When the bovine excrement hits the air impeller it will bitcoins too late. Changing difficulty would speed up the issuance of money. Get the how banks out of public money creation and destruction and the credibility of public money is likely to send fewer people looking for alternatives. You are implying that Ethereum is a Ponzi scheme Pyramid schemewell so is Bitcoin, mine first investors are faster by efties late comers. Miners earn a share of the rewards if the difficulty level of the blocks they solve is greater than the level set by the pool operator.
In the bitcoin universe, that is deflation. I have now defined the terms of combat. If there are hundreds of miners, then the chances that all of them hating the same thing get lower. Here's another take at Japan's healthcare system. The other chain is more unknown and made of big blockers, so people who know enough to at least have an opinion.
You do realize new credit and new deposits are different products? All it's inefficiencies are a result of human greed. With a sovereign mine system, high taxes but very protective welfare. The proof of efties is to produce a nonce, faster number tacked onto the end of the last block. Of course, I have been an utter fool to this bitcoins. Now you know about the 1Mb limit, but you might not be aware of the "soft" how limit.
I suppose people still do sell stuff under the table? You'd think those government officials would catch on and start making super clusters and mine for themselves. Of course, they probably do take the miners computers and use them anyways for all we know. I think the main reason they crack down on it is because electric is subsidized by the government, so it's basically free.. And when you start using giga watts worth of electricity, the government comes and shuts you down.
Then it's a matter of paying for the monthly fee to use the bot, plus a program that lets you open more than 3 clients on retail. That's 20 for the bot and 15 for the program. And it's literally 10 minutes to change some settings, and then 1 click per account to start botting. I am curious why bitcoin isn't a bigger deal there. It would seem tailor made to help people there. I get that once most of the value of the money people have has been destroyed, people won't be able to buy bitcoin the way we would, using local currency, but most people have considerable wealth locked up in their physical property.
So when hyperinflation hits and your savings account becomes worthless, access to a currency like bitcoin would allow people to sell relatively valuable posessions like cars for a currency that is immune to the surrounding inflation. That could then be used to buy food and gas and other commodities.
Without something like bitcoin, people are reduced to direct barter and when they are so hungry that they sell a car for food they have no way to keep more value than they can directly use. If hardly anyone has a smart phone with a data plan, then I could understand why bitcoin hasn't made much of an impact.
Sheesh, didn't realize things were so bad over there. Not everyone can transact at 12am on a weekend, unfortunately. Because it won't inflate the same way fiat currency will. It maintains a stronger, more consistent value over time. Hey friend, my girlfriends parents are still in Venezuela suffering like shit. Do you have additional info on how it would go down there? Is it too risky to advise them to do? What would be a simple way for them to mine and earn some side change.
Given the price, I would have said Bitcoin is the "get in crypto because you try to get rich" coin, but I think that's a minority opinion: It works the other way tbh. They want the ones that trade for less because it seems like they have bigger upside. But this may not be the case.
The other chain is more unknown and made of big blockers, so people who know enough to at least have an opinion. Sorry, but can we please start to draw a distinction between "the community" and "the thousands of people hanging around here reading our posts waiting to get rich.
Their faith in the system is going to help it become what the purists want it to be. Sure, but I would stand that what you call "the community" is a minority among Bitcoin investors. But the big blockers argument is that the coin wont pump if blocks are full.
This really shows their only motivation is getting rich quick. The funny thing is that Bitcoin has proven them wrong. A number of folks think the number of transactions in a block is directly correlated to the price of bitcoin. That's a correlation, not causation. Other crypto's also pumped high, but they don't have full blocks.
The argument of big blockers is that they want bitcoin to be peer-to-peer cash, as it was originally intended. Full blocks cause high fees, which obstructs bitcoin from being a good medium of exchange.
A non-inflationary, top heavy wealth distribution currency is your stepping stone to an egalitarian utopia? That would only be true if wealth consisted of simple dollar balances. Well - it is stored one way or another. You can store it in a mound of shiny metal or something that is liquid enough to send anywhere in the world in minutes. Wealth in modern economies is access to debt creation authority with favorable interest rates.
You don't have to have a positive net worth even. The wealthy and influential have access to new debt vehicles, so their wealth does not dilute. The poor only get reduced real wages and increased real prices, while interest rates keep their debts from inflating. Please explain these magical new instruments. I recommend some reading: None of those qualify as new debt vehicles - they've been around for hundreds of years. And that book doesn't reveal and secrets to make inflation disappear.
Inflation hurts those with the least ability to increase their income. The wealthy are more mobile in the realm of income and finance.
This should be obvious. Top-heavy, sure, but it is a system where any peasant or artisan can generate his own "bank account" using only dice and an offline PC. I feel like that's slightly more idealistic than will be feasible. On paper yeah, you can, but I wouldn't call it a "bank account" especially as time goes on and more gets earned by the modern world.
There are reasons to believe that the Golden Ages in human civilisations are manifested top-down by benevolent autocrats. Of course, there are plenty pitfalls of corruption that compromise real benevolence in those who hold power. The information age has increased our freedom to participate in those systems we find most amiable to our ideal ends. All parties should judge their leaders harshly and demand integrity of them, or participate in systems with better leaders.
I have bitcoins on my bittrex account, will simply holding it reward me in any new coins if it does split the way it did with BCC? I don't really want it to split but I should be prepared regardless. If Bittrex chooses to add S2X Bitcoin as a tradeable option, then you should be credited an equal amount of it into your Bittrex account.
