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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 1939109 times)
rocks
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August 10, 2015, 04:43:58 AM
 #30041

Interesting piece on the 2013 fork.  https://freedom-to-tinker.com/blog/randomwalker/analyzing-the-2013-bitcoin-fork-centralized-decision-making-saved-the-day/?utm_content=buffer4f46c&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Some ungrateful people here need to show a little more respect for the work of the devs, especially LukeJr.

You of all people would idolize Luke jr

You of all ungrateful people here need to show a little more respect for the work of the devs, especially LukeJr.

The devs represent probably less than 0.01% of the effort spent getting bitcoin to where it is today.heck they didnt even come up with the original concept, and more and more don't even seem to understand it.
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August 10, 2015, 04:47:27 AM
 #30042

From: https://www.reddit.com/r/Bitcoin/comments/3gdj7j/a_better_way_to_govern_bitcoin_block_size_open/ctxb53s

Quote from: Peter R
Quote from: marcus_of_augustus
You are really going all out on the attack FUD on this one aren't you?

I think the analogy to the Fed's FOMC is fairly accurate. Part of the ideology behind central banking is that a group of educated men can make better decisions for what is best for the economy (by choosing the interest rate that balances "inflation expectations" with "employment") than allowing the free market to solve the same problem.

This is similar to the block size debate. Part of the ideology behind limiting the block size is that a group of talented coders can make better decisions for what is best for Bitcoin, by choosing a limit that produces what they see as a better balance between "decentralization" and "blockchain access," than what would happen if the limit were slowly removed according to Gavin's BIP101 proposal.

Isn't this what the debate really comes down to now? The technical debate is over; It's ideology at this point. Do we want a Bitcoin that has a dual mandate of balancing decentralization with blockchain access? Or do we want a permissionless Bitcoin where blockspace is governed by the fee market?

The debate is really just about ideology at this point, and that's why we're no longer making progress.  The technical debate is over.  Some people want Bitcoin to be free to grow, while others want to control the growth process to attempt to balance "decentralization" with "block space access."

Well said, BTW great paper last week.
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August 10, 2015, 04:48:25 AM
 #30043

The purpose of anonymous speech is to to avoid adverse consequences of speaking and ensure an abstract debate of the issue's merits in a vaccuum, free from nonsense about personalities and biographies.

That is a claim that certainly can be made.

On the other hand, it is a known fact that the same technique can be weaponized:

https://firstlook.org/theintercept/2014/02/24/jtrig-manipulation/

In the current environment. I'd say that the onus to prove honest dealing lies with the one using the technique.

You say we can't (usefully and without concern trolling) discuss decentralization without assigning it a number from 1 to 10 (with 20 decimals places for precision).

No. You're so far off that you aren't even wrong.

Before we can talk intelligently about decentralization:

Step 1: Define what the word means
Step 2: Establish that decentralization is, in fact, desirable, and why

I haven't seen much in the way to establish either one of those points, just a lot of begging the question by assuming that "decentralization" has a coherent and stable meaning, and that it (whatever it is) is obviously good.

I'm still not sure what you're going on about with "overcapacity", as I've never used that term.

Are you talking about well-known and understood principles of economics?
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August 10, 2015, 05:11:48 AM
 #30044

The debate is settled; the consensus is 'we don't have a consensus.'

I would love to see the current definition of "consensus" for Bitcoin changes because if that means 100% support for doing something then the whole project is royally screwed. There has been no endeavor of importance in human history where unanimity was required on all decisions.

This obviously doesn't apply because Bitcoin development has not needed 100% support for "doing something". Compare Bitcoin today to Bitcoin 0.1 and you will see that quite a lot has been done, and probably not one single thing has ever had 100% support (there is always someone...)

What Bitcoin development has done up to this point is push through contentious hard forks. There is a perfectly reasonable view that hard forks should never be done at all, or at least not unless there is a huge emergency. "I think this is a good idea" doesn't count.

Accepting for the moment that point of view, development on a great many things that don't require hard forks (contentious or otherwise) can continue, and scalability can be built outside the core. That may not be everyone's preferred solution but it hardly means the whole project is royally screwed.

Well said.  In solex's "the whole project is royally screwed" quasi-buttcoiner BS, his unsubstantiated claim of heretofore unobserved emergency Soon relies on completely warped misreading and misapplication of Bitcoin history (which you graciously correct with an apt summary of the actual facts and logic involved).

