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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 1805729 times)
Peter R
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August 16, 2015, 10:15:33 PM
 #30801

Without a hard block cap, a pool could send millions of small transactions(spam - with a transaction fee too low for other pools) and mine it in their own block. Thus increasing the propagation time and having a small edge on their own mining for the next block. Just a thought, that came to my head a minute ago.

Could this really cause problems in that scenario ?

Publishing a large block has a cost to the miner.  I tried to illustrate this effect in Fig. 8:

*skip*

Even with a propagation impedance of 2 sec/MB (which I'm confident is faster than the present network average), it still costs 1,000 BTC to produce a single 1 GB spam block.  

Indeed, you get a small head start on the next block but it won't balance out the orphan cost.  Furthermore, other miners can SPV mine on your block header (while downloading and verifying the rest of the block) to take away this advantage.


Thank you Peter, it's always a great pleasure to read your posts.
But I just don't understand the cost of 1000 BTC for a 1 GB spam block. In my example a mining pool could create the spam on their own and include the transactions in their own block, thus mining their own transaction fees. This action should cost them almost nothing. (But when mining just on the block header works without any disadvantages, then this is anyway a non issue.)


It costs them 1000 BTC because, according to the laws of statistics, they would have to attempt it 40 times before one "stuck."  On average, a 1 GB block (at 2 sec/MB) will be orphaned 39 out of 40 times.  Does that make sense?

This is still true with SPV mining.  Say the other miners receive the header for my spam block slightly before they received a smaller block in full.  As soon as they receive the smaller block in full, they'll switch to mining on this one because there's a 100% chance that that block is valid while my spam block is risky because it could include an invalid TX.  

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iCEBREAKER
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August 16, 2015, 10:21:05 PM
 #30802


And the executives of any business which loses money by sticking their neck out in the first wave of XT acceptance are going to be sued into the ground by its furious shareholders.

Can you imagine explaining to your VC backers that you blew their investments in some extremely risky, easily avoided, political/ideological, e-peen measuring, nerd fight?  The corporate veil would be swiftly pierced and you would be sued personally.  You'd lose your house, and might even wind up in jail with roommates (ironically) nicknamed "Tiny" and "Little Bubba."

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
Peter R
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August 16, 2015, 10:21:25 PM
 #30803



7-1/2% and climbing. 


In other news, the guy (/u/raisethelimit) who posted the cartoons of the thermos was apparently banned for 30 days for trolling: 



https://www.reddit.com/r/bitcoin_uncensored/comments/3h8tf2/uraisethelimit_was_banned_for_30_days_for_posting/

Run Bitcoin Unlimited (www.bitcoinunlimited.info)
iCEBREAKER
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August 16, 2015, 10:24:53 PM
 #30804


I don't see anything that XT is doing other than allowing people a choice to switch their client to one that supports bigger blocks (and a few other minor things).


Ask Frap.doc to check your eyes, since you should be able to see this:

Activating a hardfork based on what miners do is really bad. You could easily have a situation where 75% of miners support XT but none of the big Bitcoin exchanges or businesses do. Then miners would start mining coins that they couldn't spend anywhere useful, and SPV users would find that they can't transact with the businesses they want to deal with. The currency would be split, and in this case XT would be in a far weaker position than Bitcoin.

The possibility of this sort of network/currency split is what makes XT not a "legitimate hardfork", but rather the programmed creation of an altcoin. A consensus hardfork can only go forward once it has been determined that it's nearly impossible for the Bitcoin economy to split in any significant way. Not every Bitcoin user on Earth has to agree, but enough that there won't be a noticeable split.


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
Wexlike
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August 16, 2015, 10:26:56 PM
 #30805

It costs them 1000 BTC because, according to the laws of statistics, they would have to attempt it 40 times before one "stuck."  On average, a 1 GB block (at 2 sec/MB) will be orphaned 39 out of 40 times.  Does that make sense?

This is still true with SPV mining.  Say the other miners receive the header for my spam block slightly before they received a smaller block in full.  As soon as they receive the smaller block in full, they'll switch to mining on this one [/i]because there's a 100% chance that that block is valid[/i] while my spam block is risky because it could include an invalid TX.  

Thank you, that makes sense ! Smiley
iCEBREAKER
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August 16, 2015, 10:31:48 PM
 #30806

Unbelievable. Did anyone in this environment ever destroy himself even faster than that Thermos?

Sorry, I've lost count.  Which has been declared destroyed/dooomed/dead more times, Thermos or Bitcoin?

If you don't like Thermos, why don't you fuck off his forum and sub, and go some place more welcoming of contentious/hostile/malicious/parasitic hard forks?

