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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 1804030 times)
cypherdoc
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July 27, 2015, 02:09:10 PM
 #29381

getting critical now.  just broke near term support and approaching red line of death:

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July 27, 2015, 03:33:46 PM
 #29382

They were lying to you then, and they're lying to you now:

“I am positive that we will see state support emerging again in the next two days,” said Zhang."

http://www.wsj.com/articles/asian-stocks-fall-pressured-by-weak-earnings-overseas-1437961185

Its almost as if they don't understand how much this market panic this state support causes.  Especially given its temporary and sporadic nature, the pro move is to sell now and buy back after the even worse crash when it ends.

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
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July 27, 2015, 04:29:57 PM
 #29383

They were lying to you then, and they're lying to you now:

“I am positive that we will see state support emerging again in the next two days,” said Zhang."

http://www.wsj.com/articles/asian-stocks-fall-pressured-by-weak-earnings-overseas-1437961185

Its almost as if they don't understand how much this market panic this state support causes.  Especially given its temporary and sporadic nature, the pro move is to sell now and buy back after the even worse crash when it ends.


I figure they know.  Its just that some CP members got caught long... the small bump needed to liquidate is now complete and so down we go.
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July 27, 2015, 04:31:13 PM
 #29384

http://brontecapital.blogspot.com/2012/06/macroeconomics-of-chinese-kleptocracy.html

http://brontecapital.blogspot.com/2012/06/follow-up-to-china-kleptocracy-post.html
msin
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July 27, 2015, 05:00:40 PM
 #29385

http://finance.yahoo.com/news/imf-paints-dim-picture-europe-151453069.html
cypherdoc
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July 27, 2015, 05:57:48 PM
 #29386


nice article:

Letting the 1 trillion euro ($1.1 trillion) plus scheme to buy chiefly government bonds run longer could be better still, he suggested. "It may need to go beyond that," he said.

the black hole of death.
Adrian-x
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July 27, 2015, 06:01:33 PM
 #29387

Community and major stakeholders vote for a blocksize increase

Hmmm where did that ever happen  Huh

I sure hope by community and "major stakeholders" you are not referring to reddit and bitcointalk.org

I know! It's only a valid vote if it's conducted under the rules as sanctioned by central control.

Giveen our understand of the situation it could never happen.

The major stakeholders vote for a blocksize increase is just a prediction of the fork to a more distributed code base that supports the original vision of Bitcoin. It is yet to happen it's my opinion that it's a forgone conclusion, we'll have bigger blocks, the vote is just around the corner so you don't need to do much if you feel you have this one in the bag.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
cypherdoc
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July 27, 2015, 06:09:55 PM
 #29388

this looks good:

cypherdoc
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July 27, 2015, 06:45:53 PM
 #29389

this looks good:



i guess it was indeed good.
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July 27, 2015, 07:13:36 PM
 #29390

this looks good too:

impulse
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July 27, 2015, 07:40:18 PM
 #29391

this looks good too:



Looking even better now, I have not seen the ask side look this thin in quite some time, it will be interesting to see how it fills in.
iCEBREAKER
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July 27, 2015, 09:46:48 PM
 #29392

Quote
The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

Oh yeah? So adding complicated stuff like sidechains and lightning network is making bitcoin code smaller?

To the extent those build on top of Bitcoin they aren't adding features to it or making the the core code bigger. If they require changes to the core code or adding new features to it, that's a different matter that needs to be considered carefully.

But if the claim is that sidechains are the 'solution' to the 'problem'. Then you are saying they are part of bitcoin [the ecosystem] whether they are part of core or not.

Increasing block size does not add features *and* it 'solves' the 'problem'. Without introducing any other layers of complexity, or attempting to artificially manipulate the fee economy that is growing organically just as it was always intended.

What frightens me is that the whole thing seems to have turned into a pissing contest.

The fee market isn't a problem right now, the block size is. So why are people trying to pre-emptively fix the fee market in an ass backwards way to address the block size problem.

Nobody is claiming to have predetermined that sidechains (or LN) are necessarily the ENTIRETY of the solution to the scaling problem, only that they are potentially part of it.  Bitcoin is an ongoing bleeding-edge experiment, and we are working with intuition, educated guesses, hypotheses, and prototypes, not off-the-shelf kit in neat little boxes.

Increasing block size does add features (and/or bugs), in the form of higher tps and whatever concomitant other new auto/adaptive regulation mechanisms come along with the eventual solution.  100k max tx size is probably only the first such required adjustment.

And thus, the 100k max tx adjustment neatly destroys your claim that larger blocks do not introduce additional complexity.  More is different; the dose makes the poison...

The Red Queen interpretation, whereby we must change Bitcoin ASAP for the sake of keeping it the same, is absurd.  Moving the tx supply curve with the goal of controlling the range where it intersects that of demand is prima facie centralized market manipulation.  As long as tx fees are absurdly underpriced, in terms of their cost and what users are willing to pay, the fee market is completely broken.  Bitoin's 'free sample/loss leader' viral marketing campaign phase ended with the emergence of omnipresent 'cosmic background spam.'

The "pissing contest" which "frightens" your delicate sensibilities is exactly the "fight" to which Tannenbaum exhorts us, because the "adversarial process is valuable in assuring [features] do not compromise security or reliability."

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
iCEBREAKER
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July 27, 2015, 09:59:55 PM
 #29393

"After 5 years is the 1MB hard-limit the best anti-DoS mechanism that Bitcoin dev can come up with?"
Answer no, because the real anti-DoS protection comes from the consensus dust-limit and fee policy.

False. The dust limit and fee policy are not part of the consensus code (which the 1 MB limit is).

