I understand it and don't hate the core developers. Seg wit is a thoughtful solution, but not an elegant one. IMHO, it's just more spackle over the cracks and a further delay to increasing block size.
Good observation In change management, the first question is not about if a change is good or bad, it is why must we make this change. It is always the motivation behind the change worth looking It seems SegWit is invented to temporary circumvent the hard coded 1MB limitation of the block size, so that the traffic can still grow without trigger a fee event So the next question will be: Why are we so fear of a fee event? Jeff gave some answer here: *Key observation: A Bitcoin Fee Event (see def. at top) is an Economic
Change Event.*
An Economic Change Event is a period of market chaos, where large changes
to prices and sets of economic actors occurs over a short time period.
A Fee Event is a notable Economic Change Event, where a realistic
projection forsees higher fee/KB on average, pricing some economic actors
(bitcoin projects and businesses) out of the system.
I don't think this so called "chaos" is convincing enough, so the next question: Who are these bitcoin projects and businesses, and is bitcoin's goal to benefit average people or serve these projects/businesses? Although institutions have large capital and influence in the industry, I don't think bitcoin's purpose is to become banks' another payment network (Banks being the highest form of business, a business large enough will start to do banking) In fact, businesses can always pass the fee cost to customer, and those customers are not fee sensitive (Statistics showed that majority of users come to bitcoin and use it for long term value store and high value international remittance, both are not very sensitive to fee and transaction frequency) So a higher fee will not affect business either. And large businesses can establish clearing channel to dramatically reduce the fee cost, this is a common practice in financial world, they don't need to change bitcoin architecture to do that So I think the motivation behind the architecture change of bitcoin is still not enough convincing. Since no one have seen a fee event, it might not be the "chaos" that is predicted by Jeff, so people must see it with their own eyes to be convinced that it is a problem that really need to be solved. What if it is not a problem at all? Banks are still closed during weekends and holiday, is that a problem for our financial system? Even a fee event negatively affect majority of the user experience, the way to future scaling should still follow Satoshi's vision as much as possible. Anyway this is his invention, no one except him have the right to change it to something totally different Bitcoin itself is a huge "Economic Change Event" in the wider context of the existing monetary systems (i think this is where Jeff probably got the idea from) ... fees coming online for bitcoin TX is a storm in a teacup by comparison. |
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sheesh ... trolls don't even get christmas off? ... you guys need to be paid more.
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 People, get on this, it is a possible gamechanger for bitcoin and other digital assets! (therefore speculation is also a proper channel) It's a professional HFT exchange for digital assets targeting the really large customers like Hedge funds and governments. It's almost ready for launch, and they want to make some buzz. You can support it and get your name on their dedicated backers thank you page while receiving free trade fees. It's not because they need the money, but because they want to spread the word. So please do. Here is the support page on startjoin: https://www.startjoin.com/DAXPAn their web page: http://www.blockex.com/about/ - as you can see there are professinal bankers, and John Matonis (Bitcoin foundation leader) on the list of Advisors. Have they got any good hackers on their side ... or will it just be a buggy DDOS crapped-up exchange? |
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This could spawn further epic officially #rekt threads, Peter_R officially rekt and cypherdoc officially #rekt ... #rektage piling up all around. |
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I'm still evaluating the security consequence of the new architecture on full nodes ...
I'm still evaluating what type of user will want to run a medium-weight client - which seems to have none of the security of a full node, while still requiring about half the storage and bandwidth thereof. Is there really space in the market in between a full node and an SPV client? Maybe if the demands were 10%. But at half, I kinda doubt it. Who is that user? With SW the fraud proofs required to bring SPV security up to 'almost as good as' fullnodes will finally be available. Look for 'Alerts' in the Nakamoto white paper. |
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I would put money on the fact that Peter R is probably being paid by someone who wants to kill Bitcoin's decentralization.
He seems very aggressive in his efforts to disrupt, smear and gather personal information on important contributors. Who knows what his true motivations are. |
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If it is open source project where can I find the posted code, github?
Or discussions surrounding design architecture, documentation, etc?
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You smallblock cripplecoiners don't get it. I can't lose. If the price goes down, it's a market rejection of your vision. If it goes up, I can sell. I don't have to buy another single bitcoin now.
Whenever something sells on Bitquick, I can rebuy with my trading account cash on BFX. When that runs out, I'll start selling from cold storage. I can sell for a looooong time before I run out. I got your asses.
