Bitcoin Forum

I am so confused. First came Bitcoin XT which tried to solve Bitcoin's block size cap (and apparently it failed) but now there is something new called Bitcoin Unlimited? I just read a few things about it and as far as I understood you can choose any block size right? What is this? Another alt coin or a fork?  ???

It's like alchemy. There is many methods that produce fake gold. :)

One network.

Multiple clients.

Simple.http://imagizer.imageshack.us/a/img903/5932/Suzhvq.jpg

all P2P file sharing have this "issue" ... after years of knowing and using developpers.

They are just trying to do the XT thing all over again considering XT was a failure to ever gain notoriety, that's what im deducing after studying the situation. Im not buying.

Due to astronomical Bitcoin mining difficulty it is pointless to talk about real Bitcoin and Bitcoin altcoin. Wallet that gets the majority of hashrate will win, it is as easy as that. All Bitcoin services will be forced to switch to it else they'll be at real and high risk of ending up as victims of double-spends. And Bitcoin altcoin would not live even for a day because no new blocks would be mined for that period of time, or ever. Do not count on Bitcoiners actualy waiting the next block for very long.

With PoW coins, the amount of hashrate equals the amount of votes.

The first Bitcoin wallet that starts paying extras to miners will win. Economics which Satoshi either failed to include in equation or bet on.

which is a very flawed concept, as now there is more to the bitcoin ecosystem then just the miners. though it theorised they'd act in their own best interest which should be to keep the price, which should work in everyone's interest, but mostly people work in their own interest without understanding how this will go down with others.

i see this throughout the crypto community, programers off in their own innovative world don't at all relate to traders, miners don't relate to traders etc etc

ftc is a good example, miners voted to change the algo (in the best interest of avoiding asics, seemed a reasonable approach), didn't go down well with traders (like myself). now what was once a $4 USD coin is lucky to be 0.4 cents  :o

Unlimited was the most hypercomplex, hopelessly convoluted Gavinista circle jerk of all time.  Peter_R, Frap.doc, Solex, rocks, and Justus really poured their hearts and souls into that one.  But it failed miserably.  LOL.

Did you see their Constitution Manifesto Wishlist thingy?  It was slightly shorter than the OED (but much less concise and logical).

Anyway, Unlimited is last year's news.  The new Gavinista vaporware is Bitcoin Ultra.  Or was it Classic?

Oh wait, the New Shiny is actually NotPseudoBitcoinSX DarkX++ Turbo Edition 2 Deluxe.   :P

So XT failed and bitcoinclassic is gavins new altcoin? He is going full BryceWeinerShitcoinfactory now  :D


LMAO -->  https://www.reddit.com/r/Bitcoin_Classic/comments/40qbrt/xtnodescom_now_displays_bitcoin_classic_its_ready/ 

What the hell? Another Bitcoin? So they are going to keep making new Bitcoin alt coins for what? To make things even worse? I don't believe this will ever solve Bitcoin's block size issue, but looking into Segregated Witness proposal, seems very promising to me especially the part about fighting transaction malleability.  :D

There are two parameters that a node running BU can set. The first one is the "excessive block size".
Blocks larger than that size will not be accepted, at least not right away.
Which brings us to the other setting, "accept depth". Say you set that at 5, then if you see
the block that you marked previously as excessive in the longest chain at depth 5 from the tip,
then you will accept that block. So you will always end up on the longest chain.

In practice, the block settings will tend to be conservative and reflect the actual limit of the
nodes processing power. It is unlikely that there will be wild fluctuations of block values with
the honest nodes, as it is in their interest not to fall behind. It is futile to have a select group imposing
a block limit on the network, instead it will be found via communication and negotiation among different
user groups.

There will be enhancements in the client to assist users to arrive at suitable settings and
to distinguish between honest and bad actors. What will probably be next is signaling of
user settings to the network like pictured here (a  BU node I'm currently running):

http://i66.tinypic.com/2qu2lwg.png

This announces to the network that my node will not accept blocks larger than 2.4MB unless 3 blocks
have been mined after it in the longest chain.

Hope this clears some of the confusion.