@TuurDemeester Would same argument hold water for a gold ETF?
@alansilbert @brianchoffman @kristovatlas @SatoshiRoundtbl Firing miners should not be embarked upon lightly - it can only be done once.
@brianchoffman @kristovatlas @SatoshiRoundtbl Just frustration - folks are getting antsy.
@Awyee707 @ErikVoorhees @jgarzik Large companies evaluate Bitcoin and quickly realize they can’t use it b/c they’d swamp the network.
@Awyee707 @ErikVoorhees I’d suggest you look into the “Fidelity Problem” as coined by @jgarzik
@NTmoney You forgot the quotation marks around journalism
@CharlieShrem Individually I don’t think incentive changes. Collectively, as total value & # enterprises increases, I’d hope # nodes would.
@CharlieShrem Some light reading on the subject:
https://t.co/GVmUlDr226
https://t.co/4XYdmZIBeu
https://t.co/2DKbJO3duX
@CharlieShrem The incentive is Bitcoin’s security model. You need a full node for trustless financial sovereignty + superior privacy.
RT @bergealex4: “SegWit: The Swiftest Safe Path Forward†by @lopp https://t.co/lSpccJR6ww
@robustus In practice, nearly nonexistent on mainnet. OTOH, see reorgs hundreds & thousands of blocks long on testnet, often breaking stuff.
@robustus At the node layer it’s handled fine. But handling at the app layer and figuring out how to inform users is the pain.
@sickpig Bitcoin is crypto anarchy; when voice fails your option is exit - no one can stop you.
As a dev I’ll be avoiding any Bitcoin implementation that increases # of chain reorganizations b/c it’s a PITA to deal with at app layer.
@sickpig You can call it what you want, by “democracy” I mean that sufficient entities voting get to force changes onto the minority.
@MKjrstad Which brings us full circle to the unanswered and possibly unanswerable question of acceptable cost of CONOP…
@sickpig I prefer free markets, but have to balance ability for individual to have financial sovereignty. I doubt democracy is the solution.
@MrHodl Therein lies the crux of the debate. One pro of soft fork segwit is that it doesn’t increase CONOP.
@MKjrstad @BitcoinUnlimite So? How would that affect anyone who is following the chain with the most cumulative PoW?
@sickpig If block size isn’t consensus, nodes can’t enforce. You’re saying a signaling mechanism vulnerable to Sybil attacks == consensus?
@evankaloudis It appears to me that the market has decided… to stick to 1 MB blocks. I can’t stop the market.
The (max) cost of each option is fairly clear. Removing block limit makes full & pruned node cost unclear. https://t.co/bvjlKSCzQB
We currently have limited choice: run an archive node, run a pruned node, run an SPV node, use someone else’s node. https://t.co/sD1o8vphVp
It would be preferable if every Bitcoin user could decide what cost they paid to run a node. Unfortunately we don’t know if that’s possible.
@MKjrstad @BitcoinUnlimite You’re claiming that segwit (activation or usage) can be Sybil attacked?
@BitcoinUnlimite @MKjrstad OK, so the argument is that we can fall back to human consensus if needed. That is correct. It will also suck.
@seweso Can you point me to the code where miners are counting node signals? I’d like to see how it resists Sybil attacks.
@MKjrstad @BitcoinUnlimite Ever hear of a Sybil attack?
Removing block size from consensus changes Bitcoin’s balance of power & misaligns incentives, allowing miners to arbitrarily increase CONOP.
@MKjrstad A @BitcoinUnlimite node’s self-configured size only works temporarily; with sufficient chain depth you must accept larger blocks
@Cryptoe1337 I doubt it - that’s a worst case scenario; miners could easily self impose lower limits.
I’d consider updating my Bitcoin nodes to support a hard fork up to perhaps 10MB. But asking me to support an uncapped cost is unreasonable.
@seweso @gavinandresen Given that money is effectively a shared delusion / belief, yes, it shares qualities with organized religion.
@gavinandresen You may recall that I’m in favor of a hard fork. After the past year(s) I’m not seeing progress toward consensus…
paulvigna Grayscale files S-1 to list its Bitcoin Investment Trust on the NYSE, per SEC filing. #Bitcoin
@MKjrstad @seweso @olivierjanss OK, no one is stopping you from proving that point…
@TuurDemeester Namecoin’s demise accelerated when @BlockstackOrg stopped using it. https://t.co/XvLCHWwYOa
@MKjrstad @seweso @olivierjanss I suspect a market based limit would be increased until the pain is too much to han… https://t.co/suAMmFdtj1
@olivierjanss @seweso Yes, but it’s clear now that a hard fork can’t garner sufficient support. Last I checked, BU… https://t.co/pyhME1BHf6
@seweso @olivierjanss That’s the point - there is always a cost. Fundamental reason for debate is that no one can q… https://t.co/MVQqe0AZIF