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661  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 02:38:00 PM
It shouldn't need years of engineering studies to understand that there's no real technical discussion going on between the various sub-camps in the developer's camp.

So your take is that devs are going full "political" rather than technical? (serious question)

If yes, what's the way to unlock this impasse?

Given the deadlock, I honestly start to think it might be good to do a 'divorce'. As in, we actually agree to disagree, and all see that there are fundamentally incompatible opinions with regards to the direction of Bitcoin. But we can keep it friendly.  This might be less damage/cost than having a hardfork battle solving it in January 2016.

That way we can avoid the fighting and truly let the market work out the rest. We divide up the common assets of the web sites, code repos etc. between Bitcoin/QT and Bitcoin/XT. Make it clear that Bitcoin is now two Bitcoins, and that the user has to decide.

QT and XT simply seem like two people who shouldn't be married. Better have a clean divorce than endless fighting.

Thoughts?

No, divorce the source, make them compatible on all things except max blocksize, and let us see who dares make the first 1.1 MB block.



Here's a thought experiment.

Gavin chickens out and doesn't release XT. Someone anonymous releases equivalent code on github with nothing changed but 1MB to no limit. He provides irrefutable proof that he's destroyed his own commit privileges. Thus, their are NO core devs to modify code from here to eternity. What happens?

The assumption has always been that we need core maintainers to continuously upgrade Bitcoin. Maybe we don't?
662  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 12:05:59 PM
i said years ago that high tx costs, like we're starting to get now, will drive all these op_return companies away from Bitcoin.  and it will be the fault of guys like iCEBlow, tvbcof, & the BS core devs.  there will be repercussions:

What high TX costs?  Its up a little, but still less than everything comparable (if anything is).
Miner revenue is up lately.

Using only slightly higher than default fee, your TX gets processed without delay.

The spammer had gotten his feet up to. 0002 earlier but it may have gone back down to. 0001. Yes not much for you or me but maybe not so for 3rd world. Yes, it's mostly an unusability issue. But still, Nasdaq is not going to get aggressive until a solution to the spam occurs.
663  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 11:51:16 AM
But your being politically correct and non confrontational by leaving out one major factor that is driving the debate under the hood. And that is Blockstream. They, like Bitcoin, are also about money. Except I'd argue, by crippling Bitcoin, they are about USD's.

The conflict of interest is a real concern, to be sure, but at this point I think it more likely that they are sincere. At least Greg, because he's always been a bit of a pessimist on Bitcoin scalability as a whole, being so code-focused, it really is quite consistent for him to side with Blockstream. Adam I suspect a bit more, since missing out on Bitcoin and all the financial gains despite having created part of it has to hurt, but I'm not at all willing to assume bad faith on his part either. At this point it's basically a social club for their point of view, and I do think the money influence will be corrupting as time wears on, but I'm skeptical that it's having a substantial effect yet. I

In any case, the main point is that it could be but we simply can't know. We can suspect, and it is probably good to needle them about it, but actually jumping to that conclusion as a decided fact doesn't seem helpful to me.

The conflict of interest is a simple matter of the facts.

Whether it is problematic to the point of whether any recusal is warranted is another matter entirely. 
Likely its sufficient to examine on an issue by issue basis.


Correct, but no one wants or should have  to do this on a case by case basis when it comes  down to what's supposed to be a public good, sound money, or digital gold.
664  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 06:51:23 AM
Slowly creeping out the door... tiptoe...
665  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 06:06:47 AM
the exit starts slowly at first and then will morph into a stampede; especially if the price starts plunging.  the mempool is a problem that does have to be fixed so that ordinary users can start getting their tx's through.  they won't be as patient as some of us here.

It looks like the bull cycle has already started and investors are looking for alternatives, likely because of the 1mb attack that has gone unresolved for years now.  Hopefully its not too late to increase the limit and let the bull run... or maybe its time to jump ship.



Or maybe it's just another trick whales are using to get the last weak hands to dump their BTC. This "attack" is just part of their schemes.

