The Bitcoin Forum

johnyj

It could have led to an interesting situation had there not been safeguards in place to prevent forks like this.

Even if it extends, it will be no more interesting than the previous two forks caused by core

johnyj

Not really attractive unless you are a localbitcoins trader where you can earn a little bit spread during the process

Today there are many P2P based international remittance services providing very low fee and almost instant execution, like transferwise, transfergo, currencyfair etc... Bitcoin ...

johnyj

Since Core is an Open source project with many volunteers coming from different backgrounds and associated with different companies it is shocking to hear you make this generalization. It is misleading because you cannot assume to understand the mind of silent core developers, most of whom want ...

johnyj

It's late here, but I like bounties.
I'm thinking of offering a bounty of a significant amount, for Theymos to turn control of /r/Bitcoin over to a neutral third party to moderate /r/Bitcoin.
Perhaps EFF.org would be a good choice.
The third party's mandate would clearly be to allow dissenting ...

johnyj

What features should the ideal money have?

Acceptability: The most important attribute of money is that it is readily acceptable in all types of transactions.

Durability : It is necessary that money does not wear out quickly.

Homogeneity : Modern money is homogeneous and uniform in value and ...

johnyj

The discount is primarily intended to remove UTXO bloat which is of critical technical importance in bitcoin scaling.

Again, this is a decision that makes economic impact, and as previously demonstrated, core devs are lack of basic understanding of economy and finance, so they should not make ...

johnyj

Im for its economic breakthrough, but a bump with the block size to 2mb will not be enough if it becomes massively adopted. For mass adoption it really does need something like LN for instant payments . I would rather have segwit and LN this year and 2mb block next year than 2mb blocks this year ...

johnyj

The electorate certainly can vote in representatives to adjust the money supply or take away power from the banking cartel or audit the fed but they choose not to as they are easily manipulated, don't really care about those issues, and hopelessly naïve. This is what you get with a democracy ...

johnyj

Im not sure i see the imminent division , im for big blocks but see the current core path as a good compromise and a more efficient road map. efficiency modifications such as segwit make much more sense before throwing the kitchen sink at the block size. Core does have 2mb block size hardfork in ...

johnyj

It is the State that enforces the principal of legal tender that the private banks print and the state that will rob you and kidnap you if you create a competing currency and don't play by their rules. Fiat is indeed monopoly currency voted in democratically. Democracy has decided that it approves ...

johnyj

If the majority of users want larger blocks than the old chain will quickly crumble. The naïve users you claim are more likely to follow Coinbase, circle , bitcoin.com , Blockchain.info, Xapo, ect. Look at the list of companies that support classic , They specialize in serving naïve users and can ...

johnyj

Another major flaw in your line of reasoning is that simply keep raising the blocksize limit to drop the price of txs from 5-8 pennies to 0-4 pennies per tx will get extremely rapid adoption. .

I don't think that is the assumption at all. People don't care so much about the price per txn ...

johnyj

Fiat is democratic currency; do we want to turn bitcoin into a democratic currency as well? Please be specific as to how this decision making mechanism is supposed to work?

Fiat is not democratic currency, I first saw this statement from the Adam Back's slides, I immediately understand that ...

johnyj

What attracts people to use bitcoin is its technical capabilities, fungibility , and monetary sovereignty. Thus what banks and governments offer will never be able to compete with bitcoin directly.

What attracts people to use bitcoin is that it is not controlled by any single person, or a group ...

johnyj

What attracts people to use bitcoin is its technical capabilities, fungibility , and monetary sovereignty. Thus what banks and governments offer will never be able to compete with bitcoin directly.

What attracts people to use bitcoin is that it is not controlled by any single person, or a group ...

johnyj

A higher level concern you should discuss with Adam: The decision making mechanism

An idea, no matter how brilliant or terrible each person think it is from his own point of view, should only enter the bitcoin implementation through a formal decision making process, e.g. consensus based or ...

johnyj

Technically maybe he is smart, but socially not so smart, he definitely split the community, and what did he do to stop the censorship on major forums?

In fact, he can let those very old now almost obsolete payment channel model (LN) go into core's roadmap, indicated that his knowledge in finance ...

johnyj

In short if core dev's think 5mb is ok for their own full node road map. Then why do/did the core dev's even argue that 2mb or 4mb blocks of standard transaction types are/were bad. which has resulted in a delay of scaling and the false belief that increasing the fee is a solution to the speed ...

johnyj

Only thing that counts is blocks mined with Classic. Either the pools will start using Classic or not. Also consider that Blockstream has too much capital from investors to protect to allow an upstart client to interfere with their business plan, watch and see. I think Classic will follow the same ...

johnyj

Only thing that counts is blocks mined with Classic. Either the pools will start using Classic or not. Also consider that Blockstream has too much capital from investors to protect to allow an upstart client to interfere with their business plan, watch and see. I think Classic will follow the same ...

johnyj

Side chains are stupid idea as bitcoin backed alt-coin, but it just does not make any sense: Why use a bitcoin backed alt-coin when you can just use bitcoin???

johnyj

Currently my mempool is reaching 200+MB and there is no sign of stop growing

~$ btc getmempoolinfo
{
"size" : 17116,
"bytes" : 205076565
}

johnyj

http://bitcointicker.co/networkstats/
You can see from this site, for more than 10 days, the mempool size steadily grew beyond 80MB, and the operator did a restart of the process, then it start to build from 0 again

http://photo.mystisland.org/2016/mempoolgrow.png

But why does the mempool grow ...

johnyj

SW, LN, SC, none of these make a lot of sense, they are just like those buzz word QE, FRB, CDS from Wallstreet, intentionally made to confusing people while essentially provide some trivial function that most people don't really need

People have been running bitcoin for 7 years without the need for ...

johnyj

Over the past week, Core has shown a marked improvement in its communication with the community. Creation of BitcoinCore.org was appropraite. Setting up the official twitter account was smart. Encouraging discussion in bitcoincore.slack.com has been excellent. And most recently, Core's post here ...

johnyj

I guess it will first start with a GPU assisted verification software, you don't really need that amount of calculation power since the growth in traffic is not as fast as difficulty

Search found 26 matches

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Re: My Dinner with Adam Back

Re: would you buy a marked quantum scifi bitcoin for above par?

Re: Increasing the fee does not magically increase capacity. More capacity is needed, not fees.

Re: Classic's "contentious hard fork" and "consensus"

Re: Classic's "contentious hard fork" and "consensus"

Re: SegWit & Soft Forks & Sidechains, Oh, My! - Andreas Antonopoulos on Bitcoin

Re: Do I need to manually reset the mempool once in a while?

Do I need to manually reset the mempool once in a while?

Re: Core Devs: Communication has improved, thank you. Two more moves, and the civil war may end.

Re: Core Devs: Communication has improved, thank you. Two more moves, and the civil war may end.

Re: ASIC chip for tx validation?

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