Gold collapsing. Bitcoin UP.

[Norway]

Don't forget to post "300"-memes when 300 of the last 1000 blocks are BU-blocks!

EDIT: And "Tree Fiddy"-memes when we reach 350

EDIT2: 34.7% of the blocks mined today are BU-blocks. (I know, variance...)

 

[freetrader]

I'm waiting for 5 blocks in a row

 

[satoshis_sockpuppet]

If BU actually manages to save Bitcoin, it would show, that, in the end, the principles of Bitcoin work as predicted by Satoshi.
If one looks at current mining operations, it looks better than before the late stage BS debate began. That means, people who want to have a say in where Bitcoin goes have to have hashpower in the end. bitcoin.com started mining and is now somewhere between 2 and 5 %. Roger Ver as a holder of the currency invested (directly and indirectly) into PoW.
The lesson to be learned for companies like Coinbase etc: Do at least some mining. Every company with vital interests in Bitcoins "well being" should do some mining.

A minority fork / spinoff with or without a new PoW is still an interesting idea and the "nuclear option" to defend against any 51 % attack.

 

[albin]

I think twitter roughly follows the Pareto principle. 80% of the small-blocker idiocy comes from 20% of the population. And that 20% is called Beautyon!

 

[Mengerian]

Just to collect various parts of this 'malleability' SegWit PR op, here's an archive of Greg's followup thread on /r/Bitcoin:

http://archive.is/HLmC8

Interesting read. Greg really seems to see himself in the role of a tragic hero.

 

[Zangelbert Bingledack]

Really: Why don't we call LN simply payment channels?

It is all they are anyway, and it simplifies the whole discussion and it will take the marketing magic away. And that marketing magic is harmful anyways.

@cypherdoc used to say that Poon is a salesman. Maybe he was called in to sell some kind of payment channel magic as the reason we don't need bigger blocks, Lightning Network was the marketing term he came up with, and a "whitepaper" was of course the best form for this nerd-targetted campaign to take.

 

[MoneyFreeFromMasons]

0.5 BTC BOUNTY ​

Projected SegWit adoption rates, corresponding block-space equivalent, and fee-level graphic

Revising this post.
We need a new graphic to educate people on the projected effect of SegWit for on-chain transactions. Would it really lower transaction fees at any reasonable adoption rate?

• Assume the scenario of early SegWit activation i.e. April 1st , 2017.
  
  
• A) Project forward the next two years of block-space equivalent it will enable with 1x, 2x, 3x the historical adoption rate of P2SH.
• B) Separately, project forward the block-space requirement for ecosystem usage based upon historical block-size trend up to May 2016, at which point the mempool became permanently backlogged.
  
  
• Project the average txn fee prevailing for each of the SegWit adoption lines (A) (at August 31st and December 31st, 2017)
  If A>B use fee data prior to May 2016
  If A<B use the forced-fee data from May 2016 to March 2017 caused by the difference between the 1MB and the projected historical demand (B)

Bounty payable from the BU Ecosystem Outreach budget (BUIP034) for the best attempt received within 7 days of this post.

Comments and feedback welcome.

Hello Solex,
I'm a long time Bitcoiner who has not been active in the social circles. I've preferred to stay on the sidelines, but with Core and Blockstream's latest attempts at subversion I've decided that Bitcoin needs every fighter it can get. I love what Bitcoin Unlimited is doing with these kinds of bounties, and more structured ways to decide consensus development, I figured I'd give this bounty a shot. I hope these graphs were what you are looking for, and if needed I can provide the CSVs for them: imgur.com/a/9zfwB This kind of motivation for community involvement is exactly what Bitcoin needs. Keep up the good work!

 

[adamstgbit]

@MoneyFreeFromMasons
nice try. but i think they want one big infographic with all these charts.

 

[MoneyFreeFromMasons]

@adamstgbit
Gotcha, I'll import everything to something that looks a little better.

 

[Mengerian]

Wow, just had a look at coinmarketcap

Bitcoin market share is dropping again, into the low 80%s.

