Bitcoin Unlimited looses 13.2 BTC due to bug Forking Network and STEEM/BTS TPS comparison to BTC
First Tech Facts then simple explanation for everybody
2017-01-29 06:59:10 receive version message: /BitcoinUnlimited:0.12.1(EB16; AD4)/: version 80002, blocks=450529, peer=729
2017-01-29 06:59:12 Requesting block 000000000000000000cf208f521de0424677f7a87f2f278a1042f38d159565f5 from peer=729
2017-01-29 06:59:15 received block 000000000000000000cf208f521de0424677f7a87f2f278a1042f38d159565f5 peer=729
2017-01-29 06:59:15 ERROR: AcceptBlock: bad-blk-length, size limits failed (code 16)
2017-01-29 06:59:15 Misbehaving: xxx.xxx.xxx.xxx peer=729 (0 -> 100) BAN THRESHOLD EXCEEDED
2017-01-29 06:59:15 ERROR: ProcessNewBlock: AcceptBlock FAILED
...
2017-01-29 07:02:10 receive version message: /BitcoinUnlimited:0.12.1(EB16; AD4)/: version 80002, blocks=450529, peer=737
2017-01-29 07:02:10 received: headers (82 bytes) peer=737
2017-01-29 07:02:10 ERROR: AcceptBlockHeader: block 000000000000000000cf208f521de0424677f7a87f2f278a1042f38d159565f5 is marked invalid
...
2017-01-29 07:03:43 receive version message: /BitcoinUnlimited:0.12.1(EB16; AD4)/: version 80002, blocks=450529, peer=743
2017-01-29 07:03:44 received: headers (82 bytes) peer=743
2017-01-29 07:03:44 ERROR: AcceptBlockHeader: block 000000000000000000cf208f521de0424677f7a87f2f278a1042f38d159565f5 is marked invalid
...
2017-01-29 07:04:58 receive version message: /BitcoinUnlimited:0.12.1(EB16; AD4)/: version 80002, blocks=450529, peer=745
2017-01-29 07:04:58 received: headers (82 bytes) peer=745
2017-01-29 07:04:58 ERROR: AcceptBlockHeader: block 000000000000000000cf208f521de0424677f7a87f2f278a1042f38d159565f5 is marked invalid
As you may be aware there is an debate on how to make BTC to have more transactions in block and make network faster.
There is mostly 3 camps - Bitcoin Unlimited, Bitcoin Classic and SegWit.
Bitcoin Unlimited wants BTC to be able to have unlimited sizes of blocks and just yesterday they tried to mine a bigger block than normal network allows.
The block was mined but then whole network was banning nodes broadcasting it for maleactivity. This ended in the block and fees on it to be left unconfirmed totaling of 13.2 BTC loose.
Worth noticing is that it was a bug in the software not actual fork action.
Since the incident alot of nodes stopped using Bitcoin Unlimited and its now at 5,6% of network.
At this point we may assume the only way for Bitcoin to scale right now is SegWit. Im not speaking about whats better or worse software wise - just what has more % of nodes on the network.
STEEM/ BTS vs BTC
Since we are on Steemit lets speak of the currencies here. Transactions Per Second aka TPS is the speed of processing and sending the money.
BTC currently allows 1 MegaByte which is the size of block. This means it can be as many transactions as add up to 1 MB.
So with current model BTC network tops with around 7 transactions.
VISA is 2000.
STEEM/BTS is at 1-2000 right now, last stresstest of @clayop went to 3 000.
BTS/STEEM allows up 100k in laboratory conditions watch @dan speaking about it.
So STEEM and BTS are superior to other known payment ways.
Worth noticing that BTS has way cheaper trnsactions than BTC so cost-efficent its also better.
"Trying to fork the network" is a bit disingenuous. The fork was not intentional, it was a bug, and a fix was released within hours. I would consider downvoting for a misleading headline, and implying intent which was not there.
I thought it was clear nobody can fork BTC right now but i have added a bold statement about the bug in the article to make sure there is no misunderstanding. Thanks for pointing this out!
My objection is to the phrase "trying to fork" in your title. "Trying" by definition includes intent. The fork was entirely accidental, the larger block should not have been allowed to be created by the code, but the code clearly didn't work as intended under the circumstances.
