Gold collapsing. Bitcoin UP.

cypherdoc

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Aug 26, 2015
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altho BTCC and f2pool are pools...
 
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AdrianX

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Aug 28, 2015
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Never been more excited.

It is buying time as far as I can see. Brief price volatility whilst a fork happens..but then a massive relief rally after this happens. Could be the start of the next big one. Finally the shackles of Core are to be thrown off!
I concluded this too, it's the way it goes, I have followed a few "sathoshi's" in the past who model markets adoption and price ;-) anyway lots of signals are looking extremely bullish. I'm not sure in Mike H is a genius or just genuinely disappointed in the stalemate but I think his move has catalysed the next shift.
 

AdrianX

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Aug 28, 2015
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That argument is a lie designed to sound truthy enough to convince people who are economically illiterate.

It's phrased in a way that implies that if we double the amount of transactions the network performs then the electricity cost will also double rather than remain the same.
It’s the price of bitcoin that determines the total energy consumption used.

The amount of energy used is a reflection of the wealth stored in the blockchain.

Satoshi ensured there would be no waste by halving the energy subsidy needed to secure the network every 4 years. Energy consumption decreasing exponentially until it reflects the marginal cost to secure the network.
 

Zangelbert Bingledack

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Aug 29, 2015
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@Inca

The beautiful part is the longer he holds out, the more surprised everyone will be, and the more betrayed they will feel by /r/Bitcoin. Fortunately or unfortunately, I don't think they can keep it a secret for more than a day or so, or at least once Classic is released and being run.
 

awemany

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Aug 19, 2015
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I don't like any of this though. Whoever wins, the victory would be very bruising, maybe even Phyricc. There are good men on the other side who have been deceived by some misguided theology developed in 2013. If we are to win, we have to engage in the battle of ideas and try to persuade the bystanders and the more reasonable by addressing their theology and by presenting our maths/facts/logics etc. As with everything, ideas and ideas alone rule. We need a checkmate or we risk a forever stalemate.
I am afraid of the stalemate, too, but I do not see it so much with Bitcoin Classic. It is led by jtoomin with certainly a very strong contribution of and influence from Gavin, a clear 'bigblocker'. And 2MB is a clear victory against Core.
The only danger I see is smallblockian entering the dev team, slowly greggifying Bitcoin Classic. I hope Gavin learned his lesson and considers BC more as a player among many, with the old reference of Core currently on its way out.
Along those lines, I am somewhat worried about people such as Litecoiner /u/coblee, who's recently starting to flip-flop on blocksize -maybe he simply is drawn to power and wants to align with the more powerful faction, but maybe he wants to poison BC to give LTC more of a chance - or maybe he's just genuinely changing his opinion. I am skeptic, and I certainly grew more cynical after seeing the BS debacle and being part of the (still ongoing!) war. He should have certainly get some negative creds from his smallblockism and his clear conflict of interest. I'll also still give him (somewhat) the benefit of the doubt. We'll see.

@awemany
That link feels like stepping into a time machine and finding yourself in like 2012 or 13.
A lot of well-known people post there. Among others, I have seen Mike, maaku and gmax over there. However, many there do have this (quite arrogant) self-understanding of being the elite of tech. I do think this is unwarranted, and as you said yourself, that thread is oozing ignorance.

Also, @cypherdoc, as you repeatedly said 'you don't know the industry so much': This is
You're in Oakland, right? Those are the people around you :D

[...]
that first post betrays how most ppl feel towards Bitcoin. his first reason is simply pure envy. his second reason is a misunderstanding (perhaps intentional) about the trade offs btwn electricity use and the existing costs of fiat financial infrastructure and fraud. finally, you can see he watched the entire growth and price ramp of Bitcoin in pure astonishment and perplexity reflecting a deep misunderstanding (probably listening to Maxwell):
[...]
Yes, indeed. However, I think much more than the (probably paid) trolls on reddit, it is probably worthwhile to fight the sentiment over there, as, as others have said, that site has influence and is taken 'serious'.
It gives a glimpse into the wider outside world, and the vast ignorance that is still persisting. It does indeed help to explain the bubble nature of Bitcoin, with the media and some weird, only partially controllable word of mouth propaganda between people playing a large part.

