Caveat: SHA256 broken==blockchain corrupted--your BTC transferred ta hax0r's wallet--irreversible. You can hardfork the ashes all you want, your money's gone. Poof! Fini. You need to work in your FUD. Your scenario is less incorrect for ECDSA than it's incorrect for SHA256. |
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There is no particular hash rate needed to secure Bitcoin - the relevant criterion is:
"Is most of the planet's double-SHA256 capability being used for Bitcoin mining?"
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Davout's opinion on the 20MB fork is correct; your ad hom attacks on him just make you look desperate. Wasn't talking about Davout. |
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Blockchain pruning is entirely do-able.
Cool story, but it doesn't really solve anything. So increasing the blockchain (in size, per block) is not a solution and decreasing it isn't either? I find this, illogical. What are you proposing? He isn't proposing anything. He just likes to be special. There this guy who did some decent work back in 2013. His success plateaued a couple years ago but the rest of Bitcoin continued to grow. His accomplishments aren't nearly as important or impressive today as they were in the past. He also gets off on leading a cult of personality, but unfortunately as his relative importance to Bitcoin shrinks due to Bitcoin's continued growth relative to his plateauing, his ability to attract and maintain the cult is shrinking. This means that in order to satisfy his ego, he needs Bitcoin to stop growing. |
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Sometimes the blocks can take more than one hour to solve (so we aren't just talking about those getting solved quicker).
The average is 10 minutes but there can be quite a bit of variance. Variance should average out over time. For every block that takes an hour, there should be one that takes a few seconds. Encountering each case should be equally likely. |
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The die has no memory of what has been rolled recently, or how many times it has been rolled since the last 1. The average will always be six rolls starting "now", no matter when "now" is. Something's going wrong here with my mental image. I get that at any particular moment, the probability of the next hash being valid is (essentially) the same as the previous hash. Yet after the fact, they do appear every 10 minutes on average. If I was a bad dart player throwing darts at a very long timeline where there were regular marks every 10 inches, I'd expect half of the darts to end up closer to the right mark and half the darts to end up closer to the left mark. In this case the marks aren't evenly spaced, but I have trouble seeing why that matters over a long timespan since the intervals average out to once per 10 minutes. |
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there is a financial motive to run a free node, it isn't true altruism. Think about why Starbucks pays to supply their customers with free wifi, and why people still pay for mobile data plans in spite of the relatively widespread access to free wifi, and it will make sense how free and paid Bitcoin nodes could co-exist. |
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There is no relevant decreasing of the search space.
If the difficulty has recently been adjusted (it is adjusted every 2016 blocks, which is approximately every 2 weeks), then the average time until a block is solved is 10 minutes. It doesn't matter if its been 3 hours since the last block, or if 10 blocks were all just solved in the past 15 seconds. The average time until the current block will be solved is 10 minutes. If blocks are solved every 10 minutes on average, then shouldn't the average answer to the question "How long do I need to wait until the next block is solved?" be 5 minutes? |
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have you considered issues of, I don't know what to call it, maybe "hyperpriceification"? I have. 1. overly complex "Overly" is a relative statement that is only meaningful when compared to the skill of the people implementing it. 2. inefficient Payment channels are a perfect fit for this particular application, and they can be made very efficient, both in terms of blockchain transactions needed and in terms of bytes per adjustment and frequency of adjustments. 3. bootstrap issues both technical and social:
a) technical: I can't get bitcoin blockchain info without paying for them, but I can't make a wallet until I get the info
b) social barriers to entry: I can't try a bitcoin wallet, just to see if it basically works, until I acquire some coin and pay for bootstrap data If nobody can use Bitcoin without first having bitcoins, then nobody makes any money for operating a network that nobody can use. I expect that enough people will realize this that a freemium model will develop. Some nodes will offer a limited number of free connection slots so there will be ways to connect and operate without paying. Those who can pay for access will get more reliable service. |
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Firstly, I really want to thank you for what you've done here. You've perfectly formalized (and theoretically solved) a problem that was in the back of my mind since I've properly understood the bitcoin network topology. I should thank MojoNation. I've been musing about the problem ever since I encountered their (unsuccessful) attempt to solve it. In particularly, their experience was a great case study in why price discovery needs to be fully automatic on both sides of the transaction. Secondly, as of your knowledge, are the core devs aware of this issue? Do they agree with the given definition of the problem? And more to the point, is there a plan to develop something along the line of your proposed solution? To the best of my knowledge, they are aware of it. None of them have commented, however. I don't know of any immediate, specific plans to implement this. |
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If you want to forcefully trigger the issue, you can point Armory to a copy of the blockchain it wasn't sync'ed against. Core 0.10 chains will definitely trigger it.
