Bitcoin Forum
June 21, 2024, 08:44:34 AM *
News: Voting for pizza day contest
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1] 2 3 »
1  Bitcoin / Bitcoin Discussion / Re: Why Bitcoin chose Proof-of-Work (PoW)? on: November 12, 2018, 07:18:36 AM
lot of other and better versions of consensus algorithms

you first have to prove that there exists a consensus algorithm that is actually better than PoW then discuss why bitcoin is not choosing that "better" algorithm.
so the real question here is "why do you think other consensus algorithms are better than PoW?"
I have been doing research on why Bitcoin is better than other cryptos and I came across many other algorithms for consensus that seems to be a bit better than PoW theoretically! The most important of them seems to be PoS.
PoS:
It gives power and voting rights based on Stake system.
It has no mining rewards which removes the ongoing war for mining the block earlier than any other miner.
It has lesser energy consumption for its functioning.

2  Bitcoin / Bitcoin Discussion / Why Bitcoin chose Proof-of-Work (PoW)? on: November 12, 2018, 07:03:21 AM
I have noted that even now that a lot of other and better versions of consensus algorithms have been formed, Bitcoin has stick itself to PoW!
One of the most recent cryptos, Ethereum, is also based on PoW even though it had a lot of other options!
My question is that what are the factors that make PoW to stand out the rest even when miners have a lot of competition to face here for mining?
Is it because of the stability of the PoW algorithm?
If not, then what attracts Bitcoin to stay on PoW!
3  Economy / Marketplace / Re: OTC and Bitcoin whales. on: November 05, 2018, 11:47:45 AM
Is OTC beneficial for large-scale traders i.e. sharks or whales; whatever you want to call them or is it a safe haven for small traders.
Well, as far as my knowledge is, over-the-counter trade is for those who want to make large-scale investments in cryptos. These might also be for ICOs as the investment in cryptos needs to be converted into fiat currency for development of the project.
I don't know if such a kind of trading is of any benefit for small investors or individuals who want to convert their fiat into cryptos because bulk trading of cryptos might save a lot of cost for the traders!
4  Alternate cryptocurrencies / Altcoin Discussion / Is EOS the new era for blockchain or just a commendable whitepaper? on: November 05, 2018, 11:13:32 AM
While researching on EOS, I saw a lot of people bashing bitcoin for not being technically as strong as EOS is, according to its white paper.
EOS has almost promised all the possible tech implementations present at this time. It is the first-ever workable implementation of DPoS algorithm.
It seems to have the most efficient transactions with a transaction speed of 0.5 sec/transaction, which become 100% irreversible in only 1 second.
The security and efficiency of EOS are unmatchable as well.
The whitepaper of EOS is really something commendable but is its implementation possible?
The reality is different!

EOS has been through a lot of trouble since its birth.
The 51% attack seems to be quiet easy to achieve in EOS as it is possible as soon as you own 51 votes.
DPoS is the least decentralized algorithm of blockchain yet they promise decentralization! It chooses a consistent number of nodes who work as the verifiers for blocks. EOS has 21such nodes that overlook ever activity in the block.
BUGS- Well not to question the efficiency of EOS but it has unnumberable bugs in the system. Although they are putting their efforts to get rid of them yet they keep showing up!

Cutting the long story short, PoW has been the most decentralized algorithm of all times. The only importance and need of blockchain is for "Decentralization". If a blockchain based system is centralized then why even need it?

Let us not forget that the basic aim of any crypto is to stand out the fiat currencies by ensuring decentralization in its system to enhance the trust of people who are a part of that system! No tradeoffs with decentralization can be acceptable!

5  Bitcoin / Bitcoin Discussion / Re: Bitcoin's Energy Consumption! on: October 27, 2018, 05:40:55 AM
The more these critics press the energy issue on bitcoin, the more people will ignore it. It is not the miner's fault that they are using energy that comes from fossil fuels, but rather the providers that supplied them with such. Some operators have already stepped up their game and used hydroelectric power on their operations, and these critics don't even care to include those on their reports. Nuclear energy is always available to be used, but the amount of building an infrastructure would cost much, that's why most energy companies tend not to do it. It's greener and cost-efficient in the long run, but then fossil fuels and coal are still being used for most of the world's power.

