...whip your ass. It'll hurt when you perform said task.
Um, isn't pain kind of the point of that activity? Or have I been doing it wrong this whole time?
|
|
|
My crazy theory? <--- Not a question
Actually, it is three questions: My crazy theory? Or is it someone else's crazy theory that the minddrones implanted into my brain? My crazy theory? Answer is almost always "Yes, your theory is crazy", except where the question is asked ironically. My crazy theory? No, the correct term is hypothesis. So what he really wants to know is, "Are the minddrones implanting theories or hypotheses into my brain and are they crazy?" Though when you put it like that, the question sort of answers itself.
|
|
|
Even if we assume Decker/Wattenhofer are off by a factor of two (we have made some improvements since they measured block propagation; better measurements welcome), default transaction fees (1 to 5 millies per kilobyte) are in the right ballpark to minimize orphan costs.
You seem to have misplaced a decimal point.
|
|
|
I m referring to those talking things like "900 was the right price to sell". No kidding. I mean that they are saying that only after the crash happened What, you expect us to say what we're going to do before we do it? That's stupid. It's more fun to wait and say what we did after everyone else starts panicking, that way we get to watch them get angry at us. It's hilarious.
|
|
|
That seems ingenuous to me, to believe miners would use the satoshi client "as it is".
The fact is that many miners are producing 250kB blocks, and this is the behaviour of the Satoshi client. If many miners are using clients that function substantially differently, we would not be seeing so many 250kB blocks. Whatever modifications they have made, they still seem to be following the same fee rules. When you say "Higher fees must be paid to compensate for this increased risk" (of taking a longer time to propagate), the idea is true, but your approach is not quite logic. It's not that there is a threshold above which you take a risk. Actually it starts from the first KB, everything you add in terms of size increase your chance to get an orphan block because your freshly mined block will take more time to propagate, and this is a continous, linear trade-off. Not something that appears after 250KB.
True, there's nothing special about the 250kB limit other than that's the threshold imposed by the Satoshi client. I never said it was a good idea, and in fact I think it's particularly absurd that the minimum fee suddenly jumps to more than double once the threshold is hit and then increases gradually from there, but that's for the miners to decide. If they don't like it, they're free to modify the fee rules in any way they choose. Just how would a pool go about putting more transactions into the blocks they find? I assume they have to modify the source code, recompile, and then deploy?
Not necessarily. A number of parameters regarding the fee rules can be set from bitcoin.conf. In any case, modifying the code and recompiling is not at all difficult. And on top of this there is a greater chance of an orphan block resulting in the loss of 25 BTC?
It sounds like the pools will not change until the reward is much less then it is today. It simply does not justify the risk to add more transactions and lose out on the reward. Is this a correct assumption(s)?
It appears that way, yes. I expect that as the block subsidy drops, it will eventually stop making sense to scale transaction fees with the block size.
|
|
|
Click the WTF? link at the top-right corner.
|
|
|
The min fee (0.1 mBTC per kB) should be fine. Comparing the memory pool to recent blocks almost all paying tx are included in the next block. The issue is more people creating tx w/ unconfirmed inputs and people creating tx w/ no fee (and any fee < 0.1 mBTC is considered no fee). Still pools DO need to start making blocks large. 150KB (0.3 tps) isn't going to cut it. Bitcoin growth is essentially halted until pools start expanding block size.
You misunderstand how fees work with regard to large blocks. The minimum fee is not fine. Under the Satoshi client's fee rules, only the first 250kB of a block is available for transactions paying the minimum fee (which is why we're seeing so many 250kB blocks). The Satohsi client will create larger blocks if and only if there are transactions paying more than double the minimum fee. This is due to the fact that large blocks take longer to propagate, resulting in an increased risk of the block being orphaned. Higher fees must be paid to compensate for this increased risk.
|
|
|
People in this forum know exactly when to sell and when to buy. That is only AFTER a crash or AFTER a meteoric rise of course You mean DURING, not AFTER. DURING a crash is exactly when to buy, and DURING a meteoric rise is exactly when to sell. That's why I sold at $857. Easy money.
|
|
|
Suggestions have been mooted such as "include a higher fee" and "be more generous", but how does this work in the context of most users? The average person will do what their wallet tells them.
This is way Bitcoin was always meant to work: more fees = faster confirmations; less fees = slower confirmations. At first, when transaction volume was lower, it didn't work that way; most or all transactions were confirmed quickly regardless of fees, and apparently some people were fooled into thinking that was normal, and now that the fee system is working properly, people are complaining that it's broken. This can easily be fixed by adding an "Urgency" option to the Send Coins tab, allowing users to easily select between "Urgent" and "Not Urgent" transactions, and hopefully showing the expected fee and confirmation time for each option. Average users will easily accept that they can pay more fees to get faster transactions (they already do for things like postage), we just need to make that option more accessible. In addition, according to CoinMill - the cost of 1 BTC is currently 641.84 USD and a transaction fee of 0.0001 BTC is 0.06 USD (6 cents). 0.0005 (the old fee) is 30 cents. As Bitcoin appreciates (if it does), the cost of transactions relative to the value of a Bitcoin grows substantially.