ETH seems to be more favored by bankers and corporations, lots of them are into it. Maybe the ETF disapproval boosted ETH relative to BTC?

Dash on a tear again too. I have a hard time understanding how its price is sustainable at current levels, but maybe I'm missing something. Is it just surging on hopes of eating into Bitcoin's market?

 

[adamstgbit]

@adamstgbit
Gotcha, I'll import everything to something that looks a little better.

if you can you should make your charts have the same look, that bitcoiners see alot of, like bitcoinchain.info's charts
[doublepost=1489264559,1489263657][/doublepost]

Wow, just had a look at coinmarketcap

Bitcoin market share is dropping again, into the low 80%s.

ETH seems to be more favored by bankers and corporations, lots of them are into it. Maybe the ETF disapproval boosted ETH relative to BTC?

Dash on a tear again too. I have a hard time understanding how its price is sustainable at current levels, but maybe I'm missing something. Is it just surging on hopes of eating into Bitcoin's market?

poeple see what they want to see.
all the altcoiner's choose to see the ETF news as a huge minus for bitcoin, and are probably fantasizing about how this is will "really hurt bitcoin" and or "equalize the playing field", and altcoinX will pump to mars!

 

[solex]

@MoneyFreeFromMasons
Great to see your work on this, and welcome to this forum!
Yes, @adamstgbit is right we need everything on one chart which can be communicated widely. You clearly have the data, and it would be good to get the plots overlaid yet straightforward enough to understand the big picture from a glance. Perhaps the block size should be on the left, and fee projections on the right axes.
Different colours are good too.
This is an example by Peter Rizun, which is even more information-rich than we need:

 

[freetrader]

^ Number of BU nodes on the network as measured by nodecounter.com ​

 

[solex]

@Mengerian
Has the erosion of network effect finally become visible? Tradeblock is showing relatively small backlogs in the mempool. People are simply not going to pay a $1 fee per txn for very long, especially not new users who will hear the meme that "Bitcoin is too expensive to use" and go straight to the most pumped alt-coin of the day.

There is a point in the future where even if the 1MB limit gets removed, so much network effect will have been lost that the original rate of growth can no longer be recovered. After that it will reach the point where neither Core or BU can prevent Bitcoin becoming the MySpace of cryptocurrency.

 

[freetrader]

https://np.reddit.com/r/btc/comments/5yto3a/2_more_clients_signal_for_emergent_consensus/

@dgenr8 : are both the Satoshi and XT clients which signal this running your BIP100 modifications, or is there another group who is signaling with a modified client?

 

[MoneyFreeFromMasons]

@MoneyFreeFromMasons
Great to see your work on this, and welcome to this forum!
Yes, @adamstgbit is right we need everything on one chart which can be communicated widely. You clearly have the data, and it would be good to get the plots overlaid yet straightforward enough to understand the big picture from a glance. Perhaps the block size should be on the left, and fee projections on the right axes.
Different colours are good too.
This is an example by Peter Rizun, which is even more information-rich than we need:

imgur.com/a/wUiX3 It's not quite like Blockchain.info, but I overlaid as much of the information as possible to be easily understood. How does this try seem?

 

[freetrader]

Funniest thing I read on /r/btc today (the last sentence):

 

[Mengerian]

Has the erosion of network effect finally become visible?

Dash has fewer that 10 transactions per minute, as far as I can tell. So about an order of magnitude below Bitcoin in terms of transaction volume.

I'm not sure about merchant acceptance. Seems like lots of small vendors accept it.

It's price is sure pumping like crazy right now.

They are pushing user friendliness. Their marketing is slick. They are squarely targeting the prize of "Digital Cash".

That market is Bitcoin's for the taking, if only transaction throughput were un-hobbled.

 

[solex]

@MoneyFreeFromMasons
Nice infographic indeed!
It certainly brings clarity to the raw data. It would be good to have user friendly labels on the x: e.g %age for adoption, fees per avg-size txn converted to March 2017 USD, and MB on the block sizes.
I did specify 7 days, so we have to wait for that, but your work is the front-runner!

 

[jbreher]

Got Luke contradicting Greg: