One thing I wonder about is how to motivate miners to fill up blocks; partial blocks when there's a backlog is pretty dumb. Here's my thought; when a block is announced then look at the backlog and if the backlog is big enough then keep working on the pre-announced work trying to find a fuller block. Orphaning partial blocks motivates the miners to fill up the blocks. Full blocks will attract subsequent work and eventually build a longer chain. Everyone on the fuller (and hopefully longer) chain wins; everyone on chains with partial blocks lose.
orphaning off blocks like that would cause more problems than solutions. the main result is the smaller miners who dont have hashpower will get orphaned off more, because they include less tx's to try gaining advantage against the large farms. making mining network less distributed and in favour of the large mining farms Hmm, https://blockchain.info/block-index/1010926/0000000000000000001e7d9e5bf68fda5332ee606963b407353fc8b0f1f4d38b came from AntPool. Meanwhile, I haven't seen the much smaller Slush pool put out such empty blocks. Filling a block takes a tiny amount of time compared to finding a compliant nonce et al for any sized pool or even a solo miner. |
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One thing I wonder about is how to motivate miners to fill up blocks; partial blocks when there's a backlog is pretty dumb. Here's my thought; when a block is announced then look at the backlog and if the backlog is big enough then keep working on the pre-announced work trying to find a fuller block. Orphaning partial blocks motivates the miners to fill up the blocks. Full blocks will attract subsequent work and eventually build a longer chain. Everyone on the fuller (and hopefully longer) chain wins; everyone on chains with partial blocks lose.
orphaning off blocks like that would cause more problems than solutions. the main result is the smaller miners who dont have hashpower will get orphaned off more, because they include less tx's to try gaining advantage against the large farms. making mining network less distributed and in favour of the large mining farms Hmm, https://blockchain.info/block-index/1010926/0000000000000000001e7d9e5bf68fda5332ee606963b407353fc8b0f1f4d38b came from AntPool. Meanwhile, I haven't seen the much smaller Slush pool put out such empty blocks. |
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One thing I wonder about is how to motivate miners to fill up blocks; partial blocks when there's a backlog is pretty dumb. Here's my thought; when a block is announced then look at the backlog and if the backlog is big enough then keep working on the pre-announced work trying to find a fuller block. Orphaning partial blocks motivates the miners to fill up the blocks. Full blocks will attract subsequent work and eventually build a longer chain. Everyone on the fuller (and hopefully longer) chain wins; everyone on chains with partial blocks lose.
orphaning off blocks like that would cause more problems than solutions. the main result is the smaller miners who dont have hashpower will get orphaned off more, because they include less tx's to try gaining advantage against the large farms. making mining network less distributed and in favour of the large mining farms Hmm, https://blockchain.info/block-index/1010926/0000000000000000001e7d9e5bf68fda5332ee606963b407353fc8b0f1f4d38b came from AntPool. |
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SegWit does seem good although it is a little tricky and wonder if we will get it perfect the first time.
Increasing the blocksize limit seems good to me. It seems trivial to get it right.
Doing both seems ok to me but does contradict the wisdom of only making one change at a time. Can we change one and then a little later the other or is there some compelling reason to do them at the same time?
One thing I wonder about is how to motivate miners to fill up blocks; partial blocks when there's a backlog is pretty dumb. Here's my thought; when a block is announced then look at the backlog and if the backlog is big enough then keep working on the pre-announced work trying to find a fuller block. Orphaning partial blocks motivates the miners to fill up the blocks. Full blocks will attract subsequent work and eventually build a longer chain. Everyone on the fuller (and hopefully longer) chain wins; everyone on chains with partial blocks lose.
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It's almost done. UPS tracking indicates my GBTC transfer from non-broker custodian Equity Institutional to broker Schwab has indeed been delivered this morning. Apparently Grayscale was provided with the re-registration (although I didn't confirm that with Grayscale themselves). I think I am only about 3 or 4 more days away from actual liquidity (after more than 3 months). I've got to believe it would go somewhat faster the second time through but it is just so much effort on my part I am feeling less than enthusiastic. Bottom line (at least for me): owning/exchanging US dollars to Bitcoin (and back) is pretty quick & easy in non-retirement accounts. Retirement accounts not so much; so far it is doubly indirect (through the Bitcoin Investment Trust and GBTC) but the tax advantage (especially with Roth) should be great but it wears me out. Sure now I can skip directly to GBTC (and might) but that wasn't available originally. Moreover, the arbitrage opportunity http://grayscale.co/bitcoin-investment-trust/#market-performance is largely an illusion given how long it takes to move funds through the cycle. |
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Hello. I was just thinking: what would happen if someone or a group of people such as Bill Gates, decided to purchased all the bitcoin in circulation, or a majority of it anyway.