The fees can be lowered if the price rises too high. They have already been lowered several times for exactly this reason, and there's no reason to think it won't happen again. EDIT: Typo
|
|
|
To fix the issue, pay more fees. 250kB is the limit of how much of a block can be filled with transactions paying only the minimum fee (under the Satoshi client rules). Since this limit is being hit on a regular basis, transactions paying the minimum fee are forced to wait. To overcome this limit, a transaction must pay more than double the minimum fee - how much more depends on how large the block is; miners will not produce large blocks unless correspondingly large fees are paid (because large blocks are more likely to be orphaned, so large fees are demanded to compensate for this increased risk).
Transaction volume has reached the point where transaction fees have a significant effect on confirmation times. I recommend paying at least BTC0.00025 per kB to ensure fast confirmation. If transaction volume continues to increase, even higher fees may be required.
|
|
|
52. In addition to the 16 squares formed by the arrangement of the matches, the 36 individual matches are themselves squares when looked at end-on.
|
|
|
Miners using the Satoshi client will stop adding transactions to a block once the block hits 250kB, except for transactions paying more than double the minimum fee (how much more depends entirely on how full the block is), under the theory that larger blocks take longer to broadcast, and therefore have a higher chance of being orphaned, and so extra fees are required to compensate for this. Remember, the minimum fee is just that: the minimum. Pay more fees if you want faster confirmations.
|
|
|
Im just reading the CoinJar website now and looks like I might have to make small deposits first. I'm wanting to invest a few thousand into it but looks like with them i'll be on the back burner.
Does Bit Trade Australia have a similar policy?
No. Bit Trade Australia's limit is $7,500 per customer per day, regardless of your history (cash only, EFT not accepted).
|
|
|
Bitcoins was designed so that we may remain anynomous, right?.
Right. We may remain anonymous, if we so choose and are willing to put in the effort. Ain't nothing in the design that says we will remain anonymous, or that remaining anonymous would be easy. Soon everbody will have to be registered and verified. (Like Paypal)
Explain how. Every transaction in the world will be logged that you have to pay taxes-on. (Uncle sam wants ALL its money)
Uncle Sam can kiss my wagger. It turns out that the world is, in fact, bigger the U.S. Any Illegal immigrants cant get a job, because they wont have any way of being paid (they cant register to any currency exchange, if there illegal to the country)
See above.
|
|
|
Running which bitcoin-qt on a terminal will tell you where it is (should be /usr/bin/bitcoin-qt, I think, unless you installed it somewhere else).
|
|
|
What am I not understanding?
You're not understanding how proof-of-work works. In Bitcoin (or any Byzantine system), some nodes are good, and some nodes are bad (either malfunctioning or malicious), and you don't know which is which. Proof-of-work is one solution, in which it is assumed that the majority (51%) of computational power is held by good nodes, so in the event that two or more different nodes provide conflicting data, we go with whichever data set has the most work behind it. The problem with requiring more than a majority is that it implies that the data set with the most work is not necessarily correct. It may be correct or it may not be, and there is not way to know. Say you have two conflicting blockchains, one with 50% more work than the other (and therefor represents 60% of the computational power of the network - more than 51%, but less than 66.67%). Is the chain with the most work the correct one and the other one a failed attack, or is the chain with the most work a failed 66.67% attack and the chain with the lesser work is correct? Which chain is correct? How do you know? This is the question you must answer in order to make your suggestion possible.
|
|
|
Well, on the one hand, I can solve my own problems so that other people don't have to. I'm sure they appreciate that. On the other hand, some people would prefer that I share the love. The solution to this dilemma is to use both hands simultaneously.
|
|
|
Oh, I see, so you envision a world in which everyone uses Amazon.com's wallet app. "The masses" may be stupid, but they're not so stupid that they'll use a wallet service that takes far longer than every other wallet service for their transactions to get confirmed. take your rolly eyes smartass attitude and shove it up your ignorant ass.
How can my ass be both smart and ignorant at the same time? I am much more intelligent than you know and much more well studied on these issues. Beware
Beware of what? Unlike you, I am not afraid of knowledge. A miner collects transactions then calculates a mathematical hash of them, then proceeds to search for a solution to the proof-of-work puzzle for that hash. If the miner finds the solution, the miner publishes it to (other miners and eventually it is published to) the blockchain.info.
So the blockchain.info only records transactions that have in already solved blocks.
Blockchain.info is a web service, and is unrelated to the Bitcoin blockchain except in name. Maybe you need to well study it some more.
|
|
|
Damn. If only there was a way the originator of a transaction could directly connect to multiple mining pools of his own choosing and send his transaction to all of them simultaneously. Oh wait, there is a way: the way I just said.
|
|
|
Its not magic all i have to do is convince you that bitcoin is going down and it will go down.
And all I have to do is convince you that you're a dumbass and you'll stop posting bullshit, but I think we've both got our work cut out for us.
|
|
|
|