Gold collapsing. Bitcoin UP.

Peter R

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Aug 28, 2015
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"do you have any reason why nodes can't set a parameter to avoid relaying excessive transactions, or only relay transactions of a cretin size on condition the fee complies with xyz rules."

No. In fact, right now nodes won't relay transactions greater than 100 kB by default (but they will accept any size TX if mined into a valid-to-them block).

"miners obviously would want to avoid transactions that don't propagate through the network efficiently when using Xthin"

Yes, good point. If a miner's block is composed of all normal regular sized transactions, then probably Xthin will reduce the size of his block by factor of 24X or so. However, if a miner's block is composed exclusively of non-standard transactions that nodes don't relay, then Xthin won't reduce the size of his block at all. This means he'll pay 24X more in orphaning risk by including "weird" transactions [weird being defined as transactions the majority of nodes prefer not to relay].

"I can see applications for excessively sized transactions but it looks like they degrade the primary function of the network and should be avoided the exception being the user or service that benefits from such transactions. I would prefer to see a fee table that increases exponentially relative to transaction size. the net benefit is to penalize those who use the blockchain to do work and encourage other decentralized solutions to carry the cost and risk."

I think this will happen naturally as nodes and miners fine-tune their relay and mempool policies.
[doublepost=1478657566][/doublepost]By the way, @AdrianX: Are you implying that you'd prefer NOT to define a new TX type that removes the quadratic hashing issue, so as to naturally deter large/complex transactions?
 

AdrianX

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Aug 28, 2015
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I must say i dont like this "solution"
it basically limits how complex a TX can be... because no minner will ever include a TX which gives him to much orpen risk
...
but long term TX are only going to get more and more complex, and this solution does NOTHING for helping legitimate TX compute faster.
the first point is a feature not a bug.

entropy is inevitable it is the single fundamental reason people object to increasing the block size.

I for a long time though bitcoin wouldn't succeed because it couldn't grow. I "knew":oops: satoshi was wrong when quoting Moore's law as a solution. I thought to my self make hay while the sun shines because in 10 or 20 years exponential growth will kill bitcoin. When Peter Todd released his small blocks forever propaganda video in 2013 I (ashamed to admit it) was a huge supporter.

It wasn't until I relay started to think about it, a result of questioning dissenting opinions who I had criticized the video and I was curious why. I realized bitcoin needs economies of scale and competing fee pressure for transaction priority and the block size would have to grow and the limit was never intended to stay there by design.

So in response to your second point quoted above we need to avoid and discourage entropy for the exact reason that in the long term TX are only going to get more and more complex. Users should be incentivized to take that complexity out of the blockchain and into the economy.

Core are moving in the exact opposite direction - in short they are advancing blockchain tech, not digital cash.

Any intelligent fool can make things bigger and more complex... It takes a touch of genius - and a lot of courage to move in the opposite direction.
[doublepost=1478659071][/doublepost]
That would freeze everybody's money. People need to be able to spend their funds.
LOL, so lets limit the block size to enable this. lets force users to bit for the privilege to be able to spend their funds. /s

most people are not that stupid to bid for such a privilege, they will move on.
 

AdrianX

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Aug 28, 2015
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By the way, @AdrianX: Are you implying that you'd prefer NOT to define a new TX type that removes the quadratic hashing issue, so as to naturally deter large/complex transactions?
I think Xthin is a fantastic development, and the increased orphan risk for transactions requiring quadratic hashing is a good enough incentive to avoid actually spending time on a solution, provided miners have a way to identify such transactions block or charge appropriately to incentivize taking on that increased risk.

For now I don't have a strong opinion either way. the principal I would use to make a decision on the issue is: why is there a demand to write these transactions to the block chain, who gets the benefit and who is paying the cost. (assuming we can actually determine the cost to the long term health of the network)

My instinct tells me such transactions even if they pay a fee 24 x the average transaction fee are still contributing to a tragedy of the commons. - ultimately the total demand for blockspace is paid in proportional use by transaction fees collectively paid by the network of users.

Systems that extract more benefit from the bitcoins blockchain other than secure digital money are extracting utility that is not free but paid for by the network of users, if left unchecked it could evolve into a tragedy of the commons, the LN in my opinion is such a threat.
 
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Richy_T

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Dec 27, 2015
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It seems to me that in any case, this quadratic thing is just more blowing smoke from the technocrats. The only time it has come into play so far is one miner trying to do everyone a solid and not being aware of the issue he was causing. With prior awareness, it could and would have been easily avoided.

