Johnny Mnemonic
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December 02, 2018, 09:59:19 PM |
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Long ago it was decided that Monero would take an alternative route, wherein having those wheels available to prevent the bicycle from falling over is good, and the tradeoff of having an infinite supply of monero is acceptable.
If by "acceptable" you mean "bloody awesome" then I agree with you! If only we had an exponentially increasing supply, say one percent or so, then we'd really be cookin'! Do even mature economies not grow by at least one percent per year?
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Febo
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December 02, 2018, 10:55:08 PM |
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Long ago it was decided that Monero would take an alternative route, wherein having those wheels available to prevent the bicycle from falling over is good, and the tradeoff of having an infinite supply of monero is acceptable.
If by "acceptable" you mean "bloody awesome" then I agree with you! If only we had an exponentially increasing supply, say one percent or so, then we'd really be cookin'! Do even mature economies not grow by at least one percent per year? USA had 8 such years in past 56.
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ArticMine
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Monero Core Team
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December 03, 2018, 12:32:29 AM |
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... Mmh... let's think in a world where there is no longer any block reward.
Why would the total fees go to zero?
Miners would add as much transactions as they can, adding highest fee transactions first. So I don't see how you end up with "there is no more incentive for the POW".
Why would anyone pay a fee with an unlimited blocksize? Where is the economic scarcity? Edit: What one gets is either a race to the bottom if there is real competition among miners or a cartel that may support fees for a while.
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Hueristic
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Doomed to see the future and unable to prevent it
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December 03, 2018, 01:57:04 AM |
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... Furthermore the total fees per block are independent of the block weight. The net result of this is that if the block reward goes to zero the total fees paid per block also goes to zero. One conclusion is that in a Bitcoin like coin with a falling block reward in order for the Satoshi fee market to even have a chance of working the penalty in terms of the block reward for increasing the block size (weight) must be stiffer than that in Monero. One can then see the rationale for Bitcoin core's strict block weight limit. ...
Can you elaborate on this or link me to a discussion that does? I know your quite familiar with the bitcoin codebase and appreciate the time you spend explaining this. I have no time nor skillset left to do so anymore. By the way I prefer to see Bytecoin as the canary in the coal mine for falling block rewards as opposed to the scam in the pre or ninja mine.
Nice observation but the two are not mutually exclusive. As I mentioned above. If there is competition between miners then as the block reward goes to zero so do the total fees per block since the "penalty" in terms of block reward is less than that in Monero. At this point there is no incentive for the POW and the coin becomes insecure. The alternative is a mining cartel or monopoly that sets minimum fees. Quite apart from the centralization involved I have serious doubts such a cartel will be sustainable in the long term since individual members will cheat.
I would think the onus would become the responsibility of the holders to secure their own reserves. I am not sure of what arguments there are i this regard.
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“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.”
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birr
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December 03, 2018, 07:39:06 AM |
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This is interesting Q. There should be a dynamic limit, based on the median size of the previous blocks A. Strongly disagree, that's just another way of letting miners decide. Assuming for the sake of argument that Theymos's point is valid, what does this say about Monero?
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Globb0
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Free spirit
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December 03, 2018, 09:18:14 AM |
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Don't they also risk a normal size block coming through quicker?
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BldSwtTrs
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December 03, 2018, 11:12:59 AM |
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... Mmh... let's think in a world where there is no longer any block reward.
Why would the total fees go to zero?
Miners would add as much transactions as they can, adding highest fee transactions first. So I don't see how you end up with "there is no more incentive for the POW".
Why would anyone pay a fee with an unlimited blocksize? Where is the economic scarcity? Edit: What one gets is either a race to the bottom if there is real competition among miners or a cartel that may support fees for a while. Well, one would pay a fee to get his transaction included in a block. Miners won't include non fee paying transactions, they won't consume their resources for nothing. It seems you are assuming that competition will drive the price (of a transaction) below miners' costs. Which makes no economics sense. Price will stay above costs, even in a very competitive environment.
