Monetizing the Full Nodes. Bitcoin is a new kind of system ...
Monetizing the Full Nodes. Bitcoin is a new kind of system ...
Incentive for running a full node? : BitcoinBeginners
Full node - Bitcoin Wiki
What Are Bitcoin Nodes and Why Do We Need Them?
Running A Full Node - Bitcoin
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)
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.
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.
To Node or Not to Node? With current events pointing towards a possible change in the Bitcoin consensus rules, it is important to remind users that, now more than ever, there are multiple advantages to running a Bitcoin full node.. It is advisable that users run the popular Bitcoin Core client, as there may be certain risks to running less popular clients like Bitcoin Unlimited. The incentive for operating an archival node that can serve the blockchain to other peers is that doing so helps maintain the network and thus gives value to the Bitcoin that you are mining. Likewise, is there a direct incentive to broadcast all transactions to other nodes immediately? Yes. If run a full node which is not broadcasting transactions, then when you decide to make a transaction ... A great way, for your self-sovereignty and your budget, to enter the Bitcoin network is to build your own Lightning node. Bitcoin is the future of money, they say. And we’re not doubting that. Unlike bitcoin mining, where participants are rewarded for confirming transactions, running a bitcoin node does not provide any incentive. The only benefit for someone to run a node is to help ... Running a Bitcoin full node comes with certain costs and can expose you to certain risks. This section will explain those costs and risks so you can decide whether you’re able to help the network. Special Cases. Miners, businesses, and privacy-conscious users rely on particular behavior from the full nodes they use, so they will often run their own full nodes and take special safety ...
Vipnode is an economic incentive to run Ethereum full nodes. We provide a protocol and open source implementation of an agent that allows your full node to earn money by serving light clients who ... Qtum Galaxy - Full Node Incentive Program (Windows How-to) What happens to Bitcoin after 2140? Will bitcoin transactions work? How will miners be incentivised without the block subsidy? What role do futures markets play? These questions are from the ... Become a leader in the new global Blockchain, The Mainnet. Secure your masternodes and fullnodes now! KARATBARS INTERNATIONAL is taking over the #cryptocurre... BitcoinXT and Bitcoin Unlimited with almost 12% of network. There's been Startcoin, gold, and silver on Lamassu ATMs -- soon Dash? LeChat tokens via Counterparty. 32C3's lectures posted. Check out ...