You people need to stop with the paranoia and the scare tactics. All this money is gonna end up flowing back into BTC in due times. Lots of people are going to end up holding the LTC, PPC and NMC bag.

I definitely know that I'm using this to "rebalance" my holdings in those three into BTC.  (I've been looking for a good opportunity to get out of LTC and PPC for a long time know; they are pointless.  Only NMC is interesting as a small portion of my crypto portfolio, since it has real features.)  Thanks to all the pumpers for that!

wow, good for you!  you've been patient as heck!
666  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 02:03:46 AM
everyone is starting to notice.  esp the big hitters like the Nasdaq mafia boys.  anyone who thinks Cripplecoin and the resulting user disruption isn't affecting our rally need to think twice.

i said years ago that high tx costs, like we're starting to get now, will drive all these op_return companies away from Bitcoin.  and it will be the fault of guys like iCEBlow, tvbcof, & the BS core devs.  there will be repercussions:

One potential complication to the vision, however, stems from the current uncertainty and controversy over how Bitcoin’s core developers should modify its software so it can better handle growing transaction volumes (see “Leaderless Bitcoin Struggles to Make Its Most Crucial Decision Yet”).

http://www.technologyreview.com/news/539171/why-nasdaq-is-betting-on-bitcoins-blockchain/
667  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 01:21:45 AM
Not sure what you're on about, but the point here is merely to illustrate a particular dynamic: how something maintained by a group of people can appear consistent because of reasons other than the consistency of opinion and background of such people, when it is really that very thing that accounts for the consistency. Whether Hasnas is actually right about the US legal system is completely irrelevant for my purposes here (though if you really want to discuss legal theory in particular at least read the whole essay; this quote is pretty out-of-context).
Sorry, bro. This cannot be explained in the single forum post. The best I could do is give you a link to a philosophy book by Herbert Marcuse:

https://en.wikipedia.org/wiki/One-Dimensional_Man

Essentially the thinking you espouse is a moral equivalent of:

a) football https://en.wikipedia.org/wiki/Ultras "What is the best football team and why Manchester United?"

b) post-communist intellectuals who consider Marxism the pinnacle of human thought
They're experts at {snippage}, not at {more snippage} (except Satoshi, of course).
just substitute any of combination of {Marx,Engels,Lenin,Stalin,Mao,...} in place of Satoshi.

I think you're reading too much into it. The point is simpler: if we are to take the argument that "devs know best because they have proven themselves" at face value, the only dev we could credit as having any evidence of being a good incentive designer is Satoshi, since he is the one who designed the incentives. I'm not idolizing Satoshi, just pointing out that the other devs have no track record on that front, so it wouldn't make sense to expect them to be particularly skilled at it.

Hear ye hear ye.
668  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 10, 2015, 12:19:35 AM
what comes first?  the code or the economic theory?  to me, it seems all the code monkeys trying to enforce Cripplecoin are just another play on the blockchain comes first theory where the coin is irrelevant.  this is also demonstrated by their incessant focus on decentralization of full nodes while ignoring users.  also demonstrated by their stubbornness in their position in spite of 75% support to inc block size over a number of polls.

they're wrong of course.  for those of us who've been around for a long time and have witnessed the evolution of the altcoin and Bitcoin 2.0 spaces, it should be obvious what comes first.  and that is, a bunch of geeks sit around a table and talk about what types of economic features should go into a coin to draw in as many investors and speculators as possible.  this happens FIRST.   then they go out and code it.  this comes SECOND.  this is what happened with Bitcoin as is clear in Satoshi's writings, the book of which i've read and studied for over 4.5 yrs now.  the code is merely used to enforce the economic precepts.

i see non tech ppl around here and on Reddit get intimidated by devs into thinking they don't know what they're talking about when they voice economic concerns about how core dev is being handled.  they are criticized and dismissed as if this is all about the tech.  i say BULLSHIT.  it's about a very important economic concept that's been around for thousands of years and that is SOUND MONEY.  it's bigger than all of us put together.  it's the human races first chance to have the most efficient form of sound money ever conceived of and created.  if we don't get this one right it could be another hundred years before we get another chance.  all the dev sounding bullshit we get from tvbcof, iCEBlow, gmax, kazukiPimp, MOA and TPTB is just about dev's gotta dev.  so don't let them intimidate you, non techies!

