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Author Topic: BitcoinXT is gone and now what ?  (Read 1004 times)
MadGamer
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September 14, 2015, 07:03:13 PM
 #1

It seems like the panic is gone and Mike hearn probably gave up by now , if we look at XTnodes.com , you will see that nodes number is pretty low ~600 and it's nothing near Bitcoin core nodes .
Same goes for the last mined blocks , it dropped to 1 . SO in your opinion what's going to happen next  Huh If we won't increase the blocksize  we will definitly won't go mainstream ... Is there is any possibility of implenting bigger blocksize on the current blockchain and current Bitcoin Core , If yes then what the developpers are waiting for exactly ?


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1527129780
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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r0ach
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September 14, 2015, 07:34:12 PM
 #2

You procede to realize Bitcoin and it's PoW system have no future and read the pros and cons of other consensus mechanisms and systems in this thread:

https://bitcointalk.org/index.php?topic=1171109.0

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MadGamer
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September 14, 2015, 07:37:42 PM
 #3

You procede to realize Bitcoin and it's PoW system have no future and read the pros and cons of other consensus mechanisms and systems in this thread:

https://bitcointalk.org/index.php?topic=1171109.0

What are you saying exactly here , time to dump while I can and never look back ?


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r0ach
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September 14, 2015, 07:46:58 PM
 #4

You procede to realize Bitcoin and it's PoW system have no future and read the pros and cons of other consensus mechanisms and systems in this thread:

https://bitcointalk.org/index.php?topic=1171109.0

What are you saying exactly here , time to dump while I can and never look back ?

Nah, the 2.0 and higher projects have the positive attribute of being able to blend in with typical Wall Street types of financial products since they function as a platform for things like global equities exchange and derivatives, not just as a native currency alone.  The market cap will just continue to increase until it beats BTC.

I think this guy did a good job of summarizing what Blockchain 3.0 will be:

https://bitsharestalk.org/index.php/topic,18434.0.html

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bathrobehero
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September 14, 2015, 09:41:49 PM
 #5

You procede to realize Bitcoin and it's PoW system have no future and read the pros and cons of other consensus mechanisms and systems in this thread:

https://bitcointalk.org/index.php?topic=1171109.0

As much as I appreciate your research on the topic you linked, I highly disagree with many things. Won't get into all the details only that I think PoS is flawed and way overrated and while PoW isn't perfect for sure, it's probably the best solution and it's safe to say it's here to stay.

Regarding XT, it was a very hostile fork proposition and I honestly believe there was no way it could have possibly succeeded. At the end of the day Bitcoin develops very slowly and the people yelling about how the blocksize limit is holding back the coin from going mainstream, they are only a very small part of the whole Bitcoin economy. Sure, the blocksize limit should be increased in the future but today, and probably even in the next couple of years it's nowhere near as much of a threat as people perceive it to be. We might need to educate people to increase their transaction fees but it's really not something to shout over.

RIP Bittrex
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September 14, 2015, 09:48:17 PM
 #6

Altcoins can be the answer.  If the Bitcoin network is too busy at any time, people can use altcoins like Litecoin or Dash for example. 

Fun & Friendly p2pool Mining at TreasureQuarry.  Litecoin http://litecoin.treasurequarry.com:9327 Dash p2pool  http://dash.treasurequarry.com:7903
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September 14, 2015, 09:52:25 PM
 #7

bitcoin scrypt

to avoid these hassles  Wink

http://theotherbitcoin.com/
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September 14, 2015, 10:07:23 PM
 #8

Altcoins can be the answer.  If the Bitcoin network is too busy at any time, people can use altcoins like Litecoin or Dash for example.  

Both Litecoin and Dash have the same fixed blocksize issue as Bitcoin, so in the long run neither of them can be considered a solution. It is far from a simple problem, if it is possible at all, to create a fee market in the absence of a block reward even with a fixed blocksize. If one then allows the blocksize to scale with demand this may actually be impossible to attain. One needs to look for a POW coin that has both an adaptive blocksize limit and a minimum perpetual reward and that leaves Monero as the altcoin fix to the blocksize issue.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
Liquid71
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September 14, 2015, 10:22:48 PM
 #9

It seems like the panic is gone and Mike hearn probably gave up by now , if we look at XTnodes.com , you will see that nodes number is pretty low ~600 and it's nothing near Bitcoin core nodes .
Same goes for the last mined blocks , it dropped to 1 . SO in your opinion what's going to happen next  Huh If we won't increase the blocksize  we will definitly won't go mainstream ... Is there is any possibility of implenting bigger blocksize on the current blockchain and current Bitcoin Core , If yes then what the developpers are waiting for exactly ?
Big blocks are centralization. We already have Visa for that, so if you support XT I'd suggest getting a Visa credit card.

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September 14, 2015, 10:22:58 PM
 #10

.
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September 14, 2015, 10:27:05 PM
 #11

Altcoins can be the answer.  If the Bitcoin network is too busy at any time, people can use altcoins like Litecoin or Dash for example.  

