Gold collapsing. Bitcoin UP.

[lunarboy]

great Reddit thread about how the network of full nodes is VERY capable of handling much more than the FUD 2-3TPS being pushed.  it looks like it can handle anywhere from 221-442TPS at peak.  no wonder my full nodes have been sitting around unstressed and underutilized:

https://www.reddit.com/r/Bitcoin/comments/3cgyiv/new_transaction_record_442_txs_the_nodes_endured/

Yeah these three buried posts cleared a few things up

Tardigrade1 8 points 2 hours ago*

Well, not entirely true. There is more to processing a transaction than propagating and storing it. But now that discussion has proven wrong and confirming that the only problem is the blocksize. There is no reason not to upgrade from a node/network perspective.

Before these spam attacks there was definitly discussion about if the nodes could handle the large volume of tx/s spamming them. This has now gone.

 

[–]awemany 11 points an hour ago*

This is a very good point. What you are basically saying is this, if I understand you correctly - please correct me if I am wrong:

The Bitcoin network got indeed 442tx/s for a short while, filling up mempools.

That means that nodes processed and validated 442tx/s for a while. They only didn't write them to the block chain, to disk as valid blocks, because enforced protocol rules right now prevent that.

The only reason the average actual rate didn't go up to 442tx/s is because the hard blocksize limit prevents blocks from being that large.

Note that without IBLT being implemented yet, you'd have to cut the effective transaction rate in half. Mined blocks would about contain the same number of transactions that get put into the network.

But this still means that the current, as-is Bitcoin network can handle 221 tx/s for a short period of time.

I think it is thus very safe to assume it can handle at least a tenth of that (to play it extra safe) continuously.

That would be 22.1tx/s. ~7MB blocks.

Lets please remove the damn limit now.

[–]Tardigrade1 12 points an hour ago

Yes precisely. This spam-attack has been far more interesting than people here realize. What we learnt was that a very high rate of transactions can still successfully propagate across the world, from node to node. Then they just wait to be included in the block.

[cypherdoc]

great Reddit thread about how the network of full nodes is VERY capable of handling much more than the FUD 2-3TPS being pushed.  it looks like it can handle anywhere from 221-442TPS at peak.  no wonder my full nodes have been sitting around unstressed and underutilized:

https://www.reddit.com/r/Bitcoin/comments/3cgyiv/new_transaction_record_442_txs_the_nodes_endured/

Yeah these three buried posts cleared a few things up

Tardigrade1 8 points 2 hours ago*

Well, not entirely true. There is more to processing a transaction than propagating and storing it. But now that discussion has proven wrong and confirming that the only problem is the blocksize. There is no reason not to upgrade from a node/network perspective.

Before these spam attacks there was definitly discussion about if the nodes could handle the large volume of tx/s spamming them. This has now gone.

 

[–]awemany 11 points an hour ago*

This is a very good point. What you are basically saying is this, if I understand you correctly - please correct me if I am wrong:

The Bitcoin network got indeed 442tx/s for a short while, filling up mempools.

That means that nodes processed and validated 442tx/s for a while. They only didn't write them to the block chain, to disk as valid blocks, because enforced protocol rules right now prevent that.

The only reason the average actual rate didn't go up to 442tx/s is because the hard blocksize limit prevents blocks from being that large.

Note that without IBLT being implemented yet, you'd have to cut the effective transaction rate in half. Mined blocks would about contain the same number of transactions that get put into the network.

But this still means that the current, as-is Bitcoin network can handle 221 tx/s for a short period of time.

I think it is thus very safe to assume it can handle at least a tenth of that (to play it extra safe) continuously.

That would be 22.1tx/s. ~7MB blocks.

Lets please remove the damn limit now.

[–]Tardigrade1 12 points an hour ago

Yes precisely. This spam-attack has been far more interesting than people here realize. What we learnt was that a very high rate of transactions can still successfully propagate across the world, from node to node. Then they just wait to be included in the block.

M_O_A is making an ass of himself throughout that thread.

[TPTB_need_war]

hey, since everybody and their mother now knows i'm an eye doc, how's your diabetic retinopathy?  i was dying to ask you that 3 yr ago back in my cgminer days when you first revealed that.  but that was before HF.   that's right up my alley you know.

