The 51% attacker doesn't change the rules, he just present a chain with VALID transactions, VALID blocks that follows the rules but it has more work behind it! I like how handily you insert that "just".  Yeah, handily, you mean tossing around words and realizing what I've said with two hours of pondering even after someone pointing it out  just... You might not believe it but it really made me thinking a lot, would you have a case against such a miner in court if you sustain financial loss? It might sound like solid case but I wonder if they could go clean with just negligence blaming on not receiving and sending the blocks via a faulty node configuration. 3-4 blocks might not be much but 6-12 hours will wreak havoc on chain for a good while. But on the other hand, all transactions are visible in the chain and any such thing would require first a settlement between the two parties in the transactions before the miners, weird one. Oh, and something to add about the distribution and identifying hashrate location, we had a 4% drop mainly because of Texas shutting down, (officiality acknowledge by large farms), all those farms are making the bulk of Foundry, yet Foundry didn't lose significant market share, nor it is gaining right now with hashrate up 6%, so applying tinfoil hat (quadruple layers) on as I said in mining speculation, they might have well over the 30% just mining over other pools undercover! |
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Even worse, according to mempoo.space 23.2 sat/vbyte is the purging limit. Take a look at Johoe's graph: it looks like the 300 MB mempool is almost completely filled with 23 sat/vbyte transactions, and if you zoom out a bit, you'll see most of them are most likely all created by Ordinal spammers. So you can choose: pay a bit above 23.2 sat/vbyte, or wait weeks. Well, give Okex and Binance a bit of credit too  https://blockstream.info/address/16r7U7GqbVPeKukgfd3mUN9LCkuoKbfpXMUNCONFIRMED TX COUNT 7620
https://blockstream.info/address/bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3hUNCONFIRMED TX COUNT 2179 This block might look suspicious:  But it's actually full of consolidation from okex, the address above, all tx labeled : SegWitTaprootRBF  Anyhow, if there is no other hype starting, the weekend is going to make mincemeat out of this, I'm always looking at the 10sat/vb and this is now down to 329vMB from almost 400 a week ago. |
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How times change, it's :04 and still  I assume that's probably because the fee has dropped to 24 and for ViaBTC to work you still need ~20sat/ vb so it makes little sense to not pay directly 5 satoshi extra rather than trying your luck every hour, plus that you can't accelerate really big ones where 3-5 sat/vb would make a difference. |
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Yesterday, I sent out an unusual (for me) tx (Segwit, lean, several outputs), costing just under 10000 sats at mempool's "high priority" fee rate. RBF-ing myself to bump up the rate to 10% more was only several thousand sats but Mempool's fee was 40k sats for that. So about 400% on top of the fee paid. It was as if, despite the tx already at what they considered to be a high priority fee, they insisted to bump it up much, much higher.
Take it as you will, I obviously would need to look at many more tx fee to make a good comparison. I just feel they don't really optimise.
Yeah, the dynamic price is a bitch when it comes to this, of course it's designed to be a profit service but it just covers to much the needs of the pool and too little of the client pockets. The 50k sat per byte is the turnoff for small tx: a 135 vB tx costs now 53 500 sat , $22.89 a 14.74 kvB costs now 450 000 sat, $321.33. But still, way cheaper than the alternatives, Viabtc is asking for 4x! |
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I would guess that "import/export" is just the topic, making money is not just based on this topic though, you could always look at Saudi Arabia and how they are making money with just oil, but if you remove oil, they do make money too. From simple obvious things like tourism, to financial companies to software to many other stuff, you do not have to send any products to any nation and still make a lot money.
Oil revenues make 40% of Saudi Arabia GDP but it counts as 75% of their fiscal revenue, it's like having a $100, you cut oil you got $25, you cut ALL the rest you still have $75 to spend on your citizens. How long do you think it will be till Saudi Arabia turns into Venezuela? Another great example would be Singapore, people go there all the time, and it is getting to become one of the most famous financial capitals in the world.
Singapore exports $77 billions of circuits and conductors a year while getting $14 billion from tourism! If you think tourism alone can sustain a country, that's not the case even for a city, Venice for example gets only 10% of it's income from tourism, and that's a city you can't really rival when it compares to the population ratio and it's fame! |
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According to the whitepaper https://bitcoin.org/bitcoin.pdf: The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes.
