Topic: Gold collapsing. Bitcoin UP. - page 214. (Read 2032248 times)
the market is going to LOVE Gavin's new XT release. it set a reliable "plan" going forward. markets love certainty and the message is clear: BITCOIN IS PRIMED FOR GROWTH.
so ... block size will be 8,192,000,000 bytes in 2036.
Comparing a successful fork to a runaway sidechain.
A chain fork, while painful, will succeed only if the fork is better than the original. A bitcoiner need only do nothing to join the fork.
A sidechain will either be less valuable and therefore be very small, or more valuable and therefore run away. A bitcoiner might be left behind, unless he converts to the sidechain in time.
I prefer a chain fork to a runaway sidechain.
A chain fork, while painful, will succeed only if the fork is better than the original. A bitcoiner need only do nothing to join the fork.
A sidechain will either be less valuable and therefore be very small, or more valuable and therefore run away. A bitcoiner might be left behind, unless he converts to the sidechain in time.
I prefer a chain fork to a runaway sidechain.
Yes, chain fork = (Peter R's) spin off, though the latter carries a connotation of being done in a somewhat less chaotic fashion. As I said before, spin offs make a lot more sense than side chains as a way to (potentially) upgrade bitcoin. Even Adam's one-way pegs are better than side chains, but spin offs are better than one way pegs.
But Blockstream's two-way pegged side chains don't runaway from your BTC value. Thus they are best, because they are not all-or-nothing choices, you can go back and forth, and your BTC value is protected.
Pegging two different, however slightly, money types together is a problem in theory and practice. As long as they are different, they will have different value. If the value is smaller, they will be converted to bitcoins. If the value is larger, they will be converted to sidecoins.
When a fiat system goes bust, a new one is created, and it is quite common to peg the value to for instance the dollar. This is to try to give people a reason to trust the new money. The reason to have local money at all, is to get the seigniorage, which otherwise would be wasted to another government. To peg the value, you need an institution to be the guarantor, that means a kind of bank with reserves in the other money type. In practice, exact pegging is not possible, because there will be leakage of value to speculants and money exchange services. Therefore there will be a band, where the value will be pegged to somewhere between the upper and lower limits. Even better, the exact limits are secret, to avoid speculation near the edge. This can go on for a while, until they have created too much (sometimes too little), the peg breaks and is set to another value.
If there is a mathematical peg defined by protocol and secured by the blockchain, the difference in value will have to escape somehow, and that is either the coins disappear if they are worth less than bitcoin, otherwise all bitcoins will be converted to sidecoins. It is not rocket science.
So if the protocol breaks from a $300/hour usage test it wasn't worth much to begin with.
Of course the protocol is not going to break. Does anyone thing it will?It's not about the protocol or the network.
Ok break, is a little harsh. The usage of the term depends on the same structural divides currently splintering the development. Namely, what is the protocol/network for? It will be broken under this stress test WRT micro transactions, as they will be crowded out due to cost.
I don't want to comment further on this as I don't feel qualified to pass judgement. I do feel it's an interesting development, and am intrigued to see where the chips land afterwards. Will certain peoples standpoints soften? Will it spark some development compromise? Or is the whole idea some sort of scam to somehow make a few coins?
My bet would be that the Coinwallet ploy is tied to that large asymmetric bid wall on BFX which is probably someone's short position trying to get out.
So if the protocol breaks from a $300/hour usage test it wasn't worth much to begin with.
Of course the protocol is not going to break. Does anyone thing it will?It's not about the protocol or the network.
Ok break, is a little harsh. The usage of the term depends on the same structural divides currently splintering the development. Namely, what is the protocol/network for? It will be broken under this stress test WRT micro transactions, as they will be crowded out due to cost.
I don't want to comment further on this as I don't feel qualified to pass judgement. I do feel it's an interesting development, and am intrigued to see where the chips land afterwards. Will certain peoples standpoints soften? Will it spark some development compromise? Or is the whole idea some sort of scam to somehow make a few coins?
So if the protocol breaks from a $300/hour usage test it wasn't worth much to begin with.
Of course the protocol is not going to break. Does anyone thing it will?It's not about the protocol or the network.
This should be interesting to watch,
https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/
The SatoshiDice stress tess was a lot better than this plan.https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/
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By 14:00 GMT Monday June 22, the mempool of standard fee transactions will be 10mb By 24:00 GMT Monday June 22nd, the mempool of standard fee transactions will be 130mb By 13:00 GMT Tuesday June 22rd, the mempool of standard fee transactions will be 241mb
At this point the backlog of transactions will be approximately 241 blocks, or 1.67 days. When the average new transactions are factored into the equation, the backlog could drag on for 2-3 days. At this point, questions are raised such as whether or not this will cause a "crash landing." It is impossible to know with certainty, however we are anxiously looking forward to Monday.