Economic consensus will exist IFF it is no longer in the economic interest of anyone possessing economic veto power to maintain their major objection to the proposed hard fork.  EG, in "a huge emergency" that threatens the present and future value of their coins, even MPEX & Co will (tend to) support (or at least not object to and actively attack/sabotage) the leading proposed solution.

As for

Quote
"I think this is a good idea" doesn't count.

lol rekt   Grin

That one is up there with MoA's classic

"not tonight dear"

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Core GUI - Podcats - Roadmap - Dice - Blackjack - Github - Android }
MoneroForCash.com  |  Buy and sell XMR near you  |  Easymonero.com  |  Bitsquare.io - Decentralized XMR Exchange  |  Buy XMR with fiat
Fungibility provides privacy as a side effect.  Adam Back 2014

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


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
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August 10, 2015, 05:44:18 AM
 #30045

The purpose of anonymous speech is to to avoid adverse consequences of speaking and ensure an abstract debate of the issue's merits in a vaccuum, free from nonsense about personalities and biographies.

That is a claim that certainly can be made.

On the other hand, it is a known fact that the same technique can be weaponized:

https://firstlook.org/theintercept/2014/02/24/jtrig-manipulation/

In the current environment. I'd say that the onus to prove honest dealing lies with the one using the technique.

You say we can't (usefully and without concern trolling) discuss decentralization without assigning it a number from 1 to 10 (with 20 decimals places for precision).

No. You're so far off that you aren't even wrong.

Before we can talk intelligently about decentralization:

Step 1: Define what the word means
Step 2: Establish that decentralization is, in fact, desirable, and why

I haven't seen much in the way to establish either one of those points, just a lot of begging the question by assuming that "decentralization" has a coherent and stable meaning, and that it (whatever it is) is obviously good.

I'm still not sure what you're going on about with "overcapacity", as I've never used that term.

Are you talking about well-known and understood principles of economics?

Your distrust in the marketplace of ideas is noted, so too is your reluctance to accept that truth will withstand scrutiny on its own merits as fallacy will fail on its lack of them.

I commend your extreme ("weaponized") cynicism in using Citizen Four (aka Snowden) revelations to further the anonymity-implies-something-to-hide meme you seek to promote.


During the 'stress tests, did you somehow manage to overlook Frap.doc & Co's constant, breathless declarations that the Bitcoin network was "overcapacity?"  (And thus Dooomed unless we Gavincoin ASAP, decentralization be damned.)

It's strange you would miss them, as the "overcapacity" question was/is far more pertinent/pressing than the concurrent pleasantly futile academic abstractions about decentralized angels dancing on 20MB pinheads.

All I ask is sauce for the goose be sauce for the gander.  IE:
Quote
Before we can talk intelligently about overcapacity:

Step 1: Define what the word means
Step 2: Establish that overcapacity is, in fact, undesirable, and why

I'm not sure why getting this simple point (requesting consistency in the insistence we define crypto-terms) across to you is like pulling teeth.   Undecided

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Core GUI - Podcats - Roadmap - Dice - Blackjack - Github - Android }
MoneroForCash.com  |  Buy and sell XMR near you  |  Easymonero.com  |  Bitsquare.io - Decentralized XMR Exchange  |  Buy XMR with fiat
Fungibility provides privacy as a side effect.  Adam Back 2014

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


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
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August 10, 2015, 06:19:14 AM
 #30046

0Your distrust in the marketplace of ideas is noted, so too is your reluctance to accept that truth will withstand scrutiny on its own merits as fallacy will fail on its lack of them.
I'm done rewarding your sophism for now.

You're conveniently ignoring the reality that reading, parsing, evaluating and responding to ideas requires an expenditure of scarce resources.

When people use sockpuppets, they can increase the resource expenditure of the people they are debating without increasing their own.

Debates involving anonymous parties is highly susceptible to denial of service attacks.

A person using anonymous sockpuppets can bombard the debate with multiple, contradictory positions in a way that they wouldn't be able to get away with if they had to attach the same identity to all their arguments.

It's a bullshit way to engage in a debate of this nature, and shows a profound disrespect for the positions they argue against, as well as insulting the intelligence of everyone involved by pretending that what they're doing isn't obvious.

You are free to use all the anonymous communication you want. You don't get to force people to pay attention to what you have to say.

