Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 21585. (Read 26609692 times)

Coin
Explanation

Liftoff is upon us everyone. Get strapped in. This boring stage of btc is just what the doctor ordered prior to moon shotting again.
I think we will see major rally in the next few months, forget TA and all that, I trust my gut.

That seems to be the current plan, yes: trigger the fork when 800 of the last 1000 blocks have been mined with new-version software.  

This plan is better than the previous one (hard fork at programmed block number), because no one will be able to predict when it will occur.  

Also, a fixed-date fork had a good chance of achieving a 100% to 0% split, since  the anti-fork minority would switch once it realizes that it has lost; whereas the new adoption-triggered plan, if it triggers, it is guaranteed to fork when 20% of the miners (and god knows how many clients) are still on the old chain.  

Much better.  I mean, better for those who wish to see bitcoin collapse in the most comical way possible.

Everyone can do a hard fork to BTC. Just fork the code and do your change. The point is how many followers you could have. Moreover, your value of BTC does not change at all and they are the same on the two blockchains.

That said, Gavin has said again and again that there will be a soft fork acts as voting before any hard fork. The hard fork will only happen when the most majority has decided to accept large block.

People who want to do big investment have to do due diligence instead of just read news written by others. I am really surprised how brave someone can be by investing big money on something they don't know much and don't want to spend time on studying.

And he won't be the only one. It doesnt even need to be done on purpose, it should naturally occur.

Well, a clean hard fork would be the most reasonable and safest option, IMHO.

But, in the discussion lists, some people seem totally  convinced that hard forks are tools of the Devil.  So they would rather have some sloppy mushy sticky gooey fork situation --- by which a client will never know which chain will process his transactions, leading to possible double spends and unfixable inconsistent wallets.  

I read that Mircea Popescu even promised that, if a hard fork happens, he will re-send on one chain all transaction requests that are intended for the other, so as to frustrate the fork.  

So you may still keep your hope.  As for me, I am drooling at the thought...  

Coin
Explanation

i think the chinese panic has been postponed too. can't hardly believe what i am reading.

Sad.

I was making plans about what to do with the money I would earn by doublespending my coins, like happened to some people in march, 2013, but looks like they are doing everything to prevent it

The new version of the basic software will be deployed now, but the max block size increase and the fork will only happen after a scheduled block number, to be mined at least 6 months from now.  So there would be plenty of time for people to upgrade (if they want to) and the fork time will be known in advance, except for the variation in block mining time.

After the hard fork, you will automatiall have the same amount of bitcoins in both chains.  Hopefully a consensus would have been reached before that time so one of the clones will be worthles and unusable for lack of miners, and "bitcoin" will be the other clone.  In the unlikely chance that both versions survive, if you have the privatekeys you will be able to move or sell each clone independently by using the proper version of the software.

That was the original plan, but now people are discussing fancier (and unpredictable) schemes for triggering the fork, and fancy dynamic block size limits that will require lots of changes to programs that parse the blockchain, and will make it impossible to predict the memory needed to run a node or client.  I hope that folly prevails... 

they would most likely let the liquid leak to the miners and destroy them.

I know no mining hardware that is water proof

Coin
Explanation

I guess that you can postpone the mass adoption for another 2-3 years because of the uncertainties brought by the scalability issues, forking and halving.   

I hope that next time they will implement some sort of voting system into the software, because when i see how these manchilds are handling the situation, and by that arguing at bottom of the cesspit in some obscure reddit threads, i really start to appreciate Dash's Masternode voting and Bitshares Delegated Proof of Stake more and more.

There is also that discussion about the increasing of centralization because of the 20mb blocks. A non-issue, considering the fact that Intel/Micron/Toshiba will be releasing the newest 3D NAND SSD's by the end of 2015, thus making an additional 1TB of Blockchain per year easier to digest. Don't forget that you can also take in consideration the blockchain pruning solution. Even if you come with the argument that the hosting/bandwidth/speed is not enough or too expensive for normal users to run full nodes, then why not let the bitcoin businesses (or those who can really afford it) run the full nodes, as is in their best interests, and just let the normal users use the available SPV/Electrum type wallets ? More adoption > More btc businesses > More nodes > Less centralization.

But then again, a fork could cause an immense damage to Bitcoin. If the mining power switches to Gavincoin, you would almost be a participant in a shitcoin (MIT + Gavin in charge) and a lot of people could end up in a cloud of confusion. On the other hand, if you don't adopt it, you could end up missing much better features and less reliance on off chain solutions.

But then, again, if the adoption happens fast and you want to use bitcoin for microtransactions and destroy Visa,Paypal,Stripe etc, then you will have to face the hard fact that:

7 Billion people doing 2 blockchain transactions per day will require:
 - 24GB blocks
 - 3.6 TB/Day
 - 1.27 PetaBytes/year


So you will realize pretty fast that Moore's/Nielsen's laws cannot keep up with a hyper-growth scenario like this. In the end you will still have to rely on off chain solutions. You see, you can argue on these 2 decisions forever and that's why the best way to make them is via voting. Legit voting which is almost impossible to do at the moment.

Good point! Actually, the most important summarize of the problem about this whole "block size debate". It is not about HD space, it is about "what?? you can halt and fork the whole thing while i am sleeping and next morning am on the worthless losing fork? WTF!".

Also, i do not understand people who are against it (well, other than the solid arguments against "tweeking to unknown").

Anyone who: runs a full node, mining for more than pocket change, and has potentially hundreds/thousands of dollars worth in BTC, can not realistically speak against a 100-200$ TB hard drive, which maybe full in 3 years, when blocks really fill up to 20mb (or 100mb, whatever). I run a full node on my home PC, my workplace laptop as well, and i would totally get a few TBs of HD space, just to continue to support the network - ON PRINCIPLE -, so i laugh at people who worry about cheap ass "maybe" costs - especially million dollar businesses.. cmon.

Running a full node is not for everyone , and it should not be for the technically illiterate (easy to corrupt and capture PCs, botnets and so on), but those who does it, do not really care about 1-2 more HD racks in the coming YEARS:). And yes, a poor guy in the sub-Sahara with shitty up/download can not run a full node. Who cares. Does who can will, and many people does it for goodwill, and rational self interest, it does not have to spread equally on the globe. As long as honest nodes/miners > non-honest ones, we win.

Just my 2 mBTCs.

Coin
Explanation

chinese panic-- summer edition... incoming.

Hello Bulls and Bears!  Good day to you all!

Do you really need to ask ...
You gonna get top quality MOONSHINE !! 

Hey guys, I was wondering... how would a bitcoin miner perform at distilling alcohol from fermented fruits/vegetables?

Yes there is a side to take. If BTC can be hard-forked, how can it be totally trusted as a Store of Value? Currency, in and out, sure, no problem. But if someone has the power to hard fork, we are back to centralisation again, which is the antithesis of BTC. Does not matter if it is put out there as 2 options for people to choose between. Fact remains, there is the power to change the parameters, push out a fork, and the value of your savings is dependent upon what the majority choose. Does not sound like the trustless currency that I thought BTC was.