Bitcoin is becoming centralized because it pays too much for mining and the distributed database is poorly designed. When you can mine for a profit, it's clear that large firms will take up the offer and likely do it better, being able to leverage economies of scale. If miners got paid less, say 50% of the cost of electricity, then the large firms would have to shut off their miners, but there would still be mining. Small miners who already use electrical resistance heating can use "smart heaters" to reduce their electricity costs. Think of the $55 Antminer S1, but designed to heat your water. I assure you that Bitmaintech is churning out those ASICs close to $1/chip. This would also add a great amount of liquidity to the market. Too much sell pressure? Lower what you pay miners. As you can see, mining would have essentially no environmental impact, because no additional electricity is consumed. However, the pay schedule has been frozen since Satoshi 0.1. The distributed database (aka block chain) is also poorly designed. It violates the main principle of distributed databases -- sacrifice consistency for availability, and allow for "eventual consistency". The block chain instead sacrifices availability. This is why the block chain forks, and miners lose block races. So, the pool with the highest availability (the biggest one and the one with the most bandwidth) has an advantage and gets bigger. Increasing the number of transactions per second or reducing block time increases the largest pool's advantage. If not for a vigilant community concerned of a 51% attack, then there would be little to no competition for the largest mining pool. Additionally, small miners have to either mine at a pool or play a lottery with very low odds. Block times should be at least a million times faster for the sake of small miners, but no such luck. That kind of availability only exists on single server databases when consistency demands are that of the block chain. Bitcoin is not the block chain. It is the set of account balances that exist in the block chain. For Bitcoin to survive, it must survive the eventual death of the block chain. And a new monetary policy.
Bitcoin Is Not the Block Chain (x-post from /r/bitcoin)
Bitcoin is becoming centralized because it pays too much for mining and the distributed database is poorly designed. When you can mine for a profit, it's clear that large firms will take up the offer and likely do it better, being able to amortize costs. If miners got paid less, say 50% of the cost of electricity, then the large firms would have to shut off their miners, but there would still be mining. Small miners who already use electrical resistance heating can use "smart heaters" to reduce their electricity costs. Think of the $55 Antminer S1, but designed to heat your water. I assure you that Bitmaintech is churning out those ASICs close to $1/chip. Controlling the proof of work subsidy would also add a great amount of liquidity to the market. Too much sell pressure? Lower what you pay miners. As you can see, mining would have essentially no environmental impact, because no additional electricity is consumed. However, the pay schedule has been frozen since Satoshi 0.1. The distributed database (aka block chain) is also poorly designed. It violates the main principle of distributed databases -- sacrifice consistency for availability, and allow for "eventual consistency". The block chain instead sacrifices availability. This is why the block chain forks, and miners lose block races. So, the pool with the highest availability (the biggest one and the one with the most bandwidth) has an advantage and gets bigger. Increasing the number of transactions per second or reducing block time increases the largest pool's advantage. If not for a vigilant community concerned of a 51% attack, then there would be little to no competition for the largest mining pool. Additionally, small miners have to either mine at a pool or play a lottery with very low odds. Block times should be at least a million times faster for the sake of small miners, but no such luck. That kind of availability only exists on single server databases when consistency demands are that of the block chain. Bitcoin is not the block chain. It is the set of account balances that exist in the block chain. For Bitcoin to survive, it must survive the eventual death of the block chain. And a new monetary policy.
Hi, I'm jvyden420, licensed retard. You may remember me for making HifumiBOT, the bot that, according to my own delusion, everyone loves! Since many of you have asked for it (A whopping 0! Wow!), today I'll be announcing my next project, HifumiBOT 2. Without further ado, lets jump right into the features.
First off, quotes are coming back!
Additionally, it's a selection of the most *hilarious* quotes! These include, and are limited to:
I'm sure you'll love being spammed with these once every 2 messages.
The discord will be making a comeback, with a twist!
It'll be invite-only. Invites are granted to supporters of my upcoming subscription service, Hifumi++, for the low-low price of $99.99 a month! This is to ensure that my fragile ego stays intact, and that I can keep the server running or some dumb propaganda like that.
Economy commands have returned.
Thats right, you can now gamble to your hearts content once again, especially because I've disabled the timed gambling limit! That means if you do not submit to my economy, your chat will be LIVING HELL 24/7.