Ok fixed the title for you! If you have better idea for title to keep sense let me know
Thank you. A small change makes for a much more accurate and fair title.
Node participation which you say dropped to 5.6% is not the most important statistic. It dropped because they were temporarily banned by the protocol I'm guessing? Bitcoin unlimited is mining 20% of the blocks now, steadily increasing over the last few weeks.
Im not sure if banned nodes are counted or not and surely after upgrading people may re-run the nodes for example. Tomorrow we can see 15% of BU nodes ie :)
I simply LOVE how you bring about the superiority of the Steem and BitShares systems in relation tot his case. Thanks a bunch as everyone understanding this will slowly move toward a more sustainable platform.
All for one and one for all! Namaste :)
Good info!
And yet BU is still gaining miner support against Segwit /r/bitcoin is lying and censoring people to push there agenda in an attempt to centralize Bitcoin using the company Blockstream. Look up who are Blockstream's largest financial backers. Then look up the CEO's of those company's other ventures.
Could you please cite some sources here directly? It would make it much easier for the rest of us to look things up.
(I upvoted just so your comment is visible on Steemit)
Here you go. Ty for the upvote friend.
I am going to post this on Steemit when my post limit is up.
The too-big-to-fail insurance giant AXA is one of the main owners of Blockstream - and they're throwing around millions of dollars to any dev / troll / censor who opposes Satoshi's simple and safe roadmap for on-chain scaling (ie: bigger blocks via hard forking).
But fortunately, we can "route around" Blockstream's censorship and centralization: Once >51% of the network uninstalls Blockstream's crippled Bitcoin client, and installs a Bitcoin client from Unlimited or Classic that accepts bigger blocks, then the market (and not some clueless devs at Blockstream, paid by central bankers) will again be fully in control of the Bitcoin blocksize (and volume and price).
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.
https://np.reddit.com/r/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
https://np.reddit.com/r/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
https://np.reddit.com/r/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
https://np.reddit.com/r/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German - but you can understand it without knowing much German: "Wem gehört die Welt?" = "Who owns the world?") AXA is the #2 company with the most economic power/connections in the world. And AXA owns Blockstream.
https://np.reddit.com/r/btc/comments/5btu02/who_owns_the_world_1_barclays_2_axa_3_state/
Bitcoin can go to 10,000 USD with 4 MB blocks, so it will go to 10,000 USD with 4 MB blocks. All the censorship & shilling on r\bitcoin & fantasy fiat from AXA can't stop that. BitcoinCORE might STALL at 1,000 USD and 1 MB blocks, but BITCOIN will SCALE to 10,000 USD and 4 MB blocks - and beyond
https://np.reddit.com/r/btc/comments/5jgkxv/bitcoin_can_go_to_10000_usd_with_4_mb_blocks_so/
I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took longer than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened faster than anyone expected (ie, in a matter of days) - and everyone was shocked.
https://np.reddit.com/r/btc/comments/4kxtq4/i_think_the_berlin_wall_principle_will_end_up/
I'm not even close to being through with that, but I have to admit at least; That's a lot better sourced than I expected. Goes to show what some of these "pizza investigators" don't get.
I have been a aware of what Segwit has been trying to do for a while now. My thinking is that I am not against SW and I do think it will get implemented any time soon on the BTC BC. At the moment it is not needed as you can't really buy stuff with BTC because of the price volatility. At the moment it is a store of value and a speculative vehicle. They need to test SW on Lightcoin or any other alt coin to prove proof-of-concept. At the same time we need to fix the temporary fix of a 2010 problem that is the block limit. Bitcoin has to scale to meet the global need and SW and larger blocks are the solution to this. Follow me or if you want I will tag you when I put the post up on Steemit. I have followed you.
You look like a solid follow, but don't be shy to tag me. You seem to have a potential frenemy/ally of the dark force in @lordvader btw. =)
Upvoted & Resteemed! ::Combat the Flag-It Wars:: ;)
Thanks for support!
Great post! Thanks for realying important information about the bitcoin networks(s).
That video is pure gold.
Yeah worth checking it out, @dantheman did really well there :)
Roflz ouch, dippy doos. Thanks for posting.
Thanks for reading and voting :)