I agree that the code is secondary to the desired functionality; I actually think most of the people you mentioned would agree on that, especially if pressed (meaning this is somewhat a problem of mental compartmentalization). There are arguments from the small-blockers that are purely about what would allow Bitcoin to succeed as sound money, and those are fine in this respect, but some of them also slip into this pitfall you are talking about of seeing the code as primary (Mircea Popescu being the extreme example) rather than as a means to an end.

With that in mind, I think it's important to call out whenever this fallacy is invoked. Often it is not explicitly stated, so it should be drawn out into the open to be swept away. Insofar as the debate revolves solely around what will allow Bitcoin to scale without making it more vulnerable, that is fine. We both happen to think that keeping blocks small is not going to be the best way to achieve the resilience Bitcoin needs, but as Greg might say, "smart people can disagree on this." What is inexcusable is mistaking the code for a sacred cow, and that does extend a bit into the notion that "the devs know best." They're experts at optimizing the existing code, not at sculpting robust economic incentive structures (except Satoshi, of course).

But your being politically correct and non confrontational by leaving out one major factor that is driving the debate under the hood. And that is Blockstream. They, like Bitcoin, are also about money. Except I'd argue, by crippling Bitcoin, they are about USD's.
669  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 10:56:51 PM
if i have to migrate to a new chain and lose money doing it, i'm done with  crypto.

If you see the event ahead of time (and act on it), you'd likely make an enormous amount of money rather than losing.

that's true.  but i converted from gold to Bitcoin precisely b/c i saw it as a SOV to replace gold that's had that role for thousands of years.  i'm not about to remain in a system that guarantees a rolling ponzi scheme every 5-6 yrs where i might get lucky the first migration but lose everything the second migration.  Bitcoiners should have the luxury of socking savings away in a cold wallet and forgetting about it maybe for the rest of their lives as they hand them down generation after generation.  b/c that is what it will take to really replace gold as digital gold.

we were told that the open source nature of the code would be able to adapt or mutate according to threats.  migration to another chain is the antithesis of that.

Yah, I know how it feels to be a "you'll pry DOS from my cold dead hands" "Windows-is-Literally-Satan" guy.   Cheesy

But it is possible BTC is the DOS (or GM-NAA I/O) of e-cash.  Or, more hopefully, the UNIX.

UNIX is still around, but not in anything like the original version.  And Linux (the Litecoin of Unix) is the most popular descendant.

Bitcoin is just software, not an ubiquitous-yet-rare immutable element.   I'm sure you'll spout some smug cliche about first mover advantages or network effects.

Doesn't matter; software changes rapidly and you shouldn't get married to any one implementation (or stock in a promising new sector).

says blows the iCEBlow Monero Pimp.
670  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 10:49:51 PM
Yes people will stop using Bitcoin b/c they have to pay $0.5 per transaction. They rather use bank and will pay $20.

Or use an altcoin that doesn't fetishize 1MB blocks and pay $0.01. Bitcoin can't afford to be ultra-conservative in the face of endless altcoin competition. It must take calculated risks or be overtaken.

so important to demonstrate that it is indeed open source adaptable and resilient.  forks are not to be feared but to be encouraged in the proper situations.

I completely agree.

Branching into law, here's a quote from John Hasnas, the Hayekian legal professor (emphasis mine):

Quote
I have been arguing that the law is inherently indeterminate, and further, that this may not be such a bad thing. I realize, however, that you may still not be convinced. Even if you are now willing to admit that the law is somewhat indeterminate, you probably believe that I have vastly exaggerated the degree to which this is true. After all, it is obvious that the law cannot be radically indeterminate. If this were the case, the law would be completely unpredictable. Judges hearing similar cases would render wildly divergent decisions. There would be no stability or uniformity in the law. But, as imperfect as the current legal system may be, this is clearly not the case.

