'It's Part and Parcel of Crypto': How Memes Drive


This sub is for crypto fans, traders and holders that are interested in cryptocurrency options trading. We rate each others trades, we banter, we meme, but most importantly we're all obsessed with learning and trading bitcoin and ethereum options contracts 🤑 Post your positions, and use the flair 'My Positions - Change My Mind' to get valuable feedback on your puts or calls.

CryptoCurrency Talk and Offers

News on Bitcoin, Monero, Ethereum, Litecoin and all the other cryptocurrencies in the market. Cryptocurrency mining, trading and news talk. Cryptocurrency giveaways, coin airdrops and similar is welcome if legitimate. No scam and non-stop spam.

TiPS (FedoraCoin): The Official Subreddit!

TiPS (a.k.a. FedoraCoin) is a new state of the art cryptocoin based on the [Tips Fedora meme](http://knowyourmeme.com/memes/tips-fedora). Our objective is to become the tipping currency of the internet. More information is available in the [BitcoinTalk thread](https://bitcointalk.org/index.php?topic=1420302.0).

Satoshi's Top Crypto Trading Resources part 3 - Neva Fomo Bitcoin Meme Blog

Satoshi's Top Crypto Trading Resources part 3 - Neva Fomo Bitcoin Meme Blog submitted by letsgetbit to CryptoMarkets [link] [comments]

Satoshi's Top Crypto Trading Resources part 2 - Neva Fomo BTC Meme Blog

submitted by letsgetbit to cryptoeconomics [link] [comments]

Satoshi's Top Crypto Trading Resources part 3 - Neva Fomo BTC Meme Blog

Satoshi's Top Crypto Trading Resources part 3 - Neva Fomo BTC Meme Blog submitted by letsgetbit to BitmexResources [link] [comments]

Satoshi's Top Crypto Trading Resources part 3 - Neva Fomo Bitcoin Meme Blog

Satoshi's Top Crypto Trading Resources part 3 - Neva Fomo Bitcoin Meme Blog submitted by letsgetbit to BitcoinStocks [link] [comments]

Satoshi's Top Crypto Trading Resources part 2 - Neva Fomo BTC Meme Blog

Satoshi's Top Crypto Trading Resources part 2 - Neva Fomo BTC Meme Blog submitted by letsgetbit to cryptocurrencynews [link] [comments]

Tf wgen you traded all you'r crypto for ma graan memes

Tf wgen you traded all you'r crypto for ma graan memes submitted by CitrcSquid to saltychat [link] [comments]

One lecture? Okay. Two lectures? Alright. Three? Ugh, fine. Ninety nine? You kidding or what? Trading is simplified at CryptX Financial! To know more, Sign up on Cryptx Financial LINK IN BIO #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc

One lecture? Okay. Two lectures? Alright. Three? Ugh, fine. Ninety nine? You kidding or what? Trading is simplified at CryptX Financial! To know more, Sign up on Cryptx Financial LINK IN BIO #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc submitted by Cryptx-Financial to u/Cryptx-Financial [link] [comments]

One lecture? Okay. Two lectures? Alright. Three? Ugh, fine. Ninety nine? You kidding or what? Trading is simplified at CryptX Financial! To know more, join our newsletters #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc #cryptx #rdj #ironn

One lecture? Okay. Two lectures? Alright. Three? Ugh, fine. Ninety nine? You kidding or what? Trading is simplified at CryptX Financial! To know more, join our newsletters #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc #cryptx #rdj #ironn submitted by Cryptx-Financial to u/Cryptx-Financial [link] [comments]

Three hundred dollars

Three hundred dollars submitted by Oxygenjacket to CryptoCurrency [link] [comments]

Meme Awards 2018 Crypto Collectibles ERC721 Trading Cards Limited Edition Airdrop

Meme Awards 2018 Crypto Collectibles ERC721 Trading Cards Limited Edition Airdrop

This is my first DApp that lets you claim an ERC721 token for free (if you pay for Gas)

These tokens represent the 10 best memes of 2018 and you will receive a random meme token when you claim.

