#bitcoin-wizards

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      • Eliel_
        bsm1175321: requiring parent beads to not have conflicting transactions seems to me to incentivize miners to use some kind of an identity based fast consensus algorithm to avoid mining conflicting transactions at all.
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      • bsm1175321
        Eliel_: That's coming anyway with mempool synchronization/weak blocks/IBLT. But the orphan problem is fundamental and they will still occur. Another approach is to mine every transaction individually. There's no reason we should relay (for free!) transactions so someone else can profit off them. Hashcash was originally imagined as a barrier to entry to stop spam, and we can move it back to the tx submission po
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      • Discarding free p2p relay of transactions is a pretty deep change to the structure of Bitcoin though. But I think probably a very good one -- there's no reason the protocol should enable mining centralization. (But no way to prevent others from creating relay networks outside bitcoind itself)
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      • roidster
        bsm1175321: Are there significant advantages to one person one full node?
      • bsm1175321
        roidster: Protoplasm is not cryptographically identifiable. So, that's a pipe dream at best.
      • roidster
        bsm1175321: Is it not possible for every handheld computer er a "smartphone" to be equiped with 128gb chip & 35gh/s ?
      • bsm1175321
        It is...what's your point?
      • Errr...rather that's my point above regarding mining at transaction submission. Put mining chips in cell phones. It won't match what centralized mining can do by a long shot, but should be an effective form of spam control.
      • roidster
        bsm1175321: That was where I was going. Seems to be an excellent form of DDoS
      • ^End to DDoS
      • bsm1175321
        That was the original hashcash idea. unfortunately it got turned into a crypto-currency.
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      • roidster
        bsm1175321: At current capacity of 1,042,003,037 GH/s if 29,771,515 (fewer than the good citizens of Calif.) handhelds had 35
      • Gh/s they would dominate the network field.
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      • bsm1175321
        They wouldn't be operating continuously though. Maybe a few seconds/minutes at a time or it would burn your battery.
      • roidster
        Raising it 2 orders of magintude would dominate. Are there any saleable advantages to this type of activity?
      • bsm1175321
        Well pay-your-own-tx fees is one...
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      • It's not a saleable advantage until a crypto-currency is established that can take advantage of it
      • roidster
        Yes I had thta duiscussion on #bitcoin moments ago. There is one problem with scaling. That is with "fees". Currently acceptable minimum is 0.001BTC correct?
      • ^that
      • If so, BTC is up againist an unacceptable scaling price barrier with miner fees as BTC>$100K. The minimum fee would inflate to a minimum of $1.
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      • That might make a buyer of a cup of joe think twice about using BTC for payment channel.
      • MRL-Relay
        [smooth] you can work out the economics of battery capcity in reverse. it costs about 1/10 of a cent to charge a battery so to match the current 1 million usd per day in mining energy use would require a billion cell phones draining their battery daily
      • [smooth] (very rough numbers)
      • roidster
        MRL-Relay: And how many handhelds are the now?
      • aj
        roidster: minrelaytx is 5000 satoshi/kB, so 0.00005, which would be $5/kB or ~$1/transaction if BTC was $100k USD/BTC; 0.12 is taking the default back down to 1000 satoshi, though. and it's relay policy not consensus, so can just be decreased down to ~10 satoshi as the price increases
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      • bsm1175321
        I hate having these hard coded numbers in the system...
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      • gmaxwell
        What the heck! https://bitcointalk.org/index.php?topic=1274102... (Forehead slapping warning: the last response from me will have you WTFing)
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