Scaling Bitcoin Gears up for Hong Kong

Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Bitcoin - The Internet of Money

/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
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The Size of Blocks: Policy Tool or Emergent Phenomenon? [my presentation proposal for scaling bitcoin hong kong]

The Size of Blocks: Policy Tool or Emergent Phenomenon?

Abstract. This talk will explore the question of whether block size is a useful tool for enforcing policy or an emergent phenomenon of the network. From the policy-tool perspective, the block size represents a "lever" that policy makers might use to balance the cost of operating a node with the market price for block space (i.e., transaction fees). Assuming only that block space obeys the laws of supply and demand, we will show that for any given market condition, there exists an artificial block size limit that will produce greater network security and slower blockchain growth than the equivalent no-limit case, at the expense of higher transaction fees and reduced economic activity. Despite the flexibility offered by the policy-tool approach, we will show that little empirical evidence exists that the network is capable of enforcing a strict block size limit, questioning whether the policy-tool perspective is valid. We conclude by suggesting a simple change to the Bitcoin software to empower each node operator to more easily express his free choice regarding the size of blocks he is willing to accept while simultaneously ensuring that his node tracks consensus.
Key words: 1. Block size limit. 2. Consensus rules. 3. Rationalism. 4. Empiricism.

1. Introduction

I envision the block size debate as two groups standing on either side of a lever labeled "block size." The group on the right is pulling the handle while yelling "lower fees and more economic activity!" The group on the left is pulling back shouting "lower node costs and higher security!" I will refer to both of these groups as the Rationalists. There is also a third group I call the Empiricists: this group is observing the debate, pondering whether the lever is actually connected to the network.
The talk I am proposing for Hong Kong has two purposes. The first is to view the block size limit from the perspective of the Rationalists and deduce how the position of the block-size lever affects the network. The second is to view the problem from the perspective of the Empiricists and, based only on what we have observed about the network, abduce the rules that the network obeys (including whether the network obeys a rule regarding the block size limit at all). The talk will conclude by showing that strict agreement on a block size limit is not required, and by suggesting a simple change to the Bitcoin software to promote scaling.

2. Quasi-static Variation of the Block Size

During this part of the talk, we will deduce how changes to the block size limit, Qmax, affect the behavior of the system, while holding all other variables constant, and assuming that the maximum size of blocks can be programmed. We will build off of the supply and demand curves presented by the author in his Montreal talk, and show that:
  1. Policy actions are only effective for Qmax < Q*, where Q* is the free market equilibrium block size.
  2. Network security is maximized for some Qmax | 0 < Qmax < Q* , resulting in greater network security than the no-limit case.
  3. The Blockchain’s growth rate increases monotonically as Qmax increases (for Qmax < Q*).
  4. The price per byte for block space decreases monotonically as Qmax increases (for Qmax < Q*).
  5. Total economic activity grows monotonically as Qmax increases (for Qmax < Q*), and is maximized for all Qmax >= Q*.

3. What Laws does the Network Obey Empirically?

In the previous section, we assumed that the network would obey the programmed rules and then we used deductive reasoning to study the effect of varying one of those rules (block size limit). In this segment of my talk, we will use empirical observations and abductive reasoning (assuming no a priori knowledge of the program code), to conclude that the network obeys the following rules:
  1. Coins cannot be moved without valid signatures.
  2. Coins cannot be spent twice.
  3. The rate at which new coins are created is strictly controlled.
  4. Nodes build upon the chain that contains the greatest cumulative work (referred to simply as the longest chain).
We will then look for empirical evidence of a block size limit. I will show that over the history of Bitcoin, the block size distribution has shown distinct "peaks" at certain block size extrema, but that these peaks have often collapsed as new peaks formed at greater block sizes. Without a priori knowledge of the program code, only sparse evidence for a block size limit exists.
Next, we will examine various emergent properties of the Bitcoin network including the market price of a bitcoin, the network hash rate, and Bitcoin’s adoption metrics. I will show that quantitative measures for each of these emergent phenomena are highly correlated with each other, and grow exponentially with time, albeit at different growth rates. I will then compare their growth patterns with the growth of the average block size, concluding that historically the block size has behaved very similarly (i.e., it behaves like an emergent phenomenon).

