Capacity increases for the Bitcoin system -- Bitcoin Core ...

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Capacity increases for the Bitcoin system -- Bitcoin Core

Capacity increases for the Bitcoin system -- Bitcoin Core submitted by japulani to Bitcoin [link] [comments]

Greg Maxwell: Capacity increases for the Bitcoin system

submitted by theymos to Bitcoin [link] [comments]

Once again - Pieter Wuille wins the day! [bitcoin-dev] Capacity increases for the Bitcoin system.

submitted by samO__ to Bitcoin [link] [comments]

Peter Todd on Twitter: I've signed the "Capacity increases for the Bitcoin system" plan for Bitcoin Core.

Peter Todd on Twitter: I've signed the submitted by Egon_1 to Bitcoin [link] [comments]

gregory maxwel : " Bitcoin is an electronic cash " - [bitcoin-dev] Capacity increases for the Bitcoin system. (7 dec 2015)

submitted by realistbtc to btc [link] [comments]

Capacity increases for the Bitcoin system. | Anthony Towns | Dec 08 2015

Anthony Towns on Dec 08 2015:
On Tue, Dec 08, 2015 at 05:21:18AM +0000, Gregory Maxwell via bitcoin-dev wrote:
On Tue, Dec 8, 2015 at 4:58 AM, Anthony Towns via bitcoin-dev
Having a cost function rather than separate limits does make it easier to
build blocks (approximately) optimally, though (ie, just divide the fee by
(base_bytes+witness_bytes/4) and sort). Are there any other benefits?
Actually being able to compute fees for your transaction: If there are
multiple limits that are "at play" then how you need to pay would
depend on the entire set of other candidate transactions, which is
unknown to you.
Isn't that solvable in the short term, if miners just agree to order
transactions via a cost function, without enforcing it at consensus
level until a later hard fork that can also change the existing limits
to enforce that balance?
(1MB base + 3MB witness + 20k sigops) with segwit initially, to something
like (B + W + 200U + 40S < 5e6) where B is base bytes, W is witness
bytes, U is number of UTXOs added (or removed) and S is number of sigops,
or whatever factors actually make sense.
I guess segwit does allow soft-forking more sigops immediately -- segwit
transactions only add sigops into the segregated witness, which doesn't
get counted for existing consensus. So it would be possible to take the
opposite approach, and make the rule immediately be something like:
50*S < 1M
B + W/4 + 25*S' < 1M
(where S is sigops in base data, and S' is sigops in witness) and
just rely on S trending to zero (or soft-fork in a requirement that
non-segregated witness transactions have fewer than B/50 sigops) so that
there's only one (linear) equation to optimise, when deciding fees or
creating a block. (I don't see how you could safely set the coefficient
for S' too much smaller though)
B+W/4+25S' for a 2-in/2-out p2pkh would still be 178+206/4+252=280
though, which would allow 3570 transactions per block, versus 2700 now,
which would only be a 32% increase...
These don't, however, apply all that strongly if only one limit is
likely to be the limiting limit... though I am unsure about counting
on that; after all if the other limits wouldn't be limiting, why have
Sure, but, at least for now, there's already two limits that are being
hit. Having one is much better than two, but I don't think two is a
lot better than three?
(Also, the ratio between the parameters doesn't necessary seem like a
constant; it's not clear to me that hardcoding a formula with a single
limit is actually better than hardcoding separate limits, and letting
miners/the market work out coefficients that match the sort of contracts
that are actually being used)
That seems kinda backwards.
It can seem that way, but all limiting schemes have pathological cases
where someone runs up against the limit in the most costly way. Keep
in mind that casual pathological behavior can be suppressed via
IsStandard like rules without baking them into consensus; so long as
the candidate attacker isn't miners themselves. Doing so where
possible can help avoid cases like the current sigops limiting which
is just ... pretty broken.
Sure; it just seems to be halving the increase in block space (60% versus
100% extra for p2pkh, 100% versus 200% for 2/2 multisig p2sh) for what
doesn't actually look like that much of a benefit in fee comparisons?
I mean, as far as I'm concerned, segwit is great even if it doesn't buy
any improvement in transactions/block, so even a 1% gain is brilliant.
I'd just rather the 100%-200% gain I was expecting. :)
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

Bitcoin Core Statement: "Capacity Increases for the Bitcoin System" -

Bitcoin Core Statement: submitted by vlarocca to Bitcoin [link] [comments]

Capacity increases for the Bitcoin system. | Anthony Towns | Dec 08 2015 /r/bitcoin_devlist

Capacity increases for the Bitcoin system. | Anthony Towns | Dec 08 2015 /bitcoin_devlist submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Once again - Pieter Wuille wins the day! [bitcoin-dev] Capacity increases for the Bitcoin system.

