If bitcoin sticks with 1mb max block size, and inevitably transaction fees increase, how will this not destroy bitcoin?
If in 5 years, I want to send $5 to a friend, and the transaction fee is $50, obviously I can't do it.
The long posts in the tech forum about this talk about "off chain" services, but what could those possibly be? Whatever they are, I'd have to trust them and do business in whatever bit-bucks they issue, that they claim are redeemable for bitcoins, right? And if they told me they aren't giving me back my bitcoins because they think I'm a terrorist or something, what recourse would I have? None, right? Wouldn't we all be right back where we started, at the mercy of some big organization?
How is that not a total failure of what bitcoin set out to be?
Good question, with an obvious answer. Limit needs to be raised as we grow. There are various possible scenarios, and they ought to be analyzed with due dilligence. |
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Our currently unnamed bitcoin mining chip taped out last October; we (ab)used spare estate on our 28nm SOI MLM test wafers we were running at ST Microelectronics. Several successful wafer test runs have been conducted since, and as a result, we currently have a limited number of functional chips that can be supplied for testing and validation. We are about to sign a deal that allows us to produce these chips in volume. Packaged chips are expected to start arriving in volume in June of this year.
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Why not to look at these great 28nm chips first?  Because We currently have one integrator that has committed to bringing our chip to market, but we are looking for at least 3 more. Our prices will be the same for every partner, and will vary only with quantity.
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Since we use state of the art 28nm SOI technology, our chip is quite significantly more power efficient and higher performing than anything currently announced or shipping. The downside of our technology is that we require expensive wafers and we are using a multi layer mask, so our per chip production costs are likely higher than our competitors. But since no one else is selling asics, and no one has a product that can match our specifications, we can assure prospective partners that our per chip prices will be low enough to allow them to compete very favorably in all relevant metrics with current known suppliers and that we have more than enough margin to follow aggressive price cuts that we expect will happen over the course of this year. I realize this is vague, but we will release exact performance data and cost estimates under NDA to prospective partners. I can guarantee you will not be disappointed.
The most important metric in current market is not power efficiency (Hash/J), but simply price per Hash/s. Sounds like you are far behind the competitors. Another detail to note is that your professionally written call for partners is posted in a fucking internet forum. Any group of graduate students in Switzerland would be a better place to look for the solution you need, not to mention simple advertisement on a professional Website or in a journal, or even LinkedIn. I suspect this has got something to do with users of this forum having a proven competitive advantage compared to other groups I listed when it comes to sending advance payments to random story-tellers. |
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You might want to specify what "our" means in the thread title ("American", not "our"). There are people from all over the world in this forum.
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Just contant the damn merchant, no need to fake it...
By the way, I've doing this for literally years, sent requests to ~20 merchants that I honestly wanted to start accepting BTC payments. Here is an example: Hello ,Thank you for contacting LogMeIn. We do not currently have that at the moment but i will be sure to pass this request along. Is there anything else I can help you with today?If you need further assistance please contact us by phone at (866) 478-1805.Thank you, xxxxxxxxxxx | User Services Representative · · · LogMeIn, Inc. www.LogMeIn.comp. ------ Your Question/Comment ------ via sales@cubby.comHi,Would you consider adding a Bitcoin payment option? Compared to credit cards, it's much faster, easier, and safer for your customers, and you as a merchant would enjoy irreversible payments from anywhere in the world, and not worry about fraud, chargebacks, and high processing fees. Thanks! |
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Just contant the damn merchant, no need to fake it...
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What you can do with a bitcoin if the USD exchange price dropped to 0 The question suffers from circular logic. In reality, the only way exchange rate would drop to 0 is if you suddenly couldn't do anything with Bitcoin. Furthermore, you don't have to ask "what if...?". The price already was zero before the first trade occurred. People were sending coins back-and-forth just for the heck of it, as coins had no value - because you couldn't do anything useful with them. We've come a long way since then. By the way, remember "bitcoin faucet"? Somebody was just giving coins away for free, for a long time. That means those coins had zero value - they were given away for free. And yet, at least some of the recipients did find a use for them. |
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Do you want .0000001 of something? I didn't think so.
