I ran Bitcoin Core for >3 years, and I turned it off today

[kevindurant]

I ran Bitcoin Core for >3 years, and I turned it off today

I am now running Bitcoin**Censored**

As a Legendary member you are here since the beginning. Why did you turn it off? Did you lose faith in Bitcoin?

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[lottery248]

I switched all my nodes to Bitcoin XT too.

Fuck censorship.

yeah, plus one.
censor others = with the people under the censorship.
but bitcoin XT is really horrible that will encourage fork transaction spam.

[ticoti]

Can you tell us the motivations that led you to that decision?

[johnyj]

I just turned off my core node yesterday and hooked in a 3TB disk and turned it back on Should be enough for another couple of years

And I did not touch the software (still at 0.10.0). Even banks only upgrade their core software every 5 years, a global financial system like bitcoin should upgrade only every 10 years

Stability is all it counts in finance. Don't fix it if it ain't broken, and even when a fix is needed, should be as small as possible to not disturb the whole financial system

[lottery248]

I just turned off my core node yesterday and hooked in a 3TB disk and turned it back on Should be enough for another couple of years

And I did not touch the software (still at 0.10.0). Even banks only upgrade their core software every 5 years, a global financial system like bitcoin should upgrade only every 10 years

Stability is all it counts in finance. Don't fix it if it ain't broken, and even when a fix is needed, should be as small as possible to not disturb the whole financial system

if your HDD did not break, it would help you to sustain with bitcoin Qt for at least 27 years.
wow that's weird. however, if with bitcoin XT, your HDD would be full within 8 years as estimated due to the block limit doubles.
i don't wanna see 20 million transactions per block in which more than 90% of the transactions were with little output(especially if they did not put any fees), in the future with XT.

[monsanto]

Where do the exchanges stand on this?

[kelsey]

well i gave up on bitcoin long time ago, and current shit with Mike and tag along core devs makes me glad of that decisions 21 million times over.

[Brad Harrison]

so bitcoin xt is censored?

[gentlemand]

so bitcoin xt is censored?

Not censored, more reclassified and redirected to altland.

[bathrobehero]

This is so childish it's beyond belief. /r/bitcoin is for discussions (which are not being banned), but not for promoting software that would split bitcoin in two. Most people in /r/bitcoin has zero idea of the implications XT would cause and going apeshit over their own incompetence.

[johnyj]

I just turned off my core node yesterday and hooked in a 3TB disk and turned it back on Should be enough for another couple of years

And I did not touch the software (still at 0.10.0). Even banks only upgrade their core software every 5 years, a global financial system like bitcoin should upgrade only every 10 years

Stability is all it counts in finance. Don't fix it if it ain't broken, and even when a fix is needed, should be as small as possible to not disturb the whole financial system

if your HDD did not break, it would help you to sustain with bitcoin Qt for at least 27 years.
wow that's weird. however, if with bitcoin XT, your HDD would be full within 8 years as estimated due to the block limit doubles.
i don't wanna see 20 million transactions per block in which more than 90% of the transactions were with little output(especially if they did not put any fees), in the future with XT.

I think today's computer can handle 50GB data at acceptable speed, anything beyond that becomes too slow due to bandwidth and hard disk speed limit (for traditional hard disks).

An encouraging new development is 4KTV. A 4K bluray disk is about to reach 100GB, and by the time bitcoin blockchain reached 100GB, mainstream computers should all be able to handle that amount of data without difficulty. And something like 3d xpoint might vastly change the computer devices to magnitudes higher speed and capacity. But until that happens, I sit tight

[Soros Shorts]

Even though I don't support it, I have some respect for people who run their own Bitcoin XT node in order to show their backing for it. This is in contrast to those pikers who don't even run a full node yet keep asking for bigger blocks in the hope that this would allow them to continue sending their 30 cent micro transactions for zero fees.

[viboracecata]

Sell our own bitcoins on core chain;

After the switching from core chain to XT chain accomplished, the previous bitcoins are still available, can we proceed the operations?

[jl2012]

Sell our own bitcoins on core chain;

After the switching from core chain to XT chain accomplished, the previous bitcoins are still available, can we proceed the operations?

Yes, you just need to "taint" your bitcoin with newly generated bitcoin. After the first >1MB block is generated,

1. Ask someone to send you some bitcoin (1 satoshi is enough) which is generated on the new chain after the fork (or taint bitcoin created with this method)

2. Using an upgraded client (e.g. Bitcoin XT), create a new address and send all your bitcoin to yourself . Most importantly, the transaction input has to include the bitcoin from step 1. Wait for several confirmations.

3. Now you have 2 independent sets of bitcoin. You can safely send your old bitcoin to other people using an old client, e.g. Bitcoin Core 0.11.