Hifumi 2 will be open source!
Thats right, I'm officially allowing multiple Hifumi instances to be on the server. It's 50x the fun if 50x the Hifumi 2 instances respond to your !ping, right?
Code quality guaranteed*!
\This is a complete and utter lie.* Using innovative technology such as the [REDACTED TO NOT GET SUED FOR FALSE ADVERTISING]
Using advanced block-chain bitcoin crypto machine learning AI methods, I have managed to create the most unpure pure form of autism, automated larping! Hifumi 2 will automagically form groups with other players and have them fight in an ego contest, all of course in public chat. I'm sure your ignore list will love you!
you can now have the funny 69 69 69 keanu chungus secks with da funny wheeb bot
Hifumi 2 will now automatically create commands on the fly using procedual generation. Never fail to run a command again. Heres an example: !help bm9ibGUgZHVwZWQgcmF3IGZpc2ggaXMgc3RpbGwgZnVubnksIHJpZ2h0IGd1eXM/Cg== why have you failed me As you can see, it's completely flawless!
That's all for now. This will release in exactly 41.74356345324 years, so be prepared! I hope you enjoy it when it comes out. And as always, I'll be doing an AMA in the comments. What do you think? View Poll
The virtual currency was intended to develop peer-to-peer transactions; it doesn’t need a go-between, the exchange of private information, or transaction fees.
What is Bitcoin?
Bitcoin is virtual money or cryptocurrency, that’s measured by a decentralized network of operators and isn’t straight subject to the impulses of central banking decisions or national governments. There are hundreds of cryptocurrencies in lively use today, Bitcoin is through far the most general and widely used – the nearby cryptocurrency equal to traditional, state-minted coins.
How Bitcoin Works
Bitcoin is a cryptocurrency since it’s supported by source code that customs highly composite procedures to prevent illegal duplication or creation of Bitcoin elements. The code’s fundamental principles, known as cryptography, are based on innovative scientific and computer engineering values. It’s practically impossible to stop Bitcoin’s source code and operate the currency’s supply. Though it was headed by other virtual coins, Bitcoin is identified as the first modern cryptocurrency. That’s since Bitcoin is the initial to blend some key structures shared by most after created cryptocurrencies.
Intense privacy safeties are seared into Bitcoin’s source code. The method is intended to openly record Bitcoin dealings and other related data without revealing the individuality of the groups involved. As a substitute, Bitcoin users are recognized by public keys or numerical codes that find them to additional users, and occasionally pseudonymous handles or usernames.
Bitcoin exchanges permit users to change Bitcoin parts for authorization currencies, such as the U.S. dollar and euro, at flexible exchange charges. Many Bitcoin relations also exchange Bitcoin components for other cryptocurrencies, with less popular substitutes that can’t straight be replaced for fiat coins. Most Bitcoin exchanges take a cut, naturally less than 1%, of each deal’s value. Bitcoin exchanges certify that the Bitcoin market leftovers liquid, set their value qualified to traditional money – and allowing pouches to profit from the assumption on variations in that value.
Bitcoin’s blockchain is dynamic to its function. The blockchain is a public, spread record of all prior Bitcoin communications, which are kept in collections known as blocks. Each node of Bitcoin’s network – the server farms and positions, run by individuals or sets known as miners, whose hard work to produce new Bitcoin elements product in the recording and verification of Bitcoin dealings, and the episodic creation of new blocks – holds an identical record of Bitcoin’s blockchain. Private Keys Every Bitcoin handler has at smallest one private key, which is an entire number between 1 and 78 numbers in length. Separate users can have many unnamed handles, each with its private key. Private keys approve their owners’ characters and permit them to occupy or receive Bitcoin. Without them, handlers can’t whole transactions – they can’t access their properties until they improve the matching key. When a key is misplaced for good, the matching holdings change into a sort of everlasting limbo and can’t be improved.