Even Coinbase, who were firmly against BCH, are working on adding it as an option, so that people who held BTC in Coinbase as the time can be credited what they're owed. No no no no and NO. Especially not during a split. Get it off immediately. If you don't control the keys it ain't yours! How many exchanges need to get hacked or seized before people wake the f up? The Bcash Fiasco should have taught everyone to get your Bitcoin off exchanges prior to the split.
There are plenty of exchanges who have still not allow their customers to access their bcash don't be another tragedy. Last I heard S2X does not have replay protection so any coins spent on one, are spent on the other.
Bch was intended to be a fork. S2X is supposed to be "a protocol upgrade". Are there similar forks on other coins? I thought replay protection just prevented someone from using information from transactions on one chain to repeat them to some degree on the other whichever one is "behind? Read whatever information you can on relay protection and come to your own intelligent and informed conclusions.
The culture of their community is hostile towards the Core development team. They have initiated multiple avenues to wrest power from them. BCH and 2x are the ledgers of the mining lords who seek to secure their empire. Basically, they promote their superior hardware and advertise lower fees and faster transactions.
BTC is the fork of the developers who seek Wonder what they all are. There are weirdos on both sides, so the truth must be fascinating. In all fairness they also deliver on that advertisement. It's not all smoke and mirrors, they have faster transactions and lower fees.
BTC is expensive to transact and slow. Prohibitively so for Venezuelans to really use as currency against their government. Lightning should help that. I can't prove this but I think a ton of enthusiasm for bcash was people who felt they missed their shot to strike it rich with btc was. Greedy people who saw Bitcoins success and think they can get in early on the next bitcoin. Actually the tweet makes absolutely no sense.
If you force all transactions off chain onto centralized trusted 3rd party payment processors, you have now created a ton of single-points-of-failure that are easily identifiable and shut down by the the government. At least Bitcoin Cash wants to keep transactions on an immutable decentralized ledger that has no single point of failure and cannot be shut down.
Segwit is P2P how is the governmet shutting that down? Bitcoin cash has like 3 main miners mostly 1 if they get shutdown it's a wrap, EDA is a joke by the way that causes inflation.
They keep screaming Satoshi's vision but played you so miners get paid more, that's the last thing he would want. Big blocks will only take you so far, we need innovation and to advance Bitcoin. Keep in mind that currently bitcoin cash is extremely centralised in a location that is not acting bitcoin friendly. If the Chinese government shuts down those miners, the difficulty adjusts and it will be mined by people outside of China. We can only hope so. But, would there be a "benevolent" miner who isn't acting greedily, to prop up the bitcoin cash chain?
But the ability to securely transact with a trustworthy global Internet blockchain, thats worth a lot even if you cant mine or even host a node. There's an emergent faction that seems to think BTC is being rekt because it is being 1 hodled instead of 2 spent on coffee.
Those are the only two scenarios offered. Of course by coffee we mean a "casual transaction". Chuck a few quarters on the counter, then mosey on out. But I do spend it on things worth a couple of hundred bucks, because the merchant often offers a massive discount if I pay in BTC. I then go replace my BTC immediately with a fiat purchase on exchange.
I don't even give a shit about the exchange fees for replacing the BTC! And when I am buying something online to be delivered to me, I also do not give a shit if the confirmation takes 5, 10, 40 or 90 minutes. People are referencing the white paper "ew Satoshi said it has to be digital CASH ew" but did they read the whole thing?
Or just the Abstract? Commerce on the internet has come to rely almost exclusively on financial institutions serving as trusted third parties Bitcoin Forum January 30, , Please login or register.
Electrum users must upgrade to 3. BlindMayorBitcorn on October 29, , Or totally centralized by cartel Bitmain? I, too, would like a reasonable definition of "smashing" in this context. It is not uncommon for miners to remain anonymous, yet it is of grave concern for Bitcoin Cash. In what way is that worse than ETC? Hero Member Offline Posts: Any instability in the power supply could hit performance, or even cause a system crash that will lead to downtime, so do invest in a high-quality unit.
There are costs involved with mining, of course, like the rig and the ongoing electricity costs for starters. However, some extras are less obvious:. For assistance with some of the calculations miners need to make, there are several websites that provide profitability calculators. You can input parameters such as equipment cost, hash rate, power consumption, and the current bitcoin price, to see how long it will take to pay back your investment.
As a test, we entered the specifications of two mining systems into the calculators below. Hopefully, this gives you an idea of the spread of results across these services, given the same data at the same time. Which do you think will be live first? I would like to receive the following emails: Blockchain — What is bitcoin? Bitcoin What is Bitcoin? How Can I Buy Bitcoin? How Does Bitcoin Mining Work?
How Do Bitcoin Transactions Work? How Can I Sell Bitcoin? Blockchain What is Blockchain Technology? How Does Blockchain Technology Work? What Can a Blockchain Do?
What is a Distributed Ledger? Why Use a Blockchain? Ethereum What is Ethereum? How Do I Use Ethereum? How Does Ethereum Work?
16 Feb In total, the team found that using the faster and smaller Approximate hardware creates the opportunity to raise Bitcoin mining profits by up to 30 percent. Kumar told the publication: "When compared to original non-approximate hardware, a smaller and faster approximate system allows the miner to pack. If you are already in that position, you probably know how the process works and are intending to mine bitcoin. The use of such powerful processors, along with bitcoin's exponential increase in difficulty level, have created a technological arms race, which means that even quite recently designed chips can quickly. Ethereum mining consumes more than 8x the power it takes to run the entire VISA network, while Bitcoin consumes almost 27x as much (this shows how much It's never going to be fast and reliable enough for people to use as a currency in stores, coffee shops, etc. Oh, and "lefties" made me chuckle.