Tokens are minted each time someone claims them and the smart contract will only mint during the first 1 month after it's release on mainnet (it's on there already!)
After that the total supply of each token will become final. Grab yourself one of the top voted memes from 2018 before it's too late!
10 years from now you'll look at your wallet balance and find one of mankind's greatest achievements, the meme, still there along with cats, punks, zombies and other weird creatures. Then you will remember that 2018 was not such a bad year after all... a lot of great memes were made that year. And one of them will live in your crypto wallet forever!
Must be subscribed to PewDiePie!
Must have MetaMask or other Web3 ready browser
Enough ETH for the tx fees (a couple of cents)
Get it here:

Other info
At the moment these are just collectibles, nothing more. I'm still learning it all, but I hope to eventually release an Ethereum based game where these cards can be used by their owners (no promises, doing it on my spare time!)
Also I'm not working with PewDiePie. He's not involved in any way with anything. At all. Feels like I have to say this... just in case.

submitted by brofistcoinio to ethereum [link] [comments]

Meme Awards 2018 Crypto Collectibles ERC721 Trading Cards Limited Edition Airdrop

Meme Awards 2018 Crypto Collectibles ERC721 Trading Cards Limited Edition Airdrop submitted by brofistcoinio to BrofistCoin [link] [comments]

And then there are people like this... pirate? I don't even know what that is. But I know that you can trade at ease on CryptX Financial . SIGN UP NOW! #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc #cryptx

And then there are people like this... pirate? I don't even know what that is. But I know that you can trade at ease on CryptX Financial . SIGN UP NOW! #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc #cryptx submitted by Cryptx-Financial to u/Cryptx-Financial [link] [comments]

And then there are people like this... pirate? I don't even know what that is. But I know that you can trade at ease on CryptX Financial Sign up now! https://app.cryptx.financial/ #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc #cryptx

And then there are people like this... pirate? I don't even know what that is. But I know that you can trade at ease on CryptX Financial Sign up now! https://app.cryptx.financial/ #crypto #memes #cryptomemes #bitcoin #btc #bitcoinmemes #funny #lol #rolf #crypto #cryptocurrency #eth #ltc #cryptx submitted by Cryptx-Financial to u/Cryptx-Financial [link] [comments]

Dave Portnoy: “Dear Bitcoin people: I’m Coming”

Dave Portnoy: “Dear Bitcoin people: I’m Coming” submitted by owensed to Bitcoin [link] [comments]

Asia accounts for 80% of crypto trading. Its worth taking 5 minutes away from daily meme time to read this article.

Asia accounts for 80% of crypto trading. Its worth taking 5 minutes away from daily meme time to read this article. submitted by Jandro93 to Bitcoin [link] [comments]

Crypto Meme History: “That 30-Year-Old Boomer Who Trades Crypto” - BlockExplorer News

Crypto Meme History: “That 30-Year-Old Boomer Who Trades Crypto” - BlockExplorer News submitted by prnewswireadmin to cryptonewswire [link] [comments]

Crypto Meme History: “That 30-Year-Old Boomer Who Trades Crypto”

Crypto Meme History: “That 30-Year-Old Boomer Who Trades Crypto” submitted by floozified to BlockExplorerNews [link] [comments]

