Gold collapsing. Bitcoin UP.

[cypherdoc]

Oh geezuz, this has got to be embarrassing for Adam Back.

I just started reading the Princeton Bitcoin book and listen to this from page 14:

Bitcoin uses essentially the same
computational puzzle as Hashcash, but
with some minor improvements. Bitcoin does a lot more than Hashcash does, though — after all, it takes a whole book to explain Bitcoin!
I only mention this because Hashcash
inventor Adam Back has said, “Bitcoin is Hashcash extended with inflation
control.” I think that’s overreaching a bit. It’s sort of like saying, “a Tesla is just a battery on wheels.”

As with any good idea in cryptography,
there are many variants of
computational puzzles that aim
toachieve slightly different properties.

Talk about a smack down.
[doublepost=1455077353,1455076278][/doublepost]Well, Adam's got $76M to stop that from going to press

We need the way back machine before that gets deleted.

Hmm, Blockstream vs Princeton. That would be interesting.

 

[tynwald]

A cautionary tale:

http://hintjens.com/blog:111

definitely some parallels mentioned in that post.

 

[Peter R]

@cypherdoc

Now look what you started:

https://www.reddit.com/r/btc/comments/45121i/bitcoin_is_hashcash_extended_with_inflation/

 

[cypherdoc]

I'm sure they'll figure out a way to make it all my fault.

 

[sickpig]

A cautionary tale:

http://hintjens.com/blog:111

freely paraphrasing:

Bitcoin is a treasure. Its current valuation of $5,700,000,000 is just a baseline. It is worth ten times more, at least, if handled right. What it needs to justify a $60bn price tag are two things:

• The right structure. That means a power pyramid instead of this strange "horizontal" network

• The right product. The minimalist and lean Bitcoin we open source developers know and love does not appeal to corporate clients. We need to had more features: Sidechains, Lightening Network, change economic criteria for txs inclusion, full RBF, etc. etc.

 

[Zarathustra]

These patterns line up well.

This chart predicts nothing less than a crushing defeat of the tyrants and minions @Blockstream core.

 

[awemany]

A cautionary tale:

http://hintjens.com/blog:111

FTA:

I've learned one thing from being an entrepreneur for 35 years: when there is unguarded money on the table, the wolves arrive. Call these as you like, their goal is to take the cash and blame someone else. They always use the same strategies, which I've documented extensively in my book The Psychopath Code. Divide and conquer. Charm and distraction. Promises and lies. Stealth, and violence.

Sounds familiar somehow.

 

[lunar]

Jeremy Allaire's getting frustrated with the lack of core action.


How long can this impasse last?

 

[albin]

@lunar

To very loosely build on a point cypherdoc has made often, it will last until the folks with real skin in the game start taking the reins of decision-making away from this current set of Core devs who largely have a lot of opportunities in general fintech and not necessarily a strong commitment to the success of Bitcoin.

 

[cypherdoc]

This chart predicts nothing less than a crushing defeat of the tyrants and minions @Blockstream core.

And soon
[doublepost=1455113598][/doublepost]

Jeremy Allaire's getting frustrated with the lack of core action.


How long can this impasse last?

Its over, imo.the final capitulation.
[doublepost=1455114022][/doublepost]

 

[lunar]

Chinese pools add one core dev each to Classic Team. Problem solved.

This is so blatantly obvious it's amazing it has to be said out loud. ALL big bitcoin companies should have their own sponsored developer working on one or more of the implementations of the Bitcoin protocol. Directed developer arbitrage would resolve these disputes very quickly.

Personally i'd like to see say 5 implementations, with no one version having more than 33% market share. This would reduce the chances of co opting the codebase and help individual proposals to stand on their own merit.

 

[sickpig]

Bitcoin Classic has been released !

https://github.com/bitcoinclassic/bitcoinclassic/releases/tag/v0.11.2.cl1

 

[VeritasSapere]

Actual network hash rate estimate is ~1,195,996,406 GH/s

On December 5 2015 the estimated hash rate was ~ 566,236,898 GH/s

It doubled in just two months.

I was thinking that recent jump in difficulty was due to Bitfury new deployment, but to my surprise it seems that the mass production of their new chips is not complete, hence they are not selling yet.

If this is true we could reach 2 EH/s by March/April 2016 easy (E = exa = 1k peta).

if I have to be honest I'm amazed.