Well, after lots of laser shots each visit (I'm pretty sure the total was 100 or more) I stopped going (about 2 years ago?)
Yeah I should get around to going back again when I can afford it (before I go blind)

clinically significant diabetic macular edema is not a good thing.  you need to tighten those blood sugar levels.  yes, laser and occasionally intravitreal injections of Avastin can be helpful.  good luck.

kano, change your diet. Research the Paleo diet. Start with some Google searches:

"Why is wheat bad"

"Why are night shades bad"

"Why is corn bad"

"Why is pasteurized milk bad"

"Why are nuts bad"

Then start fermenting cabbage or some food and eating it daily, along with your Paleo diet, because good bacteria appears to be one of the keys.

Also drastically increase your exercise.

Also consider a fecal transplant.

I am only eating sweet "potato" alias camote for carbohydrates. I am eating mostly chicken soup with cabbage and small mackerel-like fish fried whole (head and tail, crunchy). I eat green leafy vegetables with every meal.

[TPTB_need_war]

great Reddit thread about how the network of full nodes is VERY capable of handling much more than the FUD 2-3TPS being pushed.  it looks like it can handle anywhere from 221-442TPS at peak.  no wonder my full nodes have been sitting around unstressed and underutilized:

https://www.reddit.com/r/Bitcoin/comments/3cgyiv/new_transaction_record_442_txs_the_nodes_endured/

The capability to propagate and verify transactions to some radius of the network is not a proof that propagating larger blocks won't centralize. If you don't understand why, then you should not be commenting profusely on the block size issue.

Again I am not fighting you. Just saying.

[TPTB_need_war]

I suppose you're thinking of 21 Inc's plan for zombie miners?

Somewhat. I'm simply thinking that a large number of smaller miners (whether of the variety envisioned by 21 Inc or otherwise) has an advantage because none of them particularly care about variance or actually prefer it, both for lottery reasons and because in general increased variance is a good way to reduce effective transaction costs.

And you Sir are getting dangerously close to my design. But I did give you a strong hint when I said those who transact should be the miners. But you've got a long way to go from that observation to what I have designed. There are some clever twists still.

[cypherdoc]

https://www.reddit.com/r/Bitcoin/comments/3chtdp/the_blocksize_cap_is_basically_worthless_for/

[TPTB_need_war]

While you are bumming around here, Greg, perhaps you could comment on the first thing which hit me when I looked into IBLT.  Nobody else has.  The thought hit my partially because of who seemed to be promoting it.

You can both just not waste your time, because I will eliminate mempools from PoW consensus.

[BitcoinIsLiberty]

Would it work to create a sidechain with a mix of crypto algorithms that bitcoin uses and offer faster/larger blocks blocks and pegged 1:1 with bitcoin. Then as people use the sidechain, hardware is created that verifies the bitcoin chain and mines on the sidechain?

[brg444]

china markets getting wrekt againn  

[Zangelbert Bingledack]

hey, since everybody and their mother now knows i'm an eye doc, how's your diabetic retinopathy?  i was dying to ask you that 3 yr ago back in my cgminer days when you first revealed that.  but that was before HF.   that's right up my alley you know.

Well, after lots of laser shots each visit (I'm pretty sure the total was 100 or more) I stopped going (about 2 years ago?)
Yeah I should get around to going back again when I can afford it (before I go blind)

clinically significant diabetic macular edema is not a good thing.  you need to tighten those blood sugar levels.  yes, laser and occasionally intravitreal injections of Avastin can be helpful.  good luck.

kano, change your diet. Research the Paleo diet. Start with some Google searches:

"Why is wheat bad"

"Why are night shades bad"

"Why is corn bad"

"Why is pasteurized milk bad"

"Why are nuts bad"

Then start fermenting cabbage or some food and eating it daily, along with your Paleo diet, because good bacteria appears to be one of the keys.

Also drastically increase your exercise.

Also consider a fecal transplant.

I am only eating sweet "potato" alias camote for carbohydrates. I am eating mostly chicken soup with cabbage and small mackerel-like fish fried whole (head and tail, crunchy). I eat green leafy vegetables with every meal.

