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I've bought a few hundred bitcoins through Coinbase, and once had a order cancelled right after a large price increase. I don't know if the price increase is related or not, but I did note that the email notice they send you never explains precisely what risk they are talking about. It could be the risk of fraud, the risk of insufficient funds, the risk of Coinbase losing money on the exchange rate, the risk of alien abduction, the risk of running out of beer - they never specify.
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It won't be the the Next Big Thing if the network stays artificially limited to 7 transactions per second...
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Where did slave owners get the power to force people to pick cotton without their consent?
Where did George Washington get the power to impose a tax on the Appalachian corn farmers?
Where does the mafia get the power to shakedown store owners?
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It's like saying, "the government is the cause of xyz problems," while ignoring the fact that if the citizens didn't legitimize the government, it wouldn't have such power to begin with.
So many people blame central banks or governments while they happily pay taxes with fiat money. Governments impose themselves by force, not by citizen consent. |
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Not, economy is not an exact science (if you even call it a science). All in all, it is impossible to predict how a complex system will respond. That's why it's pointless to try playing central planner. The correct block size is the size that the miners are willing to mine, and that the nodes are willing to relay. All of the objections which revolve around what miners with faster connections could do to the rest of the network are just variations of the 51% attack, which limiting the block size doesn't solve anyway. |
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The title of this thread reeks of blaming the victim.
The concept of saving was punished out of existence by central bankers.
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What if I wanted to use bitcoins I have in cold storage as collateral for Ripple trust?
The person who grants me the trust can verify that the amount of IOUs matches the balance of the address and I can sign a statement to prove ownership.
Is there some automated way in Ripple to validate collateral so that the lender can verify that I haven't pledged the same unspent output multiple times?
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I've bought bitcoins from them that went into cold storage.
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The walls used to be more dynamic and impressive back when those following technical analysis were a bigger part of the market. A failed assault on a wall could trigger a 20% reversal. Now in this rally the walls are simply like mini speed bumps -- nothing that cause you to change direction nor even spill your coffee if you hit one when not looking.
A lot of the buying pressure might be coming from people who buy from Coinbase. They aren't actively trading, just buying. |
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Just to be clear my definition of "bitcoin developer" includes people who make widely used Bitcoin clients, like Armory.
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Increasing the size prematurely isn't scalability, its actual scaling. Heck even when it is time to do it (when it is no longer premature) it still will be actual scaling, not mere scalability. Get the difference? Scaling (actually increasing the size) awaits scalability (the mythical or vaporous or simply not quite yet ready to be merged-in optimsations). I agree that simply raising the block size limit does not solve the scalability problem. That's why I posted in this thread: https://bitcointalk.org/index.php?topic=93606.msg1549439#msg1549439 |
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I have a theory that the bounty will be more effective if we pledge income instead of a completion bonus. We should try to get enough donations to match a reasonable salary. I'll start:
I will pay USD500 per month (in bitcoins) for six months to a bitcoin developer willing to work full time on implementing this proposal.
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So, let me be clear: what set me into panic mode was not the discussions about how the limit would be raised, but the discussions about whether it would be raised at all with opposition from a significant amount of people. That turned the idea of raising the limit into a complete non-starter since it requires a hard fork, despite the fact that changing the maximum block size has been the plan since the very beginning. Even worse, we have prominent devs playing fast and loose with the truth, claiming that raising the limit was never the plan when they posted in the same threads in which it is made clear that it was the plan. |
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What happened to that animated gif with the tank in it? I can't find the thread I saw it in.
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Oh nice, an actual number, thanks! And it is less than a doubling of the max size, too!
Thanks. There ya go Gavin, we got a times two so far for, likely, the bottom of the range of values to have at your fingertips when time comes to type the proverbial #define That's only a good number if we want to have this debate all over again on February 2014. |
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We are guessing, but we know that up until now the number of lily pads at least doubles every day and the pond is about 25% covered already.
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Again, we're just guessing. Did that transaction volume increase because there are 5 times as many active users? Or was the metoric rise of Satoshi Dice the greater factor? If the latter, how many times is that going to happen? How many times can it happen? A few orders of magnitude more times. How many potential customers does Mega have compared to Satoshi Dice? What happens if a blockchain-based game takes off in Japan, China or India? Do you think 2013 is going to be better or worse for BitPay and Coinbase than 2012 now that they've got high-profile customers like Wordpress and Reddit. Where's the tipping point where web business owners have heard so much positive news about bitcoin that a bunch of them decide to jump in en masse? |
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250k to 1M is only two doubling times.
The transaction volume has gone up by a factor of 5 during the last year.
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It has taken us four years to start bumping into the soft limit, we're not really at risk of hitting the hard limit any time soon. Are you sure about that? http://blockchain.info/charts/my-wallet-n-usersGiven the pace of news stories regarding more businesses accepting bitcoin payments, and new exchanges and payment processors popping up around the world I'd be very surprised if we don't hit the hard limit before the end of the year. Looking at how long it took to go from 0.7 to 0.8 there really isn't a lot of time to waste. |
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