Note:

a. It is very important to make sure the bitcoin from step 1 is truly taint bitcoin. Use a block explorer to follow the history of the coin, to make sure at least one of its ancestors is a coinbase transaction AFTER the first >1MB block is generated. A merely activation of BIP101 (i.e. 750 out of 1000 blocks support) is not enough. The fork does not happen until the first >1MB block is generated

b. If you send your old/new bitcoin to someone before step 2 is done, you are at the same sending your new/old bitcoin to that person.

c. If the fork is really successful, it is unlikely that you will be able to spend your old bitcoin, because no miner will be mining the chain. Even if a few miners are running, the small block size won't be able to handle your transaction.

[jl2012]

Where do the exchanges stand on this?

Houbi and BTCChina support 8MB: http://cointelegraph.com/news/114577/chinese-mining-pools-propose-alternative-8-mb-block-size

[RoadTrain]

This is so childish it's beyond belief. /r/bitcoin is for discussions (which are not being banned), but not for promoting software that would split bitcoin in two. Most people in /r/bitcoin has zero idea of the implications XT would cause and going apeshit over their own incompetence.

Exactly... And what's worse is that we have some $4 billion market cap at stake... I'm out of words to say how irresponsible some people are.

[Dire]

I ran Bitcoin Core for >3 years, and I turned it off today

Whatever you choose, thank you for your service, and that goes for all other miners too. You carried the flame during an important phase of the Bitcoin revolution.
 

[johnyj]

Sell our own bitcoins on core chain;

After the switching from core chain to XT chain accomplished, the previous bitcoins are still available, can we proceed the operations?

Yes, you just need to "taint" your bitcoin with newly generated bitcoin. After the first >1MB block is generated,

1. Ask someone to send you some bitcoin (1 satoshi is enough) which is generated on the new chain after the fork (or taint bitcoin created with this method)

2. Using an upgraded client (e.g. Bitcoin XT), create a new address and send all your bitcoin to yourself . Most importantly, the transaction input has to include the bitcoin from step 1. Wait for several confirmations.

3. Now you have 2 independent sets of bitcoin. You can safely send your old bitcoin to other people using an old client, e.g. Bitcoin Core 0.11.

Note:

a. It is very important to make sure the bitcoin from step 1 is truly taint bitcoin. Use a block explorer to follow the history of the coin, to make sure at least one of its ancestors is a coinbase transaction AFTER the first >1MB block is generated. A merely activation of BIP101 (i.e. 750 out of 1000 blocks support) is not enough. The fork does not happen until the first >1MB block is generated

b. If you send your old/new bitcoin to someone before step 2 is done, you are at the same sending your new/old bitcoin to that person.

c. If the fork is really successful, it is unlikely that you will be able to spend your old bitcoin, because no miner will be mining the chain. Even if a few miners are running, the small block size won't be able to handle your transaction.

This is almost suicide

Suppose that 75% of hashing power has switched to XT, and rest 25% stays at core. Is it possible that now XT becomes the main bitcoin chain and everyone moved to that chain following the fork? Far from it

Bitcoin is a whole global financial system, it is not only the blockchain, but everything that builds upon it. There are many exchanges and payment processors, merchants, security service provider and investment funds etc... and you must persuade all these participants to accept the new chain. And I guess many of them are experienced financers which always take conservative approach when it comes to change

Because pre-fork coins can be spent on both chains, if some of them (especially those with large amount of bitcoin holdings, and typically the core supporter of bitcoin) do not like the idea of XT chain, they will dump their coins on the XT exchange, so that any exchanges trades the XT coin will have a near-zero exchange rate when they are facing millions of coins dumped after the fork. And when XT coin worth nothing on exchanges, the whole hash power on XT chain would be a 100% loss, those hash power will switch to core chain, thus core chain regain the hash power and become the longest. In one word, if there is a conflict of interest, it is who have the most bitcoin decide where bitcoin is going, not who have the most hash power

Of course the XT fans can also dump their coins on the core chain, then value on core chain will also be heavily cut, but I guess the core chain would still have less sell pressure due to XT fans have less coins. Anyway this kind of mutual destruction will hurt the ecosystem significantly while achieving nothing

There is always unknown risk on XT coin: Core coin has hold its value very well for several years, but no one knows if XT coin would achieve the same thing, it is not time-tested. So XT coin faces a dilemma: without being time-tested in real economy, it can't gain value and go mainstream, but if it does not go mainstream, it will not get any test... This dilemma will make the fork of bitcoin extremely unlikely. Only a small change, with over 95% consensus throughout the industry would work

[viboracecata]

Sell our own bitcoins on core chain;

After the switching from core chain to XT chain accomplished, the previous bitcoins are still available, can we proceed the operations?

