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Haven't we done this already?
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This thing has dragged on for over 1.5 years.......Not sure when it will ever see the light of day.
You can't set up any ETF overnight. It's probably right on schedule. |
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You can technically "unmine" a bitcoin by including it in the transaction fee, thus allowing a miner to collect it after solving a block.
Otherwise, there's also destroying bitcoins via OP_RETURN or the like.
I don't think anyone understands what he means. I think he wants to return them to an unmined state perpetually "...prolonging the 21 million threshold" so they could be remined as new over and over again "perpetual motion" not just transmitting them like any another transaction. I also don't think he means taking them out of commission forever by destroying them. no I get it., as I said: what would the system give the miner in exchange? Ok, you understand but there are people answering him that are saying, yes its technically possible. No, it's not possible to keep mining the same coins over and over again never using up the 21 million limit forever. This is one of those questions newbies ask when they don't understand that the transaction fee will take over for the block reward when the reward runs out. Or they're pissed because the block reward keeps declining from 50 to 25 etc. Why can't we just keep it at 50 coins forever with a low difficulty and mine solo with CPUs so we can all get rich together? ROFL Yes you understand the question  So, when all the coins have been mined 25 BTC reward is no longer paid, the BTC transaction fee will reward the miners. I assume the reward wont be as substantial as 25BTC. Yes, the reward will continue to decrease on a predetermined schedule. The idea is that as the reward decreases the number of people using bitcoin will increase and each of them will pay a fee larger than the fee we have today. In theory, the amount miners make can actually be greater with the fee system than they earn now with the block reward system. You need to understand that the block rewards were necessary in the beginning because there were not enough people using Bitcoin to make mining worth doing. Understand? |
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Try explaining it to grandparents.... thats the real challenge xD
Large Image And then grandma says, "oh, I understand sweetie. It's like that Hashcash thing your grandpa was sure would take over the world in the late 90s. The boys in this family are always scheming". As she walks away laughing. Old people aren't retarted because they've lived longer than you have. Most people would be surprised at how much more old people understand than they do and they have a depth of understanding that is earned through experience. |
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I think it's trying to communicate...
Winning response. lol Sometimes you get that feeling you should be nice, just in case it's aliens. Nah, kill them all and let god sort them out. |
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I think it's trying to communicate...
Winning response. lol |
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300 posts a month? Are you joking? Bruno and I registered within a few days of each other 3 1/2 years ago. Him as Phinnaeus Gage and me as CornedBeefHash. I used to screw with him constantly for over posting because at one point I had just over 800 posts and he already had 7000+. The only reason I had 800 was that I spent a lot of time in Slush and Tycho's pool threads, organofcorti's Neighborhood Watch thread, the mining software configuration threads and all the info gathering to set up a large farm. Except for posting in Bitcoin100, which he started, he was just screwing around and still making 8-9 posts for every one I made. If he wanted to, it would be no issue at all for him to make 1000+ posts a month. |
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You can technically "unmine" a bitcoin by including it in the transaction fee, thus allowing a miner to collect it after solving a block.
Otherwise, there's also destroying bitcoins via OP_RETURN or the like.
I don't think anyone understands what he means. I think he wants to return them to an unmined state perpetually "...prolonging the 21 million threshold" so they could be remined as new over and over again "perpetual motion" not just transmitting them like any another transaction. I also don't think he means taking them out of commission forever by destroying them. no I get it., as I said: what would the system give the miner in exchange? Ok, you understand but there are people answering him that are saying, yes its technically possible. No, it's not possible to keep mining the same coins over and over again never using up the 21 million limit forever. This is one of those questions newbies ask when they don't understand that the transaction fee will take over for the block reward when the reward runs out. Or they're pissed because the block reward keeps declining from 50 to 25 etc. Why can't we just keep it at 50 coins forever with a low difficulty and mine solo with CPUs so we can all get rich together? ROFL |
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You can technically "unmine" a bitcoin by including it in the transaction fee, thus allowing a miner to collect it after solving a block.
Otherwise, there's also destroying bitcoins via OP_RETURN or the like.