The observation that the legal system is highly stable is, of course, correct, but it is a mistake to believe that this is because the law is determinate. The stability of the law derives not from any feature of the law itself, but from the overwhelming uniformity of ideological background among those empowered to make legal decisions. Consider who the judges are in this country. Typically, they are people from a solid middle- to upper-class background who performed well at an appropriately prestigious undergraduate institution; demonstrated the ability to engage in the type of analytical reasoning that is measured by the standardized Law School Admissions Test; passed through the crucible of law school, complete with its methodological and political indoctrination; and went on to high-profile careers as attorneys, probably with a prestigious Wall Street-style law firm. To have been appointed to the bench, it is virtually certain that they were both politically moderate and well-connected, and, until recently, white males of the correct ethnic and religious pedigree. It should be clear that, culturally speaking, such a group will tend to be quite homogeneous, sharing a great many moral, spiritual, and political beliefs and values. Given this, it can hardly be surprising that there will be a high degree of agreement among judges as to how cases ought to be decided. But this agreement is due to the common set of normative presuppositions the judges share, not some immanent, objective meaning that exists within the rules of law.

In fact, however, the law is not truly stable, since it is continually, if slowly, evolving in response to changing social mores and conditions. This evolution occurs because each new generation of judges brings with it its own set of "progressive" normative assumptions. As the older generation passes from the scene, these assumptions come to be shared by an ever-increasing percentage of the judiciary. Eventually, they become the consensus of opinion among judicial decisionmakers, and the law changes to reflect them. Thus, a generation of judges that regarded "separate but equal" as a perfectly legitimate interpretation of the Equal Protection Clause of the Fourteenth Amendment gave way to one which interpreted that clause as prohibiting virtually all governmental actions that classify individuals by race, which, in turn, gave way to one which interpreted the same language to permit "benign" racial classifications designed to advance the social status of minority groups. In this way, as the moral and political values conventionally accepted by society change over time, so too do those embedded in the law.

The law appears to be stable because of the slowness with which it evolves. But the slow pace of legal development is not due to any inherent characteristic of the law itself. Logically speaking, any conclusion, however radical, is derivable from the rules of law. It is simply that, even between generations, the range of ideological opinion represented on the bench is so narrow that anything more than incremental departures from conventional wisdom and morality will not be respected within the profession. Such decisions are virtually certain to be overturned on appeal, and thus, are rarely even rendered in the first instance.

Confirming evidence for this thesis can be found in our contemporary judicial history. Over the past quarter-century, the "diversity" movement has produced a bar, and concomitantly a bench, somewhat more open to people of different racial, sexual, ethnic, and socio-economic backgrounds. To some extent, this movement has produced a judiciary that represents a broader range of ideological viewpoints than has been the case in the past. Over the same time period, we have seen an accelerated rate of legal change. Today, long-standing precedents are more freely overruled, novel theories of liability are more frequently accepted by the courts, and different courts hand down different, and seemingly irreconcilable, decisions more often. In addition, it is worth noting that recently, the chief complaint about the legal system seems to concern the degree to which it has become "politicized." This suggests that as the ideological solidarity of the judiciary breaks down, so too does the predictability of legal decisionmaking, and hence, the stability of the law. Regardless of this trend, I hope it is now apparent that to assume that the law is stable because it is determinate is to reverse cause and effect. Rather, it is because the law is basically stable that it appears to be determinate. It is not rule of law that gives us a stable legal system; it is the stability of the culturally shared values of the judiciary that gives rise to and supports the myth of the rule of law.

We could rewrite the bold text to make a fundamental point about Bitcoin forks and open source in general:

"The observation that Bitcoin is highly stable is, of course, correct, but it is a mistake to believe that this is because it is "governed by impartial math" or code. The stability of Bitcoin derives not from any feature of the code itself, but from the overwhelming uniformity of ideological background and interests among its investors and other stakeholders."

