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commit suicide?
jl2012 Yellow v2  · 2016-01-24 02:25 · 1127 views · 18.54982099
"I am very rich, I will buy the pistol to commit suicide?"

This is a miner in December last year on the issue of extension of Bitcoin conference of developers.

This time I talk about technology, but only investment. Why is everyone so concerned about the expansion of the problem? Do not talk about ideals, we confess that, after all is not a good return on investment is to it? Bitcoin absolutely no investment on people will quarrel blush heat for such things? Of course, investment is not just money, but also time and effort, but basically the problem can be reduced to money invested.

Bitcoin investments may be direct investment (hold out), industrial investment, and investment services. Industrial investment in mining represented service investment refers to rely Bitcoin system services, such as exchanges, payment systems, wallets and so on. Direct investors are basically to currency price is the main objective; in addition to currency price miner also consider the cost, but now only a small part of it; and investors pay more attention to customer service and transactions and other indicators, however coins price rise will bring more customers. So the whole, the currency price is the common interest of all participants in the ecological circle.

Forced hard impact on the currency bifurcation price?

First by the currency price began to speak. Bitcoin XT on August 15, 2015 publication, Bitfinex price in 3 days plunged 37 percent from the $ 258 to $ 162. The Bitcoin Classic on January 11, 2016 publication, plus Mike Hearn declared Bitcoin fails currency price that is, from $ 450 in six days fell 22 percent to $ 352 minimum. Undoubtedly, whenever someone tries to force the hard bifurcation, sizzling expansion problem, it will cause serious negative impact on the currency price. Because the force of the hard bifurcation leads to great uncertainty, it may be two coins in circulation at the same time, investors will sell bitcoins to hedge.

Forced hard bifurcation impact on the exchange?

Forced hard bifurcated lead to price volatility. Small-scale fluctuations caused by increased trading volume, instead of the Exchange may be beneficial. But too much fluctuation would pose a risk to the exchanges, especially leveraged transactions, large-scale financing to leave open the disc will cause a domino effect, inadequate risk control exchange will face losses. Even more dangerous is the hard bifurcation force would lead to two bitcoins in circulation on the market at the same time, and at different prices, the futures market contracts across the front fork, there will be serious dispute settlement thereof in terms of pricing and delivery.

Forced hard bifurcation impact on purses and financial products?

When there will be two bitcoins in circulation at the same time the user is expected to market, because they do not know what Bitcoin will be valuable in the future (or both have value), the user can give two bits for money, it will be in the bifurcation premise funds to local purse, will stop buying financial products. This massive cash requirements may make some of the illiquid services collapse; even the ample liquidity services will therefore lose a lot of customers .

It does not restrict the expansion of subscriber growth, the impact of currency prices?

A commodity currency is valuable depends on many reasons. Such as scarcity, interchangeability (anyone can equal exchange of Bitcoin), security, acceptance and so on. Which represents the number of users acceptance, it is not the only determinant of value. Mankind needs salt, historically also been a currency, but not scarce in the modern, it loses its value for money.

If you can expand without affecting the security situation, of course, it is the more users, the better. But if in order to accommodate more users at the expense of security and to the center and other features, you make it clear how investors system was operated in compliance with the best long-term investment interests. See my other article: "Do not believe me, you own verification" ( http://www.8btc.com/do-not-trust-verify )

Too many people use the side chain and lightning network will damage the interests of the miners?

One argument that too many people use chain transactions outside, miners will get less commission. This is a misunderstanding. The so-called side-chain blocks chain itself is also considered the force required to maintain safety; the most reasonable approach is to use the combined mining, so the miners can be treated according to their ability to select a different side chains to earn more fees. It can not increase the pressure of the main chain of the whole node, and can accommodate more users, miners also have more income.

As lightning network, there are many cases need to use the main chain of transactions. First, when the channel balance light, we need to issue new transactions to supplement the main chain; and when the channel balance too much, people will need to liquidate cold stored in the main chain; and the party if the channel lost contact, other one must also be in the main chain of the end of the channel. If lightning network is really popular, it can bring more new Bitcoin user, but will increase the demand for space in the main chain. Last year, developers lightning network also mentioned at the meeting in Hong Kong on the block need more space, so it's not a competition, but a win-win relationship.

It can replace the Bitcoin Core expansion, the problem is solved?

A voice began to appear recently, there are other plans to replace Bitcoin Core can be expanded up. As an open-source program, it would have been a different development team is very normal thing, but when it comes to replace Bitcoin Core, I do not see any team can have this ability. In recent 0.12 version, for example, several times faster verification of the transaction, is a lot of mine pool anticipated update. Full node is the backbone of the network, is badly in need of a reliable team to maintain, or when a problem occurs can not be solved, only cause damage to all investors.

Allowing users to decide?

Recent Bitcoin Classic very keen to use their vote to make a decision websites, claiming it is the user's voice. This is a very dangerous and naive approach. I will not speak of those users might just vest, those users may simply Bitcoin for little or no investment. Even if you want to make a decision by the user, it must be real investors, soft bifurcation is mainly determined by the miners, and the miners outside the hard bifurcation should include holding money and services to investors.

The hard bifurcation of the market is really useless it?

There the problem is hard to force the bifurcation, and there is broad consensus in the security situation and the hard bifurcation is not a problem. 2013 once existed from the beginning because of a design flaw, but was forced to carry out a hard bifurcation (BIP50). There is no dispute that the hard bifurcation, did not affect the market, but did not cause two bitcoins in circulation at the same time.

Expansion of hard bifurcation and how? If there is a broad consensus, security, and there is sufficient time to prepare, the hard bifurcation will not cause problems. In time, I and some of the major miners and developers communicated, also think about a year is reasonable. But outside of time, and more importantly, in the post-bifurcation can not tolerate the existence of two bitcoins in circulation at the same time, merchants and payment exchanges to fully reject the old currency, the miners have agreed to give up the old chain, so the old currency value of zero , it will not appear above the crisis.

How can we reach a consensus?

To reach such a consensus will not be easy, but not impossible. Now a lot of people shouting to eliminate this and that, what means to use to make each other yield, or questioning people's motives, which will only make it harder to reach consensus. What we need is peace discussions to come up with a safe solution reasoning.

Hard word, in English, is not only "hard" meaning, is "difficult" means. The hard bifurcation is difficult bifurcation, not some people put it so easy. But also because of the difficulty, that makes the system safe, otherwise everyone can easily hard bifurcation, the user constantly forced to be updated, but few people are more likely to be manipulated.

As an investor, the real concern is the short-term and long-term returns; whether we should expand and enhance returns just how the expansion means, not the goal. Improper expansion, not only can not enhance the value, it will have disastrous consequences. Do not forget one thing: no matter what kind of support the expansion of programs to currency price as the representative of the return on investment is the common benefit of all, not a cut-throat competition game.

You are very rich, you will buy the pistol to commit suicide? I will not, I hope you will not.

On jl2012, is Bitcoin technology lovers from Hong Kong, is also related to the isolation of three witnesses Bitcoin improvement plan (BIP141-143) drafted by