True, 2X is insufficient. As is 8X. But they are steps in the right direction. The only direction that will get us to our goal. Larger blocks are a requirement for Bitcoin to be meaningful to humanity as a whole.
"The payment network Visa achieved 47,000 peak transactions per second (tps) on its network during the 2013 holidays, and currently averages hundreds of millions per day. Currently, Bitcoin supports less than 7 transactions per second with a 1 megabyte block limit. If we use an average of 300 bytes per bitcoin transaction and assumed unlimited block sizes, an equivalent capacity to peak Visa transaction volume of 47,000/tps would be nearly 8 gigabytes per Bitcoin block, every ten minutes on average. Continuously, that would be over 400 terabytes of data per year." Over the long term, not a problem. How big was your disk a decade ago? Note also that this is peak. We can tolerate transaction backlog, as long as it clears without too much time passing. Average is much lower. Note that the published paper makes a fundamental logic error. Using a peak figure as an input to an average calculation is either gross stupidity or simple fearmongering. Now lets actually discuss how we get Bitcoin into the hands of each and every person. What's your solution for that? Hmm? What I'm trying to say is that we can't solve the throughput problem in the long term by simply increasing block size. It will let us breathe for a while and then choke us again. Other, smarter methods should be employed for solving this problem. One proposal is the Lightning Network. There will be better ones to come, and we should embrace them. Regarding your 30-year calculation, it is indeed correct, and is an interesting result. SegWit gets this reduced to 15 years. This duration will be decreased further by increasing the block size. But it still won't solve the throughput problem. Perhaps a combination of gradual block size increases, as permitted by h/w capabilities, and good off-chain solutions are actually needed. |
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True, 2X is insufficient. As is 8X. But they are steps in the right direction. The only direction that will get us to our goal. Larger blocks are a requirement for Bitcoin to be meaningful to humanity as a whole.
Larger blocks are a step in the wrong direction. The reasons are many, and some are so blatantly obvious that it is pointless to waste time and energy explaining them in a forum post. Instead, I will simply quote a paragraph from the Lightning Network paper [1]: "The payment network Visa achieved 47,000 peak transactions per second (tps) on its network during the 2013 holidays, and currently averages hundreds of millions per day. Currently, Bitcoin supports less than 7 transactions per second with a 1 megabyte block limit. If we use an average of 300 bytes per bitcoin transaction and assumed unlimited block sizes, an equivalent capacity to peak Visa transaction volume of 47,000/tps would be nearly 8 gigabytes per Bitcoin block, every ten minutes on average. Continuously, that would be over 400 terabytes of data per year." That's gigabytes, not megabytes... That should put things in perspective. [1] Joseph Poon and Thaddeus Dryja, "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments", January 14, 2016. |
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What worries me is that our wallets may need to be modified to safely claim the new forked coins, just like BCH... New private keys, transfers from old to new keys, etc. We must be extra careful we don't send our BTC to outer space in the process...
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Are we CCMF, gentlemen?
I Googled CCMF and came up with Carolina Country Music Fest! Is that what it means? LOL!  |
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Let's look back at Bitcoin Cash and evaluate what happened and based on this information, predict what will happen to the Bitcoin price, building up to Bitcoin Gold fork.
A lot of people got some FREE Bitcoin Cash, based on the amount of bitcoins they owned on the day it forked to create Bitcoin Cash. Now we seem to be having a repeat of this scenario, but this time it will be Bitcoin Gold.
I predict that a lot of people will be buying more bitcoins in a buildup to this fork and more people will be hoarding their coins, to increase the amount of FREE Bitcoin Gold they will be receiving on the day of the fork.
Less supply and increased demand, will push up the Bitcoin price, building up to this event. Right?
This depends on how seriously people take Bitcoin Gold... And its website is laughable at best. Hell, don't they have anyone in their team who knows how to use the English language? This is ugly and shows laziness on the part of the BTG team. Would you trust a coin whose code is written (or messed with) by these guys? OTOH, free money is free money, and it is welcome... Edit: Bitcoin Gold's website now only displays "OCTOBER 25" as the day of the fork... Well, it's better than those Google Translate texts they put up earlier. Let's see how this is going to play out... |
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Saw the recent drop, locked, cocked, and was ready to shoot at the dip, but before I could hit the Buy button it stated rising again...
