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1  Bitcoin / Bitcoin Discussion / Re: Thoughts on node count for a decentralized network on: August 13, 2018, 01:35:36 AM
The innovation in Bitcoin is decentralized consensus. Because of this, we are able to have a decentralized network that transfers value. I believe we all agree that a good number of full nodes (whether that be owned by miners or by users) are needed to keep the decentralized nature of this network.

However, there are plethora of disagreements on how much is needed to keep this network decentralized. In my opinion, we should aim high in order to keep the network decentralized and thus should do all we can to make it easier for anyone to have full nodes. If the cost of running a full node is so cheap and so fast, SPVs wouldn't even be needed; this removes the need for many things such as the inefficient (and not working) Bloom filters. The thing that stops individuals from running full nodes is how long it takes for the initial synchronization process. To conclude, imo, cost of full nodes should be so cheap that every wallet would be a full node that has its own full copy of the blockchain (you could prune if storage is the problem).

If we don't aim to have as much full nodes as possible, that means that there is a "good enough". Where would this "good enough" be and what are the reasons you came to this conclusion?

Any thoughts are very welcome and appreciated.

I agree that the more people there are running nodes, the more decentralized the network is (from one perspective: one could argue that decentralization comes in many forms ie broad distribution of tokens, broad distribution of hashing power etc)

However, I don't think there's a hard number to be decided upon. Maybe representing the number as a percentage would be a better option, but even then I'm at a loss for what's an appropriate number.

If the cost of running a full node is so cheap and so fast, SPVs wouldn't even be needed; this removes the need for many things such as the inefficient (and not working) Bloom filters. The thing that stops individuals from running full nodes is how long it takes for the initial synchronization process.

Not necessarily.  It's worth considering that not everyone has a PC or similar device they can dedicate to the task.  I know plenty of people where they just own a tablet or netbook that wouldn't really be suitable and then other things like smartphones and gaming consoles, which aren't of much use in running a full node either.  The idea of everyone having a "home computer" has been somewhat diluted as of late.  People seem to prefer their portable devices now.  Because of this, SPV is always going to be a significant proportion of the userbase.

It's plausible that in the near future people will be able to run nodes from their phones or tablets.

P.S. i strongly recommend you to move this thread to Development & Technical Discussion to avoid spam and get better feedback Smiley

That's one option, but I'd like to see if it's possible to reclaim the main Bitcoin Discussion forum with a few decent topics.  We can't just abandon every board when it gets spammed.  If this topic starts to be filled with low quality content, simply press the "Report to moderator" link for the offending post and mark it as low quality. 
The innovation in Bitcoin is decentralized consensus. Because of this, we are able to have a decentralized network that transfers value. I believe we all agree that a good number of full nodes (whether that be owned by miners or by users) are needed to keep the decentralized nature of this network.
I agree, however the community have hard time agreeing how much total nodes count considered as "good enough".

I'd argue that, regardless of what people think a safe number should be, it's less about reaching an agreement on what that number is and more of an "encourage what you can, but accept it for what it is" kind of situation.  Even if we did all know what this "good enough" number was, we don't have any kind of direct control over it.  Nor should we.  But I'd like to think that the path we're on at the moment, with numerous optimisations being worked on to make transactions smaller and more resource-efficient, plus allowing for off-chain transactions, is the right way to encourage a healthy node count.  What more can we really do?  Ultimately, we have to let people use Bitcoin in the way they want to use it.  If they want to run a full node for the extra privacy and security, great.  If they want to rely on SPV, that's cool too.  It's not something we should try to force.

You're a hero.

Your statement about letting people use Bitcoin how they want to use it couldn't be more true. Let the network adapt to the network.
2  Bitcoin / Legal / Re: SEC plays with ETF! on: August 13, 2018, 01:17:33 AM
SEC has the right to postpone the adoption of the decision.

1) for 45 days in case more time is needed for studying
2) another 90 days to justify the rejection of the application
3) and another 60 days, if again more time is needed to study the documents submitted
Total 195 days

In addition, there is an application from another stock exchange NYSE Arch. SEC's conclusion regarding ETF should appear no later than September 21, as this decision was already postponed.

What does it mean? Most likely September 21, SEC will report a negative decision and the price of bitcoin will fall dramatically. The decision on the application of CBOE will be delayed again and again, but in the end a positive decision will be made, causing a rapid increase in prices.

All this means that we have not reached the bottom of 2018  Sad
I really want to be wrong, but logic tells me the opposite.

Well done. This went over the heads of many, but it's actually been this way since the beginning.

However I don't think this means there's going to be a negative decision regarding the Bitcoin ETF. The SEC (as far as I'm aware) have a habit of delaying decisions, regardless of their decision.

The ETF is being made too big a deal of at the moment. The last ETF to get approved was (I think) copper. Copper's been around for millions of years. Bitcoin's not even ten yet. Bitcoin ETF gets rejected? So what?
3  Bitcoin / Legal / Re: KYC Compliance for Bitcoin on: August 13, 2018, 01:03:32 AM
KYC compliance in bitcoin can really help it to gain legitimacy plus it will be available for more common people.

Read More: https://shuftipro.com/blogs/kyc-compliance-for-bitcoin-business/

What you guys suggest?

Provided you draw a clear line between individual businesses implementing their own KYC procedures and nothing whatsoever being implemented at the protocol level, then that's fine.

Businesses have laws they have to adhere to.  Even if those laws are a direct cause of identity theft, by mandating that companies store a vast trove of customers' personally identifiable and financially sensitive information for hackers to then steal.  Yay for dumb laws!

Completely agree. However, if we ca get identity checks to go through the blockchain then we can keep our personal information safe and still comply with regulations and good-practice procedure.

The KYC procedure in my opinion is fraudulent. You do not know who they will sell your data and how they will be used in the future. It's just very life-threatening.

Absolutely agree, but we're here because of the blockchain. We can implement it in many ways, and doing KYC or AML checks through them is just one of those ways.

On the one hand, I see KYC Compliance in bitcoin can help to gain legitimacy. But, on the other hand, this is contrary to the principle of bitcoin anonymity, I believe some people will object and will not accepting KYC's compliance with bitcoin.

Fortunately we can use P2P exchanges for purchasing Bitcoins and decentralized exchanges for purchasing altcoins.

Although KYCs are a little scammy. Do KYCs and AMLs for banks prevent terrorists, drug dealing or laundering in fiat? Ehhhh nope.
4  Bitcoin / Legal / Re: AML compliance challenges by FinCEN on: August 13, 2018, 12:55:14 AM
It has to be expected that there will be more stringent AML and KYC procedures in the future, and not just in regards cryptocurrency. It's likely in the future that users of (centralized) social media platforms will be subject to identity checks too. They need to know a lot about you before you can use fiat too, so it makes sense.

However, if things go our way, we might be able to store and transfer our identity through the blockchain, keeping our sensitive information encrypted and commuicating with the KYC or AML platform/tool only the information pertinent to the type of check it's performing. Even then (if it's done right) the raw information received by the KYC/AML platform/tool should remain encrypted. Now nobody has access to your identity (or information about you) and you're able to pass all KYC and AML checks too. Happy days.
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