Sometimes everyone has to join the fight to achieve victory. This is not hyperbolic. It’s a reality, but too many people think internet squabbles and “social media proof” are the best way to fight. Satoshi’s Bitcoin Vision. it’s not.
Bitcoin needs more business development, better connectivity, more robust tools, simpler documentation, and more. hash powerless whining.
Meanwhile, Bitcoin is full of people who like to whine. As a subset of internet culture, this probably should have been expected, but this kind of immediate feedback, backseat driver culture is exactly what Bitcoin’s laziest endpoint pretends to be in charge, UASF led to a “revolution” in leadership. Instead, this era of Bitcoin will be looked back on as one of the most wasteful, lazy and missed times in history. Trillions of dollars have been absorbed. There are very few indications of that.
big block bitcoin is a response to this culture of laziness and privilege, but even in large blocker spaces there are still problems of laziness and gluttony. But it’s ridiculous. We have won the protocol war, but we have not won the culture war or the economic war. We need to rally to solve these problems as a team. One very good way to start is to stop if you are running the SVnode Bitcoind client as part of your business operations. Instead, he builds relationships with commercial nodes on the network and reallocates the cost of existing nodes to his ASIC mining, using pools of his choosing instead.
mining It’s profitable on its own, but it’s not always easy to adjust on paper. It took me two cycles to fully understand this. Mining in a bull market should be almost 100% fiat selling, and mining in a bear market should be buying hardware assets and stacking coins. In a US dollar-based business plan, this makes little sense, but is based on market cycle projections.
There are a few other things that are not immediately apparent in mining.
1: Subsidies support construction and that’s fine – for now.
2: transaction fee You’ll need to exceed your subsidy in your lifetime, but no one knows exactly when.
3: Hardware should be bought when people sell and sell when people buy.
4: Dollar-based economics is the wrong indicator to focus on. Mining loss-making Bitcoin in a bear market can sell great things in a bull market. Selling coins and physical assets is wise.
yes why don’t we do that?
Satoshi didn’t want a permanent block size limit and didn’t calculate multiple chains from consensus. variables were introduced outside of Bitcoin’s original intentions, so at least until the chessboard is now 4D (BSV, BTC, BCH, XEC) comes a consensus.
Demand for coins processed on the ledger would need to grow exponentially in business for fees to outweigh subsidies. If there is not enough demand in the market, the price of fees should be lowered until demand is balanced. This is basic market economics, and in 2017, Bitcoin went through a civil war Consumers organized to raise their own transaction fees, fearing corporate cartelization would bring them down.
But there is another balance issue here as well. Reducing the cost of fees is miner profitability Until block sizes grow exponentially, but the network and node implementations are not ready for such growth. Therefore, we need to find a balance within these factors in the economics of the network. .
yes what happened?
Well, in Bitcoin SV (BSV), there is an emerging startup culture, which is great, but we need to come together on this one.
Brands such as Certihash, Twetch, VX Technology, TonicPow, Haste Arcade and My2Cents are laying the foundation for a multi-billion dollar industry powered by Bitcoin. micropayment, but they all exist in a bracketed period of Bitcoin turmoil, where the network incentives made mining more profitable for empty blocks than for full ones. .
@sysmannet Sorry, continue mining empty blocks. This is the freedom afforded by the Bitcoin protocol.
— Jihan Wu (@JihanWu) March 1, 2016
BSV still has 3-5 honest pools to secure and process transactions, so if all 4 bitcoin chains are about equal in profitability, that’s fine, but BSV is ahead in profitability , and suddenly an empty blocker arrives because it has raw hashing power. But the computer running the client software is incredibly weak, and the only way to pay the electricity bill is to mine empty blocks.
BTC difficulty has reached an all-time high and the price has reached a seasonal low.
Asics hit new lows this week.
If there was ever a time to mine BSV, it’s now! @ Super Goose 821 About purchasing ASICS from us and/or managing ASICS in one of our hosting colocations! $ handle Four #Pew Pew pic.twitter.com/8XZfDDgkOY
— Gorilla Pool | JungleBus™ (@MineLikeAnApe) October 12, 2022
This is not normally a problem, but when empty blocks reach a certain percentage of total blocks per hour, it effectively acts as a DDoS attack against mempool size and nodes without “zero-conf”. start to Very high focus setting.
this I need an evaluation and a solution.
