What would be the costs of a “two-round” Proof of Work algorithm compared to regular POW? More or less, for the same level of security? More or less, for the same incentives? What feature would make it more attractive for the mining cartel?
TRPoW does not affect the competition edge of a miner. So If everything stays the same, a miner will have a lower electricity bill with more or less the same earning potential. So, it will reduce the miners business cost and increase their profit. The mining cartel will make more money with less running cost. Have you received some feeback from a Core Developer, or from someone who is not a pleb? No offense to the members of this forum. Plus no offense to you, but how can we know that your proposal isn’t like the Space Ghost meme that says, “I am new to Bitcoin, and I am here to fix it”? |
|
|
|
If the purpose of the proposal is merely to copy Ethereum’s implementation of burning a percentage of fees, you should take into consideration that, 1. Ethereum doesn’t have a supply cap, and 2. Ethereum will be implementing Proof of Stake, and abandon the current model. Plus what will be the purpose of burning fees? Fees will be the miners’ main source of incentive to secure the network. Why should the protocol give them less incentive? |
|
|
|
|
What would be the costs of a “two-round” Proof of Work algorithm compared to regular POW? More or less, for the same level of security? More or less, for the same incentives? What feature would make it more attractive for the mining cartel?
|
|
|
|
|
OP, I believe that feature should be implemented for all credit cards/electronic bank cards owned by shopaholics if they’re inside the shopping mall. Hahaha.
But good feature to have for security, and spending limits.
|
|
|
|
The solution? A low latency cryptocurrency network, which is only possible through a gigameg internet network that could download and upload gigamegs of data within seconds that’s available for everyone.
I'm afraid that won't solve the real issue either. Bitcoin blocks are not like a video that you just stream, they have to be validated which requires expensive computation work followed by database updates, which is the actual bottlenecks. Then besides a very low latency network, thanks to our fictitious, perfect gigameg internet available to all, add our fictitious, cheap, high-grade institutional hardware network of full nodes. All post-IBD validation is processed within milli-seconds. |
|
|
|
|
OP, the kind of buyers that make old resistance become new support are the “HODLer types”, and I believe we haven’t seen a shortage of those types since July. Buy the dip with them if you don’t have Bitcoin, or miss the surge to six digits.
|
|
|
|
The stupidity in “blockchain technology” land. But this is very BULLISH for Bitcoin. Headlines like this is an example that more dumb money will go to shitcoins, then Bitcoin. Buy the DIP, and HODL.  |
|
|
|
The "difficulty" manages to have one block built not faster than in 10 minutes in average. It helps to avoid collisions. If we decrease the difficulty to have 1 block in 10 seconds instead of current 10 minutes, we would have way more collisions, and the blocks we mine will have higher chance to be discarded.
What can be a solution for a decentralized pool of nodes around the world? May be already invented but I am not aware?
The solution? A low latency cryptocurrency network, which is only possible through a gigameg internet network that could download and upload gigamegs of data within seconds that’s available for everyone. If Bitcoin can’t have something like this, the Core Developers must adapt with what’s available, and they are doing a very good job. |
|
|
|
Plus BISQ is one of the best ways to trade without KYC, especially if you don’t want to be tracked, you can use it to trade to a “privacy coin”, then trade back to Bitcoin somewhere else for cold storage. |
|
|
|
What do you dislike about controlled low inflation? This forces people not to freeze assets, but either use them (buy goods / services), or invest ...
It’s actually high inflation that forces people to spend their money because, during periods of increasing inflation, the value of money goes down while the prices of goods and services go up. |
|
|
|
It was Iran. Plus the U.S. and Kazakhstan.
Actually most of them moved to Kazakhstan. Iran had a nice hash rate before the China ban. In fact during Trump era Iran included bitcoin in their annual budget to be used for imports/exports too but everything about Iran's international trades is kept under wraps (unless it is with another sanctioned nation or China) so we don't really know the real values. By my estimates according to some reports of energy consumption and the taxes, I believe Iran currently has a little less than 20% of the total hashrate and that is growing fast. Keep in mind that electricity in Iran has always been dirt cheap (0.002 $/KWH), a lot less than China. I believe if the potential advantages for HODLing Bitcoin is truly understood by these countries with “dirt cheap” electricity, the government themselves would be setting up their own mining farms. The advantages will be understood, after realization that the inflation seen all around is irreversible. |
|
|
|
I can guarantee you.... there will always be a country that would give a big f_ck you to the rest of the world ...and they will allow Bitcoin and Crypto mining. When the hashing power goes down... the difficulty goes down and these people in those countries will once again be able to mine Bitcoin with GPU's and CPU's. You will even see people moving their whole Bitcoin operation from these "banned" countries to the Bitcoin friendly countries and everything will stay the same. (Like we saw with the Chinese banning Bitcoin mining in China)  El Salvador is that country. I believe others like Iran, and other nation-states that are being sanctioned, and those that will be sanctioned will use the currency that solves the problem of censorship. Once HODLed, and the value of the protocol is truly realized, the HODLer-state will protect it, help/add value to it. Right now one such country is El Salvador. Already they've booked a big profit out of bitcoin adoption. Now the government will whole heartedly welcome miners, if something like a ban happens around. Because El Salvador is a Nation-State-HODLer. They will need to secure their investment’s success. Part of Bitcoin’s success is motivated by incentives and greed.
