Common misconception/myth that seems to be being pushed right now.
There is a common misconception/myth being pushed in the community right now that states something along the lines of; "Block reward is decreasing over time therefore individual transaction fees must increased to cover the missing block reward". This is incorrect and incomplete for two reasons. The first reason is that although the block reward is decreasing in bitcoin terms it has been increasing in real terms due to bitcoins increase in value in real terms. If bitcoin continues to succeed this will continue to be true for some time. Even without that argument, there is a second argument that is relevant to BIP101. Bitcoin was originally designed so that the total transaction fees would increase over time and replace the block reward, not the individual transaction fees. Below I have outlined how this works with BIP101 in numbers.
Fees per Block $.05
Fees per Day ($.05)
For comparison, even with the 25btc block reward that is current given to miners each block, this is only roughly $10,000 per block. What this shows is that within about 7-8 years (roughly the age of bitcoin right now) we can have the same amount of money pouring into miner's pockets through transaction fees alone with only an average $0.05 fee per transaction. That's without any efficiency improvements to the network to fit more transactions in per Megabyte. I don't think free transaction should last any longer as they have been subsidised for 7 years now and we are now in a very strong position without them. But it is is important that we keep the utility of bitcoin as peer to peer payment system as it was designed.
According to Blockchain.info F2Pool is shading hashing power
Blockchain.info places F2Pool at 21% of the network over the past 4 days, 20% of the network over the past two days, and around 17% of the network over the last 24 hours. This could just be a statistical anomaly, or it could be miners leaving after the announcement to support BIP100 and hostile toward BIP101/BitcoinXT.
Compatibility requirements for hard or soft forks | Gavin Andresen | Oct 28 2015
Gavin Andresen on Oct 28 2015: I'm hoping this fits under the moderation rule of "short-term changes to the Bitcoin protcol" (I'm not exactly clear on what is meant by "short-term"; it would be lovely if the moderators would start a thread on bitcoin-discuss to clarify that): Should it be a requirement that ANY one-megabyte transaction that is valid under the existing rules also be valid under new rules? Pro: There could be expensive-to-validate transactions created and given a lockTime in the future stored somewhere safe. Their owners may have no other way of spending the funds (they might have thrown away the private keys), and changing validation rules to be more strict so that those transactions are invalid would be an unacceptable confiscation of funds. Con: It is extremely unlikely there are any such large, timelocked transactions, because the Core code has had a clear policy for years that 100,000-byte transactions are "standard" and are relayed and mined, and larger transactions are not. The requirement should be relaxed so that only valid 100,000-byte transaction under old consensus rules must be valid under new consensus rules (larger transactions may or may not be valid). I had to wrestle with that question when I implemented BIP101/Bitcoin XT when deciding on a limit for signature hashing (and decided the right answer was to support any "non-attack"1MB transaction; see https://bitcoincore.org/~gavin/ValidationSanity.pdf for more details). Gavin Andresen -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20151028/061c73f2/attachment.html> original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Octobe011625.html
3 alternate implementations of bitcoin have or are implementing BIP101 BitcoinXT (Java) btcd (golang) bitcore (nodejs)
There are now at-least 3 alternate implementations to Bitcoin core that have implemented or are in the process of implementing BIP101. And there are none that I know of that have implemented or are considering implementing any of the alternate proposals (BIP100, 102, 103, etc)!?! Although I feel it would be great to see some of those in code as well. If a single exchange can trigger adoption of BIP101 as a post from yesterday suggested then there are a lot of choices to choose from now. In 2013 some people in the community were concerned about the homogeneity of Bitcoin core in the ecosystem. Seems like this problem has slowly resolved itself. :)
Dear miners: want the price of Bitcoin to go way up so your fees and coinbase rewards are worth more? Support BIP101.
Let me tell you a quick story... I started a small Bitcoin company that is going through the joy of fundraising right now, like every other startup on the planet. Do you know the #1 reason people are avoiding investing in Bitcoin? It's not that our company, product or team are weak. They are all great. It's that the internal politics of Bitcoin are affecting the total addressable market of users. Translation: they won't invest because they see the upside as capped because they don't think more people will enter the market as users. They see an internally divided community and what probably looks like a possible death spiral. And do you know what? They are right. Capping the blocksize at 1mb limits us to 200,000 transactions a day, about enough for a few 100k nerds who already use Bitcoin. By supporting unpopular scaling options, or gridlock, you are driving investment money and users away from Bitcoin. This ultimately is what is holding the price down. Do you want to know how to make a lot of money right now? Support bip101! The simple announcement that major miners are supporting bip101 will send the price of Bitcoin through the roof. Venture capital will unfreeze, money will start to flow back into the industry, and the bull market will resume. That's all. I hope you are listening. Edit: I'm not an investment advisor and this does not constitute investment advice. This message is for miners, not speculating bitcoin noobs. All the usual disclaimers about bitcoin apply, it could go to zero, it's an experiment, no guarantees, yada yada yada. But seriously miners, get with the program. BIP101!