Tar (CSE: tar | | FWB:9SQ1 | OTC: Taaluf) and QDLink offer most hash rates for BSV. Mining Dutch and Pro Hashing with occasional participation, gorilla pool (Disclosure: a company I partner with) is an exclusive “BSV-only” pool, the only public pool that accepts independent hashes, while still offering 3-5% of network hashrate.
The above operations provide a combination of services, generally competing to block each other and protect the network. In my opinion, this is a decent amount of distribution for the network, but it could benefit from more hearts and competition in general.
Second, there are predatory empty block miners that bring in tons of hashes, so we need to come up with solutions to mitigate the problems they cause.
We are honest nodes.
I don’t know if the empty blocker is malicious or not, but he’s slowing down network performance enough that it’s hurting the customer experience.
We are preparing to announce a mitigation plan to protect our clients and Bitcoin. apply!
We are more than just memes. pic.twitter.com/iTHBAPUgTw
— Gorilla Pool | JungleBus™ (@MineLikeAnApe) October 19, 2022
Here are some thoughts:
1: Increase the minimum charge for the entire network.
- I dislike this idea for a number of reasons, but one is that raising fees discourages microcommerce, which needs to be encouraged to join BSV now. Also, it doesn’t really change the game. If $1 fee per block isn’t profitable, $10 isn’t much different, so the amount the fee needs to be increased is detrimental to your use case, the real problem is (much) larger blocks It’s coming from
2: Facilitates block size expansion.
- While this is great in the long run, it has some short-term limitations. The network latency isn’t great, LiteClient isn’t mature enough for exchanges or block explorers to use, and the software itself can scale the total block size to 200 before the network hits any kind of practical limit. You can only increase it by ~250%. under ideal circumstances. So in the short term, we won’t even get out of this problem until next-generation node implementations and network conditions improve.
3: Push the price up.
- Tether Inc. I don’t like BSV.Neither Bitfinex, Binance, FTXor like the rest of the ‘crypto’ lizards, this won’t happen until whales see an opportunity and retailers step in.
4: Rethink network management.
- Node operators have an opportunity to rethink how they agree on what kinds of behavior are valid.I think honest node While you have every right to disable blocks that cause chaos on your network, it’s important to be able to adjust your network’s policy settings. This requires some thoughtful proposals and negotiation and coordination between nodes, but reintroducing alert keys, agreeing to utilize MinerIDs, sliding scales and policies on minimum fees, mempool synchronization, and more than N may include, for example, the minimum effective block size of Blocks relative to X number of standard deviations from the average block size relative to mempool, etc!
5: Sue the empty block miner.
- If you have never participated in commercial litigation before, this seems easy. Law is a slow process and the chances of the issue being resolved within his year are quickly approaching zero.
6: Me about it.
- It is the fastest and surest solution to the stability of a strong BSV network and something every BSV company should consider. Last week we saw the impact of TAAL adding 50 petahashes to the network, and that data is important. Usability smoothed out, Zombie his miner disappeared, and things improved, but he can’t rely solely on TAAL to fix everything.
- The subsidy is still very high at 6.25 coins per block, creating opportunities for everyone! must be assigned. (I’m looking at you, the manager, and his portfolio members such as Ayre Ventures, Satoshi Block Dojo, Unbounded Capital, Two Hop Ventures, and Pi Zero One!)
- For $3,000, you can add about 100-110 terahashes per second to BSV. Spread across 100 companies, we collectively generated 10 petahashes of additional security. At today’s network rates, that could mean 3-5 extra blocks per day, filling up with your own transactions. Long-term ownership of the company.
- If everyone in the space had put $10,000 into mining, they could have stopped an empty block miner from wreaking havoc on the network.
- This is not a call for altruism. Mining is a cash flow opportunity, Asics is a depreciable asset, and if the bull market returns to the top of the next cycle, Asics could sell for more than its purchase price.
- This also helps select pools more reliably deliver mAPI and various other services in a mutually beneficial economy.
I can’t say enough how powerful BSV’s crowdsourced victory will be for everyone’s story. Bitcoin subsidies give you the leeway to be lazy, but they also halve every four years, and are a strong reminder that you need to get out of this situation as you grow! The company should set aside some budget for the benefit of the network it runs on.
Watch: BSV Global Blockchain Convention Panel, Blockchain Mining & Energy Innovation
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