Instead of doing that, I decided to see what would happen if I just deleted the most recent block file (blk00238.dat) entirely. Turns out that Armory can't repair that. Log file opened at 1425420603: redacted/.armory/armorycpplog.txt
-INFO - 1425420605: (BlockUtils.cpp:861) blkfile dir: redacted/bitcoin/blocks
-INFO - 1425420605: (BlockUtils.cpp:862) lmdb dir: redacted/armory
-INFO - 1425420605: (lmdb_wrapper.cpp:478) Opening databases...
-INFO - 1425420605: (BlockUtils.cpp:1184) Executing: doInitialSyncOnLoad
-INFO - 1425420605: (BlockUtils.cpp:1255) Total number of blk*.dat files: 239
-INFO - 1425420605: (BlockUtils.cpp:1256) Total blockchain bytes: 31,901,658,075
-INFO - 1425420605: (BlockUtils.cpp:1597) Reading headers from db
-INFO - 1425420609: (BlockUtils.cpp:1623) Found 346096 headers in db
-DEBUG - 1425420609: (Blockchain.cpp:211) Organizing chain w/ rebuild
-WARN - 1425420611: (BlockUtils.cpp:1285) --- Fetching SSH summaries for 1345 registered addresses
-ERROR - 1425420611: (BlockUtils.cpp:639) File: redacted/bitcoin/blocks/blk00238.dat is less than 88 bytes!
-WARN - 1425420611: (BlockUtils.cpp:235) Couldn't find top block hash in last seen blk file. Searching for it further down the chain
-ERROR - 1425420611: (BDM_mainthread.cpp:427) BDM thread failed: Block file 'redacted/bitcoin/blocks/blk00238.dat' is the wrong network! File: 00000000, expecting f9beb4d9
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Also have not been a been able to trigger a repair log entry.
Everything just works so far.
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sexism prevents women from actually participating in stuff like this.
There is exactly as much proof for this assertion as there is for the assertion that the world rests on the back of a giant space turtle. |
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If you accept that not everything has to be trustless, then the 'problem' vanishes instantly.
Vanishes just like the hacked balances of Instawallet users... |
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The experiment is ongoing. So far there is no big demand for the coin and it remains to be seen if it can even stay functional (or is). There is something to learn from that. If you want to deny that there can be things learned from such experiments well that's your narrow view then and i don't have to share that.
It's the first altcoin experiment for bloatcoin proposal and so far it looks like a failure. Nobody is mad enough to even put money into it - so maybe that tells you something about the value of the idea.
... maybe it's still going to pump ... but will it survive the dump? Will it stay functional? Is it even functional now? Will there be demand? Will it be able to maintain a value on the mid/longterm timeframe? Is it even remotely viable? I'm going to measure the demand for air travel to Hong Kong. The experiment will take the form of building a four terminal, eight runway international airport in Ittoqqortoormiit. If that airport fails commercially, it will prove a lack of demand for increased airport capacity in Hong Kong. |
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KimDotCom's advocacy of Bitcoin is likely to bump the price quite a bit. he's a huge player with a solid service and massive userbase!
The degree to which Mega bumps the exchange rate of Bitcoin in the long term will depend on what fraction of his profits he retains as BTC. |
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A problem greece cant fix it based on production.
They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.
Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.
Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume. Bitcoin still doesn't save them. They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins. If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money. I think you're missing the bigger picture. The first country that introduces an honest currency should prosper. People who may have never found it worthwhile to work or strive in the past will for the first time have an incentive to participate in a real economy not distorted by corrupt monetary policy. Individuals will prosper, but countries will not. It's not possible for a nation-state to survive in the presence of honest money. |
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A problem greece cant fix it based on production.
They have no export/import things from their own country. Meanwhile china, we all love almost everything we have here in the U.S is "Made in China" so it creates millionaires for them.
Greece is nothing but a tourist attraction, unless they understand their own mechanics to the problem.
Well, if they don't export anything, then Bitcoin theoretically would be precisely the type of currency the Greek people should want to adopt. It goes up in value over the long run as well their purchasing power. Just sit back and consume. Bitcoin still doesn't save them. They could buy up the bitcoins with whatever euros they have on hand, but then they'll still need to spend their bitcoins. If they are trying to spend more than they earn - no matter what currency is involved - eventually they'll run out of money. |
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What exactly do you believe that you've proved here, other than that you're confused about whether or not the labor theory of value is valid, and the nature and value of money? |
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It's not like you can expect to grab other people's random pubkeys and do things with them and have anything but doom come of it. Sure, you wouldn't want to do that with random scripts in the blockchain. On the other hand, colored coin techniques allow you to know if the recipient of certain utxos has indicated a readiness to participate in Diffie-Hellman payments due to the fact that they've handled the outputs in a manner consistent with the color rules. If one of the coloring rules happens to be "outputs of this color must be stored in pay-to-pubkey or pay-to-multisig outputs", then you could have the colored coins represents shares, and use Diffie-Hellman to derive dividend payment addresses. Doesn't even require OP_RETURN for any step of the process. |
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