Miners are to blame for the lack of BIP101 adoption(A rant from a Bitcoin app developer).
Feel the need to get this off my chest. BIP101 was completed in code six months ago. The solution is here, right now, and yet, miner adoption of BIP101 is currently at 0.1%. Community support for it is probably > 80%. Its hard to deny that there is a conflict of interest, between the bitcoin userbase who want bitcoin to scale, and the vast majority of miners, who aren't responding to our needs. On black friday, the blocks were full and there was a transaction back log. This should frustrate the bitcoin userbase more than it currently is; miners, rather than adopting the viewpoint of having safe margins, are preferring to wait until a state of permanent crisis arises. The black friday backlog, to them, was just a temporary crisis to be ignored. Satoshi handed over control of the project to Gavin for good reason. He's the most level-headed, solution-oriented, clear-thinking developer the bitcoin community has. On the other side, the blockstream core devs do everything they can to stifle solutions. If you read any argument by nullc or blockstream-core devs, you'll see that they contain no solutions. They always commit the nirvana fallacy, IE, never offering an alternative solution, but pointing out how the proposed one isn't perfect in an idealized world. I've written projects for the bitcoin ecosystem, and mike_hearn and Schildbach were happy to help me out whenever I had problems. While that may be an anecdotal experience, its hard to deny that wallet developers are responsive to the needs of the users, far more than the blockstream devs. If the miners just keep kicking this scaling problem down the road, and refuse to adopt a solution soon, then we can conclude that proof of work has failed; that the conflicts between the userbase and the miners are irreconcilable, and that bitcoin is truly a settlement network, rather than a global payment network to be used by ordinary people. TL:DR; The vast majority of miners are not responding to the desires of the bitcoin userbase, and are completely at fault for the current crisis.
There are several proposals for optimizing Bitcoin's scalability: BIP100 - Periodically change the limit based on observed block size, but never go larger than 32MB BIP101 - Increase to 8 MB on January 11, 2016, and double the limit every two years (Bitcoin XT) BIP102 - Increase to 2 MB on November 11, 2015 BIP103 - Increase by 17.7% annually until 2063 BIP8MB - Increase to 8 MB BIPSIPA - Block size according to technological growth BIPRosenfeld - Elastic block cap with rollover penalties BIPUpal - Dynamically Controlled Bitcoin Block Size Max Cap BIPCBBSRA - Consensus based block size retargeting algorithm
Bitcoin-qt doesn't provide any option for bitcoin holders to take part in voting for a solution of scalability issue. Thus I suggest the following message syntax for voting anywhere in the internet for any BIP published on https://github.com/bitcoin/bips The syntax is:
where 201508251200 - (optional) vote version number or date (in format YYYYMMDDHHMM) 12WRT...K6cX - vote weight is determined by balance of this address =BIP100 - (optional) abstain from voting for BIP100 +BIP101 - (optional) vote for BIP101 -BIP102 - (optional) vote against BIP102
Automated service for voting User friendly interface is available here: http://coinarchy.com Just answer the questions and submit the form
Andrew Stone: While ideas like BIP101 require us to project far into the future, and BIP100 puts voting solely in the hands of miners, Bitcoin Unlimited puts "voting" in the hands of every full node -- the max block size emerges from the "excessive" settings
A Bitcoin Improvement Proposal (BIP) is a design document for introducing features or information to Bitcoin.This is the standard way of communicating ideas since Bitcoin has no formal structure. The first BIP was submitted by Amir Taaki on 2011-08-19 and described what a BIP is. BIP number allocated 41 API/RPC Stratum mining protocol Marek Palatinus Standard BIP number allocated 42: Consensus (soft fork) A finite monetary supply for Bitcoin Pieter Wuille Standard Final 43: Applications Purpose Field for Deterministic Wallets Marek Palatinus, Pavol Rusnak Informational Final 44: Applications Transaction volume on the Bitcoin network has been growing, and will soon reach the one-megabyte-every-ten-minutes limit imposed by the one megabyte maximum block size. Increasing the maximum size reduces the impact of that limit on Bitcoin adoption and growth. Specification. After deployment (see the Deployment section for details), the maximum allowed size of a block on the main network ... BIP 101 - Activate 8MB max block size when 75% of previous 1000 blocks were mined with a BIP 101 client no earlier than January 11, 2016 and allow a 2 week grace period for non-BIP 101 nodes to switch over.Max block size doubles every 2 years up to 8GB. BIP 101 ist alles andere als sicher. Aber selbst wenn sich die Fork harmonisch zugunsten von BIP 101 (also XT) ausspielen sollte, ist die Situation nicht entschärft. Denn von allen Vorschlägen zur Erhöhung der Blockgröße ist BIP 101 der radikalste und darum auch gefährlichste. BIP 101 sieht vor, die Blockgröße sofort auf 8 MB und ...
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