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Author Topic: 44% of the network already switched to 8M blocks  (Read 3332 times)
kwukduck
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August 11, 2015, 04:22:14 PM
 #1

And so the disaster unfolds...
If we go over 50% we could be looking to drop under half of current value.
Opinions? Other perspectives? Solutions?

https://www.reddit.com/r/Bitcoin/comments/3glfo1/44_of_bitcoin_mining_hash_power_is_currently/

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August 11, 2015, 04:28:47 PM
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Im reading that reddit thread, which is already being spammed with different questions about btc xt and questions about full nodes.

the question I get is where are the qualified #`s are coming from, all I see from the comments were some chinese miner pools offer the 8mb.

how many mining pools do we have?
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August 11, 2015, 04:30:26 PM
 #3

Opinion? You're an idiot

Perspectives? No such thing is happening

Solution? Go sit your ass in the corner

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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August 11, 2015, 04:32:00 PM
 #4

If it walks and quacks like a duck...
kwukduck
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August 11, 2015, 04:33:51 PM
 #5

Opinion? You're an idiot

Perspectives? No such thing is happening

Solution? Go sit your ass in the corner

Orly? https://twitter.com/kncminer/status/631098358657077249
Nothing is happening?
Are you done spreading your lies yet in order to hold the price up to sell your bags?

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August 11, 2015, 04:34:40 PM
 #6

This is fucking awesome ! Finally people are positioning themself. Even the latest reddit post shows that all of the big companys are behind a block size increase through the BIP 100. I hope we leave this stupid consensus finding phase asap behind us. A maximum of 32 mb blocks gives us also enough of time to develop sidechains and lightning network.

All in all, awesome news!

Edit: And my little XT node is running with 20 connections.. Smiley
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August 11, 2015, 04:38:55 PM
 #7

This is fucking awesome ! Finally people are positioning themself. Even the latest reddit post shows that all of the big companys are behind a block size increase through the BIP 100. I hope we leave this stupid consensus finding phase asap behind us. A maximum of 32 mb blocks gives us also enough of time to develop sidechains and lightning network.

All in all, awesome news!

Edit: And my little XT node is running with 20 connections.. Smiley

Haha, good to hear on the xt with very few connections.

As for the comment on the sidechains if we ever got to a huge mb per transactions, do you think it really would be necessary?  I personally think that if sidechains were to develop it would only hinder growth because new faces come into bitcoin have to learn so much already.
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August 11, 2015, 04:42:02 PM
 #8

Opinion? You're an idiot

Perspectives? No such thing is happening

Solution? Go sit your ass in the corner

Orly? https://twitter.com/kncminer/status/631098358657077249
Nothing is happening?
Are you done spreading your lies yet in order to hold the price up to sell your bags?

Yes indeed nothing so much resembling any percentage of the network having "switched" to 8MB block is happening.

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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August 11, 2015, 04:49:06 PM
 #9

It's not happening yet, 44% is just a vote, but could happen soon. And if one of the two competing blockchains won't die quickly, ouch... Wink
If I were holding bitcoins now, I'd choose (temporarily) the safety of fiat. I even cancelled my low bids, just in case this turns ugly... Cool

Sometimes, if it looks too bullish, it's actually bearish
dropt
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August 11, 2015, 05:04:14 PM
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I was told that we'll just have twice as many bitcoins, for free!  Won't we?
No one honestly thought that 21 million bitcoins would be enough for the whole world.  If everybody wanted to own just ONE bitcoin, blood would flow, because there isn't enough bitcoins for everyone.  Not even enough for every real American!

F.O.
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August 11, 2015, 05:26:08 PM
 #11

44% is that like 4 people?
techgeek
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August 11, 2015, 05:29:26 PM
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It's not happening yet, 44% is just a vote, but could happen soon. And if one of the two competing blockchains won't die quickly, ouch... Wink
If I were holding bitcoins now, I'd choose (temporarily) the safety of fiat. I even cancelled my low bids, just in case this turns ugly... Cool

this should be the underlying note and be taken away.

Its not happened yet.. and its only a vote. Although if the majority votes are towards higher then 44% then it says something that we need a change like someone mentioned with the mining pools that offered the 8 mb.

Alley
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August 11, 2015, 05:55:42 PM
 #13

Why is a bigger block thread in the speculation forum?  This should be in the main discussion forum.
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August 11, 2015, 06:43:11 PM
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I was told that we'll just have twice as many bitcoins, for free!  Won't we?
No one honestly thought that 21 million bitcoins would be enough for the whole world.  If everybody wanted to own just ONE bitcoin, blood would flow, because there isn't enough bitcoins for everyone.  Not even enough for every real American!

F.O.

You mean FOMO?  Like CCMF?
Do you suppose its alright to have just 21 million bitcoins for the whole wide world, and somebody told me we can only have ... i don't really understand it enough, but something about 'maximum sustained rate of 2.7 transactions per second' is what they said.  Is that lying again?

No.  I mean F.O.  as in, fuck off.
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August 11, 2015, 07:14:19 PM
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I was told that we'll just have twice as many bitcoins, for free!  Won't we?
No one honestly thought that 21 million bitcoins would be enough for the whole world.  If everybody wanted to own just ONE bitcoin, blood would flow, because there isn't enough bitcoins for everyone.  Not even enough for every real American!

