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Author Topic: ToominCoin aka "Bitcoin_Classic" #R3KT  (Read 157066 times)
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valiz
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March 16, 2016, 12:16:50 PM
 #961

And the plan is that every user will 1.) buy bitcoin 2.) send this bitcoin with a big fee (~10$) to a lightning hub and 3) pay for ln-transactions? Correct me, if I'm wrong.
There is no plan. Let the market decide.

I wonder where you pull that ~$10 from. Are you a prophet or something? Do you predict prices?


Have a look on this chart
cost for each transaction

I know it is a very rough and questionable chart, but it could give us numbers how much we have to pay for one transaction if there was no miner's reward and we wanted to keep the system as secure as it is today.

(it's also an excellent measure of how strong a bubble and, imho, how healthy the system is).



No miner reward = year 2140

So send this bitcoin with a big fee (~10$) in year 2140. You predict that $10 in year 2140 will be a big fee. Are you a prophet or something? Do you predict prices?

I initially thought your prediction is for the near term Sad

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March 16, 2016, 12:21:01 PM
 #962

And the plan is that every user will 1.) buy bitcoin 2.) send this bitcoin with a big fee (~10$) to a lightning hub and 3) pay for ln-transactions? Correct me, if I'm wrong.
There is no plan. Let the market decide.

I wonder where you pull that ~$10 from. Are you a prophet or something? Do you predict prices?


Have a look on this chart
cost for each transaction

I know it is a very rough and questionable chart, but it could give us numbers how much we have to pay for one transaction if there was no miner's reward and we wanted to keep the system as secure as it is today.

(it's also an excellent measure of how strong a bubble and, imho, how healthy the system is).



No miner reward = year 2140

So send this bitcoin with a big fee (~10$) in year 2140. You predict that $10 in year 2140 will be a big fee. Are you a prophet or something? Do you predict prices?

I initially thought your prediction is for the near term Sad


maybe 10$ could not even buy you a needle by then... inflation and political money is a bitch y' know. Roll Eyes
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March 16, 2016, 12:38:00 PM
 #963

And the plan is that every user will 1.) buy bitcoin 2.) send this bitcoin with a big fee (~10$) to a lightning hub and 3) pay for ln-transactions? Correct me, if I'm wrong.
There is no plan. Let the market decide.

I wonder where you pull that ~$10 from. Are you a prophet or something? Do you predict prices?


Have a look on this chart
cost for each transaction

I know it is a very rough and questionable chart, but it could give us numbers how much we have to pay for one transaction if there was no miner's reward and we wanted to keep the system as secure as it is today.

(it's also an excellent measure of how strong a bubble and, imho, how healthy the system is).



No miner reward = year 2140

So send this bitcoin with a big fee (~10$) in year 2140. You predict that $10 in year 2140 will be a big fee. Are you a prophet or something? Do you predict prices?

I initially thought your prediction is for the near term Sad


I'm not keen on talking about the far future. I was asked something and gave an answer. Don't blame the answer when you think the question is wrong.

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March 16, 2016, 12:40:19 PM
 #964

And the plan is that every user will 1.) buy bitcoin 2.) send this bitcoin with a big fee (~10$) to a lightning hub and 3) pay for ln-transactions? Correct me, if I'm wrong.
There is no plan. Let the market decide.

I wonder where you pull that ~$10 from. Are you a prophet or something? Do you predict prices?


Have a look on this chart
cost for each transaction

I know it is a very rough and questionable chart, but it could give us numbers how much we have to pay for one transaction if there was no miner's reward and we wanted to keep the system as secure as it is today.

(it's also an excellent measure of how strong a bubble and, imho, how healthy the system is).



No miner reward = year 2140

So send this bitcoin with a big fee (~10$) in year 2140. You predict that $10 in year 2140 will be a big fee. Are you a prophet or something? Do you predict prices?

I initially thought your prediction is for the near term Sad


I'm not keen on talking about the far future. I was asked something and gave an answer. Don't blame the answer when you think the question is wrong.

Do you predict prices?

12c3DnfNrfgnnJ3RovFpaCDGDeS6LMkfTN "who lives by QE dies by QE"
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March 16, 2016, 06:21:27 PM
 #965

I saw the twins in an interview and they are really amazing , one of the elite of bitcoin, but very good people.
They seem to support core and they have intelligently explained why = DECENTRALIZATION.

