. Let me know what you think!

Epilogue 2 - Yet another Bitcoin Split

Bitcoin is Splitting once again


Stan Larimer, President
Cryptonomex
The Godfather of BitShares, Fast Bitcoin, and the HERO


Image credits: see embedded links


About the Author -- Stan Larimer

Follow Me On Steemit - The Social Media Platform That Pays
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Greatest Hits

Bitcoin and the Three Laws of Robotics
Engineering Trust with Charles Hoskinson
The Origin of BitShares
The Hero from BitShares Island

BitShares Cryptonomex Stan Larimer

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Sort Order:  trending

Anytime Bitcoin splits the lessor of the two coins still will have a huge market cap. What remains to be seen is what happens over time.

Nice post! I am not entirely sure I understood where you can buy Light Speed Bitcoin, on Bitshares?

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If the BTS holders agree to the hard fork to release it. It may be a long campaign, but with 10x new users inbound, the voting patterns could change!

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The BTS will hard fork releasing the LSBTC ? Im also wanting to be ready for the LSBTC...thanks

can I buy Lightspeed Bitcoin somewhere ?

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Only if the BitShares holders vote to set them free!
I'll be writing up a zero-cost worker proposal to do that shortly.

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I wish you the best, sir! I like Mr. Ver's take on keeping the crypto-sphere united in its primary purpose: to do the most benefit for every human on the planet (and that means a fast, resilient coin/blockchain that is easy for all to use) You seem to be of a similar mindset.

It's nice to have such a great, money-making opportunity, but A well-made crypto currency (which I think would follow Satoshi's model closely) would alleviate so much human suffering! I could get behind that!

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Bitshares holders can vote on the worker proposals, including this proposal for Lightspeed bitcoin. You will need a Bitshares account which you can get at https://bitshares.openledger.info?r=buy-bitcoin.

If you hold your BTS on another exchange like Poloniex then you won't get to vote your BTS.

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Thanks for the valuable post !!

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or not lol xrp all the way!

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Sir, the committee opinion board is talking about opening new branches of BitShares for more ICOs, just like Ethereum. Will it affect original BitShares valuation?

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@stan
Excatly 👌
I support with your comment 👍👍
Upvoted
@stan
Very good material 👍👍
Upvoted

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Thank you for the great and informative post!

Can you believe i haven't read a single word :3

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Yet you still got a $0.69 upvote 🤔

Better get me some of this Light Speed Bitcoin then :)

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It's called Dash. It's <1 second for a small fee, or <7 seconds for free.

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This post received a 3.6% upvote from @randowhale thanks to @ericwoelk! For more information, click here!

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How do we buy Light Speed Bitcoin? When and where?

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Where/when can we get LSBTC?

Very interesting. I guess this Light Speed Bitcoin warrants a deeper dig.

I just looked and your Links for LSBTC is not working @stan. :(

There is also the privacy issue. Zcash could be the one in this aspect.

Very interesting. I never heard of LSBTC till now.

We will see!

Nice post Thanks for those info

thx for sharing

I will just keep buying both - but thats me :)

4040$

Hello,

very detailed and well explained. You're definitely know a lot in this topic. Becasue I consider you as an expert, may I ask about you opinion about my new project based on Blockchain? Can you tell me what do you think?

https://steemit.com/cryptocurrency/@websensei/we-need-your-help-new-blockchain-based-project-rewards-are-waiting

I will be really grateful :)

So far lots of bubbles about nothing. BCC/BCH is in fact not tradeable yet. BTC is that old mammoth that does not move, and if it is expensive. Done some trades with LTC and XRP in the last days, what a breeze, takes no time and cost nothing. BTC is really like gold, buy it and put it in a deep hole you need to dig to keep it safe. Not a currency for daily usage.

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Exactly. Now apply that logic to what has been written above...

Absolutely definitely without question you should not use the name "lightspeed Bitcoin." It's way too gimmicky and technically empty. It's like when a vacuum cleaner company says their machine has something dumb like "AccuSuck technology." When you use technically-empty marketing jargon as though it were technical language, you sound like a snake oil salesman.

If there were anything about DPOS that we're any more related to the speed of light than any other electronic technology, I'd have a different opinion.

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Well, the rate at which you can send a Fast Bitcoin around the world is limited only by the speed of light and the size of the planet. You can quibble that all the routers add another second or two, but why? BTC doesn't even get close enough to where router delays are a factor.

Nevertheless, by consensus we have adopted Fast Bitcoin (FBTC) as the nearly universally preferred name.

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I did'nt even know about all this...only about Bitcoin and Bitcoin Cash. thanks for the insights

I know bitcoin is the king.but sure some some coins witl meet up with bitcoin level in the coming future

@stan,
What should I say... Are you a man or a library? And I am really interesting about LSBTC thing. Seems it's the future or a new version with POW/POS like ETH.
I am really impressed by reading your article. Thanks for sharing this unique knowledge with us. Really appreciate the effort that you have put here.

Cheers~

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He is the man who helped create dan larimer...in a test tube!

