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1  Bitcoin / Mining / Solution to mining centralization; Reward bottom 50% mining power with altcoin on: July 05, 2018, 11:48:13 AM
I would like to know your views on this solution.


Solution to bitcoin mining centralization; Reward bottom half of mining power with an altcoin. only bitcoin miners mint / receive this new altcoin. They use same coinbase address as in Bitcoin main chain.


Top 50% bitcoin miners (who found half of blocks for the day/month, etc.), won't get anything. Other 50% gets as much altcoin as bitcoin they mine on Bitcoin mainnet. There should be effectively 10.5M of this altcoin. This altcoin will have non-zero value in open market. This altcoin should subsidize and force hash power to distribute well.

Thanks.
2  Bitcoin / Mining speculation / what would happen in this particular hardfork scenario? on: May 12, 2014, 07:48:20 AM
Consider this.

Bitcoin is now 8 years old. 10 million people (1 thousandth, or 0.001% of total 10 billion) are in the ecosystem; mining, hoarding (FBI?) and spending. More than, 75% of the bitcoins, 15.75 million BTC would already have been mined.

What would happen if,

We do a hardfork, and devide all Bitcoin balances by 10, and distribute remaining 9X bitcoins (14.175 million) over next 20 years (1,050,000 blocks), 13.5 BTC as additional per block mining bonus, in addition to regular 12.5, 6.25, 3.125, 1.5625 and 0.78125 BTC block rewards.

Of course, BTC exchange will immediately go, 10X as bitcoins in system goes X/10. No one would hurt, as they have 10th of bitcoins and they value 10X more.

We're also introducing some inflation, near term (20 years). Bitcoin Quantitative Easing?

What else could go wrong? Will this generate new interest among then-new miners?
3  Other / CPU/GPU Bitcoin mining hardware / Any estimates who shipped how much hash power? on: January 31, 2014, 09:34:21 AM
Hi, Any idea who shipped how much hash power?
KNC, ASICMiner, BFL, cointerra?
any pointers to previous discussion? Thanks.
4  Bitcoin / Mining / Is it possible to put everyone in a single large mining pool? on: December 27, 2013, 02:55:55 AM
Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares.
5  Bitcoin / Mining speculation / KNC Neptune ROI - some numbers on: December 03, 2013, 08:05:58 AM
Without considering electricity and other maintenance costs, #KNC #Neptune (3 THash, 10 BTC), #bitcoin miner will ROI, if you enter mining at or before,

1. 49 PHash @ 35% difficulty jumps
(11.84 BTC in 54 weeks, 11.85 BTC in two years)

2. 57 PHash @ 30% difficulty jumps
(11.45 BTC in 52 weeks, 11.47 BTC in two years)

3. 61 PHash @ 25% difficulty jumps
(12.33  BTC in 50 weeks, 12.38 BTC in two years)

4. 86 PHash @ 20% difficulty jumps
(10.35 BTC in 44 weeks, 10.54 BTC in two years)

5. 93 PHash @ 15% difficulty jumps
(11.58 BTC in 38 weeks, 12.5 BTC in two years)

6. 111 PHash @ 10% difficulty jumps
(10.19 BTC in 24 weeks, 14.85 BTC in two years)

Parameters considered,

1. Miner cost - lesser the better
2. Miner Hash - more the better
3. N/W Hash - lesser the better
4. Difficulty jump - lesser the better

Sounds good? Cool
6  Bitcoin / Bitcoin Discussion / New Bitcoin Units. AlternativeTo mBTC, uBTC on: November 29, 2013, 04:13:31 AM
New Bitcoin Units. AlternativeTo mBTC, uBTC

MTH, BTH, TTH, QTH, RTH and STH.

M, B, T, Q, R, S.

BTCM, BTCB, BTCT, BTCQ, BTCR, BTCS

Idea is like, take all 21M bitcoins, and break it into million, billion, trillion parts.

These units assume that there are, 1 million, 1 billion, 1 trillion and 1 quadrillion units of total bitcoins, and represents 1 millionth, 1 billionth, 1 trillionth and 1 quadrillionth of sub-units.

To make it convenient, and divisible by 21, I'll be using 1.05M (instead of 1M), and so on.

For example,

1. MTH is bigger than BTC, as there are only 1.05 million units,

1.05 / 21 = 0.05 MTH = 1 BTC
@ $1000 per BTC, 1 MTH = $20,000

2. BTH and rest of the units are smaller denominations, BTH is 1.05 billion units, so,

1050 / 21 = 50 BTH = 1 BTC
@ $1000 per BTC, 1 BTH = $20

3. TTH, 1.05 trillion units, so,

1.05M / 21 = 50,000 TTH = 1 BTC
@ $1000 per BTC, 1 TTH = 2 cents
$1 = 50 TTH

4. QTH, 1.05 quadrillion units, so,

1050M / 21 = 50 million QTH = 1 BTC
@ $1000 per BTC, 1 QTH = 0.002 cents
$1 = 50,000 QTH

5. Just as an extension, two more smaller units; RTH, STH. Just using next two letters to R.

1.05B / 21 = 50 billion RTH = 1 BTC
1050B / 21 = 50 trillion STH = 1 BTC

@ $1000 per BTC,
50 million RTH = 50 billion STH = $1

You can also ignore TH, and use just M, B, T, Q, R and S.

Usage:

1. Governments, banks, Bitcoin millionaires, early adopters searching bitcoins in their old / lost hard drives can talk in terms of M, or MTH.

2. Mining pool operators can use Q denominations. Coffee shops can use T denominations. If you're tipping, or doing some kind of micro-transaction, then you can use T / TTH denomination.

