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121
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Bitcoin / Development & Technical Discussion / Re: TPS, Blockchain bloat and Confirmation speed - Are they a problem?
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on: February 04, 2014, 03:50:19 AM
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The problem is that it is not a problem yet. While we all hope to see Bitcoin becomes a busy and bustling network like VISA or Paypal, the reality is that we are still quite some way from the current hardlimit 7 tps, the transaction rate now stands at about 1 tps https://blockchain.info/charts/n-transactions, nobody is feeling the urge to increase the blocksize so there is no way to field test it, not yet. So does that mean that if you increase the blocksize you will get over 7 tps? Principally yes but all transactions still get confirmed only when a new block is released, so I'm not sure if it's a good idea to use "tps" here. |
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123
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Bitcoin / Press / Re: [2014-01-31] BTC China Starts Accepting Deposits In Chinese Yuan Again
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on: January 31, 2014, 10:43:36 AM
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BTC China CEO Bobby Lee told the Wall Street Journal that the exchange started accepting renminbi again on Thursday after studying the PBOC memo and determining that it was legal to accept deposits and transfer money into customer accounts, even though the banks that manage those accounts can’t conduct business in bitcoin Hmm... is he just taking a big risk here, or was the original 'ban' just more FUD? It is more like FUD on the Central Bank's part, deliberate ambiguity to freak people out. |
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125
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Bitcoin / Press / Re: [2014-01-31] BTC China Starts Accepting Deposits In Chinese Yuan Again
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on: January 31, 2014, 09:06:02 AM
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Give me a break, It's only BTCChina who suspended bank deposits, other exchanges were taking deposits all the time, Bobby needs to be extra cautious because they are very conspicuous.
And no, no one can stop the Chinese from buying anything, the difficult part is to convince them it is worth buying.
Really? "As per Central banks directive, BTC China was suppose to halt withdrawal and deposit by Jan end anyhow." is a figment of our collective imagination? Now you ask me, I would say yes. I have been doing bank deposits and withdrawals with Huobi the last month, all is working well. |
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126
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Bitcoin / Press / Re: [2014-01-31] BTC China Starts Accepting Deposits In Chinese Yuan Again
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on: January 31, 2014, 09:00:02 AM
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Give me a break, It's only BTCChina who suspended bank deposits, other exchanges were taking deposits all the time, Bobby needs to be extra cautious because they are very conspicuous.
And no, no one can stop the Chinese from buying anything, the difficult part is to convince them it is worth buying.
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127
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Bitcoin / Development & Technical Discussion / Re: Micro payment hubs
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on: January 30, 2014, 12:56:04 PM
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Hopefully things will sort themselves out once miners have to really struggle to turn a profit. That day will come eventually  Edit: That or lots of bad press about how Bitcoin advocates lied about it having low transaction fees... It'll be a long way before they can be as incompetent as the banks, people may talk crap but when money really matters they will vote with their feet. |
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130
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Bitcoin / Armory / Re: Issues with "Verifying Source Code Authenticity"
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on: January 27, 2014, 05:00:58 AM
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I always feel uneasy about the fact that so much money managed with Armory has to depend on some keyservers working properly and uninfilitrated, wonder if there is a way we can employ blockchain itself for further authentication  |
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131
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Alternate cryptocurrencies / Altcoin Discussion / Re: Turing complete language vs non-Turing complete (Ethereum vs Bitcoin)
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on: January 26, 2014, 11:29:11 AM
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I could say I have seen altcoiners trying to change nearly every aspect of Bitcoin, just for the heck of it.
It would have been easy for Satoshi to implement a Turing-complete scripting, he refrains from doing it because Bitcoin is an infrastructure, a security max system, if someone succeeds with remote-exploiting a miner then there is theoretically no limit to the amount of money they can double-spend. Otoh, miners would probably have zero interest in handling complex transactions for you so they will reject most of the opcodes, but it only took one successful exploitation to do irreparrable damage to the network.
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133
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Bitcoin / Press / Re: [2014-01-25] Videos - Bitcoin London 2014
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on: January 26, 2014, 04:33:13 AM
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Really liked the points Jeremy Allaire made about not ignoring current problems/risks of Bitcoin and instead focusing on how to solve them and how to explain them to people so they better understand Bitcoin. I agree with him that anytime someone in the media or elsewhere says something negative about bitcoin a lot of people in the community dismiss it even though there is real truth to some of the complaints/concerns people make abotu BTC.
If they learn to write consistent and balanced articles instead of trying to make us to pick needle in a pile of bullshit then I am sure many of us won't dismiss them so quickly. Also having followed the development discussion for a long time I would say most of their doubts have been brought up by some developers before, in much more well-thought out ways and without the bullshit. |
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134
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Bitcoin / Press / Re: [2014-1-25]- HITC Business: Branson on bitcoin: Take that, Mr. Dimon
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on: January 25, 2014, 10:10:29 AM
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While it's nice to see another big investor and business taking an interest in Bitcoin the scientific part of me truly hates Branson for ranting on about his 'Virgin Galactica', 'Space Plane' bullshit when really it's only capable of flying up outside the atmosphere for a few minutes before being forced back down to earth again. When they actually make a real spaceship capable of deep space travel then I'll be interested >_< otherwise he's just bullshitting us like he did with Virgin Media's 'fibre optic' connections and the media all gobbled that one up like morons too.