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@fuzzyvest,
You mean @stan? Our @stan? Actually I am newbie and didn't know about that :O Wow... now "feeling crazy"
Thanks for your reply!

They will grow as fast as light shine

great post

Awesome post! FOLLOW for follow?

Price of 1 bitcoin-$3819.03

Why didn't i came to know about bitcoin a couple of years earlier.

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Just follow @dollarvigilante, @jeffberwick and the Anarchast on Youtube, and you are way ahead of the mainstream. He recommended Bitcoin when it was $3. $1000 investment would have been $1,300,000.

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This post received a 3.2% upvote from @randowhale thanks to @ericwoelk! For more information, click here!

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Because you were busy making money elsewhere and now u are seeing the bitcoin light

That looks good. Can I have ..........please?

i eat my bitcoin with a fork

thank for sharing

Its bitcion more valuable than etherum ? Can someone explain me ?

NEVER heard of "lightspeed Bitcoin" until this post! I've resteemed so I can easily find/read later, and for those following me to see.

If it "forked" on Aug. 1 like BCH, why didn't my Trezor tell me? I guess "Free the Fast BTC's" is the key to that? Is there "wallet support" for it? I did a post praising Roger Ver's stance on block size, but I don't think I remember hearing much talk of "lightspeed Bitcoin" from him.

Anyway, I appreciate the analysis. One more thing, when you say BTC (in the chart above) is inflationary, do you mean in the short-term? I know there will only ever be less than 21 million, so I don't understand how that is inflationary.

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If you follow some of the links in the post above, you can catch up on it. Especially follow the one to watch link

Wow a lot of work put into this article. Definitely worth reading and upvoting. Keep it coming.

Light Speed Bitcoin is what the world need. Bitcoin (BTC) will continue his slow road and it's ok. The world need Better-Faster-Cheaper solutions . LSBTC will be free @stan

Nice name.
Free the Speed! vote for the BTS hardfork!

very informative post

I read every post thank y9u Stan!

I'm new to cryptocurrency, and this is the first time I've heard about the "fast Bitcoin" IMHO, that one looks like it has the most chance of becoming mainstream in the long term.

Even more than the high fees, the biggest problem with Bitcoin today is the high transaction times. If Bitcoin is to truly compete with VISA or other forms of fiat money, it must achieve the scale that those systems have achieved. 4000 transactions per second makes Bitcoin look laughable. That must be fixed.

Really great article Stan! I am inclined to agree with your assessment. We shall see how the lightning network performs!


read if ur holding ripple
i have very very bad news for ripple holders i have read the white paper and its not good news at all

xrp tokens will not be used to transfer value they are just ledgers that will be communicating in the network

they can use other tokens also and ignore xrp if they please.
get out while you can guys , oh also this is just xrp is just token its not a real cryptocurrency its not even a blockchain.

help out your fellow crypto investors and warn them of this finding.
https://steemit.com/ripple/@dank-crypomemes/i-have-very-very-bad-news-for-ripple-holders-i-have-read-the-white-paper-and-its-not-good-news-at-all

great work..
thanks for sharing this .. :)

Hi, I'm @ izwafauzi
I am from aceh, i am new in steemit and not yet understand about steemit
Please help

BTC will always be the king for me since it has made me the most money since 2014.

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Haha, then you haven't used bitcoin much and experienced how terribly SLOW it is. It will never work as a superfast financial trading system. Go Dash. It's <7 seconds, or <1 second for a minor fee. (cheaper than a normal btc fee).

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This post received a 4.6% upvote from @randowhale thanks to @ericwoelk! For more information, click here!

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Ah ha! Then you can be bought! :)

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The king can never be ruled ;)

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Thanks for sharing :)

Looks like Light Speed Bitcoin has some basic website work to do on its quest for Bitcoin domination.

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very true, however, the test site is almost done and ready to be moved to it's domain.

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But until then it is still vapourware.....not so?

Great post!
Please follow me back! :)

Very informative, thanks!

Congratulations @stan!
Your post was mentioned in the hit parade in the following category:

  • Pending payout - Ranked 5 with $ 328,02

Interesting post and I loved the movie!

Love this post! I have been working on learning how to trade crypto currency's. I found a free site that gives away portions of bit coin free every hour

Interesting post.

Many thanks for sharing this article!

This is some good to know information. I didn't even know there were all these other bitcoins, well only the new one that just came out. going to keep an eye on them.

Is the legal bitcoin cash?

Yes very interesting.
Of course that's what you say. Indeed we should have to choose something that has a basis. And we are not fooled by such rash price movements.
thanks for sharing

.@stan A guy by the name of @zprince copied your article. you might want to check it out. I'm new here but I don't like that! ALL of his posts are copied. I don't know how to flag or report this.

Upvoted and RESTEEMED!

Interesting analysis! It will be fun to see what relevance "the original Bitcoin" has in the world of cryptocurrency and blockchain in 100 years.

Good one! You have a lot of interesting content there :)

Looks like an investment opportunity!!!

Sir, the committee opinion board is talking about opening new branches of BitShares for more ICOs, just like Ethereum. Will it affect original BitShares valuation?