Oh well, if it's good for Bitcoin, it's good for me! Will keep the gun loaded for a future dip. We still have the darn SegWit2x to deal with...
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I must confess something...
When I discovered Bitcoin about 2 years ago it blew my mind. I'm a scientist/engineer and my job is to design things, so I immediately understood the idea and its implications. Much like Andreas Antonopoulos's experience, I found myself skipping meals and forgetting to sleep while reading all a could find about it. I thought that this invention had the power and potential to change the world for the better. To help people. And I still believe that.
But something spoiled the dream for me. Greed. I was lucky enough to buy a good amount of BTC when they were worth 200 € each. I didn't plan it, it was pure luck. And then I found myself thinking about how much money I could earn, when I should sell my BTC and become rich (in a fiat setting), etc. I didn't care about Bitcoin "the world-changing invention" anymore, all I ended up caring was how much money I could make out of it.
Things are looking up, and my goal may be realised sooner that I thought, but is this a healthy goal? Are we all supporting or destroying Bitcoin by thinking like this? I see this greed in many people's posts here in the forum. It saddens me. Many here talk pompously and boasting how they're going to sell their stash when its fiat-based value reaches a set target. Is this all you see in Bitcoin? A money-making machine? Are we all failing to see the bigger picture?
Sorry for using WO to post this... I just wanted to get it off my chest.
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Looking forward to setting it up later.
I have a white one too, and it has made my crypto storage so much easier and safer... You'll love it! |
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 ...and your mother. WTF? Don't they proof-read their presentations? I'm very picky when it comes to correct spelling, syntax and grammar. I refuse to continue looking at this garbage. If they don't know how to use the English language, they should have it corrected by someone who does, before presenting it... Just imagine the quality and robustness of a piece of code (or anything) coming from such a person...  |
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@{JayJuanGee, khufuking, Searing}: I agree with your thinking, I understand that simply HoDLing will not take any advantage of the volatility, and I know I should try trading, even on a very small percentage of my stash (or some freshly-bought coins, as suggested). I could have increased my holdings by several BTC if I had sold at 4100 EUR/coin and bought back at 2500 EUR/coin. Well, it's easy to think about this after the fact, but not so easy to predict it. Having said that, and as per your suggestion, I do intend to buy some more BTC, for the sole purpose of trading. Not much, perhaps 1 or 2 BTC. The rest is already in cold storage and I don't intend to touch them unless absolutely necessary. It's nice (very nice) when you earn from trading, but it can bite you hard if you are not careful. BTW, just for the record, and contrary to one of my earlier posts in this thread, I've decided to sell my entire BCH holdings, and convert them to BTC (mostly) and LTC (as a hedge). Took advantage of the recent big dip, so one could say that I "traded" them, which turned out quite good I must say. Not sure if that was a good or a bad move in the long term though... Only time will tell... |
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I know the feeling bitcorn. I felt sick last week too. I had to stop looking at the price.
Even though my investment was fairly low, the profits are now high.
Maybe I should take out a large percentage of my profits? If I do that and it goes up 400% I am in the same boat. More sickness.
I think I'll do my original plan and hodl for more years. Hopefully this will pay off. I need to forget short term and think long term really.