If you're not willing to pay an accountability price for your arguments, then don't be surprised when other people are not willing to take on the cognitive burden of paying attention to them.
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August 10, 2015, 07:01:33 AM
 #30047

Thermos has been down voted into the ground on reddit for his behavior.
https://www.reddit.com/r/Bitcoin/comments/3gdad5/meta_on_hardforking_if_bitcoin_is_so_vulnerable/ctx6rgs

In another post he claims that consensus has not been achieved simply because Greg Peter and luke Jr do not agree and that is enough to out vote Gavin and mike. How seriously fucked up is that view.

I say XT should do away with waiting for 75% now, and simply fork at some block 3 months out and let people pick the vision they want to support. In the end the ecosystem will gravitate to one winner.
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August 10, 2015, 07:07:55 AM
 #30048

Thermos has been down voted into the ground on reddit for his behavior.
https://www.reddit.com/r/Bitcoin/comments/3gdad5/meta_on_hardforking_if_bitcoin_is_so_vulnerable/ctx6rgs

In another post he claims that consensus has not been achieved simply because Greg Peter and luke Jr do not agree and that is enough to out vote Gavin and mike. How seriously fucked up is that view.

WTF???

I count two in favor, three against. How could that possible be viewed as the sort of consensus the core developers would need to act?

(I think you have the names slightly wrong, but that's not the point.)

Quote
I say XT should do away with waiting for 75% now, and simply fork at some block 3 months out and let people pick the vision they want to support. In the end the ecosystem will gravitate to one winner.

Yuck. If you're going to fork, at least fork in a clean way.
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August 10, 2015, 07:09:09 AM
 #30049

Your distrust in the marketplace of ideas is noted, so too is your reluctance to accept that truth will withstand scrutiny on its own merits as fallacy will fail on its lack of them.
I'm done rewarding your sophism for now.

You're conveniently ignoring the reality that reading, parsing, evaluating and responding to ideas requires an expenditure of scarce resources.

When people use sockpuppets, they can increase the resource expenditure of the people they are debating without increasing their own.

Debates involving anonymous parties is highly susceptible to denial of service attacks.

A person using anonymous sockpuppets can bombard the debate with multiple, contradictory positions in a way that they wouldn't be able to get away with if they had to attach the same identity to all their arguments.

It's a bullshit way to engage in a debate of this nature, and shows a profound disrespect for the positions they argue against, as well as insulting the intelligence of everyone involved by pretending that what they're doing isn't obvious.

You are free to use all the anonymous communication you want. You don't get to force people to pay attention to what you have to say.

If you're not willing to pay an accountability price for your arguments, then don't be surprised when other people are not willing to take on the cognitive burden of paying attention to them.

Who said anything about let's "force people to pay attention to what you have to say?"  Nobody, that's who.  I'll take my "sophism" over your "making shit up" anyday.   Cheesy

I was discussing the marketplace of ideas, and your lack of faith in its ability to reward truth and penalize fallacy.  Alone, you certainly do not have the capacity to bear the cognitive burden of dealing with "reading, parsing, evaluating and responding to" every idea in that market.  But it is easier to create new proxies (Sybil attack) than arguments, so by ignoring the particular alleged identies of the multitudes of individual messengers (instead of running ID verification/background checks on each one) we can better focus our limited resources on the general/aggregate content their messages.

Of course there are trade-offs with anonymous communication.  Satoshi, Citizenfour, and Publius demonstrate those trade-offs are ultimately desirable.

Still nothing to say about defining decentralization being prioritized higher than overcapacity?  I guess we don't need to worry about defining our crypto-terms so much after all.  Your throwaway reference to the economic (IE non-software, non-bitcoin) sense of "overcapacity" doesn't count (unless you really meant to imply any rise in tx fee indicates shortage of capacity).   Undecided

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Core GUI - Podcats - Roadmap - Dice - Blackjack - Github - Android }
MoneroForCash.com  |  Buy and sell XMR near you  |  Easymonero.com  |  Bitsquare.io - Decentralized XMR Exchange  |  Buy XMR with fiat
Fungibility provides privacy as a side effect.  Adam Back 2014

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


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
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August 10, 2015, 07:13:48 AM
 #30050

Thermos has been down voted into the ground on reddit for his behavior.
https://www.reddit.com/r/Bitcoin/comments/3gdad5/meta_on_hardforking_if_bitcoin_is_so_vulnerable/ctx6rgs

In another post he claims that consensus has not been achieved simply because Greg Peter and luke Jr do not agree and that is enough to out vote Gavin and mike. How seriously fucked up is that view.