I don't think anyone understands what he means. I think he wants to return them to an unmined state perpetually "...prolonging the 21 million threshold" so they could be remined as new over and over again "perpetual motion" not just transmitting them like any another transaction. I also don't think he means taking them out of commission forever by destroying them. |
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So what's the upshot of this? Is it just a weird story? I'm certainly not gonna read the whole text  I hope there's a TL;DR version down that thread somewhere, because I ain't gonna ruin my weekend over this  You should read it when you have time to kill because it's a good read. The guy that wrote it has a talent for writing that should make it an easy read and it should be required reading for anyone thinking about putting their money in altcoins, shitty Bitcoin addons or ICOs. It's the story of how a small group of people can orchestrate a pump-n-dump con against investors world wide and the lack of honor among thieves. Eastbay was a member of the group and said this about the story: Coming from a former member of the group, this story is RIGHT ON THE MONEY!!
Paul is legit, good dev, smart person, definite idealist
I always suspected Bob and Gekko were dumping on the support, it was a high speed game of chicken, and they were in it JUST FOR THE MONEY, like most of us
This is how the games played imo with these pump and dump altcoins, and is part of the reason the altcoin market is in such despair lately, the good people who want to furthur devolpment and over shadowed by the money-hungry asshats..
ALWAYS DYOR BEFORE INVESTING
EDIT: any one with half a brain and decent detective skills could figure this out as it was happening thou and STILL happens EVERY DAY with most alts and damn near ALL ICOs
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Silk Road 3 will never get busted because they intend to use Tide instead of Bitcoin.
LOL. If DPR3 can figure out how to transact tide pallets digitally without allowing them to be traced then it may be difficult to figure out their sales volume. Both SR1 and SR2 were shut down because of weaknesses in their .onion site security, it has nothing to do with the fact that they were using bitcoin (except that bitcoin may have shut down other, more traditional avenues to shut them down) No, I'm pretty sure it's because they were using Purex instead of Tide. |
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Silk Road 3 will never get busted because they intend to use Tide instead of Bitcoin.
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- snip -
Most helpful and polite: hilariousandco
- snip -
Hmm. Back in 2012 and early 2013 people used to say that about me. I suppose that I've dealt with so many trolls and have responded to the same basic questions so many times that I've become a bit jaded and snarky in recent months. Perhaps I'll have to make a new year's resolution to be more polite. You're still helpful and polite, mostly. lol It's hard to spend very much time here and not have bitchy days though. Hilariousandco must be a priest or something because he's incredibly nice all the time. Despite that I like reading his posts.  |
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First, don't place any undue value on what anyone at this forum has to say about you. Second, Bitcoin needs another new product like Avocados need larger pits. There's enough people making new things already. If you have to donate your talent then go to GitHub Bitcoin and subscribe to the mailing list. Submit new unit tests for old code, QA testing or maybe translations. They always need help. Finally, the best thing you can do for Bitcoin is exchange your fiat cash for btc and use Bitcoin to pay for as many of your routine monthly expenses as possible. Bitcoin currently needs users more than anything else.
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I think you're asking if the coins can be un-mined. No, that's not really possible or desirable. The "network" isn't a single entity but a collection of efforts by people all around the world where agreement is necessary for any change. No one would want to and their is no real reason to vaporize coins. Also, you win the prize for the most unusual newbie question I've ever heard. Congratulations!
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Sell it the way modern media sells everything. Make the person want to find out more and start using it. Tell them it's been statistically proven by world renound scientists that they will lose weight, be more attractive and get laid more if they use Bitcoin. Most people are too lazy to research anything so if you can deliver a convincing pitch they'll believe it.
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Best is to subjective, best for what?
Most prolific: Bruno
Most informative and accurate: DannyHamilton
Most entertaining: Dank
Most helpful and polite: hilariousandco
Most interesting individual viewpoint: Smoothie
Most peacemaking attempts: SaltySpitoon
Most posts from a bot: ChartBuddy
Most spam posts without a ban: dogie
and so on.
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