Diff thread Aug 8 to Aug 22nd picks are closed. Good luck!

[EternalWingsofGod]

http://btc.blockr.io/charts

And the first four days  for this diff adjustment  pre China explosion.

 A coincidence ?    or did some damage occur.   Not  farms but net or just power restrictions to 1 farm near the blast.

Likely a coincidence
Unless some Bitcoin miners located near that area had to be shut down temporarily
It may be possible to figure it out if there was a site near there through the history and location of active Bitcoin nodes just look post and pre explosion but not aware of a service that tracks historical nodes.

[philipma1957]

http://btc.blockr.io/charts

And the first four days  for this diff adjustment  pre China explosion.

 A coincidence ?    or did some damage occur.   Not  farms but net or just power restrictions to 1 farm near the blast.

Likely a coincidence
Unless some Bitcoin miners located near that area had to be shut down temporarily
It may be possible to figure it out if there was a site near there through the history and location of active Bitcoin nodes just look post and pre explosion but not aware of a service that tracks historical nodes.

My thoughts are some power interruptions may have occur in the entire area. This meant some gear was put off line.  We backed of from a +4.00%  to +1.00%


3.00% is about   10-11ph    so some could have been sales of used s-5's and s-5+'s the rest may have been power outages.

[notlist3d]

Bitwisdom looks good:
Bitcoin Difficulty:    52,699,842,409
Estimated Next Difficulty:    52,099,430,764 (-1.14%)
Adjust time:    After 532 Blocks, About 3.8 days
Hashrate(?):    369,193,362 GH/s

But I think we have a lot of S5+'s on the way to customers.  And price at 253 is not good that it seems to slowly be falling.

[suchmoon]

And price at 253 is not good that it seems to slowly be falling.

What's the word on the street, is it the XT thing that's causing the fall?

[alh]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

[suchmoon]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

Bitcoin fork with larger blocks, which might or might not happen within the next few months. I would think this uncertainty could have an effect on price.

https://bitcoinxt.software/

[philipma1957]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

Bitcoin fork with larger blocks, which might or might not happen within the next few months. I would think this uncertainty could have an effect on price.

https://bitcoinxt.software/

Yea  has a fear factor to it.

It could hurt BTC or maybe not.  I see a lot of hedging on trading sites.

[VirosaGITS]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

Bitcoin fork with larger blocks, which might or might not happen within the next few months. I would think this uncertainty could have an effect on price.

https://bitcoinxt.software/

Yea  has a fear factor to it.

It could hurt BTC or maybe not.  I see a lot of hedging on trading sites.

I was under the impression within moments of big blogs saying "OMG BITCOIN FORK INC" 10k BTC was dumped and priced dropped 10$ in minutes. Something about some pool or whatnot supporting XT + all the Chinese totally 44% or something.

Any FUD cause people to dump and run, heh.

[jonnybravo0311]

Certainly, a larger block size has its merits.  However, the fear that the blockchain could fork is causing some people to scream that the sky is falling.  Truthfully, why shouldn't investors be scared?  Unless the core developers come to a consensus, then it comes down to who adopts what.  If the majority follow the XT crew, then bigger blocks (and all the other stuff in XT) come into play.  If the majority follows Core, then things remain as is (barring any other improvements that are agreed upon and added).

[philipma1957]

Certainly, a larger block size has its merits.  However, the fear that the blockchain could fork is causing some people to scream that the sky is falling.  Truthfully, why shouldn't investors be scared?  Unless the core developers come to a consensus, then it comes down to who adopts what.  If the majority follow the XT crew, then bigger blocks (and all the other stuff in XT) come into play.  If the majority follows Core, then things remain as is (barring any other improvements that are agreed upon and added).

and this clearly points to a defect in BTC  no consensus can lead to splinter groups of coins  which will dilute the fuck out of BTC.


I can see why some people dumped coins.  If I had 1000 coins at this moment  I would need to decide what to do.

[notlist3d]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

Bitcoin fork with larger blocks, which might or might not happen within the next few months. I would think this uncertainty could have an effect on price.

https://bitcoinxt.software/

Yea  has a fear factor to it.

It could hurt BTC or maybe not.  I see a lot of hedging on trading sites.

Does anyone know would XT still be using the same machines to mine?   I heard a little about it and did not see on main site if current asics would be able to mine it.

[philipma1957]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

Bitcoin fork with larger blocks, which might or might not happen within the next few months. I would think this uncertainty could have an effect on price.

https://bitcoinxt.software/

Yea  has a fear factor to it.

It could hurt BTC or maybe not.  I see a lot of hedging on trading sites.

Does anyone know would XT still be using the same machines to mine?   I heard a little about it and did not see on main site if current asics would be able to mine it.

