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Author Topic: Blockchain split of 4 July 2015  (Read 45581 times)
SebastianJu
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July 15, 2015, 04:00:56 PM
 #481

In a way, it is a sign a maturity.  The good old days of 0 BTC transaction fees are now behind us.  Similar to having unprotected sex in the "70s, before the AIDS epidemic ... Who would think nowadays to have sex with strangers without a condom...  The ability to do a single financial transaction across the world with an untrusted counter-party for $0.015 (0.00005 BTC) is still "priceless", in comparison...

I still believe that the ultimate fix will be to force a minimum fee for each output (like in Litecoin), the current minimum fee per transaction (with unlimited outputs) does not solve the problem, nor an increase of the block size (not before the users of the system show more discipline).

The leaches currently sucking up the Bitcoin bandwidth should pay for it:  on-blockchain casino systems, mixing services, colored-coins, OP_RETURN solutions, spams, faucets, etc. Only once they will pay for their share (with minfee per outputs) - then it will be worth while to discuss moving to a "fiber optic" solution, and increase the Bitcoin bandwidth ...  @gavinandresen

By then, the miners might listen and agree...

I already agree with you. Smiley Multiple transactions in one transaction are still multiple transactions. You pay for every advertising letter you send via regular mail, regardless of you bring all of them to post office in a big box.

But the minfee you mention? 0.00005 Bitcoin work today? I always paid 0.0002 Bitcoin the last days. Whats needed?

I dont like the way things are enforced. You know Bitcoin was built to go away from centralization and ruling over the currency. Now someone, maybe a group of miners, is enforcing a higher fee and a higher block size. Its somewhat like banks that make the rules and the poor users have to follow. I dont like that thought.

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Amitabh S
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July 15, 2015, 04:23:45 PM
 #482

The warning about 30 confirmations has disappeared from the header.. Does that mean SPV clients are safe to use now with ~ 6 confirmations?

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July 15, 2015, 04:28:04 PM
 #483

The warning about 30 confirmations has disappeared from the header.. Does that mean SPV clients are safe to use now with ~ 6 confirmations?
I don't think so. According to bitcoin.org's status page, it still says that an event is ongoing. https://bitcoin.org/en/alerts

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July 17, 2015, 03:22:08 AM
 #484

Bitcoin is becoming the most centralized of the decentralized digital currency out there.To me Bitcoin is becoming a joke.Paid a higher fee than needed but still took 3 hours for the first confirmation on a transaction today

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July 17, 2015, 06:33:52 AM
 #485

Bitcoin is becoming the most centralized of the decentralized digital currency out there.To me Bitcoin is becoming a joke.Paid a higher fee than needed but still took 3 hours for the first confirmation on a transaction today
Keep in mind that Bitcoin is the most used decentralized digital currency: more value, more transactions, more people who could gain from attacking it.

I could also just write my own website from scratch, nobody cares about and after a year proclaim, that I am the best programmer in the world, since nobody hacked my site.

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July 17, 2015, 09:51:17 AM
 #486

I think that the continuation of this thread is useless now. Or only for the story. The warning that was at the forum about the split, which warned about the 30 needed confirmations before assuming that a transaction was safe, is gone. The problem is resolved definitively.

So everything is normal and we can enjoy the life.  Wink
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July 17, 2015, 10:44:35 AM
 #487

The warning about 30 confirmations has disappeared from the header.. Does that mean SPV clients are safe to use now with ~ 6 confirmations?
I don't think so. According to bitcoin.org's status page, it still says that an event is ongoing. https://bitcoin.org/en/alerts

there is no more alert on bitcoin.org too, but it seems not clear if they are safe or not(i mean spv client), you can simply try to wait less than 3 confirmations and see if it go well, try with a very small amount
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July 17, 2015, 11:06:52 AM
 #488

The warning about 30 confirmations has disappeared from the header.. Does that mean SPV clients are safe to use now with ~ 6 confirmations?
I don't think so. According to bitcoin.org's status page, it still says that an event is ongoing. https://bitcoin.org/en/alerts

there is no more alert on bitcoin.org too, but it seems not clear if they are safe or not(i mean spv client), you can simply try to wait less than 3 confirmations and see if it go well, try with a very small amount
as long as there is no split, you are fine. I am not sure, if the mining pools took countermeasures to avoid a split, but there wasn't one for a while now.
There are also more nodes which have updated their software, so that makes the network also more secure.
As far as I know, there wasn't even any damage done during the splits.

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