Bitcoin News – March 2017
March was a much more hostile month than the previous months, to no surprise, as there is still no consensus on the sequence of scaling the Bitcoin network. A lot of people started to use this as an excuse to advertise and pump altcoins, making everyone even more distrusting of each others intentions.
In March a large amount of Bitcoin businesses spoke out against Bitcoin Unlimited. This resulted in some miners calling this economic majority “alliance” of users and businesses unimportant for the decisions ahead.
Perhaps the most interesting development was the release of Bitcoin Improvement Proposal 148, as a way to allow nodes instead of miners to activate SegWit. It currently appears to be the most promising way to end the stalemate, but will require more vocal support from users before implementation.
What the monthly news is about:
For those unfamiliar, each day I pick out the most popular/relevant/interesting stories in r/bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
A recap of Bitcoin in March 2017
15: Many stories about the dishonesty around the Bitcoin Unlimited and Classic bugs, including an interview with the security researcher that found and reported the bugs & Bitcoin Core passes 10.000 pull requests
18: A scale of the Bitcoin scalability debate (made by me)
21: Full translation of Chinese miners’ concerns with 2nd layer scaling & Christian Decker, a Lightning Developer, explains the benefits of Lightning for miners & Bitcoin Unlimited suffers from another exploit that causes their nodes to go offline
22: People speak out against Bitcoin Unlimited People speak out against Bitcoin Unlimited after they go from open source to closed source software to fix a bug & Luke-jr proposes a BIP that would allow non-full nodes to identify false versions of the blockchain, instead of having to rely on full nodes
23: Bitcoin Core Technology Roadmap: Schnorr signatures, which will allow native multi-signature transactions and save more blockspace & Large Bitcoin Collider has tried over 1000 trillion private keys
25: BIP148 is released, a proposal that allows nodes to activate soft forks such as SegWit & A German Bitcoin exchange asks its users whether they want BU or SegWit & Andreas Antonopoulos on BU: It doesn’t change the rules, but the rulers who set the rules
27: Armory wallet’s developer disagrees with the BU approach on almost every point & Nick Szabo’s bit gold design featured off-chain scalability layers back in 1998 & F2Pool owner Wang Chun states Bitcoin can’t and won’t fork & Canadian bitcoin businesses reject Bitcoin Unlimited
Thank you to everyone who is contributing to this exciting space!
Sam is a Bitcoin & Blockchain educator. He has been learning about them every day for years and uses his knowledge to help others understand and these complex topics in simple terms.