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Scalability means O(ln(n)) performance, but they are working with O(n) performance (to be generous) — they are only kicking the can down the road.
The incoming traffic and average block size grew approximately 100% per year from mid 2013 to late 2015, when it slowed down because of the 1 MB limit.
If it wasn't for that limit, right now the average block size probably would be 1.6 MB. By Jan/2018 (the earliest that the "compromise" 2 MB hard fork is to be activated) it would be 2.4 MB.
Thus, that 2 MB limit will probably be hit again very soon after the hard fork, as the repressed demand reappears. Then the network will again be operating in the same "clogged toilet" mode that it has operated since Jan/2016: with huge backlogs, unpredictably high fees, and unpredictably long delays.
The "compromise" is therefore simply a capitulation to Blockstream.
Evolution of the bitcoin protocol has clearly became a political and social game played by a bunch of pseudo-gurus and phony entrepreneurs who do not really understand the technology and the economics -- and do not care to.
All that those second-rate swindlers care for is to preserve the appearance of orderly progress, so that they can keep their milking their marks for another six months. That is what this "compromise" is all about.
Troll harder, moron. The 2013 buttcoin playbook is getting stale
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I don't get how Core/Blockstream still manages to push their interests that well..
There is absolutely no clarity on the technical issues here, just political discussion. Really disappointing.
Screw your centralized agreement. Tell all the miners that UASF is coming and hell is coming with it.
So is Core still in charge of software development, or have they been kicked out?
lol, why is anyone agreeing to this? BU has much more miner support, at the very least the compromise should be implementing BU alongside segwit.
Ah who cares anyway... it's probably too late.
This may have been discussed already, but this agreement is vague. I cannot understand how anyone would put their name on such an agreement. No dates are stipulated.
When does the 6 months start for the 2 MB hard fork? It is not clear.
Is the 2 MB hard fork contingent upon the Segregated Witness activation? It is not clear.
Does this agreement stipulate that those miners (pools) that have indicated their support will signal for Segregated Witness?
What happens if Segregated Witness does not reach the 80% signalling threshold?
These questions should have been asked, and answered, before anyone placed their name on this Agreement. That this Agreement was signed by companies and individuals alike, without first answering these questions, astounds me.
Maybe these issues were addressed during the meeting, if so it is unclear, at least to me. If I am in error I would greatly appreciate clarifying statements from each company/individual that put their name to this Agreement addressing each of the questions I asked above. Without that clarification this simply reads like another HK agreement with all the same vagueness.
I'm still waiting for the analysis that proves the blocksize increase will cause centralization. You can't just keep repeating that, you have to do analysis showing what blocksize causes harmful centralization.
As the Core balrog falls into the abyss, we taste one last lick of its firey whip. Hopefully Segwit won't be fatal.
As a user, I'm not down with this and I won't support anyone supporting Segwit. In fact, I will sell heavily if it activates because of the forever-change it imposes.
Accepting Blockstream/Core's poison pill creative accounting hack will be disastrous for the future of bitcoin. We shouldn't allow bullshit arbitrary discounts for kludgey anyone can spend transactions. This is going to be so much trouble for so little gain it will make us look ridiculous to those in the future who will be bewildered that we ever considered let alone implemented such a joke of a proposal.
It's a clear attempt by the corporate world to control bitcoin development. They want a paid dev team (bcoin) behind the reference client who will do whatever the corporate world wants. UASF NOW
I will not compromise uasf is the only way now the miners are scared everyone. They ignored us and bullied us with a fork. It is time to give power back to the users no hardfork! Lets activate Segwit. What about asicboost should we just forget about that?
I don't get it. If they intend to fork, why not do SW as a hardfork. Wouldn't it be much simpler and code efficient, making it easier for future improvements?
Dead on arrival. They want to implement a hardfork in 6 months that isn't even written yet, and to switch to bit 4 from bit 1, creating needless additional work and delaying SegWit implementation for a year.
Very clear this is a stalling tactic to get 2 MB blocks via hard fork, not implement segwit and keep ASICBoost, which is still compatible with hard fork block size increase but not soft fork SegWit.
Don't know you, but having both Gavin and Jeff signing on this compromise make me think this is the best course of action. And I'm sure that the bad elements inside Blockstream & Core camps dislike it far more than any of us!
Even better!
If it doesn't kill Asicboost then it's useless and it doesn't solve the miners and big company cartels...
The version Bit is not even the same, there is NO CODE ready and a HF in September is too rushed...
Users have no say anymore, well bitcoin is good as dead unless some take some balls and UASF...
No amount of transaction throughput will compensate for the mess that crypto UX is. I'm excited about ethereum 2.0 as much as everybody else but let's get real, low tps is not the reason why almost nobody uses dapps, it's for the reasons listed in the article.
Completely agree with Taylor's thoughts here and more power to MyCrypto team!
Crypto & Dapp developers in general are highly sophisticated and tech-savvy. And naturally before the boom their audience was also comprised of learnt individuals.
