5 Chinese mining pools propose 8MB block size

[Oscilson]

When the bitcoin is adopted by several states/governments, they will mine it to make sure there is no 51% attack. It is in their interest.

[1715334587]

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[1715334587]

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[1715334587]

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[BIT-Sharon]

English version
http://www.reddit.com/r/Bitcoin/comments/3a0n4m/why_upgrade_to_8mb_but_not_20mb/

"Why upgrade to 8MB but not 20MB?
1.Chinese internet bandwidth infrastructure is not built out to the same advanced level as those found in other countries.
2.Chinese outbound bandwidth is restricted; causing increased latency in connections between China & Europe or the US.
3.Not all Chinese mining pools are ready for the jump to 20MB blocks, and fear that this could cause an orphan rate that is too high."

I know the advanced level in China is not the same as in other countries, for I have kept contact with Chinese companies. 

[spazzdla]

Gavincoin's idea of doubling every 2 years is not a good one.

[Xiaoxiao]

Listen to them!

[Amph]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mean we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

[spazzdla]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mena we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

You can accept it, I will not.

I don't have an issue with BTC costing $5-10 to send and using something like Bitshares to buy coffee with and Bitcoin to store wealth.

[Amph]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mena we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

You can accept it, I will not.

I don't have an issue with BTC costing $5-10 to send and using something like Bitshares to buy coffee with and Bitcoin to store wealth.

but the miners will have a problem with such tiny value, and if the miners suffer, the network suffer, they are the backbone of it

bitcoin cannot sustain itself with such price anymore, not with the current powerful asic we have now

[R2D221]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mena we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

You can accept it, I will not.

I don't have an issue with BTC costing $5-10 to send and using something like Bitshares to buy coffee with and Bitcoin to store wealth.

I do have an issue, though. Why should I need to change currency just to be able to buy coffee? It's just not worth the effort.

[Oscilson]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mena we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

You can accept it, I will not.

I don't have an issue with BTC costing $5-10 to send and using something like Bitshares to buy coffee with and Bitcoin to store wealth.

I do have an issue, though. Why should I need to change currency just to be able to buy coffee? It's just not worth the effort.

Double the block size every 3-4 years can accommodate the transaction increase and give side chains a chance for real time transaction.

[AtomicStrike]

If most of big chinese polls agree to increase block size, I think we can do nothing with it.

[ebliever]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mena we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

You can accept it, I will not.

I don't have an issue with BTC costing $5-10 to send and using something like Bitshares to buy coffee with and Bitcoin to store wealth.

I do have an issue, though. Why should I need to change currency just to be able to buy coffee? It's just not worth the effort.

Long term I think this is likely to be how things turn out. A handful of major cryptocurrencies each tailored for optimizations in different financial characteristics. Perhaps bitcoin will be the most highly secured and best store of wealth, while other cryptos take on the role of routine transactions, while another works best for buying and selling property and securities, and another is favored for anonymous transactions, and so forth. I think it unlikely that any one cryptocurrency will be able to be best-in-class in all areas, especially where trade-offs are involved.

So pretty much everyone will have some funds stashed away in a half dozen cryptos, just like you have credit cards, a bank ATM card, paper bills and metal change all filling your wallet (not to mention a checkbook).

[Blawpaw]

When the bitcoin is adopted by several states/governments, they will mine it to make sure there is no 51% attack. It is in their interest.

On the contrary my friend! I firmly believe, If Bitcoin is going to be adopted by governments/states, they will surely try to control over 51% of the Network or they are going to create their own currency!
The most probable outcome would be governments replacing the national paper currency to a new digital currency version...

[MicroGuy]

If most of big chinese polls agree to increase block size, I think we can do nothing with it.

If Gavin pulls out his powerful "Alert Key" hammer there is nothing we can do except roll over and hope for a kiss.

The mighty bitcoin sledge hammer >>> https://en.bitcoin.it/wiki/Alerts

[R2D221]

So pretty much everyone will have some funds stashed away in a half dozen cryptos, just like you have credit cards, a bank ATM card, paper bills and metal change all filling your wallet (not to mention a checkbook).

