This should be interesting to watch, https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/By 14:00 GMT Monday June 22, the mempool of standard fee transactions will be 10mb By 24:00 GMT Monday June 22nd, the mempool of standard fee transactions will be 130mb By 13:00 GMT Tuesday June 22rd, the mempool of standard fee transactions will be 241mb
At this point the backlog of transactions will be approximately 241 blocks, or 1.67 days. When the average new transactions are factored into the equation, the backlog could drag on for 2-3 days. At this point, questions are raised such as whether or not this will cause a "crash landing." It is impossible to know with certainty, however we are anxiously looking forward to Monday. |
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You know, this is like a complicated game. You have to speculate what others speculate what others think... So it does not have to be real in any way, the greeks do not have to be involved, but still it could be the reason. Probably true, but that sounds a little like a fools errand to me. I realise the system is vastly more complex than I can understand. It's nice watching the pieces fall into place though. I think that's where I get the most satisfaction. edit: reuters has it too now http://www.reuters.com/article/2015/06/16/us-eurozone-greece-bitcoin-idUSKBN0OW2DS20150616?feedType=RSS&feedName=technologyNewsenjoying this narrative  |
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Chinese stocks are up 150% on a 1YR return... They don't seem very good at preventing bubbles, if indeed they are even trying?
A stock offers zero threat to the status quo. Crypto has the potential to completely ravage government plans. The OP is about speculative bubbles not the difference between crypto and Stocks. |
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Chinese stocks are up 150% on a 1YR return... They don't seem very good at preventing bubbles, if indeed they are even trying?
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TPTB_need_war, this thread isn't the same without your insight,
Yeah, it would be readable for a start.  |
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Cypherdoc please answer me. I really want to understand your reasoning. It is important and impacts my decision process.
Justus et al, please also chime in. I want to understand the model you all have in mind of how Bitcoin changes the world.
for a bunch of towel-head Muslims to rise up in revolution Don't appreciate the racial stereotyping. Uncharacteristic for a forward thinker such as yourself. |
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Thank you. Very interesting. Cool stuff. But... It still sounds like just processing and relaying transactions. I don't see how these devices would ever find a block, or ever get paid out even if they did. Doesn't sound like the block rewards are the goal though... Very interesting... Yep, thats what i got from it. Sounds like we have fast forwarded to the time we are approaching 21M bitcoins, and this stuff would be the answer to no more block rewards. No? That's cleared everything up. IT'S NOT A MINER its a massively distributed transactional processing chip, not for making money. RAM for payments. |
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sidhujag & Pruden,
you are going to get f*cked. get out now. this one doesn't look like its coming back:
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btw, i'm on record thinking that a stock mkt crash will cause a ramp in Bitcoin and a plunge in gold. Whilst long term I think you'll be right, for the next few years or so I'd think it more likely that both will go up with a market crash as they are safe stores of value. Presently more so gold rather than bitcoin. Care to remind everyone why you believe this to be the case? |
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Time to put a fork in this thread, it's done.
I agree. Let's squelch detailed discussion on how changes to mining affect centralization and blockchain scaling. That wasn't the point of this thread any way right.  Your incessant concern trolling since joining the forum just over a month ago has reduced this once semi intellectual discussion thread to a hollow echo chamber. Nice work if you can get it. |
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Time to put a fork in this thread, it's done.
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UBS pays $545m to settle foreign exchange probe BBC - UBS FINEUS and UK authorities are expected to hand out penalties to major banks totalling about $5bn related to the foreign exchange investigation. Just remind me again, what's the yearly quantity of money that got manipulated in the global Forex markets??? |
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That is, steer the herd to a mentality that Bitcoin is a drop-in replacement for every exchange currency and super secure and convenient and generally a panacea which will elevate all human problems.
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you make it sound like convincing the whole world of something is easy  if that were the case we'd all be doing it already. Why limit the possibilities and use cases of the protocol? Since I took the day off and spent most of it on bitcointalk I did run across Maxwell's critique of Mikes article on the tech board. It's worth a skim and should be active on that board and not terribly difficult to find for anyone who is interested.
i'll have a read |
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Sounds good to me. I would like to see the fee be around the equivalent of $10 per transaction. That is about what I set my client to pay and it's worth every penny to me. In a busy year I may do 10 native transactions or so. In a dry one (like 2015 so far) the number of transactions I perform drops to zero.
Mike Hearns blogs post finally convinced me this was not such good idea. Crash landing
What not to do |
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[–]gavinandresenGavin Andresen - Bitcoin Expert
I think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.
redditJust to throw the cat amongst the pigeons, how about changing the block interval? I'm in favor of changing it. About 16 block per day would be about right as far as I'm concerned. Bitcoin never was a real-time system and real-time behavior when needed is best done for real in a proxy (e.g., a bitcoin-backed sidechain designed for such use-cases.) Wouldn't this dramatically weaken/dilute 1/10th the hashing power? Surely this is playing with fire especially if there was not full consensus at the time of the hard fork? Conflicts more likely won by the 10minute block side Also it seems to fundamentally change the incentive structure.... what's left after that? just increase the amount of coins to 42 million? /rhetoric |
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[–]gavinandresenGavin Andresen - Bitcoin Expert
I think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.
redditJust to throw the cat amongst the pigeons, how about changing the block interval? |
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Pioneering stuff Elwar. I'd say give it one more year and i'll be following in your footsteps. no cards 2016 no bank 2017. Wish you well. It would be great to get an occasional update with this and any problems your hit along the way. Ps surely there must be a Bitcoin car rental option in europe these days?? |
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Gentlemen a time out would be appreciated. It's getting a little warm in here. Can someone please point me to the specific details of this 20Mb blocksize increase, other than the http://gavinandresen.ninja/time-to-roll-out-bigger-blocks (not many details here) I'm trying to find out if this is different to the last gavin update, where the rolling increase was proposed 20mb first and X% per increment after. Or if this new proposal is a different hacked increase to 20mb, thus requiring another hard fork in the future should this new limit need changing? thanks |
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no wonder gmax and LukeJr are spamming Reddit in defiance of Gavin's proposal:
I just scanned their recent reddit posts about the proposal and to be fair their position leans more to "open mind but cautious" than "outright rejection". This is good as obviously they contribute a lot to core dev, and hopefully that will continue. Luke mentions increasing the block size in an emergency: Those are all scalability issues that will not be fixed by making the blocks larger. We should fix them, not put them off. Maybe we can increase the max block size just in case of emergency, but we most definitely should not increase the actual block sizes simply to ignore real problems.
http://www.reddit.com/r/Bitcoin/comments/34uu02/why_increasing_the_max_block_size_is_urgent_gavin/cqye7m6Well, frankly, passing the point of average blocks being 40% full, where confirmation times start to decay exponentially (as per the hashingit graph) is an emergency, something rightly addressed now because everyone who runs a full node needs to upgrade. Actually Nullc / Gmax is positive about an increased blocksize WRT sidechains see here: Are 20mb blocks good or bad for Sidechains? https://www.reddit.com/r/Bitcoin/comments/34riua/hard_fork_allow_20mb_blocks_after_1_march_2016/cqxhs1o |
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