My guess is that at least one miner (miner in this case is the person controlling the block construction) likely has a non-optimal tx selection setup. My guess is they have a hard target of say 100KB and reserve some of it (say 20KB) for free tx. This results in the pool leaving paying tx.
Honestly the latency and thus orphan effect on the difference between a 300KB block and 100KB block is negligible for a well connected miner (once again miner is the person creating and publishing blocks) it may simply be a configuration "issue". What I'm saying is that when there are 25 BTC/block worth of transaction fees available, then miners will pay very close attention to their configurations to make sure their block filling heuristics are optimal. Right now they have a very weak incentive to care because the subsidy dwarfs everything else so I'm not surprised that configurations are suboptimal. |
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The fact that many pools are leaving PAYING tx likely means the issue is a configuration one not an intended policy. This is going to be a problem until the transaction rate has increased by about two orders of magnitude. Once transaction fees become as significant the subsidy in terms of miner revenue pool operators won't ignore them any more. |
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Buy from someone who's rep is worth far more than a laptop? Reputation systems are useful, but we can do better... |
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I have always wondered this in the bitcoin world, how do you get the supplier to perform?
eg I buy laptop online send btc he does not perform. This seem to be a disturbingly regular event for online service such as wallets and exchanges that just have their btc disappear.
I suppose trusted escrow will be the new "banks" until that escrow runs off or is hacked.
That's an excellent question. I suppose somebody should invent a solution for that. We can do business across borders, yet government-provided contract enforcement mechanisms don't function across borders. It's almost like we need a private commercial law system, specifically designed to fill in those gaps. |
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Unfortunately many people don't understand that you can't have a decentralized exchange for a centralized asset! Whatever you do on the exchange or however you do it, at the end you have to deliver the asset they have purchased to the customer using legacy distribution channels like banks, payment processors and other money services that are heavily regulated i.e. centralized!
I hate to see on this forum so much talent wasting their time in fundamental disconnect with reality. My gut feeling is that people managing projects like Mastercoin and BitShares will learn this simple truth in the hard way.
A lot of people in Bitcoin want to solve every problem via code, without realizing or accepting that sometimes the majority of your problem is unavoidably in meatspace and you can't code around it. There's enormous opportunity for people who are willing to walk away from the keyboard from time to time and get their hands dirty in the real world, exactly because so few people are willing to do it. |
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I have hardly any physical assets now.
I just moved recently, and I limited myself to what would fit in my car in two trips.
Also one of those trips I brought 140 lbs worth of dogs with me, so my actual physical assets are no more than about what you can pack in 1.5 trips in a Focus.
With a bit of work, I could reduce my physical possessions even further to only what I could take with me on an international flight.
Location independence is a great thing, and it's possible now with Bitcoin in a way that has never been possible before.
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I'm starting to favor µBTC just because it sounds nicer to have millions of a something than thousands of a something.
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how many seconds has the earth existed
435,355,989,674,234,985,345,394,783,892,394,837,983,847,293,957
IIRC, the Earth is about 5 Billion years old. That works out to 157.788x10 18 seconds. Or: 157,788,000,000,000,000,000 seconds. The quoted number is off by more than a few orders of magnitude. I noticed because it was far to close to the "number of possible Bitcoin addresses" number. At least he didn't claim the Earth was 1.892x10 11 seconds old |
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I've never interacted with TradeFortress, but I have had successful trades with MPT.
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Bitcoinity just displayed some kind of cool animated gif, but I missed most of it.
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Wow, I just now realized there are probably adults now who wouldn't immediately recognize the "you've got mail" audio clip.
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But filling up would take over 20 minutes for 6 confirmations. Not sure if serious... Gas stations already accept zero conf payments in the form of debit/credit card swipes. Those payment methods can take 90 days to become irreversible. |
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The first thing that's going to happen is Chinese exporters demanding (or offering discounts for) bitcoins instead of dollars.
Then the US importers will need to buy bitcoins, and will have an incentive to accept them from their customers.
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Everybody with more than 100BTC please post your address with it, so we can tell you apart rob you.
FTFY |
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Mostly I'm amazed that AOL still exists.
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I don't understand what AOL has to do with the article.
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bitmit = bitpay as far as i am concerned.
Probably that's why your Ignore tag has that color. |
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There is one enormous difference between now and April.
One of the major markets for bitcoin/fiat trading actually has a decent interface with their banking system.
Chinese exchange users can move funds between their bank accounts and exchange accounts as easily as they can transfer bitcoins.
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I wonder if 2014 will be the year that we start to see Chinese exporters demanding bitcoins instead of dollars?
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Wow, today has been REALLY rocky, even by Bitcoin standards.Seriously, each one of those "big-wicks" is almost 10% of Bitcoin's value. It's done that like 4 times already.
It's like February all over again. |
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