BTC doomed unless solve block size issue before the halving

Mervyn_Pumpkinhead

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Quote from: r0ach on May 12, 2016, 04:32:46 AM

Quote from: Mervyn_Pumpkinhead on May 12, 2016, 04:29:05 AM

Things that will happen when miners leave:

Anyone can look at your post history and easily see you're an anti-Bitcoin shill account likely operated by the same entity as "Talks_Cheep" due to having the exact same content and length of posts. You scammers will have to buy a new Bitcointalk account now that all of your spam accounts have been exposed.

Ad homimem much?
I only use one account here and my negative stance on bitcoin comes mostly from it's low future potential.

r0ach

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Quote from: Mervyn_Pumpkinhead on May 12, 2016, 04:29:05 AM

Things that will happen when miners leave:

Anyone can look at your post history and easily see you're an anti-Bitcoin shill account likely operated by the same entity as "Talks_Cheep" due to having the exact same content and length of posts. You scammers will have to buy a new Bitcointalk account now that all of your spam accounts have been exposed.

Mervyn_Pumpkinhead

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Things that will happen when miners leave:

1) Their accumulated coins will be dumped on the markets
2) Lower hashrate will lower the production cost of 1 coin, that will cause damage to the illusion of value that bitcoin holds.

freshman777

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Quote from: r0ach on May 12, 2016, 04:02:07 AM

Nice try

You don't appear to have anything profound to say to refute my arguments.

Denker

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OP if you're still concerned after all this replies you got here, I welcome you to sell me a part of your bitcoins!
So what do you say?You have nothing to lose when it is as doomed as you say.Come on! Grin

r0ach

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Quote from: freshman777 on May 12, 2016, 03:38:12 AM

This is a valid concern, OP.

No, it is actually not, and if you click this guy's post history, it's an obvious IPO scamcoin promotor of Ethereum and IOTA. It's a sockpuppet account created in January of this year who obviously had a different account beforehand. Nice try scammers, but nobody is falling for that bullshit.

freshman777

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This is a valid concern, OP.
The worst part is not hashrate reduction / miners leaving. The short-term effect of that will not last, it will be adjusted after 2016 blocks.

The worst part is the fact that most western miners will be pushed out of Bitcoin production after halving, and China taking over 98% of the hash rate. Chinese electricity is much cheaper, arguably subsidized by the corrupt state officials, ASIC production is cheaper in China, labor is cheaper in China. China will dictate to the miners what they like Bitcoin to be in the future and they will have to comply. They may want to put block rewards back to 25-50, other high number in the future and noone in the world will do anything about it, because none but miners are in control. Every crypto enthusiast should be thinking about this, but most bury their heads in the sand or worse, disingenuously shill Bitcoin as decentralized to n00bs.

Amph

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segwits was scheduled before the halvign on april july time frame, so its hould be in tiem before the halving, maybe a bit too close

at this point i'm expecting the effect of the halving to appear after it, probably later this year

korila

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Quote from: thejaytiesto on May 11, 2016, 01:55:17 PM

Dude this is nonsense. If miners leave then who cares, the difficulty drops and some other people will find it profitable to keep on mining. The network will be still safe and no one is going to be competing against the bitcoin blockchain. Bitcoin network will always find its way to adapt to anything that can happen.

If miners leave, who will confirm transactions Huh

Well I get the point if the difficulty drops, then there will be a room for new miners to start mine.

But for the time they shut off, there could be a perfect storm causes BTC to plunge, and this plunge can cause even competent miners to lose faith in BTC and so on.

I think block size issue must be solved before the halving ...

thejaytiesto

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Dude this is nonsense. If miners leave then who cares, the difficulty drops and some other people will find it profitable to keep on mining. The network will be still safe and no one is going to be competing against the bitcoin blockchain. Bitcoin network will always find its way to adapt to anything that can happen.

korila

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Quote from: r0ach on May 11, 2016, 01:07:32 PM

Quote from: korila on May 11, 2016, 12:54:05 PM

Quote from: r0ach on May 11, 2016, 12:41:15 PM

lol, what a joke of a thread. Nice try to get cheaper coins before halving, but fail.

I am holding 100btc currently,,,
invested a lot just like you,,that's why I am worried about block size issue

I am checking https://coin.dance/blocks everyday,
and starting from last week Segwit is losing supporters
I dont think Segwit will be deployed forever...

Now it's easy to tell you're a scammer because Segwit isn't even released yet. Also, in a system without a mandatory minimum transaction fee, the blocks are designed to be full at all times. This means the only valid metric concerning load or strain on the system is what the historical minimum transaction fee is over time to get included in a block.

You could have full blocks and 1 cent transaction fees, or full blocks and $10 transaction fees. Right now transactions cost basically nothing. As you can see, the percent of blocks being full is a meaningless metric when there is no cost to attempt to fill them. It's a bid system and whoever bids the most wins.

I thought Segwit is released???
because it was showing on coin.dance..
maybe I am missing something here,,,

When will Segwit be released?

Denker

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Quote from: korila on May 11, 2016, 12:54:05 PM

Quote from: r0ach on May 11, 2016, 12:41:15 PM

lol, what a joke of a thread. Nice try to get cheaper coins before halving, but fail.

