Gold collapsing. Bitcoin UP.

cypherdoc

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Aug 26, 2015
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look at the deception going on by both Adam and Greg in this interaction on N. Korea.

note how Adam tries to claim, ONCE AGAIN, that the purpose of the 75% discount is to consolidate the UTXO set as opposed to being a subsidy to use complex LN multisigs to enter a pmt channel. and then Greg with one i hadn't heard of before; a diversionary argument about how "the signatures for lightning (HTLC) transactions are smaller than the average on the network right now". i had to go quickly do some reading on HTLC's as i haven't studied the LN in great detail. note my answer to which i haven't gotten a response from Greg yet so i presume i'm right. @Dusty might want to confirm my assumption:

 

cypherdoc

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Aug 26, 2015
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damn, still having to accumulate small subtle details:


so old nodes will see SW tx's as valid, won't relay them b/c of non standardness, will relay new blocks but w/o witness data. sheesh.

edit: and old nodes don't have to receive witness data.
[doublepost=1459658844,1459658205][/doublepost]seems like nodes under SW can do whatever the hell they want.

wasn't this all supposed to be secured by fraud proofs?
 

AdrianX

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cypherdoc

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@AdrianX

and you've also been told LN tx's are simply bitcoin tx's.
[doublepost=1459660153][/doublepost]boy it sucks when even the apparent experts seem to disagree:

 

AdrianX

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@cypherdoc the thing that strikes me as hypocritical is one reason to not Hard Fork is some nodes won't upgrade and so a HF is to be avoided as it causes centralisation. In contrast a Soft Fork is an upgrade that does not affect old nodes so the network is better off.

This SF however reduces all nodes that do not upgrade to SegWit to nothing more than zomby nodes that provide no other service than to download and host old blocks.

And, that's a bold and the only full nodes are those that then upgrade. Should 95% of miners (or even 51%* in reality) implement the SF, the other 6000 nodes refuse, the bitcoin network will no longer have decentralised properties at all and be literally centralised.

(*that 51% could already be secured as a result of Blockstream political pressure and development bribery and threats of legal action for contract violation, malfeasance, etc. )
 
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cypherdoc

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this has got to get me a ban. 1,2,3...

[doublepost=1459661355][/doublepost]
@cypherdoc the thing that strikes me as hypocritical is one reason to not Hard Fork is some nodes won't upgrade and so a HF is to be avoided as it causes centralisation. In contrast a Soft Fork is an upgrade that does not affect old nodes so the network is better off.

This SF however reduces all nodes that do not upgrade to SegWit to nothing more than zomby nodes that provide no other service than to download and host old blocks.

And, that's a bold and the only full nodes are those that then upgrade. Should 95% of miners (or even 51%* in reality) implement the SF, the other 6000 nodes refuse, the bitcoin network will no longer have decentralised properties at all and be literally centralised.

(*that 51% could already be secured as a result of Blockstream political pressure and development bribery and threats of legal action for contract violation, malfeasance, etc. )
i have been consistently making the argument the last few weeks that it's highly likely that only 25% of the current full nodes upgrade to SW; namely only the Satoshi 0.12 nodes:

https://bitnodes.21.co/nodes/?q=utxo

if so, that would mean 75% of the full nodes don't and thus see ANYONECANSPEND tx's. there seems to be a likelihood that this could be attacked in some way. highly unstable, imo.
 

albin

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Nov 8, 2015
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Bottom line we need papers or at least some kind of formal proposal explaining the incentive problem that Adam Back is claiming to be fixing, this is outright embarrassing that fundamental changes to the game theory / economics are just hand-waved into existence on the basis of nothing but informal conversations within a little clique.

I frankly expect a little more from Dr. IETF concerning trolling everyone for a year about process, and now just offhand claims to justify an essential proposal feature on some surprise, unsubstantiated, non-consensus basis.
 

cypherdoc

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Aug 26, 2015
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That's a great example of a place where we can apply some basic real-world common-sense. If the reasons that they tell you keep changing, then you know that the reasons they're telling you are not the reasons that they really want it.
that thread is a great read where the experts have come out and showed all sorts of colors. such as apparent disagreement, deception, deceit, avoidance. i'm surprised i'm still there.
 
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cypherdoc

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and the hand scribbled presentation abstract for the HK Scaling Conference that got fast tracked through by the now apparent Blockstream screening committee consisting of Backtrack, Austin Shill, & Corrallo; the same guys who banned @Peter R's paper?
 

go1111111

Active Member
The net result is all the fees generated on the sidechain did not secure the Bitcoin network, they provided profit to the sidechain miners who had a security provided by the Bitcoin miners who didn't earn any of the fees - leaving bitcoin less secure.
I don't think so. The fees on the sidechain effectively raise the block reward by the amount of fees per ~10 min, so they encourage the network to be more secure by that amount.

Think about it: if there was $10,000 worth of bitcoins available every 10 minutes from Bitcoin blocks, then miners would collectively spend about $10,000 to collect it. If sidechain fees means there is $11,000 available, then that's what will be spent on mining. Simple application of the efficient market hypothesis.

