Amazon to Accept Bitcoin? The 2X Hardfork Sucks - Replay Protection - And Ethereum zkSNARKs Privacy

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💰 My recommended exchange is CoinBase - Register using this code and we can both get $10!: http://bit.ly/2hZh8bg
🔒 Recommended wallet is the Ledger Nano S: http://bit.ly/2xeymFX
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☄️ Time-stamps!
1:10 Businesses Not Outright Supporting SegWit2x
1:26 Is SegWit Bad?
2:16 Do Miners Represent Us?
3:45 2x Replay Attack Potential
4:50 Big Blocks = Centralisation?
5:40 2x Final Thoughts
6:23 The YouTuber Nightmare
7:16 Bitcoin Jokes
7:50 Atomic Swap News
8:22 Amazon to Accept Bitcoin?
9:21 Ethereums Byzantium Upgrade
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⭐ Links!
◆ Nob2x: http://nob2x.org/
◆ Miner Support: https://coin.dance/blocks
◆ Public Opinion: https://coin.dance/poli
◆ Jokes: http://bit.ly/2hoNOv8 / http://bit.ly/2xANMq8 / http://bit.ly/2wJjbr8 / http://bit.ly/2fp53fe
◆ Atomic Swaps: http://bit.ly/2wIi7E5 / http://bit.ly/2hod2d9
◆ Amazon: http://bit.ly/2yyG2mr
◆ Metropolis Delayed: http://bit.ly/2wO2u9h
◆ T-Shirt: http://bit.ly/2yvWkMV
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🌎 New to Bitcoin? http://bit.ly/2wK1qYB
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💬 I am not a financial adviser and this is not financial advice. I'm just a humble man with a great passion for all things block-chain, even tangle.

• The 2x part of Segwit2x. This is such a mire. Such a complicated mess. Potentially this is the reason you don’t find many of the big crypto youtubers talking about it right now. I’m sure no one wants to appear stupid. I’m ok appearing stupid, as you well know.

• ****CLIP*****

• Let’s attempt to break down what is going on. Do you remember this website? That had such an effect on the price of Bitcoin? It tracked blocks that are mined and checked if the mining pool it came from was signaling for SegWit2x or not. It was hailed as the definitive measure of consensus. It exceeded 80% required for the first scaling solution bitcoin had seen in years, reached 100% and is the reason we got SegWit.

• Someone commented on my Roger Ver video recently that I really opened up a can of worms. This is exactly what I want, and I hope I’m about to do it again. It is pretty awesome for me to see people really going at this debate in the comments. I’m a lightweight, throwing my hat into a heavyweight arena here, but let’s explore this.

• http://nob2x.org/ All of the businesses who didn’t sign up for 2x. This is potentially inaccurate as this is a voting system where by not saying anything gets you added to this list, but can still prove useful.

• But before we even get into that, there’s a lot of contention over SegWit even. It comes with technical debt, considered to redefine what Bitcoin is meant to be in the whitepaper in a digital hashing of signatures, and is said to make future developments more complicated.

• Potentially we have a situation here where it’s impossible to please everyone. But those pro SegWit point to this being the platform that not only raises block size limits slightly, but also allows for future improvements like drive chains, side chains, schnorr signatures, lightning network, MAST and more.

• But what is done is done, and if you don’t like it you are free to use Bitcoin Cash. Let me focus on Bitcoin however. Even though currently coin dance shows 93.6% miner support: https://coin.dance/blocks We have the question of whether or not these mining pools really represent consensus or the consensus of these businesses who currently facilitate the use of Bitcoin. Which is important, really important. If the only use case of Bitcoin is the eventual turning it into FIAT, then it is potentially doomed.

• The answer would appear to be no, but is unclear. For miners sure, but for users not the 100% that XBT led us to believe. Although what alternative we have to measure consensus is difficult at best, impossible at worst, not without a lot more of us running a node. Even still, there are currently more nodes running Core v0.15 than nodes running btc1 – the 2x support.

• Some are calling the 2x portion of the agreement an attack on Bitcoin. Jihan Wu, the co-founder of Bitmain, representing a ton of hash power, is said to be going through with it no matter what.

• Under usual circumstances this would be fine. Anyone’s free to fork the network, you just won’t have the hash power or users. Jihan isn’t worried about 1 of these and poses a threat to users if they don’t use it as well in what’s known as a replay attack. To explain this let’s take this scenario.

• Let’s say you have 1 BTC prior to the hardfork. Once the 2x fork arrives, you would now have 1 Segwit Bitcoin, and 1 Segwit2x bitcoin. You go to spend 1 BTC and buy whatever you spend 1 bitcoin on. Next, you check your balance on the alternate chain, and are surprised to see that the coins are gone from that wallet as well and went to the merchant’s bitcoin wallet. How did that happen? Why did the coins on the alternate chain disappear even though you only spent the original Segwit Bitcoin?