But Dapps are targeted for general audience -- audience that is taking first step towards a Decentralized future. We shouldn't expect them to know about WETH, GAS. We are talking about an era where visual content has more appeal. Decent UX is a must and sadly something we do not explore while testing the boundaries of Blockchain.
I mean let's look at current Dapps & exchanges in particular; no one feels comfortable using them reason why Binance holds 90% more volume compared to DEXs (Liquidity is another reason but that is talk for another time). One exchange that comes to mind is Resistance, ResDEX which is Private exchange providing 1-click mining, privacy, and trade experience.
Other notable examples are CryptoKitties in gaming (in my opinion extremely cute, easy to use with a clear interface) and some gambling Dapps. Gambling Dapps interestingly have better UX as well.
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Article is looking at a solution from a very limited perspective which is the trading of cryptos.
Looking at the bigger picture trading is a small part and really a niche area of cryptos.
The average person does not need to know how to trade, and they don't need confidence to trade.
If one asks the average email or website user, they don't know how SMTP or HTTP works. They don't need to know how protocols handshake or take care of errors or general data flow.
They simply press a few buttons for an application they want to use.
The problem with many Dapps is that they also are looking at only solving problems for the "trading" related space.
What needs to happen is push usage of cryptos. The more people use cryptos the more real world problems will arise that we need to solve.
Educating users inline is not a viable option. Yes there is a learning curve but not if you understand ethereum. And if you dont understand ethereum you shouldn't be learning it with large amounts of real money. From AWS to Photoshop, you can have tutorials/forums but the MyCrypto blanket warning is scarier than any dapp ux.
Most Dapps with real use have pretty damn solid ux (again, unless you have no idea what you're looking at). A clear separation between provider and application is more important than seamlessly letting users part with their money.
Yes, gotta change the name from "BCOMM" (Commercial Bank) so it's less obvious what you are doing. Nice!
Your submission has been flagged for removal because it is considered off topic for the Bitcoin subreddit.
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Cute, but that's not using Lightning Network, that's just using a service. We have the power to do this without custodians.
im not very familiar with lightning network.
How would i swap the the tips to btc and ultimately cash out in fiat?
works great and improves constantly.
currently doesn't work on the new layout and no custom messages enabled yet.
I want this for reddit and facebook please. Yes I know of lntip bot (and I also use it :)!
Just keep in mind this is a custodial solution and has trust issues. Yet I agree we need custodial services for easy onboarding and mass adoption.
I'm gonna break down this article on stream Monday while I play Project: Gorgon. I'd love to get some people in there to discuss and have a dialogue. Come hang out twitch.tv/readscare
I don't think you would learn anything with the current crop of games. We don't have a game advanced enough where politics can play a huge part of the virtual world.
Did you listen to it? He says the quote I wrote in Verbatim. I wouldn’t ever use CoinDesk as factual reporting. It’s owned by DCG who owns Coinbase and many other PoW tokens. Listen to recording, he says what I quoted.... it’s also goes to show how CoinDesk (like every other news media) portrays their own biased view.
Did Tesla's general counsel leave him before or after he said this?
Paper money has been on the wane for decades. Blockchain accounting is the future.
No... he said crypto will replace fiat, but Bitcoin used to much energy with PoW.
So correctly expressing what he said was, Bitcoin is doomed but low energy networks will continue and be the future
All jokes aside..tezos would be #1 hands down if we somehow connected with elon musk. It's possible I believe.
We all know its better transfer of value than paper money. I've known this for years now. He's late in the program! Get up with the times Elon, if you want to sell Teslas and send vacationers to the moon.
Except everyone here is hodling. If everyone hodls instead of spending, then what's the point of accepting? If most people don't use credit cards, then what's the incentive for a store to take a 3% fee for credit card using customers? Hodls preaching that spending Bitcoin is better than cash, but y'all using cash instead of btc.
This asshat already has a hired team that ensures that at least one headline about either him or his companies stays at the top of /r/futurology - and they have a mod buried inside to ensure no one questions it.
If we could not start the same nonsense here that would be great.
The amount of hero worship that reddit showers this particular billionaire with has always been troubling to me.
He says Bitcoin uses too much energy. Hogwash.
You know what uses a lot of energy? Cars, especially manufacturing them. Rockets use a lot of energy too. And last time I checked, you couldn't dig a tunnel without expending a fuckton of energy.
Elon is the most overrated celebrity of them all. He's never had a truly groundbreaking idea. He's just a kid who got lucky with PayPal and (to his credit) used it to do the stuff little boys like to do -- cars, rockets, digging tunnels, etc.
Wasn't it just on the front page yesterday that he said Tesla would never use cryptocurrency?
Conspiracy theory time. Maybe he just bought a bunch of Bitcoin prior to that statement, and that's why it bumped up to 4k? Haha
So why was he acting like he knew nothing and wanted no part of bitcoin for years?
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