4. How Should Decisions Regarding Block Size Be Made?

In this final section, I will postulate two theorems:
  1. A node with a block size limit greater than the hash-power weighted median will always follow the longest chain.
  2. An excessive (e.g., greater than 1 MB) block will be accepted into the longest chain if it is smaller than the hash-power weighted median block size limit.
I will argue that it is more important that nodes follow the longest chain composed of valid transactions than dogmatically adhere to an arbitrary block size limit. I will end my talk by proposing a simple change for bitcoin software to allow a node operator to express his free choice regarding the size of blocks he is willing to accept while simultaneously ensuring that his node tracks consensus (e.g., be "BIP101 ready").
submitted by Peter__R to bitcoinxt [link] [comments]

I attended Scaling Bitcoin: Hong Kong - these are my thoughts. AMA

I attended Scaling Bitcoin: Hong Kong - these are my thoughts. AMA submitted by statoshi to bitcoinxt [link] [comments]

Roger Ver and Star Xu Meet Again at Scaling Bitcoins Hong Kong, Tension from Contract Dispute In The Air

from: http://www.bitcoinfuturesguide.com/bitcoin-blog/roger-ver-and-okcoins-star-xu-have-showdown-at-scaling-bitcoin-in-hong-kong
Here's a pic of them having a discussion
Scaling Bitcoin in Hong Kong is going on right now and lots of big names in bitcoin are attending. Recently photos have come up that have Roger Ver and Star Xu having a showdown, presumably over their prior dispute over the bitcoin.com contract that Ver leased to Xu.
Any body language experts can see what this means? lol
It looks like in the end it was quite amicable though :)
These pics come from a mysterious Twitter account "FintechTrader" who must have good connections in bitcoin and has access to them. Follow him now as it is the original source of the photos!
EDIT: VIDEO NOW FOUND OF THE CONFRONTATION
Edit2: Man is this really offtopic? When they had the contract dispute months ago it was a hot topic here, and this is a continuation of that, seems appropriate to me. Sorry if not.
submitted by Bitcoin_Markets to BitcoinMarkets [link] [comments]

China’s Miners Heat Up Debate at Scaling Bitcoin Hong Kong

China’s Miners Heat Up Debate at Scaling Bitcoin Hong Kong submitted by mikeytom77 to Bitcoin [link] [comments]

Scaling Bitcoin Hong Kong (Part 1 / Morning Session 1)

Scaling Bitcoin Hong Kong (Part 1 / Morning Session 1) submitted by gijensen92 to Bitcoin [link] [comments]

The Size of Blocks: Policy Tool or Emergent Phenomenon? [presentation proposal for scaling bitcoin hong kong]

The Size of Blocks: Policy Tool or Emergent Phenomenon?

Abstract. This talk will explore the question of whether block size is a useful tool for enforcing policy or an emergent phenomenon of the network. From the policy-tool perspective, the block size represents a "lever" that policy makers might use to balance the cost of operating a node with the market price for block space (i.e., transaction fees). Assuming only that block space obeys the laws of supply and demand, we will show that for any given market condition, there exists an artificial block size limit that will produce greater network security and slower blockchain growth than the equivalent no-limit case, at the expense of higher transaction fees and reduced economic activity. Despite the flexibility offered by the policy-tool approach, we will show that little empirical evidence exists that the network is capable of enforcing a strict block size limit, questioning whether the policy-tool perspective is valid. We conclude by suggesting a simple change to the Bitcoin software to empower each node operator to more easily express his free choice regarding the size of blocks he is willing to accept while simultaneously ensuring that his node tracks consensus.
Key words: 1. Block size limit. 2. Consensus rules. 3. Rationalism. 4. Empiricism.

1. Introduction

I envision the block size debate as two groups standing on either side of a lever labeled "block size." The group on the right is pulling the handle while yelling "lower fees and more economic activity!" The group on the left is pulling back shouting "lower node costs and higher security!" I will refer to both of these groups as the Rationalists. There is also a third group I call the Empiricists: this group is observing the debate, pondering whether the lever is actually connected to the network.
The talk I am proposing for Hong Kong has two purposes. The first is to view the block size limit from the perspective of the Rationalists and deduce how the position of the block-size lever affects the network. The second is to view the problem from the perspective of the Empiricists and, based only on what we have observed about the network, abduce the rules that the network obeys (including whether the network obeys a rule regarding the block size limit at all). The talk will conclude by showing that strict agreement on a block size limit is not required, and by suggesting a simple change to the Bitcoin software to promote scaling.

