Chinese community consensus to stay with Core 1MB. Meeting held Jan 24 Shenzen,

[watashi-kokoto]

Chinese community consensus to stay with Core 1MB. Meeting held Jan 24 Shenzen, many Chinese BTC companies including AntPool/Bitmain, Bither, HaoBTC, BTC123, BTCKan

Source: http://8btc.com/thread-28405-1-1.html

[Zarathustra]

https://www.reddit.com/r/btc/comments/42fgiv/chinese_community_has_voiced_consensus_opinion_to/

[watashi-kokoto]

Satoshi Nakamoto participated the meeting as well. He voiced his opinion that we should keep the 1MB limit that we respected since the creation of Bitcoin back in 2008.

[Bitcoinpro]

Satoshi Nakamoto participated the meeting as well. He voiced his opinion that we should keep the 1MB limit that we respected since the creation of Bitcoin back in 2008.

is that supposed to be a joke?

[MicroGuy]

"We support 2MB upgrade with the precondition of 90% hash power agree."

https://www.reddit.com/r/Bitcoin/comments/42fggm/chinese_community_has_voiced_consensus_opinion_to/

[Herbert2020]

Chinese community consensus to stay with Core 1MB. Meeting held Jan 24 Shenzen, many Chinese BTC companies including AntPool/Bitmain, Bither, HaoBTC, BTC123, BTCKan

Source: http://8btc.com/thread-28405-1-1.html

good. maybe Chinese bitcoin community with their mining power can put an end to this block size debate that is hurting bitcoin by dividing people into two groups.

[watashi-kokoto]

good. maybe Chinese bitcoin community with their mining power can put an end to this block size debate that is hurting bitcoin by dividing people into two groups.

That's the beautiful thing about it. They're putting the end to the debate every 10 minutes by mining smaller than 1MB block.

And we have 394800 smaller than 1MB blocks!

[watashi-kokoto]

is that supposed to be a joke?

yes

[franky1]

there are only 100 nodes in china.. who cares..
the community consensus of china is small.. its more about miners.. (separate argument)

im just glad they are not going to push out >1mb blocks.. that way us 5000 full node users can upgrade to be ready for >1mb (as a buffer) way before miners start deciding to spit them out.

much better that miners wait, which is exactly what they should do to avoid their attempts getting orphaned.. rather than miners spitting them out too eagerly and them losing out

now i feel more comfortable with my larger maxblocksize because i know the chinese miners wont be spitting out lots of orphans just yet, my setting can happily sit there and be not important for a while. until everyone else upgrades and then.. and only then will miners spit out bigger blocks

[Bitcoinpro]

there are only 100 nodes in china.. who cares..
the community consensus of china is small.. its more about miners.. (separate argument)

im just glad they are not going to push out >1mb blocks.. that way us 5000 full node users can upgrade to be ready for >1mb (as a buffer) way before miners start deciding to spit them out.

much better that miners wait, which is exactly what they should do to avoid their attempts getting orphaned.. rather than miners spitting them out too eagerly and them losing out

now i feel more comfortable with my larger maxblocksize because i know the chinese miners wont be spitting out lots of orphans just yet, my setting can happily sit there and be not important for a while. until everyone else upgrades and then.. and only then will miners spit out bigger blocks

why do u post fud and then attempt to post a relevant post

its like ur working for a bank, and ur attempts to raise blocksize

are hopeless, they just wont do it,

[franky1]

why do u post fud and then attempt to post a relevant post

its like ur working for a bank, and ur attempts to raise blocksize

are hopeless, they just wont do it,

raising the blocksize is not a bad thing.. the debate about blocksize has been scrambled and meandered into the debate of WHO wrote a particular implementation..
im against R3 for many reasons and i dont care about all that bandcamp drama and motives..

all that matters is clean code that does exactly as expected..

all i care about is being ready for the 2mb blocks which consensus has shown will happen..(whether thats soon or in a year).. whenever the community as a whole is ready..
 it just needs to be implemented properly by everyone, without having any corrupt extra code that can be abused by R3 to make bankers happy.. or extra code to make bitcoin obsolete in favour of blockstreams 'liquid'

[wikenpp]

Chinese community consensus to stay with Core 1MB. Meeting held Jan 24 Shenzen, many Chinese BTC companies including AntPool/Bitmain, Bither, HaoBTC, BTC123, BTCKan

Source: http://8btc.com/thread-28405-1-1.html

I really hope they do take this seriously.