I say XT should do away with waiting for 75% now, and simply fork at some block 3 months out and let people pick the vision they want to support. In the end the ecosystem will gravitate to one winner.

After checking he actually says "Wladamir, Greg, and Pieter are opposed to it". But yeah nice try of you to throw LukeJr in there  Wink

PS. I expected you to be above the all too common argumentum ad populum found amongst Gavinistas.

For future reference here's a post I digged up from reddit today that sums up well the idiocy behind juvenile comments such as "Thermos has been down voted into the ground on reddit"



Oh and btw good luck and have fun with your XTcoin

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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August 10, 2015, 07:31:41 AM
 #30051


OH MY GAWD RAISE THE LIMIT NOW.  I CANT BREATHE AND I FEEL LIKE IM GOING TO DIEEEEE1!!1!

LUKEJR?!!?  BOOO1!!1  HISS!1! BOOOO!!11!!


Fork to XT Gavinblocks with 2% of the nodes?  Bad Idea Jeans.

https://www.reddit.com/r/xt

lol rekt

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Core GUI - Podcats - Roadmap - Dice - Blackjack - Github - Android }
MoneroForCash.com  |  Buy and sell XMR near you  |  Easymonero.com  |  Bitsquare.io - Decentralized XMR Exchange  |  Buy XMR with fiat
Fungibility provides privacy as a side effect.  Adam Back 2014

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


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
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August 10, 2015, 04:02:23 PM
 #30052

Yes I do believe that it could. I believe that a major or even near-total (much less total) collapse of decentralization is a technical failure, and is a possible (and not outrageously implausible) outcome of BIP 101.

I agree that a major or near-total collapse of decentralization would be a technical failure.  

I guess we just assign very different probabilities to that happening under BIP101.  

I never stated probabilities. Unless you believe you can support that the probabilities are "outrageously implausible" (and if so based on what???) we don't necessarily disagree at all.

Furthermore, getting back to your original post, I don't agree that we "are no longer making progress". Just a few days ago you released a paper that was insightful, comprehensive on the matter of fee markets over the next 10-20 years (though to be clear that is only a portion of the overall block size debate), generally well-received, and raised new questions for follow up research. How can you say that with a major step forward having occurred only a few days ago, there is no longer any progress? Could the same be said a week or two ago, before you paper was released?

I can only imagine this perspective comes from the hubris of thinking that now that your paper is out, everyone should just shut up and get in line behind your conclusions.


I now agree that when I said "we are no longer making progress," that I was being rhetorical.  It can be difficult to catch one's self doing this; for example, a reviewer edited out rhetoric in the proof for my paper which I didn't initially even see until it was pointed out to me.

That being said, I stand by my claims that:

1. The debate is mostly ideological at this point.

2. Whether we moved forward with BIP100, BIP101, BIP102, etc., the technical risk would be very low in all cases.

I'm defining the threshold for "low technical risk" to mean that in my opinion the chance that Bitcoin fails for another reason (e.g., lack of adoption due to a reduced block size limit) is significantly greater than the risk of a technical failure (again, based on my own assessment of the probabilities).  

All things considered, I see BIP101 as the lowest risk option (and much lower risk than doing nothing), if I factor in all failure modes.    


Run Bitcoin Unlimited (www.bitcoinunlimited.info)
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August 10, 2015, 04:54:56 PM
 #30053

Gold up.  Cypherdoc collapsing.

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August 10, 2015, 05:24:00 PM
 #30054

Gold up.  Cypherdoc collapsing.

It's up, but I'd rather it be down.  Cry
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August 10, 2015, 05:28:49 PM
 #30055

Gold up.  Cypherdoc collapsing.

It's up, but I'd rather it be down.  Cry

The house I've got on the market has not sold yet so I don't really care one way or another.  It would be nice to get one big giant push downward in PMs when I get a wad of cash which needs a home as long as the price decline was reflected in physical.


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August 10, 2015, 05:53:03 PM
 #30056

Thermos has been down voted into the ground on reddit for his behavior.
https://www.reddit.com/r/Bitcoin/comments/3gdad5/meta_on_hardforking_if_bitcoin_is_so_vulnerable/ctx6rgs

In another post he claims that consensus has not been achieved simply because Greg Peter and luke Jr do not agree and that is enough to out vote Gavin and mike. How seriously fucked up is that view.