So whoever controls most of the hash power controls the PoW consensus. According to the two searches in my first post, 50-60 miners control it. NO! Again this is not about control! The longer chain will take over ONLY if it follows the rules, that's it! Imagine if that wouldn't have been the case, it would mean every miner with 1TH/s could create his own blockchain, how would that work if you would have to follow whatever chain there is? The 51% attacker doesn't change the rules, he just present a chain with VALID transactions, VALID blocks that follows the rules but it has more work behind it! From my point of view, this is a serious lack. Knowledge of the distribution of the hash rate is crucial. This invalidates one of the principles of blockchain: don't trust, verify.
Then I think we should introduce mandatory KYC data in the blockchain since right now: - you trust mining nodes by verifying the blocks just as you verify a transactions coming from someone - your NEEDS demand that you know the identity of the miner creating a valid block, then obviously you need the IDENTITY of a guy sending you coins, right? How is it possible to know whether mining is controlled by finance or government?
What part of permissionless did you skip? |
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That way they could own more bitcoin and get richer.
Simple example why more doesn't mean richer:  Hope that settles this and don't have to write 500 lines and reasons why this is wrong! Oh also: “The node runners rejected such change, as it would lead to greater centralization of Bitcoin,” Tětek stated. According to estimations from the website Buy Bitcoin Worldwide, there are likely more than 1 million unique individuals mining BTC. This is BS! Bitcoin hashrate is around 5 million worth of S19, to think there are more than 1 million unique individual miners in the world is nuts. |
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So, again what's NATURAL in this correction? Cause I've never in my life heard of a thing gaining adoption and investment and losing 30% over 3 years of "growth".
you do know the price is not meant to stay at ATH. ~ corrections in general are not to ath/ups.. but the opposite.. corrections are back down closer to value Care to share one company shares, one commodity, one everything that followed this path? Grew by the number of users like this: he number of global crypto users reached 221 million in June 2021, reported vs A research report from Crypto.com estimates the number of worldwide cryptocurrency users surged to 580 million people in 2023 So a ~200% increase in userbase and still toiling 40% behind its ATH price? Not even counting all the investment in everything else, all the mining companies listed on the stock exchange, all the payment gateways all the everything, always and regulations, how can one think a correction at this point is NATURAL? If it's a natural correction then it means the natural price is lower which bring us to the problem of the growth compared to lowest point, just a head's up it would mean that from low to low in the 2020 Bitcoin was out performed by the top gainers on NASDAQ by over 200%. So if this is the natural growth it means it has lost a ton of its shine in the last 4 years! Besides making this the natural price would also mean that the halving would be just a pump and dump scheme, right? So you either label it as NOT being NATURAL at all, or you agree that it underperformed by a ton compared to traditional stocks, which would be way heavier blow and way harder for most to accept! Again, it's either coping or agree that all numbers on usage and adoptions are blown out of proportions! |
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What natural resources does Japan have? The only resource Japan has is a hard working and well educated working class.
The United Kingdom also doesn't have many natural resources, but it exploited the natural resources of many colonies around the world.
Add this to the list: https://www.washingtonpost.com/business/interactive/2022/netherlands-agriculture-technology/The second agricultural exporter in the world is a country with nearly 1% of the population of India and 2/3 the size of Sri Lanka! Or to make it funnier their agricultural exports are bigger than the entire! GDP of Kenya! As for resources, some forget that the first industrial revolution started by the time the USA didn't even exist at that point, the Ottoman empire still was in control of North Africa and it was about 100 years before Livingstone was the first European to see the Victoria falls and the British Empire didn't had one settler in Australia. |
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I haven't been too long in the industry as I started my journey recently but during my research and comparing Bitcoin prices before and after the halving, I noticed Bitcoin has never crossed the ATH before the halving
Misleading and false as Bitcoin crossed that in November 2021 when it reached 67k compared to 63k in April. So back to the drawing cope board! there is no need to worry when the price of bitcoin decreases when it approaches the halving, because it is a natural correction
What is a natural correction here? Seriously people, what's NATURAL about this? It's been 3 years since 67k, we had ton of adoption (at least on paper), thousands of investors, countries adopting it as legal tender or at legalizing it, and still were down 30% after 3 years of this growth! So, again what's NATURAL in this correction? Cause I've never in my life heard of a thing gaining adoption and investment and losing 30% over 3 years of "growth". Did some tank full of copium blow up and it's flowing anywhere while I', the only one that had the windows closed? |
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Other oil producing countries like Nigeria and Venezuela, also have currencies that are greatly devalued, despite their rich natural resources. I guess it all comes down to good management of economies by competent leaders, because I know that there are many countries that don't have any profitable natural resources, yet their economies are functioning better than some of these oil rich countries.
