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chalkboard17
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November 08, 2015, 08:36:48 AM
 #21

-snip-
3) Change block speed (for faster confirmation)

Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
I would agree with 1 and 2 but definitely not 3. 10 minute block is ideal for Bitcoin as there is lesser forks and stales for miners and more security for merchants. The security of 2x 5 minute confirmations would have the security of 1x 10 minute confirmation. Merchants would start requiring more confirmations if that happens. Right now, most brick and mortar shops do not even require a confirmation to accept a transaction.
I forgot 4) Pow to something more efficient.
This won't happen anytime soon but I believe these 4 points will be done eventually. PoS is much better than PoW but don't expect miners to agree into turning their equipment to $0 in a instant.

21m btc change will never be done. Or shouldn't if we want bitcoin to be trading above $0.0001
There is one huge problem with POS itself. Huge exchanges would be holding monopoly with the coins and the earnings would be concentrated on those who owns lots of coins or a popular service. Other than that, yeah, ASICs are created specifically for this. If you were to change POW to POS, every mining operation would be unprofitable. The price would also plummet.
Not a single entity officially currently holds over 2% of bitcoins.
I don't believe anyone holds over 5% and ever will.

F2Pool alone holds over 23% of PoW power. Ghash got to 51%+ before.

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November 08, 2015, 08:39:49 AM
 #22

-snip-
3) Change block speed (for faster confirmation)

Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
I would agree with 1 and 2 but definitely not 3. 10 minute block is ideal for Bitcoin as there is lesser forks and stales for miners and more security for merchants. The security of 2x 5 minute confirmations would have the security of 1x 10 minute confirmation. Merchants would start requiring more confirmations if that happens. Right now, most brick and mortar shops do not even require a confirmation to accept a transaction.
I forgot 4) Pow to something more efficient.
This won't happen anytime soon but I believe these 4 points will be done eventually. PoS is much better than PoW but don't expect miners to agree into turning their equipment to $0 in a instant.

21m btc change will never be done. Or shouldn't if we want bitcoin to be trading above $0.0001
There is one huge problem with POS itself. Huge exchanges would be holding monopoly with the coins and the earnings would be concentrated on those who owns lots of coins or a popular service. Other than that, yeah, ASICs are created specifically for this. If you were to change POW to POS, every mining operation would be unprofitable. The price would also plummet.
Not a single entity officially currently holds over 2% of bitcoins.
I don't believe anyone holds over 5% and ever will.
Given the trade volume per day, exchanges does perhaps hold a large volume of Bitcoins. I believe satoshi does own close to one million BTC. Exchanges do not hold the coins centralised in one wallet so it's hard to determine how much they actually control. By shifting to POS, it is also easier for governments to control large amount of the entire network. That aside, shifting from POW to POS isn't easy.

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November 08, 2015, 09:02:31 AM
 #23

Hi, considering BTC a future wide used cryptomoney, i'm keeping 21 BTC to become in rich in future. So, in the future i'll have 1/1.000.000 of all BTC in the world, not bad for a world wide used money, no?

I'm thinking about if one day the limit could be increased. Is it possible? Is not BTC a deflation money that can only increase its value?
Who have interest in increase BTC loosing theyr own BTC value?

Do not expect too big on bitcoin, you'll got hurt at the end.
Are you new on bitcoin?
Did you not realize BTC price for nowadays is decreasing from $1200?

Holding 21 BTC surely is great decision. Hold it until you think that is the right time to trade it.
Personally i will keep buy bitcoin from my investment money until approx 50-70BTC, then i will back to reinvesting in another paper currencies.
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November 08, 2015, 09:24:03 AM
 #24

Not possible. Their are too many against this idea and if the bitcore developers want continued support from the community then they will listen to them. Bitcoin isn't about making more of it, it is about working with what you have and increasing it's value.

Well said, mate.
We are here to make it the best and most widely adapted crypto "currency" of the world, and by doing what OP said, it will not be possible.