Thank u so much but I confused I m happy great post

I think Light Speed Speed Bitcoin has a bright future, no doubt about it. However, it should not be forgotten that technology evolves and changes and other, more "optimized", cryptocurrency forks will come along and steal the thunder of a existing good concepts. It has happened before and it will certainly happen in the coming 100 years.

With that said, I too hope for the freedom of the fast bitcoins so that evolution may continue its course to the best optimized bitcoin.

Great read and definitely thought worthy! Thanks, @stan!

Thank you for sharing this very informative post , i have learn a lot here

ONLINE USERS AT POLONIEX BITCOIN PRICE correlation I started collecting data on online users at poloniex .I am trying to collect the data about the same time every day.I was thinking it would be interesting to see how the amount of users increase or decrease with the Bitcoin Price!

BITCOIN USERS BUY PATTERN
DATE | BUY PRICE | SELL USER BACK IN THE 40,000 | PROFIT / (LOSS) | Cumulative P / L

Bullsh!t.
There only one legitimate Bitcoin. It's Bitcoin.

Bitcoin cash is first of all THEFT ATTEMPT. Some of offered "mutual" wallets by BCH web are on domains registered few weeks ago, with Domain privacy and registered at Gandi.net ...... with Bitcoin payments and no will to legitimate domain owners. Obvious private key theft

There's zero (few losers waiting for miracle don't count) consent on Bitcoin cash.
Bitcoin cash isn't a Bitcoin hard fork. It didn't appear as internal conflict of miners. It doesn't originate from Blockchain. It parasite on Blockchain

It's the SCAM alt that happens be get attention by offering losers something for free.

Genial... Gracias por compartir

i cant doubt you on this because not everyone thought that bitcoin will be how it is today; atleast , i didnt

The real bitcoin is BTC, that's the situation right now. I do not know if it's fair or right but it's like this. Good exposure of the facts in the article and is interesting but looks very biased. Greetings.

Just wait for the unknown coins. We give value to things for what we are willing to pay for them. Now the entire world knows about BTC itll grow bigger and bigger as long as people want to pay for the price for it. Hopefully alt coins will readjust because they seem to be dying except for NEO at the moment lol @stan

Hello welcome to steemit!
I already follow, upvoted and reestem you, please do the same with me so we can grow together, i´m new too and i will like grow and earn a lot of profits as well...

Guys you should still be careful with crypto currencies especially if you are ignorant to how volatile they really are...
The fortunes you make one night may be lost in the others day morning and that is why you want to be looking at several options like other coins or just cashing out by selling them when the price is up.

Very informative. Thanks!

Why change name from Fast Bitcoin discussed earlier, to Light Speed Bitcoin?
I am afraid this name is too long and not a good one.
Fast Bitcoin is easy to remember and its meaning is clear, I like it better.

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Got your wish!

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Making history :)

hmmm... i will follow and learn more, this platform continues to inspire me to invest my time learning more! Thanks for sharing more helpful info!!

Very concise and informative post. For the long time crypto-enthusiasts this is a wealth of valuable info but possibly for the un-initiated this complicates things further, exacerbating their adoption. Fiat just seems easier for the neophytes ;)

very informative post.....

Bitcoin power . Bitcoin investors in future bilionaire

Very much informative. Thanks for sharing!!!

Thanks for the information, very helpful I am studying @stan
do not forget to follow me @hattaarshavin

Now its the time to invest 💹

nice post @stan, i'll always support you : )

Informative post, thank you. New to Steemit. How can I save articles, like this one, to my favourites or what have you?

güzel içerik beğenildi beni takip et lütfen

fiat biggest problem is inflation
so we dive crypto into inflation aswel with forks? hell no

LONG LIVE ORIGINAL BITCOIN !

This is amazing expository. I never knew about this before now. Thanks a billion.

very nice Post!

Thanks for informations! Good luck!

Hmm no true bitcoin? I think it's time to invest in steem.

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If the internet shuts down, we have bigger problems.

Thank you for this article. The rabbit hole never ends 😎

There is no Satoshi. There are lots off pretenders though. The only reason that one gets so much attention is that he's got an obvious psuedonym. Also bitcoin is only first historically. There is nothing more fundamental about bitcoin to blockchain technology. Trying to turn technology into religion is nothing more than schizophrenia.

hi boss, i got a negligible amount of btc, but i have fair amount of bts. what advantage would people like me have if the lightspeed bitcoin is forked? will this for help increase bts value?

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Well. It's hard to grow from BTC's current value to maybe 2x.
Not hard at all to grow from FBTC's starting value to maybe 1000x.
Both BTC and ETH have done it and FBTC is stronger than both of them were in every way.
Your actual mileage may vary.

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I have to say the article was a good read.

so which one is going to be the winner ?

I just want more ETH. Instant transactions and almost nothing on the fees. Need I say more?

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Instant?

The Bitcoin market is unpredictable these days; You don't know where the price comes from. I upvoted your post plz upvote me back, Greetings!!

Great work I like it thank you my friend