Why I’m Doubling Down on $COM With My XAMP/TOB Profits

I was fortunate enough to get in early on XAMP developer Bill Drummond’s new project, Token of Babble (TOB), and I’m putting my profits into COM - a community-based project which I believe will 4x from here in the short term, and possibly 20x in the long term.
I know you're skeptical but to understand why I'm so confident, here’s some background on Bill’s launch:
Upon launch, Bill’s new project Token of Babble (TOB), generated over $7 million USD of trading volume on Uniswap and the price rose from $0.6 to $14 in just a matter of hours. It was one of the most epic launches in crypto history, and the people who got in early were able to make life-changing money in less than 24 hours.
The success of TOB suggests a few interesting things about the current bull-cycle we’re in:
  1. We really are in full-on alt season. Tiny projects are achieving 10-100x in just a short amount of time.
  2. People do trust projects led by devs who are anonymous as long as they are transparent and know what they’re doing. Website graphics don’t matter anymore and everyone knows a fancy website can still mean scam.
  3. Coins with tokenomics designed to create FOMO will inevitably pump (more on this in a bit)
So that’s exactly why I’m buying this current COM dip ($0.5) and waiting for at least a 4x to $2 before even thinking about selling.
Why? Because
  1. COM’s tokenomics are similar to TOB in that they’re both deflationary. Every transaction burns 1% of the token, making the total supply smaller and the tokens more valuable over time.
  2. COM is a community-first project where the true VALUE comes from the community, not the programming talent of the devs. What makes COM special is it's a community-driven project that weeds out bad actors in the space, while rewarding good behavior. The community is governed by the COM token which inherently increases in value over time, rather than decrease in value with an inflationary supply like most tokens. So does this mean exactly?
  3. If you buy and hold COM, your tokens become more valuable over time because the total COM supply decreases. This means you own a bigger % of the marketcap.
Now, this may not seem like a big deal since most people will ever own less than 1% of the market cap. But imagine when the new money from ETH & LINK buyers continue flowing down into alts (like the Dave Portnoy boys).
And of a sudden COM is a 10 million+ market cap coin. It’s happened with lots of tiny cap alts in the ’15 and ’17 cycles, and it will happen again (that’s why they’re called cycles).
A lot of investors and traders are ignoring COM because it’s not a sexy hyped-up DeFi Ponzi-coin at the moment. But what they miss is the fact that you also have a passionate, unified community with full transparency and doing all they can to grow the hell out of this project.
Just check out their telegram chat if you don’t believe me.
When you join, instead of moonbois posting Pepe memes or people fudding and trolling, you’ll see a group of people engaged in productive discussion about how to grow the community. You see people taking their own initiative to spread the word about COM. And you’ll even see members warning others about scams while helping out the newer guys.
It’s really refreshing to see this as opposed the usual fudders, trolls and moonbois posting ridiculous gifs and memes (although that stuff can be fun too at times).
So TLDR; I’m extremely bullish on COM because of the strong community, transparent dev and leadership team, and low market cap (only $350k with deflationary supply, and zero whales …shhhhh).
I think as more money comes into Uniswap (the Uni trade volume surpassed COINBAISE a few days ago), COM is going to pop another 4-5x in the short term.
*COM stats:\*
- Total supply: ~950K
- Circulating supply: ~700k
- Current Mcap: $350k
COM Roadmap
Learn more about COM: http://communitytoken.network/
P.S. The current website is the original COM website. After the project launched, community members decided it needed rebranding and have already drafted a new version set to launch in 2 weeks.
Within that same week, it grew from 200 to now 700 telegram members, got listed on Coingecko, and secured DeFi partnerships, all while the price and marketcap grew.
As always, DYOR, but as you can hopefully tell, I’ve done mine and COM looks one of the best low-cap bets right now.
submitted by rawringdino to CryptoMoonShots [link] [comments]

$MEME (Nft Farming just Dropped) $1000 Shot

Full disclosure I have been in $MEME fairly large since $5.50 but since I get fucking flamed everytime I post here, (despite all my calls being big gainz or neutral except sBTC which exit scammed) I just stopped bothering. Now that the news is out you guys can see for yourself.
Anyways, this is just getting started, let me tell you why.
What started as a friday night joke which airdropped everybody in the room 355.555 MEME and burned the LP keys which ensured fair distribution, was quickly adopted by a dev team from consensys. They have made clear that MEME has no association with consensys and I believe them, but the point is that this is crypto royalty that has adopted this product and is driving it forward to basically flip DOGE as the MEME coin of the upcoming DeFi bull run. I have also heard that devs from balancer are involved. This is top tier.
So the website just dropped www.dontbuymeme.com and to put it short, it is a platform for farming unique NFT cards, they have common, rare and legendary.
To get the common and rare you need to stake MEME (5 per day) to get pineapples to get the cards, and to get Legendary you need to stake Liquidity pool tokens. As of right now, the LP stake is live and they expect the MEME stake to be live shortly. ( i expect this post to have some longeveity so likely will be up by the time you are reading. )
Why this is important. Well more so than a meme coin and some rare NFT's, they have made a platform to power NFT trading and distribution specifically for the crypto community. I expect NFT's like this to catch on bigly and this is the power move to take a market share. Because of this I see no reason whatsoever that MEME won't flip the whole industry.
oh, and dont buy meme.
edit: coindesk just wrote about them https://www.coindesk.com/memes-defi-cryptocurrency-yam
first NFT farmed sold for $250 DAI on Opensea https://twitter.com/JordanLyall/status/1298771923451535360
submitted by getapencolin to CryptoMoonShots [link] [comments]

Where and how to buy Dogecoin?

I'm very new to the cryptocurrency world and would like to buy some dogecoin for the lolz, where and how can i do that? The only thing i know how to use till now is coinbase and it's unavailable there. Also, do you guys think dogecoin has any chance? I'm really just investing for the lolz... Trust me.
submitted by razzyboss1 to CryptoCurrency [link] [comments]

How to deal with an Ethereum investor who thinks he's my wife?

