Author

Topic: Gold collapsing. Bitcoin UP. - page 177. (Read 2032248 times)

legendary
Activity: 1764
Merit: 1002
June 28, 2015, 04:02:10 PM
Again, I'm for an increase to the limit, and I think miners acting rationally would be too. They would do it because of their own self interest though, not because a poll of reddit users wanted them to.

Are you sure miners acting rationally wouldn't consider the block limit as 1 dimension of the potential way to increase transaction capacity? The real question isn't "how/when/to what do we increase the block size", it's "how do we increase transaction capacity in a way that maintains a healthy market for hashes". Anything that centralises towards the miners, or amongst the miners, is bad for the eco system as a whole. BIP 101 would create a trend toward both.

Miners create the blocks, so I'm not sure what decentralizing away from miners would even mean. If you mean that smaller miners are dependent on, or even supported by, 1MB blocks, I disagree. It may even be the opposite, smaller mining operations may have access to better bandwidth and speed vs remote industrial mining farms in rural china.

Economies of scale encourage, especially since the arrival of ASICs, the relative centralization of mining. This was not a surprise and was predicted from the very beginning. IMO maxblocksize has almost nothing to do with it.



What a great point.

The 5 largest miners in the world already told us they're trapped behinf the GFC with inferior connectivity speeds. And yes, we have to assume the relay network is factored into that statement.

It may turn out that a small miner could do the large block better connectivity attack Wiulle was going on about on reddit because of a direct connection to the relay network that causes the Chinese miners to choke.
sr. member
Activity: 392
Merit: 250
June 28, 2015, 03:52:25 PM
Again, I'm for an increase to the limit, and I think miners acting rationally would be too. They would do it because of their own self interest though, not because a poll of reddit users wanted them to.

Are you sure miners acting rationally wouldn't consider the block limit as 1 dimension of the potential way to increase transaction capacity? The real question isn't "how/when/to what do we increase the block size", it's "how do we increase transaction capacity in a way that maintains a healthy market for hashes". Anything that centralises towards the miners, or amongst the miners, is bad for the eco system as a whole. BIP 101 would create a trend toward both.

Miners create the blocks, so I'm not sure what decentralizing away from miners would even mean. If you mean that smaller miners are dependent on, or even supported by, 1MB blocks, I disagree. It may even be the opposite, smaller mining operations may have access to better bandwidth and speed vs remote industrial mining farms in rural china.

Economies of scale encourage, especially since the arrival of ASICs, the relative centralization of mining. This was not a surprise and was predicted from the very beginning. IMO maxblocksize has almost nothing to do with it.

legendary
Activity: 3430
Merit: 3080
June 28, 2015, 03:28:52 PM
Again, I'm for an increase to the limit, and I think miners acting rationally would be too. They would do it because of their own self interest though, not because a poll of reddit users wanted them to.

Are you sure miners acting rationally wouldn't consider the block limit as 1 dimension of the potential way to increase transaction capacity? The real question isn't "how/when/to what do we increase the block size", it's "how do we increase transaction capacity in a way that maintains a healthy market for hashes". Anything that centralises towards the miners, or amongst the miners, is bad for the eco system as a whole. BIP 101 would create a trend toward both.
legendary
Activity: 1036
Merit: 1000
June 28, 2015, 03:25:19 PM

This would be the final arbiter.

But, like the fork in 2013, I think miners would solve it before trading on classic vs new began.

Yup. It's the silent ace up investors' sleeves that prevents any funny business by the miners, devs, or other stakeholders.
sr. member
Activity: 392
Merit: 250
June 28, 2015, 03:23:02 PM

This would be the final arbiter.

But, like the fork in 2013, I think miners would solve it before trading on classic vs new began.
legendary
Activity: 1036
Merit: 1000
June 28, 2015, 03:22:43 PM
The spring appears to be coiling for a massive, long-overdue move. A mere 10x-ing might be too tame this time around; we have a lot of catching up to do.

