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Message
re: Daily Bitcoin Article
Posted on 2/24/14 at 7:42 am to LSURussian
Posted on 2/24/14 at 7:42 am to LSURussian
Bitcoin doesn't have centralized control according to certain posters. How can this Bitcoin Foundation that "standardizes, protects and promotes the use of Bitcoin cryptographic money for the benefit of users worldwide" exist? Why does this unnecessary body have elections for vacant positions? Do you think Josh or Wiki will be voting?
1
Posted on 2/24/14 at 10:10 am to Poodlebrain
quote:
Bitcoin charges 1% for processing transactions according to this article. LINK That's just a little bit more than free.
Let me explain:
Coinbase charges the merchant a 1% fee after the merchant's first $1 million in transactions.
For people using Coinbase's wallet to transfer bitcoin, there is no fee outside of possible miner fees.
Posted on 2/24/14 at 10:12 am to LSURussian
quote:
The head of MtGox has resigned his board seat with the Bitcoin Foundation leading to speculation another bad news announcement will be forthcoming from MG.
The most interesting part of the story is he did it after advice given from Charlie Shrem, the guy that was just arrested on federal money laundering charges.
Posted on 2/24/14 at 10:13 am to joshnorris14
quote:
Coinbase charges the merchant a 1% fee after the merchant's first $1 million in transactions.
Has any merchant met this threshold yet?
Posted on 2/24/14 at 10:14 am to Poodlebrain
quote:
Bitcoin doesn't have centralized control according to certain posters.
We've explained how open source software works on many different occassions, if you want to ignore what we've said, that is fine, but it doesn't change the fact that you could start the "Poodlebrain bitcoin foundation" today and have the same amount of authority over the bitcoin protocol as the Foundation does.
If they write good code, it'll get used. That's all the power they have.
Posted on 2/24/14 at 10:19 am to Y.A. Tittle
quote:
Has any merchant met this threshold yet?
Doubtful. We don't even know if it's a month, year, or what
Posted on 2/24/14 at 10:23 am to joshnorris14
quote:Who decides if it's 'good code' and how is it decided?
If they write good code, it'll get used.
Posted on 2/24/14 at 10:24 am to Broke
quote:
Doubtful. We don't even know if it's a month, year, or what
Overstock was incredibly close a few days ago so I'm sure it's a possibility that they have by now.
Overstock's fee is lower than the standard 1% though.
Posted on 2/24/14 at 10:27 am to LSURussian
quote:
Who decides if it's 'good code' and how is it decided?
Anyone that decides to navigate to Github and read the code.
LINK
Since the Bitcoin network doesn't rush to implement updates of the client, and the devs release the source code prior to releasing the updated client, people are capable of seeing the changes and determining if it is acceptable. If not, they can edit it.
Posted on 2/24/14 at 10:34 am to joshnorris14
quote:What people?
people are capable of seeing the changes and determining if it is acceptable
ETA: Who pays for hosting the website you linked?
This post was edited on 2/24/14 at 10:40 am
Posted on 2/24/14 at 10:37 am to LSURussian
quote:
What people?
Anyone that wants to participate that has access to the internet and can read.
Posted on 2/24/14 at 10:37 am to LSURussian
THE people
Posted on 2/24/14 at 10:44 am to joshnorris14
quote:You're being obtuse and you know it.
Anyone that wants to participate that has access to the internet and can read.
Who decides what's good? "THE PEOPLE" is not an answer.
Is it a majority of the owners of bitcoin? Is it, as you wrote, "anyone that (sic) wants to participate..."? Participate in what? Using bitcoin? Writing new code?
Or, anyone on the internet, even entities opposed to the concept of bitcoin can work to change the btc system? How many of those entities would it take to control changes? How are the entities counted as far as who gets how many 'votes'?
If you don't know the answers, just say it, don't keep making up shite and posting useless responses which don't answer the questions.
