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IIRC another thing that was mentioned was that this has never been tested in court, so they really don't know what could happen. People might get their crypto back or the bankruptcy court could order it to be liquidated.
I heard something about it being that way but was at a client and could not really pay attention.
-Dave
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You are not submitting shares to f2
VERY basic view of it:
Bitcoin difficulty is very high
Pools accept lower difficulty shares to prove that you are actually hashing / doing work.
BUT a CPU is so slow that it can't even generate work up to the lower difficulty levels.
Pools expect a share from you every "X" seconds if they don't get it they will accept lower difficulty.
BUT only to a point. A CPU is well below that point. The same way a human on the sidewalk is way below the top point of the Empire State Building.
Long polling (longpoll) allows worker to know when the work they are doing isn't useful anymore (new block found) it is part of the old way of miners talking to pools / wallets when using the getwork protocol.
Stratum is the newer (2010? 11?) better faster way of miners talking to pools. Wallets do not implement stratum.
-Dave
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There will only be 21 million bitcoins available because the bitcoin platform operates on a scarcity model.
Miners enforce the rules of the network and distribute the remaining 21 million bitcoins.
And currently around 19 million bitcoins, or more than 90% of the supply, have been mined.
Thank you , I am aware of it but I would like to know how many are in circulation and trading and how many are in cold wallets with holders! Is there any precision data in this regard? Not really. You can't tell the difference between a bunch of coins sitting in an address that is a paper wallet sitting in someones safe vs coins that were lost when a PC crashed taking the wallet.dat (or whatever file) with it and coins that are sitting in a hot wallet that the owner has not wanted to spend since 2018 since they cashed out a lot then and are just sitting on the rest. The ones that are moving are also a guess. If I bought 2 BTC on the dip last week from an exchange and withdrew them to stick them in a cold wallet for a decade you really have no way of knowing that either. There are some sites & people who can give you a really good guess / estimate but you can never be sure. -Dave |
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It looks like that address just found another block. Could be an unknown pool or some new mining venture or really about a dozen other things.
That in the end is the nice thing about BTC. It's cool to know who, but we don't NEED to know who.
-Dave
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There you go assuming they actually had the BTC and other coins to sell. And if they did have anything to sell they actually put the money into anything other then their pockets. Terra Usdt which is one of the largest stable coins in the market
USDT is Tether USD, and afaik that one's the largest stablecoin, dwarfing all the rest. Terra's coin is UST, afaik. UST was their coin, had an almost irrilevent market share. And most people think it was false anyway. As for other stable coins, USDC which is the Coinbase and Circle and a few other peoples stable coin is about 30% smaller then USDT but from what I can tell people trust it more. (I don't trust any of them but that's just me) -Dave |
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I have been putting it this way to people who ask. A bit simplified but I think it makes the point:
Miners always control what is going on in terms of what is added and how the blockchain is run.
No miners = no blocks = no blockchain.
Now, without a somewhat good number of nodes out there other issues can happen in terms of broadcasting transactions and other things.
But in the end if the miners do 'X' and everyone else does 'Y' the miners will have a very expensive working blockchain that nobody else uses and the users will have a static blockchain since nobody is mining on it.
Nodes do matter; but in the end they just move data and are very simple to deploy.
-Dave
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The code does not send money to the address solo.ckpool.org will take 2% of all found blocks.
You can run the software without donating the funds.
If you go to solo.ckpool.org it says right there on the page 2% goes to 1PKN98VN2z5gwSGZvGKS2bj8aADZBkyhkZ
As for stealing hash rate this has been discussed since the beginning of pools. It is trivial for them to do.
You either trust the pool operators or you don't.
-Dave
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I am partial to namesilo.com for all domains.
Free domain privacy and one of the cheaper places to register domains.
Good customer service.
.org are a bit under $11/year
And they take BTC payments.
-Dave
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You can't really know.
Some nodes as others have said are not reachable.