Greece implementing capital controls enforced by a week-long bank holiday, right on cue.

legendary
Activity: 1036
Merit: 1000
sr. member
Activity: 392
Merit: 250
June 28, 2015, 03:08:12 PM
I don't see you as an enemy. I just acknowledged that it is great you want an increase.

I simply asked you why we should ignore, right now, a vast majority of the community who wants to see an increase built in now so that we can be ready come January?

I refuse to argue on behalf of a point I didn't make.  Cool

Although, now that you mention it... what if a vast majority of the community (ill defined), wanted to increase the block reward? If the "community" = mining nodes and full nodes, this is exactly how changes happen. A majority of hashing power and servicing nodes become a dominant fork, and the losers either join them or have an altcoin with an impossible difficulty. 

The mining incentive structure is built in, and not terribly reliant on the general user community's opinion. Larger blocks servicing increased tx volume and their accompanying fees is good for miners (to the point of being limited by hardware and bandwidth capacity). Altering the block reward, would probably nuke the coin's value, so there is a sort of MAD incentive against it.

Again, I'm for an increase to the limit, and I think miners acting rationally would be too. They would do it because of their own self interest though, not because a poll of reddit users wanted them to.
legendary
Activity: 1764
Merit: 1002
June 28, 2015, 02:50:35 PM
Many Core developers are risk adverse, it's their way or the highway as they are the gate keepers, they are also the ones who would have to fix any problems so they feel they are better equipped to make this decision. - problem is this has highlighted a conflict in development and that is central controlled policy makers decided for us which brigs into question the whole idea that Bitcoin is decentralized.  

In my view If anything we should be planning for Bitcoin growth and working on ways to prevent the existing mechanism from abuse.  

Blockstream (i.e. the Core devs) are planning to unleash the freedom for anyone to innovate on BTC pegged value, which is precisely what you are clamoring for.

I've got no problem with this.  Its nice that most of the value BTC holders have may be preserved.  But its pretty disingenuous to deliberately hamstring Bitcoin thereby forcing users into their solution.

And if ppl do move to blockstream "sponsored" chains I question the legal/political ramifications of blockchains that have a big corporate target to aim at for censorship, identity tracking ,etc.

I've been meaning to mention this scenario.

Big corporate consults with Blockstream to construct a proprietary corporate SC with a significant innovation that Bitcoin proper definitely would want to incorporate. Before any of this success is known to the market,  corporate forces Blockstream to sign a non-compete.

With Bitcoin Core still controlled by these devs, said innovation can't get back ported to Bitcoin Core because it continually gets blocked by non consensus. A hard fork introduced by anonymous dev can't get off the ground for the same reasons XT might not get off the ground.

What then?
legendary
Activity: 1764
Merit: 1002
June 28, 2015, 02:37:59 PM
Great to here that. Hope you mean it.

But you're  ignoring the fact that a vast majority of the community does  want an increase now. So why should we just go with your opinion again?

I am for an increase, sooner the better. Not sure how I can say this more clearly. I just don't think that the maxblocksize argument alters the incentives in the mining game, yet.

I think you are getting too used to having people badger you in this thread these days. You're starting to see enemies when they are friends.   Cheesy

I don't see you as an enemy. I just acknowledged that it is great you want an increase.

I simply asked you why we should ignore, right now, a vast majority of the community who wants to see an increase built in now so that we can be ready come January?
legendary
Activity: 1246
Merit: 1010
June 28, 2015, 02:31:08 PM
Many Core developers are risk adverse, it's their way or the highway as they are the gate keepers, they are also the ones who would have to fix any problems so they feel they are better equipped to make this decision. - problem is this has highlighted a conflict in development and that is central controlled policy makers decided for us which brigs into question the whole idea that Bitcoin is decentralized.  

In my view If anything we should be planning for Bitcoin growth and working on ways to prevent the existing mechanism from abuse.  

Blockstream (i.e. the Core devs) are planning to unleash the freedom for anyone to innovate on BTC pegged value, which is precisely what you are clamoring for.

I've got no problem with this.  Its nice that most of the value BTC holders have may be preserved.  But its pretty disingenuous to deliberately hamstring Bitcoin thereby forcing users into their solution.

