In February, President Obama took out a selfie stick, winked at himself, and stated, “YOLO, man.” In June, Obama said it was time for him to fulfill his “something that rhymes with bucket list.”
Wang Chun, the operator of the China-based pool controlling some 20 percent of hashing power, dismissed the idea of an exponential growth rate of the maximum block size for 20 years leading to 8-gigabyte blocks.
Asked by Bitcoin Magazine, Chun said: “We cannot predict what will happen years into the future, and we think a first step to 2 megabytes should be enough for now.”
The block-size dispute – which represents a tradeoff between thenumber of transactions the Bitcoin network can handle and its decentralization – might reach a critical juncture over the next weeks. A large segment of Bitcoin’s development community will discuss the issue at the upcoming Scaling Bitcoin workshop in Hong Kong in the first week of December, while several prominent Bitcoin companies have stated they intend to change their code to allow for bigger blocks that same month.
Chun, too, believes that raising the block-size limit is an urgent matter, explaining:
“I think it is urgent, because the transaction volume is increasing on the blockchain, and if the price rises in near future, it will push the transaction volume to be even higher. I think the max block size should be raised as soon as possible, but it should not be raised too much. Two megabytes is preferred as the first step.”
One possible solution, BIP 101, is programmed to increase the maximum block size to 8 megabytes if a threshold of 75 percent of mining power accepts the change. Once activated, this limit is set to double every two years for 20 years, ultimately leading to an 8-gigabyte block-size limit.
This patch, which is designed by former Bitcoin Core lead developer Gavin Andresen, was implemented in Bitcoin XT, the alternative Bitcoin implementation run by Google veteran Mike Hearn. BIP 101 is also favored byseveral prominent Bitcoin companies, as well as Slush Pool.
Switching to BIP 101 or Bitcoin XT is a bad idea; we will never do that,” Chun reiterated his earlier position. “After a meeting with some other Chinese pools earlier this year, we proposed an 8-megabyte limit, because we thought Gavin’s initial 20 megabyte proposal was too big for us. I always thought 2 megabytes would be better as a first step, but I did not want to offend Gavin with a 10 times smaller proposal. Gavin then answered us with BIP 101, which due to its steep growth curve is essentially 8 gigabytes, so it’s done. I don’t trust Gavin anymore – nor Hearn for that matter.”
On the Bitcoin development mailing list, Chun recently suggested raising the maximum block size in accordance with the block halving. As such, the block-size limit would be raised to 2 megabytes as soon as possible, followed by an increase to 4 megabytes halfway through 2016, up to 32 megabytes by 2028.
Alternatively, Chun said he would be willing to implement an incremental increase to 8 megabytes over four years, as proposed by Blockstream CEO and hashcash inventor Dr. Adam Back. This “2-4-8” option seems acceptable to a significant segment of the Bitcoin Core development team, as well as some prominent industry members.
And even though Back proposed 2-4-8 as a temporary solution, Chun suggested that it could even be more than that.
We do not necessarily consider an 8 megabyte block-size limit a temporary solution. We don’t know what will happen moving forward. But we definitely think 8 megabytes is enough for the foreseeable future. Presumably, at least for the next three to four years.”
The post Bitcoin Mining Pool F2Pool (Discus Fish) Maintains: BIP 101 Not an Option appeared first on Bitcoin Magazine.
December 1, 2015 In an interview Monday with New Hampshire Now’s Chris Ryan, Marco outlined his plan to keep Americans and our allies safe. In part, he said, it’s about understanding the enemy: We need to understand who ISIS is — they’re an apocalyptic jihadist group, that believes that they’re being called to defeat the…
The post Marco on New Hampshire Radio: ‘We Need to Understand Who ISIS Is’ appeared first on Marco Rubio.
Singer and actress Cher spoke out on Twitter on Monday against allowing mass immigration from Islamic countries to the United States.
Princess Leia Organa herself, Carrie Fisher–who reprises her iconic Star Wars role in this month’s The Force Awakens–mocks a UK theater chain’s ban of a Bible-themed ad before showings of the new film.
Speaking from Paris, France, on December 1, President Obama criticized the lack of gun control in the U.S. and pledged to remain focused on using executive action to enact new controls where possible.
Monday on ABC’s “The View,” the panel opined on Republican presidential front-runner Donald Trump and attempted to determine what is behind the real estate mogul’s appeal when it comes to GOP voters. Co-host Michelle Collins speculated Trump’s strategy straight out of “The Game” by Neil Strauss. “I have a theory about this and it hit me this morning,” Collins said. “You know as a woman if you’re at a bar and a guy comes up and insults you, it’s called ‘negging.’ There’s a whole book about it by this guy called ‘The Game’ … When he insults you, you think he must have something great going on.” “[T]his is my theory with Trump,” she added. “The more negative stuff he says, the more he makes us feel terrible about our country and races and people with disabilities. In a weird way I think a lot of people are drawn to him. It seems to be working and I don’t understand why but it comes from a self-hatred, I think.” (h/t The Wrap) Follow Jeff Poor on Twitter @jeff_poor
Republican presidential candidate Carly Fiorina argued that the Trans-Pacific Partnership’s (TPP) “trap doors” on the environment shows that “extremely complicated, multi-party agreements are not in our interest” on Tuesday’s “Laura Ingraham Show.” Fiorina said passages of TPP that deal with previous environmental agreements show why “these extremely complicated, multi-party agreements are not in our interest, because buried in the 5,000 pages negotiated with 12 other countries, are trap doors.” She added, “trade agreements are far better when negotiated bilaterally, as opposed to multilaterally. Secondly, it makes no sense to lock this country in to a multilateral agreement, negotiated over years in secret, that has trap doors, such as you just described.” “his passion comes when he’s talking about climate change. He has no passion when he’s talking about defeating our real enemy, which is ISIS.” She continued, “And while he talks about let’s be accurate and factual about Planned Parenthood, okay, here’s some facts. Planned Parenthood acknowledged, just a couple weeks ago, that they will no longer take compensation for the sale of body parts, or as they call it, fetal tissue. I would call that an admission. Factually speaking, Planned Parenthood funnels millions of dollars in political contributions, as
The week got off to a great start with Darrell Issa — a strong conservative voice in Congress — joining Team Marco! The announcement came during an interview with Fox and Friends. Watch here: https://www.youtube.com/watch?v=FgEQkRr3x-Y Here is your Daily Kickoff: Quote of the Day “[Marco] has been fighting the same fights. He saved us…
Following up on the huge success of “Gangnam Style,” South Korean pop star Psy is ready to go viral again with his new single titled “Daddy.”