I say XT should do away with waiting for 75% now, and simply fork at some block 3 months out and let people pick the vision they want to support. In the end the ecosystem will gravitate to one winner.

After checking he actually says "Wladamir, Greg, and Pieter are opposed to it". But yeah nice try of you to throw LukeJr in there  Wink

PS. I expected you to be above the all too common argumentum ad populum found amongst Gavinistas.

For future reference here's a post I digged up from reddit today that sums up well the idiocy behind juvenile comments such as "Thermos has been down voted into the ground on reddit"



Oh and btw good luck and have fun with your XTcoin

OK my memory on the names was wrong, who cares, that doesn't change the point that his fundamental sentiment is that bitcoin is decided by a small group of people, which is horrible.

That post you included above is utter nonsense as a reply. Thermos being downvoted into the ground is valid to point out because it demonstrates just how much the community disagrees.

And that is the thing you don't seem to understand, bitcoin is a community defined construct, it is whatever its users want it to be. Is is not defined by a FOMC like entity.

Thank you I will enjoy my bitcoin with millions of other users, you enjoy you blockstream fork away from satoshi's vision that we all signed up for.
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August 10, 2015, 06:03:45 PM
 #30057

@Peter R: Having followed the discussion on this thread, I must say that I'm quite impressed by the work done for this paper. Bravo !
I still have to read the end of the paper but I've got a question related to the impossibility of an unhealthy fee market (chapter 7).
According to you, what would be the consequences of a new propagation mechanism like IBLT (see https://gist.github.com/gavinandresen/e20c3b5a1d4b97f79ac2) ?
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August 10, 2015, 06:23:40 PM
 #30058

Gold up.  Cypherdoc collapsing.

tvbcof:  "woof, woof!":

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August 10, 2015, 06:29:02 PM
 #30059

Thermos has been down voted into the ground on reddit for his behavior.
https://www.reddit.com/r/Bitcoin/comments/3gdad5/meta_on_hardforking_if_bitcoin_is_so_vulnerable/ctx6rgs

In another post he claims that consensus has not been achieved simply because Greg Peter and luke Jr do not agree and that is enough to out vote Gavin and mike. How seriously fucked up is that view.

I say XT should do away with waiting for 75% now, and simply fork at some block 3 months out and let people pick the vision they want to support. In the end the ecosystem will gravitate to one winner.

After checking he actually says "Wladamir, Greg, and Pieter are opposed to it". But yeah nice try of you to throw LukeJr in there  Wink

PS. I expected you to be above the all too common argumentum ad populum found amongst Gavinistas.

For future reference here's a post I digged up from reddit today that sums up well the idiocy behind juvenile comments such as "Thermos has been down voted into the ground on reddit"



Oh and btw good luck and have fun with your XTcoin

OK my memory on the names was wrong, who cares, that doesn't change the point that his fundamental sentiment is that bitcoin is decided by a small group of people, which is horrible.

That post you included above is utter nonsense as a reply. Thermos being downvoted into the ground is valid to point out because it demonstrates just how much the community disagrees.

And that is the thing you don't seem to understand, bitcoin is a community defined construct, it is whatever its users want it to be. Is is not defined by a FOMC like entity.

Thank you I will enjoy my bitcoin with millions of other users, you enjoy you blockstream fork away from satoshi's vision that we all signed up for.


Excellent points.

Bitcoin is at an interesting impasse. I think those in favour of small blocks will force a fork of bitcoin which ironically creates a new chain which instead of becoming 'gavincoin' or 'xt coin' simply becomes bitcoin. This will render the original Core chain worthless overnight, when payment processors and exchanges etc follow the money and investment funding the ecosystem.

To average joe there probably won't be anything to even notice other than price volatility.

Either that or keeping bitcoin crippled for non-technical reasons will mark the point of decline in market capitalisation of the bitcoin chain compared with alternate chain(s). One can imagine value flowing from bitcoin to a successor which scales to the needs of the businesses and users in the ecosystem rather than a small cabal of programmers. I am reminded of the Ernest Hemingway quote about how he went bankrupt. ('Two ways. Gradually and then suddenly'.) It isn't a stretch to see a similar thing happen with bitcoin.

klee
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August 10, 2015, 06:33:20 PM
 #30060

https://bitcointalk.org/index.php?topic=1064374.msg12105991#msg12105991

Can someone do the same for Bitcoin??

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