There seems to be a lot of technical problems with increasing the block size in Bitcoin, so I was wondering, could we recalibrate the formula for difficulty so that blocks would be generated faster? This would increase tx throughput while keeping blocks the same size.

This could be done one of two ways.

(1) Keep the block reward the same. Disadvantage of course is that coins would be mined faster reaching the 21 million point much sooner. Advantage would be compatible with previous versions that could mine on this chain. Personally against this version of the idea as I think it would cause a short term drop in prices with decreased future security.

(2) Decrease the mining reward by an inverse proportion to the decrease in difficulty. So if we re-calibrated the mining to be twice as fast, we would cut the coin reward to one half. Currently, this would 6.25 Bitcoins generated every 5 minutes if we doubled the speed.

We could even implement this slowly by not reducing difficulty downwards and keep it the same till blocks are being generated every 5 minutes (or the desired rate).

I have two basic ideas for fixing the bottleneck civil war being fought at Bitcoin over speeding up the # of blocks created per day and creating a new altcoin. Any of these would work:

• Simply modify the code to lower the difficulty so that a block is created on the average of 2.5 minutes. If we kept the blocksize the same, then we would increase throughput by four fold. The one disadvantage would be that coin generation would speed up and the halving rate would be every year. We could decrease the number of coins generated to a quarter of current rate, so that the same number of coins would be generated over the same amount of time. The other big advantage is that this would be very easy code changes to make. I would alter version 0x20000000 for this.
  
• Increase mining options like Myriadcoin does. If we had five different mining options, we could keep HSH256 difficulty the same while setting the other mining variations to a difficulty based on a ten minute average time. This would increase tx speed by five fold while also increasing decentralization. The disadvantage of this idea is that it would require more code changes (beyond my ability to do safely).
  

This would need a very small change in code. Just a change in the difficulty formula. If we kept the number of coins generated the same, it would greatly speed up the mining rate, but it would actually be a soft fork, since it would be compatible with previous versions of Bitcoin.

We could decrease the number of coins generated. For instance, if we produced blocks four times as fast, we should decrease the mining reward by a factor of four.

Creating an altcoin that is a fork of Bitcoin would prevent the premine/instamine/secretmine that seems to be the bane of many altcoins.

Would any of you support any of these two ideas? If so, which one would you prefer? If we went with the first idea, can you think of any problems with altering version 0x20000000.

Wish I had 21 BTC, then I could dream about 21 BTC = $1 Million too

They should start calling it "Global Divergence" next, then they could say some places are getting colder and some hotter, all at the same time. They could sell CO2 credits with one hand to stop global warming, while selling cooling credits to businesses that reduce CO2 to stop global cooling. Get their cake and eat it too. Win win.

While I think a $Million price is inevitable, it will be a few decades before it gets here.

However, I think there is a 50/50 chance that we will see $100k/BTC within a decade.

I also expect to see $10k before the end of this decade.

Eventually, the blocksize problem will be solved. If nothing else, after several altcoins have a market cap greater than Bitcoin. This will result in a lot of people moving on to other coins. I honestly believe that part of civil war with Bitcoin right  now is being supported by shills that wish to destroy it. They won't totally succeed, but their actions will result in another coin taking the marketcap lead.

Once an altcoin takes the market lead, I suspect the people sabotaging Bitcoin will switch their targets, this will result in a real solution to the block size problem.

Must be TBC, The Billion dollar Coin.

tbc004.net

http://www.motelmaya.com/TBC/

Bump!

Was trying to find an old address and discovered a strange transaction, so I googled it and discovered this old thread.

There should definitely be a winner now

Thank you for selling at 20 sat each, we are enjoying them.

Plus it has it's Troll box. Personally, I prefer the smooth operation of Bittrex.

We are just started on the altcoin bubble. It has a long ways to go yet, we are no where near the peak. I have been tracking the buy support on Polo and Bittrex, it is still going up a lot. The number of many coins to be sold has actually been decreasing, which means that people are moving them off the exchange.

For instance, despite Myriadcoin doubling in just the last few days, price support has gone from 29 BTC up to 72 BTC. The amount of coins for sale has dropped from 106 M down to about 60 M.

Golos has been doing a slow steady rise and will probably become a future major coin in the future due to it's Eastern European emphasis.

Haven't you been watching?

I think the idea of cold storage is that the private key never touches the internet. You create the public/private key pair offline, save the resulting address, then move that online. The private key should never be on a computer that is online. And best practice is that the computer that created the private key NEVER touches the internet after that.

Yes, I have noticed on Bittrex that Bid Support keeps climbing, while coins for sale keep dropping. I see that as a strong sign that we are accumulating long term investors.

So far I have only found 2: Litecoin, Myriadcoin

Dogecoin gets an honorable mention as they had a working one in the past, but currently there are no servers supporting it. That would certainly be easy to rectify.

Please post any that I have missed 

Could you write an article and publish it, then we can add it to https://99bitcoins.com/bitcoinobituaries/

This really seems like a crude method to extend one's lifespan. Better is to find what is in the young blood and get it in pure form. With a transfusion, you are subjecting yourself to every disease that the donor has been exposed to.

If you want to stay young, start by keeping your weight under control, eating healthy, and intermittent intense exercise.

As you get older, you need to pay attention to supplementing failing body system. Whey powder and vitamins to make up for poor digestion. Melatonin to get good sleep and hormone regulation. NAD supplements to keep your mitochondria going.

The point being: There is a lot you can do to stay young on a limited budget and it is probably a lot safer than things like parabiosis too.

In my early days, I think I talked like some religious fanatic when it came to Bitcoin. The long slow slide to about 200 after 2013 kind of quenched my religious fervor. Now that it is going up again and everybody is asking questions, I just tell people to be cautious and only invest a small amount at a time.

Just invest a large amount of money into it, then it will pop 

100k sats?

That is only about $2.50

Just checked and I have 150k satoshis sitting at Freebitcoin, and I only roll there for the free satoshis a couple times a month. If you go there and keep a tab open with the timer beep option on, you can accumulate quite a few in a year while doing other things on your computer.

Myriadcoin: No premine, Electrum wallet, 5 different POWs, still in accumulation phase, I expect this to explode someday even if it is another year or two.

Golos: I have about a $100 worth of these, just a random hope on the Russian market. I consider this a long shot coin, but with a potentially huge upside.

Stellar: I keep finding these...apparently I signed up for a bunch of free ones back in 2014. Totally forgot till I was cleaning out my password manager (Keepass). Sold them, then found an old email where they sent me more