Real Bitcoin units are kept in “wallets” – secure cloud storing locations with superior information approving their owners (Bitcoin users) as the protectors of the Bitcoin units controlled within. However wallets like Coinbase, in theory, defend against the stealing of Bitcoin elements that aren’t currently being used, they’re exposed to hacking – mainly public wallets used by Bitcoin connections, online marketplaces, and specific websites that occur exclusively to store Bitcoin wallets known as “wallet services.” Miners Miners play an important role in the Bitcoin environment. As guards of the blockchain, they save the entire Bitcoin community truthful and indirectly provide the currency’s value. Miners are entities or cooperative governments with access to influential computers, often kept at remote, secretly owned “farms.” They do incredibly complex scientific tasks to new Bitcoin, which they then keep or change for fiat currency.
Modes of Bitcoin
Theft Private Keys.
Misusing Wallet Vulnerabilities
Functioning Fraudulent Exchanges and Savings Funds.
Attacking Authentic Exchanges Directly.
Aggressive Dark Web Marketplaces.
How to Get Bitcoin
There are three key ways people get Bitcoins.
You can purchase Bitcoins using ‘real’ money.
You can retail things and let persons pay with Bitcoins.
A dialogue for Indians to understand why bitcoin even exists
TL;DR Owner of a bank or financial institute can change the amount of money in the financial system (modern money is just a number in the banks database), while manipulation of this nature is impossible on block chain Given the current Indian financial market situation me and a friend had this dialogue to try and understand if bitcoin is of any use to us.. may be it helps you start a conversation with someone else and get a better understanding of things. I’m a stock market trader and recently I was talking to this friend of mine who is into bitcoin as well as the stock market.. He asked me if I knew why bitcoin was needed in this world.. And my answer was.. An alternate currency Turns out it’s got an actual reason for existing BTC is an alternative to fiat currency? or “store of value” like how Gold is? But Bitcoin is not like Gold at all.
Gold is valuable as a metal.
It is soft, malleable,
very good conductor of electricity,
safe to the skin unlike copper and does not tarnish over time.
If we needed gold in large quantities and cost wasn’t a problem, we can actually create gold in particle accelerators. So it's not a matter of gold being scarce
Bitcoin has no physical value like gold. Bitcoin is all digital. A Simple Though experiment: Let’s assume I open a bank called DVZ bank and people have deposited a total of Rs.1,000 with my bank.
Now people and corporations come to me asking for loans and I give them a combined loan of Rs. 10,000.
Where did the extra Rs.9,000 come from? You decide whether this is a problem or not for a financial system. As it turns out, in the modern world, money is just a number in a bank's software. It can be tweaked any way the controlling authorities want. As an authority, without a few people in my pocket, I could set up a XYZ business just for the purpose of creating money. XYZ business would never make a single rupee in profit but we will keep adding new money into the XYZs bank account every month. It's our bank. Our software. Our database. Who is to stop us? Whereas Blockchain is a self-regulating database. Once an entry is made into the blockchain, it can not be edited without destroying the whole database. It maintains integrity by nature. So, if 21 Million bitcoins are coded into the database, it cannot ever become 22 Million Bitcoins. Whereas in any other currency or banking platform it can be changed. Banks are based on ledgers that can be manipulated by the bank owners and governing parties. Bitcoin runs on blockchain ledgers which are immutable. To break this down ever further, let’s say you have 100 rupees in Paytm Wallet and Paytm’s core developer is your best friend. You can convince him to turn that 100 into 10,000. This cannot be done with Bitcoin, if that is done, the whole database breaks. Has this ever happened? Paytm has been accused of internal fraud by audit companies multiple times. A Famous incident that can be quickly searched online is where an ex paytm employee created fake transactions in order to earn from cashbacks. Total fraud of over 10Cr. The loans given out in Bitcoins will be real bitcoins and not fake money which eventually turns into real money. Banks give out money that they don’t have and don't recover, that leaves a hole in the financial system. Blockchain is attempting to provide a very clean and efficient financial system, to have a record of what’s coming in and what’s going out. If implemented successfully, we will do away with printing money and bringing in Helicopter money during times like these. It will all be a zero-sum game then. Your thoughts in comments please (we are figuring this out through a dialogue so please be constructive with the comments, in a way that we learn a thing a two from your comments too) NEGATIVES OF BLOCK CHAIN/BITCOIN We came across some negatives for bitcoin too. If Country has Trillion $ economy.. and it gets burned..by some natural calamity or some other factor no problem, govt will pump in another trillion into existence and live on. but if i have million bitcoins and lose the key It’s gone forever. no chance of ever recovering it
Majority of Bitcoin Gold (BTG) miners try to fix a bug in the chain by cancelling and replaying the last 1300 blocks. Fix partly fails because malicious centralized dev posts new release with secret protocol-violating hack
On-Chain Bitcoin Scaling En Masse Requires Bigger Blocks, Abra CEO Says