I am holding 100btc currently,,,
invested a lot just like you,,that's why I am worried about block size issue

I am checking https://coin.dance/blocks everyday,
and starting from last week Segwit is losing supporters
I dont think Segwit will be deployed forever...

Maybe you hold this amount of coins.And therefore I would understand your concerns if Bitcoin could not scale.
BUT Bitcoin WILL scale!!!
SegWit will be implemented pretty soon, Schnoor sigs may come this year as well, code for a blocksize increase in 2017 via HF is demanded by the miners for this year as well.A first version of Lightning Network is the pipeline for this year too!So I don't see any reason why should think that Bitcoin is doomed.There are no reasons to be afraid of anything regarding this topic.

r0ach

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Quote from: korila on May 11, 2016, 12:54:05 PM

Quote from: r0ach on May 11, 2016, 12:41:15 PM

lol, what a joke of a thread. Nice try to get cheaper coins before halving, but fail.

I am holding 100btc currently,,,
invested a lot just like you,,that's why I am worried about block size issue

I am checking https://coin.dance/blocks everyday,
and starting from last week Segwit is losing supporters
I dont think Segwit will be deployed forever...

Now it's easy to tell you're a scammer because Segwit isn't even released yet. Also, in a system without a mandatory minimum transaction fee, the blocks are designed to be full at all times. This means the only valid metric concerning load or strain on the system is what the historical minimum transaction fee is over time to get included in a block.

You could have full blocks and 1 cent transaction fees, or full blocks and $10 transaction fees. Right now transactions cost basically nothing. As you can see, the percent of blocks being full is a meaningless metric when there is no cost to attempt to fill them. It's a bid system and whoever bids the most wins.

maokoto

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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

I do not think that is really a problem. If miners leave in a great number, so will users, and transfers will be less too. Functioning is not likely to be compromised. Price, maybe.

korila

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Quote from: r0ach on May 11, 2016, 12:41:15 PM

lol, what a joke of a thread. Nice try to get cheaper coins before halving, but fail.

I am holding 100btc currently,,,
invested a lot just like you,,that's why I am worried about block size issue

I am checking https://coin.dance/blocks everyday,
and starting from last week Segwit is losing supporters
I dont think Segwit will be deployed forever...

mirana12345

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PM me to buy traffic for your site!

Quote from: korila on May 11, 2016, 12:19:09 PM

Quote from: mirana12345 on May 11, 2016, 12:16:08 PM

Bitcoin will be fine even if some miners decide to leave. Hell, if half of them leave, they will share the same profits that they have now before the halving, because
there would be also half of parties to share with. Why do u think they would leave ? What would they do with all the equipement ? They wont just toss it away..

Please check Mining forum on bitcointalk.org

https://bitcointalksearch.org/topic/shutting-my-mine-down-today-1365657

some miner posted that he decided to turn off his mining machine and decided to sell it.
This is just the beginning,,, think about after the halving,, it will be a chaos,,
confirmation could take a day,, ,,, miners leave + block size debate + malicious transactions ,,,
it will cause total chaos....

"some miner posted that he decided to turn off his mining machine and decided to sell it." - That means there will be one miner less (the seller), and one miner more (the buyer)
So where is that loss of hashrate you are referring to. And keep in mind that you are talking about some miner only claiming that he will sell..

"Confirmation could take a day" - In case of hashrate drop, mining difficulty will recalculate and confirmation speed will be the same it is now.

"it will cause total chaos.... " - There's more chaos in threads like this one spreading FUD, than there is real issues.

r0ach

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lol, what a joke of a thread. Nice try to get cheaper coins before halving, but fail.

uki

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cryptojunk bag holder

Don't worry about miners, they literally sleep on Bitcoins. I would worry about us in the first place, if the miners decide to push the price down to hedge for the lower mining income, while waiting for the difficulty to adjust. Many disappointed investors can hand back cheaper coins back to miners, at sub $300 levels...

korila

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Quote from: mirana12345 on May 11, 2016, 12:16:08 PM

Bitcoin will be fine even if some miners decide to leave. Hell, if half of them leave, they will share the same profits that they have now before the halving, because
there would be also half of parties to share with. Why do u think they would leave ? What would they do with all the equipement ? They wont just toss it away..

Please check Mining forum on bitcointalk.org

https://bitcointalksearch.org/topic/shutting-my-mine-down-today-1365657

some miner posted that he decided to turn off his mining machine and decided to sell it.
This is just the beginning,,, think about after the halving,, it will be a chaos,,
confirmation could take a day,, ,,, miners leave + block size debate + malicious transactions ,,,
it will cause total chaos....

mirana12345

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Activity: 630

Merit: 500

PM me to buy traffic for your site!

Bitcoin will be fine even if some miners decide to leave. Hell, if half of them leave, they will share the same profits that they have now before the halving, because
there would be also half of parties to share with. Why do u think they would leave ? What would they do with all the equipement ? They wont just toss it away..

Topic: BTC doomed unless solve block size issue before the halving (Read 893 times)