Both Litecoin and Dash have the same fixed blocksize issue as Bitcoin, so in the long run neither of them can be considered a solution. It is far from a simple problem, if it is possible at all, to create a fee market in the absence of a block reward even with a fixed blocksize. If one then allows the blocksize to scale with demand this may actually be impossible to attain. One needs to look for a POW coin that has both an adaptive blocksize limit and a minimum perpetual reward and that leaves Monero as the altcoin fix to the blocksize issue.


seriously plug it all day Monero is a shills joke here fullstop.

legend u'd think u'd know better.
r0ach
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September 14, 2015, 10:43:02 PM
 #12

You procede to realize Bitcoin and it's PoW system have no future and read the pros and cons of other consensus mechanisms and systems in this thread:

https://bitcointalk.org/index.php?topic=1171109.0

As much as I appreciate your research on the topic you linked, I highly disagree with many things. Won't get into all the details only that I think PoS is flawed and way overrated and while PoW isn't perfect for sure, it's probably the best solution and it's safe to say it's here to stay.

Perhaps I need to structure it better, but my post says plain as day that standard proof of stake is a dead end solution.  It says that DPoS is the only viable current solution I know of that can scale to global reserve currency.  Another post explaining in more detail why is here (read my first and second post in that thread):

The Bitcoin consensus mechanism is incorrectly labeled Proof of Work

https://bitcointalk.org/index.php?topic=1176835.0


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..INVEST  ●  RENT  ●  TRADE..
 ✓Assurance     ✓Price Discovery     ✓Liquidity     ✓Low Fees





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ArticMine
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September 15, 2015, 12:17:47 AM
 #13

...
seriously plug it all day Monero is a shills joke here fullstop.

legend u'd think u'd know better.

Then show me another POW coin that has a long term solution to the blocksize / fee market issue other than "bury your head in the sand". By the way the reason I even found out about Monero in the first place is because I was researching this very issue back in 2014. I have been following the blocksize issue and the "bury your head in the sand" response from the Bitcoin community since early 2012.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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September 15, 2015, 01:19:09 AM
 #14

Bitcoin blocksize is alread at 0.7 MB: https://blockchain.info/charts/avg-block-size

BitcionXT was supposed to be solution to this problem. If it dies, that what it means for bitcoin? Its only a matter of time when the block size hits the limit of 1MB.

Bitcoin is NOT anonymous: http://www.bitcoinisnotanonymous.com
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September 15, 2015, 01:25:46 AM
 #15

Bitcoin blocksize is alread at 0.7 MB: https://blockchain.info/charts/avg-block-size

BitcionXT was supposed to be solution to this problem. If it dies, that what it means for bitcoin? Its only a matter of time when the block size hits the limit of 1MB.

BitcoinXT is a temporary solution to this problem. One that replaces the 1 MB blocksize limit with an 8 GB blocksize limit over a period of time. Sort of like replacing an 80 byte punchcard with 640KB worth of RAM.

Edit: 640K RAM should be enough for anyone.  Wink

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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September 15, 2015, 02:39:15 AM
 #16

Edit: 640K RAM should be enough for anyone.  Wink


You might be surprised at what you can still do with 640K ram and CP/M.


~BCX~
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September 15, 2015, 05:05:02 AM
 #17

Current Blockchain and size is perfectly fine. thanks to coinwallet or whatever they call their shady service.

I wonder how many are NOXT Nodes in disguise? Cheesy

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September 15, 2015, 05:24:42 AM
 #18

...
seriously plug it all day Monero is a shills joke here fullstop.

legend u'd think u'd know better.

Then show me another POW coin that has a long term solution to the blocksize / fee market issue other than "bury your head in the sand". By the way the reason I even found out about Monero in the first place is because I was researching this very issue back in 2014. I have been following the blocksize issue and the "bury your head in the sand" response from the Bitcoin community since early 2012.

Is really cool that Monero already has a dynamic block size,  I think it will be interesting to see how it behaves with a large volume of transactions / bigger blocksize. Is it possible to do some sort of scalability test?

It would be good to try it somehow, just the fact that is dynamic does not necessarily mean that it will perform well at higher block sizes? Can you explain a bit how it works please? Wouldnt the blocks just continue to get bigger as the volume of transactions rises?
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September 15, 2015, 05:40:53 AM
 #19

...
seriously plug it all day Monero is a shills joke here fullstop.

legend u'd think u'd know better.

Then show me another POW coin that has a long term solution to the blocksize / fee market issue other than "bury your head in the sand". By the way the reason I even found out about Monero in the first place is because I was researching this very issue back in 2014. I have been following the blocksize issue and the "bury your head in the sand" response from the Bitcoin community since early 2012.

Is really cool that Monero already has a dynamic block size,  I think it will be interesting to see how it behaves with a large volume of transactions / bigger blocksize. Is it possible to do some sort of scalability test?

It would be good to try it somehow, just the fact that is dynamic does not necessarily mean that it will perform well at higher block sizes? Can you explain a bit how it works please? Wouldnt the blocks just continue to get bigger as the volume of transactions rises?

It uses a quadratic penalty function, so there is a penalty to the miner for an increase in the blocksize. The impact of this is to create a cost to increase the blocksize based on the loss of part of the block reward vs the increase in fees for the block.  It is explained in the Cryptonote whitepaper. https://cryptonote.org/whitepaper.pdf. The key is that for this to work there has to be an emission leading to a base reward. Monero has addressed this by having a minimum tail base reward of 0.3 XMR per block in perpetuity This add a small amount of inflation under 1% per year for ever. Other Cryptonote coins have not done this so once their regular emission runs out, the penalty becomes meaningless since it is based on the base emission, and  what you describe above is what would happen.

Edit: One needs both and adaptive blockszie and a minimum tail emission for this to work.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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