So the answer is in fact yes: There is no other anti-DoS mechanism in the consensus code after 5 years.

Proposing to add one is one possibility. Have at it.

consensus dust-limit and fee policy.

Policy which is observed by a super-majority of nodes is effectively a consensus. Also the message size limit is anti-DoS

That's incorrect, and I think someone (Adam?) recently wrote up some good stuff about the role of "nodes"

In order to matter, policies have to be enforced by either:

1. The node you are using, with respect to your own coins (your own node validates your coins, so you can't be fooled). Of course this only matters if others agree with you, or you have created an altcoin with a userbase of one (useless)

2. All nodes, or essentially all nodes.

"A majority of nodes" accomplishes essentially nothing. That is the entire point of the bitcoin design ("majority of nodes" is not sybil-resistant).

I'm amazed there exist Legendary posters who don't understand the assigned roles and limitations of incentive, consensus, and defection in Bitcoin.  They (IE Solex and Frap.doc) need to spend more type reading up on Bitcoin 101, and less time writing 1000s of misinformed posts from positions of ignorance.

I'd expect this kind of derpy mental diarrhea from a noob:

Quote
"After 5 years is Nakamoto Consensus the best governance mechanism that Bitcoin dev can come up with?"

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
NewLiberty
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July 27, 2015, 10:18:42 PM
 #29394

Community and major stakeholders vote for a blocksize increase

Hmmm where did that ever happen  Huh

I sure hope by community and "major stakeholders" you are not referring to reddit and bitcointalk.org

I know! It's only a valid vote if it's conducted under the rules as sanctioned by central control.

Giveen our understand of the situation it could never happen.

The major stakeholders vote for a blocksize increase is just a prediction of the fork to a more distributed code base that supports the original vision of Bitcoin. It is yet to happen it's my opinion that it's a forgone conclusion, we'll have bigger blocks, the vote is just around the corner so you don't need to do much if you feel you have this one in the bag.

Block size has topped this list for as long as.. well, since there was a list.
https://en.bitcoin.it/wiki/Hardfork_Wishlist

If it were easy, it would have been done already.  Patience people....

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
ssmc2
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July 27, 2015, 10:19:06 PM
 #29395

EVERYTHING down, Bitcoin UP  Cool
iCEBREAKER
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July 27, 2015, 10:45:32 PM
 #29396

EVERYTHING down, Bitcoin & Monero UP  Cool

^fify

And look, another Monero shill for Frap.doc to expose:

https://github.com/monero-project/bitmonero/commits?author=laanwj   Cool


The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
cypherdoc
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July 27, 2015, 10:50:48 PM
 #29397

EVERYTHING down, Bitcoin & Monero UP  Cool

^fify

And look, another Monero shill for Frap.doc to expose:

https://github.com/monero-project/bitmonero/commits?author=laanwj   Cool



don't hold your breath.  Monero isn't going anywhere.
iCEBREAKER
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July 27, 2015, 10:59:20 PM
 #29398

EVERYTHING down, Bitcoin & Monero UP  Cool

^fify

And look, another Monero shill for Frap.doc to expose:

https://github.com/monero-project/bitmonero/commits?author=laanwj   Cool



don't hold your breath.  Monero isn't going anywhere.

In a single year, it's gone from nothing to the #6 legitimate coin by market cap (~$5 million).

What makes you think it's now suddenly going to stop moving up the ranks?

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
I_bitcoin
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July 27, 2015, 11:13:24 PM
 #29399

The Red Queen interpretation, whereby we must change Bitcoin ASAP for the sake of keeping it the same, is absurd.  Moving the tx supply curve with the goal of controlling the range where it intersects that of demand is prima facie centralized market manipulation.  As long as tx fees are absurdly underpriced, in terms of their cost and what users are willing to pay, the fee market is completely broken.  Bitoin's 'free sample/loss leader' viral marketing campaign phase ended with the emergence of omnipresent 'cosmic background spam.'

ICEBREAKER, I am not attributing all of the below to you.   Just using your comment as a springboard for some thinking I have been going through over the past few months as tensions increase on block size.

I have heard this statement "tx fees are underpriced"  and "fee market is broken" several times and I still don't get it.    Mainly because the way it gets portrayed is that we must raise fees now vs. let things develop naturally otherwise miners can't stay in business.   When the block reward halves what do you think happens?   My expectation is that miners will still need to pay the bills in fiat so the fiat per BTC ratio will increase.    This increase, by it's very nature, increases the fiat "profit" per transaction fee.   So, if fiat/BTC increases due to reward changes the fees go up from the perspective of a fiat holder.   Heck, I suspect the block reward will be a major factor in driving fiat/BTC ratio until the block reward gets close to the average transaction fee.  .

If anything, we should get the blocksize to the largest rationally supportable size and allow nature to take it's course.   Fees, from a fiat perspective, will go up even if the miners do nothing to prioritize transactions by fee or increase the bitcoin denominated standard fee.    Miners will still make a profit as scarcity drives the fiat/btc ratio and the fee market will continue to develop as a means of preserving scarce resources and preventing spam.   It seems to have done an adequate job so far and this may be the best possible outcome with respect to keeping bitcoin globally relevant.   One of the biggest drivers of adoption we have at our disposal is the fiat/btc ratio. 

There must be something I have been missing in the arguments I see about this.   Where does the above thinking not work?    Thanks ICEBREAKER for letting me borrow your words.

No matter where you go, there you are.
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July 27, 2015, 11:28:37 PM
 #29400

If anything, we should get the blocksize to the largest rationally supportable size

This is exactly where reasonable people differ.

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