Topic: Gold collapsing. Bitcoin UP. - page 131. (Read 2032266 times)

Wait, wasn't that exactly Hearn's main argument in his "the sky is falling if we don't increase the blocksize" blog post?  So why do you see the fact that it did not prove true so far as supporting your position of increasing the block size?

Wait, wasn't that exactly Hearn's main argument in his "the sky is falling if we don't increase the blocksize" blog post?  So why do you see the fact that it did not prove true so far as supporting your position of increasing the block size?

the exit starts slowly at first and then will morph into a stampede; especially if the price starts plunging.  the mempool is a problem that does have to be fixed so that ordinary users can start getting their tx's through.  they won't be as patient as some of us here.

Is he right or wrong about that?

Via what methodology would we test that hypothesis before arriving at a conclusion about its validity?

Yes, but the ongoing spam shows clearly that all full nodes are handling the traffic just fine. We were told that they would crash and burn from overloaded memory. Not true.

With single node or 6 nodes we do not need POW. We already had this centralized services. ... but they are all down.

i hate to bring up an analogy from medicine since it may not be appropriate but i'll try nonetheless.

one of the greatest things i learned during my internship btwn med school and residency in eyes, is that too much intervention can cause problems for patients.  every 3 mo i'd rotate onto a new ward with responsibilities for about a couple of dozen gorked out patients.  i say gorked out b/c invariably all of them had at least a dozen meds onboard for a variety of reasons most of which had to do with sedation, pain, or anti-anxiety.  problem was, these meds unbeknownst to their previous physicians were preventing these ppl from getting better.  this was a repeating problem.  so the first thing i would do would be to cocentrate on stripping off as many of these unnecessary meds as possible.  much to everyone's amazement, these pts would perk up, turn around and start walking again, interacting with staff, feeling better, be more alert, and generally just get better to the pt i could discharge them.  and this experience happened over and over for me.  twas a great personal accomplishment for me and one i will never forget; don't over do it.

pt being, i still think the block size cap is the fundamental problem here.  more rules and limits that core dev piles on simply complicates the code and makes it more complex.  if anything, we should be stripping off rules and limits so that the free mkt can come to bear on many of these problems we are currently seeing.  the miners and users are perfectly capable of regulating the size of blocks and fees on their own.  if we lift the cap, the spam can actually help the network.  as long as spammers have to pay fees any spam attempts will line the pockets of miners and go back to growing the hashrate.  that would be a good thing and the last thing the spammers want to do.  no doubt they will try at first so we should expect even greater higher level attacks initially but in the long run, they will die off.  that's b/c their real objective is to disrupt new user growth which w/o a cap will be short circuited.  any further spam then will just help the tx mkt to grow, miners to profit, and yes, full nodes will eventually develop their own fee mkt too.  yes, full node capacities will have to grow but that should be viewed as a good thing b/c on the other end that will mean that miners are prospering (which is ok Greg) and user growth will be skyrocketing along with the price.  more merchants will come on board with new user growth and they will want and probably have a fiduciary responsibility to run their own full nodes which will add to network capacity.

so strip off rules and limits within reason, not add, and let BitcoinRun!

Who cares?

1. Does the network still provide strong double-spend protection?

2. Can users freely^* publish valid transactions to the Blockchain (censorship resistance)?

^*That is, subject only to marginal transaction fees.

Jeff Garzik has just posted 2 pull requests for bitcoin core on github:

https://github.com/bitcoin/bitcoin/pull/6405
Remove TX priority and free transaction area from mempool, block creator.

https://github.com/bitcoin/bitcoin/pull/6402
Floating network relay fee increase, if memory pool grows too large.

the latter will introduce, if merged, "a relay fee that adjusts to floods
which cause the memory pool to grow too large".

It seems that core devs start becoming aware of the lack of
of economic incentives for services provided by full nodes.

Is he right or wrong about that?

Via what methodology would we test that hypothesis before arriving at a conclusion about its validity?

Don't worry.  According to Mike Hearn Bitcoin can survive just fine with 4 or 6 (forgot which) copies of the blockchain worldwide.