Ryan X Charles joins me again for the best interview about Bitcoin Cash currently on the web. To anybody sitting on the fence between BTC and BCH: watch out for Bitcoin Cash!
Ryan and I will be doing a Q&A this entire week in the comment section of this page - so, if you've got questions about Bitcoin (BCH or BTC), scroll down and ask! We'll be answering questions as they come in for this entire week.
Topics covered in the interview:
5:51 – What happened to Segwit2x?
18:50 – What did people do after it failed?
21:12 – The importance of “vision” in any Bitcoin project
27:14 – What about merchant adoption?
32:06 – What about the price fluctuations?
35:30 – Improved technology, 32x transaction throughput
41:44 – What about bandwidth?
45:08 – 0-confirmation transactions
51:32 – Memo.cash, the uncensorable Twitter
55:00 – Do we need perfect security, or just good enough security?
56:59 – What about centralization worries?
1:00:47 – What about mining centralization?
1:06:04 – Is there only one or two developers working on BCH?
1:08:50 – Is it just Roger Ver’s pet project? A scam?
1:10:57 – Can BTC and BCH coexist peacefully?
1:20:38 – What if BTC miners want to harm BCH?
1:24:35 – Can the Lightning Network solve these problems?
 

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I'll start the Q&A off - hey Ryan, in the big picture, do you think the failure of Segwit2x was a good thing for Bitcoin? Now the two communities don't have to be forced together, and we can independently try to scale Bitcoin. Was it short-term pain for long-term gain?
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you might want to join the slack to get some background information for your book, https://twitter.com/JoelDalais, follow me back on twitter and send me a pm
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Sure you heared statment: Bitcoin was created by AI. or: Bitcoin is AI.
Can you talk about that please?


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   7mo ago
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@stevepatterson - I think it was probably a good thing, but it remains to be seen for sure. The failure of segwit2x resulted in the big blocker community migrating their support to Bitcoin Cash. This is a good thing if Bitcoin Cash ultimately achieves it's potential as global digital cash, because when that happens, the scaling answer will be crystal clear: scaling on-chain is the correct strategy. If, however, the split results in some inferior form of money becoming popular instead, then it was a bad thing.
@mishapelt - I don't believe Bitcoin was created by AI, but I think it might be fair to say that it is AI. We'll see as Bitcoin develops over the years how sophisticated it can become. If Bitcoin is AI, it is only a baby right now and has a lot of growing to do :)
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@ryanxcharles - I agree. Without being used as digital money - and without the network effect of money - the technological superiority of BCH won't matter. @mishapelt - I doubt that Bitcoin was created by AI, and I think we'd need really clear definitions before we can call it AI! If Bitcoin qualifies as AI, then lots of other programs/networks do, too.
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amazing post perpect article..good job man
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Thanks Steve for the great interview. I wish everyone in the BTC camp would watch this to get another viewpoint. Also, I mentioned this on Twitter, but I think there's a need to have formal debates between a representative from each side so as to educate the general public on the different merits of each chain like there would be when electing an official or proposing a bill, and I think Ryan would be great candidate for the BCH camp.
With that said, I do have a question for Ryan. I understand that BCH is still young, but now that it's been supported by BitPay and Coinbase, and we have all these new usecases such as Yours, Memo.cash, Joystream, Cointext, why aren't we seeing more transactions on the network? Considering BTC's higher fees and slower transaction times, I don't understand what kind of txs are still being made on BTC. I would have thought the number of txs on the legacy chain would be quickly decreasing while those on BCH would be quickly increasing. I've been monitoring this for a while and I have yet to see a noticeable change in the transaction rate, which usually sits around a 1:10 ratio. So what transactions are still happening on BTC, why haven't we seen all these additions to BCH increase the # of transactions, and when do you think we might start to see an impact? Thanks.
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Are there people/places that can help merchants and users adopt BCH usage??
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Dear Steve and Ryan very excited about this Q&A was seeing if you could include a few things in your book and or podcast. Was seeing if you could add some of the projects in the BitcoinCash globally community. For example the @BCHjeepney , @eatBCH , @cointext , @memo , and some others. I feel this would show the positive digital footprint the BitcoinCash is making around the globe. I know there are so many but I feel it would be great to include some of these achievement with the world. I think all of these projects and others are building a solid foundation for our future and would love to have them included.
Thank you
MrG
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Ryan is a superstar communicator for the Bitcoin Cash side, eloquent, intelligent, able to give a very balanced account and most importantly understands quite a bit of the technical, economical and social aspects of Bitcoin (as one of very few people in the industry).
At the same time he doesn't just talk but builds a projects that could be a (positive) black swan generator for all BCH investors (onboard the average Joe and price is on the moon).
Don't agree with all positions (fear of hard forks as a bad thing - such as a 3 way split SW1x / SW2x / BCH, possible long term existence of multiple currencies on a free market), but appreciate both Steve and Ryan very much. I hope a lot of people get to see the interview. Thank you guys.
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   7mo ago
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@cain - "why aren't we seeing more transactions on the network?" - I'd have to do more research to know for sure, but I suspect it's just because BCH is effectively a brand new coin that is starting out from almost zero uses. It's only been nine months or so since launch. I expect more use cases to be added and tx volume to continue to grow.
@jeffrey - it takes individuals like us to help get more merchants on board :) This is the subject of the Coingeek conference in Hong Kong next month. Hopefully that helps!
@mojdedko - thank you very much :)
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@MrG - thanks, and yes, I'll definitely be including some of those. I think the simple existence of memo.cash is a game-changer. If we can create an uncensorable Twitter just by adding a small amount of additional data to the blockchain, that's powerful. Also, as an aside, the enthusiasm around some of these smaller projects - like BCHjeepney - reminds me of the early years of Bitcoin. So many people are genuinely excited about using this tech to improve the world, not just to speculate on.
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a Digibyte spokesperson sent me an interesting article saying that Segwit doesn't take the signatures out of the blocks, and therefore the complaint about Segwit breaking the chain of signatures is false. I'm not savvy enough to understand the nature of the debate, but can you explain this difference of opinion on Segwit?
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Good to know I wasn't the only one that sold all their SegWitCoin when SegWit2X was cancelled. Shout out to Kraken for helping me get rid of all the coins.
This is the beauty of Crypto for me. You vote with your money. Don't like a project, you don't have to buy the coins.