It is indeed amazing. Also surprised this is not coming from Bitfury, I believe some of it is since they did deploy new datacentres in Georgia relatively recently, they might still be filling those places up with older chips, that is if they do not have the new ones yet. Looking at the hashrate it is not clear whether a single group is really responsible for this, it looks fairly distributed which is good. I think most of this hashpower must be coming from the Spondoolies, Bitmain, BW and Avalon miners sold "publicly".

This is good news for mining decentralization, even though some of these Chinese pools are still to big for my taste, they should really spread that hash around a bit more, not be so scared of variance and spread the love.

Looks like my prediction has come true however, I predicted back in November that the difficulty increases would be 10-20% for the next few months. I suppose I still do not regret not buying into the latest generation of asics and holding my Bitcoins so that I can buy the into the following generation most likely represented by the chips made by Bitfury. I hope you are still doing well with the S7's you bought @AdrianX, I just could not get viable ROI's out of my calculations and predictions, maybe your electricity price is better then mine as well.

My older miners, the sp31's and S5's are still all going, but they are approaching the break even point now in terms of daily profitability and I will most likely have to downclock them soon, fortunately they are also my primary source of heat in my home during the winter so I can justify running them for a bit longer that way as well. Hopefully I can keep them running until the Bitfury miners arrive on the market. Since I pay less for electricity the more that I use, it is because of the way the taxes are setup where I live, talk about social engineering by governments in order incentivize economies of scale, on the other hand it does work to my advantage.

 

[sickpig]

@VeritasSapere

https://bitcointalk.org/index.php?topic=1291890.msg13835791#msg13835791

That is correct. We have just a handful of chips right now and all are used for R&D and profiling including occasional rapid unscheduled disassembly as we look for the limits of the chip

. We are expecting the engineering lots in a few weeks time. Luckily our schedule was not affected by the recent Taiwan earthquake.

Our total hash power has increased due to our Gldani immersion cooling datacenter getting to full capacity.

 

[AdrianX]

@VeritasSapere I'm using 3rd gen asics tubes from Asicminer. I didn't buy the s7s although tempted.

I'm catching up on this thread after camping out in a snow cave for the past couple of nights. I have new respect for being energy efficien and conserving heat. My miners are becoming a little unreliable but still profitable, I was way impressed to see they were still up after a very long weekend.

 

[VeritasSapere]

I thought wrongly that you ended up getting them, that is cool, I am still tempted to get the S7's, they are half the price now compared to when they where first released. But have decided on waiting on the Bitfury miners, they might be winners, the right tech at the right time.

Camping in a snow cave sounds interesting, and I thought it was cold here.

 

[sickpig]

@VeritasSapere I'm using 3rd gen asics tubes from Asicminer. I didn't buy the s7s although tempted.

I'm catching up on this thread after camping out in a snow cave for the past couple of nights. I have new respect for being energy efficien and conserving heat. My miners are becoming a little unreliable but still profitable, I was way impressed to see they were still up after a very long weekend.

Speaking of reliability I never experienced more stable miners than KnC Jupiter. I bought 2 of them almost two and half years ago. They are still running almost unattended since October the 3rd 2013. I still didn't switch them off for two reasons: 0 electricity cost (solar panel) and I just want to know for how much longer will they last without me fixing them.

 

[cypherdoc]

i'm glad to see individuals here still talking about mining. you're getting my salivary glands going again. all i got is this little 21co.
[doublepost=1455125152,1455124375][/doublepost]that black hole swirling sucking sound continues apace:

dollar still following stocks:

[doublepost=1455126196][/doublepost]great jgarzik blog:

https://medium.com/@jgarzik/bitcoin-upgrade-governance-hard-forks-and-segregated-witness-942885e0ce58#.ksf4xxcrw

 

[Justus Ranvier]

@cypherdoc

This wasted much time that, in hindsight, could have been used to plan and execute a safe hard fork.

Never let anyone forget that it was Core who wasted so much time with their hysteria.

They've already tried trying to turn this around on Classic by saying the hard fork plan is "too fast", without accepting one iota of responsibility for all the of man-months wasted by their stalling and FUD.

Remember that allowing Gavin to take the lead on a MAX_BLOCK_SIZE increase while they worked in parallel on getting their segregated witness proposal actually ready to deploy later on was always an option.

I predict that we will never hear a convincing explanation for why they couldn't just do the reasonable and sensible thing from the beginning.

Absolutely none of this drama was necessary.

 

[79b79aa8]

Blockstream-Core was the first largescale attempt at coopting bitcoin. It has failed. Lessons have been learned and will be useful for when the next attempt comes. Bitcoin is now stronger and more mature. Nothing is lost.