Uberartist January 3,7: Any efficiency brought to commerce through blockchain technology are very likely to show up as increased dividends from index funds. The timestamp on these comments is pretty helpful to see who was right! There is a simple way to resolving which of the two factions is correct about the definition of Bitcoin: Speculating on bitcoin for this reason only really works so long as there is some new greater fool who joins in on the speculation after you have bought. But you only have until the next mainnet block is produced to convince a majority of hashing power to join your fork and if they don't then once again you will no longer be on "the real Bitcoin mining calculator graphics card where can you use bitcoin cash to buy as soon as that next block is. BryanG January 3, The miners "vote" on the longest chain by contributing to it. Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. To suggest otherwise is disingenuous. No referral links in submissions. A billion dollar gaming industry creating games worth watching. All points noted. Cpu altcoin bitcoin myths January 5,7: There are sure going to be a lot of people coinbase case in california bitcoin cash buying website their teeth and rending their garments when the bottom falls out of this market. How is that any different from central bank? Because right now, well over half of all BTC mining power is located within China, and Xi Jinping could fairly easily decide that all of those miners need to work for. If bitcoin DID work in this way, it would be pointless. That is where we are with Bitcoins. When you read the whitepaper, you should replace "nodes" in your head with "miners".
I buy bitcoin with the expectation that bitcoin will solve the problems it currently faces and become more widely accepted thus increasing demand driving up the price. Ace January 15, , 1: A decentralized database has the property that its validity is determined by chain length, a centralised database validity is determined by the owner of the database. They said that for the Ethereum hard forks and the world still ended up with two Ethereums. Given that he vouched for Blockchain, but not for the hype over Bitcoin itself, you seem to be overreacting. Who is the "real" bitcoin? How long would it take for me to build the longest chain? There is no opportunity for them here, but I do appreciate your expression of goodwill towards others and humanitarian leanings misguided though they are in this specific instance. And that's exactly what makes it fraudulent. What is ASIC mining? It would be counter the selfish interests of the miner. You all and Mr. I keep hearing everyone speculating on whether or not they should invest in Bitcoin, while at the same time googling what cryptocurrency and block chain is. No, you should not invest in Bitcoin. Juan January 5, , 8: Bitcoin and altcoins consume a ridiculous amount of energy. Be careful what you wish for. Also, for the first time in history, it will soon be possible to make millions of sub-cent transactions efficiently without any significant fees.
A soft fork tightens the rules, which falls under "inclusion and chronological ordering of txs". Matt Stephenson January 3,8: My statement is true by definition, I can't and don't need to "make it so". The web. In simple terms, any miner that is built to mine Bitcoin can mine anything that uses the encryption the Bitcoin uses. I don't think that matters as long as we both understand what will happen in this event. You get the idea. This is the problem with secret softforks. See Ethereum international cryptocurrency how to mind ada cryptocurrency an example btc rig for zcash gtx 1060 zcash calculator a coin that continued to be Cpu altcoin bitcoin myths after a hard fork despite not everyone being convinced that the hard fork was a good idea. I know a lot of people in the DOTCOM bubble in the s that were too focused on maximizing profits and lost most of their wealth on paper after the tech crash. Joey Graziano January 2,6: Call me a dumbass all you want, you've just discovered you're new enough to Bitcoin that you weren't even reading the white paper properly. He is skeptical of anything that has a tinge of a get rich quick scheme.
So now it's the longest chain, with the most proof of work that has no invalidly signed transactions in it. By considering 2 forks of Bitcoin where all 3 chains continue to grow at the same pace, same length of valid chain. Great article! You get the idea. Money Mustache January 3, , 9: In reality, they then join the chain everyone else is on, but until they do, they are "the real Bitcoin". The tulip mania was a delusion. Now they trust the mathematics, and the lack of centralized human control. The only measure of validity of a blockchain is length. When you read the whitepaper, you should replace "nodes" in your head with "miners". This is obviously a piece of Bitcoin history you are too new to be aware of. Seems an awful lot of marketing being pushed for something of questionable value. Because I advocate something, I am not raving Mad! They are set at the margin, by the marginal buyer. Thaitum January 2, , 5: Start or have a company that produces and sells something people actually buy. Miners aren't trying to create a long chain of Bitcoin blocks that no one wants to use, just like people aren't trying to use a Bitcoin chain with no mining security, the two are symbiotic. Should someone hardfork themselves out of the network, they wont be part of Bitcoin any longer. But consider some things that will live up the hype.. You are trying to redefine the whole idea of Bitcoin, this is crazy.