The blame has to be thrown somewhere, and bitcoin is the perfect candidate for that.
This blame game needs to end somehow. We need to tell them that bitcoin is no ways going to be the scapegoat for the high energy consumption, corruption or any other criticism!!!
6  Bitcoin / Bitcoin Discussion / Bitcoin's Energy Consumption! on: October 25, 2018, 05:35:49 AM
I was reading an article which explains that bitcoin might be able to run on a clean energy technology to avoid claims such as bitcoin uses a lot of energy which increases the global energy consumption.

It says that bitcoin can run its functions using decarbonized energy systems and is merely being over criticized. While other industries are producing the most carbon emission, the critics are after bitcoin!

My question is that what other forms of energy is bitcoin using for its mining?
Are there any other possible solutions to decrease bitcoin’s energy consumption?

https://theconversation.com/stop-worrying-about-how-much-energy-bitcoin-uses-97591
7  Economy / Marketplace / Re: What places do you do your shopping online ? on: October 23, 2018, 05:38:44 AM
We run CoinRebates, a rewards program that lets you earn bitcoin rebates for shopping at more than 300 online stores. We want to know which stores you often shop so we can put more emphasis on them, or if they are not already partnered with us, we know to reach out to them.

Popular stores:

1. AliExpress (4%)
2. Expedia (4%)
3. Walmart (2%)
4. Groupon (5%)
5. Gamiss (12%)
6. LightInTheBox (6%)

All stores: http://www.coinrebates.com/stores/all

Stores accepting bitcoin: http://www.coinrebates.com/stores/bitcoin-accepted

Stores we cannot add: Amazon, eBay
Most often I shop online from Daraz and Amazon. It would be great if Daraz would start accepting cryptos!!!
8  Alternate cryptocurrencies / Speculation (Altcoins) / Re: What are the most promising cryptocurrencies? on: October 22, 2018, 06:14:49 AM
Hello everyone, please write 5-10 cryptocurrencies in which you would invest, invest now or will invest for a long time. By long I mean from 3-5 years to 10. Except Bitcoin.

My list is:
1. Ethereum
2. Stellar
3. Monero
4. Zcash
5. 0x
Maybe:
6. Siacoin
7. Qtum
8. Lisk
9. Dash
I am astonished why doesn't your list has Bitcoin in it!  Is it that you missed it or you don't feel comfortable enough to invest in Bitcoin?
9  Other / Beginners & Help / Re: Scam Attempt on Facebook on: October 19, 2018, 05:10:19 AM
Well, his confidence could sway anyone. We seriously need to look out for such scammers. These people are the reason that the majority is unable to accept bitcoin as a safe currency or even an investment. There should be strict rules to avoid such scams.
10  Bitcoin / Bitcoin Discussion / Re: Blockchain is not private on: October 18, 2018, 11:28:49 AM
If you really want to understand blockchain technology and invest in new projects, you definitely need to read the data security laws. I've seen so many Dapps that offer opportunities to free people, free data or create open markets. Cool, but the white paper doesn't say how to store these extremely private, sensitive data controlled by a highly developed set of international data security laws, does it? Data privacy on the blockchain is integrated with the underlying chain, or built in the top layer, which will create a huge market that is critical to expanding consumer-grade applications.


Well as for the topic: blockchain is not private, you are somewhat not right and I don't get it how it connects to what you are saying in this post.
Blockchain exists in 3 states:
Private
Public and
Consortium
All of these have different levels of privacy, security, and decentralization.
Privacy really matters and consumer grade applications surely need higher privacy which blockchain does provide. If blockchain would lack privacy, it would not have been acceptable. For greater anonymity and security there are many other DAPPs.
11  Other / Meta / Re: So much negativity, so I'm going to be positive. on: October 16, 2018, 06:02:54 AM
I'm fed up with ignore lists, reporting, blocked boards and all those negative technique that we seem to be forced into using here. They are necessary if one want to stay sane when looking for meritable posts.

I'm going to build a list of favourite posters with a rank of member or lower, and I'll check their latest posts on a regular basis, and award merits if they are deserved. Don't spam me, or request to be added to the list, as that is tantamount to begging.