And if ppl do move to blockstream "sponsored" chains I question the legal/political ramifications of blockchains that have a big corporate target to aim at for censorship, identity tracking ,etc.
legendary
Activity: 1036
Merit: 1000
June 28, 2015, 02:29:16 PM
Meanwhile... A money pit called Ethereum.
sr. member
Activity: 392
Merit: 250
June 28, 2015, 02:15:47 PM
Great to here that. Hope you mean it.

But you're  ignoring the fact that a vast majority of the community does  want an increase now. So why should we just go with your opinion again?

I am for an increase, sooner the better. Not sure how I can say this more clearly. I just don't think that the maxblocksize argument alters the incentives in the mining game, yet.

I think you are getting too used to having people badger you in this thread these days. You're starting to see enemies when they are friends.   Cheesy
legendary
Activity: 1764
Merit: 1002
June 28, 2015, 02:06:01 PM
To any mining pool operators out there reading,

next year July your mining pool income will be cut in half by the block halving.  

Are you doing ok cypher? You seem to be increasingly hyperbolic and desperate in your comments. This one in particular is exceedingly misleading and smells like a blatant attempt to use unfounded fear, uncertainty, and doubt to make your case and influence others.

You do of course realize that if the price were to rise to 500 by next July their income will remain precisely the same as it is today?

Luckily, I'm sure the miners understand the economics of mining well enough that they will not be taking your misguided advice.

And if it doesn't rise, what's your  long term plan for miners to supplement the lost block reward income?  

Just like 2012, unprofitable miners drop off, difficulty falls, BTC income per TH rises. Of course tx volume needs to rise greatly and create a larger fee incentive eventually, but I don't think the time preceding the drop to 12.5 is that period.

Why should we trust your assessment of what the proper time period is? 

Why not lift the limit entirely and let the market figure it out?

BTW, I'm FOR lifting the blocksize to at least 8MB, preferably higher, and with built in scaling.

I just don't think relationship between the two issues is all that important, at least before this upcoming halving, and maybe the one after that.



Great to here that. Hope you mean it.

But you're  ignoring the fact that a vast majority of the community does  want an increase now. So why should we just go with your opinion again?
sr. member
Activity: 392
Merit: 250
June 28, 2015, 01:52:51 PM
To any mining pool operators out there reading,

next year July your mining pool income will be cut in half by the block halving.  

Are you doing ok cypher? You seem to be increasingly hyperbolic and desperate in your comments. This one in particular is exceedingly misleading and smells like a blatant attempt to use unfounded fear, uncertainty, and doubt to make your case and influence others.

You do of course realize that if the price were to rise to 500 by next July their income will remain precisely the same as it is today?

Luckily, I'm sure the miners understand the economics of mining well enough that they will not be taking your misguided advice.

And if it doesn't rise, what's your  long term plan for miners to supplement the lost block reward income?  

Just like 2012, unprofitable miners drop off, difficulty falls, BTC income per TH rises. Of course tx volume needs to rise greatly and create a larger fee incentive eventually, but I don't think the time preceding the drop to 12.5 is that period.

Why should we trust your assessment of what the proper time period is? 

Why not lift the limit entirely and let the market figure it out?

BTW, I'm FOR lifting the blocksize to at least 8MB, preferably higher, and with built in scaling.

I just don't think relationship between the two issues is all that important, at least before this upcoming halving, and maybe the one after that.

legendary
Activity: 1764
Merit: 1002
June 28, 2015, 01:41:58 PM
To any mining pool operators out there reading,

next year July your mining pool income will be cut in half by the block halving.  

Are you doing ok cypher? You seem to be increasingly hyperbolic and desperate in your comments. This one in particular is exceedingly misleading and smells like a blatant attempt to use unfounded fear, uncertainty, and doubt to make your case and influence others.

You do of course realize that if the price were to rise to 500 by next July their income will remain precisely the same as it is today?

Luckily, I'm sure the miners understand the economics of mining well enough that they will not be taking your misguided advice.

And if it doesn't rise, what's your  long term plan for miners to supplement the lost block reward income?  