Bill Barhydt, CEO and founder of the Abra digital finance wallet and exchange app, said he sees Bitcoin’s (BTC) blockchain struggling when it comes to on-chain mass adoption of the asset as a store of value, given the asset’s current technology. “Bitcoin can certainly scale ‘off-chain’ today via third-party custodians such as exchanges and wallets […]
I used BITCOIN to pay for my horse penis transplant, AMA about how you too can use block chain to experience what unlimited MONEY PENIS can do for you
Bitcoin is an experimental new ponzi scheme that is in active cock expansion. Each exploit makes Bitcoin more sexually arousing but also reveals new dongs as Bitcoin addiction to illicit goods grows. During these growing penis lengths you might encounter increased sexual arousal for very very very big men man, slower erections, or even more severe gains in money at the expense of money. Be prepared for cum and consult a technical asshole about how you are helping keep blood diamond trade alive, but keep in mind that nobody can predict Bitcoin's money and your money and my money and money for the sake of money.Bitcoin is the official currency of money launderers, drug traffickers, slave traders, illegal electronics traders and the mafia. That said, most jurisdictions still require you to have money on anything that has money, including your scrotum, ass penis and bollips. It is your responsibility to ensure that you adhere totax and other legal or regulatory mandatesissued by your mom and/or local municipalities.
Does copyrighted material on the Bitcoin block chain mean that downloading the full block chain is technically illegal?
So, as some of you may know you can actually hide messages in the blockchain. However, this also means that you can hide stuff like a copyrighted book in the blockchain. In fact, someone did just that. Does this mean that a user downloading the blockchain which happens to contain this book is doing something illegal? How does hiding stuff like this on the blockchain work? Would this constitute copyright infringement? Any info on this would be appreciated. :)
06-28 21:14 - 'you realize that bch is the same chain started by satoshi and satoshi planned on increasing block size right? how low is your iq? the only scammers are blockstream. and you are the victim of this very scam. your iq is j...' by /u/gotbannedagain__ removed from /r/Bitcoin within 4-14min
''' you realize that bch is the same chain started by satoshi and satoshi planned on increasing block size right? how low is your iq? the only scammers are blockstream. and you are the victim of this very scam. your iq is just too low to realize it the proof is I will get banned for this post because this subreddit censors facts to push their agenda through force, rather than through facts and argument. ''' Context Link Go1dfish undelete link unreddit undelete link Author: gotbannedagain__
If using block chain, like Bitcoin and such uses, is a solid method for authentication, is there any reason why a similar system couldn't be used for the US voting system to switch to electronic voting? Basically, using that sort of process for authenticating each vote?
Forgive me if this is ridiculous. I have a (very) basic understanding of all of it, so I have no idea, but am also curious.
Online Bitcoin Trading: Discover The Keys To Making A Powerful Earnings Trading Bitcoin
Action 1 - Comprehending Bitcoin And The Block-Chain
Bitcoin is a peer-to-peer payment system, otherwise called electronic cash or virtual currency. It provides a twenty-first century option to traditional banking. Exchanges are made through "e wallet software application". The bitcoin has in fact overturned the conventional banking system, while running beyond federal government guidelines. Bitcoin utilizes modern cryptography, can be provided in any fractional denomination, and has a decentralized circulation system, remains in high need worldwide and provides numerous unique benefits over other currencies such as the United States dollar. For one, it can never ever be garnished or frozen by the bank( s) or a federal government company. Back in 2009, when the bitcoin deserved simply 10 cents per coin, you would have turned a thousand dollars into millions, if you waited simply 8 years. The variety of bitcoins offered to be bought is restricted to 21,000,000. At the time that this short article was composed, the overall bitcoins in flow was 16,275,288, which indicates that the portion of overall bitcoins "mined" was 77.5%. at that time. The present worth of one bitcoin, at the time that this short article was composed, was $1,214.70 USD. According to Costs Gates, "Bit coin is amazing and much better than currency". Bitcoin is a de-centralized type of currency. There is no longer any requirement to have actually a "relied on, third-party" included with any deals. By taking the banks out of the formula, you are likewise removing the lion's share of each deal cost. In addition, the quantity of time needed to move cash from point A to point B, is lowered formidably. The biggest deal to ever occur utilizing bitcoin is one hundred and fifty million dollars. This deal happened in seconds with very little charge's. In order to move large amounts of cash utilizing a "relied on third-party", it would take days and expense hundreds if not countless dollars. This discusses why the banks are strongly opposed to individuals purchasing, offering, trading, moving and investing bitcoins. Just.003% of the worlds (250,000) population is approximated to hold a minimum of one bitcoin. And just 24% of the population understand what it is. Bitcoin deals are gotten in chronologically in a 'blockchain' simply the method bank deals are. Blocks, on the other hand, resemble specific bank declarations. Simply put, blockchain is a public journal of all Bitcoin deals that have actually ever been performed. It is continuously growing as 'finished' blocks are contributed to it with a brand-new set of recordings. To utilize standard banking as an example, the blockchain resembles a complete history of banking deals.