The correct way to think about it is that Bitcoin is constantly forking, just usually to the same thing, because the stakeholders by default desire constancy. But by the same token, whenever Bitcoin needs to change to better serve what its investors/stakeholders deem to be its purpose, that continual forking - like someone just repeatedly pushing a button marked "STATUS QUO" - will shift easily to the necessary change. Of course this will essentially never involve changing the monetary parameters, because - again - that would be the "third rail" for investors and other stakeholders. They will ONLY support changes that add value.

It is not, like the code-focused devs imagine, a matter of stakeholders desiring that "the code" remain constant, but a matter of them desiring that "the code + the environment it interacts with = the resulting effective functionality of Bitcoin in the world" remain constant. If and when that environment changes, the code must also change: in this case, when there is greater adoption and higher technology available, especially with altcoins nipping at Bitcoin's heels, the code must change just to keep the final result (the effective functionality of Bitcoin in the world) constant.

this brings up a good point that i've been meaning to talk about.  hopefully i have enough time to express it properly.

what comes first?  the code or the economic theory?  to me, it seems all the code monkeys trying to enforce Cripplecoin are just another play on the blockchain comes first theory where the coin is irrelevant.  this is also demonstrated by their incessant focus on decentralization of full nodes while ignoring users.  also demonstrated by their stubbornness in their position in spite of 75% support to inc block size over a number of polls.

they're wrong of course.  for those of us who've been around for a long time and have witnessed the evolution of the altcoin and Bitcoin 2.0 spaces, it should be obvious what comes first.  and that is, a bunch of geeks sit around a table and talk about what types of economic features should go into a coin to draw in as many investors and speculators as possible.  this happens FIRST.   then they go out and code it.  this comes SECOND.  this is what happened with Bitcoin as is clear in Satoshi's writings, the book of which i've read and studied for over 4.5 yrs now.  the code is merely used to enforce the economic precepts.

i see non tech ppl around here and on Reddit get intimidated by devs into thinking they don't know what they're talking about when they voice economic concerns about how core dev is being handled.  they are criticized and dismissed as if this is all about the tech.  i say BULLSHIT.  it's about a very important economic concept that's been around for thousands of years and that is SOUND MONEY.  it's bigger than all of us put together.  it's the human races first chance to have the most efficient form of sound money ever conceived of and created.  if we don't get this one right it could be another hundred years before we get another chance.  all the dev sounding bullshit we get from tvbcof, iCEBlow, gmax, kazukiPimp, MOA and TPTB is just about dev's gotta dev.  so don't let them intimidate you, non techies!

that's the truth of the matter.
671  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 10:23:31 PM
if i have to migrate to a new chain and lose money doing it, i'm done with  crypto.

If you see the event ahead of time (and act on it), you'd likely make an enormous amount of money rather than losing.

that's true.  but i converted from gold to Bitcoin precisely b/c i saw it as a SOV to replace gold that's had that role for thousands of years.  i'm not about to remain in a system that guarantees a rolling ponzi scheme every 5-6 yrs where i might get lucky the first migration but lose everything the second migration.  Bitcoiners should have the luxury of socking savings away in a cold wallet and forgetting about it maybe for the rest of their lives as they hand them down generation after generation.  b/c that is what it will take to really replace gold as digital gold.

we were told that the open source nature of the code would be able to adapt or mutate according to threats.  migration to another chain is the antithesis of that.
672  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 10:14:42 PM
is possible LTC rise to 0.1 BTC?  Huh
I heard bitcoin getting stronger because there are two countries that go bankrupt  Shocked

if we weren't being crippled by iCEBlow and his Cripplecoiners, we'd have had the huge LTC rally here.
673  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 10:07:11 PM
Yes people will stop using Bitcoin b/c they have to pay $0.5 per transaction. They rather use bank and will pay $20.