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Greg Maxwell: Capacity increases for the Bitcoin system

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Capacity increases for the Bitcoin system -- Bitcoin Core

Capacity increases for the Bitcoin system -- Bitcoin Core submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Core Statement: "Capacity Increases for the Bitcoin System" -

Bitcoin Core Statement: submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Core Statement: "Capacity Increases for the Bitcoin System" -

Bitcoin Core Statement: submitted by bitcoin_today to bitcointoday [link] [comments]

Peter Todd on Twitter: I've signed the "Capacity increases for the Bitcoin system" plan for Bitcoin Core.

Peter Todd on Twitter: I've signed the submitted by BitcoinAllBot to BitcoinAll [link] [comments]

For SegWit to be an effective Blocksize-limit increase it needs users to upgrade their software AND move all their coins AND create entirely different transactions. A hardfork still only needs you to change one thing: the blocksize-limit.

Core supporters like to tell you that SegWit is still faster. Without a shred of irony, while we were there waiting for 4 months of development to turn into a year.
But Ok, now that it is finally here. It really is going to be faster they promise. Forget about the fact that they overpromised SegWit before. Forget the fact that we correctly predicted how the narrative would switch after SegWit would be released. Their behaviour was completely predictable in the past, yet surely we are wrong about any future predictions.
Like how I can predict once SegWit is activated, the narrative will switch completely to "You have to switch to SegWit transactions for it to be an effective blocksize increase". Even though they sold it as an effective increase moments before it activated.
Forget about the danger of (high-value) high-fee transactions not switching to SegWit causing huge increase in fees and backlogs during peak usage. Because SegWit transactions not actually getting into any blocks, capacity would go down right when you need it most.
Forget about the fact that SegWit can have zero-day exploits and that it needs to roll back. Like I said the day it was announced to have "consensus".
Personally I don't mind SegWit activating. What I do mind it getting sold as a blocksize-limit increase as if it has no caveats. And preventing an actual HF, maybe for years to come.
submitted by seweso to btc [link] [comments]

Is a post-SegWit cleanup via hard fork still on the table?

I was reading through the "Capacity increases for the Bitcoin system" thread from Dec 2015, and there is some mention of refactoring SegWit related code via hard fork at a later date.
Is that still the plan?
submitted by i0X to Bitcoin [link] [comments]

Theymos: Lightning will allow for almost all of the security, features, and decentralization of Bitcoin transactions...This is expected to be the real eventual solution to scaling.

"Bitcoin is incapable of doing the only thing bitcoin was created to do. Fortunately, for a fee, we will be happy to do it for you."
Edit: Link -
submitted by Thanah85 to btc [link] [comments]

Wow. The "Capacity increase" post on r/bitcoin really highlights why that subreddit it has been changed to controversial-hide scores by default.

If you read it in the order that is suggested (controversial), it really seems to come out in favour of the change. If you read it by 'top' or 'best' you can see it has no community support whatsoever.
EDIT link added
submitted by redditchampsys to btc [link] [comments]

Milton Friedman, Satohshi Nakamoto, Adam Back, Pieter Wuille, and Bram Cohen Are True Visionaries

Milton Friedman, Satoshi Nakamoto, Adam Back, Pieter Wuille, and Bram Cohen Are True Visionaries
Gavin Andreson, Jeff Garzik, and Mike Hearn Are Non-visionary Hacks
*Edited: Added some more points thanks to bitcoinknowledge.
submitted by baronofbitcoin to Bitcoin [link] [comments]

Does "versionbits" fully address previous concerns about hard forks versus soft forks?

