BTC or ETH, which is more likely to be wiped out by the US government? (Part B)

translated by Ding HAN and Yalan WANG

After the previous BTC or ETH, which is more likely to be wiped out by the US government? (Part A)article, someone asked me:

Q: You said ETH’s Full node has 578GB of storage, so why is my Geth wallet 1 TB/2 TB/3TB/4 TB?

A: The 578GB data storage comes from https://etherscan.io/chartsync/chaindefault.

For those who claim it’s larger than 578GB because they have chosen the wrong mode. Please use geth — sync mode “full | fast | light” to select the mode. Note that the “full” here means archive node, and the “fast” is the full node (“fast” downloads all blocks). Read the technical documentation here:

That’s why some wallet users say: “You’re lying, my full node obviously has 4 TB of storage”. He is confused by the name of the option; the 4 TB storage is actually the archive node from the moment you synchronize, this also supports the theory that there are a large number of active nodes because many users seem to be in syncing archive node.

If your wallet grows too large, that’s because you synced in archive node mode. You can prune or resync the wallet again to make it back to 578GB of storage.

Q: Even if I sync for a month on a high-end computer, I can’t keep up with the latest updates.

A: First of all, it is not the fault of the name of options, you have to choose the fast mode, both fast and full options download all blocks, and this step doesn’t take long, but since the archive mode corresponds to the full active node, which can be time-consuming as you will have to run the EVM code from the very beginning.

In the fast mode, your wallet will download a recent snapshot of the EVM directly state (not only downloads all blocks, but also downloads a recent snapshot of the EVM state), which is a large file, the synchronization will take several hours if your network speed is high, the transactions will automatically be validated when synchronization is complete in fast mode.

Secondly, you have to use a SSD hard disk as blocks have a lot of small files, even if you synchronize a good snapshot on a mechanical hard disk, which can not keep up with the update.

Q: The full node of BTC should correspond to the archive node of ETH.

A: BTC’s full node has neither address balance information at a certain height nor the execution status of a specific height script. How can it be considered an archive mode? He doesn’t know that BTC has a script.

BTC doesn’t have archive mode as it was created a long time ago. However, BTC does have something similar to the archive mode, that is the data with intermediate state generated by the block browser itself. I asked BTC.com, they have 2 TB or more of storage data.

Let’s get back to the “BTC or ETH, which is more likely to be wiped out by the US government?” (Part A)conclusion:

1. The wallet size of ETH is slightly larger than that of BTC (578GB vs 456GB).

ETH node hardware requires a mid-range personal computer,

while BTC node hardware requires a low-grade PC.

The number of nodes for ETH is smaller than for BTC (6369 vs 15013),

but still in the same order of magnitude.

When facing the crackdown, either they all live or they all die.

It is impossible for one to die and the others to survive.

2. Technically, 51% empty block attack can kill POW coins completely.

POS coins are more resilient to this attack.

3. The crackdown measures that US Government may use on cryptocurrencies: Legal category

Although 51% empty block attack can ideally kill BTC, this should be conducted under the rules of BTC. The person who thinks the US government will engage in a 51% hashpower attack must be dumb.

a. The history of the US government’s forced gold seizure

The US government does not attack with 51% hashpower, which is not the area of expertise of the US government. It will launch a crackdown through legal methods, for example: declaring that holding, trading, and settlement of BTC/ETH are illegal.

Do you think it’s impossible? That is the US government, which has seized its citizens’ gold by force.

How dare you argue if Bitcoin is labelled as “Avoidance of regulation, funding the enemy”?

Amid the Great Depression of 1933, President Roosevelt proposed an Emergency Banking Act to stop the exchange and export of gold in the name of saving the financial crisis and preventing the loss of US gold to Europe. Both houses of Congress passed it on March 9.

On April 5, Roosevelt further enforced Executive Order 6102 the seizure of citizens’ gold for $20.67 per ounce. Those who possessed gold would be heavily sentenced to up to 10 years in prison and a $100,000 fine. Even the gold entrusted to the US company by the Swiss bank Uebersee FINANZ-Korporation was forcibly seized.

On January 30, 1934, the US passed the Gold Reserve Act again, and the price of gold was reset at $35 per ounce. Still, the American citizens had no right to exchange gold. The Americans had just traded their gold for dollars. Nearly half of it was looted by the “Roosevelt New Deal.”

