Kvě 04

$500k Miner Fees Could See One Transaction Trigger Big Blocks

· May 4, 2017 · 5:00 pm

A $500,000 initiative to incentivize miners to upgrade Bitcoin’s block size has received substantial support on social media.


273 Bitcoins To Break The 1MB Mold

The so-called ‘Save the chain’ transaction, attached to which is 273.99971476 BTC in fees, is only mineable once nodes upgrade to include transactions over 1 megabyte in size.

Included are 99,940 zero-value anyone-can-spend outputs.

“This allows anyone, with zero trust required, to create a descendant transaction to add to the incentive for miners to increase the maximum block size limit,” Reddit user /u/SaveTheChain explained in introductory comments.

They continued:

This transaction is considered “non-standard” by most full node software. Therefore, miners need to customize their node software to mine this transaction. Additionally, nodes will not broadcast this transaction or any of its descendant transactions… For now, descendant transactions will need to be published by other means (such as a comment here).

A Counterpoint To Scaling Wars?

The latest user-generated cause to force a decision in the Bitcoin scaling debate comes as the cycle of infighting and insult-trading among well-known industry figures continues unabated.

This week saw former Bitcoin Core developer turned Bitcoin Unlimited proponent Gavin Andresen call Blockstream’s Greg Maxwell and Samson Mow “toxic trolls.”

Blockstream came in for further criticism from big block supporter Rick Falkvinge, the Swedish Pirate Party founder claiming the company’s support of SegWit was due to an interest in filing patents associated with the technology.

Maxwell and Blockstream founder Adam Back both subsequently denied Falkvinge’s accusations.

As Bitcoin continues to hit new record highs and commentators highlight strong underlying metrics such as investment, it appears the ongoing stalemate is affecting sentiment less and less.

Peter Rizun

SavetheChain’s most popular supporter meanwhile came in the form of Ledger Journal editor Peter Rizun, who described it as “awesome work” and wrote:

Now we need someone to make a website where people can submit children transactions with high miner fees, and the website can track the growing pot available to the miner (or miners) who includes them. It would be good publicity for the big-block cause.

Current statistics show a slight lead in miner support for Bitcoin Unlimited over Bitcoin Core, the two solutions receiving 38.3% and 35.9% respectively.

What do you think about SaveTheChain’s transaction offer? Let us know in the comments below!


Images courtesy of Twitter, AdobeStock

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Úno 19

Bitcoin TX Volume Up 55% as Grexit Looms Again

· February 19, 2017 · 7:00 am

Bitcoin’s transaction volume for 2017 has increased 55% as optimism and dissatisfaction with fiat alternatives fuel investment and trading.


Bitcoin’s Sustainable Growth

Figures republished by ARK Invest’s product lead Chris Burniske show impressive yet sustained growth in volume compared to the 2015-16 jump of 118%.

“…This is transactional volume using (bitcoin) as a means of exchange, very different from trading volume within exchanges,” he noted.

Aside from the repercussions of China’s regulatory shake-ups, there is now a growing number of countries worldwide where deep-seated problems with fiat are driving uptake of Bitcoin as a safe haven investment or transaction method.

Venezuela, India, and Mexico have all made the headlines in recent months, and now a fresh Greek debt crisis is leading commentators to suggest that country’s disgruntled citizens could soon join them in the rush for Bitcoin.

Demand Outweighs Supply

At the same time, Burniske notes the consequences of Bitcoin’s annual rate of supply inflation dropping to 4% last summer may only now be showing.

He quoted entrepreneur and investor Alistair Milne, who tweeted earlier Saturday that “it seems possible that for the first time in its history, Bitcoin’s daily mined supply can no longer meet the demand from new users.”

Demand outpacing supply is music to the ears of the endless investors, Milne also noting major US exchange Coinbase had achieved 300,000 new user signups in the past 15 days. In fact, Coinbase total accounts will soon hit 6 million according to their stats:coinbase

Greece Buzzword Again

All eyes meanwhile will be on Greece Monday as representatives gather with the European Central Bank and International Monetary Fund, ostensibly as Greece pays back €7.5 billion as part of a previously agreed debt arrangement.

However, renewed warning signs from the country’s government suggest that not only is Greece unwilling to repay on time, but may also run out of cash completely by July, thus defaulting on the remainder of its €31.7 EU bailout.

US-ECONOMY-LAGARDE

Nonetheless, it is likely the IMF will contribute to a further €5 billion loan as an interim measure, with a spokesperson telling Reuters, “We will not comment on speculation. The Fund’s position is well known and hasn’t changed.”

So too, it appears, is the opinion of currency speculators and others perceptibly affected by any jitters from Greece.

“Foreseen financial troubles in Greece and Italy could also shore up demand for the cryptocurrency in the coming weeks,” FXDailyReport’s forecast for Thursday reads.

What do you think about Bitcoin’s growth this year? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter, Coinbase

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