The title of the thread translates to "please don't read the other threads"
lol
Topic: The only thread you need to read on the bitcoin >20mb blocks (Gavins proposal) (Read 769 times)
May 31, 2015, 12:05:41 AM
May 30, 2015, 09:48:27 PM
And the most insightful post about the blocksize debate I award to:
Quote
"Steve, check out this video -
I'll fast forward, but basically it takes about a half hour for the fire department to put out this fire with this 3" diameter hose.
So we figure if we use a 12' diameter hose we'll be able to put fires out in about 1.8 seconds.
Imagine how much time that will free up - you'll be able to put out thousands of fires a day instead of one or two!"
"My god. We're going to make so much money."
I'll fast forward, but basically it takes about a half hour for the fire department to put out this fire with this 3" diameter hose.
So we figure if we use a 12' diameter hose we'll be able to put fires out in about 1.8 seconds.
Imagine how much time that will free up - you'll be able to put out thousands of fires a day instead of one or two!"
"My god. We're going to make so much money."
May 30, 2015, 08:14:24 PM
What if anything does all of this mean for the average, non mining, Bitcoin hodler?
It means Gavin is the anointed Bitcoin God, which is honestly just fine by me!
May 30, 2015, 08:09:05 PM
Okay, I am kinda getting tired of reading the nonsense being posted on these threads by people who have clearly not taken the time to read or understand Gavins proposal. Whether you support the bigger blocks or not you need to understand what is being proposed.
This is leading to a common misunderstanding about the proposal on implementing the fork. The bigger blocks don't go live until the super-majority of nodes update their clients.
What has been proposed is very simple:
1. If you do not care about the potential bottle neck in the future then stick on bitcoin-core and the 1mb blocks
2. If you want to support the movement to 20mb block then move to bitcoin-xt
This basically means that only once super-majority is reached will the miners be allowed to create blocks >1MB blocks (bitcoin-xt) which would be accepted into the longest chain. The other 20% minority who rejects the new blocks (running bitcoin-core) would find themselves on the shorter chain... and left behind.
I have said my two satoshis worth...
This is leading to a common misunderstanding about the proposal on implementing the fork. The bigger blocks don't go live until the super-majority of nodes update their clients.
What has been proposed is very simple:
1. If you do not care about the potential bottle neck in the future then stick on bitcoin-core and the 1mb blocks
2. If you want to support the movement to 20mb block then move to bitcoin-xt
Quote
Current rules if no consensus as measured by block.nVersion supermajority.
Supermajority defined as: 800 of last 1000 blocks have block.nVersion == 4 Once supermajority attained, block.nVersion < 4 blocks rejected.
Supermajority defined as: 800 of last 1000 blocks have block.nVersion == 4 Once supermajority attained, block.nVersion < 4 blocks rejected.
This basically means that only once super-majority is reached will the miners be allowed to create blocks >1MB blocks (bitcoin-xt) which would be accepted into the longest chain. The other 20% minority who rejects the new blocks (running bitcoin-core) would find themselves on the shorter chain... and left behind.
I have said my two satoshis worth...
3. If you're scared out of your wits, trade BTC with LTC.
May 30, 2015, 08:01:34 PM
What if anything does all of this mean for the average, non mining, Bitcoin hodler?
May 30, 2015, 07:12:06 PM
These are good threads to read:
https://bitcointalksearch.org/topic/fork-off-919629
https://bitcointalksearch.org/topic/bitcoin-20mb-fork-941331
https://bitcointalksearch.org/topic/fork-off-919629
https://bitcointalksearch.org/topic/bitcoin-20mb-fork-941331
May 30, 2015, 07:09:35 PM
If this summary is correct, it helps clear some major misunderstandings that are currently growing like where.. Puts everything in perspective.
May 30, 2015, 06:59:12 PM
Okay, I am kinda getting tired of reading the nonsense being posted on these threads by people who have clearly not taken the time to read or understand Gavins proposal. Whether you support the bigger blocks or not you need to understand what is being proposed.
This is leading to a common misunderstanding about the proposal on implementing the fork. The bigger blocks don't go live until the super-majority of nodes update their clients.
What has been proposed is very simple:
1. If you do not care about the potential bottle neck in the future then stick on bitcoin-core and the 1mb blocks
2. If you want to support the movement to 20mb block then move to bitcoin-xt
This basically means that only once super-majority is reached will the miners be allowed to create blocks >1MB blocks (bitcoin-xt) which would be accepted into the longest chain. The other 20% minority who rejects the new blocks (running bitcoin-core) would find themselves on the shorter chain... and left behind.
I have said my two satoshis worth...
This is leading to a common misunderstanding about the proposal on implementing the fork. The bigger blocks don't go live until the super-majority of nodes update their clients.
What has been proposed is very simple:
1. If you do not care about the potential bottle neck in the future then stick on bitcoin-core and the 1mb blocks
2. If you want to support the movement to 20mb block then move to bitcoin-xt
Quote
Current rules if no consensus as measured by block.nVersion supermajority.
Supermajority defined as: 800 of last 1000 blocks have block.nVersion == 4 Once supermajority attained, block.nVersion < 4 blocks rejected.
Supermajority defined as: 800 of last 1000 blocks have block.nVersion == 4 Once supermajority attained, block.nVersion < 4 blocks rejected.
This basically means that only once super-majority is reached will the miners be allowed to create blocks >1MB blocks (bitcoin-xt) which would be accepted into the longest chain. The other 20% minority who rejects the new blocks (running bitcoin-core) would find themselves on the shorter chain... and left behind.
I have said my two satoshis worth...
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