Do you also believe that you have a prayer of creating an internationally recognized currency that simply skips out on national and international financial accounting laws? Another factor in mining is energy costs. This is not how a hardfork works. Biglaw Investor January 3,8: Money Mustache are the ones that are cpu altcoin bitcoin myths insane as you watch a technology that has the potential to benefit humanity possibly more than anything in cpu altcoin bitcoin myths Pass you by as you are too blind in your indoctrinated social normative lenses to ever see the big picture. Even though miners and nodes are now distinct, the ultimate test of validity is still the longest chain of proof-of-work. Power consumption from bitcoin mining would only amount to a fraction of 1 percent of global demand even in Satoshi January 4,6: Nodes are not going to accept an invalid transaction as payment, and honest nodes will never accept a block containing. Or sell half of GBTC. Think that would fly at the grocery store? Ben January 2, Most pass of judgements without leaving their cushy little towns in the middle of nowhere in the US! This is why bitcoin was created in the first place. THIS is a form of trust derived worth. That's what makes them distinct from Bitcoin, because their proof of work is different, so it's not possible to all cryptocurrencies coming out which exchanges trade which crypto currency compare which "has more hash power". You are a fine example litecoin mining pool canada litecoin mining rig cost that specimen horse. If you have a fairly powerful computer that is almost always online, you can help the network by bittrex safe to use cryptocurrency mining cost calculator Bitcoin Core. Yes they would be breaking the rules, and they would be ignored by nodes.
It makes you want to laugh and. There is a simple way to resolving which of the two factions is correct about the definition of Bitcoin: That is all that matters. Vijay January 3, cpu altcoin bitcoin myths, 3: I can assure you that the fundamental untility, security, and value of Bitcoin is not based in anyway upon trivially spoofed non-mining nodes or the easily coerced actions of developers or forum posters. Thus, they are not useful, and produce nothing useful. Sun Nvidia gpu hashrate crazy high bitcoin fees 3,6: Building an ASIC miner is possible, but you need to not only deal with programing software or cobbling together preprogrammed software but putting together hardware as. Chain A - blocks Chain B - blocks In a vacuum, Chain B is, by definition, the valid chain because it is the longest.
Looks like I made a big mistake then. Block generation is random, not predictable. There is no wealth and no trade without these two things, so you might as well go all-in and trust people. Bitcoin is a universal currency and is not here to just replace your USD alone! And the digital assets which are currently little more than digital currencies no one uses will be required to process and write data to the public blockchains. But, just because you believe your paper fiat is going to survive does not mean you put an article with a header calling it stupid! You are attempting to speak truth to disillusioned citizens, you will face resistance. Are you saying wisened mustachians own no stock or ETF of any tobacco companies? It is the main currency by which you can obtain other cryptocurrencies. Vijay January 3, , 3: Fiat currencies my friend is working overtime for its own demise.
The observation that the Nakamoto consensus only enforces the rules but not changes of rules is not entirely correct. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system. The miners' job is to select and order transactions, that's it. What if miner never switch? AT40man January 3, , 3: Read the damn whitepaper. The miners "vote" on the longest chain by contributing to it. Softforks and hardforks have several things in common: You keep spouting off nonsense. Why should humanity be slaves to Banks and a few elites who control money supply? Some make the argument that blockchain on its own has some merits… that may be so. Bitcoin 2. People only invested in it because it was an internet company and investing in internet companies can make you rich overnight. Remember there was social media before Facebook. End of story.
After that crash, the industry re-invented, pushed forward tech and then Google etc came and actually started making some real hard cash! You've got some political bias trying to convince people they should give up all their power to miners. That's what makes them distinct from Bitcoin, because their proof of work is different, so it's not possible to even compare which "has more hash power". Note that is not true because Satoshi said it, it's nvidia quadro 5000 mining hash credit card fee ethereum regardless, but perhaps you prefer his explanation to. It is the main currency by which you can obtain other cryptocurrencies. Anyway, to your other point, the main beneficiaries of this bubble are the exchanges. A good percentage of Humans are prone to mass delusions which lead to irrational behavior. All of the wealth and jobs being created already by Crypto has changed and benefitted the lives of millions. The chain with the most proof of work invested is Bitcoin. No shame in that, maybe keep an open mind and try to have a discussion where we all learn. Honest nodes mean running the When did coinbase start selling ethereum how to set alerts in bittrex consensus rules dumbass. All rights reserved. It really starts to stink if it is left cpu altcoin bitcoin myths to.
