Anyway, I updated the stats page for the node of ours.
http://node.cryptowatch.com/
If anyone's interested in the scripts behind the stats, feel free to get in touch, for more info. They were originally made by Shorena, and it requires some tech know how to be set up. If there's interest for it, a noob guide might be made later on with instructions.
Topic: Are people incentivized with [btc] to run nodes? - page 2. (Read 2401 times)
Solo miners generally need to run a full node in order to mine effectively.
How does it allow them to mine more effectively?Mining pools also generally need to run a full node in order to operate effectively.
Again, why would that be?In order to solo mine (or to operate a mining pool), your software need to build valid blocks.
Building valid blocks requires that the mining software has access to the hash of the most recently solved block, that it has access to a complete UTXO set, that it knows what the current difficulty is, and that all this information from a source that the miner (or pool) can trust, or better yet, have it all in a way that allows their software to verify everything itself so that it doesn't need to trust any other source (in other words, running a full node).
Furthermore, they need to get the information as quickly as possible (so that other miners don't solve a block before they can even get started), and if they solve a block they need to get it to as many other mining nodes as possible as quickly as possible (so that their block doesn't get orphaned). Therefore, any delays that occur (while they are communicating with their trusted source if they are not running their own node) reduces their revenue.
Understanding how bitcoin can be a paradigm shift in how payments are done online, I'm operating a full node at cryptowatch.com. It's got a 2x1gbit connection, and could be used as a seed node for anyone in Europe.
So far, there's only been expenses in relation to this. So you've got to be somewhat dedicated to the cause. However, I don't think that financial motives is the only way to get people to act in a positive manner to create a better world.
After all, it's quite spectacular to be able to be a part, although a very small one, of such a big project as this. That fuzzy feeling, knowing that your contribution counts, and that you're a part of the whole network. No matter how small your contribution is, it still counts.
Also, despite all the negative talk about excessive disk and resource usage. I think any dedicated hobbyist is able to keep up with those demands. We must also realize that every node operator is a part of a huge global payment network. And the more nodes are up, the bigger and stronger the network become.
Perhaps in the future there will be a way to compensate node operators a little bit? Not sure if it's a good idea, as some people might start "farming" fake nodes in the hope of generating revenue.
So far, there's only been expenses in relation to this. So you've got to be somewhat dedicated to the cause. However, I don't think that financial motives is the only way to get people to act in a positive manner to create a better world.
After all, it's quite spectacular to be able to be a part, although a very small one, of such a big project as this. That fuzzy feeling, knowing that your contribution counts, and that you're a part of the whole network. No matter how small your contribution is, it still counts.
Also, despite all the negative talk about excessive disk and resource usage. I think any dedicated hobbyist is able to keep up with those demands. We must also realize that every node operator is a part of a huge global payment network. And the more nodes are up, the bigger and stronger the network become.
Perhaps in the future there will be a way to compensate node operators a little bit? Not sure if it's a good idea, as some people might start "farming" fake nodes in the hope of generating revenue.
Solo miners generally need to run a full node in order to mine effectively.
How does it allow them to mine more effectively?If you convince a miner to accept an invalid tx, and it includes it in a block, the block will be ignored by all full nodes, wasting the miner's time. Although you could (probably?) create a client that validates transactions w/o a full copy of the blockchain, it seems pretty inefficient to me (you'd have to query other nodes for each new tx you intend to place in the new block I'd imagine?).
they believe it makes their wallet more secure.
It seems it would make it less secure…There are known weaknesses and attacks against SPV clients. Although they don't appear easy to pull off in practice, if you're dealing in high value transactions then you can afford to run a full node and be "better safe than sorry." (Cold vs hot wallets is a different issue. There's no reason you can't use a cold wallet with a hot watching-only full-node-based wallet.)
Solo miners generally need to run a full node in order to mine effectively.
How does it allow them to mine more effectively?Mining pools also generally need to run a full node in order to operate effectively.
Again, why would that be?they believe it makes their wallet more secure.
It seems it would make it less secure… 
people who host nodes don't get any btc for this, they are doing this to support bitcoins only
tx fees goes to the miners
tx fees goes to the miners
Solo miners generally need to run a full node in order to mine effectively.
Mining pools also generally need to run a full node in order to operate effectively.
Since solo miners and mining pools earn bitcoins for their mining activities, and they need to run a full node to participate in those activities, they are essentially being compensated for running the node.
Any non-miners are doing it as a hobby, charity, or because they believe it makes their wallet more secure. There is no direct financial incentive to run a full node if you are not a solo miner or a mining pool.
Mining pools also generally need to run a full node in order to operate effectively.
Since solo miners and mining pools earn bitcoins for their mining activities, and they need to run a full node to participate in those activities, they are essentially being compensated for running the node.
Any non-miners are doing it as a hobby, charity, or because they believe it makes their wallet more secure. There is no direct financial incentive to run a full node if you are not a solo miner or a mining pool.
Bitnodes shows everyone running nodes.
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
No direct incentive. But running a full node is important for many bitcoin businesses to check balance, make payment securely etc.
There are no bitcoin-payout incentives for operating a full node, but that are less tangible ones.
Operating a full node means you can do full bottom-up validation of all transactions, instead of relying on height-based validation. It also prevents evil nodes which you may connect to from withholding transactions from your view.
In other words, if you're regularly dealing in high-value transactions, running a full node is definitely a good idea. If not, than the only other incentive I can think of is that warm-fuzzy feeling from helping out a good cause.
Operating a full node means you can do full bottom-up validation of all transactions, instead of relying on height-based validation. It also prevents evil nodes which you may connect to from withholding transactions from your view.
In other words, if you're regularly dealing in high-value transactions, running a full node is definitely a good idea. If not, than the only other incentive I can think of is that warm-fuzzy feeling from helping out a good cause.
Bitnodes shows everyone running nodes.
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
Nope. Bitcoin nodes do not receive any incentives from running it. They just support the bitcoin network like a volunteer or something.
Correct, though people running full nodes could also set up an info page with a donation address for their nodes.
For example, shorena has done so (http://213.165.91.169/) and received a small amount of donation.
Bitnodes shows everyone running nodes.
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
Nope. Bitcoin nodes do not receive any incentives from running it. They just support the bitcoin network like a volunteer or something.
Bitnodes shows everyone running nodes.
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
Are these people incentivized to run nodes? If not, why not? If so, do node operators make some BTC from transaction fees, etc.?
thanks
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