He makes some very valid points and he is of course right about the negative impacts of the 1 MB blocksize. He is also correct in saying the "bloat" is not the issue, in fact the small blocksize in Bitcoin may have led to the massive concentration of the Bitcoin hash rate in China effectively allowing the Government of China to control Bitcoin. On the other hand I do not agree at all with the criticism of people such as Gregory Maxwell, who I must say has also made many very valid points on the matter of scaling Bitcoin. The simple reality is that the Bytecoin solution of adaptive blocksize limits without a tail emission is also a prescription for disaster.
The problem with Bitcoin is that nobody has found and it may well be impossible to find a way to develop a fee market, in the,
absence of a block subsidy, that does not over time converge to one of two undesirable results: Fixed blocksize and infinite fees or infinite blocksize and zero fees. Mike Hearn has made a very persuasive argument as to why a fixed blocksize and infinite fees is such an undesirable outcome; however I am sure that Gregory Maxwell can make an equally persuasive argument as to why an infinite blocksize and zero fees is an equally undesirable outcome.
Maybe the real reason why there has not been a solution to Bitcoin blocksize debate is that a solution may in fact not be possible, if one keeps the 21,000,000 maximum number of XBT limit in place, rather than because of the personalities involved.
So in all of this where does Monero stand? Well Monero is the highest capitalization coin that has solved this problem in a pure proof of work coin. My philosophy on this is that when one takes care of the long term the short term will take care of itself. On the other hand focus on the short term and expect grief over the long term. Monero has taken care of the long term, unfortunately Bitcoin and for that matter most other crypto currencies have not.
Nice post, you should cross post it to anonymints thread.
http://blog.cryptsy.com/Since Cryptsy was late to the game with Cryptonote coins, hopefully not many lost their XMR there. Still, not great for the alt community. I can't believe that Cryptsy didn't run a real cold wallet for their BTC/LTC at least! Amateur hour, it seems.
Since day one I and many others were warning not to get on that scam exchange but people saw dollor signs and sealed their own fate. C'est la vie
Crosspost:
NB:
https://forum.getmonero.org/1/news-announcements-and-editorials/2452/monero-network-malicious-fork-from-block-913193-updates-and-resolutionFrom that post (which will be kept updated) -
Hi all,
The Monero network was (once again) the subject of an attack. Due to an error during the development of 0.9, Hydrogen Helix, we omitted a check that allowed for v2 blocks to be added to the network prior to the hard fork block height. Thus instead of forking on March 20, at block height 1009827, a v2 block was added to the network at block height 913193.
This is obviously problematic as not all services have updated to 0.9, and the bulk of the network hash rate is still on 0.8.x. We are preparing a point release to 0.9 that resolves this, but in the meantime only if you are running 0.9 you can do the following as a quick patch:
Shut down your Monero daemon
Grab a checkpoints.json file from getmonero:
https://downloads.getmonero.org/checkpoints.jsonPut the file in your bitmonero working directory (eg. ~/.bitmonero or C:\ProgramData\bitmonero)
Restart the daemon
As soon as the patched point release is out you can remove the checkpoints.json file, if you wish, and run the updated version. The checkpoints.json patch is a quick fix and does not prevent the attacker from replaying their attack at a later block.
Did this coincide with the hash rate increase?
PEOPLE there are reasons threads have titles put your posts in the correct threads. Damn
@Smooth: This shit is really all over the place can you enforce thread discipline?
OH, ON Topic. I bought some, it's been over a year. My money is that we are at the bottom and will not see a dip past 10% in the foreseeable future and the upside is massive. Looks like I always pick a nexus point to invest in this phenomenon(<< yeah thats what these techs are bringing to the world, nothing less)