Glad to see this. Besides the other health benefits, the psychobiotic effects of changing diet and microbe populations can be dramatic. Another easy and cheap thing to ferment is cucumber (skinned and pureed, put in a jar with loose lid for 2-4 days with water on top, usually no salt needed). Used to be just about everything was fermented, many of our bodies' functions are outsourced to cooperative bacteria that we've co-evolved with.

/OT

[TPTB_need_war]

Some of you will find this interesting: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-228-sidechains-with-adam-back-and-andreas-antonoulos

I learned (listened to 15 mins so far and it is mostly boring and redundant for me):

1. There is no mining yet on the alpha.

2. Adam appears to have adopted my upthread suggestion (almost an admonishment of not emphasizing the point more in the white paper) at the 14:35 point in the audio, he emphasizes that the SPV peg should mostly be used by arbitrage players and normal folks will mostly use swaps.

[cypherdoc]

this is a very important insight to understand when viewing the costs of the current spamming attacks going on in the network right now:

https://www.reddit.com/r/Bitcoin/comments/3chtdp/the_blocksize_cap_is_basically_worthless_for/csvqatg?context=3

[cypherdoc]

this is a very important insight to understand when viewing the costs of the current spamming attacks going on in the network right now:

https://www.reddit.com/r/Bitcoin/comments/3chtdp/the_blocksize_cap_is_basically_worthless_for/csvqatg?context=3

IOW, the costs of the 1MB cap are much greater than advertised.  

consider all that spam stacked up in the mempool currently.  all this has been passed around to the entire network and full nodes have had to validate all that crap upon receipt and then store it in memory awaiting a block to clear it.  if the block doesn't come that incl that spam, it gets deleted within 24-48 hr returning the tx fees to the attacker.  note that the attacker doesn't even care to get the tx's cleared; he simply wants to cause all sorts of congestion (which he is getting) so as to disrupt and discourage new and existing user growth which prevents Bitcoin from squaring it's value thru Metcalfe's Law.  

fuck the fee mkt the mouth-breathing Cripplecoiner's spout off about.  the 1MB cap is much more expensive to honest Bitcoin.

[cypherdoc]

Emergency, emergency!:

[thezerg]

this is a very important insight to understand when viewing the costs of the current spamming attacks going on in the network right now:

https://www.reddit.com/r/Bitcoin/comments/3chtdp/the_blocksize_cap_is_basically_worthless_for/csvqatg?context=3

Not to start Cypherdoc foaming at the mouth but could the blocksize cap actually be worse than worthless given spammers and other attacks?  

The two ways I could think of are:

1. spammer posts txns that flood the network and then somehow invalidates, overwrites them (if you RBF by +1 satoshi would that use the same network bandwidth as a new txn, for just 1 extra satoshi?), or just expects that they age out before they hit the blockchain, saving himself the txn fee.

2. txns fill up expensive RAM for hours/days rather then be rapidly promoted to cheap practically-infinitely sized disk space (2 TB on a SSD just announced).

[cypherdoc]

China in trouble:

http://www.bloomberg.com/news/articles/2015-07-08/china-trade-halts-hit-2-2-trillion-as-state-intervention-fails

[Adrian-x]

china markets getting wrekt againn  

Welcome back you've been missed.

[TPTB_need_war]

Well, well, as I said you will all eat from the hand of my invention. Bye, bye mempools...

T
R
A
Pacman munching...
Q
O
I
N

[cypherdoc]

Uber!

[Zarathustra]

hey, since everybody and their mother now knows i'm an eye doc, how's your diabetic retinopathy?  i was dying to ask you that 3 yr ago back in my cgminer days when you first revealed that.  but that was before HF.   that's right up my alley you know.

Well, after lots of laser shots each visit (I'm pretty sure the total was 100 or more) I stopped going (about 2 years ago?)
Yeah I should get around to going back again when I can afford it (before I go blind)

clinically significant diabetic macular edema is not a good thing.  you need to tighten those blood sugar levels.  yes, laser and occasionally intravitreal injections of Avastin can be helpful.  good luck.

kano, change your diet. Research the Paleo diet. Start with some Google searches:

Yes, goog idea. And then research the paleo life style. That was that time before this species evolved into a collectivist cartoon (nationalized homo oeconomicus) of itself. But don't worry, this pandemic disease will disappear as all pandemic diseases did.