Do any other merit sources do this? I might make the list public to encourage some of the new members. After all, ignore lists can be made public, so why not list the good members.
I don't know if this is actually implementable but yes we have seen a huge number of newbies, junior members and even members pointing out that this merit thing works like the actual world. The riches stay to the riches even if some newbie deserves it more... I have seen newbies who have made only 1 posts and are so worth appreciation but are never appreciated. If a legendary member posts a thread that might be useful but not as much, they get uncountable merits.
I hope this initiative of yours help and encourage all members to never lose hope and to keep giving their best to this forum.
12  Bitcoin / Bitcoin Discussion / Can blockchain(implementing btc) evolve how we implement Mesh-networks? on: October 16, 2018, 05:29:28 AM
The problem!

Various remote territories are not sufficiently productive for Internet Service Providers to create a  framework. Range extenders do a good job of filling in dead zones, but typically provide only half the bandwidth that you get from your main router.  So to resolve this problem, we have our savior “The Mesh Networks”. The mesh network also resolves Network Congestion Collapse issues.


What are Mesh Networks?

These are groups of smart gadgets (telephones, tablets, etc.), which interface with each other's Wi-Fi so that web extends and availability can be enhanced.  Wireless mesh networks provide a network connection that is spread out among dozens or even hundreds of wireless mesh nodes that link to each other to share the network connection across a large area. In the event of failure of some nodes, the remaining nodes could continue to communicate with each other, and, if necessary, serve as uplinks for the other nodes.


How they work?

There's a main router that connects directly to a modem and a series of satellite modules, or nodes, that have been placed throughout an area. Each node serves as a hop point for other nodes in the system. This helps the nodes farthest from the router to deliver a strong Wi-Fi signal as they are talking to other nodes and not relying on one-to-one communications with the router.


This question might be the solution!

Mesh networks are not only just for singular person use but these mesh networks will enable worldwide internet coverage, even to the areas where no service providers deliver internet services or where it is costly for ISPs to create a setup.
Can Blockchain evolve this process through any means?
Can blockchain devise a way which can ensure more efficient and effective delivery of wi-fi signals?
Can blockchain create a Global Extranet that can allow access to authorized peers only?
Is blockchain the possible solution?

If such a blockchain exists then this system will inter-connect homes, cities, countries and eventually the whole wide world.
13  Alternate cryptocurrencies / Altcoin Discussion / Re: Will Bitcoin Gold have a future? on: October 15, 2018, 05:29:18 AM
Bitcoin Gold seems to have a solid development team, as it has managed to quickly implement an ASIC-resistant algorithm after the release of Bitmain's miners for Equihash. If it remains a GPU-only mineable coin, then it would be much more decentralized in the mining process than both Bitcoin and Bitcoin Cash. However, its success will only depend on the level of adoption it would experience in the mainstream world.

Considering that it has all the same features as Bitcoin, with the differences being an ASIC-resistant algorithm and better privacy, it could be well worth the investment after all.

Nonetheless, do you think Bitcoin Gold (BTG) will have a future or not? Smiley
Well, we can not say anything for sure. Bitcoin is the strongest of all cryptos with a huge market presence yet it is taking a lot of time for people to accept it. Bitcoin gold might also need to wait for its acceptance.
14  Other / Beginners & Help / Re: Which ICO review/rating do you trust most? on: October 15, 2018, 05:13:07 AM
Hey guys, question: What sites do you trust the most for ICO ratings and reviews?