2. Quasi-static Variation of the Block Size

During this part of the talk, we will deduce how changes to the block size limit, Qmax, affect the behavior of the system, while holding all other variables constant, and assuming that the maximum size of blocks can be programmed. We will build off of the supply and demand curves presented by the author in his Montreal talk, and show that:
  1. Policy actions are only effective for Qmax < Q*, where Q* is the free market equilibrium block size.
  2. Network security is maximized for some Qmax | 0 < Qmax < Q* , resulting in greater network security than the no-limit case.
  3. The Blockchain’s growth rate increases monotonically as Qmax increases (for Qmax < Q*).
  4. The price per byte for block space decreases monotonically as Qmax increases (for Qmax < Q*).
  5. Total economic activity grows monotonically as Qmax increases (for Qmax < Q*), and is maximized for all Qmax >= Q*.

3. What Laws does the Network Obey Empirically?

In the previous section, we assumed that the network would obey the programmed rules and then we used deductive reasoning to study the effect of varying one of those rules (block size limit). In this segment of my talk, we will use empirical observations and abductive reasoning (assuming no a priori knowledge of the program code), to conclude that the network obeys the following rules:
  1. Coins cannot be moved without valid signatures.
  2. Coins cannot be spent twice.
  3. The rate at which new coins are created is strictly controlled.
  4. Nodes build upon the chain that contains the greatest cumulative work (referred to simply as the longest chain).
We will then look for empirical evidence of a block size limit. I will show that over the history of Bitcoin, the block size distribution has shown distinct "peaks" at certain block size extrema, but that these peaks have often collapsed as new peaks formed at greater block sizes. Without a priori knowledge of the program code, only sparse evidence for a block size limit exists.
Next, we will examine various emergent properties of the Bitcoin network including the market price of a bitcoin, the network hash rate, and Bitcoin’s adoption metrics. I will show that quantitative measures for each of these emergent phenomena are highly correlated with each other, and grow exponentially with time, albeit at different growth rates. I will then compare their growth patterns with the growth of the average block size, concluding that historically the block size has behaved very similarly (i.e., it behaves like an emergent phenomenon).

4. How Should Decisions Regarding Block Size Be Made?

In this final section, I will postulate two theorems:
  1. A node with a block size limit greater than the hash-power weighted median will always follow the longest chain.
  2. An excessive (e.g., greater than 1 MB) block will be accepted into the longest chain if it is smaller than the hash-power weighted median block size limit.
I will argue that it is more important that nodes follow the longest chain composed of valid transactions than dogmatically adhere to an arbitrary block size limit. I will end my talk by proposing a simple change for bitcoin software to allow a node operator to express his free choice regarding the size of blocks he is willing to accept while simultaneously ensuring that his node tracks consensus (e.g., be "BIP101 ready").
submitted by Peter__R to btc [link] [comments]

Scaling Bitcoin Hong Kong - December 6th-7th (LIVE DEC 5TH 20H00 EST)

Gearing up to start.
9:00 HKT ; 01:00 UTC ; 02:00 ; CET 20:00 ; EST 15:00 ; PST 10:00 JST
Live Stream:
Participate
DAY 1
Overviews
Security and Incentives
Block Propagation
Miner's Panel
WIPs
submitted by brg444 to Bitcoin [link] [comments]

Scaling Bitcoin Hong Kong (Part 2 / Miner Panel) [Video starts at about 16:00]

Scaling Bitcoin Hong Kong (Part 2 / Miner Panel) [Video starts at about 16:00] submitted by gijensen92 to Bitcoin [link] [comments]

Building Consensus or “Kicking the Can down the Road”? – Scaling Bitcoin Hong Kong Showcases Core BIPs

Building Consensus or “Kicking the Can down the Road”? – Scaling Bitcoin Hong Kong Showcases Core BIPs submitted by Windowly to btc [link] [comments]

Scaling Bitcoin Hong Kong tickets are on sale - December 6 & 7

Scaling Bitcoin Hong Kong tickets are on sale - December 6 & 7 submitted by Liongrass to btc [link] [comments]

Scaling Bitcoin Hong Kong - Afternoon Session Live

Scaling Bitcoin Hong Kong - Afternoon Session Live submitted by Liongrass to Bitcoin [link] [comments]

Scaling Bitcoin Hong Kong (Part 0 / Morning Session 0) [Video starts at about 15:30]

Scaling Bitcoin Hong Kong (Part 0 / Morning Session 0) [Video starts at about 15:30] submitted by gijensen92 to Bitcoin [link] [comments]

