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I like POW.
The amount of energy put into it is up to the miners, it can run on any spare capacity - a lot or a little. For a currency to require some work to produce makes some sense really..
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1) Bitcoin doesn't care what language miners are speaking or what lines orcs have drawn on maps to satisfy their mental deficiencies. Also there is no person called "China", there are many people here with different agendas. To use English properly please avoid assigning agency to non-agents.
2) Sure there may be problems with centralized pools and ASIC manufacturers, but the money supply and transactions can still all be public despite these problems. In other words, we are still worlds above a privately issued currency system (fiat). We aren't talking about abuses such as issuing arbitrary amounts of monetary units for ourselves here, so it really isn't fair to compare this kind of centralization with the kind witnessed in fiat systems.
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Bitcoin has always been legal in both the US and in China. Having lived in both places and now living in China I could tell you more, but otherwise your question seems misphrased. Here people are certainly more ready for mass adoption of public coin because virtual currencies are already the predominant method of payment, but the coins are privately issued - wechat and alipay tokens mostly. Publicly issued coins like bitcoin et al. are used but mostly just for trading and person to person. China is certainly a more free environment in most every aspect especially economic, but app stores here don't have bitcoin wallets and I haven't seen any public coin used in a retail setting, whereas in the US there are quite a few establishments using it as a retail payment method not just for person to person or business to business transactions.
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That plot is from a blog of a Bitcoin Cash (BCH) supporter. He talks about various sophisticated statistical concepts, without showing the math, and even uses "miners will blacklist the IP address of selfish miners" as an argument. I wouldn't assign much credibility to that analysis, though it has some amount of truth, it is not a full, unbiased analysis of the situation. Even if his model is correct, selfish mining isn't the only attack I'm concerned about, as I have mentioned in previous posts of this thread. I see, thanks. No I didn't realize there was any relevance to BCH vs. BTC here. My point is just that there is no "selfish miner attack", for any coin, any more than a karate expert need concern himself with a "hit yourself in the eye" attack by his opponent. Withholding blocks won't have any positive effect for a miner unless the miner is engaging in some 51 percent attack. |
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Kids don't expect anything reasonable from a person with infowars tag.
But adults do. The one-worlders are taking over America the only way they can... create social unrest through the media. That's what Abama was all about... subtly pushing the one-worlder agenda.  What's a one-worlder? Somebody who believes there is only Earth and no other planets? |
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I think it could, but not in all places. In some poorer nations or regions, for example, the cash economy is much more prevalent.
I thought so too. Then I came to China and discovered that almost nobody uses cash at all except for foreigners and some black market deals. Digital coin (predominantly wechat bucks and alipay bucks) are used by everyone, rich and poor alike. |
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Dollar falling will wreck everyone and would devastate crypto. Don't wish for it.
No, the dollar NOT falling wrecks everyone and devastates the environment and society. The sooner privately issued shitcoins fall out of use the better for EVERYONE. |
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I've read that Facebook is going to have its cryptocurrency https://cryptobriefing.com/ready-for-facebook-coin/Since Facebook and Mark Zuckerberg as an entity is highly influential, do you think it would bring crypto in a positive light? I am thinking that it may raise awareness of cryptocurrency as a whole and not just bitcoin. Facebook actively promoting a cryptocurrency (its altcoin) and Facebook promoting cryptocurrency are 2 different things. If anything, a Facebook linked cryptocurrency will be worse than fiat - you will have absolutely no privacy and you can't shift these coins to any other organization. I really don't care whether Facebook starts its own currency or not. Alll true but perhaps relevant is that wechat bucks are the most popular cryptocurrency on the planet with ten billion or so transactions per day, so the social media companies still have real sway in terms of what currency we use (we use the worst one we can, Gresham's law). |
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BitcoinHodler has it in a nutshell. Keep in mind that most 6 year-olds can immediately understand and use a bitcoin wallet on a dumbphone, and 1.2 billion people in China are already exclusively using digital wallets so when it comes time to shift to a new digital wallet using real money they will be ready. It doesn't take much literacy to press send, scan QR code, and input an amount.
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The beauty of the bitcoin is digital figure and its use through online purchasing and payments against services etc. So, I think we should have to provide internet for to make it common and I think there may not be a single country who do not have the facilities of using internet, even internet is almost present everywhere.
Sure for online payments, you wouldn't use physical form, obviously. But what if you are paying at a restaurant? Will you wait approximately 1 hour because they want 6 confirmations? What if you just happen to be in a store and there is no internet access? Will you wait until the internet comes? I never said we should go 100% into physical form. But it still brings some advantages. Actually, it brings a lot. I think adoption would also be a lot faster if BTC would also be represented in some secure/fair/transparent etc. physical form. No restaurants I have been to have waited for even 1 confirmation. Remember they also serve you food before you even pay, so if your intention was to be an asshole and not pay you already could have done that without bothering to prepare a Finney attack. As to offline payments, there are a few forms of paper "bitcoin check" which one can prepare in advance. The simplest is probably the check which has on it a private key containing some sum, of course the proprietor can't check or transfer until they go online but this is how cheques have always worked. Another is to prepare a signed transaction, very similar in practice as the proprietor can't check that it's valid or will clear until they go onilne. Physical forms aren't going to help you with this stuff. |
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Money is the motivation of last resort, as defined by Gresham's law, money being defined as that resource you are most likely to trade away.
As such it attracts those who have little personal power - the least educated and most desperate.
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With 50% of the hashrate you're not Selfish Mining anymore; you're effectively able to take over the network since you now can outrun the other miners indefinitely.
I totally agree and that's why this kind of attack is not really a viable threat, because if you need 50% hashrate you can do whatever you like. I found this realistic model of selfish mining (as opposed to hypothetical theoretical models):  Source: https://medium.com/@ProfFaustus/the-caner-that-is-the-selfish-mining-fallacy-ed65c20a6ce7where we can see that the selfish miner revenue (orange line) surpasses the honest miner (blue line) revenue very close to 50 percent hashrate. If that's so, no point even discussing this kind of attack. Thank you! This looks correct to me, well put and nice plot. Also see: http://vixra.org/abs/1504.0072 |
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How sad is it that somebody has so little personal and family identity that they are forced to rely on "national identity" ? Very.
In other sad news, take a look at "border security". Rather than preventing foreigners from looting the country via business, or not allowing foreigners to buy homes - get welfare - not offering them employment, instead people say "lets just hit everyone who travels over the head with a hammer, that will hurt those foreigners". Can you see what's wrong with that logic?
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"Regulation can ensure that AI engineers are employing best practices in cybersecurity"
Lol yeah, lets put the decisions in the hands of other people who have different colored hats, that should do the trick.
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It is our job as living people to uphold the traditions we feel are useful and worthwhile while changing and suppressing those traditions which are outdated and delitirious to survival of life and pursuit of happiness. A review of which ones I like and those I don't is outside the scope here, as it would necessarily consist of all my life's work as it would for you dear reader as well.
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If we count from today still there are several months to complete the crowdfunding and then rest of the work. My question is do not you think all this time is too long to compete with other projects which are already working on the similar idea ?
What crowdfunding? What work? What other projects?  |
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Great news, thanks to C-Cex support and traders patience here! Looks like all is back in order. Lets build up some orderbooks. |
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