Do we really think that this is a circumstance that will repeat itself? Someone would be that malicious as to mine a block like this? We should work to ensure it can't happen but it seems like just one more excuse in a long line of disingenuous excuses to me.
 

adamstgbit

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Mar 13, 2016
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its not about technical merit @Richy_T
its political. do you solve the quadratic thing
NO?
-10 points.
poeple arnt going to weight the impact of not fully solving this "quadratic thing", you dont offer a good solution, thats all they take away.
its a good reason for poeple to stay with core.

Also , is it not true that, solving the quadratic thing by changing TX_ID also allow for LN TX to be possible? you can't have LN work for real without fixing TX malleability and that fix also fixes the quadratic thing.
 
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Richy_T

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Dec 27, 2015
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I don't know. Fixing the quadratic thing is not something I am opposed to so I haven't really looked into it. There are other reasons I oppose Core Segwit.
[doublepost=1478666578][/doublepost]Looks like a Trump victory is good for Bitcoin. For whatever that means.
 
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adamstgbit

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Mar 13, 2016
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china and US stocks tanking.

i think market is reacting not anticipating.

to me US stocks are golden buy opt., there tanking for no good reason, the FED now has a damn good reason to not raise interest rates for a while.

add in the idea that trump might actually get the US economy back on track...

US stocks might be really high when he get RE ELECTED in 4 years
 

Richy_T

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Dec 27, 2015
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Trump probably knows where the bodies are buried. It remains to be see if he'll act on it though.
 

adamstgbit

Well-Known Member
Mar 13, 2016
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I predict the news coming out of US is gonna be very interesting.

its hard to say exactly what hes going to do, obviously he wont be doing everything he said he would.

but whatever he does it will be way more CrAzy then what clinton would have done.

you think hes going to try to put her in jail? LOL
 
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jonny1000

Active Member
Nov 11, 2015
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@jonny1000: Your scenario:
  1. You run a BU node with AD = 4 and EB = 1MB
  2. A 1.1MB block is mined [THE RED BLOCK IN THE DIAGRAM]
  3. This 1.1MB block then receives three additional confirmations and now has a 4 block lead over the chain with blocks less than 1.1MB [THE THREE BLOCKS AFTER THE RED BLOCK ON THE RIGHT SIDE]
  4. Shortly after the 4 block lead is taken, a miner extends the smaller block chain by one block [THE BLUE BLOCK ON THE RIGHT SIDE]
Here's an annotated version of the diagram that might be easier to understand:

Thanks for this.

So in this scenario. If a new BU node with AD = 4 and EB = 1MB joins the network, do they build on the blue block or the green block?

You have helped me clarify the question, thanks.
 
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Inca

Moderator
Staff member
Aug 28, 2015
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I have created a bare bones working python based node implementation for a crypto currency which is quantum computing safe, unlike bitcoin or ethereum which rely on ECDSA.

The general idea is to experiment with a cryptographic ledger which is not susceptible to quantum attack, provide a testbed for technologies such as XMSS, whilst perhaps operating as a backup value store in the event of a sudden non-linear quantum computing advance.

In the first incarnation it currently supports use of hash based one-time signatures (public key reuse disabled at protocol level), specifically Lamport -Diffie and Winternitz signatures, with multiple transaction signings per address derived through a merkle tree signature scheme.

I am looking to formalise the project with a website, slack and open github repository in the coming days/weeks but wanted to announce it here first (hope that is ok..).

Anyone who fancies getting involved please PM me. I would be delighted to hear from someone interested in web design, or any developers who are at a loose end.

PS. Bitcoin looking strong after the US election result - hold strong folks!!
 

Nat-go

New Member
Apr 2, 2016
21
30
Hamburg, Germany
I predict the news coming out of US is gonna be very interesting.

its hard to say exactly what hes going to do, obviously he wont be doing everything he said he would.
It´s already known what he´ll do. Lisa Simpson says it in the episode "Bart to the future", at timepoint 2:23:
The video is from the year 2000, but President Trump was already known then (to
Bart in the future).

The stockmarket already ackknowledged Lisa´s wisdom.
But what is bad for the stock market is good for bitcoin:)
 
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Peter R

Well-Known Member
Aug 28, 2015
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There is less than 1 day left to vote on the BUIPs shown below. Quorum is 14, so we need more votes in order for (any of) these proposals to pass.

BUIP023 (Block creation latency): 11 for, 1 against
BUIP033 (Parallel validation): 12 for, 0 against
BUIP034 (Outreach): 13 for, 0 against
BUIP035 (Website): 12 for, 0 against
BUIP036 (New members): 12 for, 0 against

If you're a Bitcoin Unlimited member and haven't voted yet, please consider doing so here:

https://bitco.in/forum/threads/voting-is-open-for-buips-23-33-34-35-36.1572/