[Anything and everything AnnoyMint says] This is just another in a very long string of attempts to find the "fatal flaw" in Bitcoin. Remember his claim that ASICs would cause the downfall of Bitcoin? This is just his "fatal flaw" du jour. Use your ignore button. His rantings are the reason it is there. |
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My motives are very clear. Bitcoin is extremely evil. It is handing the internet and everything we worked so hard to protect right into the lap of the NWO, 666, cartels and all the bullshit that people think it is supposed to preventing.
Exactly. |
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Thank you for the offer but it is USD and at US locations only at this time. The money transmitter police will be knocking on your door very soon. I think I hear them coming now. Just wait until PayNearMe finds out you've hi-jacked their system for money transmission purposes, without their permission, thus getting them in trouble too. Your test = fail. Who are you? If anyone knows what he is doing it is D&T. He has been around the block a few times. You are still trying to figure out how to crawl out of your crib. D&T has over 13,000 excellent posts. You have 10. |
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Ok you have control > 50% you add 1000 bitcoin to new address and release the block you won race now how network will react to new chain whit additional 1000 bitcoin in only your chain ?
It will be rejected since it doesn't follow the protocols of the bitcoin network. The attacker has effectively forked the chain and created an altcoin at that point. You can ignore Anonymint, he's a troll spreading FUD in order to pump his own altcoin. Hey , what??? He does have an altcoin? I thought he was just trolling how bitcoin will fail. Not that he has a better "idea" ! Oh yes he does and his 1400+ posts of FUD and his white papers are here to convince us that Bitcoin will fail for various reasons so we should all jump ship and work on his better ideas. You can read all about all the fatal flaws in Bitcoin here: http://anonymint.org, http://anonycash.org and http://anonycoin.orgHey AnnoyMint: Why waste your time here? Bitcoin is doomed, right? We are all just a bunch of total idiot Bitards supporting a totally failed experiment, right? Go create your better idea and when we all realize that Bitcoin has failed we will all come begging you teach us the correct way to do things, right? Sorry but I will not see your response. |
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Also, and I hope to be in topic, why do we need to try millions of hashes before finding the right one? Isn't there a way to create a mathematical way to just get the right hash on the first try?
The hashing operation basically produces a very long random number. The entire network is looking for the first random number that has a certain number of zeros in it. It is totally random who "wins" - that is, gets the first random number with the proper number of zeros. You make it sound as if you can just generate a random hash with a certain number of zeros in it, but this is where the nonce value comes in isn't it? I was trying to simplify the process in order to answer the question. Here is the mining process in simple terms: 1) Hash the block 2) Check the hash and if the hash calculated matches the current difficulty (number of zeros) you win! Transmit the block to the network and collect your 25 BTC. 3) ELSE increment the nonce in the block (and/or change the block in other ways) and go to 1) This is what is being done quadrillions of time per second 24/7 in order to secure the Bitcoin system. |
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I see no point at all in the dozens and dozens of threads on this subject. You do not need permission from anyone to start using mBTC, uBTC, satoshis, the "meaningless" nBTC, or whatever you want to use. Just start doing it. If you feel that you want to use mBTC in all of your posts and emails on the subject from no on then just do it.
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Think of it this way. You have a $10 bill. Your house catches on fire. The $10 bill gets burned to a crisp, even the serial number. You no longer have the $10.
Chances are, the serial number on the $10 bill is registered somewhere. However, it is unusable, since the bill it was on no longer exists. The issuer has no way of knowing that the $10 bill was lost, and so the serial number will stay registered.
The effect of burning a single $10 bill is negligible on the value of the currency; however, if millions of $10 bills were being burned, it would have the opposite effect of issuing currency, and likely result in significant deflation.
Well, Bitcoin wallets are kind of like that. When the private key in the wallet is lost, the BTC is unusable. Permanently lost (i.e. destroyed) means the BTC is permanently unusable. (Unless a mathematical genius manages to break the encryption... in which case he's either just really lucky, or we're screwed. "We" as in humanity as a whole, and not just BTC users.)
Excellent first post. |
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Also, and I hope to be in topic, why do we need to try millions of hashes before finding the right one? Isn't there a way to create a mathematical way to just get the right hash on the first try?
The hashing operation basically produces a very long random number. The entire network is looking for the first random number that has a certain number of zeros in it. It is totally random who "wins" - that is, gets the first random number with the proper number of zeros. |
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They are gone forever. The remaining Bitcoins become more valuable. There is no way to tell the difference between lost/destoyed coins and long term saving. Many, many threads have been written about this very question. End of story.
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The comments after the article are far better than the article itself.
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When I sell a debt at a discount let's say it is 1 BTC and the buyer pays 1 BTC it appears I get less than 1 BTC. So, BTCJam must take a cut. What is their cut when brokering the sale of a debt?
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Milcoin seems legit
nanoBitcoin = nBTC There is no meaning for nBTC. Under the current protocol, there is only 8 decimal places for Bitcoin. Unless there is a hard fork, the smallest denomination would be satoshi. Unless there is a hard fork, the smallest denomination would be satoshi 10 nBTC. Oops, sorry, that has "no meaning" Also 1,000,000,000 nBTC is currently worth about $1,000.00, oops, sorry, again said something with "no meaning". |
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If such pool existed I believe it would have shown up here https://blockchain.info/pools Greedy pools are a real threat as far as I know, it would just take a substantial amount of computing power to achieve the critical 51% but it's unlikely (but still possible) at this point with commercial miners readily available to more and more people. Say what? |
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How have the efforts been going? It does not seem yet to me that the term "millibitcoin" has caught on yet.
Are there any worthwhile ideas how to reach mass adoption?
Mass adoption is a process. That is exactly what is happening: slowly more and more people are starting to learn about it. |
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