If i may ask, is it any techniques that can detecte or explain while some nodes are not reachable.. from what i was assuming before now. I taught or with my instincts, was thinking that any running node you come in contact with is accurate, even though it's above ten (10) and all should be accurate... what's the secret behind inaccuracies of five (5) running node? Not a clue. More or less at the moment I have 3 nodes in a box as described here: https://bitcointalk.org/index.php?topic=5364113 2 are on tor one is on a private IP with the ports forwarded back for bitcoin and LN This laptop running on my home cable with the ports forwarded back: https://bitcointalk.org/index.php?topic=5364742.msg59950468#msg59950468And a box on the office IP stack with a public IP And a box at a client site on a public FiOS IP. All have in & out connections. NONE are listed on any of the sites that show nodes. Nothing special has been done to them in terms of configuration and they all can see each other and connect with the addnode command. Noticed it once before and just checked again today when I saw this thread. <shrug> Could also be that since I do play with them a lot the constant going up and down caused the monitoring sites to ignore them. But that's only a guess. -Dave |
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You can't really know.
Some nodes as others have said are not reachable.
Others are running on TOR
I have 5 nodes but I don't see any of them listed even though I know one is on a public IP and has 5+ connections to it now so even the sites that list the nodes are not 100% accurate.
Figure 16K for sure provable. And more then 10X that number just sitting out there running.
-Dave
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...The fact that this project has failed does not mean that there will be no new ones who will use Bitcoin to achieve what they want, so scams will continue to happen - but the problem is not in those behind such projects, but the real problem is those who allow such projects to be available to anyone at all - and I mean trading platforms the most....
Sorry but sometimes you can't fix or help stupid. Possibly it's a bit of hindsight but reading about the entire luna thing it was obvious it was either a scam or a very very very risky gamble. You can't force non regulated exchanges / trading platforms to do or not do something. If you do they are no longer non regulated. And if you do start forcing them more and more will pop up that are running out of peoples basements that are not regulated anyway. You can't stop it, you can only hope to slow it down. -Dave |
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As said, there have been many forks of BTC and none seem to have gained traction and support.
There have been countless altcoins and outside of a few none have gained traction and support.
Why can't new users join? You don't need to buy a full BTC to start. You can run a node on a $50 laptop. And so on.
BTC does not need to change and most people don't want it to change.
Not to mention the huge ecosystem behind it has a lot of inertia, changing that IMO would be just about impossible.
-Dave
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It's also a failsafe.
If you have 6 nodes dispersed around the world and one of them gets out of sync for a couple of minutes for some reason in terms of the mempool it is at that point better to mine an empty block and get it out and loose some rewards then mine an invalid block that will not be accepted.
Could be something as simple as a piece of network equipment dropping a packets for a couple of seconds.
If you are mining yourself to your own node you would never know. If you have multiple nodes and redundancy checks and one node sees TX "A" and the other node has no idea about it a brief check is in order. Think seconds at most. But, if that is when a miner sends you a valid block hash so be it. You send out a block with no TX.
-Dave
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I would guess it depends on WHEN they got in.
Late July last year or about 10 months ago BTC was $30k give or take so if you got in because you thought that was the low you are more or less fine.
End of January this year BTC was at $35k so if you thought 2022 was going to be a bull run then you are down a bit. But still down less then had you invested in many things in the stock market.
Between those 2 times you could have lost 1/2 your investment.
But you would be in about the same position if you bought TSLA at it's 52 week high and much better off then if you bought DWAC at it's 52 week high.
-Dave
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My vote is that it's a honeypot trap setup by JollyGood.  Saves him the time of hunting down people who promote scams, they now come to him for tagging. But seriously, at this point does it even matter. If people think that they are not going to be the one getting hit by 1x not paying out then they will gamble there no matter what we say. What they are is not hidden.... -Dave |
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Philosophical question:
Since there seems to be a lot of discussion about the massive loss that Coinbase had last quarter.
