Date for 25 BTC per Block - page 5. | Bitcointalksearch.org

DeathAndTaxes

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Gerald Davis

Quote from: scintill on September 09, 2012, 09:35:55 PM

Quote from: molecular on September 09, 2012, 03:44:03 PM

Quote from: phelix on September 09, 2012, 03:39:09 PM

"make block reward 100 BTC instead of 25 BTC" might something the "syndicate" could decide... bitcoin would drop to 0.0001 USD in no time, though. This is why I highly doubt a majority of pools ops would do such a stupid thing.

More importantly, the rest of the network would reject those invalid blocks.

I think his point was that a "syndicate" of pool ops could form a majority of the network and go rogue, forcing everyone else to either accept the changed rules or risk breaking the network due to having much less hashing power to secure it. Right? (not that I think this is likely to happen.)

Miner majority has no power in that case.

If MtGox accepts tx from 25 BTC blocks and merchants accept tx from 25 BTC blocks and FastCash4Bitcoins only pays out on tx from 25 BTC blocks, and most wallet providers only show users 25 BTC blocks and full nodes reject everything but 25 BTC blocks, then the 100 BTC blocks won't have any value.

Now what would suddenly be very profitable would be the miners who broke from the "alliance" and continued to mine 25 BTC blocks. There is significant economic value for them and with most of the miners gone the value per MH suddenly quadrupled.

Stephen Gornick

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Quote from: scintill on September 09, 2012, 09:35:55 PM

I think his point was that a "syndicate" of pool ops could form a majority of the network and go rogue, forcing everyone else to either accept the changed rules or risk breaking the network due to having much less hashing power to secure it.

The nodes following the protocol won't even relay those blocks. So the only ones that would know about them are in this mining cartel/syndicate. That becomes a hard fork condition and the economic majority is unlikely to accept a fork which devalues their coins.

FreeMoney

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Strength in numbers

Quote from: scintill on September 09, 2012, 09:35:55 PM

Quote from: molecular on September 09, 2012, 03:44:03 PM

Quote from: phelix on September 09, 2012, 03:39:09 PM

"make block reward 100 BTC instead of 25 BTC" might something the "syndicate" could decide... bitcoin would drop to 0.0001 USD in no time, though. This is why I highly doubt a majority of pools ops would do such a stupid thing.

More importantly, the rest of the network would reject those invalid blocks.

I think his point was that a "syndicate" of pool ops could form a majority of the network and go rogue, forcing everyone else to either accept the changed rules or risk breaking the network due to having much less hashing power to secure it. Right? (not that I think this is likely to happen.)

Miners would notice that 25 accepted, valued bitcoins are worth far far more than 100 do whatever we want accepted nowhere bitcoins so profit motivated miners will secure the valuable chain for valuable pay.

Anyone at any time can start assigning themselves 100000 'bitcoins' or 'hokeycoins' or whatever they want to call them. All that matters is that people want is real bitcoins and they don't want that crap. Break the rules and everyone knows you don't have bitocins, they know it automatically, you just get ignored.

scintill

sr. member

Activity: 448

Merit: 254

Quote from: molecular on September 09, 2012, 03:44:03 PM

Quote from: phelix on September 09, 2012, 03:39:09 PM

"make block reward 100 BTC instead of 25 BTC" might something the "syndicate" could decide... bitcoin would drop to 0.0001 USD in no time, though. This is why I highly doubt a majority of pools ops would do such a stupid thing.

More importantly, the rest of the network would reject those invalid blocks.

I think his point was that a "syndicate" of pool ops could form a majority of the network and go rogue, forcing everyone else to either accept the changed rules or risk breaking the network due to having much less hashing power to secure it. Right? (not that I think this is likely to happen.)

kjj

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Activity: 1302

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Quote from: molecular on September 09, 2012, 03:44:03 PM

Quote from: phelix on September 09, 2012, 03:39:09 PM

Quote from: bracek on September 07, 2012, 07:25:14 AM

I don't know where to post this, so here it is :

are there any concerns about something like Y2K syndrome ?

are miners supposed to change something in their code ?

will the number of btc per block be the only thing that will change ?

one risk is the majority of pools not adhering to the rules

"make block reward 100 BTC instead of 25 BTC" might something the "syndicate" could decide... bitcoin would drop to 0.0001 USD in no time, though. This is why I highly doubt a majority of pools ops would do such a stupid thing.

