5 Chinese mining pools propose 8MB block size

[TKeenan]

I will follow Bitmain.  Bitmain you have my support.

Yes.  This is correct.  I love BitMain.  The only mining company that didn't screw me.  BitMain is honest and they do what they say they are going to do.  I am sure they are right.  BitMain rules.

[spazzdla]

I will follow Bitmain.  Bitmain you have my support.

Yes.  This is correct.  I love BitMain.  The only mining company that didn't screw me.  BitMain is honest and they do what they say they are going to do.  I am sure they are right.  BitMain rules.

Same feeling, them and Rockminer.  Rockminer has always given me exactly what they stated.  Alas they are much smaller.

[NorrisK]

The fact that maximum size is bigger doesn't mean that every block will hit this maximum... Increasing max also magically increases block size proportionally? Think again.

[Oscilson]

The fact that maximum size is bigger doesn't mean that every block will hit this maximum... Increasing max also magically increases block size proportionally? Think again.

Some people might abuse the system and fill the block up to the limit. I think 8 MB is better than 20 MB for the time being.

[LiteCoinGuy]

Increasing the block size is good for increasing the volume of bitcoin, however everyone's bitcoin program may grow by more than 1GB per day (8MB*144 blocks/day=1152MB/day) because of this, which is a waste of storage (and that's why I don't install the bitcoin core on my computer).

Dude - you can buy a 2TB drive for almost nothing.  By the time the blockchain gets to 2TB - you'll be able to buy a 200TB for next to nothing.  Drive space isn't the problem.

i really doubt that, i mean the storage space will not grow so fast every time and it might be a problem in future, of course now 2 tb is not too much, but after a few years the situation might be the same

if we would switch to 20 MB blocks, there wouldnt be 20 blocks immediately. 20blocks would appear after years.

and storage space is already cheap today.

@Oscilson

even if a miner would do that and would harm his own business: no problem, storage space is cheap.

[AtheistAKASaneBrain]

I would rather trust people that are deeply knowledgeable on the Bitcoin code, not sure if people that run mines are qualified enough to make big claims about this, unless they hired people that know what they are doing.

[spazzdla]

I would rather trust people that are deeply knowledgeable on the Bitcoin code, not sure if people that run mines are qualified enough to make big claims about this, unless they hired people that know what they are doing.

Hummmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm when 50-80% of the hashing power says something.. that is what is going to happen..

You better listen they control the network.

[TKeenan]

when 50-80% of the hashing power says something.. that is what is going to happen..

You better listen they control the network.

Yep.  This pretty much settles it.  Those damn Chinese got a lot of momentum these days.  They've been selling so much crap to US and Europe for so many years - now US and Europe has all kinds of Christmas decorations and broken tools in their landfills and Chinese got all the American's and European's money.  That was pretty clever of them.  Well, clever if you don't mind slave labor to benefit the state.  Either way you have it, it's Chinese rule now.

[Oscilson]

I think the block rise will be limited to 8 MB now.

[johnyj]

This is centralization, we need more farms at other places of the world 

[Oscilson]

This is centralization, we need more farms at other places of the world 

If somebody else can build an efficient farm elsewhere.

Bitcoin companies are leaving New York due to the unfriendlyness to bitcoin start-ups.

[cbeast]

While China still subsidizes electricity, their miners will enjoy greater hashing power and prefer small blocks to maintain the lead. When China stops subsidizing electricity and subsidizes internet instead, their miners will demand larger blocks to maintain the lead. We're playing right into them.

[spazzdla]

This is centralization, we need more farms at other places of the world 

Or people to actually mine at their house with miners like the "new-rbox"

If we are only going to mine for profit BTC will become centralized zero questions asked.

For the 1000th time, if you think you are a "bitcoiner" and you are not mining you are not a bitcoiner.

[Amph]

This is centralization, we need more farms at other places of the world  

not so sure about this, even in the remotely case that all farms will be built in china, there will be always a big competition between those farms, it's no like , all these farms belong to one entity only, and as long as there are multiple pools everything should be fine

[R2D221]

if you think you are a "bitcoiner" and you are not mining you are not a bitcoiner.

According to whom?

[Lauda]

This is quite interesting. I knew that there wouldn't be an end to this story yet.
However what I'm concerned is:

Signed,
F2Pool, Antpool,BW,BTCChina,Huobi

Does anyone have any other sources besides the one linked in Chinese given that this doesn't seem like a credible 'signature'.
I wonder though if Gavin and Hearn are going to listen to listen to them. They definitely need to factor them into the 'equation'.

not so sure about this, even in the remotely case that all farms will be build in china, there will be always a big competition between those farms, it's no like , all these farms belong to one entity only, and as long as there are multiple pools everything should be fine

I wouldn't be so sure of that. Currently 37% of the hashrate is labeled as 'unknown'. How would you know if this is a single entity or not? You could always look at the IP addresses that are solving the unknown blocks, but that doesn't tell us too much. The first one is in Iceland and is solving quite a good number of blocks.

Or people to actually mine at their house with miners like the "new-rbox"
If we are only going to mine for profit BTC will become centralized zero questions asked.

For the 1000th time, if you think you are a "bitcoiner" and you are not mining you are not a bitcoiner.

The problem lies deep within each human. The majority are led by greed and thus they won't mine (home;hobby) because they can't profit from it. I guess that the era of home miners is long gone.
Also, that last part is very wrong.

[Klestin]

Will they please stop trying to blame the great firewall of china?



15 MBit = 11 seconds to transfer a 20 MB block.  Additionally, for every block mined outside of China that needs to traverse this "bottleneck", there's one mined inside China that needs to migrate out.  With over 50% of blocks now mined inside China, a larger block size stands to benefit them on average, albeit by a tiny amount.

[neurotypical]

After watching the video by Gmaxwell where he explains the blockstream technology along with the features of sidechains etc, I think im a proposal for that now. But I still think the blocksize will need an eventual upgrade from 1MB.

[left-ca]

I will be backing antpool I think 8 is a good compromise

[goosoodude]

Taking a look at the reddit comments, I'm a bit hesitant about the authenticity behind this article. Are we sure that all those pools mentioned indeed put their signature on this?