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News: BIP91 seems stable: there's probably only slightly increased risk of confirmations disappearing. You should still prepare for Aug 1.
 
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Question: Will you support Gavin's new block size limit hard fork of 8MB by January 1, 2016 then doubling every 2 years?
1.  yes
2.  no

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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1939228 times)
NotLambchop
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January 25, 2015, 04:20:48 PM
 #20561

System-wise the mainstream financial system is hampered more by regulatory issues.  From a computer science and engineering point of view it's job is not that difficult.

From a CS and engineering point of view, the current financial system is like a massive sprawling database built by someone who doesn't know anything about database normalization...

The problem with viewing Bitcoin as a database is obvious:  It's a database which can only handle 7 TPS.
This sort of throughput may be enough for your local Walmart, but world currency?

See proposed hard fork, which (as you know) solves the transactional bandwidth issues bitcoin would eventually have experienced going forward.


A patch increasing the (still limited) # of transactions at the expense of blockchain size.  At best a cludgy temp fix, "[f]rom a CS and engineering point of view."
Besides, we aren't talking about what Bitcoin could be if we changed the code--we're talking about Bitcoin as it is now Smiley
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inca
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January 25, 2015, 04:34:00 PM
 #20562

System-wise the mainstream financial system is hampered more by regulatory issues.  From a computer science and engineering point of view it's job is not that difficult.

From a CS and engineering point of view, the current financial system is like a massive sprawling database built by someone who doesn't know anything about database normalization...

The problem with viewing Bitcoin as a database is obvious:  It's a database which can only handle 7 TPS.
This sort of throughput may be enough for your local Walmart, but world currency?

See proposed hard fork, which (as you know) solves the transactional bandwidth issues bitcoin would eventually have experienced going forward.


A patch increasing the (still limited) # of transactions at the expense of blockchain size.  At best a cludgy temp fix, "[f]rom a CS and engineering point of view."
Besides, we aren't talking about what Bitcoin could be if we changed the code--we're talking about Bitcoin as it is now Smiley

Blockchain size increases are a non issue and the 'patch' (hardfork) is scalable - the blockchain only grows rapidly if the TPS of the network grows rapidly. If they become an issue then some form of blockchain pruning code can be implemented.

Bitcoin 'now' is an evolving project since 2009.
NotLambchop
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January 25, 2015, 04:42:38 PM
 #20563

^TL;DR: Hardforks are just fine, we'll hardfork this thing like a red-headed stepchild--change 21mil max coin limit, give it 50% a year inflation because hardfork, so whateva!

sidhujag
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January 25, 2015, 05:09:43 PM
 #20564

Hardforks r expected atleast first 10 yrs.. Ie we had a hardfork when we got rid of gold standard but monetary policy at the time was hundreds of yrs old..

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cypherdoc
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January 25, 2015, 05:10:59 PM
 #20565

now you're talking, baby:

Bitcoin: The “Perfect Gold”

http://insidebitcoins.com/news/bitcoin-the-perfect-gold/29080?utm_content=buffere5c51&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
NotLambchop
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January 25, 2015, 05:24:32 PM
 #20566

Hardforks r expected atleast first 10 yrs.. Ie we had a hardfork when we got rid of gold standard but monetary policy at the time was hundreds of yrs old..

That's because trust in fiat != trust in a chunk of code.  With Bitcoin, code is exactly what you have to put your trust in.
I'm also not buying that miners (rather: mining pools) will chose the fork that's best for Bitcoin as a whole, i.e. best for "hodlers," rather than the one which best serves their immediate interests Sad

BTW, have you noticed the pool breakdown lately?



Remember what it used to look like ~6 months ago?
cypherdoc
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January 25, 2015, 05:27:27 PM
 #20567

you mean this one?

NotLambchop
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January 25, 2015, 05:33:27 PM
 #20568

^No, I mean the chart I've posted, from https://blockchain.info/pools.
Nice homebrew you got there, glad you know how to make pie charts Smiley
NotHatinJustTrollin
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January 25, 2015, 05:36:20 PM
 #20569

4 pools controlling more than 51% of the network.