More importantly, the rest of the network would reject those invalid blocks.

scintill

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Activity: 448

Merit: 254

Quote from: kjj on September 07, 2012, 10:14:57 AM

Code: (main.cpp)

int64 static GetBlockValue(int nHeight, int64 nFees)
{
    int64 nSubsidy = 50 * COIN;

    // Subsidy is cut in half every 210000 blocks, which will occur approximately every 4 years
    nSubsidy >>= (nHeight / 210000);

    return nSubsidy + nFees;
}

Not many places for bugs to hide in that code.

How about this theoretical code buried in someone else's closed-source codebase?

Code:

int getBlockReward(int height, int fees) {
    // TODO compute the real value, I'm too lazy to figure out right now
    return 50 * COIN + fees;
}

However, I think it is unlikely this was written into any implementation of consequence, with an even smaller chance of the bug surviving until the reward is halved.

molecular

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Activity: 2772

Merit: 1019

Quote from: phelix on September 09, 2012, 03:39:09 PM

Quote from: bracek on September 07, 2012, 07:25:14 AM

I don't know where to post this, so here it is :

are there any concerns about something like Y2K syndrome ?

are miners supposed to change something in their code ?

will the number of btc per block be the only thing that will change ?

one risk is the majority of pools not adhering to the rules

"make block reward 100 BTC instead of 25 BTC" might something the "syndicate" could decide... bitcoin would drop to 0.0001 USD in no time, though. This is why I highly doubt a majority of pools ops would do such a stupid thing.

phelix

legendary

Activity: 1708

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Quote from: bracek on September 07, 2012, 07:25:14 AM

I don't know where to post this, so here it is :

are there any concerns about something like Y2K syndrome ?

are miners supposed to change something in their code ?

will the number of btc per block be the only thing that will change ?

one risk is the majority of pools not adhering to the rules

Atheros

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Activity: 249

Merit: 251

And they've tested it in Testnet.

kjj

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Activity: 1302

Merit: 1025

Quote from: molecular on September 07, 2012, 10:07:17 AM

Quote from: bracek on September 07, 2012, 07:25:14 AM

I don't know where to post this, so here it is :

are there any concerns about something like Y2K syndrome ?

are miners supposed to change something in their code ?

will the number of btc per block be the only thing that will change ?

Everything is taken care of already by Satoshi. It's in the rules. A block with number > 210,000 giving a coinbase transaction of greater than 25 BTC will be invalid and rejected by honest miners. Afaik that's all that will change (it will not really change, the rule has been there all the time, just didn't take effect because block numbers have been < 210,000 so far.

There might theoretically be a bug, but I'm sure a lot of devs and others have checked.

Code: (main.cpp)

int64 static GetBlockValue(int nHeight, int64 nFees)
{
    int64 nSubsidy = 50 * COIN;

    // Subsidy is cut in half every 210000 blocks, which will occur approximately every 4 years
    nSubsidy >>= (nHeight / 210000);

    return nSubsidy + nFees;
}

Not many places for bugs to hide in that code.

molecular

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Activity: 2772

Merit: 1019

Quote from: bracek on September 07, 2012, 07:25:14 AM

I don't know where to post this, so here it is :

are there any concerns about something like Y2K syndrome ?

are miners supposed to change something in their code ?

will the number of btc per block be the only thing that will change ?

Everything is taken care of already by Satoshi. It's in the rules. A block with number > 210,000 giving a coinbase transaction of greater than 25 BTC will be invalid and rejected by honest miners. Afaik that's all that will change (it will not really change, the rule has been there all the time, just didn't take effect because block numbers have been < 210,000 so far.