I would be 95% sure it mines as sha-256

[suchmoon]

OK, I'll bite: What "XT thing" are you mentioning? Is this some other alt-coin that uses SHA-256?

Bitcoin fork with larger blocks, which might or might not happen within the next few months. I would think this uncertainty could have an effect on price.

https://bitcoinxt.software/

Yea  has a fear factor to it.

It could hurt BTC or maybe not.  I see a lot of hedging on trading sites.

Does anyone know would XT still be using the same machines to mine?   I heard a little about it and did not see on main site if current asics would be able to mine it.

I would be 95% sure it mines as sha-256

Yes, it's SHA-256. The only forking change is the block size increase. There are some other minor changes, like improved double-spend detection.

https://bitcoinxt.software/patches.html

[mavericklm]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

[suchmoon]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

It's actually how it's supposed to work. There is no central authority to approve changes. Anyone can come up with a fork, I could make a code change that gives me a million coins and tell everyone to start using it. Obviously I'd be told to stuff it into various cavities but if someone comes up with a reasonable fork and asks to join and gets the consensus - it will happen.

[Mikestang]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

That's all it is, an altcoin with a name very similar to Bitcoin.  It will never become the main coin if China ignores it, which all indications seem to be that's what is going to happen.

It's funny that it's forked with larger blocks, but if not many people are going to use it then the larger blocks aren't necessary.

[VirosaGITS]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

It's actually how it's supposed to work. There is no central authority to approve changes. Anyone can come up with a fork, I could make a code change that gives me a million coins and tell everyone to start using it. Obviously I'd be told to stuff it into various cavities but if someone comes up with a reasonable fork and asks to join and gets the consensus - it will happen.

Can't a core version with progressive block size increase code be submitted and if it get adopted by enough people, the whole network change to it without causing Earth shattering event where everyone flees and dump BTC with an additional 200 posts per hours about "THE END IS NEAR" like this is 31/12/2011 or something?

[philipma1957]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

It's actually how it's supposed to work. There is no central authority to approve changes. Anyone can come up with a fork, I could make a code change that gives me a million coins and tell everyone to start using it. Obviously I'd be told to stuff it into various cavities but if someone comes up with a reasonable fork and asks to join and gets the consensus - it will happen.

yep and it is a strong and weak point at the same time.

too much dissension and it melts down into 100,000,000,000 different coins.  too much agreement or centralization  and it becomes a 3 or 4 big player game.

The dynamic is very interesting.  Just as long as all your coins are not on one table so to speak you can survive whatever happens.

I would like a simple two-three fold method  move blocks to 2mb   make lowest transaction fee  0.00005  under that and you get a reject send. keep the low send at 0.00000001   so to send 0.00000001 you need to spend 0.00005001

Should end spam with that minimum block size   leave us room for more transactions.

[suchmoon]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

It's actually how it's supposed to work. There is no central authority to approve changes. Anyone can come up with a fork, I could make a code change that gives me a million coins and tell everyone to start using it. Obviously I'd be told to stuff it into various cavities but if someone comes up with a reasonable fork and asks to join and gets the consensus - it will happen.

Can't a core version with progressive block size increase code be submitted and if it get adopted by enough people, the whole network change to it without causing Earth shattering event where everyone flees and dump BTC with an additional 200 posts per hours about "THE END IS NEAR" like this is 31/12/2011 or something?

What XT is proposing is something like that (once 75% of blocks are mined on the new version we MIGHT start seeing larger blocks). And it's based on the same "core" source code that we're all currently using so if it's accepted it would be the new "core" albeit with a different name perhaps.

Any change to the block size would require a hard fork so whether it's called XT or something else it would be roughly the same outcome.

[VirosaGITS]

looks to me more like a altcoin, or an sabotage of the bitcoin or an take over....

It's actually how it's supposed to work. There is no central authority to approve changes. Anyone can come up with a fork, I could make a code change that gives me a million coins and tell everyone to start using it. Obviously I'd be told to stuff it into various cavities but if someone comes up with a reasonable fork and asks to join and gets the consensus - it will happen.

Can't a core version with progressive block size increase code be submitted and if it get adopted by enough people, the whole network change to it without causing Earth shattering event where everyone flees and dump BTC with an additional 200 posts per hours about "THE END IS NEAR" like this is 31/12/2011 or something?

What XT is proposing is something like that (once 75% of blocks are mined on the new version we MIGHT start seeing larger blocks). And it's based on the same "core" source code that we're all currently using so if it's accepted it would be the new "core" albeit with a different name perhaps.

Any change to the block size would require a hard fork so whether it's called XT or something else it would be roughly the same outcome.

I see. I was kind of hoping "Satoshi" would have foreseen this eventuality and prepared a way to soft-ish fork by just voting on feature with hashpower. Clearly he did since the 1mB block was to keep it small for starters but why not prepare for the upcoming fork.