Gold collapsing. Bitcoin UP.

[sickpig]

Adam and Conflict of Interest. clownish isn't it?

 

[cypherdoc]

 

[Roger_Murdock]

The only way to get Bitcoin back on track may be by bringing new limit-raising hashpower online.

Well, either that or bidding it away from Core miners. Isn't it a basic premise of capitalism that productive assets will tend to be bid away from people who aren't making the most productive use of them? If we think that the collective hashpower of the Bitcoin network is not being used as productively as it could be (because of the artificial constraint on network capacity that miners are imposing by running Core), that should create an opportunity for new investors to profit by buying up that hashpower and deploying it more productively. The difficulty of course is the collective action problem. If an individual miner buys up say 5% of the network's hashpower from a Core miner and mines Classic with it, he's not really able to effectively deploy that asset more productively unless enough other people make a similar switch.

But as the gap in value between the Bitcoin network as it is and the Bitcoin network as it could be grows larger and larger over time, the more tempting it becomes for a well-funded investor or entity to attempt to buy up enough hashpower (whether new or existing) to have a decisive impact on the network's direction.

 

[freetrader]

Oops!

https://github.com/bitcoin/bitcoin/issues/7633

Always nasty when your bug is aggravated by self-inflicted blocksize limits.

 

[rocks]

For right now, Ethereum runs on proof of work mining (like most cryptocurrencies). They didn't want to wait to launch until proof of stake was ready. The proof-of-work mining is very ASIC-resistant - best mining hash rate comes from a graphics card with at least 2GB RAM.

Proof of stake is under heavy design and POC development right now, and the plan is to launch it within Calendar 2016 under the "Serenity" hard fork. Under proof-of-stake, stakers will lock down ETH deposits for staking and earn transaction fees and possibly new issuance from that while building transaction blocks.

[doublepost=1456955820][/doublepost]

They are currently running under proof of work, when proof-of-stake development and testing is completed they will release it under the "Serenity" hard fork.

Thanks, but have they worked out how to implement POS? I originally thought this was possible but then @Justus Ranvier pointed out some clear flaws around the fact that there is no concept of time in POS (unlike POW) and currently there are various methods to exploit that.

 

[Norway]

@sickpig
It's starting to look like the crumbling wall of Berlin.

Adam Backtrack to Olivier Jansenss: "Do you own ethereum or other alt-coins?"

They are losing. And they know it.

 

[solex]

@theZerg on the Daily Decrypt

Xtreme Thinblocks and the Great Firewall of China.

Watch this space

 

[Justus Ranvier]

then @Justus Ranvier pointed out some clear flaws around the fact that there is no concept of time in POS (unlike POW) and currently there are various methods to exploit that.

Are you thinking of this paper (which I did not write)?

https://download.wpsoftware.net/bitcoin/pos.pdf

 

[Norway]

@Peter Tschipper @theZerg @solex

@theZerg on the Daily Decrypt

Xtreme Thinblocks and the Great Firewall of China.

Watch this space

This is gentlemen!

 

[rocks]

Are you thinking of this paper (which I did not write)?

https://download.wpsoftware.net/bitcoin/pos.pdf

No, I just remember that you posted something about how POS does not have the concept of time (which POW does since it is based on real world activity). I thought about that comment some and how that could be taken advantage of, and then changed my mind regarding POS.

If ETH is serious about POS, I am now wondering how they are going to make it work. At first I thought it was a superior solution for a crypto currency who's coins are already distributed, now I am doubtful.

 

[Matthew Light]

No, I just remember that you posted something about how POS does not have the concept of time (which POW does since it is based on real world activity). I thought about that comment some and how that could be taken advantage of, and then changed my mind regarding POS.

You'll have to elaborate on what attack vector you're thinking of here.

 

[majamalu]

We may have to suffer a little more yet, but I am confident that soon enough we'll see Blockstream collapsing, Bitcoin up.

 

[Norway]

@majamalu
The price is dropping at a good rate now. It will hopefully go further down. Squeezing the pool operators and miners.
Making them taste their own blood.
Making them desperate and look for solutions.
Making them mine with Classic or at least stamp their blocks with version 0x30000000.

Classic is the brutal and simple pry bar we need now to establish a new reality where different teams compete for the honor of having their code run by miners.

Bitcoin Unlimited is the skillz, vision & future implementation.

 

[freetrader]

On the one hand, I want the price to go down slowly so it doesn't fall too much (*).

On the other hand, I know the longer this drags on the worse off Bitcoin is in the long run.


* ok, and because drama adresses a fundamental human need for entertainment

 

[majamalu]

I'm ready; I don't care if we have to descend to double digits. Blockstream must burn in front of everybody: only then the lesson will be well learned.

 

[rocks]

@majamalu Should we assume you sold off your positions then? Or at least a good chuck?

Well one good thing about the price dropping 90% is the BTC fees blockstream's fee market creates become affordable again. Another benefit is as the price falls people will probably stop using Bitcoin and the network will become unclogged again....

 

[albin]

Adam and Conflict of Interest. clownish isn't it?

It's especially disgusting that he talks to folks like Olivier like this, who admittedly said some regrettable racist things in the past, but should be acknowledged for leveraging his early adopter status to become a massive benefactor, funding Lighthouse to the tune of $100,000 in an effort to improve methods of funding devs.

Classic is filled with early adopters who stuck their neck out to promote Bitcoin when everybody thought they were insane. Folks like Roger Ver, Gavin and Garzik did more for Bitcoin back when it was practically worthless than Adam Back will ever do in his entire life, yet Adam Back somehow has license to make altcoin conflict-of-interest allegations.

 

[majamalu]

@rocks I didn't.

I'm for the long haul.
I don't need my btcs for food and shelter.
I think I understand the forces that are in play now.
I'm patient.
I think we will have even greater challenges in the future.

 

[theZerg]

@Peter Tschipper @theZerg @solex


This is gentlemen!

Ehh... I didn't do that well she's pretty intense f2f and there were some technical difficulties. Also, you know I'm trying to thread the line between accuracy and too much technical detail.

 

[VeritasSapere]

I also want the price to drop more now, make them feel the pain. I am still holding on to all of my coins, I am a true believer.

I will hold all the way into the ground and back up again. At least I am also holding other cryptocurrencies as well, I am confident the technology will do well in the long term no matter what happens.