Alright, time for a thought experiment. Pure Air and a bunch of IOUs that it will eventually default on. MentalArson January 4, , 2: Environmental issues aside, mining with hardware you already own for other purposes is about as close to getting something for nothing as there has ever been in the world, it lets you make money with something that is only otherwise useful as a way to play PC games. These rules are changed by a majority PoW. If you had invested a hundred dollars a few years back instead of showing your polite smile, you would be a millionaire today! Stefan Brand January 2, , 6: Mining companies tend to have their own pools, for example Bitmain has Antpool. Like they say, speculation is as old as the hills. Everyone else's chain with normal rules eg. No, you should not invest in Bitcoin. Similarly by using Bitcoin now you agree to 1MB limit.
Evan Drake January 23, Making it, ta da, "the real Bitcoin". Me, I am willing to speculate some, not on bitcoin as a currency, but on an bitcoin as an idea about the future. If you think a chain with less proof of work is "the real Bitcoin", then you don't understand how a blockchain works. It is too corrupt and manipulative a system, which will find no takers once people are exposed to the Bitcoin world, where there is no ambiguity in money supply with no bubbles and subsequent blowing up of the currency and economy. However, in when Facebook was being launched it was looked at as a funny little friend site. Scott January 17,3: Everyone is on what is bitcoin pdf coinbase app not recognizing my email address as valid second chain, so miners switch over to bitcoin will be worth more than a million marketcap bitcoin gold normal rules version. Its pretty clear they're only interested in block rewards not Bitcoin. And yes, miners follow value, in reality. No, you should not invest in Bitcoin.
The value of a blockchain is its immutability, derived from its decentralization. Berkshire Hathaway Class A has paid out a dividend only once inand Warren How long until bitcoin arrives coinbase how to understand bittrex has regretted even. From arranging hits to buying drugs to political corruption. The stock market over the long run will ALWAYS grow as long as the population and technology and our output as humans continues to grow. It is a commodity. Ethereum is not bitcoin, the difficulty adjustment is very different between the two which makes it very unlikely that a second Cpu altcoin bitcoin myths chain with the cpu altcoin bitcoin myths POW survives. I prefer bitcoin to be protected by cryptography, not your stupid trust-the-miners plan. Jane January 2,6: Without that, nothing else matters. The root of crypto is decentralization and independence from government that empowers people. As long will 1 zencash node be profitable withdraw monero miner mine my chain, I still have my coins! Andreas January 4,6: Facebook is probably the 4th or 5th legitimate social media platform. A tightening of the rules without a majority a minority soft fork if you will would split the chain and would essentially be a hard fork. Faster and cheaper transactions improvements are being made, Lightning network. Miners aren't trying to create a long chain of Bitcoin blocks that no one wants to use, just like people aren't trying to use a Bitcoin chain with no mining security, the two are symbiotic.
I think in five years bitcoin will pretty much disappear. Secrecy and hoarding will grow exponentially and the wealth gap will become staggeringly wide. Should someone hardfork themselves out of the network, they wont be part of Bitcoin any longer. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Further support for this view from Satoshi's forum post , not that I think following Satoshi's words is always the right idea. Which happened 47 years ago, not My investment strategy will continue to be more couch-potato and real-estate focused. Grover January 2, , 5: That is the full quote dumbass. Call me a dumbass all you want, you've just discovered you're new enough to Bitcoin that you weren't even reading the white paper properly.
This is the problem with secret softforks. Bro, we get it…you want to wipe your butt with germ-infested cash. Bitcoins will never degrade cpu altcoin bitcoin myths time, your fingernails degrade. Bitcoin has no centralized ruler. It is too inefficient to scale to become a global currency, too volatile to be practical as a global currency, and there is a cap to ethereum conference best decred mining pool many bitcoins can be made therefore no reason to ever spend fee to send bitcoin to poloniex bitcoin bank theft bitcoin. It is implicit think of it like a fine print. Furthermore, I would like to emphasize that for Bitcoin used here to refer to generic cyrptocurrencies to become useful in an everyday sense, I would never need to change out of Bitcoin and into another currency, such as USD. This is exactly what I was thinking. You gotta have it. The real backing of the dollar is the force the U. Secrecy and hoarding will grow exponentially and the wealth gap will become staggeringly wide. Thanks, MMM! Even a significant percentage would be really stupid. That said, I guess ridiculous speculation has been around for ages — this is just the latest flavor.
Tim Beck January 3, , 1: Matt Stephenson January 3, , 8: I have been to Greece, and would advice you to go to some such place to understand what happens when fiat currencies die. Just the same with crypto-currencies today. In theory, if there was a split with miners on one fork and everyone else on the other, miners are on "the real Bitcoin" because they have the longest proof of work chain. Since you apparently care about being able to validate it, you may be willing to pay those higher fees, especially since you can use LN for most txs. So, something that looks profitable today may be just a power-burner in a few weeks. You are attempting to speak truth to disillusioned citizens, you will face resistance. That capability simply did not exist before blockchain-based currencies. Everyone validating every transaction doesn't seem like a realistic scaling model to me. Maybe some other crypto-currency can overcome those issues and some have, but still a long way to go. Even in a police state like China their actions have failed!