The Winkelvii definitely grok the ethos.  Everyone should use Gemini or Kraken instead of Coinbase and Circle.

Disclaimer:
Classic sucks. But blocksize needs to increase at some point.

I just want to throw this out there: I believe the BTC price is being kept up by long-term holders like the Winklevii, and that 1MB blocksize allows big traders like them to saturate the network capacity with buy transactions. I can't prove it, but I believe that big traders just buy their own coins back and forth through the exchanges anytime there is a dip, since there is no regulation against this. Every time I look at block explorer, I see transactions for 15K+ BTC listed. Looking right now I see a transaction for 626,839.53 BTC - that's almost 300 million USD! This is likely SPAM and/or speculation by a whale. Somebody must be buying up all of the coins that are mined each day by China to keep the price up (technically, mining is inflation).

It's also likely that big financial players are deliberately shorting BTC and trying to drive the price down. Again, there is no regulation against shorting your own coins, so this is easy if you have 100 million to play with.

Obviously Core devs, large holders of BTC, investors in the crypto space, and most people on this forum want the price to stay up. If somebody did succeed in shorting the price way down, they would likely be working in the US government's best interest. I believe that small blocksize is a cap that mitigates this risk.

I don't have proof of any of this, but it makes sense to me.
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March 16, 2016, 07:11:58 PM
 #966


Disclaimer:
Classic sucks. But blocksize needs to increase at some point.

I just want to throw this out there: I believe the BTC price is being kept up by long-term holders like the Winklevii, and that 1MB blocksize allows big traders like them to saturate the network capacity with buy transactions. I can't prove it, but I believe that big traders just buy their own coins back and forth through the exchanges anytime there is a dip, since there is no regulation against this. Every time I look at block explorer, I see transactions for 15K+ BTC listed. Looking right now I see a transaction for 626,839.53 BTC - that's almost 300 million USD! This is likely SPAM and/or speculation by a whale. Somebody must be buying up all of the coins that are mined each day by China to keep the price up (technically, mining is inflation).

It's also likely that big financial players are deliberately shorting BTC and trying to drive the price down. Again, there is no regulation against shorting your own coins, so this is easy if you have 100 million to play with.

Obviously Core devs, large holders of BTC, investors in the crypto space, and most people on this forum want the price to stay up. If somebody did succeed in shorting the price way down, they would likely be working in the US government's best interest. I believe that small blocksize is a cap that mitigates this risk.

I don't have proof of any of this, but it makes sense to me.

If the offchain solutions become widespread, than that some point will become like 25 years.

Definitely not in the near future, faucets will have to have offchain transaction solutions like faucetbox and LN.

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March 16, 2016, 07:17:52 PM
 #967


Disclaimer:
Classic sucks. But blocksize needs to increase at some point.

I just want to throw this out there: I believe the BTC price is being kept up by long-term holders like the Winklevii, and that 1MB blocksize allows big traders like them to saturate the network capacity with buy transactions...

If the offchain solutions become widespread, than that some point will become like 25 years.

Definitely not in the near future, faucets will have to have offchain transaction solutions like faucetbox and LN.

Altcoin markets are already active and thriving - these are a good indication of demand and really are "offchain solutions" that merely require trust in exchanges and devs (which is often not warranted...).

Nonetheless consider the level of (unwarranted) trust the typical BTC holder has in exchanges...
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March 16, 2016, 07:27:52 PM
 #968

The thing is, the blocksize thing is such a small change. If BTC is having such drama over such a little thing, how will it cope in future with more stressful demands (and these will certainly present themselves). I would have thought common sense would have prevailed by now, but this thing has been dragging on for years and seems like it will continue on for years.

 
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March 16, 2016, 08:14:37 PM
Last edit: March 16, 2016, 08:31:31 PM by Lauda
 #969

The thing is, the blocksize thing is such a small change. If BTC is having such drama over such a little thing, how will it cope in future with more stressful demands (and these will certainly present themselves). I would have thought common sense would have prevailed by now, but this thing has been dragging on for years and seems like it will continue on for years.
It isn't, this is a common misconception. Anything that requires a hard fork is anything but a simple change. Actually it is a very complex change since it should require almost everyone to upgrade (consensus). Classic on the other hand does not care about the opinion of 1/4 of the network and would fork without it.


