Topic: 90 minutes for 1 block... - page 2. (Read 7052 times)

just use the "ignore" link

This is really reprehensible.

For those who are missing the context— goat was running some secretive business that looked like it was either a HYIP front or a money laundering operation that was attracting a lot of miners with its wild returns (it was subsequently shut down after a lot of people started asking questions; and his primary competition has more recently vanished with a bunch of people's funds).  I was concerned that people were joining in eager for the BIG MONEY without being aware of the risks in whatever they were getting involved in. I tried to get some confidence in private that what he was doing wasn't going to result in a bunch of overly credulous bitcoiners getting ripped off or arrested but Goat did not respond.

I posted in public basically outlining the risks— e.g. that people receiving funds from him should be asking sharp questions about the origins of the money because if the funds were being laundered for child porn, arms, or drug deals law enforcement may be knocking at the door of the people receiving the funds. Goat's response was to put up a _bounty_ of several hundred BTC for someone to fabricate evidence of me being involved in these activities.   Is this the kind of person you want to do business with?

He removed the bounty after I started inquiring about collecting it myself— after I'd started on fabricating some evidence too. Bummer.

Apparently some other forum moderator was already investigating him because someone with a very similar name to Goat's business had been trying to sell Thailand sourced child porn on the forums. I wasn't aware of this but I guess my inquiry struck a nerve. Goat also put up a similar bounty about the moderator investigating this, though I believe it was closed as just a coincidence.

In any case, any time we interact he's sure to spread these BS rumors, I don't mind too much because it just makes another example of what a despicable person he is and why no one should do any business with him.

I do not know how to solve physical point-of-sale with Bitcoin. I do know using a credit/debit card with fees hidden or otherwise is no better than what we have now.

Edit: Also I believe we are getting off topic from the OP. The OP was complaining about how long he or she had to wait for a transaction to go through. A large monetary amount to transfer would not be feasible with a credit/debit card.

I disagree.  Tell me, how else are you going to solve physical point-of-sale with Bitcoin?

But it's true, most people do not care about those fees they don't see on their statements and or receipts and they do want their products and services right away.

A Bitcoin credit/debit card would be nice, but there still would be hidden fees associated with it and proves my point that we are a gotta have it now/instant gratification society.

Hey, I completely agree with you Holliday.  I just didn't like the way sharky said that people paying with debit/credit cards only care about instant gratification and don't care about the fees.

Oh you're a big boy aren't you.   

Are you any more successful with that pump em and dump em scheme?
 
( probably up to the point where you drop your drawers and the scam becomes obvious )

That's less about instant gratification and more about not wanting to wait for 90 minutes at a checkout stand.

You are not the norm. Most people want it now and do not care about a fee. For example; credit cards and the fee's that are charged to merchants and get passed on to product cost. Most people know about those fees and simply do not care because they got their instant gratification.

Difficulty follows price, not vice versa.

not even talking about the fact that mining BTC with CPU/similiar gives you more reward than LTC. Well thats the market
LTC is a nice idea, it just needs a place to fit.

Your premise that one's choice of currency is based on what one can mine, and not on what has the most support among merchants, traders, and exchanges, is questionable at best.

The miners may do so but they won't get their coins back since the transaction fee will subsidize future block reward. Doing this is equivalent to reduce mining variance by receiving less reward. It is also very risky when the block becomes orphaned and the whole world will see those transactions. We may also have a limit for the amount of difficulty reduced.

… so … the miners would include transactions (of course without broadcasting these) with many Ƀs in transaction fees, just to reduce their personal difficulty. As every miner will put all his coins into such fake transactions, we would thus end up in proof of stake disguised as proof of work mining

Well too bad that could not apply to pre-ordered asic's

Lol

Works as well as Bitcoin.  Because it is Bitcoin, with a few tweaks to make it seem like something new for all the early adopter jonesers,
but doesn't add anything significant.  So it is as solid as solidcoin.  The fact that a scambag like Goat has taken an interest in it is excuse
enough for me to avoid it.   

 

You can have Trustless, instant, off-the-chain Bitcoin payments. It does require you to tie up funds with a specific processor/bank; but it does not require you to have a balance, that is, the processor cannot steal or lose your coins, and if something goes wrong you get the tied-up coins back at the end of the term.

It's not perfect but I think it's powerful enough that the whole confirmation time debate is moot.

We need a feedback mechanism to minimize very long rounds (and less importantly, very short rounds). I have proposed this before.

Instead of collecting transaction fee, miners will use transaction fee to offset part of the mining difficulty. For example, today's difficulty is about 3,000,000 ("baseline difficulty") and block reward is 50BTC. If the total transaction fee is 0.1BTC, which is 0.2% of block reward, the miner will only need to mine the block with difficulty = 3,000,000*(1-0.002) = 2,994,000 (effective difficulty).

In the 90-minutes block, the transaction fee was 0.612BTC, which would reduce the effective difficulty and expected block discovery time by 1.22%.

This scheme will also minimize very short rounds: at the beginning of rounds which transaction fee is zero, the effective difficulty is equal to the baseline difficulty. The effective difficulty will decrease as transaction fee accumulates. Therefore, it is more difficult to mine at the beginning of rounds. This will also punish those miners who refuse to include transactions in their blocks.

The fee will contribute to the mining reward in the far future, which will slow down the depletion of the mining reward.

Its doing very well.

up about 100% in only a few months

I have sent zero confirmations bitcoins from deposits at blockchain.info on numerous occasions. With zero fees no less. The network just ends up including both my transfer to blockchain.info and my transfer of that same money from there elsewhere in the same block (though it does take a while sometimes )