Very decentralized, much impossibility of mining cartels, many trustless currencies, wow.
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January 25, 2015, 05:40:20 PM
 #20570

Is there no thread safe from the troll invasion?  Roll Eyes
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January 25, 2015, 06:18:00 PM
 #20571

The interesting thing about professional trolls is that they help devs and investors think through every possible weakness and pitfall of the system, from the obvious to the far-fetched. So they too end up contributing.

For everything else there is the ignore button.   
cypherdoc
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January 25, 2015, 07:03:56 PM
 #20572

The interesting thing about professional trolls is that they help devs and investors think through every possible weakness and pitfall of the system, from the obvious to the far-fetched. So they too end up contributing.

For everything else there is the ignore button.   

Its true.

They're also the ultimate contra indicator. The higher the pitch,  the more you buy.
NotLambchop
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January 25, 2015, 07:19:46 PM
 #20573

^
*contraindicator.  One step at a tiem--first lrn 2 spellinks, then u can haz macroeconomics.
solex
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January 25, 2015, 07:57:44 PM
 #20574

The interesting thing about professional trolls is that they help devs and investors think through every possible weakness and pitfall of the system, from the obvious to the far-fetched. So they too end up contributing.

For everything else there is the ignore button.   

Its true.

They're also the ultimate contra indicator. The higher the pitch,  the more you buy.

Yep. And while they are hating and trolling like tantrum-throwing teenagers right now, years later they will look back and realize what the adults know today. That the dip below $200 was the last opportunity for the ordinary person to load up with BTC in serious quantity.

sgbett
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January 25, 2015, 08:06:29 PM
 #20575

Whats worse is they probably hold coins just like everyone else, but are so insecure in themselves that they don't want to admit it in case anyone points out they were wrong. There whole sense of self identity is pinned on what random strangers on the internet think about their screen name. They come on here to slate everyone else just so that if BTC does go to shit they can still jerk off about how smrt they were on the internet. Then if the price does go up, they'll go back to posting on their original account, like they knew all along.

Beyond embarrassing.

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sidhujag
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January 25, 2015, 08:13:11 PM
 #20576

Hardforks r expected atleast first 10 yrs.. Ie we had a hardfork when we got rid of gold standard but monetary policy at the time was hundreds of yrs old..

That's because trust in fiat != trust in a chunk of code.  With Bitcoin, code is exactly what you have to put your trust in.
I'm also not buying that miners (rather: mining pools) will chose the fork that's best for Bitcoin as a whole, i.e. best for "hodlers," rather than the one which best serves their immediate interests Sad

BTW, have you noticed the pool breakdown lately?



Remember what it used to look like ~6 months ago?
your right trust in fiat != trust in code id say trust in code > trust in fiat because trust in fiat = trust corrupt politicians and regulators and invisible hands while trust in code is what it is.. the consensus algorithm does not effect the long term outlook as a currency especially when mining shuts down. If you truly insist then trust in code for bitcoin can mean trusting that the miners dont collude to break the network before a fork is created. Even if that happens its a better outcome than what we have wih fiat today

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cypherdoc
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January 25, 2015, 08:19:32 PM
 #20577

Central banks are getting more negative press these days.
molecular
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January 25, 2015, 08:27:40 PM
 #20578

Central banks are getting more negative press these days.

look what the German Bundesbank is doing:

http://www.bundesbank.de/Redaktion/EN/Downloads/Bundesbank/Research_Centre/Conferences/2015/2015_01_29_frankfurt_programme.pdf



a workshop on p2p financial systems.

Andolfatto is coming and Antonopoulos, too.

Maybe us germans will have a a real eMark soon? ;-)

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January 25, 2015, 08:30:29 PM
 #20579

That the dip below $200 was the last opportunity for the ordinary person to load up with BTC in serious quantity.
Except for those of us who dollar cost averaged through 2014, and shot our wads too soon.  Sad
cypherdoc
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January 25, 2015, 08:33:18 PM
 #20580

This could definitely set off the next deflationary wave/crisis:

http://mobile.bloomberg.com/news/2015-01-25/syriza-defeats-samaras-to-win-greek-election-exit-poll.html

Syriza wants at least half of Greek debt to be written off along with an end to austerity. This is the last thing their European creditors want to see. Remember,  present day crises get set off when there is debt implosion which is what a debt write off is.
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