Gold collapsing. Bitcoin UP.

[DanielKrawisz]

@cypherdoc I would like to move to a model in which the block size is determined dynamically by miners and the devs no longer have anything to do with it.

 

[cypherdoc]

There you go. Thank you.

 

[DanielKrawisz]

@albin That is a fantastic interview from @Justus Ranvier achievement 'legend' unlocked.

It's thoroughly refreshing to hear such sane logical and clearly honest arguments. An essential for anyone interested in development within this space especially miners out there. @Jihan @SysMan if you gentlemen have a spare moment I highly recommend a listen.

Justus starts from ~1hr mark and the conversation gets increasingly better as the show goes on.


so many quotes but this one stuck out most.

Great job on the show, @Justus Ranvier !

 

[Zarathustra]

There is no reason to assume that the natural 'complicated causal webs' are in any sense stable.

It can furthermore be said that we, our (certainly limited) intelligence, attempts at civilization and so forth - are part of this complex system.

With that in mind, and given your complaint about people trying to build civilization, you can actually see that the opposite is the case: The system as a whole is naturally unstable.

Checkmate.

Nassim Taleb doesn't claim that the nature is in any sense stable. Stability is relative. As long as the homines sapientes didn't have the ability and the desire to desturb and subjugate it (abrahamitic, keynesian and austrian school and theology of socionomics - vulgo patriarchy), the system has been relatively stable compared to the situation of today, where the homo oeconomicus, the great destroyer organizes the sixth great extinction.

 

[Norway]

Nobody posted it here, so I'll do it.

 

[freetrader]

@jonny1000 :

But what will you do if 70% of the miners ignore your wish, and announce that they will be creating 2 MB blocks in 2 months time?

Allow the system to be destroyed and defend the existing rules at all costs. As I have said, if a majority of miners want to destroy the system, they can.

In your resolute statement, you're implying the majority of miners share your sentiment.
It's going to be an interesting time. We'll see if the Chinese miners, to whom you ascribe effective control of the hardforks due to their ambit over exchanges, pools, chip manufacture, will try to kill the golden goose on which all their businesses depend.

It sounds a bit of an ideological stretch if you ask me.

 

[Norway]

5 MB is a big block:

 

[Inca]

Excellent podcast and interview, Justus.

I hold out little hope that miners will rock the boat with the price in the current range.

It does seem that the developers at Core refusing to budge on the block size issue will (if bitcoin is to succeed) result in an eventual solution which is automated and lifts decision making away from the flawed grasp of human hands.

They will not let go without a bitter fight.

Perhaps we need a new branding of bitcoin node software to denote this.

 

[freetrader]

@Inca : There is only a need to change branding if one changes the approach. They certainly have time on their side, and are masters at playing the stalling game. If there is no *real* action by miners once July has rolled past, I don't see any reason to hold out hope for the miners.

The short-notice California meeting should be attended by anyone who happens to be in the area, like @jonny1000 attended the HK meeting. All it takes is asking, right? Let's ask the details, surely they would not hide the meeting details to prevent interested parties from taking part?

Of course, it would be best if the industrial, research and developer groups from the bigger-block community had some representation, but I'd already be delighted if there was independent observers at that meeting who could report similar to how cnLedger reported from HK.

@Jihan : please announce some details about this meeting adequately ahead of time (a few days at least), so that independent observers can attend. Also, please tell us who called this meeting and is organizing it. And preferably have someone take meeting minutes and publish them.

 

[sickpig]

Bitmain miner box can "be abused to redirect the efforts of massive mining operations to fill an attacker's wallet"

http://www.theregister.co.uk/2016/07/12/aussie_writes_app_to_hijack_scores_of_pricey_antmine_bitcoin_miners/

tl;dr cgminer RPC port open, no credential needed to execute command....

 

[cliff]

Oh, I don't really like mexican food but I know the restaurant you're talking about now.

Good thing Trudy's is TexMex.

Anyway, I just love Austin and have spent a ton of time in there - lots to talk about. I hope you enjoy this thread and forum - its open and welcoming to all kinds of positions RE: bitcoin; I've learned something from all the folks that participate here.

 

[cypherdoc]

last chance to move outta gold and into Bitcoin.

 

[cliff]

This thread, including the threads referenced by OP, is painfully sad to read :

https://www.reddit.com/r/btc/comments/4sg4o4/the_results_from_an_informal_semantics_experiment/

 

[cypherdoc]

the lessened supply (12.5) is starting to knuckle down on the market.
[doublepost=1468340442][/doublepost]all aboard!:

[doublepost=1468340526][/doublepost]looking to break support:

 

[albin]

If we don't witness a textbook supply crunch incoming, I'll eat my hat.

 

[cypherdoc]

Gold collapsing. Bitcoin UP.
[doublepost=1468340730][/doublepost]we just cleared the 2:1 ratio of gold:BTC. how long before we reach parity? again?

 

[pekatete]

last chance to move outta gold and into Bitcoin.

I need to borrow your crystal ball!

 

[cypherdoc]

nothing really new here in this vid. love this guys enthusiasm though. coupla interesting points:

1. you can really see here why Bitcoin can be considered an energy currency (stores energy).
2. i've always said i don't like the term "virtual currency". makes it not real. compared to "digital currency" which imho sells better. nitpick here.
3. b/c Bitcoin stores energy, it is easy to understand why POW is superior/more secure compared to POS. it would take real resources to attack. it's also important to pair this concept with what this can do to the existing, wasteful financially corrupt fiat system we have in place today. the savings that can be gained by eliminating inefficiencies/waste/corruption are incalculable.

http://www.afr.com/technology/lisa-kangding-story-20160706-gpzx7e

 

[Norway]

@cypherdoc
Cool video. Very interesting to see that an Australian company is mining in China.
Regarding virtual/digital. I never liked virtual either, and digital fits for fiat as well. I like the terms "Internet money" and "Internet currency".

 

[cypherdoc]

nullc likes to throw around the accusation that the miners are already accepting fiat side payments for block space or special handling; as if the existing system is fundamentally broken and therefore we should defer to his expertise in implementing his offchain proprietary for-profit solutions. first off, i doubt he knows jackshit about miner financial activity. second, to the extent he's referring to clowns like Spamson Mao & BTCC doing their priority block space deals, this is just another example of "most ppl investing in cryptocurrencies will lose money". meaning, Spamson et al don't understand Bitcoin and will unwittingly sell the integrity of their business for fiat or give up BTC for fiat (in some unknown manner). they don't understand that BTC has destroyed fiat, performance wise, for the last 7.5 yrs (despite the evidence clearly in their face): "are there anymore questions that the hodlers have won?"

and that fundamental to their long term success is to act responsibly.