Action 2 - Establishing Your E Wallet Software Application Account
As quickly as you produce your own special e wallet software application account, you will have the capability to move funds from your e wallet to a receivers e wallet, in the type of bitcoin. If you want to utilize a bitcoin ATM to withdraw funds from your account, basically you will connect your e wallet 'address' to the selected Automated Teller Machine e wallet 'address'. To help with the transfer of your funds in bitcoin to and from a trading platform, you will just connect your e wallet 'address' to the e wallet 'address' of your picked trading platform. In reality, it is a lot easier than it sounds. The knowing curve in relation to utilizing your e wallet, is really brief. To establish an e wallet, there are a myriad of business's online that use safe, safe, totally free and turn-key e-wallet services. An easy Google search will assist you discover the best e wallet software application for you, relying on what your requirements are precisely. Lots of people get going utilizing a "blockchain" account. This is complimentary to establish and extremely protected. You have the choice of establishing a two-tier login procedure, to even more boost the security and security, in relation to your e wallet account, basically securing your account from being hacked into. There are lots of choices when it pertains to establishing your e wallet. An excellent location to begin is with a business called QuadrigaCX. You can discover them by doing a Google search. Quadrigacx utilizes a few of the most strict security procedures that presently exist. Moreover, Bitcoins that are moneyed in QuadrigaCX are saved in freezer, utilizing a few of the most safe and secure cryptographic treatments possible. To put it simply, it is an extremely safe location for your bitcoin and other digital currencies. In order to withdraw cash in your regional currency, from your e wallet, you are needed to find a bitcoin ATM, which can typically be discovered in regional companies within a lot of significant cities. Bitcoin ATM's can be found by doing a basic Google search.
Action 3 - Purchase Any Fractional Denomination Of Bitcoin
To purchase any quantity of bitcoin, you are needed to handle a digital currency broker. Similar to any currency broker, you will need to pay the broker a charge, when you acquire your bitcoin. It is possible to purchase.1 of bitcoin or less if that is all that you wish to acquire. The expense is just based upon the existing market price of a complete bitcoin at any offered time. There are a myriad of bitcoin brokers online. A basic Google search will permit you to quickly source out the very best one for you. It is constantly an excellent concept to compare their rates prior to continuing with a purchase. You need to likewise verify the rate of a bitcoin online, prior to finding a place to buy bitcoin, as the rate does tend to vary regularly.
