Gold collapsing. Bitcoin UP.

[AdrianX]

@Peter R logged onto Reddit Sunday evening to see you were the subject of debate at the hands of a rather ruthless reddit mob.

I just wanted to show my appreciation for the work you're putting in. It's about shining light in the dark not a reflection on you.

Further more it's youre work that's allowed we to fully appreciate the Bitcoin design. Prior to reading your posts of Metcalfe's Law correlation with Bitcoin growth and market cap, I had an incomplete understanding of the origins of value.

I believed in the Monetarists view that value of money was a function of economic output but it's way more than that.

Just a quick thank you your contributions to the Bitcoin project haven't gone unappreciated.

 

[cypherdoc]

this is going to be awesome:

https://21.co/learn/

 

[Zangelbert Bingledack]

Holy shit.

One of the key concepts in mobile development is the concept of "power-aware computing". In a power-constrained environment, power is a scarce resource. You can spend more power to run an algorithm quickly, or you can spend less power to run an algorithm more slowly.

In the same way, the 21 Bitcoin Computer introduces the idea of "bitcoin-accelerated computing". A typical computer has no bitcoin. But if you do have some bitcoin, you can choose whether to spend more bitcoin to run an algorithm quickly on a remote server, or spend less (or 0) bitcoin to run the algorithm more slowly on a local server.

The key concept is that once you have both a client that generates bitcoin and a server that accepts bitcoin, the client can send bitcoin to the server to perform computations remotely, thereby spending digital currency to save time. We dub this a "cloud call" or "bitcoin-accelerated computing".

Because this process is fully programmable, you can do it conditionally. For example, you can choose whether or not to outsource a particular problem for bitcoin based on the size of the input data set, your expected future workload, or the spot price of the remote server.

Perhaps most interestingly, you can do it based on the spot price of multiple remote servers -- thereby developing a simple intelligent agent that chooses which endpoint provider to purchase from based on their current bitcoin price.

So in many cases if you want a momentary performance boost on your computer, you just pay for it, even automatically according to your desired parameters? That alone seems revolutionary.

EDIT: It looks like 21's angle of making this kind of thing much more convenient and ubiquitous for tinkerers is going to be a winner, despite people always saying the device doesn't do anything special.

 

[cypherdoc]

21:

Specifically, we think that the next step after pooled datacenter mining is massively distributed and decentralized mining, such that millions of mining chips worldwide each generate a small stream of bitcoin. One of the key reasons we believe this is that bitcoin mining has caught up to Moore's law. Now that mining chips are typically manufactured at the latest process nodes, further improvements in mining chips will not come fast and furious as they did over the March 2013-October 2014 time period. Instead they will be gated by the 18-24 month wait of Moore's law - just like CPUs.

This indicates that we may be able to distribute mining chips with CPUs, as a new kind of co-processor - much like GPUs or networking cards added new functionality to complement CPUs.

 

[Peter R]

@Peter R logged onto Reddit Sunday evening to see you were the subject of debate at the hands of a rather ruthless reddit mob.

I just wanted to show my appreciation for the work you're putting in. It's about shining light in the dark not a reflection on you.

Further more it's youre work that's allowed we to fully appreciate the Bitcoin design. Prior to reading your posts of Metcalfe's Law correlation with Bitcoin growth and market cap, I had an incomplete understanding of the origins of value.

I believed in the Monetarists view that value of money was a function of economic output but it's way more than that.

Just a quick thank you your contributions to the Bitcoin project haven't gone unappreciated.

Thank you for the support everyone! I knew that after I doxxed myself regarding Ledger that I would be subject to the occasional public attack--it was a price I was willing to pay. All in all, I think the episode was net positive for both the big-block cause and myself. For example:

1. It seems that even in /r/bitcoin (where a lot of the best people have already left), it's recognized that the arguments that accepting a block greater than 1 MB is "technically the same as" accepting a TX that creates 10,000 BTC out of thin air is ridiculous.

2. Even the most venomous trolls are now accepting that the fee market would exist without a block size limit. They are doing this by saying that it was "obvious" all along...but that is how research normally goes anyways: first they say it's wrong, then the say it might not be wrong but it's definitely not important, then they say they knew it all along.

3. The views for my Montreal talk went from 843 yesterday to 1148 today, an increase of 305 (or 36%)
[doublepost=1447705448,1447704585][/doublepost]

Bitcoin has no block size limit. The current restriction on block size is a software bug that will be corrected by the market.

Awesome! That is a great talking point!!