Hey so welcome. I'm having some trouble getting one of the biggest Ethereum investors to pay me for my work.
Basically, one of ethereum's biggest investors has been profitting millions off my work without paying me. His name is Fred Ehrsam over at paradigm capital. I think it's EXTREMELEY relevant to Ethereum because he's investing my money all across the space, and i worry every night that other innocent people will be ripped off by him.
I met Fred shortly after he left Coinbase. I had taken a year off from medical school to seek funding for a very proftiable crypto trading algorithm. I knew that if i could get funding for the trading algorithm, then i could use the profits to develop a blockchain-based clinical treatment platform, and in turn treat more patients than i would otherwise as a doctor. Although i was making a very high percentage per day doing this trading strategy, i didn't have enough base capital to completely cover withdrawal fees from more than two exchanges. After examining graphs and other materials i prepared for him, Fred encouraged me to fully drop out of medical school to start a hedge fund with him. Together we came up with the name Paradigm Capital along with about 48 other hedge fund names. So, after that, I worked extremely hard to expand the algorithm from two to five exchanges...
At one point I was literally living out of my car in a Walmart parking lot to keep as much money in my trading algorithm as possible, because Fred kept saying he was going to send money to help see if it would scale to 5 exchanges. This guy had a net worth of $21 million at the time i believe. But he never wound up sending the money but kept promising he would. So after a lot more work I expanded the algo to 5 exchanges doing my part.
After a few months of expanding the algorithm i stayed at Fred's for a second time a few months later, where he asked me to shower in his room and I then introduced him to a girl i was into, but then he changed gears and told me that i didn't have enough social awareness to start a hedge fund with him. I pretty much knew right then that Fred had stolen or was going to steal my algorithm. But I didn't have enough proof until this Forbes article came out this year. So, my algo is making 100% per month profits for Paradigm Capital, and Fred has stolen a lot of money from me, like millions.
Why is Fred so comfortable profitting off my work, and feeding himself off it? Why am I doing all the hard work out in the fields, and he's sitting back and eating fruit and primping himself? Fred must have one of those delusions that he's my wife in the olden times. But I never wanted to have that kind of relationship with him.
If I were an investor who wasn't involved in this, I would take into account that nothing Ehrsam has done aside from my arbitrage algorithm has worked. Augur, Veil, tBTC, MakerDAO... they've all been more problems than solutions. Why would you invest in an ecosystem who's philosophies give dozens of tries to a dishonest guy, while the honest, competent people are boxed out? Uhh... Fred literally killed the patients I could've treated as a doctor, and also those I could've treated on my blockchain platform. That's not good. Fred likes prediction platforms because they can be used to kill people through bounties. U think that's the best way to use a blockchain? Fred you will never kill me with a prediction market. You go try and do that with the money you stole from me. He's making decisions with money that's rightfully mine, spending it on projects that, in my opinion, won't be profitable nor do much to reduce suffering in the world. My opinion as a VC would be that if you're going to blow millions of dollars on high-risk projects, at least choose the ones that will have a positive societal impact. Not tBTC copycat projects and augur bounties etc
Regardless of sexuality, having a dishonest guy like Fred in your "tribe"* only makes the rest of you look bad. Is it true that in SF you always have to have poke the noobs before doing business with them? Because that doesn't sound fair nor profitable. Divinity doesn't exclusively speak through people who love pretzel sticks.
Now PTT wants to Pied Piper the 14-year-olds over at /forniteBR into supporting Ethereum through "community points", hoping a changing of the guard on the East Coast will give him an opportunity to rise up? PTT, He will never let that happen. Not because you're gay, but because your tribe destroys people's lives, like Gawker once did. I will die making sure you don't get Ethereum off the ground.
What is it about Fred that makes him so proud to keep profitting off my work without paying me? He's not my wife. Maybe he's not much a man, but that doesn't make him a woman living with me on a farm with me in 500 B.C. Do u know how easy it is to lie and backstab people to get ahead when you're smart? Actual smart people don't shoot lay-ups, they don't take the easy way. They go for the D U N K S. Does Joe Lubin's backstabbing mantra account for that?
I just want to be paid for my work.
Edit: "Tribe" is a bit of an intellectual meme these days that appears fairly often in crypto circles. It's based on something called "Dunbar's number" which states that social circles max out at 150 people, and everything you do is for those 150 people (your "tribe"). It's not a reference to anything to do with sexuality, rather here it's meant to poke at one of crypto's main problems today. The "tribe" philosophy directly contradicts performing altruisitic acts for the good of humanity, or even for a group as large as a nation. Rather, you do selfish acts for people in your immediate social circle.
References to what a "tribe" is: 1. https://en.wikipedia.org/wiki/Dunbar%27s_number 2. https://medium.com/@mmalmi/law-is-better-without-monopoly-778963880276 3. https://steemit.com/anarchy/@cryptogee/watching-child-porn-is-okay-says-ethereum-owner-vitalik-when-anarchy-goes-too-far 4. https://steemit.com/steemengine/@steem-eng/a-tribe-for-every-niche 5. https://acumen.org/moralrevolution/, first chapter 6. https://www.resilience.org/stories/2019-09-24/dunbars-number-and-genuine-community/
submitted by KevinMauro to ethereum [link] [comments]

