Topic: Wonder who this solominer is? 88.6.216.9 - page 18. (Read 60498 times)

Protocol change is not needed, anyone can configure fee amount in their clients according to current BTC rate.

If the protocol would be changed so that a fee is mandatory or there is a minimum fee, what would be a good value?
At the moment a bitcoin is just a few euro or dollar, so minimum of 0.01 BTC sounds good. But if much more people are going to use it and the value of BTC is 1000 dollar, the minimum fee would be 10 dollar? A bit much if you want to buy one bread.
On the other hand, what would be a good percentage to pay for a transaction? 0.1% of the transaction value would be acceptable for something like a bread, but a bit much if you want to buy your house with BTC.

There is no saying he appeared months ago and "grew".  There have been 1 TX blocks for months or longer, its impossible to say if its the same miner or not, but the 1+TH appeared 2 weeks ago and pretty damn sudden. See chart I made earlier.

FYPFY

Doesn't give a fuck about the extra 0.3% in transaction fees / it isn't worth for him because of the structure of his operation. Not necessarily means he's hostile.

• appeared out of nowhere
• has 20% of the hashing power
• is hostile

do the math...

You can already set your threshold to whatever you want. If a few big pools do it, then the effect you describe would be achieved. When a couple noobs fail to get their transactions through in reasonable time they will blame bitcoin, though.

Luckily both of those are solvable problems.  Block rewards will (eventually) be a tiny fraction of current value.  Fees will need to rise.

Personally I would make a larger minimum fee change to the protocol.  Note free transactions would still be possible but 1 satoshi fee wouldn't be valid. 

Then if say 50% of miners said they won't include free transactions then people would have a choice.  Send it free and wait 20 minutes or send it with a small (but above protocol enforced minimum) and wait 10 minutes. If the minimum fee (remember free is still possible) was 0.01 BTC then a block with 200 paying transactions would be worth 2 BTC.  When block reward drops to 25 BTC you are looking at an 8% loss (vs 0.3% now) by not including tx fees.

There is the economic incentive to build more complex software and include paying transactions.

Currently there is absolutely no economic reason to include transactions.  None.  The sub fractional pennies it is worth doesn't even come close to the work, software, bugs, glitches, additional long polls, etc.  Most miners just include tx to be "nice" and provide "free support" to the network they want to see flourish.  As the network grows that kind of model will become more antiquated. 

Note: this could also be accomplished without a protocol change by a cartel of miners with enough combined hashing power to affect transaction times.  The issue there is cheating (just like in OPEC).  If you draw the line at 0.01 and there are enough 0.001 to 0.0008 BTC tx there is an incentive to "cheat".  Still it could be done. 

That is your justification/excuse for "intervention" but in reality, for bitcoin it doesn't matter one bit where do his resources come from and they could perfectly be legit and the problem for bitcoin would be the same.

Unless the fees increase dramatically(or the block rewards is halved a couple of times), this would hold true.

To me this is really simple. Make it worth while for miners to accept your transactions. If you pay a higher transaction fee more mining power will play nice and compete to pull in your transaction.

Have a look at the last 10 blocks. None of them have total fee that gets close to 0.1 BTC. Compare that to the 50 BTC block reward.

If I for some reason had access to a huge set of idle computers and wanted them to mine for me I'd have to develop/maintain/update software that effectively turns it into a distributed system. My software would be easier to develop/manage (and more stealthy) if I didn't have to push pending transactions around. With the current fees it is simply not worth the extra hassle.

In other words: If I had 10% of the total mining power, what would be my incentive to pull transactions into my block? Nothing. Don't give me that "I'll do it for the greater good" crap, this is not how the world works. The other 90% make sure that my coins can be spent and keep their value.

The point is not that he is mining anonymously, but that he is almost certainly stealing computing resources on a massive scale, and doing bitcoin a disfavor in more than one way. But maybe thieves have the right to remain anonymous in your world, and perhaps you dont care if botnets take control over bitcoin.

Besides, thief or not, if someone doesnt want his IP being tracked or published on sites like blockchain, all he has to do is stop mining blocks.  I dont see the difference between tracking deepbit blocks and MM's blocks.

And you are discussing a topic YOU also have no control over. You wished you had, but you don't. And when I say you I'm not saying you, gigavps, I mean all of you.
How dares he, to mine a pseudo-anonymous currency while wishing to remain anonymous...  

I'll risk to say that those 30(?) BFL singles you are expecting are the best way you have to fight it.

And it's not PSY, it's psy.

I'm interested in knowing the details of what happened with the attacking of alt-chains by Luke-jr and ArtForz, can you please point me to the right threads, if this is has been already discussed elsewhere?

Thanks very much

PSY, if you have no interest in mining then go away. I make plenty of money with mining and bitcoin in general.

Somehow you suddenly decided to allow us to continue discussing a topic that you have no control over. This is what I was commenting on.

Do you KNOW and have any kind of PROOF it is a botnet?

About my sig... No need to pay...
<--- Press Ignore!

Maybe he was just trying to make a quick buck:

If the botnets pwn the network, you will have this:

With what? Worried that someone you don't know kicks your ass on hashing power and money earned?
I would say you still are
Envy is such an ugly emotion, ain't it?

Whew. I was getting worried there.

Oh good, if you command so then we can carry on.