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Can someone explain why limited blocksizes limit the number of transactions that can be placed? Wouldnt 10 100kb blocks get solved in as much time as 1mb block?
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Is that to solve the blocksize bandwidth problem? I wanted to know how the current system works, this appears to be something else. |
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I'd like to know more about how miners communicate, for instance is it like bittorrent where nodes in the swarm connect to a small number of other nodes, or are miners connected to every other miner? What sort of information do they exchange? What sort of information can they collect on eachother or broadcast about themselves?
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Not sure I get it. We already have a price finding mechanism - the marketplace. The only problem is that it is currently ridiculously centralized, hence talk of colored coins/ripple etc. The decentralized versions i.e. localbitcoins are awesome but are by no means suitable for real-time trading and also are not particularly user-friendly for the average-joe consumer who just wants to quickly buy $20 of bitcoin. The blog does not seem to mention the hardest part which is dealing with fiat in a decentralized manner. How can you guarantee to the seller that the buyer will indeed transfer the agreed $10k after the price suddenly drops? This. All of these ideas skim over the most important part, getting fiat into the system. That requires trust, and that always leads back to a central point. Who do you give $10k to in a decentralized system? Unless you meet them in person and bring your baseball bat and some friends, no one. Our TRUSTLESS bitcoin network relies on TRUST based networks to give it value, so much for independence. |
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A useful way of thinking about it is this: What would happen if the block time were infinitely small but latency was not? Nodes would all have solved their own new block before a block from a peer showed up— each node would be its own network never (or at least infrequently) to converge with anyone else.
The same applies for speeds which are fast compared to latency: They cause long delayed convergence events. The particular number for 10 minutes is debatable... there is nothing that gives you that particular value .. it's just a security/scalability/network-radius vs confirmation speed tradeoff.
The infrequent blocks also keeps costs down on lite nodes which must process all the headers.
I found a post you made recently that i thought was interesting: …Not to mention a zillion other less workable ideas that are waiting for some breakthrough or another to make viable… mostly I try to spare the public the more inane stuff... and certainly I've had no shortage of imagination for all the technical and economic failure modes that can result from removing part of the scarcity that drives a cryptocurrency. We've even had non-blockchain scarce altchains— Liquidcoin (for speculation)—, perhaps you don't remember because it imploded into complete non-convergence before half the people who wanted to run it even got it installed (though its 'innovation' was uncapping the block rate instead of uncapping the blocksize).
So by lifting the block generation rate this currency imploded? neat. |
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Ive read this consumes the majority of network resources, how expensive will tx's need to be to kill spam?
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My googlfu has failed me, i cant seem to find why exactly block creation is limited to one every 10 minutes, can someone explain this?
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I was able to get on their page when I went home last night.
It appears that they are planning on offering monthly fees. I believe it was $5 for a month's worth of purchases up to $350, $8 for up to $1,500 and another one above that.
I would consider doing $5/month for that. I could cover all of my online purchases for most months and only us Bitcoins from here on out.
Getting closer and closer to no more need for dollars at all.
I made an order and paid $1100 worth of BTC a few days ago and that $1100 is sitting in limbo right now, no product and spotty communication. Don't get too excited, their service like all the others are suffering from bitcoin's 'success' right now. Nobody wants to use bitcoin except to ponzi late adopters. |
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Ive had good experiences with bitfloor, and the fact they let you make cash deposits and dont freeze your account and demand ID shows that they have some honest people working there.
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nope, if the exchanges go down theres nothing to peg anything to because the exchanges scared away businesses in the first place.
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Oh you wanted a serious answer, well the fact is any asset that has touched US soil become taxable, even if you are not a US citizen. We as US citizens have to pay taxes on all assets, foreign and domestic. If your coin is tied to your identity and you want to keep good relations with the US it is advised you pay taxes, otherwise its up to you.
The Mt.Gox exchange is in Japan. Nothing happens in the USA as far as I can see. i thought it sold to coinbase and now its in the US. |
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but what is the total valuation of google, facebook, twitter, ebay today? You want some pet food or pet toys online? Get it on Amazon.
the total value of internet advertising expenditures. |
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Peg prices to USD? I thought this was obvious
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no one knows, thats the point of ripple. i think they just created so when people are like "omg the government is going to shut down the exchanges" people can say 'oh well lets just use ripple' and they can all feel fuzzy.
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Oh you wanted a serious answer, well the fact is any asset that has touched US soil become taxable, even if you are not a US citizen. We as US citizens have to pay taxes on all assets, foreign and domestic. If your coin is tied to your identity and you want to keep good relations with the US it is advised you pay taxes, otherwise its up to you.
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They use a payment processor that handles that risk for them.
Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ? Or Reducing volatility for merchants is a solved problem. I don't know exactly what BitPay's trading strategy is, but whatever they are doing is working. your quoting company propaganda for truth? how would they know what a shadowy darknet site is making? |
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They use a payment processor that handles that risk for them.
Could you please be more specific and explain a little more ? How does this work ? Payment processor I'm editable sells at the exchange the very same moment the coins are in ethe merchants wallet ? Or payment processors like bitpay handles the exchange process, so they take the coins your customer sends to you then cashes them out themselves and wires the money to your account. They incur some level of risk during this process, so how they manage to stay in business given recent events i dont know. |
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If you have any assets in the US, if you've ever stepped foot in the US, if you've even sent a letter to the US, our government wants what you have.
Actually let me correct that, kim dotcom and julian assanage did none of those things and still have been attacked by the US. Yeah, just go ahead and send the IRS a check anyways.
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simple answer: it doesnt.
So , you are telling me that bit coin will be more a vehicle for speculation than a normal currency for a long long time ? basically. its a fault of its design, theres nothing that can be done. |
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