If you could travel back in time, how would you change Bitcoin? - page 2.

tromp

legendary

Activity: 990

Merit: 1108

Quote from: Come-from-Beyond on December 31, 2013, 12:40:17 PM

Quote from: tromp on December 31, 2013, 12:35:34 PM

I'd employ a different proof-of-work that doesn't provide much benefit to GPUs/ASICs,
but rather depends on many gigabytes of memory (just for generating, not for verifying)

Well, that's what I'm trying to design right now:)

-John

Where could we read more about ur design?

I'll announce the design in this forum, hopefully within a week.

-John

Come-from-Beyond

legendary

Activity: 2142

Merit: 1010

Newbie

Quote from: tromp on December 31, 2013, 12:35:34 PM

I'd employ a different proof-of-work that doesn't provide much benefit to GPUs/ASICs,
but rather depends on many gigabytes of memory (just for generating, not for verifying)

Well, that's what I'm trying to design right now:)

-John

Where could we read more about ur design?

tromp

legendary

Activity: 990

Merit: 1108

I'd employ a different proof-of-work that doesn't provide much benefit to GPUs/ASICs,
but rather depends on many gigabytes of memory (just for generating, not for verifying)

Well, that's what I'm trying to design right now:)

-John

theecoinomist

full member

Activity: 200

Merit: 100

Quote from: zagerfish on December 31, 2013, 08:59:44 AM

they need a way to split stocks, but with the coins.

turn 12 million coins into 120 million.

no one wants to pay for a sandwich with .00000012 of a coin.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Nothing but the name. I would have called it Dogecoin.

DannyHamilton

legendary

Activity: 3514

Merit: 4895

Quote from: zagerfish on December 31, 2013, 09:15:39 AM

Then imagine 100k for a bitcoin. Who in their right mind would pay that?

Right, and who in their right mind would pay $39,000 for a kilogram of gold?!

Oh, wait, we don't have to buy it in kilogram units? It can be bought in smaller portions and we can use different names for those portions? But, it's still gold, right? Ok, so mayby I can spend $39 and buy a gram of gold. That works.

If bitcoin is $100,000 per bitcoin, then you will be exchanging and buying microbitcoin (µBTC). You might even use a reasonable nickname for the quantity. Call it a "Mike", or a "microbit", or a "Mic". You'll be paying $0.10 per microbitcoin. That's a very reasonable number.

gsingh

member

Activity: 146

Merit: 10

I guess the current limit is 7/sec. Is there any way to optimise this to 500/sec.

Is litecoin any better for this?

skivrmt

hero member

Activity: 994

Merit: 501

Quote from: Cryddit on December 31, 2013, 09:34:09 AM

Scalability.

Bitcoin can never become mainstream while able to handle less than a thousand transactions per second.

I think this is the main concern. Merchants need instant verification if this is ever to go mainstream. I don't know who much of a concern double spending (I know there's a better term for it!) the same address is right now, but the first we hear of it from a merchant there might be some negative press about it.

Cryddit

legendary

Activity: 924

Merit: 1132

Scalability.

Bitcoin can never become mainstream while able to handle less than a thousand transactions per second.

zagerfish

newbie

Activity: 37

Merit: 0

there's also just something psychologically that makes me not want to pay 10k per ONE coin.

I'd start buying litecoin before I'd pay 10k per a bitcoin.

Stocks split for a reason.

Then imagine 100k for a bitcoin. Who in their right mind would pay that?

For bitcoin to become mainstream it would have to increase in value to like 100k or even a million, cause their just aren't enough bitcoins for it to be mainstream for the whole world of 7 billion.

tysat

legendary

Activity: 966

Merit: 1004

Keep it real

Quote from: davedx on December 31, 2013, 09:05:15 AM

Quote from: zagerfish on December 31, 2013, 08:59:44 AM

they need a way to split stocks, but with the coins.

turn 12 million coins into 120 million.

no one wants to pay for a sandwich with .00000012 of a coin.

___________________________________
Get 420 with bitcoins at zeltasgarden.com

Why not?

It's not like you have to count out a hundred satoshis by hand.

I really don't understand the fixation on the magnitude of amount used in payments. Most people will end up scanning QR codes in the end, right?

Because small numbers like that will confuse most people.

davedx

sr. member

Activity: 434

Merit: 250

Quote from: zagerfish on December 31, 2013, 08:59:44 AM

they need a way to split stocks, but with the coins.

turn 12 million coins into 120 million.

no one wants to pay for a sandwich with .00000012 of a coin.

___________________________________
Get 420 with bitcoins at zeltasgarden.com

Why not?

It's not like you have to count out a hundred satoshis by hand.

I really don't understand the fixation on the magnitude of amount used in payments. Most people will end up scanning QR codes in the end, right?

zagerfish

newbie

Activity: 37

Merit: 0

they need a way to split stocks, but with the coins.

turn 12 million coins into 120 million.

no one wants to pay for a sandwich with .00000012 of a coin.

___________________________________
Get 420 with bitcoins at zeltasgarden.com

bryant.coleman

legendary

Activity: 3766

Merit: 1217

If I could travel back in time, I will do something to eliminate the possibility of a 51% attack. It is not a concern now... but in future it can become one.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1010

Newbie

Quote from: gabriella on December 31, 2013, 02:35:36 AM

if you could travel back to 2008, knowing what you know now, what fundamental changes (if any) would you make to the bitcoin system before it gets released to the wild?

I would ask Satoshi not to use "coin" in the name.

davedx

sr. member

Activity: 434

Merit: 250

Faster transaction times, surely?

Kenshin

sr. member

Activity: 280

Merit: 250

I would contact Satoshi, then I will know who he, she or they are. Then make a movie about Bitcoin. Grin

Bigeyeone

member

Activity: 112

Merit: 10

This guy has an idea how to prevent mining pools; NSAcoin lol , a coin that DDOS you every time you find a block

https://bitcointalksearch.org/topic/ann-nsacoin-coming-soon-the-coin-that-ddoss-you-everytime-you-find-a-block-392535

But I suspect if anyone had implemented that in the past for bitcoin, BTC would have been history by now

grau

hero member

Activity: 836

Merit: 1030

bits of proof

1. Define its protocol then implement tests of it then implement code that satisfies the tests in a modern programming language by a software engineer and produce documentation.

2. Isolate consensus engine from wallet mining and UI at best implemented in separate processes.

3. have a trusted communication channel (bus) instead of RPC.

4. Have a voting algorithm for hard forks.

5. use an industry standard message serialization e.g. BSON.

6. use regular 2 complement integers with fixed 32 bit length in the script language.

7. have SIGHASH_WITHINPUTVALUE https://bitcointalksearch.org/topic/sighashwithinputvalue-super-lightweight-hw-wallets-and-offline-data-181734

this is just a quick list ... completing this list should be point 0.

beetcoin

sr. member

Activity: 434

Merit: 250

as i expect everyone else to say, i'd give myself some more Grin

but yeah, possibly implement a way to prevent big mining pools from forming. the idea is decentralization after all.

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