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Topic: Was Bitcoin shut down for 8 hours? - page 3. (Read 2582 times)

hero member
Activity: 882
Merit: 1006
April 04, 2015, 07:29:56 AM
#10
Here is my response to this guys tweets.

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3/ Western Union spends roughly 1/2 of revenue on local offices by both ends of the transactions. Bitcoin remittances don't solve this.

Do we really need an office on both ends just to transmit funds?

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4/ Bitcoin presently costs on the order of $6.5k per megabyte of data added to the block chain.

Yes it is true that tx's are pretty expensive (I don't know how accurate your figure is). Currently the majority of that is covered by the mining reward, the user only pays a few cents if anything.

The fact is we REALLY don't need an insanely high hashrate to protect the network. We only need just enough to protect the network. If miners aren't getting paid enough, they will switch off, incresing the revenue for every other miner. We don't need an insanely high hashrate. Yes this is bad for miners but miners should know that Bitcoin mining is very new and has significant risks.

Also if Bitcoin becomes big the transaction fees will cover some of the mining reward. This is what Satoshi predicted would happen.

The other thing is changes to the concensus system could make mining a thing of the past, or less important. I believe that one day we may move to another concensus system (such as a hybrid POW/POS like proof of activity) once another concensus system is well studied, tested, understood and has obvious benefits for Bitcoin. This could significantly change this situation.

Also this factoid isn't very useful. The blockchain is designed to store transaction data, which is typically under 1KB in size. Why don't you ask your bank how much they charge for storing your stuff in their vault Cheesy


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5/ The entire market cap of Bitcoin as of 4/1/2015 is a fee paid to someone for work already done between 2009 and 4/1/2015.

I am kind of confused by this statement. I think you are saying that the market cap of Bitcoin was paid out to miners as a fee over the last couple of years.

Please name me one currency that doesn't pay out it's newly minted currency to someone for work done.

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6/ Most advantages of Bitcoin which matter are captured by, and improved upon by, a LAMP app which simply holds account balances.

You are right, depending on what aspects of Bitcoin you see as an advantage. Centralized systems are more efficient. However such a system would end up just like e-gold, libertyreserve, digicash and all the others who tried to make centralized payment systems similar to Bitcoin in the past.

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7/ Bitcoin's Internet cheering squad is a spontaneously organized boiler room. This is Bitcoin's #1 engineering and marketing achievement.

I hate some of the pro-Bitcoiners, in particular the ones who think that Bitcoin is some kind of untouchable God or something. Bitcoin has advantages and disadvantages, strengths and weaknesses.

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9/ Bitcoin is not a protocol in any meaningful sense of word. It is a single C++ codebase that you have to be bug-for-bug compatible with.

This is something that really bugs me. We do need a more defined protocol, but we are getting there. We have BIPS for many things now, which is a good start but we do need better documentation.

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10/ Bitcoin's disaster recovery plan is a) get a cabal of people together in IRC, b) shut down the entire payment network, c) sort things.

What are you talking about? This is not the disaster recovery plan and It is not possible for them to shut anything down.

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12/ Time between Bitcoin blocks is not guaranteed (follows a Poisson distribution). Sometimes all pending transactions just stop for a while

Why do you think it needs to be guaranteed?

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13/ The media following Bitcoin, both enthusiast press and tech rags, are so incompetent at their jobs that it beggars belief.

This is so true and it is such a joke, take for example the Dorian Satoshi incident or the "Bitcoin CEO is dead" reports, however it's not just Bitcoin. The media are so incompetent at their jobs period.

legendary
Activity: 3248
Merit: 1070
April 04, 2015, 07:11:57 AM
#9
Is this even possible to shut down whole system by anybody?

you know that bitcoin is decentralized? no one can shut down anything, that's the point of a decentralized system, totally detached from anyone

the OP is referring to the forum btw
legendary
Activity: 2604
Merit: 3056
Welt Am Draht
April 04, 2015, 07:08:43 AM
#8
Read the rest of the little tit's tweets. It's one long line of bitterness and FUD. And don't you think you would've heard something about it in a rather loud manner on every single thread on every single bitcoin forum and news source if it were true?
legendary
Activity: 1442
Merit: 1016
April 04, 2015, 07:01:55 AM
#7
bitcointalk (this website) which is only a forum and NOT a blockchain NOT a currency.. just a website... was down for several hours a couple days ago...

seriously people need to learn the difference or if they know the difference, atleast explain it better.

its like saying wall street trading markets stalled.. where the reality would be that the financial times newspaper was late to press

Right. The forum here was ddosed and not reachable for some hours.However the Bitcoin Network was online and can not be shut down so easily. Some people are really too dumb.
hero member
Activity: 882
Merit: 1006
April 04, 2015, 06:55:19 AM
#6
Actually the Bitcoin network was technically down for sometime (was it 8 hours?) due to a botched update for Bitcoin Core in March 2013 where certain valid blocks were being rejected causing a concensus fork, making it impossible for some users to get their transactions to confirm and miners lost significant revenue. An alert was put out using the Bitcoin Core alert system telling users to downgrade to the last version until a patch is released, and the devs contacted the largest pools asking them to downgrade, I assume this is the "IRC channel meeting" referred to.

https://bitcoinmagazine.com/3668/bitcoin-network-shaken-by-blockchain-fork/

The issue was quite serious and should've been found with some basic testing. Thankfully this is the worst thing that has ever happened to the Bitcoin network.
legendary
Activity: 4424
Merit: 4794
April 04, 2015, 06:46:33 AM
#5
bitcointalk (this website) which is only a forum and NOT a blockchain NOT a currency.. just a website... was down for several hours a couple days ago...

seriously people need to learn the difference or if they know the difference, atleast explain it better.

its like saying wall street trading markets stalled.. where the reality would be that the financial times newspaper was late to press
legendary
Activity: 1400
Merit: 1009
April 04, 2015, 06:36:00 AM
#4
Is this even possible to shut down whole system by anybody?
No it's not possible. for shutting down whole bitcoin network you have to shutdown all the nodes or by 51% attack both are not possible.
hero member
Activity: 676
Merit: 500
April 04, 2015, 06:06:39 AM
#3
Is this even possible to shut down whole system by anybody?
legendary
Activity: 1176
Merit: 1015
April 04, 2015, 05:54:12 AM
#2
I'm hoping someone around when this happened could perhaps chime in and offer a defense?

If there is a defense, then perhaps publically reply to Patio11?
legendary
Activity: 1176
Merit: 1015
April 04, 2015, 05:44:43 AM
#1
Is there any truth to this tweet?
https://twitter.com/patio11/status/583701441866371073

Patio11 is generally well respected and even though I have been in Bitcoin for a long time, I never heard of this 8 hour shutdown.

His tweets are getting lots of coverage right now.

(The entire tweet storm starts here: https://twitter.com/patio11/status/583696870704152576)

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