Don't blindly follow a narrative, its bad for you and its bad for crypto in general

I mostly lurk around here but I see a pattern repeating over and over again here and in multiple communities so I have to post. I'm just posting this here because I appreciate the fact that this sub is a place of free speech and maybe something productive can come out from this post, while bitcoin is just fucking censorship, memes and moon/lambo posts. If you don't agree, write in the comments why, instead of downvoting. You don't have to upvote either, but when you downvote you are killing the opportunity to have discussion. If you downvote or comment that I'm wrong without providing any counterpoints you are no better than the BTC maxis you despise.
In various communities I see a narrative being used to bring people in and making them follow something without thinking for themselves. In crypto I see this mostly in BTC vs BCH tribalistic arguments:
- BTC community: "Everything that is not BTC is shitcoin." or more recently as stated by adam on twitter, "Everything that is not BTC is a ponzi scheme, even ETH.", "what is ETH supply?", and even that they are doing this for "altruistic" reasons, to "protect" the newcomers. Very convenient for them that they are protecting the newcomers by having them buy their bags
- BCH community: "BTC maxis are dumb", "just increase block size and you will have truly p2p electronic cash", "It is just that simple, there are no trade offs", "if you don't agree with me you are a BTC maxi", "BCH is satoshi's vision for p2p electronic cash"
It is not exclusive to crypto but also politics, and you see this over and over again on twitter and on reddit.
My point is, that narratives are created so people don't have to think, they just choose a narrative that is easy to follow and makes sense for them, and stick with it. And people keep repeating these narratives to bring other people in, maybe by ignorance, because they truly believe it without questioning, or maybe by self interest, because they want to shill you their bags.
Because this is BCH community, and because bitcoin is censored, so I can't post there about the problems in the BTC narrative (some of which are IMO correctly identified by BCH community), I will stick with the narrative I see in the BCH community.
The culprit of this post was firstly this post by user u/scotty321 "The BTC Paradox: “A 1 MB blocksize enables poor people to run their own node!” “Okay, then what?” “Poor people won’t be able to use the network!”". You will see many posts of this kind being made by u/Egon_1 also. Then you have also this comment in that thread by u/fuck_____________1 saying that people that want to run their own nodes are retarded and that there is no reason to want to do that. "Just trust block explorer websites". And the post and comment were highly upvoted. Really? You really think that there is no problem in having just a few nodes on the network? And that the only thing that secures the network are miners?
As stated by user u/co1nsurf3r in that thread:
While I don't think that everybody needs to run a node, a full node does publish blocks it considers valid to other nodes. This does not amount to much if you only consider a single node in the network, but many "honest" full nodes in the network will reduce the probability of a valid block being withheld from the network by a collusion of "hostile" node operators.
But surely this will not get attention here, and will be downvoted by those people that promote the narrative that there is no trade off in increasing the blocksize and the people that don't see it are retarded or are btc maxis.
The only narrative I stick to and have been for many years now is that cryptocurrency takes power from the government and gives power to the individual, so you are not restricted to your economy as you can participate in the global economy. There is also the narrative of banking the bankless, which I hope will come true, but it is not a use case we are seeing right now.
Some people would argue that removing power from gov's is a bad thing, but you can't deny the fact that gov's can't control crypto (at least we would want them not to).
But, if you really want the individuals to remain in control of their money and transact with anyone in the world, the network needs to be very resistant to any kind of attacks. How can you have p2p electronic cash if your network just has a handful couple of nodes and the chinese gov can locate them and just block communication to them? I'm not saying that this is BCH case, I'm just refuting the fact that there is no value in running your own node. If you are relying on block explorers, the gov can just block the communication to the block explorer websites. Then what? Who will you trust to get chain information? The nodes needs to be decentralized so if you take one node down, many more can appear so it is hard to censor and you don't have few points of failure.