I thought the same thing. But I chose to HoDL (and keep HoDLing for several more years). My thinking is that if it goes to zero, that's OK, my investment was not big (a few thousand EUR). I won't miss it. I can afford to lose it. My life won't change. On the other hand, what'll happen if I convert it to fiat and then it goes to the moon? I'm sure I'll feel really bad about it, much worse that if I lose my investment. And going to the moon will certainly change my life for the better. It's a risk I'm willing to take. My suggestion to all BTC owners: HoDL! And if you have the skills & guts, trade a little (not too much). As for me, I don't want to trade because I know I'm not good at it. |
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I don't know Why but i Just want to make same ATH guess like last time Rules ....: the one with the right date of ATH gets .25 btc paid directly (UTC time) (closest to ATH.....) I look to Every page in here from now When a date is picked first iT cannot been taken again ( 1st =1st) Another .25 btc is rewarded for ho makes best of technical analyse of the time When we strike ATH.... and Why iT happens at that time..... So This .25 also only to been payed 1 time .... and not 2 times te same explanation.... (1st =1st) Both answers to win must been inside before 20-09-2017 Goodluck to the ones that like This UPDATE listmaking notice a * is when the person put good enough explanation for other .25 BTC (person with no * only play ATH or have to put little better ) 19/9 rayx12 25/9 binaryreign* 28/9 khufuking 29/9 jhayzxenon* 30/9 yermom 04/10 minermannc 05/10 punisher1314* 07/10 player514* 10/10 bikerlezno* LAST WINNER 11/10 ted e. bare 13/10 cryptoqueeen* 14/10 bitcoinaire* 15/10 ludwigvon* 17/10 shroomskit_disgrace 18/10 dakustaking76 19/10 birobob* 20/10 leowonderful 21/10 paashaas 22/10 cmacwiz* 23/10 spaceman_spiff_original* 25/10 soullyG 26/10 weltmaster* 28/10 entons* 29/10 roombot* 30/10 notme* 31/10 twocorn 01/11 YamashitaRen 02/11 orpington 03/11 Haciendo* 04/11 lilloboy 05/11 jojo69* 06/11 d_eddie* 07/11 empowering* 08/11 northyplole* 09/11 podyx* 10/11 u9y42* 11/11 starving_marvin 13/11 dotto* 14/11 hazukison* 15/11 organic* 17/11 foxygoxy* 19/11 arriemoller 20/11 drbrockcoin* 22/11 rakessh 21/11 icygreen* 23/11 erisdiscordia 24/11 oblox* 25/11 mfort312* 26/11 globbo* 27/11 lfc_bitcoin 28/11 conspirosphere.tk* 29/11 rjclarck2000 30/11 last of the v8s * 01/12 newworldcoiner* 02/12 souspeed* 04/12 sgk* 05/12 fluidjax 08/12 imbatman 10/12 fragout* 11/12 itod 12/12 lontonbit* 15/12 philivey 16/12 marcus_of_augustus* 17/12 mattimann 18/12 coincube* 24/12 bones261* 26/12 karatma1* 28/12 deathangel* 30/12 erre 31/12 elwar 01/01/2018 lewis pirenne* 02/01/2018 addressed* 18/01/2018 raja_mbz* 21/12 2dogs 22/01/2018 _javi_ 26/01/2018 kurious* 28/01/2018 steelboy* 01/02/2018 cristitcm 18/02/2018 in the silence 20/04/2018 fractal universe* 15/06/2018 samson 16/08/2018 samarkand hope to still got everybody LIST IS GROWING NICELY ( hope to be sending BTC soooooon  ) hi micgoossens, please include me for the date of... 29/01/2018Many thanks, good luck (to me, of course)!  |
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Anyone have any ideas on what would happen if the company supplying a hardware wallet such as Ledger or Trezor shut down. Would you still be able to use the wallets for a while and if so, for how long?
As long as you have your recovery seed, you are absolutely fine. You can use any s/w wallet that supports the relevant BIP standards (Mycelium is one of them) to retrieve your private keys from the seed. That's the beauty of TREZOR/Ledger. The companies that make them can go to hell and you still have full security and full access to your private keys. Much better than a paper wallet! |
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euros and brits pay a premium for being vassals of the evil empire
Wow! That looks like almost 20% premium (rough calculation for EUR). Never expected that! Maybe the exchange rate is today's rate? The dollar has been slowly but steadily falling at least last month. Wild guess.
Most likely it's what [Last of the V8s] said. |
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I had added 2 D3 in my cart, Unpaid 1hrs left, anyone want to buy, i will help you to do it.
You can pay to that BTC address i will Email you, which email is was got.
After payment i will change address to your address.
or wait 1 hrs for,may be.... after auto cancel 2 unit if D3 will be... Again on... bitmain shop.