3. Another advantage is that you can ignore decimals, when you're using these units, because you're talking in terms of smallest convenient unit, so decimals are insignificant in the context.

4. Now, I have about 36 B. Or, 36 BTH.

I'll leave it here, for your review and consideration. I hope this is convenient, and it would solve imaginary problem of 21 million bitcoins.
7  Bitcoin / Mining / Miners should be sold with the warning on: October 26, 2013, 09:06:38 AM

Miners should be sold with the warning,

You can NEVER get all your Bitcoins back.
Hoarding is safe and bitcoin deflation pays you better returns.


Sigh. Sad
8  Other / Archival / who sent me, 14.9 mBTC? on: October 26, 2013, 12:32:04 AM
who sent me, 14.9 mBTC, from 1GQM4P2Unc9v38HaR1eVv39fHyyLDG2vFS ? Smiley
9  Bitcoin / Bitcoin Discussion / 512 qbit quantum computer is here... on: October 14, 2013, 11:27:10 AM
512 qbit quantum computer is here...

How much time would it take to convert Bitcoin address to key??

https://www.youtube.com/watch?v=CMdHDHEuOUE
10  Bitcoin / Bitcoin Discussion / How to use fiat currencies for Bitcoin offline transactions? on: October 01, 2013, 05:09:23 AM
Idea is to use fiat currencies for digital currency transactions. Fiat currencies are well distributed, difficult to counterfeit and they all have unique numbers. We also have various digital currencies, and these are not well adopted as fiat currencies. Can digital currencies use fiat currencies for a ride?

Say, someone transfers 10 BTC to a $10 bill with a specific number '12345ZXCVB' (script?), then he can use that particular $10 bill (worth $10 + 10 BTC) for offline bitcoin transactions, right? This $10 bill will work like a cassaious coin.

I think, it should be possible, but am I missing anything in the puzzle?

(This post was moved from "general discussions".)
11  Bitcoin / Bitcoin Discussion / How to use fiat currencies for Bitcoin offline transactions? on: September 27, 2013, 01:29:39 AM
Idea is to use fiat currencies for digital currency transactions. Fiat currencies are well distributed, difficult to counterfeit and they all have unique numbers. We also have various digital currencies, and these are not well adopted as fiat currencies. Can digital currencies use fiat currencies for a ride?

Say, someone transfers 10 BTC to a $10 bill with a specific number '12345ZXCVB' (script?), then he can use that particular $10 bill (worth $10 + 10 BTC) for offline bitcoin transactions, right? This $10 bill will work like a cassaious coin.

I think, it should be possible, but am I missing anything in the puzzle?
12  Bitcoin / Pools / Restrict max hash rate for a pool on: September 21, 2013, 05:13:12 AM
Is it really possible to restrict pool max hash rate to one hundredth of total network hash rate?

This way Bitcoin can be truly distributed, and not controlled by few big entities. Also, if this could be implemented, then 51% attack will become impossible.
13  Economy / Service Discussion / why not just ban any trades, 1 mbtc < $1 ?! on: September 12, 2013, 01:50:37 AM
Why not agree all exchanges together, and set base price for 1mbtc as $1, and not allow any trades which quote less than that?

Do you think this will stop all trades? No. Or, may be for an hour or two there won't be any trades, but I think, somehow further trades will proceed.

Is it even possible, to do so?
14  Bitcoin / Hardware / Any KNC miners shipped? on: September 04, 2013, 01:39:49 PM
I'm following two group-buy orders; 3003 and 3641, paid on 11 and 15 July, respectively. May be it's a bit earlier, but we're already in September.. Smiley
15  Other / Politics & Society / Running government just by inflating its currency on: August 20, 2013, 03:40:02 AM
Is it possible to run a country / government just by inflating its own currency, without any taxes? If possible, how much money should that government hold, how much should be in distribution and how much in gold?
16  Alternate cryptocurrencies / Altcoin Discussion / Altcoin - how to distribute one unit of altcoin to everyone? on: August 05, 2013, 09:39:22 AM
How to distribute one unit (divisible by 15 - 20 digits) of a new altcoin to everyone whoever claims for it, only once?

What are the options available for me. Thanks.
17  Bitcoin / Bitcoin Discussion / Bitcoin Advocacy - Asking government / taxation department what they think? on: July 30, 2013, 03:31:09 AM
I'm looking for a well written formal write up, to ask government (Singapore) / taxation department what they think about bitcoins; holding, transactions, and buying stuffs with Bitcoins.

Basically, a 'request for comment'.. Smiley

Bitcoin.org is focuses US only?!
18  Economy / Service Discussion / KNC thread - for group buy investors and other details. on: July 29, 2013, 03:59:41 AM
I've invested in KNC mining shares (3.2 BTC so far + $1200 in near future), and I'd be tracking KNC related news, group buys, mining share dividend payments in this thread. I hope this thread will be useful for fellow investors. Smiley
19  Bitcoin / Bitcoin Discussion / mBTC - what the worst could happen..?!?! on: July 29, 2013, 02:38:33 AM
When Bitcoin community starts using mBTC as standard, then next day news would be like,

"Deflationary Currency, inflated - 1000 times; 1:1000 wealth goes to early users."

Not a right statement, but that doesn't mean, it won't make it to news.. Sad
20  Bitcoin / Development & Technical Discussion / How long until Bitcoin-qt 1.0 ?! on: July 26, 2013, 07:10:49 AM
What's planned for Bitcoin -qt 1.0 ?! How long would it take to reach this milestone? Smiley
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