Where'd you get this FUD, bro? This shit is legit.
read the responses bruh. it's not as bad as you'd think bra.
Topic: The only one piece of legit FUD.... (Read 1949 times)
read the responses bruh. it's not as bad as you'd think bra.
Where'd you get this FUD, bro? This shit is legit.
time to make freecoin....
Oh ok *deletes post*
Lol, genuinely? What would th implications of doing this be? Just a huger blockchain for everyone to download?
Lol, genuinely? What would th implications of doing this be? Just a huger blockchain for everyone to download?
at the moment a 1mb block calculates to a 52gb blockchain per year. . if and only if the whole 1mb cap was filled with data.
but with bitcoin entering its 5th year, the entire blockchain sits at under half of 52gb, which over 5 years averages out as only 10% utilised. so until we see more blocks being fully filled up, then the 7tx/s is not an issue.
if you would like to learn a more prominent issue that does affect us today, which should not affect us for many decades. then research into mining pool scripts.
right now 25btc for an average 10 minutes worth of work is ample. yet miners greed is demanding people pay a fee on the transactions, to such an extent that pools coded by Luke Jr are now ignoring a majority of fee free transactions.
Luke Jr posted that the eligius pool only allows 1 unpaid transaction per block.
the way to imagine it is the railway network. where there is 10 carriages, 1 carriage for first class passengers and 9 for coach class. they only allow one coach class passenger on per train. the other coach passengers have to wait for a different companies train to arrive at the station to get onboard.
translation:
with 10% of a block being filled by fee paying transactions, and although there is room for 90% of a block for everything else. eligius only allow 1 transaction without a premium.
it does not cost a rail company or a mining pool anymore to have a full train/block, but its done to force people.. yes people, you and me. to pay more just to get accepted.
miners should not be demanding more value via transaction fee, they should however demand more value by hoarding their reward and getting better value on exchanges
:O shocking, I did not know this, and I mine at eligius. This feels contradictory to the very nature of bitcoin. Time to go over to their page and have a word.
That is his philosophy on fees. I doubt talking to him will change that. I think many miners mine there BECAUSE of that philosophy so he would probably loose business if he changed it.
You can switch pools to a pool that has a more open philosophy (to free transactions) if yours is different. I think Mining.bitcoin.cz allows for more free transactions per block though this information is now harder to find.
Yeah I am also a bit worried about the long term stability. In effect, the current mining reward is the fees paid by the network. Not paid directly, but by injecting more BTC into the economy the value of all BTC goes down, thereby the block reward is a tax on all people hodling.
The dream scenario is, computers become faster / storage more abundant, 100 MB blocks are no problem, 1 cent fee per tx is enough to keep the block reward at $4k, which is enough to keep the network secure with enough miners. No block reward is needed, tx fees hold everything stable.
Worst case is, block reward becomes low, and tx volume is limited to 1MB, the tx fee in excess of $1. Either people don't want to pay that much fee on tx, and BTC dies. Or people pay less fees, but no miners mine for that, and BTC becomes unstable and dies.
Another thing to consider, what if the miners become greedy, and hard fork to continued 25BTC block reward indefinitely. Or hard fork to whatever the hell they to. Only takes two mining pools right now to do that if I understand BTC protocol correctly. I guess people can stay on the lower hashed chain.. but this could get very messy.
The dream scenario is, computers become faster / storage more abundant, 100 MB blocks are no problem, 1 cent fee per tx is enough to keep the block reward at $4k, which is enough to keep the network secure with enough miners. No block reward is needed, tx fees hold everything stable.
Worst case is, block reward becomes low, and tx volume is limited to 1MB, the tx fee in excess of $1. Either people don't want to pay that much fee on tx, and BTC dies. Or people pay less fees, but no miners mine for that, and BTC becomes unstable and dies.
Another thing to consider, what if the miners become greedy, and hard fork to continued 25BTC block reward indefinitely. Or hard fork to whatever the hell they to. Only takes two mining pools right now to do that if I understand BTC protocol correctly. I guess people can stay on the lower hashed chain.. but this could get very messy.
The beauty is that the reward slowly disappears. This makes bitcoin something which is always in a period of transition. Nothing is going to happen too suddenly. It's not like when 2140 comes 'we' have two weeks where suddenly everyone stops mining and a block isn't found for the entire time.....by that time we will have transitioned to a "transaction-fee based blockchain."
Did I just (bit)coin a term?
Correct. I think that you did just that. Did I just (bit)coin a term?
yay I'm a part of btc history.
just call me nakamotwo
edit: I just realized that one thing I said isn't correct. If everyone actually did stop mining (apart from a tiny percentage of people) wouldn't it take a lot longer than two weeks for the adjustment, given that the adjustment depends on finding 2500ish blocks? If we ever went down to a 1/100th of the hashpower that would mean waiting ages for confirmations (like hours/days) for 200 weeks? Ugh this is one of those things that makes me think that if btc fails, it will fail quite hard, it's like a rocket launch - if it keeps gaining momentum it will be fine but if anything goes wrong it crashes (I don't mean the price, although that likely would as well.)
hmmmm
still!
I will hodl you 5evr btcoin. I <2 yu soo muhc.
The beauty is that the reward slowly disappears. This makes bitcoin something which is always in a period of transition. Nothing is going to happen too suddenly. It's not like when 2140 comes 'we' have two weeks where suddenly everyone stops mining and a block isn't found for the entire time.....by that time we will have transitioned to a "transaction-fee based blockchain."
Did I just (bit)coin a term?
Correct. I think that you did just that. Did I just (bit)coin a term?