Suborbital flight is meaningful in itself, if they can travel across the Atlantic in less than one hour and cut the cost to something like $100,000 per person, then I would say all glories to them. Also the PR part is important, the worldwide decline of interest in space exploration is pathetic, anyone tries to rekindle it should be encouraged. |
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135
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Bitcoin / Press / Re: [2014-01-24] Bloomberg: Bitcoin Backed by Sberbank’s Gref as Russia Plans Curbs
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on: January 25, 2014, 03:50:52 AM
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Isn't it strange how there are so many contradictory developments on the world stage these days? Not just with bitcoin, with everything.
It seems that confused signals are the new consistency. I guess we better get used to not knowing what to expect next...
It indicates that we are in the "then they fight you" stage, in the battlefield there will certainly be a lot of confusion. |
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136
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Bitcoin / Development & Technical Discussion / Re: Redecentralization: building a robust cryptocurrency developer network
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on: January 24, 2014, 05:39:27 AM
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I would say a good start is a locally developed wallet software based off bitcoind, at least we need to have someone with enough understanding of the reference client code in every continent....
Wallets should really have absolutely nothing to do at all with full node implementations. The reference code is like that because it kinda had to start out that way, but that's not the right way to engineer a clean slate solution. There's no reason to have more than one node per site (home network or business LAN) with one copy the blockchain. That node should run 24/7/365. Wallets, on the other hand, are one per user, per device and only need to run on demand. Wallets need to be smart about synchronizing across multiple devices because it's not 1994 any more and we all have multiple computing devices, and sometimes even use more than one at the same time. Moving forward by building solutions that look like Bitcoin-Qt is exactly the wrong way to go. But when you think about it, there is really no address-creation code created outside the West, and one of the biggest and hardest to verify attack vector against Bitcoin user is to tamper with the random number used in such address creation... So I would say it's probably a more urgent issue then locally developed blockchain management code. PS: When I said "based off" I meant an independent wallet software interacting with bitcoind, not something like a fork of Bitcoin-qt. |
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137
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Bitcoin / Development & Technical Discussion / Re: Redecentralization: building a robust cryptocurrency developer network
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on: January 24, 2014, 05:14:21 AM
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The problem with these implementations is that they don't give you that kind of "new kid in town" feeling, i.e. they don't grab as much attention as the reference implementation. To do so the new implementation has to take a radically different approach from bitcoind, e.g., built-in p2p trading and mixing to cater to the speculative and laundering need of Chinese users.
That's why I suggested to btcd they needed to be first to market in terms of integrating turnkey P2Pool functionality... I would say a good start is a locally developed wallet software based off bitcoind, at least we need to have someone with enough understanding of the reference client code in every continent.... |
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138
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Bitcoin / Development & Technical Discussion / Re: Redecentralization: building a robust cryptocurrency developer network
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on: January 24, 2014, 05:06:37 AM
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Maybe let's make it a more concrete proposal: fundraising and headhunting for the development of a client with a entirely new codebase.
btcd has already done that. They have a fully clean-slate implementation that was engineered instead of evolved. This isn't really a criticism of the reference implementation - as a prototype of something entirely new it can't really have come into existence any other way. Bits of Proof was another player with their own independent codebase, but apparent they've decided not to be part of the effort to heterogenize the network. What's really needed is an implementation based somewhere that's not the US or Europe, Maybe a Chinese project, or Latin American. The problem with these implementations is that they don't give you that kind of "new kid in town" feeling, i.e. they don't grab as much attention as the reference implementation. To do so the new implementation has to take a radically different approach from bitcoind, e.g., built-in p2p trading and mixing to cater to the speculative and laundering need of Chinese users. |
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140
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Bitcoin / Bitcoin Discussion / Re: Jamie Dimon Goes On The Attack On Bitcoin
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on: January 23, 2014, 03:56:30 PM
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Suppose the major US companies which back Bitcoin Foundation receive ultimatums. What could they do?
They could use their influence to completely stall needed development at the protocol level, for example making Bitcoin scalable to greater than trivial transaction rates, especially if they could push other priorities like blacklists and user identification.
This would prevent Bitcoin from getting "out of control" from a regulatory standpoint by forcing users off the blockchain and P2P network itself into the waiting arms of off chain services like Coinbase who are willing to make the user experience good for them while dutifully reporting everything their users do to every applicable government agency who asks for it, and especially being willing to comply with any funds confiscation orders they may receive.
They could even spread FUD around like telling everyone how using transaction rationing to push people off the blockchain and into off-chain services which contain exactly none of the freedoms the blockchain provides is, "keeping bitcoin free", and then laugh manically when people actually fall for it.
Lots of non-obvious ways these companies can compromise Bitcoin.
Development at the protocol level...one man got the whole thing off the ground, another should be enough to implement much of the needed changes I guess? Not to say there will be many more. What is amazing and addictive about Bitcoin and differentiates it from other open source projects is it's incredibly empowering, lots of programming skill/money in the community can be immediately put into good use, I alone will keep enough to pay a programmer for one year. |
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