Update: Yes, my wording was not adequate. However, it is safe to assume that it would fork (if it came to that) with less than 75% users/merchants supporting it.

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March 16, 2016, 08:25:15 PM
 #970

Classic on the other hand does not care about the opinion of 1/4 of the network and would fork without it.

Network = users/nodes also and not just miners. 75% of miners doesn't mean 75% of the network. A hard fork could occur with way less than 75% of the network's support.

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March 16, 2016, 09:13:40 PM
 #971

Classic on the other hand does not care about the opinion of 1/4 of the network and would fork without it.

Network = users/nodes also and not just miners. 75% of miners doesn't mean 75% of the network. A hard fork could occur with way less than 75% of the network's support.

yea, lots of shitcoins already in the wild that forked off with less than say 1% of the network.. or even with a whole new set of rules and network!!1
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March 16, 2016, 10:15:00 PM
 #972

Does a LN hub need to get and send transactions? Does he need to save them to keep record?

Yes. But every node on the bitcoin network does not. That's how we make bitcoin scale beyond the limitations of broadcast networks.

That's a wordplay. It increases throughput. That's all.

Okay, so as usual, the "solution" is to ignore the question of scalability entirely. Great solution.

Did you read what I wrote?

Yes. There were no statistics to support anything you said. Greg Maxwell's testing provided the numbers to refute you.

What do you think should happen? Growth will simply fade out.

Why? And why can't you produce any evidence that growth is fading out, or will? You keep saying baseless things like:
Quote
when bitcoin lost everything

Quote
Investments in Bitcoin companies have faded out and moved to ethereum

Quote
the price (and the usage) could be way higher / wider
Quote
There are strong indications that the current situation already cuts growth

Quote
core's roadmap will limit growth for a long time

...but you have no metrics to suggest that these statements have a modicum of truth to them. All you can do is point to an ETH chart during a hype/bubble cycle and cry about how you're not getting rich off bitcoin this second.

It's just that bitcoin is currently on the way to disqualify itself as a serious currency.

More meaningless FUD. On the contrary -- the immutability of bitcoin's consensus is precisely what makes it a serious currency.

SegWit does change nothing of throughput efficiency.

It optimizes transaction architecture such that we can achieve increased throughput without pressuring nodes off the network. If you can't understand the value of that trade-off, there is no point to this discussion.

And fact is that SW decreases our capacity to scale with this variable while, at the moment, adding nothing to throughput effiicency.

It doesn't. See my earlier post explaining the math. You continue to focus on increasing the block size when the question is how to increase throughput without degrading the network.

Since it is not possible to meassure the absenc of growth, your accusation is not adequate. There are strong indications that the current situation already cuts growth and that the plan of core's roadmap will limit growth for a long time.


Sorry, that's not how logic works. You make the claim that growth is being stifled. The burden is on you to support that claim. The impossibility of definitive proof is not sufficient to make baseless claims and act like they are true.

You are essentially saying that a small number of transactions with high fees that are the basis for offchain fee-payed transactions are a good basis to secure miner's income? Right?

I'm saying that a fee market guarantees income for miners absent block subsidy. In your scenario, where capacity remains ahead of demand (cheap and free transactions), there is no such guarantee. There is no guarantee of mass adoption and perpetual growth. So the absence of a fee market greatly threatens network security since there may be little to no incentive for miners to secure the blockchain once block subsidy ends.

And the plan is that every user will 1.) buy bitcoin 2.) send this bitcoin with a big fee (~10$) to a lightning hub and 3) pay for ln-transactions? Correct me, if I'm wrong.

I've explained how LN transactions are theoretically far cheaper than on-chain transactions, since they do not require that every node on the network validate and relay them. Any proof for this assertion that one can expect "big" fees?

You just keep repeating the same tired arguments, which fall flat on their face upon first examination. I can't keep taking the time to respond if you make no effort to move the discussion forward. If you make claims, back them up before presenting them as truths.

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March 17, 2016, 05:53:57 AM
 #973

The thing is, the blocksize thing is such a small change. If BTC is having such drama over such a little thing, how will it cope in future with more stressful demands (and these will certainly present themselves). I would have thought common sense would have prevailed by now, but this thing has been dragging on for years and seems like it will continue on for years.

