Re: 2x is the end of bitcoin as we knew it. Coinbase, US, banks are friends
That isn't how Bitcoin is described in the whitepaper either.
Quote
Proof-of-work is essentially one-CPU-one-vote. The majority
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it
https://bitcoin.org/bitcoin.pdf chapter 4, page 3.
As we see, someone don't right.
Dont be blind, only reason why chinesse miners and BU and Ver do what they do, is that you and others give them right. Do you have mining node? If not, it is your fault. At least while Bitcoin has PoW system. As i said before, in original Satoshi view every user of the network should've been miner
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1) New transactions are broadcast to all nodes.
2) Each node collects new transactions into a block.
3) Each node works on finding a difficult proof-of-work for its block.
4) When a node finds a proof-of-work, it broadcasts the block to all nodes.
5) Nodes accept the block only if all transactions in it are valid and not already spent.
6) Nodes express their acceptance of the block by working on creating the next block in the
chain, using the hash of the accepted block as the previous hash.
Nodes always consider the longest chain to be the correct one and will keep working on
extending it.
2) Each node collects new transactions into a block.
3) Each node works on finding a difficult proof-of-work for its block.
4) When a node finds a proof-of-work, it broadcasts the block to all nodes.
5) Nodes accept the block only if all transactions in it are valid and not already spent.
6) Nodes express their acceptance of the block by working on creating the next block in the
chain, using the hash of the accepted block as the previous hash.
Nodes always consider the longest chain to be the correct one and will keep working on
extending it.
Chapter 5, network.
You don't wont to spend your money for mining equipment, so don't try to blame others who do it.
Correction, "the longest valid chain" is Bitcoin. S2X breaks the consensus rules as it doubles the block size so it can't be Bitcoin, these blocks won't be valid for the rest of the network. Besides, mining pools don't hold as much power as you think, as it's miners may switch pools at any moment. The question is, will miners keep mining on those pools after the fork?
Bitcoin is in no way control only by miners, we see that now more then ever. You can mine whatever you want, if you have no users, you are mining a worthless altcoin. These companies may want it, but users may not and companies always need to follow their customers. We will see what the users really want when the time comes. They still need to be shown a Lightning Network and Segwit at play.
Bitcoin is in no way control only by miners, we see that now more then ever. You can mine whatever you want, if you have no users, you are mining a worthless altcoin. These companies may want it, but users may not and companies always need to follow their customers. We will see what the users really want when the time comes. They still need to be shown a Lightning Network and Segwit at play.
What determines the "valid chain"? Your preferences? Core devs or what? I know answer: in Proof-of-Work model miners determine (mining nodes) this "validness". If you do nit agree, you can go away from network. Also, why do you think that users must support Core devs? Here is good article about it : http://hackingdistributed.com/2017/08/26/whos-your-crypto-buddy/
2mb block do not affect to decentralization in any way. Only number of mining nodes affect. But 1mb or 2mb it's not help to increase/decrease number of mining nodes.
Also, as i calculate Lightning network needed big blocks. There 7 billion of souls on our planet. If everyone will close 2 Lightning channels per year (this number can be less or more, i took average) so we have - 14 billion of transaction. Average number of trasnaction per block now is about 2 thousands. So, per year we have 51840 blocks. 51840*2000 = 103 680 000 transactions. It's not enough as you can see.