Maybe I something did not understand, but my computer is turned on earns per day 3K+ Satoshi. It's not big money, but they're not superfluous. The website pays consistently. If anyone is interested here is the link [reflink]
If I don't understand the topic then I'm sorry.
Your computer earns about $0.04 worth of BTC per day, or about $14 worth of BTC per year. If you want $14 worth of BTC, it would be much easier, faster, and convenient to just to buy it. Also, consider that your computer probably uses at least 500W, or 0.5 kWh/hour. If you pay $0.10 per kWh, then you are paying $0.12 for that $0.04 worth of BTC. |
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i think its best we snap its neck quickly ...
... right now, we could fill the block completely for an hour with $4.2k
It would probably take at least $10k or more to DDOS Bitcoin transactions for an hour. And then, it is just an hour. That's hardly a killing blow. |
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But doesn't BitCoin just revert to processing transactions when the final block is found? The blocks after that are simply the revenue that is created from the TX's - in effect miners can then either price gauge or undercut as they please?
"revert to processing transactions"? But that's what happens now. "the final block"? There is no final block. |
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If you look at a graph showing the difficulty since the beginning you will see that there have been periods where the difficulty has dropped.
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You should probably add a disclaimer somewhere in OP. In no way does this represent actual people moving money for actual services, goods and whatever. It includes everything, including:
1) People moving money to their own (other) addresses/wallets.
2) Exchanges and other services moving their money.
3) Moving Bitcoin into cold-storage (can fall under both point 1 or 2).
When transactions were free, that was a good argument for why simple transaction volume is not representative. But now that transactions cost real money, it can be argued that the volume is representative, at least to some extent. A good measure of the utility of a payment system is the amount of fees people are willing to pay to use it. Currently, people are paying $250,000 per day. I wonder how that compares to other payment systems. |
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lets assume block 455300 is orphaned and it contained tx1 and tx2.
block 455300 is mined by another miner and that is the longest chain.
it contains tx1 and tx3
- is that possible?
- what will happen to tx2? will it exist in memory pool or disappears?
When a node dumps an orphaned block, its transactions are returned to the list of unconfirmed transactions, unless it has already been included in a block in the new chain. So, in your example, tx1 is still confirmed, but tx2 is no longer confirmed and is available to be included in the next block. |
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One of the main differences between BTC and traditional money is that the number of coins is limited. As far as I can remember there can only be 21M minus the ones lost forever.
But the 21 million bitcoins can be subdivided into 2,100,000,000,000,000 satoshis (enough for 300,000 per person), so it would be difficult justify bitcoins being collectible based on rarity. If you are looking for collectible bitcoins, check out physical bitcoins here: https://bitcointalk.org/index.php?board=217.0 |
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Anyone can fork Bitcoin at any time. There is no need for coordination. You simply add or change a block validation rule in your client to make your blocks permanently incompatible with Bitcoin. If you want to avoid replay attacks, then you do the same for transactions.
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A transaction takes only a few seconds to be propagated around the world. It takes at least an average of 10 minutes to be confirmed (i.e. added to a block), but the receiver can choose to not wait for a confirmation. There is a risk in not waiting because there is always a chance that a transaction may never be confirmed; however, the receiver can examine the transaction and may decide that the risk is low.
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It seems that today only two categories can mine: large server farms in China and makers that mine with a loss just for fun but not for profit.
A popular myth, yet incorrect. The truth is that if you access to cheap electricity, you can mine profitably with a single ASIC miner. |
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If you have X% of the total hash rate, then you will mine X% of the blocks. That's how it works.
In your example, the total hash rate is 5000 x 20 + 5 x 200 = 101000. The small miners will each mine 0.019% (20/101000) of the blocks and the big miners will each mine 0.19% (200/101000) of the blocks.
nope its not fixed maths.. its LUCK in short the large pools even with just 200peta or 101000peta will get the majority of blocks In other words, you don't believe that probability and statistics are real. Ok, then what are the percentages? How do you determine them? Show me how you know that 0.99% of the hash rate will get more than 50% of the blocks. |
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Obviously you get your % chance of solving a block by comparing your hashrate to the hashrate of the entire network.
wrong. there could be 5000 pools with under 20 peta each and then 5 pools with 200peta each it does not mean that for every 50th block one of the 5000 pools will get a block. - (where one small pool is a 50th of the large pools combined) it does not even mean that over 5050 blocks every pool would have atleast 1 block - (where hashrate of network is divided by blocks produced equally) also small pools 100000 vs bigpools 1000 totalling 101000 does not mean that the majority of blocks are solved by the small pools (where they have combined 100x(~90% of) hashrate) the truth is that the 5 large pools will get more lucky to solve the blocks and the small pools will be waiting near forever If you have X% of the total hash rate, then you will mine X% of the blocks. That's how it works. In your example, the total hash rate is 5000 x 20 + 5 x 200 = 101000. The small miners will each mine 0.019% (20/101000) of the blocks and the big miners will each mine 0.19% (200/101000) of the blocks. |
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Network hash rate is approximately 3800000 TH/s, so
To have a 1% chance of getting the next block, you need 38000 TH/s.
To have a 1% chance of getting at least one of the 144 blocks each day, you need 265 TH/s.
To have a 50% chance of getting the next block, you need 1900000 TH/s.
To have a 50% chance of getting at least one of the 144 blocks each a day, you need 18250 TH/s
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The real answer is that $630 trillion worth of bitcoins are not necessary. There certainly isn't $630 trillion in dollars or any other currencies floating around the world right now.
Money does not represent the entire wealth of the world. It only represents a small fraction of the wealth.
The monetary base of the world is about $16 trillion (the number varies by the source, but this is good enough). So if all the money in the world were replaced with bitcoins, each bitcoin would be worth about $1 million.
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and anyone know where i can change that?i couldnt find
Two is better if you are trying to steal the coins away, 6 is better if you are trying to prevent people from stealing those coins. but litecoin has also 3 confirms or? it will be a scrypt coin You will not find it anywhere because it is simply a convention. When receiving bitcoins, some people consider the transaction complete with no confirmations, some wait for at least 1 confirmation, and for larger amounts, many wait for at least 3 confirmations. Six confirmations is considered super-safe. |
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Get a job. Earn money. Buy bitcoins. There is no better way.
What is the purpose of buying bitcoins? To invest? Different people have different reasons for obtaining and using bitcoins. I personally like the 15% discount I get on Amazon through purse.io. |
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As a regular Full node operator, how can I block a mining pool? That would be risky, i mean, dangerous precedence. U have officially no reason to block miners as long as you run official bitcoin code (it handle malicious miners automatically). So be very carefull what you want to accomplish here, because in reality you could cause very bad things for bitcoin as a whole. There is no "official bitcoin code". |
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I read in other topics of this forum that there is a way for regular users (with full Bitcoin nodes) to block mining pools - more precisely: to not accept blocks from certain pools.
You can refuse to accept any blocks that don't signal segwit. You will need to modify the code in order to do that. However, be aware that your block chain will be stuck because there are no miners that will build on your self-imposed fork. Perhaps a workable approach would be to refuse to relay any blocks that don't signal segwit. The effect would be to increase the probably of those blocks being orphaned, albeit only by a tiny amount. |
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