Will is correct IMO. In software a “magic number” is something determined by humans rather than an autonomous process. So those maximum block sizes are indeed magic numbers because code has to be changed to alter them.
But blocks on BCH never fill up, so having a human determine the maximum size is academic and not a magic number, because that number never gets hit (unlike BTC).
I understand full well what the LN entails. Few individuals will have the resources/BTC to operate a node (it needs to be funded with a level of BTC matching the demand on that channel). The opportunity to run LN nodes will fall exclusively to the privileged few within our centralized banking system that can obtain the required BTC. These banks will be required to implement KYC, and off-chain, they can cut you off anytime they (or those that control them) choose.
1TB blocks? The argument against this method is that this will create centralisation because miners will have to have huge capacity. How big will the blockchain be if this was the case? It would just be ridiculous and a handful of miners would be in control.
“The mining rig detailed below, a combination of existing and proven hardware and software technologies, delivers the data processing capacity to process terabyte blocks. The cost associated to this mining rig is also sufficiently low to ensure a healthy decentralized market that includes hundreds of independent miners; arguably a more decentralized market than Bitcoin mining as of today.”
Are you implying that people should accept 0 confirmation transactions on BCH??
People do. The cost of double spending is now well over $70k. Not exactly a big risk unless you’re buying a house.
I think you are talking about a confirmed transaction. It doesn’t cost $70k to send a double spend transaction with a higher fee than an unconfirmed transaction. Here’s a step by step guide from r/btc.
No, I’m talking about 0-conf on BCH. There no replace-by-fee silliness on Bitcoin Cash.
The r/btc link implies that some nodes on BCH do have RBF. You would know better than me if this is the case or not.
For reference: RBF ELI5 "The current behavior of core nodes says that if a transaction is in the mempool and someone tries to issue a new transaction spending the same coins, just drop the new one because it looks like a double spend. Replace by fee says that if the second transaction has a higher fee than the first transaction, then drop the first one and take the second instead."
The Bitfinex/Tether issue seems to be getting close to finality. Anyone care to speculate on the reprecussions
Bitcoin will be dead… again!
And I suppose with Bitcoin most of the crypto market as well?
How can miners verify 1 TB every 10 minutes? Need 13.5 Gbps network connection to receive it before next block! Blockchain will always fork.
They do not mine block every 10minutes so in case of full capacity, they would need much faster bandwidth. But they are already planning to focus more on masternodes, so it should not be big issue for them.
Also every block have just maximum capacity which does not have to be full all the time.
The analysis linked assumes a 50mbps connection:
I am a small retail miner with only 14 rigs. Our pool has a 40Gps connection, so enough to handle 1TB blocks. Bandwidth speeds will only accelerate with time. From my limited understanding of this, the problems with increased block size relate more to software bottlenecks leading to erratic transaction propagation and the risk of increased orphan rates, so I doubt we see this anytime soon.
Always interesting to have perspective on crypto vs the rest of finance
Has anyone been trying to withdraw ETH from Cryptopia lately? My transaction has been “processing” for hours now. I know they had some troubles at the beginning of January when people curiously waited for hours, days and weeks as they watched their ETH travel places before it reached them. Now, instead of giving you a TxID, they give you the “processing” status. Again, hours and days. I strongly recommend not withdrawing Ether from there.
I pick exchanges from top few on coinmarketcap. Large volume: a) They can attract customers. b) They can handle large volume.
Next step: Security. Due diligence. Know your customer. Mandatory 2FA, at least for API registration and higher tiers.
Next step: API. Features: order types, streaming data, meta information, and so on. Consistency: return fields are always the same, numerals are always as decimal strings, and so on. Quality and breadth of documentation: quotas, acceptable parameter values, and so on. Good API: Tentative yes. Bad API: Good bye!
Running an exchange is hard. Doing it well is almost impossible. Why let unprofessional amateurs near my money?