Latest posts of: knolix

From what i understand block propagation takes some time after the miner found a block
If the minner fills the block with more transactions he will cut his chances of getting the reward.
So it will be a mix between proof of work and proof of upload speed favorizing miners with higher upload speed.
I don't think this was originaly intended and might lead to centralization

Best Regards

Quote from: rebuilder on August 21, 2015, 10:59:56 PM

Quote from: knolix on August 21, 2015, 10:55:43 PM

But as an investor i don't care about mass adoption. As an investor i want to see BTC grow under it's curent limits (21 mil coints and 1M blocksize)

Why?

You've had it pointed out to you that miners can choose what they want to charge to accept transactions, whatever the block size.

You have a valid argument.
Still triyng to grasp this concept

Quote from: Alley on August 21, 2015, 10:50:53 PM

If you want a fixed blocksize limit shouldn't it be what satoshi originally implemented? Wasn't it 8 or 32mb?

I think it's better 8 or 32mb then exponential blocksize increase.

The size it's 1m now and that's what my personal preference is.
The fact that satoshi originally implemented 8 or 32 it's not an argument. What if he originally wanted 42 mil coins .... should we change that now ?

Quote from: pawel7777 on August 21, 2015, 10:15:27 PM

I think you should start doing minimum research before investing in anything.

You do realise that initially there was no block size cap? You know that 1mb was temporary solution? Are you aware that both XT and Core devs see the need of lifting the 1mb?

Off course you don't.

I know that initially there was no block size cap. I read this argument countless times. But what was the value of this technology when there was no block size cap ?

As a bitcoin entusiast i do want to see mass adoption and i realize that 1M it's quite small for that.
But we can change it after we experiment with the fee market. After the 21 mil coins have been mined the fees market it's the only thing that will suport the security of the network.

But as an investor i don't care about mass adoption. As an investor i want to see BTC grow under it's curent limits (21 mil coints and 1M blocksize)

Best Regards

Quote from: teknohog on August 21, 2015, 10:12:35 PM

I don't see how the block size increase would end transaction fees.

Are You Kidding Me?

Why someone would pay higher transaction fee if the supply (block size) it's larger then the demand (active transactions)

For XT client will get to 8G in about 30 years

If we agree on a larger block size it should be fixed not increasing exponential. And we should also consider the transaction fees market to prevent spam

Best Regards

I have made a faucet to push bitcoin adoption and i need help with a lot of aspects

Best Regards

I have boght BTC thinking it will keep his value and will be secured over time.
I don't care if 75% of miners want to exchange my BTC with worthless XBTC coins
XBTC doubles block size every 2 years not leaving room for transaction fees market (same effect as doubling the 21 mil coins every 2 years)
BTC 21 mil cap and BTC block size need to be fixed numbers

Since Bitcoin XT attack it's in progress the price will only go down and i don't think the attackers will give up till they fork the network.

Do you think after the fork mass adoption will happen ??

If my BTC get's turned into XBTC the only solution i see is to use my XBTC to pay for transaction fees while sending mass comercial messages over to every XBTC active address i can harvest.

Since XBTC has no transaction fee market i'm expecting the transactions to be quite cheap so i can target many addresses and even turn a profit

What do you guys think ?

I make about 0.002 per day with my list

only 1 block has been mined till now with XT

If bitcoin forks to XT

What would you preferr and how much BTC you have ??

Quote from: Xialla on August 19, 2015, 07:03:07 AM

Quote from: MinerHQ on August 19, 2015, 06:55:06 AM

If bitcoin price again go down after you buy, what you do? instead pray for going high and buy now.

uhh it is so simple to answer - of course HODL - what else?

it is not end of the world or some kind of drama. you have to just relax, focus more something else and check price later. and of course that one bitcoin is 1BTC tomorrow or day after. Why is everybody stressing and spreading panic?

1BTC today will be less tomorow if the fork happens

If bitcoin survives this it will grow stronger so let's see what happens

I was not thinking i will have to run nodes when i invested in BTC.

This is not a practical solution for avarage BTC investor to protect his investment.

Maybe we could open an transparent cloud mining company where we can buy shares

Best Regards

Quote from: DannyHamilton on August 18, 2015, 02:02:06 AM

It is 75% of the last 1000 blocks (which is effectively approximately 75% of the global hash power on the bitcoin network.

750 of last 1000 blocks it's not 75% of miners from what i understand

It's like playng dice and after many tries your dice show 6 twice in a row.
You can conclude then from last 3 tries that 66% of dice faces are marked with 6 when in fact only 16% of dice faces are marked with 6

Am i wrong ?

Quote from: Hazir on August 18, 2015, 12:44:43 AM

When majority agrees upon something - in this case whooping 75% is is called consensus, not an attack. Attack would be something done by minority and aimed to destroy.
In this scenario all I see is leading bitcoin to some conclusion and not necessarily to destruction. Stop with the 'attack' drama. Let people choose the side.

I think 75% is misleading as consensus becouse it's 75% of last 1000 blocks not 75% of miners
Because miners are randomly awarded this 75% will hapen with a low % of miners it's just a matter of when the fork will happen

My guess is this will split bitcoin value into 2 coins

Best Regards

75% of miners or 750 of last 1000 mined blocks it's not the same becouse blocks are mined randomly by miners
Witch is it for Bitcoin XT?

Best Regards

Quote from: StevenS on August 17, 2015, 11:36:52 PM

Quote from: knolix on August 17, 2015, 11:19:19 PM

Before now bouth arbitrary numbers 21 mil bitcoints and 1MB block size had fixed values

That is not correct. The 1MB block size limit was added in late 2010. Previously it was much larger.

It was larger but it was a fixed value and the change was possible because there was no transaction fee market yet

The market is based on suply and demand for bouth BTC and BTC blocksize
With each halving the security of the network relies more on transaction fees and less on block reward

Before now bouth arbitrary numbers 21 mil bitcoints and 1MB block size had fixed values

Why change that now?

Please advise what to do not to lose value of my BTC investment

Best Regards