Scaling Bitcoin Hong Kong - Afternoon Session Live

Scaling Bitcoin Hong Kong - Afternoon Session Live submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Scaling Bitcoin: Hong Kong Recap

Scaling Bitcoin: Hong Kong Recap submitted by eragmus to Bitcoin [link] [comments]

Chinas Miners Heat Up Debate at Scaling Bitcoin Hong Kong

Chinas Miners Heat Up Debate at Scaling Bitcoin Hong Kong submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Discussion • Live stream of Scaling Bitcoin Hong Kong

submitted by btcforumbot to BtcForum [link] [comments]

Scaling Bitcoin: Hong Kong Recap

Scaling Bitcoin: Hong Kong Recap submitted by knight222 to btc [link] [comments]

Scaling Bitcoin Hong Kong - Afternoon Session Live

submitted by BitcoinAllBot to BitcoinAllTV [link] [comments]

Scaling Bitcoin Hong Kong (Part 2 / Miner Panel) [Video starts at about 16:00]

Scaling Bitcoin Hong Kong (Part 2 / Miner Panel) [Video starts at about 16:00] submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Scaling Bitcoin Hong Kong : An Ongoing Process of Collaboration

Scaling Bitcoin Hong Kong : An Ongoing Process of Collaboration submitted by BitcoinAllBot to BitcoinAll [link] [comments]

The Size of Blocks: Policy Tool or Emergent Phenomenon? [my presentation proposal for scaling bitcoin hong kong] /r/bitcoinxt

The Size of Blocks: Policy Tool or Emergent Phenomenon? [my presentation proposal for scaling bitcoin hong kong] /bitcoinxt submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Live stream of Scaling Bitcoin Hong Kong /forum.bitcoin.com

Live stream of Scaling Bitcoin Hong Kong /forum.bitcoin.com submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Scaling Bitcoin - Hong kong Scaling Bitcoin - Day 2 - Morning Session Scaling Bitcoin - Day 1 - Afternoon Session Scaling Bitcoin - Hong kong - YouTube Scaling Bitcoin - Hong kong

The current Scaling Bitcoin Workshop will take place December 6 th -7 th at the Hong Kong Cyberport Function Rooms, 3/F., Core E, Cyberport 3 100 Cyberport Road, Hong Kong Tel: (852) 3166 3800 Fax: (852) 3166 3118 . We are accepting technical proposals for improving Bitcoin performance including designs, experimental results, and comparisons against other proposals. The goals are twofold: 1 ... Hong Kong 2015; Montreal 2015 ; Presentations ... FAQ Scaling Bitcoin Workshops FOR THE ENGINEERING AND ACADEMIC COMMUNITY. In early 2015, the Bitcoin development community faced difficult discussions of how to safely improve the scalability and decentralized nature of the Bitcoin network. To aid the technical consensus-building process, we organize workshops to collect technical criteria ... Welcome to phase 2 of the scaling bitcoin workshop here in Hong Kong. Here we are going to evaluate specific design proposals. Phase one was about understanding the problems. Phase two is about solutions. That fact went into every aspect of our program design. We are going to be talking about BIPs that are ready to roll. We also have some proposals that are more forward-looking. We are going ... Der Scaling Bitcoin Workshop in Hongkong tagt noch. Aber bereits jetzt gibt es spannende erste Eindrücke, die über das Netz geteilt werden. Es scheint, als schlagen die Teilnehmer diesmal tatsächlich eine konkretere Richtung ein. Die Wahl des Standorts führt zudem zu einem regen Austausch zwischen Ost und West, und Pieter Wuille bringt eine überraschende Lösung… Scaling Bitcoin Hong Kong will take place on the 6th and 7th of December. For the full schedule, tickets, online participations, and more information, visit scalingbitcoin.org. Tags. Conferences Hong Kong Montreal People Things. Aaron van Wirdum. Aaron van Wirdum is interested in technology and how it affects social and political structures. He has been covering Bitcoin since 2013, focusing on ...

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Scaling Bitcoin - Hong kong

With Bitcoin Unlimited currently holding 10% of the global hash rate and dominating the Bitcoin news cycle for their controversial stances on scaling, join us for an evening of presentations by ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. For the Love of Physics - Walter Lewin - May 16, 2011 - Duration: 1:01:26. Lectures by Walter Lewin. They will make you ♥ Physics. Recommended for you This video is unavailable. Watch Queue Queue. Watch Queue Queue

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