wow we might go lower then i thought.

I'm relaxed but I also don't have many btcs. However, I should point out that yeepay is still working. Also, if this continues Btc china will be forced to set up shop in HK and Macau. Therefore, goodbye shanghai "free economic zone".

China will go back to the Stoneage in terms of financial reforms. And the RMB will never be an international currency due to banking restrictions.

There's no bad karma in harming Adolph Hitler. That guy is the most obnoxious waste of human flesh that's alive on the planet today. I've had several conversations with him here and every one ended with me wanting to scrub out his mouth with a bottle brush and some gasoline. It's bad enough shipping to your friends first, lying to everyone about delivery dates, refusing refunds and on and on but being a rude butthole to all his customers on this forum is unforgivable.  

If adding new blocks to the blockchain was cheap and easy then an attacker could add bogus, but valid looking blocks to the blockchain faster than the rest of the computers on the network and cause all kinds of problems.  Adding blocks to the blockchain needs to be costly so that all the good computers combined together will always be more powerful than a single bad computer.  

However, the cost to add a block doesn't necessarily need to be paid with CPU cycles.  That's just how bitcoin chose to do it.  This technique is called 'Proof of Work'.  The 'work' is the CPU cycles used to do a complex cryptographic algorithm.  Whatever is used to pay the price to add blocks to blockchain, the cost to verify that the new block is valid needs to be very low as this is also necessary to thwart bad guys (and make for better user experience).  These two requirements (high cost to add block, low cost to verify block) limit the kinds algorithms that can be used to add and verify blocks.  Another algorithm to add blocks to blockchain is called 'Proof of Stake'.  In that algorithm, the cost to add block to blockchain is that you need to make a portion of your coins un-spendable for a period of time.  Once that holding period is over you are free to spend those coins.  People that advocate this technique claim it uses less electricity.

Maybe someday someone will come up with yet a third way to pay the cost of adding a block to the blockchain.

You are right because this and other things bitcoin value will crash and go to less than $100 dollars very soon.


If you have bitcoins sell them NOW or you will loose a lot of money.

I am sure that more people are trying to sell bitcoins than people trying to buy them and this is causing the bitcoin value to crash in a big way.

I see the slow decline in price over the last few days as evidence that this isn't just a downer thread as well. IMHO if BitCoin survives this then we truly have a viable decentralized currency on our hands.

Basically, I am a newbie and my question maybe sounds silly.

But after learning the basic mechanism of Bitcoin, I can't stop thinking how wasteful the mining electricity power is and, is it an essential part of a cryptocurrency?

For now, all I can understand is that the minging system is designed for 2 purpose: distribute new created BTCs & maintain transactions.

Could there be another way of doing this without so much powerful computing force?

I can't figure it out but I am still hoping there will be someguy finding his muse in the future.

Or maybe mining is the only way and I am just babbling...lol.

Anyone know what's going on in the Chinese subforum? They're probably screaming about bank transfer delays, same as gox here

It was an ask wall pushing down, a second smaller one got eaten just after and a 3rd's sitting there waiting

It is the Chinese government that you hate, is it not?

What are you following, gox? Didn't you hear the news?

I don't come in here making nonsense claims.


Sorry, I should know better. Just added him to mine!

Only QRK gonna survive the crypto attacks

$666 has been an unusually strong sticking point, gox clung to it on the way up, btce's hanging to it now and stamps hug to it for 3 major movements. A little too ironic for coincidence even if its no more than a favourite number for some traders.

EDIT:

That's a nice number, it can stick to that one for a while no problem

I don't know why such a reputable website such as Coindesk would publish something negative about Bitcoin without any valid proof. They themselves are saying in the article that these are just unsubstantiated rumors.

A Bail-In means Banks will confiscate depositors accounts right? (As Gerald Celente and Max Keiser have been predicting) That will just make Crypto-Currencies that more attractive no?