Posted on 2/24/14 at 11:06 am to LSURussian
quote:
Who decides what's good?
I just told you.
The nodes in the network run specific bitcoin clients. They are not forced to update their clients. In order for the changes made by the core devs (guys like Mike Hearn and Gavin Andresen) to be implemented the nodes have to be using their updated client (Currently 0.8.6).
quote:
Is it a majority of the owners of bitcoin?
Not necessarily, but possibly. There are some features that users with the newest updated client can use that might not be used be the old client and there is generally no problem with that. Occasionally bugs in the software might cause forks like what happened last year.
If there is ever a controversy about the client (perhaps with malicious intent) that is found after a majority of nodes have implemented, users can simply re-download previous versions.
quote:
Participate in what?
The Bitcoin network. Of course, you don't have to participate in the network to read the code so that's not an entirely accurate answer. If you want to participate in Bitcoin at any level you can help with the code by reviewing it, testing it, writing it, et cetra.
quote:
Or, anyone on the internet, even entities opposed to the concept of bitcoin can work to change the btc system?
Certainly, it's open source. It's hard to imagine they would be successful in convincing people that their software is superior if they are opposed to Bitcoin though.
quote:
How many of those entities would it take to control changes?
It doesn't matter how many entities are working to control the changes. ANYONE can rewrite the source code. What matters is the nodes in the system.
quote:
How are the entities counted as far as who gets how many 'votes'?
They aren't.
Posted on 2/24/14 at 11:08 am to joshnorris14
Here is an example of how changes are made and made known to the community prior to even releasing updates to the client:
LINK
LINK
quote:
+`walletpassphrase` RPC
+-----------------------
+
+The behavior of the `walletpassphrase` RPC when the wallet is already unlocked
+has changed between 0.8 and 0.9.
+
+The 0.8 behavior of `walletpassphrase` is to fail when the wallet is already unlocked:
+
+ > walletpassphrase 1000
+ walletunlocktime = now + 1000
+ > walletpassphrase 10
+ Error: Wallet is already unlocked (old unlock time stays)
+
+The new behavior of `walletpassphrase` is to set a new unlock time overriding
+the old one:
+
+ > walletpassphrase 1000
+ walletunlocktime = now + 1000
+ > walletpassphrase 10
+ walletunlocktime = now + 10 (overriding the old unlock time)
Posted on 2/24/14 at 11:09 am to LSURussian
(no message)
This post was edited on 12/21/21 at 9:49 am
Posted on 2/24/14 at 11:10 am to LSURussian
quote:
Who decides what's good? "THE PEOPLE" is not an answer.
Is it a majority of the owners of bitcoin? Is it, as you wrote, "anyone that (sic) wants to participate..."? Participate in what? Using bitcoin? Writing new code?
Or, anyone on the internet, even entities opposed to the concept of bitcoin can work to change the btc system? How many of those entities would it take to control changes? How are the entities counted as far as who gets how many 'votes'?
GOD DO YOU EVEN KNOW CRYPTOGRAPHY? You Luddite.
Posted on 2/24/14 at 11:15 am to joshnorris14
Your explanation convinced me even more than before that bitcoin is doomed to fail. It's a giant clusterfrick.
It also explains why there are over 120 alt coins that have branched off of bitcoin and have their own followers and true believers.
So much for 'deflationary supply' of virtual coins from bitcoins.
It also explains why there are over 120 alt coins that have branched off of bitcoin and have their own followers and true believers.
So much for 'deflationary supply' of virtual coins from bitcoins.
Posted on 2/24/14 at 11:19 am to LSURussian
quote:
It also explains why there are over 120 alt coins that have branched off of bitcoin and have their own followers and true believers.
In the future there will be millions of alt-coins.
Posted on 2/24/14 at 11:29 am to joshnorris14
quote:
In the future there will be millions of alt-coins.
Why would you need millions? Kinda defeats the deflationary aspect eh?
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