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Title: Does bitcoin mining solve any problem? Post by: bitcoin_builder on October 31, 2013, 06:54:44 PM When we do mining in bitcoin does it solve any computational problem? I mean all these machines running around the world working to generate bitcoins, so the hashing work they do, does it solve any problem?
For e.g. some of you might have heard about GIMPS which is about finding next highest Mersenne prime number. Now to do that a software is run like bitcoin which does the computation for you. So basically people all around the world running that software to find the next Mersenne prime number. As you can see running that sofware (which does computation like bitcoin client) results in solving problem which is Mersenne prime number. So is there some benefit of doing all this bitcoin mining other then it being used as a currency? Title: Re: Does bitcoin mining solve any problem? Post by: greyhawk on October 31, 2013, 06:55:44 PM When we do mining in bitcoin does it solve any computational problem? I mean all these machines running around the world working to generate bitcoins, so the hashing work they do, does it solve any problem? For e.g. some of you might have heard about GIMPS which is about finding next highest Mersenne prime number. Now to do that a software is run like bitcoin which does the computation for you. So basically people all around the world running that software to find the next Mersenne prime number. As you can see running that sofware (which does computation like bitcoin client) results in solving problem which is Mersenne prime number. So is there some benefit of doing all this bitcoin mining other then it being used as a currency? No. Title: Re: Does bitcoin mining solve any problem? Post by: BitBlitz on October 31, 2013, 06:58:02 PM It solves the unused electricity problem...
Title: Re: Does bitcoin mining solve any problem? Post by: greyhawk on October 31, 2013, 06:59:10 PM It solves the unused electricity problem... Right I forgot about that. So, yes, it solves winter. Title: Re: Does bitcoin mining solve any problem? Post by: hayek on October 31, 2013, 07:29:27 PM It solves the problem of fractional reserve banking
/thread Title: Re: Does bitcoin mining solve any problem? Post by: neurobox on October 31, 2013, 07:45:56 PM Even PrimeCoin (XPM) mining doesn't really solve anything of value, as it has to keep changing the question (the base, IIRC) to create a unique set of problems for each block. However, if you think of some noble concept that could be coined and merge-mined with bitcoin, please share. If developed, it could have little trouble being adopted. Unfortunately, quadrillions of SHA256 hashes of given bitcoin blocks and nonces have minimal value outside of finding the needle in the haystack that gets the prize.
Title: Re: Does bitcoin mining solve any problem? Post by: odolvlobo on October 31, 2013, 09:31:57 PM The block chain is full of entropy. That must be worth something.
Title: Re: Does bitcoin mining solve any problem? Post by: neurobox on October 31, 2013, 10:25:22 PM In a unique way it's solving it's own problem, actually.. As block rewards eventually dwindle towards nothing, and only transaction fees are left to keep miners mining, the number of miners will diminish, and the difficulty will drop accordingly. Those who are left mining will still be using the most incredibly efficient hashing hardware possible, even if just as a service to others, which even if 10 miners were left would still be millions of times more powerful and secure than the network was at it's CPU-powered inception.
It's solved the distributed cryptography puzzle that powers it, by creating an industry focused on doing so. People now work for machines. Welcome to the singularity ;) Title: Re: Does bitcoin mining solve any problem? Post by: indianplayers on October 31, 2013, 11:34:15 PM It makes the whole process more secure ???
Title: Re: Does bitcoin mining solve any problem? Post by: jaberwock on November 01, 2013, 12:56:27 AM I creates bitcoin and bitcoin has value, it is basically like mining gold. It solves the problem proof of work in generating bitcoin.
Title: Re: Does bitcoin mining solve any problem? Post by: a4fire on November 01, 2013, 06:08:14 AM It solves a big problem of trust and provides more liquidity for money (its similar to what email was).
Title: Re: Does bitcoin mining solve any problem? Post by: verloren on November 01, 2013, 04:30:07 PM Franko + curecoin might...
Title: Re: Does bitcoin mining solve any problem? Post by: hashcashcow on November 01, 2013, 09:22:55 PM yes mining solves my cash flow issues lol
gimme a shovel baby! lol Title: Re: Does bitcoin mining solve any problem? Post by: Zerosum+1 on November 01, 2013, 09:28:36 PM I do wonder whether the last Bitcoin will ever be mined. If difficulty is getting exponentially higher, and the downside risks to the currency remain strong, what are the odds of the resources required being applied to the task?
Supposing all goes well - what year will it be mined? It would make quite a good bet! Title: Re: Does bitcoin mining solve any problem? Post by: odolvlobo on November 02, 2013, 12:42:33 AM I do wonder whether the last Bitcoin will ever be mined. If difficulty is getting exponentially higher, and the downside risks to the currency remain strong, what are the odds of the resources required being applied to the task? Supposing all goes well - what year will it be mined? It would make quite a good bet! This will tell you all about it: https://en.bitcoin.it/wiki/Controlled_Currency_Supply |