At this point the backlog of transactions will be approximately 241 blocks, or 1.67 days. When the average new transactions are factored into the equation, the backlog could drag on for 2-3 days. At this point, questions are raised such as whether or not this will cause a "crash landing." It is impossible to know with certainty, however we are anxiously looking forward to Monday.
At least the capacity problems they caused were from actual customers receving a service for which they were willing to pay rather than admitted spam.
Agreed, but with a permission-less ledger nobody can or should be able to stop them. So if the protocol breaks from a $300/hour usage test it wasn't worth much to begin with. Time to address the issues and and scale up.
Comparing a successful fork to a runaway sidechain.
A chain fork, while painful, will succeed only if the fork is better than the original. A bitcoiner need only do nothing to join the fork.
A sidechain will either be less valuable and therefore be very small, or more valuable and therefore run away. A bitcoiner might be left behind, unless he converts to the sidechain in time.
I prefer a chain fork to a runaway sidechain.
A chain fork, while painful, will succeed only if the fork is better than the original. A bitcoiner need only do nothing to join the fork.
A sidechain will either be less valuable and therefore be very small, or more valuable and therefore run away. A bitcoiner might be left behind, unless he converts to the sidechain in time.
I prefer a chain fork to a runaway sidechain.
Yes, chain fork = (Peter R's) spin off, though the latter carries a connotation of being done in a somewhat less chaotic fashion. As I said before, spin offs make a lot more sense than side chains as a way to (potentially) upgrade bitcoin. Even Adam's one-way pegs are better than side chains, but spin offs are better than one way pegs.
But Blockstream's two-way pegged side chains don't runaway from your BTC value. Thus they are best, because they are not all-or-nothing choices, you can go back and forth, and your BTC value is protected.
I consider the entire scheme unstable and unsound, and quite plausibly will never even be implemented (in other than federated form, at which point it instead becomes uninteresting).
Because of the vulnerability of the network to 50% attacks? But what if a side chain isn't vulnerable to 50% attacks.
In that case, assuming other more serious compromises aren't made, then your system is simply far superior to Bitcoin. You should replace it and not carry the Bitcoin system around as unnecessary and uncompetitive overhead.
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Any other reasons you think it is unstable and unsound?
Economically I don't believe that two different assets can be successfully pegged to the same price, especially not in a decentralized manner (though doing it in a centralized manner also likely fails to a version of the calculation problem). If you extrapolate from this premise, it is clear that various failure modes are inevitable, some quite catastrophic. But possibly people are mostly smart enough to stay clear of the whole thing in which case the failure mode is non-catestrophic (a whimper not a bang).
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Why is federated uninteresting? The masses don't give a hoot about theoretical decentralization (otherwise they wouldn't buy Bitcoin nor Monero nor any other existing cryptocoin in first place because none are theoretical sound decentralization).
Whose leg are we pulling here.
Whose leg are we pulling here.
I don't really care what the masses buy, except in so far as I can successfully front run them.
Non-decentralized systems are uninteresting because there are many well known ways to implement them that don't have the cost and performance compromises nor the user-unfriendliness of blockchains.
Building this userbase is where you and cypherdoc come in handy.
yep, you got it butthead.
build it across Africa, SE Asia, Russia, & the Middle East. all territories in which your authoritarianism is impotent.
Kumbaya my Node*, Kumbaya.
(*) high bandwidth required. All others use Multibitch.
A full node on every cell phone, a chicken in every pot.
A full node in every stick of bubble gum, and a whole earth in every pot.*
* when the hacker humor goes opaque, they shouldn't know they are being ridiculed.
OMG
: Topic: Gold collapsing. Bitcoin UP. (Read 1166666 times)
well the quimical value we give to bitcoin like rock gold etc its related to our induced apreciation for money insted for instances other things and that can be very high yes like more than gold soo its possible the rise
Comparing a successful fork to a runaway sidechain.
A chain fork, while painful, will succeed only if the fork is better than the original. A bitcoiner need only do nothing to join the fork.
A sidechain will either be less valuable and therefore be very small, or more valuable and therefore run away. A bitcoiner might be left behind, unless he converts to the sidechain in time.
I prefer a chain fork to a runaway sidechain.
A chain fork, while painful, will succeed only if the fork is better than the original. A bitcoiner need only do nothing to join the fork.