When the Chinese government made a ban, more miners moved to Iraq, and within a short the illegal usage of electricity on mining peaked whereas only 5% did it with proper registration. So, they took steps to have control over it and restricted. Then once again the government allowed mining. So, one way or the other the process will continue without any big impact to the network.
It was Iran. Plus the U.S. and Kazakhstan. |
|
|
|
|
Markets will crash because of a “threat” that the Fed/Central Banks around the world will raise rates. No one is a real man today like Paul Volker. Jerome Powell, or someone replacing him, will never tell the people to lower their standard of living, because an economic crunch is coming.
|
|
|
|
|
The Fed’s response to inflation.
1. The Fed will say there’s no inflation.
2. The Fed will say there might be some inflation, but it’s transitory.
3. The Fed will say there is inflation, and they will do something, but there might be nothing they can do.
4. The Fed will say, “it might be late”.
|
|
|
|
Oh well i thought this problem is happening in my country only , since last year the fuel price has gone up about 40% in my country and it has resulted in increase in fare of all transports and every thing, and once i used to fill 3$ fuel in my bike and that lasts for days, but now in 3$ today it may last for only 2 days for me.
It’s everywhere. Wait for your government, by law, to increase the minimum monthly salary. That’s one of the very first signs that prices of basic goods in your country will never fall back to what they were during last year. That’s inflation.  |
|
|
|
Paying employees Bitcoin as wages is beneficial to Bitcoin market. The way makes more people to contact and understand Bitcoin, and when they see the benefits of it, they will also actively invest in Bitcoin. It will also increase the consensus and demand for Bitcoin, and at the same time enhance the liquidity of the Bitcoin market, which is conducive to the increase in value.
But there are certain risks to employees. Bitcoin prices are unstable and the market fluctuates greatly, so their assets may rise or fall at any time.
Salaries paid in Bitcoin will actually help/encourage it become as a medium of exchange for services that don’t require censorship-resitance, like groceries. No would buy Bitcoin just to spend Bitcoin on something that can be purchased through a credit card. |
|
|
|
There’s no way of knowing who those entities are. It could be exchanges moving funds, it could even be OTC sales, without context it’s an impossible, wild goose chase.
The tweet said, although it can’t be verified, that the largest transactions didn’t come from exchanges. Plus I believe Ki Young Ju just wants to show that there was a very big surge during 2017, after those large movements. |
|
|
|
I can guarantee you.... there will always be a country that would give a big f_ck you to the rest of the world ...and they will allow Bitcoin and Crypto mining. When the hashing power goes down... the difficulty goes down and these people in those countries will once again be able to mine Bitcoin with GPU's and CPU's. You will even see people moving their whole Bitcoin operation from these "banned" countries to the Bitcoin friendly countries and everything will stay the same. (Like we saw with the Chinese banning Bitcoin mining in China) El Salvador is that country. I believe others like Iran, and other nation-states that are being sanctioned, and those that will be sanctioned will use the currency that solves the problem of censorship. Once HODLed, and the value of the protocol is truly realized, the HODLer-state will protect it, help/add value to it. |
|
|
|
you can prove it for yourself, try HODLing Bitcoin vs. Trading then track your 10 year results. Plus statistically 90% of active “traders” lose their money to the top 10%. That’s a fact.
OR, I believe MANY of you from before 2017 have experience this. Recall all your trading losses in Bitcoin and compute how much you would be having now if you merely HODLed.
I agree with the half of your statement but I disagree with the other half or more like I do not have data for that. I agree that yes if you hold bitcoin and not trade it, then there is a great chance that you would make a profit from it. Buy bitcoin today and wait for 10 years and you would be doing much much better. However, there is also the fact that traders could make profit, we do not know how many of them make a profit. But the people who have made significant profit are only the top 10% of traders, 90% will always be left in pleb-world. That’s the truth of the game.
You are saying that 90% of active traders lose their money but there is no proven data for this, you are just making it up, this is the part that I can't agree with because there is no data to back this claim up. So yes, holding is guaranteed profit, so why would people trade I do not know, but if they are making more money than a holder then it would make sense.
There’s no comprehensive evidence to conclude that 90% of active day-traders always lose, some researchers conclude that the losers are only 80%, but there are arguments that the losers can also be higher than 90%, because trading is a zero-sum game. The profits will come from the unprofitable. Research “90% of traders lose”. You will see NO strong challenges vs. that statement. |
|
|
|
...If those traders simply HODLed Bitcoin since 2020, how many of them would be in profit? 10. This is too simplistic a view of holding and trading. Simplistic? But you can prove it for yourself, try HODLing Bitcoin vs. Trading then track your 10 year results. Plus statistically 90% of active “traders” lose their money to the top 10%. That’s a fact. OR, I believe MANY of you from before 2017 have experience this. Recall all your trading losses in Bitcoin and compute how much you would be having now if you merely HODLed.
And in this case, it all depends on how experienced the trader who uses leverage is. If this knowledge is not enough to make money on margin trading, then this will undoubtedly lead to losses and in this case the best solution for him will be a hold.
Then we have the same opinion? |
|
|
|
|
Show Posts