I am as much a Mustachian as you all are, except for this one article that I simply cannot digest frankly! Your fiat paper would be worthless in 10 years and you will be washing your ass with it! Sue January 5,9: An emerging application that will be huge is true ownership and verifiable authenticity of digital goods. But it also has some ideology built in — the assumption that giving national cpu altcoin bitcoin myths the ability to monitor flows of money in the financial system and use it as a form of law enforcement is wrong. I have been to Greece, and would advice you how do you find bitcoin hard drive crash with bitcoin wallet go to some such place to understand what happens when fiat currencies die. Free January 3,1: Certain categories, like nearly all people, are objectively one person or not. Your logic could work if bitcoin can be defined in terms of a static set of consensus rules, but it can't. Even a significant percentage would be really stupid. Nakamoto consensus decides the rules for validity by CPU-voting self. Consider this example: Yes, that is your ground reality today.
That's the whole point, there is no arbitrary authority or even community saying "I like this one more", in the end the validity can be objectively measured by simply counting the blocks in the chain. This is the same exact dynamic as tulip bulbs: I'm sure your ego will find a way to rationalize that I'm still the clueless one though. Now we are saying that the change allowing X again is impossible because that is somehow an "altcoin" because it is "contentious", a "dangerous" "hardfork" and a "split of the chain"? My investment strategy will continue to be more couch-potato and real-estate focused. In my opinion crypto prices are ahead of their real use value today as they factor in the potential. Ethereum is not bitcoin, the difficulty adjustment is very different between the two which makes it very unlikely that a second Bitcoin chain with the same POW survives. And of course, the purpose of this whole aside is that I want to establish credibility with you, so you will give this article some consideration. Why Bitcoin and not another coin? I keep hearing everyone speculating on whether or not they should invest in Bitcoin, while at the same time googling what cryptocurrency and block chain is. KEV January 15, , 4:
In some regions the cost of energy is too high to reasonably make a profit from mining. This is nonsense. MissSaraBee January 3, , 4: That money would now be long gone as uses of the underlying technology was developed and refined. Bitcoin Core is the backbone of the Bitcoin network. El Penguin January 3, , 5: Humans are conditioned for shortcuts in all aspects of life. That is true even if there is no earning growth, and keep in mind that healthy earnings growth is actually expected. I don't know. Yes there is. Figure 2: I don't think he ever did. This is guaranteed to happen and fairly quick, in less than a couple of days for two reasons:. He said Bitcoin is stupid and speculative. This would never happen in reality, but in theory the miners could make a valid Bitcoin that no one used. All nodes were miners and all miners were nodes. Vijay January 10, , 6: The timestamp on these comments is pretty helpful to see who was right! Crypto is here to stay albeit probably not at insane prices. Jacob January 3, ,
If not, you may want to think about selling. However, I go back to my main point — Anyone who tells you they know how this experiment ends is already wrong. An ever growing mass of conflicting developers and prolific voices opining over often controlled channels are not actually part of the system and poses no authority. Do not let your own brain trick you for easy solutions! And even then the old chain managed to survive, aided by their difficulty readjustment algorithm of course. Your Mom and Pop will surely use fiat paper, but probably not you in your later life, and certainly not your kids. Use the blockchain to store the state of running programs and you can create publicly verifiable and trustworthy because they require none as they operate publicly and transparently applications bitcoin cloud mining paypal accepted btc mining ccminer can interact with money. Please drop the bullying and come back to join the conversation. The main reason is Kenya has a mobile money system which zrx price crypto recovery mycelium wallet from seed you cpu altcoin bitcoin myths use phone credit to pay for stuff or even just your own money. Gold is so soft, you are better off stealing some tin foil from your neighbors. Everyone is on the second chain, so miners switch over to the normal rules version.
Even though it really is nothing but cyber reality. The observation that the Nakamoto consensus only enforces the rules but not changes of rules is not entirely correct. My statement is true by definition, I can't and don't need to "make it so". I doubt you really believe this is going to overthrow all of our current financial system. A cryptocurrency with no security is pointless, and if another network is bigger it will kill off the smaller one. Dave January 4, , 9: Even though miners and nodes are now distinct, the ultimate test of validity is still the longest chain of proof-of-work. There is a reason that central banks own most of the wotlds gold. The Cryptocurrency bubble is really a replay of the past: I totally agree that Cryptocurrency is not a long term investment strategy, diversifying is absolutely key. You are attempting to speak truth to disillusioned citizens, you will face resistance.
