UASF(User Activated Soft-Fork)
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Bitcoin maximalist — a pejorative coined by Vitalik in a blog post — a person who blindly believes bitcoin to be the best in all things related to cryptocurrency. This is done by moving most processes, features and functions up the stack, to other layers, in the very same way the internet itself miner activated soft fork masfbitcoin glossary scaled and improved.
They always make fun of bitcoiners, but sometimes have good skeptical takes. Casascius coin — ca-say-tious — an early physical bitcoin coin made by Mike Caldwell, there are large runs and limited editions, more of the miner activated soft fork masfbitcoin glossary here.
Fiatsplaining — A very new term coined by a patron of the show WahWhoWah — it means that a person uses simple outdated mainstream financial arguments in a discussion with a bitcoiner. FOMO — Fear of missing out — An emotional reaction to a price increase that makes you chase and be more likely to buy the top of a rally.
The opposite of a panic reaction to a price decrease. FUD — Fear Uncertainty and Doubt — FUD is found miner activated soft fork masfbitcoin glossary any community and usually consists of unfounded rumors or claims aimed at causing an emotional reaction from other members or even outsiders. It can be targeted at different demographics within or without the community. To protect against FUD you must learn as much about bitcoin as possible technicals and historyand find sources of information you can trust.
Hodl — variant of hold — first used in a bitcointalk. The author was drunk and furious at his poor trading performance during the December rally. He misspelled the word hold and it quickly became a viral meme miner activated soft fork masfbitcoin glossary the community. Today, it has morphed into an ideology, where hodlers are people that will never sell their coins. Hodler — a person who hoards bitcoin and will not sell is massive dips in price, because they are in it until the end, as it were.
Nocoiners usually Socialists, Lawyers or MBA Economists are people who missed their opportunity to buy Bitcoin at a low price because they thought it was a scam, and who is now bitter at having missed out. The nocoiner takes out his or her bitterness on Bitcoin Hodlers, by constantly claiming that Bitcoin will crash, is a scam, is a bubble, or other types of easily refuted FUD. The Flippening — the much anticipated event where Ethereum would overtake Bitcoin in market cap, it never came — the term was adapted to all sorts of similar events in the scaling conflict, like hashpower on rival chains, node count, etc.
The Halvening — the reduction in block reward that happens roughly every four years — funny form of halving — this term appeared in as the block reward reduction was approaching. You can watch the countdown with the halvening rocket here. The bitcoin community likes to come up with little in group sayings and this one caught on.
Rekt — intentional misspelling of wrecked — used to describe losing all your bitcoin, or losing an argument badly. The introduction of ASICs to bitcoin caused the difficulty of mining to skyrocket, making it nearly impossible for basement miners to get a ROI.
ASICs are a hotly debated issue today, because of the relative centralized manufacturing process. One major company has come to dominate Bitcoin ASIC manufacturing, Bitmain, though this is quickly changing as three new companies are beginning delivery of their chips in The block chain is only one piece of the whole system balanced by incentives. Block chains require proof of work and are append only. They provide a censorship resistant database at the cost of efficiency. Centralized databases are much more efficient.
The word block chain did not appear in the whitepaperbut did make its first appearance written by Satoshi in the original software, see Fig. Block reward — also known as block subsidy — the reward miner activated soft fork masfbitcoin glossary bitcoin for finding a block, the incentive for miners to mine.
When a miner finds a block they create a special transaction called a coinbase transaction where they create virgin coins at their own address. There is a decreasing maximum amount of reward, halved everyblocks, roughly every 4 years. The block reward miner activated soft fork masfbitcoin glossary at 50 coins, halved to 25 inand halved again in to the current Inthe reward will be halved again to 6. The block reward is a very important part of the incentive structure of bitcoin. It provides an incentive to miners to maintain the block chain and order transactions into a block to prevent double spending.