What's really great about it is that there actually was a bug in the code that would make the block reward reset to 50 BTC after 2140. Although correcting that bug required a "change to the protocol" in an overly-dogmatic sense, the change was accepted without argument because we intuitively knew that such an inflation schedule would be ridiculous. In other words, changing that "rule" was different and everybody could see why. I think when we look back 10 years from now, the idea that Bitcoin should have some static hard limit will appear equally ridiculous.

 

[Zangelbert Bingledack]

Blythe must have really pissed Andreas off. He's on fire here.

 

[albin]

I feel like what they've succeeded in doing now is that there is no venue available anywhere where it's possible to challenge Flexcap in any meaningful way.

 

[Zangelbert Bingledack]

If Flexcap is their angle...

Like Andreas did in the video above, I wonder if we can say, "Bitcoin Unlimited is the real flexcap." It's analogous because Andreas is comparing Bitcoin to private centralized blockchains and BU is the decentralized way to create a flexible cap rather than the centralized Core dev way.

BU does it without the overdesigned guesses at how difficulty should ramp up as a miner goes over the cap. I get the sense that Greg thinks that a centrally decided guess is always better than "just leaving it to the market," like there is no situation at all where he would want to let go of the reins of central control.

 

[Peter R]

I feel like what they've succeeded in doing now is that there is no venue available anywhere where it's possible to challenge Flexcap in any meaningful way.

Is there a write-up anywhere that describes precisely what the flexcap proposal entails?

 

[cypherdoc]

they're here:
https://pbs.twimg.com/media/CT8xKMiU8AAzkNQ.jpg

 

[albin]

@Peter R

I've been on the lookout for one for a while now, but can't find anything other than vague posts here and there.

 

[Inca]

What is the status on BU currently?

EDIT: a logo idea could be a stylized bitcoin symbol on its side to resemble the infinity sign..

EDIT2: a website should go up asap..

 

[theZerg]

I have bitcoinunlimited.info and am about to give up on Apexy.com and go with someone else (btc payment gateway times out) for the VPS. Any recommendations?
[doublepost=1447724407][/doublepost]WRT 21 we discussed the mining can now be decentralized idea a few weeks ago. I really think that we basically discuss almost everything here first

Same WRT flexcap I was posting about supply side flexibility many months ago... if you guys read any of the "gmax is so awesome so smart so innovate can't risk being on a different client" fanboi gunk I could dig it up probably.

 

[lunar]

@cypherdoc 21
I'm glad their thoughts are being made public. It's a concept that's been discussed here many times. Good to see this finally getting some air.

Back to satoshis original vision 'One CPU one vote"

This indicates that we may be able to distribute mining chips with CPUs, as a new kind of co-processor - much like GPUs or networking cards added new functionality to complement CPUs.

 

[Peter R]

Is Bitcoin's block size "empirically different" or "technically the same" as Bitcoin's block reward?

Without a priori knowledge of the Bitcoin source code, it is trivial to empirically determine that Bitcoin's inflation rate is 25 BTC per block (and 50 BTC prior to the first halving). From the following animation of real Blockchain data, it is clear that Bitcoin strictly adheres to a particular inflation schedule.

However, it is very difficult to empirically determine whether Bitcoin has a block size limit. Instead we first see evidence of some sort of "obstruction" at 250 kB, giving way to a new obstruction at 350 kB, followed by 750 kB and today an obstruction near 1 MB. A reasonable guess could be made that the present obstructions at 1 MB may give way to new peaks at a higher block size.

Hat tip to @dgenr8 for the raw data.

Link to combined graphic.

 

[Zangelbert Bingledack]

Bang, bang.

https://www.reddit.com/r/btc/comments/3t4kbk/forkology_301_the_three_tiers_of_investor_control/

Note the addition about BU's "fork-tolerant logic."

 

[sickpig]

I have bitcoinunlimited.info and am about to give up on Apexy.com and go with someone else (btc payment gateway times out) for the VPS. Any recommendations?

here at my shop we're using digitalocean (DO) for quite a while, no hiccups whatsoever in two years. lean and simple, no fancy features a la aws, but I think that for putting a web site on it DO would suffice.

 

[cypherdoc]

now that is one prolonged, ugly drop for gold. we're overdue for a bounce. when it does crack 1000, Bitcoin should surge:

 

[sickpig]

this one make my day...

 

[cypherdoc]

[doublepost=1447778790,1447778017][/doublepost]wow, gold and silver breaking down badly. our time is approaching guys: