you can also sell your LR and pecunix vs. USD and then buy BTC with USD on mtgox, at very low spreads and no transaction fees.
Where can one exchange LRUSD for USD, with low fees? I already got burned by http://www.alertexchanger.com/ so I am skeptical of exchangers. I think bitcoinmarket is dying and mtgox is the market leader
It seems to continue to manage some transaction volume, so there is a consistent level of interest over time. Lower activity than mtgox, certainly. |
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The market for people with BTC, who are looking for LR-USD or Pecunix GAU is very, very thin. Plenty of people wanting to buy bitcoins, but very few people selling BTC. If you want to convert your BTC into cash, now would be a good time to post an 'Ask' on bitcoinmarket! Full disclosure: yes, I'm one of the people looking to purchase BTC for LRUSD or Pecunix  |
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No, it's incompatible if just a few people change their behaviour. To roll out a change to the network you need to get most of the clients understanding both the old and the new protocol, and then when you have a majority you turn on the new protocol.
You just described a whole-network upgrade. I'd call that an incompatible change The effort to raise the transaction rate limit is the same as the effort to change the fundamental nature of bitcoins: convince the vast majority to upgrade. |
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We can phase in a change later if we get closer to needing it.
IMO it's a marketing thing. It's tough to get people to buy into a system, if the network is technically incapable of supporting high transaction rates. Satoshi just said it can be changed, so technically the network is capable. It is also an incompatible change, as you see..... |
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I want to start to buy bitcoins with LR. If you are trusted enough sure I will take the risk to pay you upfront. If I'm not comfortable with your reputation, don't let it as a personal as it isn't but sorry I have to ask you to pay first.
You can visit Bitcoin Store or bitcoinmarket to buy bitcoins with LR. |
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We can phase in a change later if we get closer to needing it.
IMO it's a marketing thing. It's tough to get people to buy into a system, if the network is technically incapable of supporting high transaction rates. |
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We should be able to at least match Paypal's average transaction rate... diff --git a/main.h b/main.h
index c5a0127..c92592a 100644
--- a/main.h
+++ b/main.h
@@ -14,7 +14,10 @@ class CBlockIndex;
class CWalletTx;
class CKeyItem;
-static const unsigned int MAX_BLOCK_SIZE = 1000000;
+static const unsigned int TX_PER_MINUTE = 1400;
+static const unsigned int TX_AVG_SIZE_GUESS = 256;
+static const unsigned int MAX_BLOCK_SIZE =
+ TX_PER_MINUTE * TX_AVG_SIZE_GUESS * 10 * 2;
static const unsigned int MAX_BLOCK_SIZE_GEN = MAX_BLOCK_SIZE/2;
static const int MAX_BLOCK_SIGOPS = MAX_BLOCK_SIZE/50;
static const int64 COIN = 100000000;
URL: http://yyz.us/bitcoin/patch.bitcoin-block-sz-limit |
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I see the biggest threat to this project as the very system it seeks to displace. That is, the banking establishment.
At the moment, the biggest threat to this project is being technically incapable of surpassing 33% of Paypal's average daily volume (much less VISA's transaction volume, or world total USD volume). How can we sell bitcoin to serious investors, with built-in limitations like the 463 transactions/minute limit? |
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Auction: http://www.biddingpond.com/item.php?id=79Bidding starts at 1 BTC - no reserve! Item:$100 VISA gift card (aka debit card), activated, unused. Details:This is a VISA card number that may be used for online or real-world purchases all over the world. This VISA gift was purchased from Wal-Mart in July 2010. Expires Nov 2012. Activated via www.walmartgift.com. You are purchasing online access to this gift card (ie. number, security code, password to walmartgift.com to change registered address). If you want the card itself, you must add 50 BTC for shipping and handling to a United States address. For non-US addresses, you must add 160 BTC for shipping, handling and customs. You must register a US address at walmartgift.com in order to use this debit card for shopping online. |
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Chart/statistics are here: https://www.bitcoinexchange.com/statistics/But I understand what you mean. You just want to trade between different currencies. Personally I think people should actually buy stuff with it, not speculate about the transaction values. More like bitcoinexchange is not an open exchange, where buyers are matched with sellers, and all bids, asks, and trades are published for all to see. That is an open market. I am very happy that bitcoinexchange exists, but I also feel strongly that a much better market is needed for EUR (and Asian) currencies. As another poster pointed out, bitcoin's largest current constituencies seem to be Americans and Russians, with a healthy dose of Europeans. |
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• Add EUR as currency in bitcoinwatch.com
I would love to... but as you point out, an open exchange for EUR is needed first. |
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... gets triggered for all transactions that go into your wallet. That includes 'change' transactions that can occur when you send somebody coins, which I expect will strike some people as a bug and others as an important feature.
BTW... how do change transactions work? what bitcoin address is chosen to receive the change? |
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Well, at a minimum, bitcoin should be able to match Paypal's average volume over a 10-minute span.
Otherwise, I don't see how we can convince others that bitcoin is a long term viable [micro]currency, if technical limitations keep bitcoin below 500 transactions/minute.
Are there any low-tech ways to boost maximum number of transactions, such as zlib compression of blocks?
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A guy brought lot of bitcoins on mtgox and it didn't exactly goes as planned.
define "lot"? |
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agree that it won't last forever.
We will get a breakout soon. IMO it will be on the upside. But clearly, downside is also possible.
if we could trade options, a strangle would work brilliantly in this point, because volatility is so low.
Volatility is only low because volume is low. Volatility will go through the roof the instant we get any amount of volume. Volume used to be lower and volatility was higher, this is what I would expect. Why do you think the opposite? Something to do with bitcoin in particular? No, just comparing relative to just about any other global market The average bitcoin USD-equivalent daily transaction volume (150000 BTC * 0.07 USD, rounding up generously) is less than $10,000/day. That's all bitcoin transactions, including maintenance transactions such as moving bitcoins from one wallet to another. Even compared to the smallest pink sheet stock, BTC dollar volume is tiny. That's a drop in the bucket, for anyone who calls themselves an investor I consider the current BTC volume quite low. Market prices would be easy to manipulate, as its current, tiny, size. |
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It is interesting to see how you've split mining and wallet+P2P into separate pieces. Nice and modular.
I'll be interested to see feedback from people, if they actually generate coins from this.
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agree that it won't last forever.
We will get a breakout soon. IMO it will be on the upside. But clearly, downside is also possible.
if we could trade options, a strangle would work brilliantly in this point, because volatility is so low.
Volatility is only low because volume is low. Volatility will go through the roof the instant we get any amount of volume. |
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Maybe we can scale the block limit, like we scale the difficulty?
Compute average block size over past two weeks, and don't accept blocks over AVG_SIZE*100 ?
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That hard limit is going to have to be bumped up if/when Bitcoin takes off. 463 transactions per minute wouldn't be anywhere near viable for a worldwide online currency. We, at least, need to be able to handle the number of average transactions per minute that paypal claims they currently average.
+1 Scaling to high transaction rate has always been my main concern about viability of bitcoin. I'm much more concerned about scalability than government shutdown, for example. |
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I just updated the code/patch:
monitoraddress allwallet <url>
... gets triggered for all transactions that go into your wallet. That includes 'change' transactions that can occur when you send somebody coins, which I expect will strike some people as a bug and others as an important feature.
And I combined the getblockby methods into one. I know I would've never remembered "is it getblockybycount or getblockbynumber or getblockbyheight or getblockbydepth" -- I will remember "getblock".
+3 all great stuff. I strongly prefer this new 'getblock' arrangement of yours. My only question was whether satoshi might not like it. |
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