• The reason is due to the replay attack. An attacker, or anybody in general, could pick up your broadcasted transaction on one chain, and relay it to a node on another chain. Since the transaction is valid on both chains, both nodes would accept it. Even though you didn’t mean to spend your other coins, a malicious attacker or even the receiver trying to sneak himself extra coins could make you spend them. However, that can happen only if you decide to spend your coins in the first place. If you never send a transaction nobody can magically remove coins from your wallet. This attack works both ways too, you could spend SegWit2x Bitcoins, and if a SegWit Bitcoin node picks up the transaction those coins could be gone as well.

• On top of this we have the more tinfoil hat inclined among us to be gearing up our heads with a shiny hat with threats of big blocks meaning more centralization. Bigger blocks meaning more expensive full nodes. Eventually the biggest mining pools can also run the vast majority of nodes and then technically run Bitcoin.

• So 2x is risky unless proper replay protection is put in place, or unless 100% of users adopt it.

• If I had to guess though, the 2x Bitcoin will be the one that keeps the name Bitcoin.

• No one can think new user adoption confusion and a fractured community is a good thing. Yet here we are. To prepare, make sure that you have your private keys secured to the best of your ability.

• How can YouTubers make content about this? They obviously don’t want to offend their viewers. There are people who will tell you SegWit is good, SegWit is bad, big blocks are good, big blocks are bad, 2x is good, 2x is bad, lightning network is good, lightning network is bad. We have consensus, and we don’t have consensus.

• To clear the FUD, SegWit2x has the majority of miners, a lot of big businesses behind it, and the most reasonable compromise to help Bitcoin scale for the future we’ve ever attempted to enact. I will leave a link to this Coin Dance page which shows some consensus metrics for political support and public opinion for Bitcoin so you can check this for yourself: https://coin.dance/poli

• Let’s get to some jokes to lighten the mood.

• Asking a J.P. Morgan CEO what he thinks of Bitcoin is like asking a cab driver what are the advantages of Uber? https://twitter.com/JurajKarpis/status/911155437743099904 Asking a banker about Bitcoin in 2017 is like asking a horse breeder about automobiles in 1900. https://www.reddit.com/r/Bitcoin/comments/71soyy/asking_a_banker_about_bitcoin_in_2017_is_like/

• Or a King what he thinks of democracy. Americans are to spend over $9 billion on Halloween this year, $7 billion more than the combined ICO totals. Halloween must be in a bubble! https://www.reddit.com/r/ethtrader/comments/71v5lr/americans_to_spend_over_9_billion_on_halloween/ Good one guys.

• Justin Bieber is declining in popularity as Bitcoin rises. https://www.reddit.com/r/Bitcoin/comments/71rhaa/bitcoin_is_currently_more_popular_then_justin/ Correlation equals causation.

• Atomic Swaps. Tweet of Vegeto. We have a dragon ball z fan: https://twitter.com/satoshilite/status/911328252928643072 For those that don’t know, this is the fused form of Goku and Vegeta, the two main factors, being much strong as 1 being than 2 individuals – apt. And the first Atomic Swap between Bitcoin and Decred is completed: https://twitter.com/i/moments/911329279413235712

• Will Amazon accept Bitcoin as a payment method? https://www.reddit.com/r/Bitcoin/comments/71xjmg/according_to_james_altucher_amazon_executive/ Truthfully, we don’t yet know. This is not news and is just someone’s opinion. While part of me thinks of course they will eventually, they could gain a lot from it. They have to be kicking themselves they didn’t do it years ago. Transactions would need to be faster but that’s coming. But another part of me thinks, Amazon are so huge and are so incentivized for the future success of FIAT, why rock the cruise ship? Why risk the government changing their stance and creating panic for users? Things are too smooth as they are. Hopefully that side of me is going to be proven wrong.

• The Ethereum upgrade dubbed Metropolis is postponed by a week due to be released October 17th. https://www.coindesk.com/ethereums-byzantium-upgrade-postponed-october-17/ Ethereum camp is hoping this means that Ether price is above $400 again before year end. Why? The upcoming Byzantium hard fork, or metropolis part 1 of 2, will introduce two new cryptographic procedures which should eventually pave the way for increased privacy. Part 2 dubbed Constantinople has been postponed indefinitely for now, so it could actually be some time before users can enjoy maximum privacy on the platform.

• The problem is privacy actually goes against some of the basic concepts of a blockchain. In order to prevent there before mentioned double spend, publicly broadcasting transactions is usually the norm. To do otherwise and still prevent double spending is a very difficult and complex mathematical endeavor.

• Ethereum’s developers are working with the developers of Zcash to combine their technology of zk-snarks into Ethereum. Vitalik the creator of Ethereum has dubbed zk-snarks as the holy grail of privacy – complete anonymity.

• By using that technology, a statement can be verified without requiring any information to be revealed beyond its validity. As an encryption method, zk-snarks work by translating what you want to prove into an equivalent form – without anyone knowing the solution to the algebraic equations that produced it.

• I like this guy’s game plan: https://www.reddit.com/r/Bitcoin/comments/71q6e2/bitcoin_is_metal/