So then miners merge mine BTC and the sidechain to obtain BTC block rewards and fees as well as sidechain fees, and this "getting more money for no additional work" is because the sidechain creates extra value?
Sounds accurate.
 

cypherdoc

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Aug 26, 2015
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@go1111111

then why haven't miners flocked to merge mine Namecoin? and of those who did, f2pool comprises what, 70% of hash? that's why OneName fled over to Bitcoin; from fear of an attack.

the SC plan is to create thousands of SC's. each requiring their specific mining software. no way miners go to the trouble to do this when Bitcoin block rewards are still relatively high. plus, there doesn't seem to be any signs of life on the spvp portion of SC's. only centralized fee paying products like Liquid. it also seems to me that the plan is to SF in Element projects like CT through the wide open script versioning system introduced by SW. also this post by maaku7:

 
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AdrianX

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@go1111111 thats not so, Bitcoin miners and sidechain miners are not necessarily the same miners.

And the thought that all sidechains will be SHA256 merged mind is not true other methods could be used at the disadvantage of Bitcoin miners.

It's also possible that many sidechains could emerge and it's unlikely that every miner will mine every variation.

The net result is transaction fees earned on sidechains are not guaranteed to go to Bitcoin miners. Yet Bitcoin miners guarantee the security of those BTC
 

cypherdoc

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I love N. Korea ;)

 
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satoshis_sockpuppet

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Feb 22, 2016
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so old nodes will see SW tx's as valid, won't relay them b/c of non standardness, will relay new blocks but w/o witness data. sheesh.

edit: and old nodes don't have to receive witness data.
--- Double Post Merged, Today at 6:47 AM, Original Post Date: Today at 6:36 AM --- seems like nodes under SW can do whatever the hell they want.

wasn't this all supposed to be secured by fraud proofs?
That's exactly how it is. Greg and his gang are always very concerned about the number of full nodes so we have to keep the requirements for full nodes extremely low.
What they forget to say is, that suddenly full nodes:

1. Can't check if a transaction is valid as they see all sw tx as anyonecanspend and thus always as valid.
2. Your node can run in blocksonly and degenerate to a blockchain storage instead of a participating node in a cash system. (stroke of genius brought to you by G Maxwell)

So all your node does is sitting in the network and saying "yes and amen" to every data they push onto you.
 

Dusty

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Mar 14, 2016
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and then Greg with one i hadn't heard of before; a diversionary argument about how "the signatures for lightning (HTLC) transactions are smaller than the average on the network right now". i had to go quickly do some reading on HTLC's as i haven't studied the LN in great detail. note my answer to which i haven't gotten a response from Greg yet so i presume i'm right. @Dusty might want to confirm my assumption:
If you mean this passage:
HTLC tx's are only used once inside the channel, correct? the multisigs required to open and close the channel are in fact larger than regular tx's and are what is subject to the discount, no?
I think you are right.

and you've also been told LN tx's are simply bitcoin tx's.
Yes, they are bitcoin transactions, but they are not so simple :)
What problem do you have with that?
[doublepost=1459673300,1459672368][/doublepost]
LN mostly rely on unconfirmed transactions in memory pool, if those unconfirmed transactions can be replaced at ease(malleability), then LN will never work
Malleability is completely transversal to double spending. Double spending is possible since day 0 of bitcoin, and that's why we usually wait some confirmations on a tx.

IMO, smart contract is a concept ahead of its time. In principle, a string of numbers on blockchain can be used to represent any physical/virtual objects, the problem is that how do you enforce this relationship?
Smart contracts are not related to physical/virtual objects. Smart contracts is a script to redeem a transaction. A multisig tx is a very simple kind of smart contract. A tx with a locktime is another simple kind of smart contract. The bitcoin script opcodes are a way to build more complex contracts, and since this is a very new field of research available only when a digital currency like bitcoin is well established, I think it's normal that as time passes new ideas pop out and new opcodes are being proposed.
The more complex (and useful!) contracts you can do on the network, the more precious it gets.

And Hong Kong government is the biggest owner of Octopus card. In fact, I also heard that those Hong Kong meetings were organized by a company owned by Hong Kong government, is it a coincidence that they support this idea?
That's nonsense.
Prepaid cards are useful for solving a set of problems like micropayments (you can use it to make a 10c phone call that otherwise would be difficult to bill on a credit card), and so they gained a lot of space in the market.

Of course you can implement an improvement of the script function but that would require major consensus. If changing 1-2 takes 2 years then how long would it take to change the scripting system
For a major change yes, but since they expressly reserved a num of NOP codes in the script they were able to push new opcodes in a short time, like OP_CTLV and OP_CSV, via a softfork.

Doing a radical change to the scripting system is certainly a big risk, and that's why I don't like this approach of soft fork, but having more power to use our own money is certainly a plus.
 
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BldSwtTrs

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Sep 10, 2015
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Cypherdoc you have talk about the failure of SegWit as the event which would trigger the breakout of the wedge we are currently in, I can think about two other potential events:
- the release of OpenBazaar
- the confirmation of Craig Wright as Satoshi

Both would be bullish.
 
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