A sidechain will either be less valuable and therefore be very small, or more valuable and therefore run away. A bitcoiner might be left behind, unless he converts to the sidechain in time.
I prefer a chain fork to a runaway sidechain.
Yes, chain fork = (Peter R's) spin off, though the latter carries a connotation of being done in a somewhat less chaotic fashion. As I said before, spin offs make a lot more sense than side chains as a way to (potentially) upgrade bitcoin. Even Adam's one-way pegs are better than side chains, but spin offs are better than one way pegs.
But Blockstream's two-way pegged side chains don't runaway from your BTC value. Thus they are best, because they are not all-or-nothing choices, you can go back and forth, and your BTC value is protected.
I consider the entire scheme unstable and unsound, and quite plausibly will never even be implemented (in other than federated form, at which point it instead becomes uninteresting).
Because of the vulnerability of the network to 50% attacks? But what if a side chain isn't vulnerable to 50% attacks. Any other reasons you think it is unstable and unsound?
Why is federated uninteresting? The masses don't give a hoot about theoretical decentralization (otherwise they wouldn't buy Bitcoin nor Monero nor any other existing cryptocoin in first place because none are theoretical sound decentralization).
Whose leg are we pulling here.
follow this conversation and you'll realize who and what we're having to deal with:
https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/cscgdwy
https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/cscgdwy
You are dealing with someone who is technically correct (but politically naive):
https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/cscmlla
A full node on every cell phone, a chicken in every pot.
LOL! I like it!
Actually, one of my rationals for keeping Bitcoin lite and tight is that I could see users getting a significant break on some sidchain implementations if they supported the Bitcoin network as something of a tag-along even if they never needed to use it natively.
Even if sidechains are lazy and will let others do the work of securing the backing store (which must be assumed for design purposes) I could imagine sidechains themselves needing to compete with one another to exercise their pegging operations against the mainchain in a timely manner. If their own userbase were supporting Bitcoin this could give them an extra advantage over simply paying reasonable fees.
I'll mention again that in efficient sidechain implementations, a single backing store adjustment (Bitcoin transaction) might reflect many thousands of underlying user-level transactions. Thus, users really could pay a trivial fee. The economics of native Bitcoin support are then equivalent as a low-use backing store and a high use 'one-size-fits-all' scenario it just that the risk of centralization is just about the opposite. Indeed, various sidechains can target different (and sometimes mutually exclusive) market segments so mass utilization rates could be much higher (along with the reward for supporting native Bitcoin of course.)
follow this conversation and you'll realize who and what we're having to deal with:
https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/cscgdwy
https://www.reddit.com/r/Bitcoin/comments/3agk61/ultimate_bitcoin_stress_test_monday_june_22nd/cscgdwy
At the leading edge of the block size ruckus, someone on this thread (although I don't remember who it was), reinvented the same concept starting with the idea of a chain fork. The idea being to improve the tools so that chain forks can occur sanely and the contentious political debates such as the block size can be avoided and left to the market instead.
Of course, a fair criticism of this is the requirement to develop and deploy better tools for users to transact using multiple chains. However, sidechains require the same sort of development and deployment.
Well, I proposed and published the idea of "digital prospectus" and its "amendments" here on this forum late in 2011.Of course, a fair criticism of this is the requirement to develop and deploy better tools for users to transact using multiple chains. However, sidechains require the same sort of development and deployment.
https://bitcointalksearch.org/topic/bip-2112-54382
I wore this in my forum signature since then.
As one would expect, the developers actually don't want to be held to their word of "not changing" or "changing only for better" when there are means to actually set those promises in the "cryptographic stone" as opposed to the present state-of-the-art "pinky swear".
It is up to investors to force the developers to behave, not vice-versa.
Building this userbase is where you and cypherdoc come in handy.
yep, you got it butthead.
build it across Africa, SE Asia, Russia, & the Middle East. all territories in which your authoritarianism is impotent.
Kumbaya my Node*, Kumbaya.
(*) high bandwidth required. All others use Multibitch.
A full node on every cell phone, a chicken in every pot.
Building this userbase is where you and cypherdoc come in handy.
yep, you got it butthead.
build it across Africa, SE Asia, Russia, & the Middle East. all territories in which your authoritarianism is impotent.
Kumbaya my Node*, Kumbaya.
(*) high bandwidth required. All others use Multibitch.
Building this userbase is where you and cypherdoc come in handy.
yep, you got it butthead.
build it across Africa, SE Asia, Russia, & the Middle East. all territories in which your authoritarianism is impotent.
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