Topic: What are the biggest faults of BTC & how would you fix them? (Read 1372 times)

this is maybe silly suggestion,i just suggest to Nakamoto for create bitcoin with faster transaction and confirmation,so i feel use cash money,with per second transaction and confirmation,is that immpossible?

i know that it is an strange thing to say. but what is the point of mining with no reward. mining is going to need electricity so it will cost me. and i am not even looking for a big reward (profit), even a small amount which could cover the electricity cost. this way mining would not be centralized by mining farms.

besides if i want to support bitcoin and blockchain i would run a full node, not mining without reward.

Why would miner's use their hashrate to attack the network? Wouldn't that make their coins worth much less?

You're welcome. I'll keep at it, however it is obvious that some of these 'users' are only posting because of their signatures. They are choosing to ignore what was already posted and/or corrected.

I think that OP was supposed to be 'flaws inherent to Bitcoin' (as in design, code, features), not flaws revolving around its ecosystem.

There will never be a solution if we continue with just increasing the block size (or this being our primary objective). This is why contentious HF's like Classic don't really solve anything but delay the debate a bit.

Yes. Anything would be good IMO; way better than nothing.

Not a Bitcoin flaw.

You don't need to wait for a confirmation to buy something. It should be okay to accept zero confirmation transactions for goods of lower value, especially if there is trust between the buyer and seller.

With enough hashrate they are able to control/attack the network.

What's so bad about huge mining pools?

Exactly confirmation time is the major issue with bitcoins, I think bitcoin core team should work on it and make it more fast as it is very time consuming and irritating sometimes, and bitcoin is not that popular in many countries.

Limited acceptance -> fix by telling them about Bitcoin , educating them.
Long transaction confirmation time -> really bad, you cant buy physical goods fast because of this, no idea how to fix though.

Yes, I agree that some incentive for nodes would be nice. I would run a node if so. Even just 1% of TX fees directed to nodes would be nice.


What if there was a way to make bitcoin's code aware of mining data such as in this pie chart..

And then vary difficulty based on who is connected and how much hash they are putting on to where connections of lesser hash would be hashing on a smaller difficulty then the mega hash connections. Like assign the greatest hash difficulty + 10% and the smallest hash difficulty -10%. To where if say actual difficulty was "find a hash with value less than 10" assign the greatest hash connection "must be less than 9" and the least hash connection "must be less than 11" and assign every hashing connection in the middle between least and greatest a difficulty somewhere in the middle..

hash=100=less than 9
hash=75=less than 9.5
hash=50=less than 10
hash=25 less than 10.5
hash=1= less than 11

Where hash=100 is the greatest hash connection and hash=1 is the least hashing connection.
This could be done linearly or exponentially or variably based on the difference between the least and greatest hashing connection and the solved block would be accepted based on difficulty X (connection hash % of max/min) and could even be weighted based on the % of miners that fall into a certin ange between least and greatest. Give an advantage of lower difficulty to connections with less hash power to bust up the mining monopolies.

Ofcourse I have no idea if something like this is possible because I really don't know what I'm talking about but I think it would be good to find a way to put the mining monopolies at a disadvantage VS the more decentralized miners.

I also think that this must not be done with rules or laws but rather in a way that provides incentives based on the code so the free market will sort it out.



Took me a while to find this post again..

I like that post a lot and think it is something that should really be thought about.

I don't know. I wish I was a genius and understood all the code but I don't. I probably barely understand the whole concept.

Lauda

Thank you for correcting my remarks (last page).  And for correcting various other comments since.

But, what I was really trying to communicate was the problems I have in the who Bitcoin Ecosystem, things we would like to see made better.  Sure, developer's coding issues are different than other parts of the Ecosystem, but it all has to work fairly seamlessly in order for Bitcoin to gain Major League acceptance.

I hope that the various problems re block size (including the "next time" the issue comes up) get resolved through a professional consensus.  Acrimony about "hard forks" and other scary-sounding matters will NOT help normal people look with favor on Bitcoin.

My opinion only, I am not a programmer.

Wrong. Stop posting nonsense.
Transactions are near instant. Confirmation times aren't; you've mixed those two up.
A fully anonymous coin would most likely be labeled illegal pretty much anywhere. Bitcoin is pseudo-anonymous; besides we might see confidential transactions one day.

This is not a flaw inherent to Bitcoin. Bitcoin works without a development team. Besides, if you exclude Gavin and Garzik there is consensus (a roadmap has been signed).

Bitcoin is lacking capacity (remove Blockstream guys and let it grow)
Bitcoin is lacking instant transactions (I know it's hard to make but market really wants it)
Bitcoin is lacking anonimity (no one even talks about it)

the biggest fault of bitcoin right now is the bitcoin development team. they can not even reach a consensus among themselves which is tearing bitcoin into two groups and scaring everybody for its future.

10k+ satoshi is a proper fee, there are some that use 1k or below and zero fee, i admit i have used less than 10k satoshi many times

What are these proper fees? Because clearly default fee amount set by the wallet is often not enough? How a person should now that fee is "good", that the person is not overpaying nor underpaying?

Your post contradicts itself. You are talking about mining at home where you earn money; you can forget about that. You can mine at your home with whatever you want, but you won't be earning money. There's a huge difference and this can't be prevented either.

Satoshi is gone and thus irrelevant at this point in time. There are no transaction delays; there are only confirmation delays because people don't include the proper fees.

That wouldn't be a censorship-free and decentralized system then.

one big problem that i have with bitcoin is difficulty, which will lead to this situation that i as an individual with a pc at home (no extra mining equipment) can not mine bitcoin, so mining becomes a business that a few (mining farms) can only do it.

can't say if it is all a bad thing, but i wished that mining of the cryptocurrency that is supposed to be decentralized could be done by anybody who wanted to do so.

i am just amateur bitcoin,not an expert and just know little thing about bitcoin,so if you ask me like that,i can't suggest anything to Satoshi Nakamoto,bitcoin is perfect for me,even some transaction delay so long,i think its not happen many time.

the biggest faults is that bitcoin is less decentralized than what it was at the beginning, for mining maybe to avoid this, satoshi would have had to think about a algo change after each halving, to reduce the mining centralization

so asic would be less powerful and more gpu oriented farm would have emerge

also leaving 32mb block size, was not that catastrophic for today working, there is no real argument to sustain these all fud

Yes thats true as its the leader for the tech, others can just adopt it. I don't think much fault about bitcoin. It has got its existence and has been running long. The programming behind the technology feels to be difficult. One who have interest in writing codes its not a big deal. This can also be overcome by a a person if he has willingness to learn more about bitcoin

not that easy. bitcoin was at the heart of all users. many coins are to be like bitcoin, there is even more sophisticated, but they can never compete with bitcoin,