[–]justusranvier [Bewertung versteckt] vor 11 Minuten
Bitcoin is - for good or for ill - going to follow those who produce the majority of the economic value.
Whether we like it or not, Coinbase, Bitpay and Blockchain.info have a lot of power because when they exit they can convince more people to follow them because of positive economics:
"Follow me and I'll give you the things that you want: access to liquidity, merchants, and users."
The 1MB side can't do that because they don't have a positive economic value to offer, or at least what they're selling doesn't have many customers.
All they can offer is negative economics:
"Follow me and I'll refrain from verbally abusing you."
I see justusranvier doing his best to stoop to new lows everyday. At this point I can only believe he's getting paid for his opinion. Coinbase, Bitpay & Bc.info the "economic majority"? This is all sorts of hilarious. Blockstream has some shills, but no customers. Coinbase, Bitpay and Blockchain.info have millions of customers. That's the difference. Millions of customers with a grand total of 1M (maybe) BTC in between them. Such economic majority  Did we forget Bitpay was on the verge of bankruptcy 1 month ago? To have Millions of customers (coinbase, bitpay, blockchain.info) is better than having no customers (blockstream). That's the reason why the companies with the customers will win the race. "It's the economy, stupid!" Bitcoin have millions of users. not customers. Fiat has billions of users. But "it's the economy, stupid!" and XT has 426 nodes as well as 0 blocks out of the last 1000 mined. what "economic majority" are you speaking of ? |
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http://www.bloomberg.com/news/articles/2015-11-10/hackers-accused-by-u-s-of-targeting-top-banks-mutual-fundshacking the system hackers Two indictments, unsealed Tuesday, tied three of four suspects to previously reported hacks of JPMorgan Chase & Co., E*Trade Financial Corp., Scottrade Financial Services Inc. and Dow Jones & Co., a unit of News Corp.
Hackers and conspirators in more than a dozen countries generated hundreds of millions of dollars in illicit proceeds om pump-and-dump stock schemes and particularly lucrative online gambling, prosecutors said.
The global network, with 100 employees and co-conspirators, stretched from Israel to the U.S., with a dozen online casinos and payments that ran through Cyprus, Azerbaijan and Switzerland.
The co-conspirators deceived financial institutions into processing and authorizing payments to and from the casino companies and others, prosecutors wrote in their latest indictment of Gery Shalon, Joshua Aaron and Ziv Orenstein, who they say are at the center of the scheme. Shalon and Orenstein were arrested in Israel in July. Aaron remains at large. Sounds like they needed to use Bitcoin. Likely, they already do. According to Europol, Bitcoin accounts for over 40% of criminal-to-criminal online payments.  Well ain't that fantastic? Let's make it 100% ! It's bitcoin's niche, that's for sure. Did you know that it's not just for shitty overpriced drugs and CP anymore? Sure! Why, CryptoWall alone has raised over $325 million in bitcoin, and now even real-life kidnappers have taken a fancy to our coin of choice! Onward and upward!  |
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http://www.bloomberg.com/news/articles/2015-11-10/hackers-accused-by-u-s-of-targeting-top-banks-mutual-fundshacking the system hackers Two indictments, unsealed Tuesday, tied three of four suspects to previously reported hacks of JPMorgan Chase & Co., E*Trade Financial Corp., Scottrade Financial Services Inc. and Dow Jones & Co., a unit of News Corp.
Hackers and conspirators in more than a dozen countries generated hundreds of millions of dollars in illicit proceeds om pump-and-dump stock schemes and particularly lucrative online gambling, prosecutors said.
The global network, with 100 employees and co-conspirators, stretched from Israel to the U.S., with a dozen online casinos and payments that ran through Cyprus, Azerbaijan and Switzerland.
The co-conspirators deceived financial institutions into processing and authorizing payments to and from the casino companies and others, prosecutors wrote in their latest indictment of Gery Shalon, Joshua Aaron and Ziv Orenstein, who they say are at the center of the scheme. Shalon and Orenstein were arrested in Israel in July. Aaron remains at large. Sounds like they needed to use Bitcoin. Likely, they already do. According to Europol, Bitcoin accounts for over 40% of criminal-to-criminal online payments. Well ain't that fantastic? Let's make it 100% ! |
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http://www.bloomberg.com/news/articles/2015-11-10/hackers-accused-by-u-s-of-targeting-top-banks-mutual-fundshacking the system hackers Two indictments, unsealed Tuesday, tied three of four suspects to previously reported hacks of JPMorgan Chase & Co., E*Trade Financial Corp., Scottrade Financial Services Inc. and Dow Jones & Co., a unit of News Corp.