Yes, you just need to "taint" your bitcoin with newly generated bitcoin. After the first >1MB block is generated,

1. Ask someone to send you some bitcoin (1 satoshi is enough) which is generated on the new chain after the fork (or taint bitcoin created with this method)

2. Using an upgraded client (e.g. Bitcoin XT), create a new address and send all your bitcoin to yourself . Most importantly, the transaction input has to include the bitcoin from step 1. Wait for several confirmations.

3. Now you have 2 independent sets of bitcoin. You can safely send your old bitcoin to other people using an old client, e.g. Bitcoin Core 0.11.

Note:

a. It is very important to make sure the bitcoin from step 1 is truly taint bitcoin. Use a block explorer to follow the history of the coin, to make sure at least one of its ancestors is a coinbase transaction AFTER the first >1MB block is generated. A merely activation of BIP101 (i.e. 750 out of 1000 blocks support) is not enough. The fork does not happen until the first >1MB block is generated

b. If you send your old/new bitcoin to someone before step 2 is done, you are at the same sending your new/old bitcoin to that person.

c. If the fork is really successful, it is unlikely that you will be able to spend your old bitcoin, because no miner will be mining the chain. Even if a few miners are running, the small block size won't be able to handle your transaction.

This is almost suicide

Suppose that 75% of hashing power has switched to XT, and rest 25% stays at core. Is it possible that now XT becomes the main bitcoin chain and everyone moved to that chain following the fork? Far from it

Bitcoin is a whole global financial system, it is not only the blockchain, but everything that builds upon it. There are many exchanges and payment processors, merchants, security service provider and investment funds etc... and you must persuade all these participants to accept the new chain. And I guess many of them are experienced financers which always take conservative approach when it comes to change

Because pre-fork coins can be spent on both chains, if some of them (especially those with large amount of bitcoin holdings, and typically the core supporter of bitcoin) do not like the idea of XT chain, they will dump their coins on the XT exchange, so that any exchanges trades the XT coin will have a near-zero exchange rate when they are facing millions of coins dumped after the fork. And when XT coin worth nothing on exchanges, the whole hash power on XT chain would be a 100% loss, those hash power will switch to core chain, thus core chain regain the hash power and become the longest. In one word, if there is a conflict of interest, it is who have the most bitcoin decide where bitcoin is going, not who have the most hash power

Of course the XT fans can also dump their coins on the core chain, then value on core chain will also be heavily cut, but I guess the core chain would still have less sell pressure due to XT fans have less coins. Anyway this kind of mutual destruction will hurt the ecosystem significantly while achieving nothing

There is always unknown risk on XT coin: Core coin has hold its value very well for several years, but no one knows if XT coin would achieve the same thing, it is not time-tested. So XT coin faces a dilemma: without being time-tested in real economy, it can't gain value and go mainstream, but if it does not go mainstream, it will not get any test... This dilemma will make the fork of bitcoin extremely unlikely. Only a small change, with over 95% consensus throughout the industry would work

Core chain is time-tested, it's a fake conclusion, even if it was been tested as safe enough, fair enough, but the transactions proceeding speed is so slow as I can't consider it as one qualified pay method. While the community is not so large, we should import some changes to improve bitcoins, even we may get some pains in the near future.

[jl2012]

Sell our own bitcoins on core chain;

After the switching from core chain to XT chain accomplished, the previous bitcoins are still available, can we proceed the operations?

Yes, you just need to "taint" your bitcoin with newly generated bitcoin. After the first >1MB block is generated,

1. Ask someone to send you some bitcoin (1 satoshi is enough) which is generated on the new chain after the fork (or taint bitcoin created with this method)

2. Using an upgraded client (e.g. Bitcoin XT), create a new address and send all your bitcoin to yourself . Most importantly, the transaction input has to include the bitcoin from step 1. Wait for several confirmations.

3. Now you have 2 independent sets of bitcoin. You can safely send your old bitcoin to other people using an old client, e.g. Bitcoin Core 0.11.

Note:

a. It is very important to make sure the bitcoin from step 1 is truly taint bitcoin. Use a block explorer to follow the history of the coin, to make sure at least one of its ancestors is a coinbase transaction AFTER the first >1MB block is generated. A merely activation of BIP101 (i.e. 750 out of 1000 blocks support) is not enough. The fork does not happen until the first >1MB block is generated

b. If you send your old/new bitcoin to someone before step 2 is done, you are at the same sending your new/old bitcoin to that person.

c. If the fork is really successful, it is unlikely that you will be able to spend your old bitcoin, because no miner will be mining the chain. Even if a few miners are running, the small block size won't be able to handle your transaction.

This is almost suicide

There is nothing suicide in my post. It just tells people how to segregate their coins. How do people spend the coins is a different issue