Recently, the looting of the property of wealthy Russians by European and American governments is the repeat of history.

Only cryptocurrencies are inalienable property.

If Satoshi Nakamoto were a fool and believed the US government’s “sanctity of private property”, there would be no bitcoin, neither a great blockchain era.

b. Consequences of declaring that trading and holding are illegal

The price of the Bitcoin will drop by 99% (a little better than the 99.9% paralyzed by the 51% empty block attack), no large economic activity will enter the Bitcoin industry, think about how small the economic scale of the dark web, I bet there will few people are willing to risk up to 10 years in prison and $100,000 fine” to hold the Bitcoin.

In a nutshell: BTC/ETH will not die technically. Still, it will die socio-economically and only survive in the dark web crevice.

In this case, the difference between BTC and ETH in technology, almost has no impact on the crackdown, For example, the opponent holds a machine gun with an attack value of 1000, but no matter how good your sword practice is, your defence value is 1 or 2, what is the difference between 1 or 2 since they will die anyway? This is the same logic to your wallet’s storage: either 578GB or 456GB. Can you defend the 51% empty blocks? Your node requires a little more CPU memory or a little less. What’s the difference?

c. Core who is against Bitcoin scales up

One major reason that Core was against the scale-up is that BTC should be small enough to run with a Raspberry Pi that fits in your pocket so that it can survive the government’s blockade.

How can I comment on this thought, ignoring socio-economic reality and full of childish stupidity of developers. I am a programmer, and I understand how this idea came about.

Satoshi Nakamoto wrote in the Genesis block.

The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.

The Bitcoin created by Satoshi Nakamoto was to fight against the government’s indiscriminate issuance of money, pursue monetary freedom and economic freedom, make the world a more rational place, or provide convenience to criminals who buy and sell drugs; conduct human traffic, smuggle weapons on the dark web?

Does Bitcoin have any social value in this kind of meticulous living besides only serving the darknet?

d. Why can’t the US government block Tik Tok?

Since the reason against the scale-up of Bitcoin is full of childish stupidity of developers, what should be the right way to do it?

​Let’s take a look at the history: why can’t the US government block Tik Tok? It’s because the Tik Tok is small enough to run with a Raspberry Pi that fits in your pocket?

​Of course not, because Tik Tok is a very popular application, popular enough to influence public opinion/voters, it has 52.2 million users in the US, when the public loves Tik Tok, the US President Trump who the hell are you if you dare to ban the Tik Tok?

e. Unbeatable power

The public is the source of unbeatable power. To survive, ETH must:

From the people, to the people, with the people, and all for the people!

BTC has already cut itself off from the users and the people after the Core Party opposed the scale-up solution and took the route of digital gold and value storage.

​Once the US Government release the crackdown act, a few institutions with heavy positions in BTC collapsed on the spot, most of the small amount of BTC position institutions immediately get liquidated, retailers will flee.

What can they do, the remaining less than 1% of the cryptocurrency Holders? Which decent people and decent companies will deal with you?

Are you prepared to go to the dark web and deal with criminals who sell drugs, conduct human traffic, and smuggle arms?

​What else can BTC do but holding? Can you use it? Stamps went viral once when they could be used and held.

The stamp collection was a popular activity at the national level, but how quickly did it decay when stamps no longer can be used except held as a souvenir? Is there anyone collecting stamps now? Such a simple truth, BTC maximalists will always turn a blind eye and a deaf ear. You can never wake up a person pretending to sleep:)

​ETH is now much better than BTC, ETH’s currency freedom + contract freedom features allow the creation of a large number of derived applications, NFT, GameFi, etc. have been known outside the industry, with a large number of users and visibility.​

​Of course, there are not enough now, but in the future, as the application, ecology and users continue to develop, more and more investors, funds and companies will join ETH, and this is the power of ETH not to be blocked, and this is our sea of stars.

Read more from B.TOP:

👉BTC or ETH, which is more likely to be wiped out by the US government? (Part A)

👉To sell or hold your crypto in the current trend?

👉In the era of quantitative easing, no deep bearish market is supported

👉Will this run reach all time high by the end of 2021 by historical experience?

👉Join us on telegram.

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