Gold collapsing. Bitcoin UP.

[cypherdoc]

fiat is king. btw the hate bitcoiners have against fiat is far stronger than the political skirmish some moneranoj have against bitcoin (me included, I dont see reasons to use bitcoin anymore), seeing how bitcoin needs fiat to survive its quite a paradox it is hated so much, monero on other hand doesnt need bitcoin to survive.

So says the Monero pimp.

[1714016533]

1714016533

[1714016533]

1714016533

[cypherdoc]

http://reddit.com/r/Bitcoin/comments/3fuz2s/peter_todd_against_gavin_on_the_bitcoindev/cts8dn1

PT is getting trashed in the rest of the comment section those who seem sick of him are getting very highly upvoted

https://www.reddit.com/r/Bitcoin/comments/3fuz2s/peter_todd_against_gavin_on_the_bitcoindev/

I think this whole blocksize "debate" has opened a lot of people's eyes.

the pro-bigger block upvotes on Reddit, IN GENERAL, are increasing in intensity and pitch and trashing Cripplecoiner's.  the whole lot of Blockstream core dev has been "in absentia" for weeks now and even the personal attacks against me are subsiding in intensity.

poor Cripplecoiner's.  the day of reckoning is nearing.

[cypherdoc]

so if I understand correctly Peter's "landmark paper" rise to the top was.."short like leprechaun".

http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-August/009916.html

a valiant effort I guess. getting some more peer-review probably would've been of better judgment?

ps. I'm not against you "crowd-sourcing" your grammar but I thought the whole exercise on reddit made your thread unreadable.

if it was short, which it wasn't, it was only b/c guys like you didn't understand the math and b/c of your myopia.

so if that wasn't enough, perhaps today's Gavin quote stuck to the top of Reddit with over 500 upvotes is good enough for you?:

https://www.reddit.com/r/Bitcoin/comments/3fxvn8/gavin_andresen_on_his_vision_for_bitcoin_i_think/

[cypherdoc]

$DJI getting ready to set a new short term low.  i love this;

[cypherdoc]

oh my, Cripplecoiner's need to watch this from Andreas if you don't want to "lose all your money".  also, keep going to the end b/c it's clear that Andreas gets it:

https://www.youtube.com/watch?v=3jqpKEHYGE0&feature=youtu.be&t=40m11s

[cypherdoc]

what's a fair price for oil at this point?  $25?:

[cypherdoc]

here's my theory.

the Fed might continue to threaten to raise interest rates all day long for months on end, which i don't think they will, but what is happening behind closed doors?  is their PPT division continually printing to perform stick saves all along this sideways pattern trying to prevent a selloff?:

[cypherdoc]

only 14 more pts to go...

[iCEBREAKER]

http://reddit.com/r/Bitcoin/comments/3fuz2s/peter_todd_against_gavin_on_the_bitcoindev/cts8dn1

PT is getting trashed in the rest of the comment section those who seem sick of him are getting very highly upvoted

https://www.reddit.com/r/Bitcoin/comments/3fuz2s/peter_todd_against_gavin_on_the_bitcoindev/

I think this whole blocksize "debate" has opened a lot of people's eyes.

the pro-bigger block upvotes on Reddit, IN GENERAL, are increasing in intensity and pitch and trashing Cripplecoiner's.  the whole lot of Blockstream core dev has been "in absentia" for weeks now and even the personal attacks against me are subsiding in intensity.

poor Cripplecoiner's.  the day of reckoning is nearing.

Reddit has made their decision, now let them enforce it.  Remind me, how many divisions does Chairman Pao command?  

The max block size isn't changing anytime Soon^®; you are wasting your energy pounding sand here.

Trash PT and iB all you like, it makes no difference to the Honey Badger of Money.  

Remember the day your beloved overhyped 20mb Gavinblocks' got #REKT like Germanwings Flight 9525?  In case you forgot:

http://cointelegraph.com/news/114481/chinese-exchanges-reject-gavin-andresens-20-mb-block-size-increase

Hah, that was good times!      