O God, that's exactly what we're trying to avoid, aren't we? To have dozens of ways to spend our money, most of which go through banks and other institutions. Also, even if that's the case, my credit card, debit card, banknotes and checks are all in the same currency. If I want to buy chewing gum with my credit card, there's no one to stop me, and there's no hassle about the exchange rate between ChewingCoin and SalaryCoin.

[Muhammed Zakir]

If most of big chinese polls agree to increase block size, I think we can do nothing with it.

If Gavin pulls out his powerful "Alert Key" hammer there is nothing we can do except roll over and hope for a kiss.

The mighty bitcoin sledge hammer >>> https://en.bitcoin.it/wiki/Alerts

[ img]http://puu.sh/iHaq9/6efb569a22.png[/img]

It seems like you are wrong. We can still have our hope.

http://www.reddit.com/r/Bitcoin/comments/2dz9ri/why_in_the_world_does_theymos_have_the_private/cjuu360

[Velkro]

im happy they come to agreement with this
Gavin proposal is great for everybody chineese pools and people

[MicroGuy]

If most of big chinese polls agree to increase block size, I think we can do nothing with it.

If Gavin pulls out his powerful "Alert Key" hammer there is nothing we can do except roll over and hope for a kiss.

The mighty bitcoin sledge hammer >>> https://en.bitcoin.it/wiki/Alerts

[ img]http://puu.sh/iHaq9/6efb569a22.png[/img]

It seems like you are wrong. We can still have our hope.

http://www.reddit.com/r/Bitcoin/comments/2dz9ri/why_in_the_world_does_theymos_have_the_private/cjuu360

That could get interesting, contrasting alerts propagating throughout the entire network.


(Gavin) URGENT: Upgrade required:

(Theymos) CORRECTION: Ignore Last message:

(Gavin) WARNING: No, Upgrade. Really:

[Muhammed Zakir]

If most of big chinese polls agree to increase block size, I think we can do nothing with it.

If Gavin pulls out his powerful "Alert Key" hammer there is nothing we can do except roll over and hope for a kiss.

The mighty bitcoin sledge hammer >>> https://en.bitcoin.it/wiki/Alerts

[ img]http://puu.sh/iHaq9/6efb569a22.png[/img]

It seems like you are wrong. We can still have our hope.

http://www.reddit.com/r/Bitcoin/comments/2dz9ri/why_in_the_world_does_theymos_have_the_private/cjuu360

That could get interesting, contrasting alerts propagating throughout the entire network.


(Gavin) URGENT: Upgrade required:

(Theymos) CORRECTION: Ignore Last message:

(Gavin) WARNING: No, Upgrade. Really:

But...

"A maximum sequence-number alert cancels all other alerts {...}" - Gregory Maxwell.

[qwep]

English version
http://www.reddit.com/r/Bitcoin/comments/3a0n4m/why_upgrade_to_8mb_but_not_20mb/

"Why upgrade to 8MB but not 20MB?
1.Chinese internet bandwidth infrastructure is not built out to the same advanced level as those found in other countries.
2.Chinese outbound bandwidth is restricted; causing increased latency in connections between China & Europe or the US.
3.Not all Chinese mining pools are ready for the jump to 20MB blocks, and fear that this could cause an orphan rate that is too high."

I know the advanced level in China is not the same as in other countries, for I have kept contact with Chinese companies. 

why is it all about the chinese, i guess the mining companies want to be the bigger man in the picture.

[spazzdla]

Gavincoin's idea of doubling every 2 years is not a good one.

if they cannot propose another better idea, then we need to accept that, i mena we can't wait forever until someone come up with an idea, now i'm starting to believe that this problem should have solved much early, with the fork of 2013

thus you don't need today to fork again and at that time, chinese were not controlling 60% of the network, and playing the dictator's game...

You can accept it, I will not.

I don't have an issue with BTC costing $5-10 to send and using something like Bitshares to buy coffee with and Bitcoin to store wealth.

I do have an issue, though. Why should I need to change currency just to be able to buy coffee? It's just not worth the effort.

Same reason people use to have copper AND gold.  

I believe that people will own a handful of currencies in the near future.  The altcoins have been completely underestimated.

The same reason people have a savings account and checkings.

A visa and a line of credit.