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TheFuzzStone
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thefuzzstone.github.io
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December 03, 2018, 12:03:10 PM |
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kurious
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December 03, 2018, 02:41:22 PM |
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Good to see you stepping in, V8 - your comments will be welcomed I am sure - even if you choose to offer some healthy scepticism. The quality of debate is pretty good here. Ref: Theymos - actually he surprised me with how open and measured he is. He is far more nuanced and less dogmatic than I would have expected, it was an interesting read. How it relates to the Monero tail emission is not clear, as we just don't know yet. However, Monero will reach this point before BTC does, as the end of the 'normal' block reward will be reached before BTC's. That said, even if Monero is successful once it transitions into its tail emission (or a failure of a.n.other POW coin following the end of block reward proves the concept iffy) I can't see Bitcoin changing. Mainly as all the bitcoins out there will have owners with a huge vested interest in no further coins being issued. Both coins' paths have been set - albeit Monero is probably more able to make a change than Bitcoin since it is not quite seen as 'holy writ' in the way Bitcoin is. I think - as Theymos said, the end of the block reward is unlikely to sink Bitcoin and a 'fix' will be found to make fees pay for the continuance of network security performed by miners somehow. But even Theymos admitted there are huge issues with fees, mining and transactions that are not optimal and do not really work as envisaged. Crypto is still new and must face all kinds of issues - some already known and some yet to be seen. Monero's tail emission is a possible fix for the post-block reward issue. It has yet to be proven and until it is, it's just a different theoretical approach to Bitcoin's. Ta for the merit; cordially reciprocated.
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我想要火箭和火车
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cAPSLOCK
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Maybe the Mars is the future!
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December 03, 2018, 03:48:58 PM |
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What brings you to these parts, stranger? This is interesting. I may be more conservative than many of my fellow Monero fans. Blocksize score -31.2498 Flexibility score -27.69228
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generalizethis
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Facts are more efficient than fud
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December 03, 2018, 03:57:11 PM |
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The mining rewards debate seems like a waste of keystrokes given none of us (barring some incredible advancements--fingers crossed) will live to see it happen and there's an argument to be made that a superior quantum money will exist long before mining rewards becomes an issue. I just don't see us or BTC lasting long enough to find out.
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Febo
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December 03, 2018, 03:57:39 PM |
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This is interesting Q. There should be a dynamic limit, based on the median size of the previous blocks A. Strongly disagree, that's just another way of letting miners decide. Assuming for the sake of argument that Theymos's point is valid, what does this say about Monero? Monero have tail emission. This cant work without one. So yes theymos is totally right.
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Hueristic
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Doomed to see the future and unable to prevent it
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December 03, 2018, 05:56:36 PM |
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It's interesting that my simple question of whether the bitcoin codebase precludes dynamic blocksize due to technical reasons would spark this debate here. I guess it's still a real hot button topic. One which I never wanted to get involved in as I personally see Bitcoin as a stepping stone that has moved into a different space of a store of value and cannot evolve to fulfill its initial role. But I also see that as a good thing, we need a safe dependable chain that is completely safe from the fuckery of TPTB. I never understood the hate for alternate chains for alternate roles, it seems obvious to me to use different tools for different tasks. What brings you to these parts, stranger? This is interesting. I may be more conservative than many of my fellow Monero fans. Blocksize score -31.2498 Flexibility score -27.69228 There were quite a few questions I would have preferred to answer "I have no fucking clue" but here is what I came up with my best guesses. Your position on the blocksize political compass
Blocksize score 9.37494
Flexibility score -10.76922 I think that means I am in disagreement with myself. Monero have tail emission. This cant work without one. So yes theymos is totally right.
Only right if you decouple it from tail emission which it should not be but apparently if you try to have that discussion people stick their fingers in their ears and yell to not hear you. But seriously there are tradeoffs and currently there is no way bitcoin will ever be used for everyone to buy their morning coffe so it's already moot. It seems to me this is a good thing as it distances Bitcoin even farther from Monero as the spaces they are in are growing wider by each decision being made and therefore make them complimentory. now all we need is a immutable decentralized crosschain solution and I'd be happy as a pig in shit.
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“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.”
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EuSouBitcoin
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December 03, 2018, 06:05:04 PM |
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Is this based on a subjective view, objective data, or both? I’ve been watching Monero for a long time, I think this is one of the most profitable assets, but why I didn’t take it three years ago, although I thought to take a lot, I took just a few coins just like that.