Hmm... I don't think anyone here will be brave enough to risk sending 0.64 BTC to an address of some forum member, unless he/she knows you personally. No offense, but it's far too risky! People would better wait for your order to expire and place their own on Bitmain's site. |
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At the risk of sounding stupid, this graph doesn't look right to me... How is it possible for EUR and GBP to be above USD?  |
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I really wanna thank you guys, all of you... I didn't know I could mine any coin with the L3+... Thank you so much really.
Not any coin, just Scrypt-based coins. |
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I ordered 4 units of L3+ from Bitmain on July. They should deliver me form 21.9. You can count that around 10,000 devices will be plugged in in October which will rise difficulty for around 5000. I think they received orders in August too which will ship in October. I think you can count you will get 50% from what you see now in calculators in November. Other factor is price which was going up from 45 to 90 USD but now after China ICO ban and rumors that China will ban Crypto exchanges it drops to 65 USD. I hope price of Ltc will go to 100 but can not guarantee that. Bitmain has Dash machine D3 which shows crazy good result in calculators of mining profitability but with that D3 you must also count that there will be difficulty increase with every new wave of orders. If I didn't buy 4 L3+ devices I would order D3. About Litecoin you can see profitability here: https://www.cryptocompare.com/mining/calculator/ltc?HashingPower=504&HashingUnit=MH%2Fs&PowerConsumption=1200&CostPerkWh=0.075. Many thanks for your reply. The way the difficulty is increasing (and will be increasing after all those L3+ miners go live) makes me think it's not really worth buying it... You have already ordered yours and it will come soon. If I want to order now, well, I can't (orders are currently closed, as usual), so I'll have to wait for the next batch. This means I will have to pre-pay $$$$ now, and my L3+ will arrive in December at the earliest, or in early 2018 if there are any issues, customs delays, etc. The difficulty then is expected to shoot to the sky, and LTC price is struggling ATM... Given all of the above, I think I may have to abandon the mining idea, and just buy & HoDL for now. Currently seems more profitable and hassle-free... |
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I had one of L3+ ship with a bad control board. Contacted Bitmain about the issue and they responded that they will be shipping out a replacement board for me. Anyone ever had a similar experience? What was the time frame for a replacement part to arrive? Havent received an updated response from Bitmain concerning shipping & its costly & sad to see an L3+ gather dust.
The rear fan on my L3+ was not working when I received it on 20th July, I shipped it out for replacement soon after, until today I still haven't received anything from them yet. So you lost out on over a month and a half of mining over a fan? I can see chips not working but honest question, why didnt you just buy a fan? My thought exactly! This kind of fan shouldn't cost more than $20 (vs. $1500+ lost from 1.5 months of not mining)... |
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Hello to the altcoin mining community, I'm very seriously thinking of purchasing one (1) unit of the Bitmain Antminer L3+, for mining using NiceHash or some other mining pool. I've been following cryptocurrencies for 3+ years now, but I'm a newbie when it comes to mining. I know that mining Bitcoin is now almost unprofitable for small-scale setups, so I thought that the L3+ may be a suitable choice, considering that Scrypt mining is still not as heavily saturated as SHA256. The profitability figures shown in NiceHash are remarkable, see below: Past earnings for the Antminer L3+:- Gross income: 1,187 EUR/month
- Electricity cost: 115 EUR/month (@ 0.2 EUR/kWh)
- Net profit: 1,072 EUR/month
Now, here in Europe, the L3+ can be bought for around 3200 EUR, including the power supply, VAT and shipping costs, and I will have it in my hands on December 2017, which is very late considering the fast pace things are changing in this space. Notice the above title: "Past earnings", which leads me to the question: what should I expect to get from this miner in the future? What about the change in difficulty for Litecoin and other Scrypt coins? Also note that the electricity costs where I live are quite high (around 0.2 EUR/kWh), a non-negligible negative term in the equation. So, what do the experts here think? Does it make sense financially to set this rig up? Is it economically viable? Will I achieve ROI in a reasonable amount of time (if ever)? Is it worth the money, time and effort? On paper it looks great, but I worry that it may just be too good to be true... Many thanks in advance for any comments, suggestions and advice you can give me. |
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