Gold collapsing. Bitcoin UP.

[JVWVU]

 

[cypherdoc]

From your new core dev added to replace gmax. Looks like we're going down hill :

 

[dill]

luke-jr has got to be the most unique thinker I've seen. Sometimes brilliant and sometimes way in left field.

 

[rocks]

From your new core dev added to replace gmax. Looks like we're going down hill :

What is this logic?!?!?
No wonder the core devs refused to listen to anyone in the community and could not see the massive shift over the past couple days happening. They do not acknowledge ecosystem participants as part of the bitcoin, if you do not acknowledge that then you can feel safe ignoring them.

 

[chriswilmer]

Just a thought to reflect on, Theymos probably has a lot of bitcoins. I wouldn't be surprised if he would sell 1000 bitcoins here or there to "punish" the market. Obviously he can't do this often and he can't keep it up forever.

 

[albin]

Somebody needs to fix and maybe repaint the goalposts, they're totally worn out now from all the shifting.

 

[cypherdoc]

What is this logic?!?!?
No wonder the core devs refused to listen to anyone in the community and could not see the massive shift over the past couple days happening. They do not acknowledge ecosystem participants as part of the bitcoin, if you do not acknowledge that then you can feel safe ignoring them.

i've said all along that core dev does not respect miners. in fact, oftentimes they despise them by making absurd claims that they force us to store all the tx's they get paid to process. that's just narrow minded. they take huge risk and the labor is enormous.

 

[albin]

That's the classic luke-jr reddit post form:

A is not B
therefore
C is A

and you scratch your head wondering what the insane missing premises in the middle were.

 

[awemany]

Look who's active again: https://www.reddit.com/user/nullc

It is tempting to write something involving name-calling and references to zombie movies here, but I think that should be left unsaid.

 

[cypherdoc]

do we have any final results on the elections?

 

[JVWVU]

Just a thought to reflect on, Theymos probably has a lot of bitcoins. I wouldn't be surprised if he would sell 1000 bitcoins here or there to "punish" the market. Obviously he can't do this often and he can't keep it up forever.

IMO this is the 1MBers issue, just like a Mircea Popsecu, they can sell but they don't want USD, so they end up just threats and blog posts.

And imo the only thing I thought was funny from MP is when he paid the girl on JustDice to stick a brush up herself and snap the picture for advertising. The rest including his MPEX is just useless bullshit

 

[Erdogan]

I become more convinced that we will need bigger blocks by the halving and that 2mb will not be enough. Even if you accept the artificial scarcity based fee market, the halving could result in a *significant* reduction in available block space as miners switch off until the next difficulty adjustment. Rather than 6mb per hour being availble, it could be 1.5 or less depending on circumstances. This would result in an unprecedented squeeze on the price.

A temporarily lower block rate could be somewhat compensated for by users increasing their fees to make up for some of the lost block reward and bring miners back on line but restricted block space will compound the pressure on fees. If fees are too high, people just won't transact and the incentive for miners becomes worse.

The next hike will be easy peasy. We now have the consensus that the limit should be above demand. (Logically meaning there is no limit, like in Bitcoin Unlimited).
[doublepost=1452912865][/doublepost]

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.

The cost of mining, in total, will always be the same as reward + fees, modified by the miners' investment time perspective and their vision of the future. If there is too small fees, mining hashrate will go down. So what.

 

[Melbustus]

...
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..

Well, there's this: http://www.rand.org/content/dam/rand/pubs/research_reports/RR1200/RR1231/RAND_RR1231.pdf
(the theoretical attack plan stuff starts around page 49)

 

[cypherdoc]

Now we got Luke Jr trolling bitcoin classic github:

https://github.com/bitcoinclassic/bitcoinclassic/pull/6

 

[Melbustus]

And, (as noted on /r/bitcon) here we have Charley Cooper, Managing Director of R3, pre-announcing Mike Hearn's "break-up" with Bitcoin at a Brookings' "Beyond Bitcoin" conf (full of regulators, policy people, financial folks, etc) yesterday:
Ironically enough, Barry Silbert spoke immediately before this guy.

 

[cypherdoc]

@Melbustus

How do you think that all came about?

 

[Melbustus]

@cypherdoc - What, Mike Hearn and R3? I don't know... Simplest explanation is that R3 saw that the Bitcoin community was attacking Mike daily, saw that Mike was frustrated, and made him a nice job offer.

But the fact that Mike was so willing to basically give the finger to the *entire* bitcoin community (not just core-dev) on the way out is obnoxious and unprofessional, and I can't help but allow for the possibility that it was at least in part an R3 publicity stunt (especially given Mr. Cooper's performance at that conference).


[edit: clarity]

 

[chriswilmer]

I thought Mike's blog post about leaving Bitcoin was mostly well written, sad, but helpful for others to understand the situation. Except the specific part where he said "Bitcoin failed." That ... wasn't helpful.

 

[Zarathustra]

@chriswilmer
I think that phrase was the most helpful of all he made. "Bitcoin could fail" would not have been such an effective wake up call to the community than "Bitcoin failed". Some hours later we enjoy a majority of the hashing power behind the intended fork with Bitcoin Classic.

 

[Inca]

The conspiracy theorist in me says that this Hearn blog post was timed to give R3 some press. But was also seized upon early adopter small blockers to hit the price and DDOS coinbase amongst others in a frankly futile attempt to stem the rise of Classic.

They are desperate. So desperate they are trolling the Classic github trying to incite 'debate' and derail the fork.

This is war and the next few weeks will be volatile to be sure. Once we start seeing miners using Classic and a couple of thousand nodes switch to Classic/BU or XT it is all over. Miners have pledged support so half way there now. I am thankful to Hearn.