The point is we don't know. They take the resources, stuff gets made/invented. Of course some of it is good and useful. But we have no idea what was sacrificed because it never came into existence because the resources were redirected.

With no cost comparison good decisions cannot be made. This is really just the socialist calculation problem.

Something like making the max block size increase to 110% of the average size of the last 2016 blocks seems good.

I thought at first that spam would grow unlimitedly, but it won't if just a few % of generators refuse to include it. Generators themselves don't have incentive to bloat blocks, both because it will cost them in future disk space, but also because bigger blocks reduce the fee in equilibrium.

Should max block size ever decrease? I don't think so, but way way down the road it might be a problem.

When you say it is a money, they assume it is like all the money they have ever heard of, now you need to tell them how it is a different money.

Really we need at least three kinds of explanations. Stone simple (grandma click there). Technical (seriously, it works, here are the details). Economic (this is what makes a good money).

And probably different levels of each and maybe different combinations in various types of presentations.

No doubt. Right there with "Oh, no, will all of my yachts fit in my private bay?"

I think there is an important difference. When one generator is faced with deciding to take tiny fees and fill up the block or leave them will compare the immediate gain of fees to his future loss via the general reduction of fees. But unless he has significant market share this general influence will affect other generators more than himself.

<here I paused to think for several minutes and almost deleted my post>

I was thinking that he should ignore the influence on other generators and simply calculate how much on average he expects fees to rise by keeping the cheapest fees out of his blocks and see if it is worth it. But then I realized that he actually benefits from reducing fees because they will remove marginal generators and decrease difficulty resulting in him generating blocks more quickly. And he will keep these particular small fees from going to a competitor as well.

I still can't say for sure, but I think the best strategy will be to accept all fees.

The bread story is not so good because almost everyone prefers the morning bread and won't wait just for a discount.

It is not a random search. Myriad factors conscious and unconscious, human and otherwise determine what is explored and how. When a small group redirects massive amounts of funds either to their own desired research or to research that merely sounds productive we end up with inferior and less knowledge than if people had the freedom to determine for themselves when and how their resources should be deployed.

"Useless" isn't quite the right word though. You can steal and put something to some use. But there is undoubtedly huge loss when the people who have the ability to create resources are stripped by force of their ability to allocate those resources where they think they will be most productive.

Okay, I'll have to find something else to do with them then

Again, very good looking and useful site.

Wow, it's looking very good.

The order books are great. You could make an option to group them by some increment to make it easier to digest though.

ffs, it's about time mtgox gives us all the data.

There doesn't appear to be a donate address anymore, is this on purpose?

agorism, freedom, anarchy, voluntar(y)ism, currency, gold?

individualism, individualist, anarcho-capitalism, mutualism, p2p.

Will he let you transfer to 'other' people? <hint, hint>.

Oh, yeah, I agree. It only makes sense for small businesses/small sales now, but it will/is ramping up.

It's not a TOC situation because of the fees, as blocks go unsolved, fees accumulate, increasing incentive to solve. People need not generate at a loss for bitcoin to work. Though maybe with some definition of 'loss' some people will anyway.

Of course they can't get them all at that price. The first 100 people will have pushed the price up considerably already, probably orders of magnitude.

All those orders on both sides, really tight together, those are speculators, those aren't "common folk" or whoever it is that you want to be the only traders. When a rush of people come in wanting to check bitcoin out, sell what they generated or whatever, the price will move less than it would have otherwise because of all the speculators holding out their offers.

Even if trust wasn't an issue, it is super lame to not put an address on site. Are they just waiting for the webmaster to add it?

edit: People need to ask them to put it on site? Why are they reluctant?

Children raised without force don't grow up to force others to follow their morals. There is no one human nature. Humans are changeable and adaptable. It will take generations.

Something I realized that is slightly related is that in the future the time between blocks will become more regular. Currently the reward is the same no matter how long it has been since the last block. When fees make up most of the reward they will increase linearly and as the pot builds more and more generators will come online. Of course some will not bother turning off after a block is found, but those with high electricity costs or with something else to compute will switch on and off.

I had thought about it a little and decided it wasn't possible also. Followed here from slashdot. Read and was amazed that it had been accomplished.

I know for sure a limited number of transferable tokens makes a good money. And although I can't verify the implementation myself it does look good.

I like that.

Good work all around, btw.


If you try to send a transaction that has more than like 500 inputs it will give you a warning and then attach the fee for you. I think you have the option to add a fee using the headless client.

In the future the client will be modified to let you choose the fee easily. Hopefully some data about average confirm times with various fees will be available too (in the client or not).

You say it isn't ebay meaning that you will be the only seller?