It's a good time to buy, methinks. Recent events rang my cheap bell.
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You can't win if you don't play. But you can't play if you lose all your chips. First I found bitcoin (BTC). Then I found something better, Monero (XMR). See GetMonero.org
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kurious
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December 03, 2018, 07:44:12 PM |
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Hmm... to force exchanges to avoid privacy coins is feasible, but it would look as it is - overly authoritarian. If they try, it cannot be a global ban very easily, either. I hope they won't try. I do think people would fight an overt 'ban' in most countries. In an age where real money-laundering by massive banks is 'normal' - it would seem total hypocrisy to try to ban a coin with a transaction level such as that of Monero's. And if it becomes much bigger, I doubt it will be possible to try to ban it - as they may simply fail and create a coin that ONLY works underground and in illegal ways. <insert random Nietzsche quote here>
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我想要火箭和火车
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phishead
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December 04, 2018, 02:48:33 AM |
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Hmm... to force exchanges to avoid privacy coins is feasible, but it would look as it is - overly authoritarian. If they try, it cannot be a global ban very easily, either. I hope they won't try. I do think people would fight an overt 'ban' in most countries. In an age where real money-laundering by massive banks is 'normal' - it would seem total hypocrisy to try to ban a coin with a transaction level such as that of Monero's. And if it becomes much bigger, I doubt it will be possible to try to ban it - as they may simply fail and create a coin that ONLY works underground and in illegal ways. <insert random Nietzsche quote here> That's why I'm so happy to see a lot of people doing OTC trading/bisq usage from Monero people. Seems like it's always the highest volume trading pair on bisq at least. As long as someone is willing to sell and you are willing to buy, there will always be a market and decentralized exchanges will be in need. Even though I haven't used it in a while, bisq and other decentralized exchanges will have to be the answer if there is a ban on all KYC exchanges
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kurious
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December 04, 2018, 01:18:31 PM |
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Hmm... to force exchanges to avoid privacy coins is feasible, but it would look as it is - overly authoritarian. If they try, it cannot be a global ban very easily, either. I hope they won't try. I do think people would fight an overt 'ban' in most countries. In an age where real money-laundering by massive banks is 'normal' - it would seem total hypocrisy to try to ban a coin with a transaction level such as that of Monero's. And if it becomes much bigger, I doubt it will be possible to try to ban it - as they may simply fail and create a coin that ONLY works underground and in illegal ways. <insert random Nietzsche quote here> That's why I'm so happy to see a lot of people doing OTC trading/bisq usage from Monero people. Seems like it's always the highest volume trading pair on bisq at least. As long as someone is willing to sell and you are willing to buy, there will always be a market and decentralized exchanges will be in need. Even though I haven't used it in a while, bisq and other decentralized exchanges will have to be the answer if there is a ban on all KYC exchanges I haven't ever used a decentralised exchange, but I will check Bisq out, I would like to support the concept at least. But does it sort the fiat/crypto issue?
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我想要火箭和火车
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Febo
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December 04, 2018, 02:48:49 PM |
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Hmm... to force exchanges to avoid privacy coins is feasible, but it would look as it is - overly authoritarian. If they try, it cannot be a global ban very easily, either. I hope they won't try. I do think people would fight an overt 'ban' in most countries. In an age where real money-laundering by massive banks is 'normal' - it would seem total hypocrisy to try to ban a coin with a transaction level such as that of Monero's. And if it becomes much bigger, I doubt it will be possible to try to ban it - as they may simply fail and create a coin that ONLY works underground and in illegal ways. <insert random Nietzsche quote here> That's why I'm so happy to see a lot of people doing OTC trading/bisq usage from Monero people. Seems like it's always the highest volume trading pair on bisq at least. As long as someone is willing to sell and you are willing to buy, there will always be a market and decentralized exchanges will be in need. Even though I haven't used it in a while, bisq and other decentralized exchanges will have to be the answer if there is a ban on all KYC exchanges I haven't ever used a decentralised exchange, but I will check Bisq out, I would like to support the concept at least. But does it sort the fiat/crypto issue? Apparently they just made the biggest in history update yesterday: https://github.com/bisq-network/bisq/releases/tag/v0.9.0
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