[cypherdoc]

http://reddit.com/r/Bitcoin/comments/3fuz2s/peter_todd_against_gavin_on_the_bitcoindev/cts8dn1

PT is getting trashed in the rest of the comment section those who seem sick of him are getting very highly upvoted

https://www.reddit.com/r/Bitcoin/comments/3fuz2s/peter_todd_against_gavin_on_the_bitcoindev/

I think this whole blocksize "debate" has opened a lot of people's eyes.

the pro-bigger block upvotes on Reddit, IN GENERAL, are increasing in intensity and pitch and trashing Cripplecoiner's.  the whole lot of Blockstream core dev has been "in absentia" for weeks now and even the personal attacks against me are subsiding in intensity.

poor Cripplecoiner's.  the day of reckoning is nearing.

Reddit has made their decision, now let them enforce it.  Remind me, how many divisions does Chairman Pao command?  

The max block size isn't changing anytime Soon^®; you are wasting your energy pounding sand here.

Trash PT and iB all you like, it makes no difference to the Honey Badger of Money.  

Remember the day your beloved overhyped 20mb Gavinblocks' got #REKT like Germanwings Flight 9525?  In case you forgot:

http://cointelegraph.com/news/114481/chinese-exchanges-reject-gavin-andresens-20-mb-block-size-increase

Hah, that was good times!      

as Andreas says, "prepare to lose all your money!" 

[cypherdoc]

only 14 more pts to go...

whoops.  breach in the hull...

sell, sell, sell.

[phoenix1]

@ ICETroll
you missed the edit at the bottom of the article linking to this tweet

Update 10:08 GMT: OKCoin has pointed out that they sent out a tweet in support of the block size limit increase in May.

https://twitter.com/OKCoinBTC/status/598412795240009728

Block size increase makes #Bitcoin more efficient and enables faster confirmations. OKCoin's tech team believes it's the right decision.

You also totally misrepresent the article in your post (usual behaviour  ):

both exchanges recognize that the current one megabyte block size limit is probably too small for Bitcoin to reach mainstream adoption

“We believe in a gradual increase of the block size limit along with a hard upper limit to prevent misuse,“

BTCChina and Huobi shared concerns that a jump to 20 megabytes might be too big, while suggesting that a more sustainable long term solution should be sought after

There is another artilce (which I am sure you won't bother to dig out, and I ma not going to do for you) where they virtually agreed to an increase to 8MB blocks.

20MB was always Gavin's opening gambit ...

#REKT ... I don't think so ...

[cypherdoc]

simple maths that the Cripplecoiner's love to ignore.  thx to Peter_R for highlighting the importance of the exchange price:


Anthony Towns via bitcoin-dev
4 days ago
Reply
Permalink
Raw Message
Report
...
I haven't seen anyone do the (trivial) maths on this. Have I just
missed it? By my count:

- blocks in 25 btc in rewards and about 0.5 btc in fees per block
- at ~$300 USD per btc, that's ~$7,650 per block

- current hashrate is ~400 PH/s; so ~240,000 PH/block works out
to having to spend about 30PH per dollar earnt.
- for comparison,
https://products.butterflylabs.com/cloud-mining-contracts.html
quotes $1.99 per GH/s for 12 months, which by my count is
60*60*24*365 / 1.99 GH/$ = 15.8 PH per dollar spent
- hashrate growth has slowed from about x4/quarter to x2/year:
sep '13: ~1PH/s
dec '13: ~4PH/s
mar '14: ~20PH/s
jun '14: ~80PH/s
sep '14: ~200PH/s
aug '15: ~400PH/s

- so, as far as I understand it, miners don't make absurd profits compared
to capital investment and running costs
- presumably, then, miners will stop mining bitcoin if the revenue/block
drops significantly at some point
- less miners means a lower hashrate; a lower hashrate makes
50% attacks easier, and that's a bad thing (especially if there's lots
of pre-loved ASIC mining hardware available cheap on ebay or alibaba)