I hear https://voat.co/v/bitcoinxt is nice this time of year.  It's not crowded either!   Grin

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
brg444
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August 16, 2015, 10:36:39 PM
 #30807

Without a hard block cap, a pool could send millions of small transactions(spam - with a transaction fee too low for other pools) and mine it in their own block. Thus increasing the propagation time and having a small edge on their own mining for the next block. Just a thought, that came to my head a minute ago.

Could this really cause problems in that scenario ?

Publishing a large block has a cost to the miner.  I tried to illustrate this effect in Fig. 8:

*skip*

Even with a propagation impedance of 2 sec/MB (which I'm confident is faster than the present network average), it still costs 1,000 BTC to produce a single 1 GB spam block.  

Indeed, you get a small head start on the next block but it won't balance out the orphan cost.  Furthermore, other miners can SPV mine on your block header (while downloading and verifying the rest of the block) to take away this advantage.


Thank you Peter, it's always a great pleasure to read your posts.
But I just don't understand the cost of 1000 BTC for a 1 GB spam block. In my example a mining pool could create the spam on their own and include the transactions in their own block, thus mining their own transaction fees. This action should cost them almost nothing. (But when mining just on the block header works without any disadvantages, then this is anyway a non issue.)


It costs them 1000 BTC because, according to the laws of statistics, they would have to attempt it 40 times before one "stuck."  On average, a 1 GB block (at 2 sec/MB) will be orphaned 39 out of 40 times.  Does that make sense?

This is still true with SPV mining.  Say the other miners receive the header for my spam block slightly before they received a smaller block in full.  As soon as they receive the smaller block in full, they'll switch to mining on this one because there's a 100% chance that that block is valid while my spam block is risky because it could include an invalid TX.  

I'm curious how this holds in a scenario where block propagation is constant because of inverted bloom filters?

"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 16, 2015, 10:37:38 PM
 #30808

XT is using the exact same chain/protocol as core aside from the future possibility of block size increase.

XT operates just like CORE as of right now.

You keep repeating that Big Lie, but it's simply not true.

XT is every patch Mike Hearn ever had refused by NACKs in Core.

Quote
Conspicuous by its absence from the README is that incoming clearnet connections will kick a Tor peer off.

So don't just trust the description of diffs.


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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August 16, 2015, 10:42:20 PM
 #30809

I can understand that theymos is in a very difficult spot...

During the fall of the Berlin wall, there was a pivotal moment when the border guards finally recognised the futility of their duty, and allowed people through unchallenged.


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
Erdogan
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August 16, 2015, 10:42:56 PM
 #30810

..and all pro XT and angry censorship postings are removed from the front of /r/bitcoin. Disgraceful.

again?
brg444
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August 16, 2015, 10:43:50 PM
 #30811

Nick Szabo on Twitter: https://twitter.com/NickSzabo4/status/633011973634961408

"A much more reasonable block size proposal, following historical growth rates in a "limiting nutrient" resource: https://t.co/RRapcLSm6j"

Also: https://twitter.com/NickSzabo4/status/633015499316551680

"A rapid block size increase is a huge security risk: a reckless act to be performing on a $4 billion system." -- Nick Szabo

Increasing the limit does not mean that blocks will be that size immediately. He doesnt really define the scales he is talking about.

Satoshi's 1mb limit was an order of magnitude greater than the average block size of the time. 5 years later we are only getting near to it. Yet there has been no talk of security risk up to this?

It doesn't take much brains to figure out why the speed of increase of avg block has accelerated from days where Bitcoin had 10,000 users and how it projects to pickup even more speed as adoption and awareness grows.

"Supply creates its own demand"

"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
Peter R
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August 16, 2015, 10:44:17 PM
 #30812

I'm curious how this holds in a scenario where block propagation is constant because of inverted bloom filters?

If block solution propagation grows slower than log Q, where Q is the size of the block, then the fee market becomes unhealthy and miners are incentivized to produced arbitrarily large blocks.  I show in my paper that this is not physically possible due to the Shannon-Hartley Theorem.  

This discussion relates to my main point of contention with Greg Maxwell.  In email correspondence, he suggested that it would be possible to have infinite coding gain for block solutions announcement. (I.e., he suggested that block solutions can truly be communicated in an amount of time that does not depend, even asymptotically, on the amount of transactions included in the block.  He said this is possible if what went into a block was already agreed upon far ahead of time [so that zero information needed to be communicated when the block was solved]).  I think the onus is on him to rigorously show:

(a) Under what assumptions/requirements such a communication scheme is physically possible.