Yes. Give me 0.0000001 of 100 tons of gold. Or 0.0000001 of the GDP of the United States or Japan. I will let you think about this, and I hope you will think. Don't rush, take your time. Also, if the "problem" still bothers you, just express the price in mBTC or μBTC. Problem solved. Even today's reference client lets you do this. |
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Even more surprising is that the Big Bang Theory hasn't featured Wolowitz mining on the government supercomputer. |
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What you can do with a bitcoin if the USD exchange price dropped to 0 The question suffers from circular logic. In reality, the only way exchange rate would drop to 0 is if you suddenly couldn't do anything with Bitcoin. |
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There is a reason for this information to remain private.
This information is not private. I don't see why it is so hard to face this fact. The companies and government agencies collect it, analyze it, and use it. I don't see why it is so hard to notice that their exclusive access to everyone's information gives them an unfair advantage in controling our lives and the world. Making this information universally accessible restores the balance and empowers people at the expense of companies and governments. If you wish to keep it private, use VPN/Tor/mixing service/wear a hoodie (CCTV), etc. |
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Everyone needs to understand that:
1. Bitcoin is a peer-to-peer technology. As such, everyone can know and control what peers they are connecting to.
2. Peers are identified based on their IP addresses, which are assigned by third parties - private companies. You have no control over this. Furthermore, you are using third-party infrastructure to communicate messages between third-party assigned identifiers. You have no control over infrastructure. This is the reason why the military of most countries, or powerful corporations, build and use their own network infrastructure.
Overall, do not expect privacy. You may make extra effort, but judge this effort in the context of an ever-changing game.
I would rather have all the information available to everyone, than all the information exclusively available to someone. This way nobody gains an unfair advantage that leads to abuse.
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Government agencies already can and do track network activities and tie them to IP addresses. Bitcoin, and blockchain.info in this case simply makes things fair by making certain - easily available - information public, instead of being exclusively available to chosen entities. That is a good thing. Collect the IPs. You might be surprised what you find in there. What you cannot find leads us to the next point - and is also what others cannot find. Again, very fair. As already pointed out, what is available are the transactions my node has relayed to the blockchain.info server. It is hard to prove that I was the one who created the transaction, and I can make this even harder by connecting to Tor, too. OP, does any of this make you feel any better? What if goverment allow bitcoin but ask all bitcoin client register IP when they get a broadcast for certain period?
Again, they don't need to "ask" you to this. This is readily available to them if they want to have it. Again, Bitcoin removes at least some of the unfair advantage of government over people by making the information available to everyone. |
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Just wondering what people buying with they coin?
Most I spent was 1.5 BTC on gambling speculation (betting against BFL delivering ha ha!)
can anyone top 1.5BTC?
I had to buy darn dollars on few occasions... Must have spent a couple of thousands of coins altogether (the price wasn't always like what we see today). |
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Two thoughts:
1. We should distinguish between "spam" transactions, and any padding miners themselves might decide to add for one reason or another.
2. Trying things out on testnet would not be very informative, due to lack of real-world (dis)incentives and non-existing various groups of stakeholders (merchants, miners, consumers, hoarders...).
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Can miners pad the block they mined with useless data to fill it up to the limit?
No, because they need to calculate a valid hash value for all the data in the block, which would include the useless data plus the reference to a previous block on the chain. Edit: Well, to phrase it a bit better, it's not that it would be impossible to do that, of course. You could in theory fill the block to the limit with useless data and start incrementing the nonce until a valid hash value is found. But I fail to see how that would be better than actually including transactions. When there are no enough transactions to max out the block size, padding the block may be an advantage in terms of harming competitors on lower bandwidth connections. I am surprised how most of people here seem to have already formed a firm opinion on the issue of block size limit, when obviously the issue is extremely complex, and it involves technological but also economic aspects. 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. Bitcoin is an experiment anyway. We need to decide carefully what the next step will be, but unfortunately there is more rhetorics than dialectics in this forum. |
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Can miners pad the block they mined with useless data to fill it up to the limit?
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Perhaps the fastest and easiest way to the house is to just hold onto that one coin for a while...  |
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I voted "I don't know," but changed my mind after reading - can you edit the poll so we can change our vote (not sure if forum software lets you do that)?
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