- in about a year, the block reward halves, cutting out 12.5 btc or
~$3750 USD per block. without an increase in fees per block, miners
will just get ~$3900 USD per block
- the last time the reward for mining a block was under $4000 per block
was around oct '13, with a hashrate of ~2PH/s

- 13 btc in fees per block compared to .5 btc in fees per block is a
25x increase; which could be either an increase in fee/txn or
txns/block
- with ~500 bytes/transaction, that's ~2000 transactions per MB
- 13 btc in fees ($3900) per block means per transaction fees of
about
$2 for 1MB blocks
$1 for 2MB blocks
25c for 8MB blocks
10c for 20MB blocks
(assuming full blocks, 500 byte txns)

- comparing that to credit card or paypal fees at ~2.5% that's:
$2 -> minimum transaction $80
$1 -> minimum transaction $40
25c -> minimum transaction $10
10c -> minimum transaction $4

- those numbers only depend on the USD/BTC exchange rate in so far as
the more USD for a BTC, the more likely the block reward will pay
for hashrate without transaction fees, even with the reward reduced
to 12.5 btc/block. otherwise it's just USD/txn paying for USD/hashrate

- the reference implementation fee of 0.1mBTC/kB equates to about
3c per transaction (since it rounds up). Even 10c/transaction is more
than a 3x increase on that.

What the above says to me is that even assuming everyone starts paying
fees, the lightning network works great, and so do sidechains and whatever
else, you /still/ want to up the volume of bitcoin txns by something like
an order of magnitude above what's currently allowed within a year or so.

Cheers,
aj

[brg444]

as Andreas says, "prepare to lose all your money!"  

same Andreas who vouched for NeoBee?

same Andreas who broke everything while at blockchain.info?

same Andreas who's spreading wallet hacking malware on twitter?

Yep. sure making his best effort to lose people money.

That guy is an oblivious douche. I wouldn't want him on my side other than to gather some more reddit derp "support"

[iCEBREAKER]

20MB was always Gavin's opening gambit ...

Oh sure...and getting broken on the Blackwater was always Stannis' opening gambit ...

If you backpedal any faster it might cause a time vortex.   

[cypherdoc]

only 14 more pts to go...

whoops.  breach in the hull...

sell, sell, sell.

now we have the $DJI & $DJT in sync to the downside:

[cypherdoc]

as Andreas says, "prepare to lose all your money!"  

same Andreas who vouched for NeoBee?

same Andreas who broke everything while at blockchain.info?

same Andreas who's spreading wallet hacking malware on twitter?

Yep. sure making his best effort to lose people money.

That guy is an oblivious douche. I wouldn't want him on my side other than to gather some more reddit derp "support"

digging your heels in, eh? 

the Kid Troll trashing anybody who's anybody in the space to try and prove his point.

[majamalu]

as Andreas says, "prepare to lose all your money!" 

They will not lose one satoshi. They will follow the economic majority and they will pretend that they are actually being followed.

[cypherdoc]

as Andreas says, "prepare to lose all your money!" 

They will not lose one satoshi. They will follow the economic majority and they will pretend that they are actually being followed.

possibly, but that may be giving them too much credit.

myopes can't see past their own noses.  take it from an eye surgeon.

[phoenix1]

20MB was always Gavin's opening gambit ...

Oh sure...and getting broken on the Blackwater was always Stannis' opening gambit ...

If you backpedal any faster it might cause a time vortex.  

As usual, you pick up one element of the post, and ignore the rest, (the part that highlights your own misrepresentation of the article)

What exactly am I backpedalling from iCE? As this is my first post here re size, bit tricky to see what I am backpedalling from. I have always held the opinion that you quote. It is my interpretation of the situation, right or wrong. Is, was, remains unchanged. The only vortices are those you continue to create with your spinning of everyone's words. You'll get sucked into one of those, one of these days ...