Went all in Bitcoin BCH and I haven't regretted it once. I am so glad I got out of that vitriol and can now support the coin that I fell in love with in 2012: Bitcoin - A P2P electronic Cash system.
All the best guys.
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This is fantastic. Thank you both for the interview. Steve do you have a confirmed account on memo.cash? Wanting to follow.
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@emergent_reasons - Yep, I'm on memo here: https://memo.cash/profile/16fhKAt2fpgrm86rikkcMvvXQeJAGgos3i
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I often watch https://www.youtube.com/channel/UC8aCt-P8D9mU3CMjeKUWQwg Rick Reacts of we are all satoshi, and he explains clearly the flaws of the lightning network.
However am not that techy to say he is right in his claims about the routing problem, if he is then there is not hope for the LN.
in the other side he says the full node non-miner is useless and explains why which make sense to me. I believe https://www.yours.org/@ryanxcharles @ryanxcharles has a different opinion as I always hear him talk about the importance of running a full node.
If he is wrong I would love to hear the argument against his claims. by now I stick to the evidence that BTC has been highly compromised
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@stevepatterson Hi Steve, I'm about to watch the video but I already have one suggestion. Maybe think about changing the title of your new book, because technically speaking BTC is the (soft)fork of Bitcoin.
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@cryptovfefe - I definitely understand the sentiment that BTC is one fork while BCH is another. However, I don't that's the most accurate way of thinking about forks. I am partial to Gavin Andreson's technical definition of Bitcoin (http://gavinandresen.ninja/a-definition-of-bitcoin), which means that the majority hashpower determines what the main chain is.
So now, we've got Bitcoin BTC and Bitcoin BCH. BTC is the main chain (as determined by proof of work), and BCH is the first fork of the main chain. It's a minority chain for now, but it has the potential to eventually overtake the main chain in terms of POW.
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@stevepatterson and @ryanxcharles Thank You. Here are some questions that would be great if you can address in your upcoming videos as well
1) Why is the block size being increased to 32MB now when we the 8MB blocks are hardly filled. Couldn't it wait for the next upgrade or when we start to see a lot of transactions? The only explanation that I can think of is that it is easier to do this now as the network is smaller and it is easier to move all the merchants to this new chain
2) Do we have consensus that all the nodes are moving to this new upgrade, is there a way to convey a message to all the nodes to upgrade? How to check this?
3) The CTO (Vin) of @coinText has brought up an important issue of Developer funding or the lack of it which if it exists may give BCH a competitive edge over something like DASH. Is it a proper model if all the devs on BCH are expected to work for altruistic reasons without a regular financial incentive
4) If someone is interested on working on BCH code or build on top of that, like yours or memo etc where to start learning
Thanks again for all your inputs
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   6mo ago
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@Imekshav - thanks, and good questions. 1) The upgrade to 32mb makes sense to do now, since it's only an upper-limit for the blocksize. We likely won't see 32mb blocks for a very long time, so better to scale now for future use. Also remember - the blocksize limit was originally put in place to prevent spam transactions while Bitcoin had no market value (since you wouldn't have to pay anything to send a transaction). Now, BCH has market value, so there's not really "spam" concerns anymore - it's more about having a safe-guard to make sure nodes don't break due to a random unreasonably large block.
2) I'm leery of the term "consensus," and the idea that it's critically important to have at all times in order to do anything. This idea really originated from the Bitcoin Core social engineers, who meant "if we disagree, then we don't have consensus, which means every small group gets veto power (control) over the entire network." Miners have an incentive to all remain on the same chain. I strongly doubt we'll see a chain split when these hardforks happen every 6 months.
3) Some devs are volunteers; some are paid by donations; some by miners. I'd like to see a lot more explicit funding from miners to pay devs. Miners have the biggest incentives to make sure their coin is maximally-useful, so they should pay for the best, most innovative developers to improve their coin. I'm not too worried about collusion between miners and devs - as everything is open-source, if there's some suspicious code added to the protocol, we're going to know about it, and the value of the coin will decrease.
4) I'm not a technical guy, so I can't say.
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Someone give me money
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