Right now BTC is focusing on that use case of being difficult to censor. But with that comes the problem that is very expensive to transact on the network, which breaks the purpose of anyone being able to participate. Obviously I do think that is also a major problem, and lightning network is awful right now and probably still years away of being usable, if it ever will. The best solution is up for debate, but thinking that you just have to increase the blocksize and there is no trade off is just naive or misleading. BCH is doing a good thing in trying to come with a solution that is inclusive and promotes cheap and fast transactions, but also don't forget centralization is a major concern and nothing to just shrug off.
Saying that "a 1 MB blocksize enables poor people to run their own" and that because of that "Poor people won’t be able to use the network" is a misrepresentation designed to promote a narrative. Because 1MB is not to allow "poor" people to run their node, it is to facilitate as many people to run a node to promote decentralization and avoid censorship.
Also an elephant in the room that you will not see being discussed in either BTC or BCH communities is that mining pools are heavily centralized. And I'm not talking about miners being mostly in china, but also that big pools control a lot of hashing power both in BTC and BCH, and that is terrible for the purpose of crypto.
Other projects are trying to solve that. Will they be successful? I don't know, I hope so, because I don't buy into any narrative. There are many challenges and I want to see crypto succeed as a whole. As always guys, DYOR and always question if you are not blindly following a narrative. I'm sure I will be called BTC maxi but maybe some people will find value in this. Don't trust guys that are always posting silly "gocha's" against the other "tribe".
EDIT: User u/ShadowOfHarbringer has pointed me to some threads that this has been discussed in the past and I will just put my take on them here for visibility, as I will be using this thread as a reference in future discussions I engage:
When there was only 2 nodes in the network, adding a third node increased redundancy and resiliency of the network as a whole in a significant way. When there is thousands of nodes in the network, adding yet another node only marginally increase the redundancy and resiliency of the network. So the question then becomes a matter of personal judgement of how much that added redundancy and resiliency is worth. For the absolutist, it is absolutely worth it and everyone on this planet should do their part.
What is the magical number of nodes that makes it counterproductive to add new nodes? Did he do any math? Does BCH achieve this holy grail safe number of nodes? Guess what, nobody knows at what number of nodes is starts to be marginally irrelevant to add new nodes. Even BTC today could still not have enough nodes to be safe. If you can't know for sure that you are safe, it is better to try to be safer than sorry. Thousands of nodes is still not enough, as I said, it is much cheaper to run a full node as it is to mine. If it costs millions in hash power to do a 51% attack on the block generation it means nothing if it costs less than $10k to run more nodes than there are in total in the network and cause havoc and slowing people from using the network. Or using bot farms to DDoS the 1000s of nodes in the network. Not all attacks are monetarily motivated. When you have governments with billions of dollars at their disposal and something that could threat their power they could do anything they could to stop people from using it, and the cheapest it is to do so the better
You should run a full node if you're a big business with e.g. >$100k/month in volume, or if you run a service that requires high fraud resistance and validation certainty for payments sent your way (e.g. an exchange). For most other users of Bitcoin, there's no good reason to run a full node unless you reel like it.
Shouldn't individuals benefit from fraud resistance too? Why just businesses?
Personally, I think it's a good idea to make sure that people can easily run a full node because they feel like it, and that it's desirable to keep full node resource requirements reasonable for an enthusiast/hobbyist whenever possible. This might seem to be at odds with the concept of making a worldwide digital cash system in which all transactions are validated by everybody, but after having done the math and some of the code myself, I believe that we should be able to have our cake and eat it too.
This is recurrent argument, but also no math provided, "just trust me I did the math"
The biggest reason individuals may want to run their own node is to increase their privacy. SPV wallets rely on others (nodes or ElectronX servers) who may learn their addresses.
It is a reason and valid one but not the biggest reason
If you do it for fun and experimental it good. If you do it for extra privacy it's ok. If you do it to help the network don't. You are just slowing down miners and exchanges.
Yes it will slow down the network, but that shows how people just don't get the the trade off they are doing
I will just copy/paste what Satoshi Nakamoto said in his own words. "The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server."
Another "it is all or nothing argument" and quoting satoshi to try and prove their point. Just because every user doesn't need to be also a full node doesn't mean that there aren't serious risks for having few nodes
