Topic: Gold collapsing. Bitcoin UP. - page 207. (Read 2032248 times)

Incorrect.

Nevertheless the idea of partitioning payment systems by some sort of natural (if fuzzy) boundaries is reasonable.

I still prefer off-chain (possibly partitioned) payment systems with a single settlement chain though. Not sold on merged mining at all.

- 99% of your transaction are located in your town (quarter).

It isn't clear that having non-miners using 1 of 10,000 chains is good either. It means you can't transact with someone using one of the other 9999 chains without an intermediary.

More facepalm

It is even more important if you are not miner. With 10,000x as large chain ordinary user cannot verify if block is valid.  If there are only last 5 big miners left then they can start to produce fake block. b/c there is nobody (except 5 miners)  who has enough resources to verify all blocks.

my, such anger.

Go to hell.  You can stand by and find out whether Maxwell and company's stuff pans out better than your assumptions that technology will keep up with exponential growth and Bitcoin will be unmolested by TPTB as it takes over for fiat.

You could piddle around with gmax's cli while you wait if you want since the stuff is already in released alpha it seems.


and


Just wow.  I lacked the ability and interest to think up such stuff.

I was negative about all the bells and whistles being added to the native Bitcoin protocol over the years.  Because I was by and large to lazy to follow the commits and technical discussions, I took my impression of the technical capabilities as the core team as a group from my impression of Gavin and his talking-paperclip class nonsense and nearly complete disregard/misunderstanding of the salient risk factors more than I should have.  This made me feel that there was great risk to putting almost anything into Core since it could be sufficient as a backing store in it's very primitive form.  Now I'm starting to see the genius of what some of these less visible players were shooting for in some of their work over the years.  My hat is off to them!

There really is a significant risk, I think, that what is evolving is simply so powerful that it will have to be stopped by TPTB by any and all means possible.  I've long held that this battle would be best to happen earlier than later.  My only hope was that it would start up before the likes of Hearn managed to contaminate the existing blockchain whereupon the value I have within it would ultimately be significantly reduced.

Confidential Transactions
 -> it is another excellent project from gmaxwell

...

It is even more important if you are not miner. With 10,000x as large chain ordinary user cannot verify if block is valid.  If there are only last 5 big miners left then they can start to produce fake block. b/c there is nobody (except 5 miners)  who has enough resources to verify all blocks.


Edit:
Everyone must verify everything is bad design. => this will collapse.

It isn't really clear whether one chain 10000x as large is better or worse for small miners than 10000 separate chains. In the latter case at least a smaller miner could drop some of the least important/valuable chains. You can't drop part of blocks.

i pointed out upthread how that will lead to tremendous centralization of mining as small miners with poor connectivity would be crushed trying to deal with 10000 chains at once in terms of resources, maintenance, coding reqs, etc.

not good.

ok here in detail how and why it works:

1. payer and payee agree on a 2-of-2 address and own addresses
2. payer crafts a bond transaction that deposits X to the common address, but sends only the hash (outpoint) of it to payee. payer does not yet broadcast it, hence no risk to him.
3. payee crafts and signs a refund transaction that spends the outpoint back to payee time locked, such that it can not be included into the block chain until that time point. Payee can safely sign since if he does not own any coin with the outpoint.
4. payer verifies that the refund transaction if counter-signed and broadcasted by him would return the bond to him and if so broadcasts the bond transaction. He can safely do so, since if payee would not proceed, but he could get his money back on his own after the timeout.
5. now payer wanst to use some service of payee and crafts and signs a settlement transaction spending the same outpoint that pays him X-delta and delta to payee. The transaction is not yet valid since it needs payee's signature, hence payer can not broadcast it. Payer sends it to Payee.
6. Payee verifies that the settlement transaction has valid signature of payer and that it gives him enough to offer the service. Payee could countersign and broadcast the settlement transaction thereby closing the channel and also invalidating (double spending) the refund transaction.
7. Payer keeps sending new versions of the settlement transaction with increasing deltas while using the service. If delta does not increase sufficiently Payee closes the channel.
8. At close of the channel Payee will counter-sign and broadcast latest version, since that is most favorable to him.
9. Payee will close the channel well before the refund timout to avoid a race of the two alternatives.

Please let us know how well Elements is working. I honestly want to know.

Confidential Transactions is enabled in Elements and used by default by all ordinary transactions.

A debate does not 'evolve' by one guy (no matter what his impression of himself) or group re-stating the same flawed assertions over and over again.  I and most others on my side of the philosophical debate are entirely unimpressed (and somewhat perplexed) at your activities, but oh well.

Facepalm.

The debate has evolved considerably since last October.

Not increasing block size will enable to start transaction's fee discovery and it creates environment for innovations. This innovations will reduce fees and move transaction to SC. BItcoin will stay decentralized and more powerful.

Saw that.

Not sure why he would be so flippant about increasing the hard cap.

That's OK. Then we just cut back.

I'd rather try than not try at all.

oh Lordy, now i'm having to educate TBI on digital gold:

https://twitter.com/twobitidiot/status/612652436126363648

Doubling block size every 2 years is cancer.