(b) That such a configuration is not equivalent to a single entity1 controlling >50% of the hash power.

(c) That the network moving into such a configuration is plausible.

Nevertheless, I've agreed with him to discuss this point of contention when I make the other corrections to my paper.  

1For example, if--in order to achieve such a configuration with infinite coding gain--miners can no longer choose how to structure their blocks according to their own volition, then I would classify those miners as slaves rather than as peers, and the network as already centralized.

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Peter R
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August 16, 2015, 10:48:30 PM
 #30813

It doesn't take much brains to figure out why the speed of increase of avg block has accelerated from days where Bitcoin had 10,000 users and how it projects to pickup even more speed as adoption and awareness grows.

"Supply creates its own demand"

This is false.  The growth rate of the average block size was fastest in early 2011. 

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August 16, 2015, 10:50:17 PM
 #30814

Side chains are certainly altcoins.

Maybe in your universe.

Lol how are they not?

They are essentially watered down versions of Bitcoin lol with a separate block chain.

Sidechains are not altcoins, nor are they "watered down," nor are their block chain's "seperate."

Do you guys know what the phrase "TWO WAY PEG" means?   Cheesy

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
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August 16, 2015, 10:53:36 PM
 #30815

Side chains are certainly altcoins.

Maybe in your universe.

Lol how are they not?

They are essentially watered down versions of Bitcoin lol with a separate block chain.

Sidechains are not altcoins, nor are they "watered down," nor are their block chain's "seperate."

Do you guys know what the phrase "TWO WAY PEG" means?   Cheesy

Yes, something that is impossible. Ask the SNB (down) or PBOC (up).
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August 16, 2015, 10:56:33 PM
 #30816

Go on smoothie.  Go on evoorhees.  Fuck off to greener, censorship-free pastures where may you attempt to attack Bitcoin all you want.

Don't let me stop you.  You're free now...move into the light...   Cheesy

iCEBLOW throwing his weapons.  or, blowing his weapons.

or, in medical terms, engaging in "projectile vomiting".

You are also welcome to fuck to https://voat.co/v/bitcoinxt, where your XT junta will not be "suppressed" by moderators enforcing rules.

Why are you supporting theymos' "epitome of authoritarianism" and "censorship" by gracing his forum with your presence?

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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August 16, 2015, 10:59:20 PM
 #30817

Sidechains are not altcoins, nor are they "watered down," nor are their block chain's "seperate."

Do you guys know what the phrase "TWO WAY PEG" means?   Cheesy

Yes, something that is impossible. Ask the SNB (down) or PBOC (up).


Fiat, LOL.

Do you know what the phrase "ATOMIC TRANSACTION" means?   Cheesy

(Keep acting stupid, I can do this all day.)

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
brg444
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Bitcoin replaces central, not commercial, banks


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August 16, 2015, 11:01:45 PM
 #30818

It doesn't take much brains to figure out why the speed of increase of avg block has accelerated from days where Bitcoin had 10,000 users and how it projects to pickup even more speed as adoption and awareness grows.

"Supply creates its own demand"

This is false.  The growth rate of the average block size was fastest in early 2011. 

Well that sort of makes sense considering it started from barely anything but the point still stand.

Do you propose the growth rate of blocksize to decrease with time. I'm pretty convinced it won't until we start serving half of the transactions on earth (if we do insist on keeping them all on blockchain)

"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 16, 2015, 11:02:56 PM
 #30819

Sidechains are not altcoins, nor are they "watered down," nor are their block chain's "seperate."

Do you guys know what the phrase "TWO WAY PEG" means?   Cheesy

Yes, something that is impossible. Ask the SNB (down) or PBOC (up).


Fiat, LOL.

Do you know what the phrase "ATOMIC TRANSACTION" means?   Cheesy

(Keep acting stupid, I can do this all day.)

Keep acting smart.
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August 16, 2015, 11:02:59 PM
 #30820

"Supply creates its own demand"

you always say this as if it is a one way function leading to XT gloom.

i think the opposite is even more likely, "demand creates it's own supply".  i've talked about this before, as internet traffic demand from XT increases thru user fee based tx's, ISP providers could be thrilled to be able to monetize all the new traffic as they have long envisioned via the new internet economy.  growth of the online economy is something they have been preparing for years for.  all that fiber optic cable being laid across Africa as we speak could bring on billions of new internet users all of whom will have to pay some degree of connectivity fees.  same goes for Western economies.  i'd bet these ISP's love economic growth way more than oppressive gvt regulations choking that same growth.
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