Step 4 - Keep Away From Any Trading Platfrom Promising Unrealistic Returns To Unwary Financiers
Discovering a respectable bitcoin trading business that provides a high return is vital to your online success. Making 1% each day is thought about a high return in this market. Making 10% each day is difficult. With online bitcoin trading, it is practical to double your digital currency within ninety days. You should prevent being tempted by any business that is providing returns such as 10% daily. This kind of a return is not practical with digital currency trading. There is a business called Coinexpro that was using 10% daily to bitcoin traders. And it wound up being a ponzi plan. If it's 10% each day, leave. The abovementioned trading platform seemed really advanced and discovered as being genuine. My recommendations is to concentrate on trading your bitcoin with a business that uses affordable returns such as 1% daily. There will be other business that will try to separate you from your bitcoin utilizing unethical techniques. Be extremely mindful when it pertains to any business that is using impractical returns. When you move your bitcoin to a recipient, there is actually absolutely nothing your can do to get it back. You need to make sure that your selected trading business is completely automated & incorporated with blockchain, from invoice to payment. More notably, it is vital that you find out to distinguish genuine trading chances from deceitful "business's" that are specialists when it concerns separating it's customers from their cash. The bitcoin and other digital currencies are not the concern. It is the trading platforms that you should work out care with, prior to turning over your hard-earned cash. Your ROI ought to likewise be upwards of 1%+ daily due to the fact that the trading business that you are providing your bitcoin to, is more than likely earning upwards of 5%+ each day, usually. Your ROI needs to likewise be immediately moved into your "e-wallet" at routine periods, throughout your agreement term. There is just one platform that I feel comfy utilizing. It pay's each bitcoin investotrader 1.1% daily in interest in addition to 1.1% each day in capital. This kind of a return is staggering compared to what you would make with standard monetary markets, nevertheless, with crypto currency, it prevails. A lot of banks will payment 2% annually! If you are needed to carry out tiresome activities such as logging into your account, sending out e mails, clicking links etc, you certainly require to keep looking for an appropriate trading business that uses a set-it-and-forget-it kind of platform, as they definitely exist.
I thought business, governments and every mum is just waiting for the big block chain? 1 1/2 years...where are the businesses? Still only weather data en masse. Avg. Blocksize looks like falling back on bitcoin levels again.
05-25 12:44 - 'I have only 1.00 when I loaded up 400 $$ same day it's been a day and half but the block chain says the wallet does have 350$ on it.. and no outgoing transaction ...' (i.redd.it) by /u/bowdownsr removed from /r/Bitcoin within 0-10min
05-19 18:15 - 'To elaborate, with your full node wallet, you get to choose what size block chain you support. You can choose to run the full node software that follows the 1mb (BTC) chain, or the full node software that follows the 32m...' by /u/buttonstraddle removed from /r/Bitcoin within 80-90min
''' To elaborate, with your full node wallet, you get to choose what size block chain you support. You can choose to run the full node software that follows the 1mb (BTC) chain, or the full node software that follows the 32mb (BCH) chain, or the full node software that follows the 128mb (BSV) chain, or you can start your own chain at whatever blocksize you want and start mining it yourself. The point is, by using your own software, you vote with your intentions. If I refuse to accept coins from the 32mb rulechain, then that's my preference. Just the same as if I refuse to accept MS Office documents, and only plain .txt files, then I am voting for my preference. "Sorry my text editor can't read your .docx file" is the same as "Sorry my node isn't showing your txn". Its not what some web block explorer says. Its not whether some Google docs website can read your MS Office document. Its what your software can recognize, because you only trust the software that you choose to run. If enough people are like me, and want and choose the same thing, then a community/network starts to emerge. That's how this thing works. No one in control; each individual choosing. Developers are irrelevant if no one is going to choose to run that software. Yes, that means you need to have a technical understanding of the tradeoffs of both sides, so that you can make a conscious choice. You want to disrupt central banks, then you have the responsibility of educating yourself. ''' Context Link Go1dfish undelete link unreddit undelete link Author: buttonstraddle
In that capacity, a transaction block would basically correspond to her page in a ledger where you have multiple transactions that are listed in that page of the ledger. And the goal-- the Bitcoin miner's goal-- is to really, essentially, to take that page and get it added to the global ledger book, the global comprehensive ledger book. The most popular and trusted block explorer and crypto transaction search engine. The easiest and most trusted transaction search engine and block explorer. Products. Wallet Buy Buying crypto like Bitcoin and Ether is as easy as verifying your identity, adding a payment and clicking "Buy". Sign up for our Wallet today. Create Wallet. In particular, what I mean when I say the future of Bitcoin is a set of ways in which block chain technology can be used, that's been proposed to decentralize a variety of things stocks, bonds, even property whatever that means, we'll see. So in other words, people have looked at Bitcoin and went hm-mm, we managed to decentralize currency. The most popular and trusted block explorer and crypto transaction search engine. Blockchain Technology Explained. Blockchain is the technology people use to process and record Bitcoin transactions. It is also the technology used to create the cryptocurrency.
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