They could purchase it for $500 per Bitcoin.
Then, due to the hightened demand and lack of any other way of getting bitcoin, they could be sold on for more than $1000. Making a $500/unit increase.
Making the decision and actually doing it are two different things. Your prices are speculative and unlikely to be accurate. |
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The first transaction finally committed.
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It may have originally been broadcast on the 11th but if it was received at Blockchain.info then it was apparently dropped until a rebroadcast was received on the 14th -- no biggie, these things happen.
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Many folks are comfortable with two places after the decimal point. So with μBTC one Satoshi is 0.01μBTC making the Satoshi a little like a penny, especially when 1BTC=$1,000,000 or rather 1μBTC=$1.
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Hmm, the first transaction shows, "Received Time 2015-12-14 04:22:38" at Blockchain.info; perhaps it didn't make it there until then or maybe it was dropped and received again then.
My full node does not know about it;
13:46:33 getrawtransaction c66637778efae6faa30e679c9f18e3b1e3fc9ae70f6e2d3fe09755af22ba63b8
13:46:33 No information available about transaction (code -5)
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Buy now before it goes up more.
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*If* this is possible then why hasn't it?
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Naturally this is a risk for anyone with any assets. - Do what you can to keep yourself safe
- Make the effort to get trained in self-defense
- Under duress, readily give up a prepared amount
- Under further duress, reluctantly give up another prepared amount
- Under ultimate duress, understand that you are probably going to die even if you give up everything
- Understand that you are eventually going to die and then none of this worldly junk will matter anymore
I propose a distress feature. When forced to give up access to my private keys then I actually give up a variant. The variant, when used, triggers a silent alarm indicating I am under duress. |
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- I educate myself.
- If after explaining it some they show enough interest to get a wallet on their smart phone then I give them a Bitcoin penny 0.01BTC or dime 0.10BTC to get them started.
- I tip some service providers, e.g. barber, instructor, etc.
- I give gifts, e.g. high school graduations, etc.
- I offer and buy back gifts with US Dollars.
- I participate/contribute to this forum and the Facebook page for Michigan Bitcoiners.
- I run a full node 0.11.2 (without mining).
- I provide funding indirectly through speculating both with retirement (Roth IRA) and non-retirement accounts.
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I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effective I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).
tbh its a pretty silly contruct It was the first (and so far only?) way to get tax-favored retirement funds in; the lack of agility isn't utterly fatal. I already had/have as many non-retirement funds in that I wanted; if I want more it is pretty straightforward to get them. Bitcoins (or derivatives) in a retirement account (especially a Roth IRA) have a rather huge advantage over Bitcoins in a non-retirement account. *If* it goes to the moon then the tax difference will be enormous. I do fully expect the Roth IRA terms to be changed eventually; perhaps in part in response to the giant gains of Bitcoin. Except if.. you know... never cash out  *insert Morpheus meme* Couldn't agree more *but* even just spending them to purchase something (without exchanging into fiat) will trigger a taxable event. Worse, I worry that eventually they might be taxed in place. |
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I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effective I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).
tbh its a pretty silly contruct It was the first (and so far only?) way to get tax-favored retirement funds in; the lack of agility isn't utterly fatal. I already had/have as many non-retirement funds in that I wanted; if I want more it is pretty straightforward to get them. Bitcoins (or derivatives) in a retirement account (especially a Roth IRA) have a rather huge advantage over Bitcoins in a non-retirement account. *If* it goes to the moon then the tax difference will be enormous. I do fully expect the Roth IRA terms to be changed eventually; perhaps in part in response to the giant gains of Bitcoin. |
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I am desperately trying to quicken the path through Grayscale (really my custodian) to arbitrage but to be effective I would need to be able to turn it around in a small number of days (or less) and right now it has taken most of a year for the first batch (not encouraging).
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My guess is one pays a premium for GBTC since they are in short supply and desirable for retirement accounts. I suppose it might be taken as a leading indicator to some degree since investors of this sort tend to do their homework. The volume ain't huge so it might just indicate the feelings of such a small number of folks as to be next to useless in terms of the broader market.
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