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JorgeStolfi
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March 18, 2015, 05:18:44 AM |
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No mention of 2.7 tx per second, the current disincentive for miners to mine larger blocks? And the component of the community that views it as heresy to even consider changing? This would probably be my points 1-6.
These are serious problems of the current implementation and of the community, indeed. However, the low transation rate may be fixable, with larger blocks or some other technical machinery. The second problem -- disincentive for miners to include as many transactions as possible -- may be more severe. Has anyone proposed a solution? It is a consequence of the block reward being so high compared to the transaction fees. |
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PoolMinor
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Activity: 1843
Merit: 1338
XXXVII Fnord is toast without bread
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March 18, 2015, 05:48:00 AM |
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It is time......  |
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ChartBuddy
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Activity: 2352
Merit: 1803
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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March 18, 2015, 05:59:07 AM |
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BlackSpidy
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March 18, 2015, 06:29:37 AM |
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Funny how Jorge talks about "most people" like he has any kind of data. Meanwhile, I'm still waiting for a demonstration of "any kid with a laptop can double the bitcoins in circulation".
How are miners disincentivized from including lots of transactions? The amount of transactions has not effect on how hard a block is to solve. They are incentivized to pack the block with as many transactions with fees as they can. That could be an issue, as (I read once in /r/bitcoin) a transaction with little to no fees (I remember the fee being like, 100 satoshi) can take hours to confirm.
Another small nugget of truth buried under that guy's bullshit is the centralization of resources. We humans are team workers, we pool together resources to pull a team through. Pool That can add up, and like the huge corporations that handle very specific things, and have created local monopolies, bitcoin may see a few mega-sized creatures that seek control and wealth disregarding what people want/need. There is no easy way to solve this. But this is not a problem central to bitcoin, it is a problem we've seen arise in oil, telecommunications (phone, cable & internet), banks, etc.
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Trolfi
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Merit: 10
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March 18, 2015, 06:43:58 AM |
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Looking forward to your pension?
Whoa. 40% slump. Sounds too volatile and inflationary for mainstream use. Since you bring it up, let's speak about the Real and the Ministry of Finance /Banco Central do Brasil's "mechanisms to stabilize the value." Let's see. First there was the Cruzeiro antigo. This ballooned, prices for basic goods hit the tens of thousands, funny bills had to be printed, people lost their savings, nothing made sense anymore, and the currency was scrapped and replaced by the Cruzeiro novo. In due course the Cruzeiro novo inflated, prices for basic goods hit the tens of thousands, funny bills had to be printed, people lost their savings, nothing made sense anymore, making room for the Cruzado. Memories of that. Somewhere down the line, the Cruzado went back to being the Cruzeiro. Which, true to form, spiraled out of control, except it happened much faster this time, and many people had no savings left to lose. At any rate, in less than three years it was back to slashing zeroes all over again. Fresh memories of that. Which brings us to the Real. When introduced in 1994, the BCB said it would defend near parity with the USD (remember?). It is at about $0.3 USD/BRL now. It is about 18% down vs. the dollar since the beginning of the month. Inflation has jumped to 7.7%. And very unfortunately, it does not look like any of that is about to get any better any time soon, regardless of the mechanisms deployed. |
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ChartBuddy
Legendary
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Activity: 2352
Merit: 1803
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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March 18, 2015, 06:59:02 AM |
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marcus_of_augustus
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Activity: 3920
Merit: 2349
Eadem mutata resurgo
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March 18, 2015, 07:02:30 AM |
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Brazil has people that have "an academic interest only" tinkering with their money, they'll be fine ....
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Afrikoin
Legendary
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Activity: 1540
Merit: 1003
alan watts is all you need
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March 18, 2015, 07:12:18 AM |
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Funny how Jorge talks about "most people" like he has any kind of data. Meanwhile, I'm still waiting for a demonstration of "any kid with a laptop can double the bitcoins in circulation".
How are miners disincentivized from including lots of transactions? The amount of transactions has not effect on how hard a block is to solve. They are incentivized to pack the block with as many transactions with fees as they can. That could be an issue, as (I read once in /r/bitcoin) a transaction with little to no fees (I remember the fee being like, 100 satoshi) can take hours to confirm.
Another small nugget of truth buried under that guy's bullshit is the centralization of resources. We humans are team workers, we pool together resources to pull a team through. Pool That can add up, and like the huge corporations that handle very specific things, and have created local monopolies, bitcoin may see a few mega-sized creatures that seek control and wealth disregarding what people want/need. There is no easy way to solve this. But this is not a problem central to bitcoin, it is a problem we've seen arise in oil, telecommunications (phone, cable & internet), banks, etc.
*Invertible bloom filters - proposal by Garvin addresses this issue (incentive) Listen to LTB podcast - Andreas and Garvin |
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Afrikoin
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Activity: 1540
Merit: 1003
alan watts is all you need
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March 18, 2015, 07:20:14 AM |
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My Country's Central Bank hedges against risk by diversifying foreign currency FIAT reserves - USD, EUR and Yuan. That's right, NO hard assets like Gold and precious metals. Crazy? I know. Now, here is a chart of the Kenya shilling (KES) vs the dollar in the past one year  |
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HalFinneysBrain
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March 18, 2015, 07:23:22 AM |
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Thats not bad at all, the Euro has dropped WAY more.
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mladen00
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Merit: 1013
K-ing®
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March 18, 2015, 07:47:39 AM |
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dump 43k BTC?
first send 1btc to me  |
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ChartBuddy
Legendary
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Activity: 2352
Merit: 1803
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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March 18, 2015, 07:59:03 AM |
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EvolutionmarketA*d*m*i*n
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Activity: 2
Merit: 0
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March 18, 2015, 08:12:54 AM |
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A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!
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podyx
Legendary
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Activity: 2338
Merit: 1035
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March 18, 2015, 08:16:12 AM |
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A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!
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rebuilder
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Activity: 1615
Merit: 1000
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March 18, 2015, 08:44:00 AM |
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A scammer on teh internets just stole 43k BTC ($12 millions), but don't worry, he is not gonna dump!
Bullish!
You mean Coinapult's hot wallet loss? If so, your numbers are a bit off - they say they lost just under 43000 USD worth of BTC, or 150 Bitcoins. http://www.coindesk.com/coinapult-loses-40k-hot-wallet-compromise/ |
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0x3d
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March 18, 2015, 08:51:44 AM |
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Poll
