The cost is not that significant. Heck, the whole BTC market cap is not that significant.
If there were 6 GB block size bloat per hour?
A financial attack could do this independently.
Miners could do this free-ish.
Small miners would fail, as would all hobby miners.
Full nodes would become centralized, increased 51% risks, etc.
These are just the obvious. No more decentralisation for Bitcoin.
From the wiki: Note that a typical transaction is 500 bytes, so the typical transaction fee for low-priority transactions is 0.1 mBTC (0.0001 BTC), regardless of the number of bitcoins sent.
To spam the 1 MB blocksize takes roughly .2 BTC per block, or 1.2 BTC per hour. That's only $500 per hour. To spam a 1 GB blocksize takes roughly 200 BTC per block, or 1200 BTC per hour. That's $500,000 per hour! A 1 GB blocksize is far more costly to attack. We could increase the blocksize to 1 GB now and nothing would happen because there aren't that many transactions to fill such blocks. |
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To answer your question of What would also happen if the block size were increased to 1 GB tomorrow is the introduction of new attack vectors, which if exploited would require intervention to resolve by miners, and development.
Like what? What "new" attack vectors? It is already quite cheap to attack the current 1 MB blocksize. What would it cost to attack a 1 GB blocksize vs the current 1 MB blocksize? |
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you need a solid watt savings. right now .6 watts is the gold bar.
Right now a 1 TH/s, .6 J/GH machine looks like this: Income @ $410/btc: $180/mo Expense @ $.10/kwh: $43/mo There's still significant profit potential at the current conditions. |
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You wouldn't have filed an FTC complaint, would you have? Since you were refunded in full, you have no cause to complain. You wouldn't have been that dishonest would you?
Gosh, I wonder who else is not a customer that filed a complaint... anyone else want to admit it?
If all the information given in the FTC complaint is truthful, then there's nothing wrong with filing an FTC complaint. The FTC is interested in all sorts of complaints. |
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What would happen if the blocksize were increased to 1 GB tomorrow? Pretty much nothing. Miners will always be able to create blocks less than the maximum blocksize.
What would happen if the blocksize were decreased to 1 KB tomorrow? Bitcoin would come grinding to a halt.
Too small blocksize = death to bitcoin.
Too big blocksize = non-issue.
I'd rather see the blocksize too big than too small.
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If Bitcoin grows large, exactly how will governments tax the 'windfall'?
The same way they tax the cash market. Lots of small businesses run on mainly untraceable cash, yet they still pay their taxes. Fear of penalties, jailtime, etc. |
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Nice! Just quoting this so you can't remove it later.  Thanks for admitting it. "I made a complaint to the FTC because someone was mean on the internet!" LOL! You think it's funny that the FTC was given control of BFL in part due to the way you act here? You are seriously messed up in the head. |
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Of course we had nothing to do with the design of the Altera chip, are you insane? I never claimed we did.
https://web.archive.org/web/20111001053714/http://butterflylabs.com/Butterfly Labs manufactures a line of high speed encryption processors
I'll give you a pass because this was a BFL lie before you were hired, but BFL definitely lied about "manufacturing" the processor which they did not do. |
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I believe that we have already informed our customers of this: We are currently waiting for CE to check the X3. Until completed, no shipment can be made.
Another 2 weeks have passed. When is the PSU testing due to finish? |
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Companies like Bitfury, Bitmain, ASICminer, Spondoolies, have done a pretty good job. They delivered decent hardware with minimal failures.
Companies like Avalon, BFL, KNC, Bitmine, AMT, and many others have betrayed their customers. They had massive failures and their customers were screwed because of it.
While the increasing difficulty means it's harder to mine, that also means that the network is more secure, and that's a key factor. Your bitcoins are safer, and their value will continue to grow. HODL.
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should've made a politician career instead of bitcoin mining industry ^^
Good point. He might be warming up for running for office. |
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PPS: Josh, you still didn't answer the direct question, merely dancing around it: "Did you delete the post in question, or not ? Why do you think a mod or admin would delete that one particular comment given your greatest hits here ?"
Josh is so used to lying he cannot answer direct questions anymore. Avoiding, misrepresenting, flat out lying, it's all he knows how to do at this point. |
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If you are not here to help with the issue present, please keep yur comments in the other thread.