It is the sole miner activated soft fork masfbitcoin glossary for miners. Some say miners also have a second incentive to mine, that being the right to vote on upgrades, but that is a perversion of the incentive structure and also impossible to implement. Cold wallet — or offline wallet, also cold storage — this is a wallet created and maintained offline making it impossible to hack. Hardware wallets are a derivative of a cold wallet. Difficulty adjustment — or difficulty retarget — bitcoin is a self-adjusting system.
When more hashpower starts mining the difficulty to find a block can adjust to retarget the 10 minute goal for new blocks. Double miner activated soft fork masfbitcoin glossary — this is the main problem that a block chain solves. Prior to bitcoin it was impossible to solve the double spending miner activated soft fork masfbitcoin glossary without a central authority. Specifically, double spending is sending the same coin to multiple recipients. Bitcoin solves this through proof of work and ordering transactions into blocks.
Fork — There are two ways this term is used. Forking bitcoin is as easy as copying the code and changing a few things. This process results in an altcoin.
If two miners find a block at almost the exact same time, and some on the network receives a block from one miner, and the other half of the network receives a block from the other miner, there is a fork in the block chain.
In very rare circumstances, miner activated soft fork masfbitcoin glossary of this nature can last for 3 blocks, but they eventually converge. Soft Fork — A backwards compatible change to the codebase. Soft forks make the rules of bitcoin more restrictive, so the resulting valid set is miner activated soft fork masfbitcoin glossary. All actions on the network after the soft fork remain valid to older versions of the software. This is an extremely important concept for a decentralized network.
Since bitcoin is decentralized, you have control over your own node, and getting everyone to update to a new version is impossible. Hard Fork — A non-compatible change to the codebase. Hard forks change the rule set of bitcoin, so some new rules can be previously invalid and some previous valid rules can be made invalid.
Miner activated soft fork masfbitcoin glossary resulting valid rule set is different. Hard forks have massive centralizing pressure for a network, and creates a central party of developers or large stakeholders that take control, because hard forks introduce new attack vectors not present in soft forks.
Political attacks, social engineering attacks or stakeholder attacks from governments can control the central party and force changes onto the network. Full node — also known as a fully validating node — Created by running the bitcoin software on a computer.
Includes a copy of the block miner activated soft fork masfbitcoin glossary, mempool and UTXOs. Validates transactions and blocks, can broadcast transactions and act as a wallet. A full node is your vote on the network, your tool to individual sovereignty over your money. No one can tell you what software to run on your node. In the scaling conflict the winning side promoted running your own, and even kept the protocol light to make running a full node easier.
Full nodes are the backbone of a decentralized network. Genesis block — The very first block on the bitcoin block chain, mined by Satoshi on Jan 6th, Also the coins in the genesis block are unspendable.
Hot wallet — a wallet that holds your private keys and with access to the internet, most commonly on a smartphone. In the early days of bitcoin these wallets were very unsafe, but have come a long way over the last couple of years. They now have encrypted keys in isolated environments. Never keep more than spending money on a hot wallet. This was the subject of BIP9 activation that was how Segwit was originally designed to take advantage of. The major problem with MASF is that it changes the incentive structure of bitcoin itself and invites politics into the process.
It also, wrongly gives the miners a feeling that they are more important than they are. In Bitcoin transactions are broadcast so the entire network can hear them, until they show up in a block they sit in the mempool. Miners take txs from the mempool and order them into blocks. Each node may have a slightly different mempool, because they hear a slightly different set of txs than other nodes. Nodes can set an individual mempool max size for their node, ie 50MB, so anything more than that, the node will drop older txs.
Miner activated soft fork masfbitcoin glossary reason for restricting the size of the mempool could be performance. Another option for miner activated soft fork masfbitcoin glossary your mempool is by transaction fee.
However, if people refuse to use segwit type txs, the block size is more limited. Work in progress … Miner activated soft fork masfbitcoin glossary Terms Bitcoin maximalist — a pejorative coined by Vitalik in a blog post — a person who blindly believes bitcoin to be the best in all things related to cryptocurrency.
Corn — slang form of bitcoin.
