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If the worlds economy goes to shit that's like an apocalyptic event, no form of money will be good, not even gold, only primary need stuff, like food, meds, shelter, that's the important stuff.
When you think about apocalyptic events only the stuff that keeps you alive is important.
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The name is confusing, it might be confused with an alternative bitcoin client like Bitcoin XT, the people behind the coin should think about rebranding it... |
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Hey, welcome! Indeed these are exciting times for bitcoin! As an architect you get paid very well, at least outside of Tunisia, you'll be able to find places to advertise your services somewhere in these boards, good luck and have fun.  |
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It could have something to do with the huge litecoin dump, I assume a bunch of those litecoins are being used to buy bitcoin, also trades litecoin/fiat, fiat may then being used to buy bitcoin, as it is the next logical investment, but who knows?  |
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That's a very old argument, still bitcoin is gaining users year after year. VC investment is at an all time high, more and more companies are accepting it, and people just keep building on it, it's like no one cares about volatility. |
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I have never had such experience, it's stable as hell, and I usually install the testing versions, before stable comes out, you are probably using a piece of shit operating system called Windows, try using a manly OS, like a Linux distribution.
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I've been here for a couple years or so and there's always have been a lot of FUD, I think this is where I learned that expression, bitcoin has been moving forward since its inception and it will continue to do so, well, probably.  |
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You need to be more generous with the miner's fee if you want fast confirmations, yesterday got some transactions confirmed in next block fee 0.001 and 0.0003 both transactions of 1 bitcoin, one gad a lot of inputs so I was a bit more generous. |
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How much is the cost of the attack?
Is there any analysis on this?
About $20,000 in fees so far, back of the envelope. Assume 7 days (fix that for me if needed). Assume 10000 sotoshi's / 1000 bytes which is more than the min, but a general default for low priority ( fixed) Assume attacker is holding the mempool at 50MB in backlog size. Assume that 1MB blocks are being minted every 10 minutes (fix that for me if needed). So 50MB worth of TX at 10000 sotoshis / 1000 bytes = 50 million sotoshis = 5 BTC to launch the attack. 6 MB / hour * 24 hours * 7 days = 1 GB of transactions = 100 BTC ==== Total = 105 BTC = $28,000 Honestly though, they could pull it off for $3,000, but the certainly have not spent more than $30k Yap, way too cheap for a 4 billion dollar network, something has to change. |
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I always pay fee and I paid 0.0002 for this transaction. It was not my first transaction with 0.5 BTC or higher. But I have never waited longer than 10 to 15 minutes. I had to wait about 45 min to get first confirmation. It's a significant increase compared to a month ago, but i'm sure they'll fix it somehow and soon.
A year ago the same thing used to take 10 min!
Pay the fee and you won't have any problems. I just sent some BTC and paid the 0.0001 fee and it was confirmed in minutes. Is the network still overloaded? Just made a transaction, paid 0.001 fee and it was included in the next block, also received a transaction that was included in the next block with a 0.0003 fee, I guess I've overpaid. |
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At a max of 7 transactions per second... it won't be used for buying coffee by the average person...
There is heavy debating going on about what to do...
I don't think the interent backbone will advance fast enough to follow gavin's doubling plan, it's a decent plan though, however I think inncorrect.
It can be used for everyday purchases like buying coffee, but you need to use off-chain transactions, it would be like using Paypal, but you fund your account with bitcoin. Imagine in your particular area there are a lot of merchants using Coinbase, you can set up a Coinbase account just for your everyday purchases, same thing with Xapo, you can still have your own wallet for purchases at merchants who do not use these kind of services. |
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pedrog
Feb 12th 2015
Thank you.
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If you want it fast and don't want to create an account shapeshift.io is your answer.
Just 'shifted' some litecoins, it was really fast.
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Are you making money with that strategy?
Unless you're putting money into casinos' bankroll, gambling is not an investment...
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How much is the cost of the attack?
Is there any analysis on this?
I don't trust myself to do the math myself but I read it could be anywhere from 600 to 1600 dollars a day. The higher transaction fees would only cover this if the top 3 pools were working together. (I'm really bad at math) That's way too cheap for a billion dollar network, almost anyone can do it... It goes to show that if one day the bitcoin network grows considerably, it won't be able to cope up with all these amount of transactions coming in. It's trying to a prove a point here whether it is intentional or otherwise, the message is clear we are not prepared for all that.
Changes proposed by Gavin to increase blocksize were meant to be applied in a year or so, I guess they need to speed up the time frame to increase transaction rate. |
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sounds like a pyramid scheme. He's saying that some people doing whatever (probably investing in him) is getting 4000 LTCs a day as a reward
Well: given the recent plummet, it now looks like a pyramid scheme that's collapsed... I don't think so, it seems that someone who had a shitload of litecoins took advantage of the situation and cashed out, and this may actually help the pyramid scheme, as now it's cheaper to get in, in fiat I mean. I think it's impressive that a scheme like this can drive the price up so much. What? It looks like the pyrimid schemer himself sold all his LTC https://coinplorer.com/LTC/Addresses/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatouOh, I see. That's a lot of litecoins... |
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That's definitely a possibility, the Snowden Leaks and other leaks and hacked document dumps from intelligence or other shaddy agencies show they do this kind of stuff, for experimenting, for fun, for some other reason, maybe someone got bored...
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