Obviously, why the hell would the NSA actively try to help people avoid government taxes & make anonymous money transfers.
You only *think* bitcoin is anonymous. |
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The primary purpose of running a full-node is to protect the integrity of transactions involving the operator of the full node. I would like to see an analysis of the objective benefits of running a full-node. I feel that too many people underestimate its value, but that position is hard to support that without knowing the actual value.
Also, it seems to me that the ideal situation would be to run a full-node, and have the ability to connect all my light/SPV wallets (airbitz, mycelium, electrum, etc.) to it. How feasible would that be?
At least in the Android wallet, in Settings, you can put the IP address of your trusted node. |
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We are ok to be miserable running 3rd grade hardware in moms basement as long as we show it those darn evil banks!
You finally got it! A bitcoin node run on "3rd grade hardware in moms basement" runs perfectly well. There're a billion old PCs out there usable for running bitcoin nodes on. The cost? Virtually zero. |
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Thanks for the laugh. That's like driving a Ferrari to your next door neighbor's house. OVERKILL. You can run a bitcoin node on a Raspberry Pi. It doesn't need server-grade hardware.
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And the school pf thought seems to be that we need to pay people so they keep their making their throne bigger rather than keeping the system small enough to still run on a mobile phone.
You're in denial.
A mobile phone is the wrong use-case for a full node. Mobile phones run on batteries and need to sleep as much as possible. A bitcoin node needs to actively process transactions 24/7. A mobile phone is a good place to run a SPV node. My SPV node uses 15 MB. It does everything it needs to. |
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This is what annoys me with the dismissal "hard-disks are cheap". Eventually it's going to be consolidated into data centers again.
With 1MB blocks, the chain can grow up to 50GB per year. A 500GB HD good for 10 years worth of bitcoin data costs $30. That's $.01 per day. Yes, that is cheap and it keeps getting cheaper. |
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Now if we can limit the node to 1 / IP, then it would be great.
Great, and do you have any idea how many IPv6 addresses are possible? |
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Sorry but that is not true. The cost is convenience, hardware space, CPU computing power and network bandwidth.
You don't need a dedicated server to run a bitcoin node. Just slap it on an existing server for free. There're millions of servers out there that could be turned into nodes for no cost. I know, because I have one. And you underestimate the ability of people to exploit incentives. Let's say there is a real cost of $1 to run a bitcoin node. If you provide a $1.01 incentive, people will immedately spin up thousands of nodes and drain all incentives. So your incentive can never cover the cost to run the node which means any "incentive" is not an incentive at all. |
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I agree with Syke now, but what about in the future?
There's no change. Non-mining full nodes will always be virtually free to run. Does anyone have any info as to what keeps the network going once all the available coins have been discovered?
Transaction fees paid to mining nodes. We'll never run out of new blocks to be mined. |
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The bottom line is this. The cost to run a full node is virtually zero. Therefore, your incentive available to give to the full nodes is also virtually zero. Anything above that will be greatly exploited.
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but i think if the bitcoin is stil not regularize and yet not legalize. then how can one pay tax for bitcoin. is there in USA there is a framwork of Taxes for bitcoin. i dont think so. therefore i will like to say that it is not illegal for any one to use sell their bitcoin.
Yes, there is a "framework". It is very clear. https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidancevirtual currency is treated as property for U.S. federal tax purposes.
It is taxed. |
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So the confirmation speed may decrease if people do turn miners off and others do not tun miners on to make it more profitable?
No, the difficulty adjusts every 2016 blocks so that confirmations will always average about 10 minutes. |
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BTC is already out of league for most of the people. If we think about one btc at $650 is unaffordable for tha majority of the people out there.
I'm here because I bought in $220 which was already a lot IMHO.
A higher BTC price will make it an elite thing
Bitcoin is cheap at only $.65 per mBTC. |
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Nothing is completely random.
Radioactive decay is. |
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*Edit: Is there a way to recover lost bitcoin? ... Like mine it again if it becomes inactive after 50 years or some sh!t like that???
Nope. Lost coins are lost forever. |
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Good thing major players don't understand how this price rise is a sure thing. More cheap coins for us!
A wise newbie you are. |
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We'd need a way to verify that these full nodes are really full nodes to be rewarded. We should find some way of having a full node perform some work to prove they're not just a fake node. Maybe they could perform some sort of mathematical computations to prove they're real. And then when they find the right solution to this mathematical problem, we reward them with, say, 25 bitcoins. I think this would work. People would love such a reward and so they will run lots of full nodes!
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How many of those big miners who mine the majority of coins actually sell them?
Probably most, or they won't be a miner for long. With difficulty always increasing, miners need to be continually investing in new hardware. Big miners have low hosting costs, so most of their profit is going to be re-invested in hardware, and not much is going to be left for savings. |
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I can't figure out (in my pea-brain) why anyone would make an ETF out of bitcoin. Why not just buy bitcoin?
Certain investors have money locked up in accounts that can only invest is approved things like an ETF. Raw bitcoin they couldn't invest in. |
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