Gold collapsing. Bitcoin UP.

[satoshis_sockpuppet]

Implying to the casual reader that the use of the mentioned assert() in main.cpp cannot be due to Bitcoin Core.
Look ma - the code has moved!

To be fair, it looks like they are cleaning up a bit lately.
And the last example does not exist in core so it's not honest to say 'you could run into that bug with core also'.
For the other examples: Well, core apparently has some special needs... :/

 

[bluemoon]

Are Chinese miners looking at these statistics though? Or are they only concerned about the price? You'd think some would realize that time is not on bitcoin's side if they want to right the ship.

I guess they are looking. The question is: which gives them the best return?

 

[Christoph Bergmann]

Pretty worrisome graph there. Looking at the two volumes shows how little ETH has to grow to really compete.

Are Chinese miners looking at these statistics though? Or are they only concerned about the price? You'd think some would realize that time is not on bitcoin's side if they want to right the ship.

They are looking. See AntPol

Who is not looking is the cultish scene around core which has a strong influence on many economic actors and many developers.

And the bug has been a major step back in their way to open their eyes.

 

[bluemoon]

@Christoph Bergmann
I agree, but bug or no bug, sticking at 1MB is hardly a viable option; the ground is falling away beneath their feet.

 

[freetrader]

To be fair, it looks like they are cleaning up a bit lately.
And the last example does not exist in core so it's not honest to say 'you could run into that bug with core also'.
For the other examples: Well, core apparently has some special needs... :/

Ok, let's give them that.

I just vehemently detest Maxwell's attitude that nothing is ever Core's fault.
It would be so much better if he admitted that they made some mistakes in the past and are moving on, cleaning up etc.
No, instead, he has to deflect, find some loophole which conceivable "proves" the other side wrong for each instance, and try to make others (it's BU turn this time) appear incompetent.

 

[Zarathustra]

Anyone know what the uncommitted miners are hoping to achieve by not moving to BU or Segwit?

Even Antpool has yet to move all its hashpower over.

Edit: I wonder how much time they think they have?

It's not possible to find adequate words for the stupidity (gregidity) of some miners.
Antpool seems to upgrade the US servers now:

https://www.reddit.com/r/btc/comments/5zqavw/mined_by_antpool_usa1eb1ad6/

 

[satoshis_sockpuppet]

It would be so much better if he admitted that they made some mistakes in the past and are moving on, cleaning up etc.

Are we talking about the same Greg?

 

[Norway]

Antpool usa1 node just mined a BU block!
Block height; 457496
The previous block from usa1 was not a BU block. (BH:457443)

EDIT: I think I'll grab a six-pack of beers and just watch the fresh stream of BU-blocks from Antpools usa-nodes. They represent about 50% of Antpools hashpower, so now we hopefully get almost 100% of Antpool dedicated to BU.

There is also this dq-node from Antpool not mining BU yet, but it represents a small fraction of Antpools hashpower.

 

[freetrader]

Proof that there are still individuals in /r/Bitcoin who do actually comprehend what would happen.
Too bad the reasonable voices are being drowned out completely.

 

[lunar]

@Norway I think you're going to need more than a 6'er, Keg ?

They've been relatively methodical with this upgrade as you'd expect. More likely the progress will be along the lines of a node per day. See you sunday night.

latest update on their stats. "Total % voting for BU at AntPool: 65.246%."

 

[Bobjones]

The problem with comparing Bitcoin to "digital gold" is that gold is occupying a quite small niche in our current, fiat-powered world.

Bitcoin promises a Bitcoin-powered instead of a fiat-powered world. A lot of the talk of "Bitcoin as digital gold" is arguing that Bitcoin should fill or replace the niche of what is gold currently. But that is futile: Because gold exists already and serves its purpose as purely a hedge against fiat that is free of counterparty risk.

Of course, Bitcoin in a Bitcoin-powered world will *also* have digital gold properties.