Hackers and conspirators in more than a dozen countries generated hundreds of millions of dollars in illicit proceeds om pump-and-dump stock schemes and particularly lucrative online gambling, prosecutors said.
The global network, with 100 employees and co-conspirators, stretched from Israel to the U.S., with a dozen online casinos and payments that ran through Cyprus, Azerbaijan and Switzerland.
The co-conspirators deceived financial institutions into processing and authorizing payments to and from the casino companies and others, prosecutors wrote in their latest indictment of Gery Shalon, Joshua Aaron and Ziv Orenstein, who they say are at the center of the scheme. Shalon and Orenstein were arrested in Israel in July. Aaron remains at large. Sounds like they needed to use Bitcoin. |
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[–]justusranvier [Bewertung versteckt] vor 11 Minuten
Bitcoin is - for good or for ill - going to follow those who produce the majority of the economic value.
Whether we like it or not, Coinbase, Bitpay and Blockchain.info have a lot of power because when they exit they can convince more people to follow them because of positive economics:
"Follow me and I'll give you the things that you want: access to liquidity, merchants, and users."
The 1MB side can't do that because they don't have a positive economic value to offer, or at least what they're selling doesn't have many customers.
All they can offer is negative economics:
"Follow me and I'll refrain from verbally abusing you."
I see justusranvier doing his best to stoop to new lows everyday. At this point I can only believe he's getting paid for his opinion. Coinbase, Bitpay & Bc.info the "economic majority"? This is all sorts of hilarious. Blockstream has some shills, but no customers. Coinbase, Bitpay and Blockchain.info have millions of customers. That's the difference. Millions of customers with a grand total of 1M (maybe) BTC in between them. Such economic majority Did we forget Bitpay was on the verge of bankruptcy 1 month ago? |
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[–]justusranvier [Bewertung versteckt] vor 11 Minuten
Bitcoin is - for good or for ill - going to follow those who produce the majority of the economic value.
Whether we like it or not, Coinbase, Bitpay and Blockchain.info have a lot of power because when they exit they can convince more people to follow them because of positive economics:
"Follow me and I'll give you the things that you want: access to liquidity, merchants, and users."
The 1MB side can't do that because they don't have a positive economic value to offer, or at least what they're selling doesn't have many customers.
All they can offer is negative economics:
"Follow me and I'll refrain from verbally abusing you."
I see justusranvier doing his best to stoop to new lows everyday. At this point I can only believe he's getting paid for his opinion. Coinbase, Bitpay & Bc.info the "economic majority"? This is all sorts of hilarious. |
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2500
Don't mind me. Just recycling. Jinxed us  |
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About the winners:
Among the companies at the forefront of this move is DRW Holdings LLC, a high-frequency trading firm in Chicago founded by former options-pit trader Donald Wilson in 1992. DRW is a founding investor in a new bitcoin financial-services firm called Digital Asset Holdings that launched last month. Cumberland Mining & Materials LLC, a DRW subsidiary, has “begun to experiment with cryptocurrency trading,” DRW said.
That's pretty juicy. I'm surprised that info was released. To be clear that is from a previous article from WSJ back in March. It was apparently revealed today that another winning lot was linked to them. http://www.wsj.com/articles/big-investor-involvement-could-boost-bitcoin-1428259814 |
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About the winners:
Among the companies at the forefront of this move is DRW Holdings LLC, a high-frequency trading firm in Chicago founded by former options-pit trader Donald Wilson in 1992. DRW is a founding investor in a new bitcoin financial-services firm called Digital Asset Holdings that launched last month. Cumberland Mining & Materials LLC, a DRW subsidiary, has “begun to experiment with cryptocurrency trading,” DRW said.
That is very interesting. That's Blythe Master's box. If I'm not mistaken this is their second purchase amounting to well over five digits in bitcoins. Blythe has been buying ladies and gentlemen? Have you? This is uber fucking bullish Yep. 50,000BTC+ and counting. Whale. |
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I stand corrected, should've said fork *themselves* off the network.
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About the winners:
Among the companies at the forefront of this move is DRW Holdings LLC, a high-frequency trading firm in Chicago founded by former options-pit trader Donald Wilson in 1992. DRW is a founding investor in a new bitcoin financial-services firm called Digital Asset Holdings that launched last month. Cumberland Mining & Materials LLC, a DRW subsidiary, has “begun to experiment with cryptocurrency trading,” DRW said.