Or use an altcoin that doesn't fetishize 1MB blocks and pay $0.01. Bitcoin can't afford to be ultra-conservative in the face of endless altcoin competition. It must take calculated risks or be overtaken.

 or ... there are SC

like i said:


if i have to migrate to a new chain and lose money doing it, i'm done with crypto.

they warned us in the WP it could happen.
674  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 10:04:47 PM
Yes people will stop using Bitcoin b/c they have to pay $0.5 per transaction. They rather use bank and will pay $20.

Or use an altcoin that doesn't fetishize 1MB blocks and pay $0.01. Bitcoin can't afford to be ultra-conservative in the face of endless altcoin competition. It must take calculated risks or be overtaken.

so important to demonstrate that it is indeed open source adaptable and resilient.  forks are not to be feared but to be encouraged in the proper situations.

if i have to migrate to a new chain and lose money doing it, i'm done with  crypto.
675  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 07:55:16 PM
Yes, but the ongoing spam shows clearly that all full nodes are handling the traffic just fine. We were told that they would crash and burn from overloaded memory. Not true.

Wait, wasn't that exactly Hearn's main argument in his "the sky is falling if we don't increase the blocksize" blog post?  So why do you see the fact that it did not prove true so far as supporting your position of increasing the block size?

b/c the congestion really has only just begun.  if it persists, yes, ppl will start to stop using Bitcoin.  the exit starts slowly at first and then will morph into a stampede; especially if the price starts plunging.  the mempool is a problem that does have to be fixed so that ordinary users can start getting their tx's through.  they won't be as patient as some of us here.
676  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 07:29:58 PM
Another image from the Pantera Report:



If you ignore the late-2013 bubble as being entirely due to Willy Bot / fractional cash reserves at MtGox, it looks like we could be entering the next big run-up right on cue. Or perhaps a little late, with all the more pent-up momentum.

The stars are aligning: the mother of all stability crests, cyperdoc's Three Buckets with venture capital and mining topping out, years of good news that the price went down on that needs to be corrected, even EW analysis has turned bullish, and of course Greece (and China, and Puerto Rico...).

into the next Bull CYCLE?
677  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 06:35:57 PM
Jeff Garzik has just posted 2 pull requests for bitcoin core on github:

https://github.com/bitcoin/bitcoin/pull/6405
Remove TX priority and free transaction area from mempool, block creator.

https://github.com/bitcoin/bitcoin/pull/6402
Floating network relay fee increase, if memory pool grows too large.

the latter will introduce, if merged, "a relay fee that adjusts to floods
which cause the memory pool to grow too large".

It seems that core devs start becoming aware of the lack of
of economic incentives for services provided by full nodes.


i hate to bring up an analogy from medicine since it may not be appropriate but i'll try nonetheless.

one of the greatest things i learned during my internship btwn med school and residency in eyes, is that too much intervention can cause problems for patients.  every 3 mo i'd rotate onto a new ward with responsibilities for about a couple of dozen gorked out patients.  i say gorked out b/c invariably all of them had at least a dozen meds onboard for a variety of reasons most of which had to do with sedation, pain, or anti-anxiety.  problem was, these meds unbeknownst to their previous physicians were preventing these ppl from getting better.  this was a repeating problem.  so the first thing i would do would be to cocentrate on stripping off as many of these unnecessary meds as possible.  much to everyone's amazement, these pts would perk up, turn around and start walking again, interacting with staff, feeling better, be more alert, and generally just get better to the pt i could discharge them.  and this experience happened over and over for me.  twas a great personal accomplishment for me and one i will never forget; don't over do it.

pt being, i still think the block size cap is the fundamental problem here.  more rules and limits that core dev piles on simply complicates the code and makes it more complex.  if anything, we should be stripping off rules and limits so that the free mkt can come to bear on many of these problems we are currently seeing.  the miners and users are perfectly capable of regulating the size of blocks and fees on their own.  if we lift the cap, the spam can actually help the network.  as long as spammers have to pay fees any spam attempts will line the pockets of miners and go back to growing the hashrate.  that would be a good thing and the last thing the spammers want to do.  no doubt they will try at first so we should expect even greater higher level attacks initially but in the long run, they will die off.  that's b/c their real objective is to disrupt new user growth which w/o a cap will be short circuited.  any further spam then will just help the tx mkt to grow, miners to profit, and yes, full nodes will eventually develop their own fee mkt too.  yes, full node capacities will have to grow but that should be viewed as a good thing b/c on the other end that will mean that miners are prospering (which is ok Greg) and user growth will be skyrocketing along with the price.  more merchants will come on board with new user growth and they will want and probably have a fiduciary responsibility to run their own full nodes which will add to network capacity.

so strip off rules and limits within reason, not add, and let BitcoinRun!