There might theoretically be a bug, but I'm sure a lot of devs and others have checked.

bracek

hero member

Activity: 530

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I don't know where to post this, so here it is :

are there any concerns about something like Y2K syndrome ?

are miners supposed to change something in their code ?

will the number of btc per block be the only thing that will change ?

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: Stephen Gornick on August 26, 2012, 08:48:46 PM

December 3rd now. If it continues increasing, even to a lesser degree than we've been seeing recently, Block 210,000 will end up occurring in November.

- http://bitcoinclock.com

December 2nd!

86 days left.

The "two week" adjustment cycles are arriving in 12.5 days, 12.7 days at this pace of growth:

- https://docs.google.com/spreadsheet/ccc?key=0AmcTCtjBoRWUdHVRMHpqWUJValI1RlZiaEtCT1RrQmc

molecular

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Activity: 2772

Merit: 1019

Quote from: BIGMERVE on August 31, 2012, 06:03:14 PM

Quote from: molecular on August 31, 2012, 05:09:32 PM

Quote from: Maidak on August 31, 2012, 03:55:55 PM

Quote from: BIGMERVE on August 30, 2012, 01:37:08 PM

Quote from: Raize on August 30, 2012, 01:32:31 PM

If we get an ASIC release, and it's looking likely at least one of them may drop, we might be looking at something prior to Thanksgiving, even.

Whatever day it is we should all start a google video conference and get drunk.

I like this guys idea Cheesy

Shouldn't we be getting stuff from silkroad instead?

Let's all drop acid as we watch the price skyrocket.

fuck yeah. It will go down in the history books as the "night of the crypto-hippies".

BIGMERVE

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Activity: 728

Merit: 500

Quote from: molecular on August 31, 2012, 05:09:32 PM

Quote from: Maidak on August 31, 2012, 03:55:55 PM

Quote from: BIGMERVE on August 30, 2012, 01:37:08 PM

Quote from: Raize on August 30, 2012, 01:32:31 PM

If we get an ASIC release, and it's looking likely at least one of them may drop, we might be looking at something prior to Thanksgiving, even.

Whatever day it is we should all start a google video conference and get drunk.

I like this guys idea Cheesy

Shouldn't we be getting stuff from silkroad instead?

Let's all drop acid as we watch the price skyrocket.

molecular

donator

Activity: 2772

Merit: 1019

Quote from: Maidak on August 31, 2012, 03:55:55 PM

Quote from: BIGMERVE on August 30, 2012, 01:37:08 PM

Quote from: Raize on August 30, 2012, 01:32:31 PM

If we get an ASIC release, and it's looking likely at least one of them may drop, we might be looking at something prior to Thanksgiving, even.

Whatever day it is we should all start a google video conference and get drunk.

I like this guys idea Cheesy

Shouldn't we be getting stuff from silkroad instead?

Maidak

legendary

Activity: 1862

Merit: 1058

Next Generation Web3 Casino

Quote from: BIGMERVE on August 30, 2012, 01:37:08 PM

Quote from: Raize on August 30, 2012, 01:32:31 PM

If we get an ASIC release, and it's looking likely at least one of them may drop, we might be looking at something prior to Thanksgiving, even.

Whatever day it is we should all start a google video conference and get drunk.

I like this guys idea Cheesy

Portman

newbie

Activity: 13

Merit: 0

Maya have predicted with great accuracy:

21 dec 2012

Grin

BIGMERVE

hero member

Activity: 728

Merit: 500

Quote from: Raize on August 30, 2012, 01:32:31 PM

If we get an ASIC release, and it's looking likely at least one of them may drop, we might be looking at something prior to Thanksgiving, even.

Whatever day it is we should all start a google video conference and get drunk.

Raize

donator

Activity: 1419

Merit: 1015

If we get an ASIC release, and it's looking likely at least one of them may drop, we might be looking at something prior to Thanksgiving, even.

Topic: Date for 25 BTC per Block - page 5. (Read 34970 times)