A taxi driver as dictator or a mullah that thinks jeans and dogs are a sign of decadence insulting god, see the pattern? If not, then here's the outcome: Iran Enforces Nationwide Bread Rationsvs Hard to find bread in shortage-stricken Venezuela
Bumping this as the shitiest of all fiat shitcoins just lost another 10% in a a week, so from my opening post at 1:505600 it's now 1:552000. Funny thing, if you have hold rials instead of Bitcoins, even with this dump you would have been better with BTC! At last BTC can go back up! |
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What happened, for a repeated increase in the fee, and now everything is back to the way it was before? Someone wanted to get rid of BTC, and the best way was to make a super expensive transaction?  Somebody started minting ordinals like this: https://ordiscan.com/inscription/57015372a ton of them: https://ordiscan.com/address/bc1put7stra8wjckxws33vq22v9fzsmmrrdsamdeezjyq3gqte0lc22q7vsaez/activityBut unlike others they didn't go for the next block fee and out of the blue paid 5x times the average The previous block was Median fee ~30 sat/vB$1.63 Next block: Median fee ~202 sat/vB $10.97 And as soon as those finished fees went down a ton, much like the Binance consolidation a few days ago, but that was only half a block worth of fees, but they still paid 240sat/vb. Now corelating that with the discussion in the mining speculation topic, see how high block rewards can come out of the blue? And finally some good news, we're down to 350vMB till 10sat/vb, Texas wakes up and we're up 15blocks so that means 15vMB of transactions on top of normal capacity getting processed, theoretically best case scenario we might see 21~22 sat/vb for a bit on Monday morning after the weekend is gone! |
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stompix stompix stompix
Yeah Franky, do you have something intelligible to say? I saw this thread yesterday and, again, it seems that this section gives more play to doom and gloom news, especially if it is about USA and EU. I had to rescue the thread from almost the second page.
The usual, US debt grows everyone screams, disaster, famine, bankruptcies, run to the hills.. China debts grows, this is actually good! When the 2008 crisis broke out, which started in the real estate sector, although it affected the rest of the sectors, China was not greatly affected, as it continued to grow at close to double-digit rates during those years. They have not yet seen a crisis in the sector and it will come sooner or later. In the UK and Spain it was very noticeable. First the real estate sector collapses and then the rest of the sectors are affected. Let's see how this one goes.
China real-estate sector is heavy controlled, basically if the city/region/province doesn't want for prices to go down it can issue limits on price per sqm, so you won't be allowed to sell below that, that's why some investors sell you the house with a gift such as a car for 200 000 instead of asking for a house at 150 000! In theory this would control the prices as it prevent people from selling , they can go further and not allow you to sell at all, it's controlled market so again in theory easier to prop, till the serious cracks appear and then there is no way out of it, goes down like a house of cards worse than if it had fallen the first time! It's a fact that China's domestic demand alone can't support the whole manufacturing sector.
We're getting closer to the point of finding out this, I'm living in Europe so the experience might be different from the US but lately a ton of cheap stuff in the chain stores no longer comes from China, it's mostly South East Asia, the trend is pretty obvious with clothes, I don't think I've ever seen so few chinese products, just India, Bangladesh, Indonesia even Egypt and weirder than everything Mexico! Same for all that cheap plastics stuff, till last year I don't think I've ever seen something made in Philippines in a store for all my life! |
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I didn't understand the idea. Can you explain better? What would these "calculations" be like?  The maximum reward Foundry got in an epoch for a block and the minimum, it would help point out irregularities, since if you see Foundry or any other constantly doing over 3 or 5 periods a maximum block fee two times the size of others then there must be something weird happening, same for a pool who has no variance whatsoever or for a pool that constantly mines blocks with low fees since it would mean they are maybe pushing a lot of their own transactions!! But it would mean a lot of work and don't know if the results would really point out something! Not that I'm aware of unfortunately! And lift-off, positive territory again, Current Pace: 102.6297% (423 / 412.16 expected, 10.84 ahead) I see Dallas going from min of -7C on Sunday to a min of +7C so the cold snap in Texas is over, so...maybe a 4% up now? |
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According to both articles, some miners, about 50-60 or <=20 per pool, control more than 50% of the network hashing power, thus controlling the PoW consensus. Who do you think own these miners?