For this to have any importance in practice, all of the miners, all of the exchanges, all of the explorers and all of the economic nodes should go rogue all at once. Collude to change consensus. If you have a node you can detect this. It doesn't do much, because such a scenario is impossible in practice.
Not true because as I said, you can DDoS the current nodes or run more malicious nodes than that there currently are, because is cheap to do so
Non-mining nodes don't contribute to adding data to the blockchain ledger, but they do play a part in propagating transactions that aren't yet in blocks (the mempool). Bitcoin client implementations can have different validations for transactions they see outside of blocks and transactions they see inside of blocks; this allows for "soft forks" to add new types of transactions without completely breaking older clients (while a transaction is in the mempool, a node receiving a transaction that's a new/unknown type could drop it as not a valid transaction (not propagate it to its peers), but if that same transaction ends up in a block and that node receives the block, they accept the block (and the transaction in it) as valid (and therefore don't get left behind on the blockchain and become a fork). The participation in the mempool is a sort of "herd immunity" protection for the network, and it was a key talking point for the "User Activated Soft Fork" (UASF) around the time the Segregated Witness feature was trying to be added in. If a certain percentage of nodes updated their software to not propagate certain types of transactions (or not communicate with certain types of nodes), then they can control what gets into a block (someone wanting to get that sort of transaction into a block would need to communicate directly to a mining node, or communicate only through nodes that weren't blocking that sort of transaction) if a certain threshold of nodes adheres to those same validation rules. It's less specific than the influence on the blockchain data that mining nodes have, but it's definitely not nothing.
The first reasonable comment in that thread but is deep down there with only 1 upvote
The addition of non-mining nodes does not add to the efficiency of the network, but actually takes away from it because of the latency issue.
That is true and is actually a trade off you are making, sacrificing security to have scalability
The addition of non-mining nodes has little to no effect on security, since you only need to destroy mining ones to take down the network
It is true that if you destroy mining nodes you take down the network from producing new blocks (temporarily), even if you have a lot of non mining nodes. But, it still better than if you take down the mining nodes who are also the only full nodes. If the miners are not the only full nodes, at least you still have full nodes with the blockchain data so new miners can download it and join. If all the miners are also the full nodes and you take them down, where will you get all the past blockchain data to start mining again? Just pray that the miners that were taken down come back online at some point in the future?
The real limiting factor is ISP's: Imagine a situation where one service provider defrauds 4000 different nodes. Did the excessive amount of nodes help at all, when they have all been defrauded by the same service provider? If there are only 30 ISP's in the world, how many nodes do we REALLY need?
You cant defraud if the connection is encrypted. Use TOR for example, it is hard for ISP's to know what you are doing.
Satoshi specifically said in the white paper that after a certain point, number of nodes needed plateaus, meaning after a certain point, adding more nodes is actually counterintuitive, which we also demonstrated. (the latency issue). So, we have adequately demonstrated why running non-mining nodes does not add additional value or security to the network.
Again, what is the number of nodes that makes it counterproductive? Did he do any math?
There's also the matter of economically significant nodes and the role they play in consensus. Sure, nobody cares about your average joe's "full node" where he is "keeping his own ledger to keep the miners honest", as it has no significance to the economy and the miners couldn't give a damn about it. However, if say some major exchanges got together to protest a miner activated fork, they would have some protest power against that fork because many people use their service. Of course, there still needs to be miners running on said "protest fork" to keep the chain running, but miners do follow the money and if they got caught mining a fork that none of the major exchanges were trading, they could be coaxed over to said "protest fork".
In consensus, what matters about nodes is only the number, economical power of the node doesn't mean nothing, the protocol doesn't see the net worth of the individual or organization running that node.
Running a full node that is not mining and not involved is spending or receiving payments is of very little use. It helps to make sure network traffic is broadcast, and is another copy of the blockchain, but that is all (and is probably not needed in a healthy coin with many other nodes)
He gets it right (broadcasting transaction and keeping a copy of the blockchain) but he dismisses the importance of it
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