China has the most interest in bitcoin these day.

Having them control the most of the bitcoin network is very dangerous. In the end people will just leave bitcoin which means they and they only will trade bitcoin.
Seeing so many investors going out, means 1 thing.

Goodbye bitcoin, and goodbye profit.

So yes I really hope they put their ignorant minds away and make a decision which will benefit the whole community and not just their pockets.

[watashi-kokoto]

Goodbye bitcoin, and goodbye profit.

Bitcoin is DEAD again

[jt byte]

Chinese community consensus to stay with Core 1MB. Meeting held Jan 24 Shenzen, many Chinese BTC companies including AntPool/Bitmain, Bither, HaoBTC, BTC123, BTCKan

Source: http://8btc.com/thread-28405-1-1.html

I really hope they do take this seriously.

China has the most interest in bitcoin these day.

Having them control the most of the bitcoin network is very dangerous. In the end people will just leave bitcoin which means they and they only will trade bitcoin.
Seeing so many investors going out, means 1 thing.

Goodbye bitcoin, and goodbye profit.

So yes I really hope they put their ignorant minds away and make a decision which will benefit the whole community and not just their pockets.

You are so right.
The chinese has been arrogant in this whole discussion. Fact is, some increase of the size is needed.

Just look how micro-transactions will stop working. Isn't that one of the pillars of bitcoin?

Sending micro transactions with low fee?

[Bitcoinpro]

why do u post fud and then attempt to post a relevant post

its like ur working for a bank, and ur attempts to raise blocksize

are hopeless, they just wont do it,

raising the blocksize is not a bad thing.. the debate about blocksize has been scrambled and meandered into the debate of WHO wrote a particular implementation..
im against R3 for many reasons and i dont care about all that bandcamp drama and motives..

all that matters is clean code that does exactly as expected..

all i care about is being ready for the 2mb blocks which consensus has shown will happen..(whether thats soon or in a year).. whenever the community as a whole is ready..
 it just needs to be implemented properly by everyone, without having any corrupt extra code that can be abused by R3 to make bankers happy.. or extra code to make bitcoin obsolete in favour of blockstreams 'liquid'

they are facing a halving a 50% profit squeeze they will not increase the blocksize

until bitcoin hits $2000 let the market work itslef out, banks cant wreck the code

its a public ledger and the miners will inspect any code updates,

banks want cheaper transactions, they invented the problem

with fiat inflation now they are facing obosoletion its sweet justice

[Bitcoinpro]

Chinese community consensus to stay with Core 1MB. Meeting held Jan 24 Shenzen, many Chinese BTC companies including AntPool/Bitmain, Bither, HaoBTC, BTC123, BTCKan

Source: http://8btc.com/thread-28405-1-1.html

I really hope they do take this seriously.

China has the most interest in bitcoin these day.

Having them control the most of the bitcoin network is very dangerous. In the end people will just leave bitcoin which means they and they only will trade bitcoin.
Seeing so many investors going out, means 1 thing.

Goodbye bitcoin, and goodbye profit.

So yes I really hope they put their ignorant minds away and make a decision which will benefit the whole community and not just their pockets.

You are so right.
The chinese has been arrogant in this whole discussion. Fact is, some increase of the size is needed.

Just look how micro-transactions will stop working. Isn't that one of the pillars of bitcoin?

Sending micro transactions with low fee?

no use litecoin, bitcoin is for stronger protection

that being said litecoin is pretty damn strong also

[CIYAM]

Just look how micro-transactions will stop working. Isn't that one of the pillars of bitcoin?

No - it never was - back in 2012 Gavin was interviewed along with Amir and it was Amir who stated that Bitcoin was suitable for micro-transactions and immediately Gavin chimed in that it actually was not.

The Satoshi design is never going to be suitable for micro-transactions (unless you want to use far less secure alts of course).

Seriously - once the block reward has dwindled to very little what incentive do miners have to continue to mine if the tx fees are ridiculously low?

[TastyChillySauce00]

im sure bitcoin price will go down because demand<supply,

[watashi-kokoto]

Here we go. The epic shitstorm of our time.

[Bitcoinpro]

Here we go. The epic shitstorm of our time.

its wat we call a shitstorm in a teacup

http://dictionary.cambridge.org/us/dictionary/english/storm-in-a-teacup