/biz/ - Business & Finance

>>11908060

In the next year, nChain intends to ensure that we are packing blocks with paid data (and no, we will not call it spam).

The simple answer is: Bitcoin as SV will have miners earning over $8,000 a block based on use alone. That equates to $640 a bitcoin on exchanges, and we have not factored in the gambling price of bitcoin, just what miners will earn as a service.

This is the issue. Some think that you cannot value cryptocurrency, and to an extent this is correct. In the past, you could not value bitcoin as it was a mere speculative guess as to the future. The reality is that you can always value a product based on the closest alternative goods and services and the substitutes on market. For Bitcoin, this is as a commodity ledger.

Not the hype. Not the global-money argument. These ONLY come when bitcoin is a commodity money, and the ledger is the commodity.

With the Teranode project nChain will be scaling Bitcoin SV to handle over 1.0 TB within the next 3 years (aiming for 2) and growing sizes from there. At that level, miners will earn over $600,000 for each Terabyte block, and this is every 10 minutes on average.

In 2 to 3 years we expect to be at a capacity of 2 to 4 billion (with a b) transactions a block, that is 6.5 million transactions a second. This is also Visa, MasterCard, banking in SWIFT, and ALL global currencies (not just crypto) in under 15% of a block. And this is the start.

>>11806336

Selfish mining: a lot of these problems started because of that. We got a paper coming out soon. It's gone through editing and all the rest. There are several versions because my mathematical version is going to scare the shit out of everyone because I actually happen to be a mathematician; a scary word that.

Basically it's flawed premises. Bitcoin is not a Poisson model; it approximates a Poisson model. When we have these little diagrams that people like to do for queuing models, well one you would need to use a negative binomial to be right there---but that's even wrong. They're only correct if you have no deviation; if no one defects.

The Poisson is only approximate if everyone is doing what their meant to do and never changes. So we're releasing the actual mathematics and how things work in Bitcoin, which some people will understand and those who don't can put it into a computer program and a computer can simulate it. Then we start getting all these things correct.

Now, the model. Emmons [?] deleted every aspect of any code he ever wrote for his model, but luckily I have some. I kept it and archived it for him because, well, he would never want the fact that he missed all these things lost to posterity.

Now, when you create a model in science, you test it. You don't test your model; that's what we're all doing right now and we're testing our model. That just tells you you have a model. Who cares? If you can't run it on Bitcoin, who cares?

>>11787333

Selfish mining: a lot of these problems started because of that. We got a paper coming out soon. It's gone through editing and all the rest. There are several versions because my mathematical version is going to scare the shit out of everyone because I actually happen to be a mathematician; a scary word that.

Basically it's flawed premises. Bitcoin is not a Poisson model; it approximates a Poisson model. When we have these little diagrams that people like to do for queuing models, well one you would need to use a negative binomial to be right there---but that's even wrong. They're only correct if you have no deviation; if no one defects.

The Poisson is only approximate if everyone is doing what their meant to do and never changes. So we're releasing the actual mathematics and how things work in Bitcoin, which some people will understand and those who don't can put it into a computer program and a computer can simulate it. Then we start getting all these things correct.

Now, the model. Emmons [?] deleted every aspect of any code he ever wrote for his model, but luckily I have some. I kept it and archived it for him because, well, he would never want the fact that he missed all these things lost to posterity.

Now, when you create a model in science, you test it. You don't test your model; that's what we're all doing right now and we're testing our model. That just tells you you have a model. Who cares? If you can't run it on Bitcoin, who cares?