Of course the blocksize change is small, but Core has formed a roadblock, and the Classic/XT/Unlimited team is using reprehensible techniques to try to ram the change through. The struggle is for control of the codebase - ironically it's open source, so the real struggle is for hearts and minds of users, node operators, and miners. Gavin is being a passive aggressive woman. Everyone else on his side of the fence is a nobody with no technical prowess. Core devs are far smarter, better organized, better funded, and are working well together.

If Core devs changed the blocksize right away, they'd be seen as giving in to the horrible tactics. So they have to wait a year to raise the limit.

If you don't have time for drama, trust that logic and patience will win in the end, and move along.
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March 18, 2016, 02:19:38 AM
 #974

So, were there any great discoveries or solutions included in these giant walls or are we just trying to keep the Mexicans out?

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March 18, 2016, 05:10:27 AM
 #975

So, were there any great discoveries or solutions included in these giant walls or are we just trying to keep the Mexicans out?

Basically just piles of evidence that Classic is a horrible "solution" that threatens to break bitcoin for nothing.

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March 18, 2016, 06:51:16 PM
 #976

So, were there any great discoveries or solutions included in these giant walls or are we just trying to keep the Mexicans out?

Basically just piles of evidence that Classic is a horrible "solution" that threatens to break bitcoin for nothing.

CORE:  50+ Bitcoin specialists, PhDs , Engineers, Programmers, Technicians  and many academic professors support them.

CLASSIC: 2 Bitcoin 'specialists' who havent contributed much to bitcoin over the past years + An army of socialists and shills who want free lunch and free transactions




Let's see which team is more credible.

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March 18, 2016, 07:08:05 PM
 #977

So, were there any great discoveries or solutions included in these giant walls or are we just trying to keep the Mexicans out?

Basically just piles of evidence that Classic is a horrible "solution" that threatens to break bitcoin for nothing.

CORE:  50+ Bitcoin specialists, PhDs , Engineers, Programmers, Technicians  and many academic professors support them.

CLASSIC: 2 Bitcoin 'specialists' who havent contributed much to bitcoin over the past years + An army of socialists and shills who want free lunch and free transactions


Let's see which team is more credible.

i agree. all of the technical experts in the field gravitated to core, openly discuss proposals, have thorough peer review and code debugging. none of that is true of classic.

but i will point out: while i am staunchly on the side of decentralization and unbreakable consensus -- i am actually a socialist politically (to be specific, a market anarchist) so i don't think that it's necessarily political affiliation as much as a base misunderstanding by many (or most) users about how bitcoin works. people have been pushing this "free, instant transactions!" line for years, but it's always been bullshit. transactions have costs and there is no incentive to remain p2p if all costs are externalized to nodes. you either keep the network p2p by paying for it, or you don't, and you lose it.

the biggest problem is that people (predictably) gravitate to talking points without evidence, which is why they gravitate to Gavin -- the "we don't need to plan for worst cases, technology gets better so don't question anything, your criticisms are wrong but i don't need to provide evidence" master.

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March 18, 2016, 08:34:50 PM
 #978


but i will point out: while i am staunchly on the side of decentralization and unbreakable consensus -- i am actually a socialist politically (to be specific, a market anarchist) so i don't think that it's necessarily political affiliation as much as a base misunderstanding by many (or most) users about how bitcoin works

When I say socialist, i refer to totalitarian socialists: marxists, leninists, and the rest of them. They want to steal bitcoin from productive people and give them to nonproductive ones.

"From each according to his ability, to each according to his needs"  - Marx

This forum and the entire bitcoin community has been infiltrated by heavy leftists, that want to destroy bitcoin, or at least they want to steal bitcoin from rich people and give it to the poor.

I`m not sure why you support leftists, but these kind of lefitsts here are totalitarian.

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March 18, 2016, 09:15:21 PM
 #979

Gavin coding SPV mining into Classic
https://bitcointalk.org/index.php?topic=1402118.0

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March 18, 2016, 10:07:16 PM
 #980

Next feature to be coded into Classic will be a button saying "give all your coins to NSA".

And it will be pre-clicked Cheesy
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