F.O.

You mean FOMO?  Like CCMF?
Do you suppose its alright to have just 21 million bitcoins for the whole wide world, and somebody told me we can only have ... i don't really understand it enough, but something about 'maximum sustained rate of 2.7 transactions per second' is what they said.  Is that lying again?

No.  I mean F.O.  as in, fuck off.

Man, that's just rude!  Sure, the guy seems a bit slow, but show me a single bitcoin enthusiast who isn't?
Who's gonna buy my coins if you keep spooking away greater fools?

What part of F.O. are you having trouble with?
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August 11, 2015, 07:17:46 PM
 #16

Nice discussion happening on reddit right now, especially on switching some codebases on the miners machines. Well whatever happens, I'll still run core unless there would be drastic changes happening. As to what I understand on the discussion, if the consensus reached 75% of the vote, all businesses and miners who runs core should switch to xt as soon as possible so as to prevent some conflicts and confusion.

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August 11, 2015, 07:18:05 PM
 #17

Could anyone here take couple of minuts from his time to explain to me what is going on .
Bitcoin XT coins & Bitcoin Core coins aren't the same or something ? and why the value of BTc will change simply because of this  Huh RIP ? I asked once what is Bitcoin XT but they only said it's something for Peer to Peer protocol improvment and double spent crap
also what would happen for people who use Blockchain.info wallet or Lightweight wallets it's so freaking confusing . don't get anything

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August 11, 2015, 07:39:43 PM
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Could anyone here take couple of minuts from his time to explain to me what is going on .
Bitcoin XT coins & Bitcoin Core coins aren't the same or something ? and why the value of BTc will change simply because of this  Huh RIP ? I asked once what is Bitcoin XT but they only said it's something for Peer to Peer protocol improvment and double spent crap
also what would happen for people who use Blockchain.info wallet or Lightweight wallets it's so freaking confusing . don't get anything

BitcoinXT is a fork of the BitcoinQT codebase but is meant to support blocks bigger than 1 mb. If such a block is mined, this block will be invalid on the BitcoinQT Blockchain(If the codebase stays the same) but valid on the XT blockchain. That means we would have two parallel blockchains at the same time. Depending what version the majority of the users and miners is using, the corresponding blockchain will survive and the inferior blockchain will be dumped to zero.
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August 11, 2015, 07:45:00 PM
 #19

Could anyone here take couple of minuts from his time to explain to me what is going on .
Bitcoin XT coins & Bitcoin Core coins aren't the same or something ? and why the value of BTc will change simply because of this  Huh RIP ? I asked once what is Bitcoin XT but they only said it's something for Peer to Peer protocol improvment and double spent crap
also what would happen for people who use Blockchain.info wallet or Lightweight wallets it's so freaking confusing . don't get anything

BitcoinXT is a fork of the BitcoinQT codebase but is mean to support blocks bigger than 1 mb. If such a block is mined, this block will be invalid on the BitcoinQT Blockchain(If the codebase stays the same) but valid on the XT blockchain. That means we would have to parallel blockchains at the same time. Depending what version the majority of the users and miners is using, the corresponding blockchain will survive and the inferior blockchain will be dumped to zero.

Why I look like the only one worried here , looks like a disaster to me to be honest . I aint an early adopter but I'am really attached to bitcoin
Also are they same coins ? could be send coins of Bitcoin Core to this XT later and use them without any issues ? or from any Lightweight wallet to this XT shit ? damn it.. confused here
If yes .. then why in the world the value will be halved as OP said

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August 11, 2015, 07:56:33 PM
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Could anyone here take couple of minuts from his time to explain to me what is going on .
Bitcoin XT coins & Bitcoin Core coins aren't the same or something ? and why the value of BTc will change simply because of this  Huh RIP ? I asked once what is Bitcoin XT but they only said it's something for Peer to Peer protocol improvment and double spent crap
also what would happen for people who use Blockchain.info wallet or Lightweight wallets it's so freaking confusing . don't get anything

BitcoinXT is a fork of the BitcoinQT codebase but is mean to support blocks bigger than 1 mb. If such a block is mined, this block will be invalid on the BitcoinQT Blockchain(If the codebase stays the same) but valid on the XT blockchain. That means we would have to parallel blockchains at the same time. Depending what version the majority of the users and miners is using, the corresponding blockchain will survive and the inferior blockchain will be dumped to zero.

Why I look like the only one worried here , looks like a disaster to me to be honest . I aint an early adopter but I'am really attached to bitcoin
Also are they same coins ? could be send coins of Bitcoin Core to this XT later and use them without any issues ? or from any Lightweight wallet to this XT shit ? damn it.. confused here
If yes .. then why in the world the value will be halved as OP said

First thing you should do is, DO NOT LISTEN TO WHAT FUCKDUCK HAS TO SAY.

Next, if you prefer bigger blocks, start using bitcoinXT, if you prefer small blocks, just keep using bitcoinQT. If more than 75% starts using bitcoinXT then you should switch ASAP, if it keeps being less than 75%, nothing will happen.

I decided to no longer use a signature, because people were trolling me about it.
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