The beauty is that the reward slowly disappears. This makes bitcoin something which is always in a period of transition. Nothing is going to happen too suddenly. It's not like when 2140 comes 'we' have two weeks where suddenly everyone stops mining and a block isn't found for the entire time.....by that time we will have transitioned to a "transaction-fee based blockchain."
Did I just (bit)coin a term?
Did I just (bit)coin a term?
My biggest worry is that by the time the rewards are over no one in their right minds will mine at extremely high difficulty for pity transaction fees.
But by the time that happens I will be either dead or rich, so screw it
But by the time that happens I will be either dead or rich, so screw it
It's true that it will be a long time before the block reward is completely gone, but the block reward will be insignificant much sooner.
https://en.bitcoin.it/wiki/Controlled_Currency_Supply#Projected_Bitcoins_Long_Term
According to that chart, by 2032 the block reward will be less than a full bitcoin. I plan to still be alive by then!
20 years in bitcoin time is like 2000 years in normal time.
What does that have to do with the conversation? Bitcoin either will or will not exist by then. If it does exist, the block reward will be less than a whole bitcoin.
I'm simply pointing out that most of us will still be alive by then (hopefully)!
nope, it's very well established that most of the people in this community are very old. 75+. The youth just aren't able to grasp new concepts, and paradigm shifts in something as fundamental as money. It takes age and experience to really understand bitcoin. Also, the youth tend to like to keep things exactly as they are. The older you get the more naive and idealistic you become.
God I'm turning into proudhon.
What FUD mean ?
My biggest worry is that by the time the rewards are over no one in their right minds will mine at extremely high difficulty for pity transaction fees.
But by the time that happens I will be either dead or rich, so screw it
But by the time that happens I will be either dead or rich, so screw it
It's true that it will be a long time before the block reward is completely gone, but the block reward will be insignificant much sooner.
https://en.bitcoin.it/wiki/Controlled_Currency_Supply#Projected_Bitcoins_Long_Term
According to that chart, by 2032 the block reward will be less than a full bitcoin. I plan to still be alive by then!
20 years in bitcoin time is like 2000 years in normal time.
What does that have to do with the conversation? Bitcoin either will or will not exist by then. If it does exist, the block reward will be less than a whole bitcoin.
I'm simply pointing out that most of us will still be alive by then (hopefully)!
My biggest worry is that by the time the rewards are over no one in their right minds will mine at extremely high difficulty for pity transaction fees.
But by the time that happens I will be either dead or rich, so screw it
But by the time that happens I will be either dead or rich, so screw it
It's true that it will be a long time before the block reward is completely gone, but the block reward will be insignificant much sooner.
https://en.bitcoin.it/wiki/Controlled_Currency_Supply#Projected_Bitcoins_Long_Term
According to that chart, by 2032 the block reward will be less than a full bitcoin. I plan to still be alive by then!
20 years in bitcoin time is like 2000 years in normal time.
My biggest worry is that by the time the rewards are over no one in their right minds will mine at extremely high difficulty for pity transaction fees.
But by the time that happens I will be either dead or rich, so screw it
But by the time that happens I will be either dead or rich, so screw it
It's true that it will be a long time before the block reward is completely gone, but the block reward will be insignificant much sooner.
https://en.bitcoin.it/wiki/Controlled_Currency_Supply#Projected_Bitcoins_Long_Term
According to that chart, by 2032 the block reward will be less than a full bitcoin. I plan to still be alive by then!
My biggest worry is that by the time the rewards are over no one in their right minds will mine at extremely high difficulty for pity transaction fees.
But by the time that happens I will be either dead or rich, so screw it
But by the time that happens I will be either dead or rich, so screw it
There should be no reason why a miner doesn't include non-fee transactions IF there is room in the block which as explained is the case with nearly every current block. It isn't hard to give priority to fee-paid transactions but fill the block with all others.
Yes, that's nice and all, but ultimately it's the miners decision. They've invested time and hardware and they should choose which transaction they want to process.
I, personally, would do exactly as you say and prioritize fee paying transactions over others, but still fill my blocks if possible. Yet, I wouldn't force my choices on others.
you sound like a god-damn crazy commie.
what are you one of those liberal-tarians? There should be no reason why a miner doesn't include non-fee transactions IF there is room in the block which as explained is the case with nearly every current block. It isn't hard to give priority to fee-paid transactions but fill the block with all others.
Yes, that's nice and all, but ultimately it's the miners decision. They've invested time and hardware and they should choose which transaction they want to process.
I, personally, would do exactly as you say and prioritize fee paying transactions over others, but still fill my blocks if possible. Yet, I wouldn't force my choices on others.
There should be no reason why a miner doesn't include non-fee transactions IF there is room in the block which as explained is the case with nearly every current block. It isn't hard to give priority to fee-paid transactions but fill the block with all others.
Most people mining don't know/ don't care that that is the system their hashing power is going towards. This is one of the huge problems with massive mining pools.
Most people mining don't know/ don't care that that is the system their hashing power is going towards. This is one of the huge problems with massive mining pools.
miners should not be demanding more value via transaction fee, they should however demand more value by hoarding their reward and getting better value on exchanges
Assuming all miners are interested in exchanging bitcoins for fiat.
right now 25btc for an average 10 minutes worth of work is ample. yet miners greed is demanding people pay a fee on the transactions, to such an extent that pools coded by Luke Jr are now ignoring a majority of fee free transactions.
The transition from block reward to transaction fees should be smooth. Hopefully transaction fees become an increasing part of the block reward before the next halving.
I see no problem with miners setting their own fee rules.
The greater problem lies in the fact that there are very few actual miners, most people are just selling their hashing power to huge miners (pool operators).
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