What does this stress test tell us about Bitcoin fungibility? coinwallet.eu gave away bitcoin in tiny slices of .0001. Is 1 BTC with 100,000,000 inputs worth (a lot) less than a BTC with 1 input?
edit5: arsenische answered this which takes away a large part of my worry. This part just slipped my mind. Brain cramp. For some reason I failed to think through the part where inputs are collected into a single output. Thanks so much for the input guys, most enlightening arsenische said - If you send it in 1 transaction to a certain bitcoin address, this transaction will have just 1 output. It will cost a minimal fee for the recipient to spend it. I am not ceding the fact that some parts of my concerns are indeed valid, just not as pressing. This "stress test" has made me realize one thing. The balance in your Bitcoin Core wallet is lying. I imported all the keys given away by coinwallet.eu. Balance is 0.156 Cannot spend it due to the "number of inputs" that make up this 0.156 being "too large" The whole idea of "inputs" needs to be abstracted away so a user never has to understand what it is. In addition, fees should not reflect number of inputs. I understand why fees reflect inputs, I am saying it shouldn't. I am not saying its an easy problem to solve, I am saying that, in the future, this needs to be fixed. edit: fungibility of a currency describes the characteristic that 1 US Dollar (for example) is worth exactly as much as any other US dollar. In Bitcoin, this stress test, in my opinion, did not stress the load of the Bitcoin payment system as much as it brought this issue of fungibility to the forefront. Bitcoin with many inputs is worth less than bitcoin with less. Also, since all Bitcoin transactions are traceable, Bitcoin coming from any known source is worth less than Bitcoin coming from less widely known sources. All reflect flaws in one characteristic that a good money requires: fungibility. edit2: tldr: We need to update the system to incentivize miners to collect as many transactions as possible with rewards, while still allowing for miniscule fees for a transaction regardless of number of inputs. edit3:I don't know how
CoinWallet.eu Stress Test Cancelled + Bitcoin Giveaway
There are many opposing viewpoints about tomorrow’s announced stress test. Some are calling it an attack on the network, however we see it as no different than someone purchasing all of the tickets on a train to have the whole train to themselves. We have spoken to multiple lawyers and the general consensus is that such a test does not violate any laws in the EU or elsewhere. Tomorrow’s test will not occur as planned. CoinWallet.eu will not be sending a single transaction. Instead, we will be giving away over 200 Bitcoins to the community. Previous tests have involved splitting bitcoins into hundreds of thousands of tiny outputs. Now, as a gift to the community, all of the private keys that contain those outputs will be posted publicly, making the coins free for the taking. Here are 5 private keys, each containing 0.53918 BTC. Thousands more will be posted tomorrow. L1JgvFFgUi1MLCaq5ToXR16es8KrbpakV8mWZRvfebHiaeabNuJB L3Yyqu7PXsn74AYUWp3iom4GHVR3MxeNEigMcYVvf3jPoP8Vf1YY L2VwYXcWkXuk93PPwWQZgxahtAcPsun5ao8yHNnwZz96EVBaydos L1uxiDhGgDDLqcmof1D3sbGqe9aZTNnkAPtHnPGbFKE5kgSiJi73 KxSzV3yCyaQEufJ8PQkkk8FvF4tKcwh1mpbumTjCJt3UPoc9QjAT Our stress testing days are officially over. We thank the community for its patience. These tests have spurred much needed discussion on the block size debate.
Approximately 4 hours ago, users of reddit noticed that thousands of transactions with massive blockchain footprints were appearing on the Bitcoin Blockchain. Link: http://www.reddit.com/Bitcoin/comments/3a2dvu/massive_number_of_14btc_shared_transactions/ At first, some individuals speculated that this was merely a spam advertising campaign, however this is not the case. CoinWallet.eu has deliberately set out to fill as many blocks as possible in order to single handedly stress test the network. Our goal is to help spur innovation and discussion that will lead to an increased block size, once and for all. Why are we doing it? There are a few reasons, but the main ones are:
We run a Bitcoin brokerage. Our business is Bitcoin. If Bitcoin development hits a roadblock and development ceases to progress, CoinWallet's core business is at risk.
The debate over the block size increase seems to have hit a dead end with multiple sides arguing over whether or not it is necessary. Our goal is to demonstrate that it most certainly is.
CoinWalllet unequivocally backs the increase to 20mb blocks ASAP in order to prevent others from causing similar chaos.
In order to make our point, we will continue to conduct a large volume of transactions on the blockchain over the next few hours. It should not be possible for a small group of Bitcoin geeks to create chaos on the network. Join In Do you want to share your support of the block size increase? Here are some ways you can participate in the most powerful stress test to date. 1) Send transactions to anyone and everyone. Send a few coins to yourself. 2) Send transactions to exchanges and Bitcoin services in small amounts. When you send 0.01 to a Bitcoin exchange, they usually combine it with other transactions to perform outgoing transactions. This creates a greater footprint on the blockchain with minimal cost. 3) Send funds to and from CoinWallet. With Coinwallet, we pay the miner fee for outgoing transactions. Overall we know that this may not fix the blocksize problem, however we hope that it continues to spur debate and logical reasoning so that a solution can be found.
Download the Bitcoin Wallet by Bitcoin.com. A simple, secure way to send and receive Bitcoin. Available for iOS, Android, Mac, Windows, and Linux. Supports Bitcoin Cash (BCH) and Bitcoin (BTC). the official bitcoin wallet of. create account .bitcoinwallet.com . trusted. nearly a million users have relied on bitcoinwallet.com as their official bitcoin wallet since 2014. we are regulated and based in the united states of america. free between users. send and recieve bitcoin with any bitcoinwallet.com user instantly with no fees. Coin Wallet is a free online bitcoin, bitcoincash, bitcoinsv, litecoin, ethereum, ripple, stellar, eos, dogecoin, dash wallet which you can use to make worldwide payments for free. We make paying with bitcoins easy and secure Two-factor authentication (2FA) is a way to add additional security to your wallet. The first 'factor' is your password for your wallet. The second 'factor' is a verification code retrieved via text message or from an app on a mobile device. 2FA is conceptually similar to a security token device that banks in some countries require for online banking. A mobile-exclusive software wallet, Mycelium is an open-source wallet platform with full support for Bitcoin. While it cannot be used with other cryptocurrencies at this time, it’s continually
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