This week there has been an interesting new feature announced called "versionbits" (evidently due to an insight from Luke-Jr) which proposes to make soft-forking easier and safer. (In particular, it is claimed that it could be used to roll out Segregated Witness with minimal impact on the existing user base.)
A few months ago there was an interesting post from Mike Hearn on where he argued that even when a soft fork is possible, a hard fork may often be preferable - since with a hard fork, nobody is left "in the dark" about the new semantics that have been added.
My question is: Does VersionBits address the concerns raised in Mike's earlier post?
On consensus and forks - What is the difference between a hard and soft fork? - by Mike Hearn
In a soft fork, a protocol change is carefully constructed to essentially trick old nodes into believing that something is valid when it actually might not be.
Here’s an analogy. Imagine a big company with a team of auditors, and a team of traders. The traders want to make a new type of trade that the firm currently disallows: the auditors check what the traders are doing to enforce company policies. Changing the policies can be slow work. But one day, a trader has a brainwave. “Hey guys”, he says, “I’ve had an idea. I’m going to submit some trades for derivatives, but I’m going to write it down on the paperwork as buying land. When you see that, just mentally replace land with derivatives, and carry on as normal. The auditors won’t find out!”
The auditors are people and services that are running Bitcoin full nodes. The traders are people who want to change the rules. Whether their rule change is a good idea or not isn’t relevant here: what matters is how they’re doing it. The auditors are now cross checking every transaction, but their calculations can arrive at the wrong answer, because they don’t understand the true nature of the transactions they’re verifying.
Segregated Witness and its Impact on Scalability - by Pieter Wuille
Luke-Jr discovered that it's possible to do this as a soft-fork.
In a soft-fork, we can add a new rule that restricts what's valid.
We could say every script could begin with a version byte. The reason for doing so is making it easier to do soft-forks.
So this is the reason why previous soft-forks in particular, like CSV and CLTV, bip112 and bip65, the only thing they do is redefine that OP_NULL. This is sad. There are way, way more nice improvements to Script that we could imagine. By adding a version byte with semantics like, whenever you see a version byte that you don't know, consider it ANYONECANSPEND. This allows us to make any change at all in the Script language, like introducing new signature types like Schnorr signatures, which increase scalability by reducing the size of multisig transactions dramatically, or other proposals like merklized abstract syntax trees which is a research topic mostly. But there really are a lot of ideas for potential improvement to Script that we cannot do right now. This would enable it for free by just adding one more byte to all Script scripts.
Capacity increases for the Bitcoin system - by Gregory Maxwell
Versionbits (BIP9) is approaching maturity and will allow the Bitcoin network to have multiple in-flight soft-forks. Up until now we’ve had to completely serialize soft-fork work, and also had no real way to handle a soft-fork that was merged in core but rejected by the network. All that is solved in BIP9, which should allow us to pick up the pace of improvements in the network. It looks like versionbits will be ready for use in the next soft-fork performed on the network.
I'm not trying to create a face-off among devs here - I'm just curious if versionbits addresses the stuff that Mike was talking about.
Thanks for any feedback from pwuille, nullc, mike_hearn, luke-jr, and others who may be knowledgeable about this.
submitted by ydtm to btc [link] [comments]

@TheEconomist: Last week a majority of bitcoin “miners” signalled support for an upgrade of the system to increase its capacity

@TheEconomist: Last week a majority of bitcoin “miners” signalled support for an upgrade of the system to increase its capacity submitted by -en- to newsbotbot [link] [comments]

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Welcome to the /Bitcoin Sticky FAQ

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Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
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Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar,, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
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'Fake Bitcoin' - How this Woman Scammed the World, then ... This Week in Bitcoin - January 18th, 2019 An Economic Analysis of the Bitcoin Payment System Top 5 best cryptocurrency wallets Strategy to Increase Your Bitcoin Amount - TOP-Automated ...

Capacity increases Roadmap for the Bitcoin system. The following roadmap was originally posted to the bitcoin-dev mailing list, by Gregory Maxwell on 2015-12-07.. The Scaling Bitcoin Workshop in HK is just wrapping up. All the members have agreed to endorse the roadmap that has been laid out for Capacity increases for the Bitcoin system, and they consider this signing “the best possible continuation of our efforts”. The roadmap starts with this month, and the deployment of a segregated witness testnet, “a separate testnet that provides an opportunity for Bitcoin Core contributors to test segregated ... view of the near term arc for capacity increases in the Bitcoin system. I believe we’re in a fantastic place right now and that the community is ready to deliver on a clear forward path with a shared vision that addresses the needs of the system while upholding its values. Thanks for writing this up. Putting the progress, ongoing work and plans related to scaling in context, in one place ... Alle Mitglieder haben zugestimmt, die Roadmap für Capacity-Steigerungen für das Bitcoin-System zu unterstützen, und sie betrachten diese Unterzeichnung als "bestmögliche Fortsetzung unseres Bemühungen ". Die Roadmap beginnt mit diesem Monat und der Einrichtung eines separaten Testnet-Testcenters, "einem separaten Testnet, das Bitcoin-Core-Mitwirkenden die Möglichkeit bietet, segregierte ... That segwit activation increased bitcoin’s capacity, with it now reaching an all time high of a daily average of just above 1.3 MB of data per block, and a weekly average of just below 1.3MB. Bitcoin’s blocksize reaches all time high, May 2020. This is the highest amount of data processing of any blockchain in history, with many now closely watching to see just how much higher it will go ...

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'Fake Bitcoin' - How this Woman Scammed the World, then ...

Exciting news in the world Bitcoin! Check out this week’s headlines. Lightning Network increases its capacity Bakkt makes an acquisition SBI Crypto invests in Breadwinner For the full stories ... Andreas M. Antonopoulos (@aantonop) is a best-selling author, speaker, educator, and one of the world’s foremost bitcoin and open blockchain experts. He is k... We were joined by Mike Hearn, along with Gavin Andresen the most outspoken supporter of a block size increase. He is also the creator of Bitcoin XT, a modified fork of Bitcoin Core, that may ... On January 24-25, 2019 the Center of Mathematical Sciences hosted a conference on distributed-ledger (blockchain) technology. The conference was intended to cover a broad range of topics, from ... Digital BitBOX is a minimalist Bitcoin Hardware Wallet, which is packed with security and privacy: ... some of the storage capacity can be used for system documentation and maintenance, so the ...