Don't you get it? No one here likes you or your employer. Use your own censored forums for supporting your customers. |
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If 1 MB blocks give us, say, 3 transactions per second, then 20 years of "double every 2 years" growth starting from 20 MB would leave us with about 60 million transactions per second. That's about 25 transaction per hour per human (assuming a world population of 8.5 billion in 20 years time). This sounds a bit excessive to me but then again I've not thought seriously about how such a volume of transactions could be utilised. https://en.bitcoin.it/wiki/Scalability doesn't speculate beyond a few hundred thousand transactions per second. I'd certainly appreciate a link if a discussion on the utility of millions of transactions per second exists. I like this line of thinking. What TPS are we shooting for and when? That's what will determine what size blocks we need and how to grow to that target. Simple growth rates like "50% increase per year" are guaranteed to end up with blocks that are too large, which will require another hard fork. Hard forks are bad, mkay? |
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FYI I thought anyone on twitter might in interested. https://twitter.com/AMTminersThey are working to sell outside of BCT. Take that as you will. But seems like they are looking to bypass the vetting that gets done here and pull a BFL by looking at other venues. Considering Joshua Zipkin's statements on mining and his antics to actually sell hardware while giving people advice to buy bitcoin instead, seems sorta conflicting. At any rate there is someone already trying it seems. Bob Franklin @MinerEnthusiast already linked this thread. FYI not me in case that accusation comes up. But he or she is there going at it. I suggest the community get involved and tell your story. FYI I don't do twitter, honestly not my thing. But I can see the public profiles there. So if you do like to twitter have at it. I suggest spread the word and link this thread so people can see AMT for what it is. A friend of mine who works in marketing and is watching bitcoin trends alerted me this. Not everyone reads BCT, but just about everyone uses Google. Make sure Google searches for AMTminers turn up the right threads/sites. |
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I'm no KNC shill. I bought a Titan and I am pissed. You can laugh all you like until your Spondoolies boat anchors ROI amiga.
~L)L~
So why did you buy a "no refunds" product in the first place? By that time KNC had a good history of failing to deliver. No one should be surprised they didn't deliver again. |
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If they have all this money, and are such a great company, why do they need PREORDER money?
I bought a tesla X and he did not need me to pay for it. I will pay for it when (and if) he delivers it.
They do preorders so that all risk is on the customer. There's no reason to risk your own money when there are thousands of idiots out there that will risk their money instead. |
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Oh, look, you're distributing cgminer binaries. Where are the sources? |
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Actually, It's your ego that's getting in the way at the moment. AMT isn't working around the community, nor are we hiding lol. We just don't care to write on this forum anymore as we explained last month. Even though we don't engage in your daily crap fest we're still just as popular either way, so why should we loose our time like opieum2. And please be sure that we're contributing to the community everyday, we resent that statement. Do notice its the same 4-6 individuals that comment about about us, and it's been that way since ...January. And please know they are wrong about so many things, but we feel there's no point even to go into it. We're not gonna sit on this forum day after day and loose our time arguing with the same people whose sole purpose is to have us do just that. For support issues you're welcome to email us at sales@amtminers.com and someone will get back to your shortly. And to our glorious colleagues, you're pregame of crap before the price spike probably wont make much of a difference in the outcome of AMT sales, AMT doesn't make any sales due to our terrible reputation, but you guy's already know that. But we're still trying everyday as some of you can see. Here's some advice:. buy bitcoin. Buy it today under 360, hold for 2-3 days with a stop order at 430. When it sells, immediately after place a buy order at 395, hold for 4-5 days with a stop at 540. Invest at your own risk. But what do we know, we're just a bunch of "idiots with a moronic CEO that seems to know nothing about technology".  And sorry about Vegas guys, we wanted to go but something came up and we couldn't make it. Maybe next time if things start to look up. For anything else please feel free to email us at Sales@AMTminers.com as we don't write on this forum too often. Simple question. When are you shipping the MPP? |
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Yep, its my educated guess based on how mining has evolved these past two years. I used that word intentionally because there is no way to know for sure what it is. I don think its low as miners have real costs that they need to recover.
Sure, they have "real costs", but not everyone has to recoup them. Mining is also a way to accumulate coins, not just profit. For instance, I mine, and have significant energy costs, but I don't sell the mined coins to cover the energy costs. This is one way I invest USD to obtain BTC. |
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