I furthermore think that 'free of counterparty risk' is prone to conflate things: With gold and with Bitcoin and all physical commodities, it is true that there is no counterparty risk when using it with whomever you are transacting with.

But in terms of value, it has a risk to a 'counterparty' in another sense: The whole of humanity.

And if you look at gold, it suffered greatly from the devaluation that happened by it being largely replaced by fiat.

I think *that* is what Bitcoin should and could change. And that is also where the true risks to Bitcoin lie.

Interesting, agreed. Also, how can two completely different market caps be compared? 1 btc, 1 oz of gold completely aribitrary. What are your thoughts on Goldmoney? Ever try buying gold with bitcoin?

 

[albin]

So my question for the floor is:

Is this level of stupid real, or an affectation?

 

[adamstgbit]

• AntPool is now mining with BU with just over 65% of their hashrate.

anyone know what the other 35% is minning? segwit blocks?

 

[albin]

It turns out Bitfury even picked up some of my obvious coin age priority tx's (@1 sat/byte), I'm getting the feeling that deprecating the priority system completely is not so wise from Core.

On the bright side, now is definitely the time to consolidate your old mining ouputs while the getting is good!

My $50+ output load at current typical tx rates cleared for cents exploiting coin age.

 

[Zangelbert Bingledack]

@albin Re: Alan Silbert

Looks like market communication is screwed to heck. The businesspeople don't even know what the roadmap is of the Core software they're running.

With altcoins surging, we need that fork futures market ASAP. Perhaps all the stops should be pulled to explain this to the exchanges.

 

[albin]

anyone know what the other 35% is minning? segwit blocks?

I think non-segwit regular Core blocks. Antpool from what I understand is a fairly complex operation that's hard to switch over all once, they have a distributed system of pool servers around the world coordinating. They are an easy cheap target for anti empty block propaganda as a result, because they are the most affected by propagation delays even within the pool itself.

 

[Dusty]

Beside the meteoritic rising for Eth today, it seems like its exchange volume is approaching the one of Bitcoin:

http://news.8btc.com/eth-connected-with-mlm-while-bitcoin-losing-on-marketcap-share

I find this extremely worring, and I'm sure that for small blockers there is nothing to fear

 

[Zangelbert Bingledack]

@go1111111 I read and reviewed until the part about market governance making things political, and at that point encountered an error (was on mobile, as always). The comment I tried to leave was to include something about how having one dominant implementation forced people to politically squabble over it, while many competing implementations would let people apolitically vote with their feet. Voice vs. Exit. Maybe link to Balaji's talk.

So far as I read, the FAQ is excellent, will likely be a very useful resource and is worded often in an exactly agreeable way to me. I commented on a few places where that wasn't the case and on some FAQ-wide considerations. Also, since the goal is neutrality, Strong Social Consensus Governance or Total Social Consensus Governance seems more appropriate than Extreme Social Consensus Governance (that was a name we hatched here when arguing with @jonny1000).

 

[satoshis_sockpuppet]

Holy shit I haven't been watching altcoins much lately. Am I seeing it correct, that ETH is now at 1/5th of Bitcoins market cap??
Well fuck me. The DAO disaster was a gift to let ETH in the dust, core still managed to fuck it up.

It's getting uncomfortable..

 

[79b79aa8]

how can two completely different market caps be compared? 1 btc, 1 oz of gold completely aribitrary. What are your thoughts on Goldmoney? Ever try buying gold with bitcoin?

agreed, 1 BTC vs. 1 oz. of gold is symbolic. for now, the more significant benchmark is for BTC capitalization to reach 1% that of gold. that happens at around $5,000 USD/BTC (calculation somewhere upthread).

the original premise of Gold Collapsing BTC UP is that it would not make much sense, at least long-term, to buy gold with BTC, since BTC surpasses AU all around as a store of value, as a currency, and as a medium of exchange.

@ZB regarding contacting derivative exchanges about fork futures: Arthur Hayes, founder of BitMex, is an extremely well informed and reasonable market mover. Maybe start with him?