Thanks!
In my opinion, Ico bench and Ico ratings are one of the best and trustful sites for reviews and ratings. They have kep yearly records as well.
15  Economy / Marketplace / Re: Positive or negative promotion strengthens crypto market? on: October 15, 2018, 04:40:53 AM
Positive promotions brings more investors fall into crypto market. Yes and this is agreed. I would like to say that negative promotion filters strong and confident investors in the market. How do you see it? I say we need strong and confident investors in the crypto market then investors who just look for huge profits a sudden and leave out for another platform if they do not see profits within the time they expect. Whats your thought on it?
I second your point of view. The recent bombing of google adds on cryptos can seriously be a great concern for all cryptos and can adversely affect the pricing and investments in cryptos. We can actually see the market being bearish now... We need to make sure that cryptos are being marketed positively by marketing the basic idea behind cryptos!
16  Bitcoin / Legal / Re: bitcoin legal or not on: October 13, 2018, 08:31:56 AM
I am new to crypto currency and I don't know the Bitcoin is legal or not plse help me
Your participation really matters. You need to explain what you wish to know exactly. Where are you from? Regulations vary in all nations so does crypto acceptance. Bitcoin is legalized in many nations but is still not accepted in others.
17  Other / Beginners & Help / Re: Your first step to BASICS on: October 13, 2018, 08:27:11 AM
Hey guys! I just found an interesting source of information that could help us here to gain more knowledge about cryptocurrency and what are those basic information we should know before making our first step in this industry. For those who love to read, enjoy exploring these articles on the hyperlinks below.

Remember, If knowledge is not put into practice, it does not benefit one.”


--> A Beginner's Guide to Blockchain Technology

--> Basic information you should know from COINTELEGRAPH
This surley will be of great help for the beginners. Such posts can help newbies to look into what blockchain and bitcoin is and then participate. Such posts might also help to inprove the quality of posts and comments on this forum. Here is one more post for beginners to know what bitoin is:
https://blockgeeks.com/guides/what-is-bitcoin/
18  Other / Meta / Re: Time to implement rules for bounty managers on: October 13, 2018, 08:08:17 AM
I am sorry. Coolcryptovator has already created a thread regarding this issue, although not exactly same.
My thread is not about rules or regulations. I want to quote a part of a bounty thread created by a so-called full member.

Here we go-

Rewards:
Hero/Legendary – 6 stacks per week
Sr.Member – 5 stacks per week
Full Member – 3 stacks per week
Member – 2 stacks per week
Jr.Member – 1 stack per week

If a bounty manager can't write the word "stake", what can we expect from him?
Probably, it's time for some regulation for bounty managers. I don't want to mention the fishy characteristics of bounty managers here.
Well yes, this is a common problem that exists and we can easily find these grammatical issues but we cannot criticize them for not knowing good grammar. They are senior members because they deserved it and their grammatical mistakes are at least understandable (as you understood what he meant to say).  
Let us appreciate those who are putting in the effort to make this platform more informative instead of only focusing on criticizing people for their mistakes.
19  Bitcoin / Bitcoin Discussion / Re: HOW BLOCKCHAIN TECHNOLOGY CAN BE USED TO PREVENT FAKE FIAT CURRENCIES? on: October 11, 2018, 05:27:59 AM
According to literature cryptocurrencies can help avoid double spending and generating of fake currencies into the system. The blockchain technology which serves as a distributed ledger system for all transactions of bitcoin prevents double spending and also because the honest nodes on the bitcoin network outweighs the attacker nodes, the nodes within the network only confirms true transactions unto the blockchain other than any suspicious transactions.
Also, because the blockchain technology is an open source decentralized network everything occurring on the network is very transparent and therefore people can just make their own currencies into the system.
Bitcoin is PoW based as an implication of PoW and these are all the pros that exist in Bitcoins. The details you mention belong to PoW and blockchain technology is not limited to this only.
Concerning your question, blockchain technology can be used to prevent fake fiat currencies and many other financial problems as it can help to create cryptography based currencies that are completely digital. These crptos will not only ensure decentralization but transparency, privacy and security as well.
20  Bitcoin / Bitcoin Discussion / Re: Google Ad Reveals Search Giant's Feelings On Bitcoin And Crypto on: October 11, 2018, 05:12:58 AM
Forbes were talking about Google Ad and their adverse feelings towards Bitcoin and crypto yesterday and it got me thinking... do you really think it has that big of an effect? Do you think this is overly affecting people's perceptions of Bitcoin and crypto? Or is it just water under the bridge? What do you think affects peoples perceptions more?
As of my knowledge, Google might be trying to de-market bitcoins and other cryptos. Google, as a matter of fact, is the highest used search engine worldwide. People surely have a sense of trust bound with Google and whatever Google tells us is thought to be true even if it is just a perception. We cannot turn a blind eye to this fact and should look out for its solution instead of letting anyone de-market Bitcoins and cryptos.
Pages: [1] 2 3 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!