Assuming you are going to use a regulated KYC exchange because it's easier and you just don't care. Send them money get your BTC and done. No dealing with unknown users and other things like on LocalCryptos or whatever.
Do you think you are more comfortable using a publicly listed exchange like Coinbase where you know somewhat how they are doing financially or a privately held one like Gemini where if there are financial issues you may not know untill it's too late? Now let me be clear I am NOT saying there is an issue with Gemini, I think they are solid financially. Just using them as example, because well, we don't know.
Eliminate all the Conbase is bad stuff, just think about the security of your fiat while you are exchanging it and getting you BTC or exchanging your fiat to BTC.
No matter what you have to trust them to a certain extent.
Just wondering what other people are thinking.
-Dave
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The reason for this is because consumers will ultimatly act rationally and in their own best interest Rational consumers will act rationally, but the fact that we have literally tens of thousands of complete scam tokens and coins that people continue to lose their money on, and we have 100% proven scam exchanges like YoBit still operating, proves that this space is filled with irrational users. If any service thinks they can largely get away with doing something which will harm their user base in order to make themselves more money, then they will absolutely do that. Robinhood is a great example. Other examples which spring immediately to mind are Coinbase selling customer data without users' knowledge or consent, Binance tricking newbies in to buying some fake bitcoin token on their centralized scamchains rather than actual bitcoin, and Wasabi implementing censorship in their wallet. Plenty of people don't even know these things are happening, let alone actually care about them. People use YoBit largely for one of two reasons. One, because they are not aware they are a likely scam exchange. Two, because YoBit does not scam all their customers, and their scam is one such that it is possible that some of their customers will make money while participating in their scams -- in other words, customers are gambling. You mention that some customers do not care that companies are doing what you believe are negative actions. None of what you describe removes all value from the products the various companies offer. The free market will handle these negative behaviors.
Companies will offer what makes them the biggest profit.
Consumers will usually buy what appears to get them the best deal for the money.
I think your bolded statement agrees with my statement. If a consumer is not going to buy what does not get them the best value for their money, the company is going to be unable to realize sales from a product with a bad value. The issue comes back to the pinto example. Ford KNEW they were dangerous and people would get hurt & killed but the CONSUMERS did not. Sticking with the car examples GM knew about the Corvair safety issues. Firestone knew about the tire exploding issues and so on. The company will do what is best for the company, and people have no way of knowing till it's too late. That is always the issue, as consumers we have to work with what we can find out, the seller almost always has the advantage. Oh look a Takata airbag grenade, even big companies can get fooled or do you think all the auto makers knew they were putting defective airbags in their cars.... -Dave |
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Agree with above about blockchain.com wallet not being good.
You can always get your seed words and recover your wallet to electrum.
Obligatory question, any reason you who has been here forever and knows about all the other options for wallets still uses blockchain.com?
They are not evil, just incompetent.
-Dave
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Why can't it be both?
Every week I get a paycheck from work.
Some of it I spend on things I need. Some of it I spend on things I want. Some of it I save.
I am a miner.
Some coins get socked away for the long term holding. Others get put into a hot wallet to be spent.
The % varies on a lot of things. Now I am holding more since I think BTC will go up. When it was $50k+ I was spending more of it.
-Dave
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Although the above information is useful to give better advice we need more information.
1) Do you have the ability & time to do it yourself?
2) If not doing it yourself how good are you at programming tech?
3) Are you keeping it in crypto or converting to fiat?
4) Online only or physical store?
5) Where are you located? (country)
6) BTC only or other cryptos?
There are a lot of things to consider.
Remember
TANSTAAFL=
There
Ain't
No
Such
Thing
As
A
Free
Lunch
The more things you have your payment provider do the more it will cost you.
But, with that cost you usually get better support and everything else.
If you do it yourself you time is not free so you have to consider that too.
-Dave
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