 
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November 08, 2015, 10:32:05 AM
 #25

-snip-
3) Change block speed (for faster confirmation)

Note that none of these involve the 21m cap. If you decrease block speed by half the reward would have to be dropped too for example.
I would agree with 1 and 2 but definitely not 3. 10 minute block is ideal for Bitcoin as there is lesser forks and stales for miners and more security for merchants. The security of 2x 5 minute confirmations would have the security of 1x 10 minute confirmation. Merchants would start requiring more confirmations if that happens. Right now, most brick and mortar shops do not even require a confirmation to accept a transaction.
I forgot 4) Pow to something more efficient.
This won't happen anytime soon but I believe these 4 points will be done eventually. PoS is much better than PoW but don't expect miners to agree into turning their equipment to $0 in a instant.

21m btc change will never be done. Or shouldn't if we want bitcoin to be trading above $0.0001
There is one huge problem with POS itself. Huge exchanges would be holding monopoly with the coins and the earnings would be concentrated on those who owns lots of coins or a popular service. Other than that, yeah, ASICs are created specifically for this. If you were to change POW to POS, every mining operation would be unprofitable. The price would also plummet.
Not a single entity officially currently holds over 2% of bitcoins.
I don't believe anyone holds over 5% and ever will.

F2Pool alone holds over 23% of PoW power. Ghash got to 51%+ before.

2% is very low, it's only 420k of the total supply not even the available supply, which would be only 300k

plenty are holding that amount actually, the 660k missed coin from mtgox, satoshy, finney is holding a large % also etc...
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November 09, 2015, 09:35:41 AM
 #26

If bitcoin gets big enough that the whole community accepts the change, then I guess it will attract worldwide attention. This would lead to countries getting interested and investing into making a bigger and better altcoin that will "rekt" bitcoin. Bitcoin has its flaws which could be solved by people with big wallets, aka countries.

I hope the limit doesnt change, I'm hodling 4 lief <3
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November 09, 2015, 10:36:45 AM
 #27

If bitcoin gets big enough that the whole community accepts the change, then I guess it will attract worldwide attention. This would lead to countries getting interested and investing into making a bigger and better altcoin that will "rekt" bitcoin. Bitcoin has its flaws which could be solved by people with big wallets, aka countries.

I hope the limit doesnt change, I'm hodling 4 lief <3

Why do we need an altcoin, why not make changes to Bitcoin itself??? (not talking about the 21M BTC limit)...
Let's just develop it, love it, spend it, show it and guide about it to everyone, that way we won't need any big mass media as we already have a wide range of users, and with that, very big range of audience is there too who are just watching our world but not taking the advantage of BTC currently...

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November 09, 2015, 10:40:11 AM
 #28

If bitcoin gets big enough that the whole community accepts the change, then I guess it will attract worldwide attention. This would lead to countries getting interested and investing into making a bigger and better altcoin that will "rekt" bitcoin. Bitcoin has its flaws which could be solved by people with big wallets, aka countries.

I hope the limit doesnt change, I'm hodling 4 lief <3
If people ever would want to change limit of bitcoin than will mean that community goes retard mode and I don't have anything to do with it anymore.
We don't want to increase or decrease limit of bitcoin ever. There is no need to, bitcoins can be diversified to a very small units.
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November 09, 2015, 10:51:39 AM
 #29

Thats impossible, because you can change the rules at mid game!
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November 09, 2015, 11:01:21 AM
 #30

Hi, considering BTC a future wide used cryptomoney, i'm keeping 21 BTC to become in rich in future. So, in the future i'll have 1/1.000.000 of all BTC in the world, not bad for a world wide used money, no?

I'm thinking about if one day the limit could be increased. Is it possible? Is not BTC a deflation money that can only increase its value?
Who have interest in increase BTC loosing theyr own BTC value?

You'll always have more than 1/1.000.000 wont you if the supply runs out in 2140? and you have 21, you'd need less than 21 to be in the 1/1.000.000 club unless you are a vampire and live for hundreds of years.
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