I think the part in Mike's article about that, the loss of information for investors, seems to be quite accurate unless you are reading the relevant sites and fora. Along those lines, I agree that @Zangelbert Bingledack is probably right in his assessment that this is a buy signal. Unless we somehow are mass deluded on here, which I like to ponder about from time to time, but do find it highly unlikely.

Many people are also unable to understand and comprehend a dynamic situation. Huge amounts of electricity *are* being squandered right now but that is because the block reward is so high. We (by which I mean those that do) have to stop thinking like it will be there forever.
Agreed, and I think the long-term equilibrium with no block reward could be roughly the electricity needed to process transactions worldwide and provide sufficient transaction ordering capability or protection against double spends in other words. I have to say I am somewhat worried about the ecological impact, too, but that is also why I like that Bitcoin is not meant to have any block limit.

Hmmm, good point. They might have to take their blockchain private to guard against that. Maybe theymos could be in charge of overseeing miner permissions? Sometimes you have to abandon decentralization principles in order to save decentralization.
Along the idea of attacks: Before that, there might be huge DDOSses again to keep the 2MB from happening. I wonder whether it is prudent for all 2MB-mining or flagging nodes to prepare themselves by having a more distributed full node set on the globe, each.

I think it would make sense for people at the miners to have a fan out to a sizeable set of IPs in all kinds of datacenters worldwide. I hope they are prepared.

Wait, so Bitcoin Classic swallowed the social justice poison pill?

https://bitcoinclassic.com/codeofconduct.html

They are opening themselves up for in infusion of toxicity even worse that what we've already seen.

FWIW, here's what an codes of conduct from people who are actually interested in protecting communities from bad actors (rather than pushing unstated social agendas) look like:

http://hintjens.com/blog:108
This! The SJW-styled attack is very pernicious and underhanded. It will come along with words such as 'being reasonable, nice and inclusive and not a misogynist. This will certainly be an attack that will be tried on Bitcoin Classic, as it is (unfortunately) highly effective.

It will probably start with a nice looking and not stupid woman innocently asking for help with regards to getting involved in Bitcoin Classic development. It might sound funny, but in today's climate I see that already a sign of danger. At that point: Be aware. Look at the Linux and the LKML drama. Look up Karen Straughan if you want a women with a brain talking clear-text about feminism. Look around.

I have some bad personal experience both with being blind to the feminist/SJW attack (and was way too patient with these folks for way too long) as well has having been badly burned by the effects of feminism.

I have seen stuff both from Gavin and Jeff that makes me wary that they might have a blind spot and are not clearly seeing the dangers of the SJW/feminists/misandrist cesspool (or, rather: useful idiots?):

https://bitcointa.lk/threads/about-bitcoin-foundation-who-is-lindsay-holland-w-160k-salary-13k-month.440470/#post-10398863


So, yes, you are absolutely right, this is a danger, and I have the impression your and my post will be seen as prescient on where another attack on (important parts of) Bitcoin will come from.
 

Richy_T

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Dec 27, 2015
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The percentages being reported as supporting Bitcoin Classic are based largely on commitments by pool operators, no? But presumably we should see some reshuffling of hash power over the next few weeks as individual miners move to / away from these pools based on these commitments? How big do we expect that effect to be?
If the pool operators are smart, they'll offer two (or more) sub-pools to allow miners to choose but still stay with them. Though that does open things up to DDOS a little more.
 

albin

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Nov 8, 2015
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This is pure speculation, so grain of salt obviously, but I get the distinct impression that Satoshi basically had almost the whole thing worked out, and prior to releasing the whitepaper, asked Adam Back for citations to shoehorn in after-the-fact, probably knowing full well that might mitigate the mailing list piling up on him and declaring him an idiot.
 

