Changing the work function of Bitcoin would render all existing mining hardware obsolete. You will never get the miners to move to this algorithm, as it would be a major financial loss for them.
You don't need the miners to move - just the consensus of the network. That makes it much harder to push through a change, but the miners don't really have much say if everyone else decides to. The miners are the ones who process Bitcoin transactions. Without them, there is no Bitcoin. This will never work until Bitcoin is dead without such a change. |
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Changing the work function of Bitcoin would render all existing mining hardware obsolete. You will never get the miners to move to this algorithm, as it would be a major financial loss for them.
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Getblocktemplate gives miners knowledge of the transactions they are mining. That means mining apps can check the public blockchain to see if they are mining a double-spend for coins already spent. It would be a waste of money to continue mining a double-spend block, as the miner would ultimately get no reward from hashing on that block. So now miners will have a financial incentive to avoid processing double-spends. In addition to getblocktemplate, we need a standard way for mining apps to query if a block is a double-spend from the Bitcoin network. This needs to be queried not from the pool (obviously) but from a Bitcoin client. We need to make this easy for mining apps to implement so they pick up this functionality quickly.
With this solution in place, pools will no longer be a threat when they exceed 50%. A single person/group owning more than 50% of the hashrate could still be a problem, as they could choose to disable the double-spend checking on their own hardware. But this should fix the hashrate coming from hardware distributed around the planet.
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The buyer of these coins will be.
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That averages the last 2 weeks. You only need >50% for about 10 minutes to double spend.
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At some point, if the current devs do not step up and resolve the issues important to the stability of Bitcoin, and the public perception thereof, they will find themselves out of a job. Bitcoin only follows their actions so long as a consensus wishes to do so. If more competent caretakers come through, we will shift to them. They are going to be out of a job shortly after btcd finishes getblocktemplate and bloom filter support. The "Core Developers" won't be able to filibuster any more. thanks for the introduction, this is awsom, will BTCd be open, and do you know how further development will happen? do you know if a client like Armory will work with BTCd? Ok, getblocktemplate is awesome. This gives miners knowledge of the transactions they are mining. That means mining apps can check if they are mining a double-spend, and immediately drop that block. To continue mining it would be a waste of money, as they'd get no reward from mining a double-spend fork. So now miners will have a financial incentive to block double-spends. So, in effect, once the old getwork function is completely removed, and mining apps check for and drop double-spend transactions, we have our solution. Pools will no longer be a threat when they exceed 50%. A single person/group owning more than 50% of the hashrate could still be a problem, as they could choose to disable the double-spend checking on their own hardware. But this should fix the hashrate coming from hardware distributed around the planet. |
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I remember reading tons of posts for good news in July (not ATH, but relatively high). Do you guys think its still on, or will August or September be a better time frame. (Not ATH but like 700-900 or so).
Thoughts appreciated.
With the news that U.S. Government will sell 30.000 Bitcoin, all of good news doesn't have any sense. Nobody can know if the price will move on or drop, but I'm confident that price will rise by August  OMG, I can't read it any more... look at the btc traffic. 30k is NOTHING: 24h global trading volume ฿ 112,274.63 Even if it was 3 million coins, the buyer wouldn't drop them on the market for at least a year due to recent IRS guidance. You must hold for a year to classify as a long term capital gains and avoid a great deal of extra taxes. |
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At some point, if the current devs do not step up and resolve the issues important to the stability of Bitcoin, and the public perception thereof, they will find themselves out of a job. Bitcoin only follows their actions so long as a consensus wishes to do so. If more competent caretakers come through, we will shift to them.
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Lol. 51% is just a figure of speech. You only need 50.0000000000000000000000000000000000000001% to attack. They've reached that and have not attacked as of yet.
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I bet the auctioned coins go at or over market price. The savings of slippage along with the fact that you are getting the most "legal" purchase of all time is huge.
But there are 4000 new coins mined per day, totally clean. Why would those 30'000 coins from the FBI (8 days' worth of mining) make such a difference? This will be the U.S. Government's first Bitcoin transaction, ever. Historical, and bullish. |
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It just dropped to 49%. Immediate disaster averted.
And back up to 50% again. And 49% again. They're on the edge and keep flipping. |
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It just dropped to 49%. Immediate disaster averted.
And back up to 50% again. |
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"Hey, everyone else is mining over there. It must be better!"
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It just dropped to 49%. Immediate disaster averted.
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Many of you folks need to calm down and think this through. Due to the recent IRS guidance, any large purchase of Bitcoins will almost certainly be held for at least one year to qualify for the lower tax rate that comes with long term capital gains status. There will be no immediate mass dumping of these coins, nor any others that are sent to auction and picked up by an investor.
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I think it's entirely possible we could flash crash down as low as 420 within the next 2-3 weeks, ending the week of the crash above 540. It's also possible we could stay flat for 2-3 weeks. Either way, when we break above 685, we're on our way to a new ATH. I expect to revisit the last ATH in about 7 weeks, and be at our new ATH about 4 weeks after that.
You think that the market could handle going down to $420 and then charge right back up to a new ATH? If we go down to $420, then we will be looking for a new ATL for 2014. A price change of similar magnitude happened the week of 9/25/2013, after the weekly MACD turned green. It was the ultimate bear trap before the big rise. It sounds like such price action would likely pull you into the bear trap. Well, that was quick. We locked in green on bitfinex, so it will always be there. Bitstamp's is now gone. Here is the crash before we go vertical. I expect us to stay low at least until June 27th. For now, as always.... we hold.  |
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