Bitcoin is all about incentives. There are people who try ...
Bitcoin is all about incentives. There are people who try ...
Bitnodes Incentive Program : Bitcoin - reddit
Full node - Bitcoin Wiki
Bitnodes Incentive Program - The Bitcoin Forum
24-hour Charts - Bitnodes - Global Bitcoin Nodes Distribution
There's NO incentive to run a Nano Node. Bitcoin is better! (sarcasm)
What do we hear more than anything from Bitcoin maximalists and BTC enthusiasts criticizing Nano? That there's no incentive to run a Nano node and therefore Nano's economic model will fail and nobody will support the network... Oh really? Well, most Bitcoiners don't even seem to know that there's no incentive for anyone to run a Bitcoin node, either. But people continue to do it still! See thread below: https://www.reddit.com/Bitcoin/comments/7clgcd/eli5_what_are_the_incentives_to_run_a_full_node/ Edit: I should have added that Nano's incentive from a merchant's point of view is to save on fees AND secure the network. Bitcoin's only argument is to secure the network. Nano:1 Bitcoin:0
EILI5 - when the last Bitcoin is mined, what is the incentive for people to continue operating the nodes?
Perhaps I just don’t understand some basic concepts of how this all works. My understanding is that the decentralized network that operates BTC runs on computers that are rewarded for their work, in the form of “mined” coins. When the last coin is mined, what is the incentive for people to continue operating the nodes? Please let me know where my misunderstanding lays. Love y’all!
The ETF denial was a really really good thing for bitcoin. An ETF should not change the economic incentive structure in the event of a chain split. The undue influence a ETF has could change the outcome of economic nodes decisions on which rules to enforce.
If BU does manage to get enough hashpower from monopolized miner cartels and a disinformation campaign to force a chain split, and if the ETF has that agreement, we would be put in a really dire situation where the economy is going to have to act against its best economic interest to fire those who are not behaving within a particular rational ruleset. A chain split between Core and BU would literally split the economy. Exchanges, Wallets, Servicers and the like are almost unanimously behind Core. We have market wide consensus on the path forward and the team to support to continue development with bitcoin. Charlie Lee has already talked about how they would not list BU on GDAX/Coinbase. Im sure others feel the same because it makes sense business wise. Its suicide to commit yourself when there is a rational chance of a reorg and therefore potential massive losses. The ETH/ETC split has taught us much in this regard. A chain split would split the market and economy away from the miners, creating a great rirewall where miners in majority support one chain, but the rest of the economy does not. Now, I cannot foretell the future, but I have a feeling that if the economy of bitcoin stands firm against the uninformed miner cartels, that the miners would be engaging in self-harm. In the end, it is economic nodes that uphold the rules of bitcoin and the miners can hash on whatever chain they want, if their coin becomes worth little because the economic majority is deciding to not propagate or barter with it, it will die. But the ETF changes the dynamic of that. It creates a strong economic incentive for the economy to follow whoever the ETF follows since the ETF pool of investors will dominate the market and create endless demand for the theoretical BU-Coin. This presents a not-so-cool situation where we have let the legacy system take over our new network to dictate its future and changes. Do we really want a SEC approved ETF being the decider of the fate of bitcoin? I think it completely changes the economic incentive structure in the case of a chain split and ETF's should be designed to consider the power balance that bitcoin achieves. Miners are not all powerful and ETF's need to reflect this reality in their terms so as to not make changes in bitcoins beautifully crafted power balance mechanisms through self-fulfilling prophecy. Miners can be fired or made to sustain large enough economic losses that they revert back to the prior chain. This could result in enormous losses for the ETF holders and for that reason alone I think it was worth denying.
Amanda from The Daily Decrypt here. Wondering if Monero has a plan to avoid the node-loss problem experienced in Bitcoin and other currencies lacking node incentives? Dash implemented a model that seems to be working. Has there been talk of something similar here?
The lack of incentives to run a full node: the great weakness of Bitcoin?
I am a strong believer in the original vision of Satoshi. I want to run a full node, but to be honest, it's a hassle to set up and its expensive to maintain. Most people don't have super fast internet connections or tons of RAM and hard disk space just lying around unused. As a matter of fact, most people will not run a full node unless there is an incentive to do so. Incentives is the reason miners can make a lot of noise but will always follow consensus (because incentives become punishments at the same time). I do not see this same mechanism being applied to running full nodes. We are relying essentially on the good will of some people, and of the paranoia of many others who want to make sure they can verify transactions. If we want to increase the number of nodes, we either have to 1. create incentives 2. completely eliminate barriers of entry to create one 3. combine the two I really want to hear people's opinions on this topic. I have yet to hear a clear path towards a solution, or how this is blown out of proportion (like the whole 51% attack vector)
Looking to do a research paper on Bitcoin Full Node historical numbers. I only know of Bitnodes: https://getaddr.bitnodes.io/ Also, looking for any data on previously attempted incentives and the results. Thanks in advance everyone.
Full node incentives and 21.co: return to a decentralised Bitcoin network
It looks like it would be pretty easy to make a Bitcoin node that pays for itself by collecting fees from those requesting services. If this is the case, then full nodes could be subsidised by the ecosystem. This would pay for the bandwidth, storage, and other infrastructure needs required to run nodes, encouraging a return to a decentralised network. This could also absorb the increasing overhead of larger blocks. Let's talk about this.
Almost all full nodes also help the network by accepting transactions and blocks from other full nodes, validating those transactions and blocks, and then relaying them to further full nodes. Most full nodes also serve lightweight clients by allowing them to transmit their transactions to the network and by notifying them when a transaction affects their wallet. If not enough nodes perform ... Don t forget to open port 8333. Is anyone participating in this? https: nodes incentive . Logout; Register; bitcoin.com links. www.bitcoin.com; Bitcoin News; Bitcoin Casino ; Bitcoin Store ; Mining Bitcoin; Bitcoin.com podcast; Bitcoin Tools; Bitcoin Wiki; Reddit; Live Chat; The Bitcoin Forum Index Bitcoin Project Development; Bitnodes Incentive Program. 1 post • Page 1 of 1. DiggnDeeper ... Bitcoin is an economic system, an incentive system. This is what many are still slow to learn. The incentive may help encourage nodes to stay honest. Bitcoin core developer Jeff Garzik believes that community attention to the lack of nodes supporting the network is what the industry needs in order to boost numbers: “I agree we need more full ... Use this tool to check if your Bitcoin client is currently accepting incoming connections from other nodes. Port must be between 1024 and 65535. Port must be between 1024 and 65535. Start a Bitcoin full node on your Linux, Mac, BSD or Windows system to help validate and relay transactions across the Bitcoin network by running this command:
Bitcoinist.net interview with Nick Lambert from MaidSafe discussing privacy, internet, decentralization, bitcoin and the Safe network. Bitcoin Q&A: Mining incentives after 2140 - Duration: 10:56. aantonop 11,624 views. 10:56 . How does a blockchain work - Simply Explained - Duration: 6:00. Simply Explained - Savjee 3,869,712 ... This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them" - Satoshi Nakamoto ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Bitcoin’s full supply of coins, 21 million, has been in existence since the beginning. The supply remains stable, leaving demand as the only fluctuating key barometer in the model.