Go to every single company listed onto the stock exchange and you're going to see the shareholders and you get pretty much 30% of the hashrate! Btw, if you think they are some illuminati that can control everything and down in money , why don't you buy shares in them too? Thanks for the explanation. As you pointed out, mining is a random process and the probability of being the first to mine a block is proportional to the hash power, i.e. if you have x% of the total hash power, in the long run you will mine x% of the blocks on average. Thus, miners who have at least 51% of the hash power on average control the PoW consensus and are rewarded by the network.
Stop with the POW consensus!!!! Miners that mine 70% receive 70% of the reward, they can't change the "consensus" , they can fork the chain and keep mining there by their rules but that can be done even by a guy with 5%, see BCH and BSV! If a 51% attacker would try to mine blocks that don't follow the rules they will be rejected by nodes, this is not a democracy where the guys having 51% of the vote can pass every single rule and the rest are forced to obey them! If you have better sources I will gladly read them. They may be out of date, however the data collected shows the history of bitcoin mining has been.
There is none and there will never be! As long as a company mines in two countries and points the hashrate at a private pool you have zero chances of knowing how much is there owned by who and where it resides, and this is just a simple example! I mined over various pools, sent my money to both cold wallets and different exchanges, so there is no way one could allocate my hashrate (of course minuscule in the great scheme) to any location with precision, that unless they have access to all the logs of all mining pools in this world! |
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In addition to the fact that you can very "favorably" buy a winning formula to beat the casino, you can also buy a formula to become immortal - it seems great, a lot of money and eternal life Hmm, I'm starting to think that this "Messiah Mahdi Maitreya Kalki Christ Buddha" is not who he claims, after all ...he is selling stuff that helps you cheat a casino? Isn't money the "root of all evil" ? Ps: He's also this guy: https://ninjastic.space/search?author=WorldLastHopewhy Santa Claus give free gifts to others at Christmas?
You can treat me like him if you will.
Unfortunately we can since that guy doesn't exist and he doesn't create topics trying to scam people here! But comparing yourself with Santa... Pills shortages these days are making life around here harder and harder every day! |
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Seems like Binance is trying again with a card, after Blackcat now Trustee Plus, don't know what they mean by Eastern Europe and Central Europe cause that's a thousands year debate where one begins and one ends and the partner website says: Are you in the EU now?
No limitations - the ideal payment card
https://www.binance.com/en/events/TRUSTEEAnyhow, the ToS page is turnof, at least for me: Trustee Plus provides services through these operating entities, except for Payment card service as specified in clause 2.1.3: Hosted wallet service and Virtual Assets services, such as deposits, exchanges or transfers and other transactions between Virtual assets, are provided by MikePay LTD (company, registered in Republic of Seychelles, company number 238574); Exchange services from Virtual Assets to Fiat assets and vice versa, and all other services, unless otherwise provided for in the Terms, are provided by UAB Trustee Global (a company registered in Lithuania, code 306099031); Payment card service is provided by Quicko sp. z o.o. with its registered office in Tarnowskie Góry, ul. Sienkiewicza 49, 42-600 Tarnowskie Góry, Poland, https://www.quicko.pl/ . By using this service, You accept Quicko sp. z o.o. Terms of Use and Privacy Policy. Common... Also, has anyone tested the Blackcat card yet? |
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Rewatching the Simpsons yesterday night , this time on a full 4k tv and not on the tablet I just realized that the way they depicted Satoshi, (well his statue) was probably one of the best I've seen to date, personal tastes but I still think it beats by a long way all the Guy Fawkes style art I've seen to date. So, how about we create a small fan index of those, just a bit like Wikipedia mentions! What I'm impressed with in it is the small details, like the snow being BTC coins, I know it might be dark for some but still to me looks impressive! So here it goes: The Simpsons , Season 35, Episode 5 - "Treehouse of Horror XXXIV", aired November 5, 2023  Important!Only images from movies and TV shows, no youtube clips, no fanart! |
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Nice trick, it might work if Btc has added them at all but you have to go way higher, Foundry is 147 on the list! So what do you think of this presentation?
I'm still creating the table, which will present data on the number of blocks found between various fees intervals.
You might want to add the maximum spread, so have an average per day and then the min/max data. So let's say Foundry is at 35 but min is 15 and max is 55. (random numbers here not actual data), same would be for block fee. But, it's every step is going to involve quite the work, depends on how much passion you put in this! LE: https://explorer.btc.com/btc/block/826625Seems like they don't recognize SecPool! You could alternatively try mempool, they have a friendlier layout for this and you can guess the pool from the coinbase tag https://mempool.space/mining/pool/unknown |
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