Yup, the parallels between economics and biology are striking. Introduce an arbitrary sacred cow "fix" (like the blocksize limit) into the mix, then all the machinery necessary to support it becomes a sacred cow as well. It takes a paradigm shift and a bit of a leap of faith to break out of that vicious cycle.

thx for taking the time to read that and understand it. 

if you look at everyone's own personal work around that we are now seeing come forth in this light, it soon becomes clear how complex and gorked out the system could become as a result.  Bitcoin's beauty is that it is relatively simple in it's function and why i favor simple solutions.
678  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 05:52:22 PM
Don't worry.  According to Mike Hearn Bitcoin can survive just fine with 4 or 6 (forgot which) copies of the blockchain worldwide.
Is he right or wrong about that?

Via what methodology would we test that hypothesis before arriving at a conclusion about its validity?

Who cares?  Before you ask that question you need to show reasonable likelihood that increasing the block size to 8MB will drop the number of full nodes to 4 or 6.

Frankly, I think that a dramatic reduction of nodes is more likely if Bitcoin becomes a settlement network than if the block size is increased to 8MB.  NOBODY will be interested in holding the data if they can't use the network, so the only full nodes will be those sponsored by the payment aggregators.  These aggregators are also perfect locations for governments to apply identity and green address pressure, destroying fungibility.


i'd agree with this.  altho i'd like to see the block cap removed altogether, certainly i'd go with Gavin's 8MB BIP101 proposal short term to ease into the long term goal.  i'm sure this interim solution would make many more ppl happy.
679  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 04:27:40 PM
China threatening short sellers.  Shades of US back in 2008.  the volatility back then makes Bitcoin look like cake:

http://www.zerohedge.com/news/2015-07-09/china-soars-most-2009-after-government-threatens-sellers-arrest-global-stocks-surge

That's a good thing, because it ensures the economic crisis is over and Chinese companies will have plenty of capital to fund an explosion of bandwidth to homes.

Meanwhile, back in the real world...


I just want to highlight the comments here from bitcoin-dev today, which seem to indicate that these spamming attacks would have been 5.5x more expensive if a dust threshold software change had not been made. Perhaps there are deeper insights someone else has on this...?
Quote
16:53   wangchun   why can those spam get confirmed. 0.00001 BTC vout below dust threshold right?
16:54   phantomcircuit   wangchun, iirc the dust threshold is 546 satoshis
16:54   wangchun   not 5460 satoshis? changed?
16:54   aschildbach   wangchun: Yes it was cut by 10 a few months ago.
i don't think it really matters, does it?
since most of the mined blocks are filled with real demand trying to get into blocks with or without spamming,
Unfortunately, the majority in the blocks I checked earlier today have been the DOS attack-- e.g. transactions tracable from outputs of this transaction https://blockchain.info/tx/3bad15167c60de483cd32cb990d1e46f0a0d8ab380e3fc1cace01afc9c1bb5af  and a few others. ... though the attack style has been shifting to evade filtering by miners.

The change mentioned in the chat above is https://github.com/bitcoin/bitcoin/pull/3305 (you might find the comments there interesting), it's one of Mikes couple contributions to Bitcoin Core.
680  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: July 09, 2015, 03:26:39 PM
China threatening short sellers.  Shades of US back in 2008.  the volatility back then makes Bitcoin look like cake:

http://www.zerohedge.com/news/2015-07-09/china-soars-most-2009-after-government-threatens-sellers-arrest-global-stocks-surge
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