Why not just hurry the fuck up and stop making excuses to troll us with your bullshit broken record. Sell your BTC and get the fuck out of here. What good are you doing anyone whining and complaining with your feigned bitterness and ongoing assertions of self-righteousness. It's getting a bit old.... but I suppose that is the point of the more subtle trolls to annoy about quasi-irrelevant topics. I earned the right to be here, Pal. Not everyone who tells you things you don't want to hear is your enemy. I'm not sure that the big-blocks-yesterday camp has any bullets left except to hang around as a vindictive, toxic remnant to a settled debate. In fact, if they are not going to go forward with the technical consensus then they probably should be seen as external actors actively looking to destablise and hinder bitcoin's progress. When the herd is heading towards you either get out of the way or start running in their direction. Get on board or get out of the way. |
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So far in this discussion there's already a lot of housekeeping data required. It will be much easier if you can freely use all the space you need without worrying about paying fees for expensive space in Bitcoin's chain. - SN Space on the Bitcoin blockchain IS intended to be expensive. Anything else is an intention to undermine the security model. |
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...snip ... blah-de-blah bear rant ... snip
So Internet money, not the Internet of money. This is a mutiny. Imagine what would happen if the Federal Reserve Board of Directors staged a mutiny like that against Janet Yellen. How would the markets react?
so still short then? |
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Bitcoin regulation has been, and will continue to be, a hot topic as it continues to gain momentum and interest in personal and corporate finance
But how do you regulate a pseudo-anonymous, distributed protocol? It's near impossible
This is why bitcoin has been adopted on a global scale, and we will continue to see this rate of adoption increase
Correct. Effective regulation (whatever that means) is just a bureaucratic pipedream. The technology is moving too rapidly now and the rate of adoption is running far ahead of anything they could hope to implement in a timely manner. The rails are almost in place, soon we will be transmitting like Lightning. |
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You shouldn't print a QR code for your cold storage wallet either.
All I do is generate a random number, write it down, and hash it with a couple mental passwords to make a private key.
Do you really have coins that you haven't touched since 2011?
Yeah, but I check them on blockchain.info every once in a while to make sure they're still there. Be careful with generating random numbers because some of the RND computer functions have been show to not be truly random. Dice or coins is safer, but it's kind of a pain. I think if you have to do that, then you're not using Bitcoin to its fullest potential. So what is your plan if they're not there? lol I know they haven't moved. And I have more than one copy of the wallet.dat file, in case one gets corrupted, so it's only a matter of getting the software to work. you could just send me the wallet.dat file and I'll sort it all out for you, PM me where you want them sent to ....  |
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People struggling to access coins from 2011... bullish  he's running an XT node, may as well just send them straight to Uncle Sam now and be done with all the other formalities and hassle ... lol. Why bother with the truth... amirite? ... the truth is Uncle Sam wants YOU running an XT node ... and why would that I be you wonder? because he wants to own your coinz, oh yes, you can use them and pretend like they are yours, but just like the Federal Reserve Debt Notes, in the end he wants to have the ultimate control over your money so that it can be called in at any time. Without OWNING your own money (as in the fullest legal sense, possession, control and knowledge) you are not a sovereign economic individual, just another subject to the corporations and other entities controlling the money of the Kings and would-be Kings. |
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Anybody silly enough to run an XT node should just send all their coins directly to Uncle Sam now and bypass all the formalities, stress and hassle that lies along that route.
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People struggling to access coins from 2011... bullish he's running an XT node, may as well just send them straight to Uncle Sam now and be done with all the other formalities and hassle ... lol. |
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I don't know what will happen afterward but I just really want to see someone buy that 1000 wall. It has been too close too long.
Why didn't you buy it? The walls never hold when price is moving up against them. That's why I bought the one at 430
Ahh. So I take it you went short when the 4 HR moving average went negative? No this is my first trade of 2015. Wow. The way you've been talking, I thought you bought in the crash to $403 and sold at ~$458. Thanks for helping to keep the price high until I can get my old coins out of cold storage. The wallet.dat file is incompatible with the new version so I am having a difficult time accessing them. Any ideas? here's an idea, don't touch them. |
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we're America we should have both privacy AND national security. .... can't the government just do their damn jobs and stop blaming their messed up shit on the people wanting privacy and freedom? |
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