That is very interesting. That's Blythe Master's box. If I'm not mistaken this is their second purchase amounting to well over five digits in bitcoins. Blythe has been buying ladies and gentlemen? Have you? |
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I was referring to the centralisation as a harmful situation for the network, the thing that everyone is afraid of.
Miners' centralized block validation creates a network forkfork themselves off the network.  Nothing to see here. |
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Where is the happy ending?
How does the forkin' fun ever end?
When the forkin phorkers fork off. |
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Miners' centralization can't exist yet it happened this year and was responsible for a network fork. forking half the hashpower off the network. |
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Now after what you wrote, I'm not sure if you are just a alt-coin holder or more a gov. agent  (or just an idiot) likely the latter. Funny, this is the first thing that would come up in my mind for a person cheering for a Bitcoin CEO. They government would surely like this (blacklisting enforced anyone?). I was just pointing out that the centralizing of mining can't exist, because they have no power to achieve it.
I don't even know where to begin (everyone talking about centralization so far must have been wrong). I'd one of suggest the following: 1) Stop taking part in such discussions; 2) Watch educational (technical) videos and read up more; 3) Ask someone directly for help. You should keep all that to yourself. You sounds more and more like an idiot when you all do is attacking. says Adam Allcocks the master of dickheads |
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This is another problem, I was just poiting out that the centralizing of mining can't exist, because they have no power to achieve it.
Just going to quote that one for posterity... Alert the press! Mining centralization can't exist! |
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Finally, changing the POW would involve rebooting the security of the network down to 0 which has ENORMOUS implications that could certainly be mitigated but definitely isn't some no brainer as Greg makes it appear in the video. It's increasingly evident you're not suited intellectually for this type of debate and I suggest you leave it to more competent people  Well, while I think that Greg is easily in a situation of conflict of interests, I weight more his opinion (and Gavin) than yours Now after what you wrote, I'm not sure if you are just a alt-coin holder or more a gov. agent (or just an idiot)  Yes let's just ignore everything else I wrote and pretend that mining centralization is not a problem. Hey you should tell everyone! Why worry about it!? We'll just change the hashing algorithm !! (after the miners have double spent thousands of BTC but hey! no worries, right...? right!) Jesus christ you people are impossibly stupid. |
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Yes i was watching the video, the thing is the community is very number dependant as we have seen with XT falling out of favor with only 1% nodes making less want it, the exchanges aren't going to transfer over if only 10% of nodes are switching because the mining company has smudged the numbers to make it look like nodes are with them and the current version of the coin.
This is another problem, I was just poiting out that the centralizing of mining can't exist, because they have no power to achieve it. That's just plain ignorant. First off centralization of mining is not limited to hashing power. Chinese miners have been proven to centralize verification of their blocks (SPV mining). That is a centralization concern and one over which the ecosystem has little control or governance over. We literally cannot tell whether or not they are doing it, at least not until they fuck it up. (Which they have) Moreover, large mining farms can trivially hide their actual hashing power by distributing it to various mining pools. In fact it can be assumed that some of them are already doing this. That way it becomes impossible for users to validate exactly how many independent entities are responsible for a certain percentage of the hashing power. Finally, changing the POW would involve rebooting the security of the network down to 0 which has ENORMOUS implications that could certainly be mitigated but definitely isn't some no brainer as Greg makes it appear in the video. It's increasingly evident you're not suited intellectually for this type of debate and I suggest you leave it to more competent people |
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...
That's not even possible at 8 gigabyte blocks, some off-chain solution is needed no matter what. So it's the best place to start. Blocksize is basically the last scaling factor that needs adjusting, not the first.
True moving from 1 MB (the present situation) to 8 GB (Bitcoin XT / BIP 101) is like moving from punched cards 80 bytes each to computers with 640 KB of RAM and two floppy drives. (The infamous Bill Gates limit). Now who says we have to stay at 640 KB of RAM for ever. Baking these kinds of limits into the Bitcoin protocol is fundamentally wrong. The proper solution here is to have market driven adaptive blocksize limits. Market incentives are not aligned for every participants in the context of an unbounded limit. To follow your analogy consider that miners are dealing with 640KB RAM boxes while typical nodes still uses 80 bytes punched cards. |
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