Zarathustra

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Aug 28, 2015
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rocks

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Sep 24, 2015
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Electricity is being squandered right now because it's a fixed cost being spread over a too-low number of transactions.

Increase the transaction rate by 100x and the total electricity cost will barely budge, so the electricity cost per transaction will drop by two orders of magnitude.
Exactly, and the electricity metric only gets better as bitcoin scales, settling on the marginal increased orphan rate cost of including a transaction once the coinbase reward reduces. With IBLT, subchains, etc. the marginal cost of including a transaction becomes quite low.

And this is much cheaper than most online services used today. I remember reading that every google search or facebook page load consumes much more electricity that most people would imagine, on the order of leaving a light on for several minutes just to perform one google click.

That is a calculation that we need at some point. Compare the electricity usage of a google click or facebook web page load vs. the long term bitcoin cost per transaction after the coinbase reduces and scaling solutions are implemented. Bitcoin will look much better.
[doublepost=1452896118,1452894999][/doublepost]
BTCC is behind a 2MB bump, but are they committed to using Bitcoin Classic soon or do they plan to stick with core wanting a 2MB bump? There is a big difference.

If core caves and goes along with 2MB the same as Classic and 30-50% of the hash rate stays with the core code base, then we haven't really fixed anything. Bitcoin Classic will try to implement scaling improvements, but miners not using Classic won't benefit or use them, and we know core will not implement them, which will limit their benefit.

Fundamentally we need miners to switch to a code base backed by developers who want to scale. The chance to do this is now, otherwise we have a problem. The 2MB bump is OK without scaling solutions implemented because 1MB is below what bitcoin can currently handle. But future bumps need more than just the limit raised, and if pools run core that will be a problem.
 

bitsko

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Aug 31, 2015
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And Core can be the client for a handful of micro-block true believers who can comfort themselves with the knowledge that they're using "the one true Bitcoin" as they wait a year or two for the next difficulty adjustment. Everybody wins.
Settlement blocks, lol.
 
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Inca

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Aug 28, 2015
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If core caves and goes along with 2MB the same as Classic and 30-50% of the hash rate stays with the core code base, then we haven't really fixed anything. Bitcoin Classic will try to implement scaling improvements, but miners not using Classic won't benefit or use them, and we know core will not implement them, which will limit their benefit.
If Core hardfork to 2mb to try and cling on to some of the network then we have won @rocks. By aligning their codebase to this hard fork they acquiesce to the needs of the economic majority and more importantly their power is publicly neutered.

This has been an epic battle of power over the network and it will not be forgotten in a hurry. Implement unwanted 'features' like RBF or fail to respond to the needs of the users and find yourself forked into irrelevance.

EDIT: @Zarathustra: I love that Dylan song :)

EDIT2:

Not hard to imagine the history of bitcoin being written in the far future. We are living through the 'Blocksize Wars'. I wonder what controversies and struggles bitcoin will encounter in the next 7 years..
 
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YarkoL

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Dec 18, 2015
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Times they are a-changing indeed. I've witnessed today some diehard Core supporters attitudes soften up significantly; instead of the usual defamations & conspiracy theorizing there seemed to be genuine openness towards a future with multiplicity of clients tailored to distinct groups in the ecosystem.

I had some mixed feelings when I read Mike Hearn's "farewell" but now I realize that it might just been what was needed just now. The can of worms has been exposed to the daylight. The toothpaste is out of the tube.
 

albin

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Nov 8, 2015
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@Inca

I think that's true, other than ultra-antagonistic Friedenbach dredging it up recently to passive-aggressively undermine Gavin, you don't exactly see any fanatical OP_EVAL rhetoric anymore.
 
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Zarathustra

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Aug 28, 2015
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