Just like 2012, unprofitable miners drop off, difficulty falls, BTC income per TH rises. Of course tx volume needs to rise greatly and create a larger fee incentive eventually, but I don't think the time preceding the drop to 12.5 is that period.

Why should we trust your assessment of what the proper time period is? 

Why not lift the limit entirely and let the market figure it out?
sr. member
Activity: 392
Merit: 250
June 28, 2015, 01:37:31 PM
To any mining pool operators out there reading,

next year July your mining pool income will be cut in half by the block halving.  

Are you doing ok cypher? You seem to be increasingly hyperbolic and desperate in your comments. This one in particular is exceedingly misleading and smells like a blatant attempt to use unfounded fear, uncertainty, and doubt to make your case and influence others.

You do of course realize that if the price were to rise to 500 by next July their income will remain precisely the same as it is today?

Luckily, I'm sure the miners understand the economics of mining well enough that they will not be taking your misguided advice.

And if it doesn't rise, what's your  long term plan for miners to supplement the lost block reward income?  

Just like 2012, unprofitable miners drop off, difficulty falls, BTC income per TH rises. Of course tx volume needs to rise greatly and create a larger fee incentive eventually, but I don't think the time preceding the drop to 12.5 is that period.
legendary
Activity: 1764
Merit: 1002
June 28, 2015, 01:21:01 PM
To any mining pool operators out there reading,

next year July your mining pool income will be cut in half by the block halving.  

Are you doing ok cypher? You seem to be increasingly hyperbolic and desperate in your comments. This one in particular is exceedingly misleading and smells like a blatant attempt to use unfounded fear, uncertainty, and doubt to make your case and influence others.

You do of course realize that if the price were to rise to 500 by next July their income will remain precisely the same as it is today?

Luckily, I'm sure the miners understand the economics of mining well enough that they will not be taking your misguided advice.

And if it doesn't rise, what's your  long term plan for miners to supplement the lost block reward income?  
legendary
Activity: 1512
Merit: 1000
@theshmadz
June 28, 2015, 11:19:04 AM
To any mining pool operators out there reading,

next year July your mining pool income will be cut in half by the block halving.  

Are you doing ok cypher? You seem to be increasingly hyperbolic and desperate in your comments. This one in particular is exceedingly misleading and smells like a blatant attempt to use unfounded fear, uncertainty, and doubt to make your case and influence others.

You do of course realize that if the price were to rise to 500 by next July their income will remain precisely the same as it is today?

Luckily, I'm sure the miners understand the economics of mining well enough that they will not be taking your misguided advice.
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
June 28, 2015, 11:09:29 AM
We are also using SHA-256 and RIPEMD-160 hashes to protect our balances. So even ECDSA is broken our balances can be safe and then ECDSA replaced.
Pray tell how you will replace ECDSA when the coins are already assigned to keys for it?  (and when everyone and their sister constantly reuses addresses). A compromise of CT would mean that it was feasible to find discrete logs in this group, with that, anyone who learned your public key could recover your private key.  There are scenarios where the hashing, absent any address reuse, helps  (e.g. say the discrete log finding takes weeks)-- but it's important to not exaggerate the gains.

But indeed it isn't the ~quite~ same.

It's perfectly possible to construct schemes for private values which are unconditionally sound; meaning that there is no cryptographic assumption behind their inflation resistance, and a cryptographic break would only result in a loss of privacy.  I had previously thought that it was necessarily the case that any such scheme would have to be less efficient; but I have since realized my original reasoning for that was incorrect; though I do not (yet) know of a way to construct an unconditionally sound scheme which is anywhere near as efficient as CT;  but finding one is on my TODO list (though it falls below other improvements for CT privacy and network security that I'm working on).


I do not know :-), but maybe in case that ECDSA is broken we can split transacion into 2 part.
 1. broadcast transaction without public key (I do not know how to prevent from spaming)
 2. and then confirm transaction by broadcasting public key few blocks later.


Consider also whether this is a fundamental justification for the development of side chains.  
A break in ECDSA (or even a perceived break) could instigate migrations to secured chains for resilience.
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