Is it possible to realistically solo mine? If so, can you do it through the wallet? Or do you need a separate client?
Thanks
Yes, I believe most woodcutters are solo miners today. To use a GPU, use ccminer and point it to your own running woodcoin wallet using the rpc interface. There are various tutorials out there as this is the method for solo mining most coins today (try searching for "how to setup ccminer for solo mining") , but please visit #woodcoin on freenode IRC if you want some real time support. Good luck!!  |
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I'm not sure if this is something you thought about but having a secondary mining algorithm that can keep the blocks going when the main chain is stuck in a high difficulty retarget works.
Ever since Scrypt ASICs arrived a bunch of Scrypt-only coins are suffering from the same issue; ASIC miner starts mining with enormous hashrate which causes the diff to get kicked to the moon and once the big hasher leaves for greener pastures the blockchain grinds to a halt until some small miners eventually get lucky to find blocks and slowly reverse the retarget mechanism.
So in essence, a single difficulty retarget always relies on - one way or another - the single blockshain's block finding frequency which can be "attacked". The reason for that because difficulty retarget mechanisms can only ever change the difficulty once a block has been found. But if the diff is super high, it will stay that high until the next blocks. And for difficulty retargeting methods that never kick the difficulty "too high" only means the ASIC miner will mine way more blocks than it was intended.
Having multiple algorithms (PoW or PoS) eliminate that.
I'm not sure about block withholding attacks but I'd imagine having multiple algorithms would also cripple their efficiency if not eliminate them.
It's true, this would help stabilize the block rate. Not even a need to go to proof of stake, one could do something like what myriad does, with multiple non-chained proof of work algos. This would minimize the effects that one rogue miner with access to top tech or hardware could do. If anyone is interested, we could consider this. However I'm not sure it is necessary. I don't mind waiting out the current era; pure single-algo proof of work and no-hard-fork-ever is attractive in its simplicity even if it can lead to volatile block times. |
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Baruk Khazad!
Woodcutters, lend me your chainsaws!
I come to not to bury the hatchet, but to raise it.
Intro:
After a brief respite from the continual hash withdrawl attacks we have seen on the network since November, we are back to the same pattern.
A relatively large GPU farm moves in every time the difficulty drops, and moves out once it goes up.
The activity is clearly not profitable for the attacker, but that is neither here nor there - we have to deal with it.
Effectively the network becomes several times slower to confirm transactions, and more sporadic. Otherwise, business as usual.
Announcement:
Being a public coin, how you deal with this is of course up to you. I plan to take advantage of the ongoing attack by leveraging it as a stress test.
So, expect a bunch of spam TX in the upcoming week. There will also be more fees collected by woodcutters. So, now would be a good time to turn
those spare GPUs or other skein cycles onto the network.
Lets see what we can do.
Enjoy!
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Nah, it's probably Santa Claus, Uncle Sam, and the Tooth Fairy who control it.
Oh wait, you think real people are the ones who actually have agency to act on this earth? Not disembodied words with vague geographical significance?
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Of course "the owner of bitcoin" is obvious nonsense of the same style as "the owner of English" or "the emperor of gravity".
Perhaps the guy has substantial influence on the open-source bitcoin node software project known as "core"?
Well that's fine by me.
The guy has demonstrated intellectual leadership including patience with us retards on bitcointalk and our infantile questions for nearly a decade, and appears to be motivated to educate us, you know, like any sane literate person would do. And he hasn't demonstrated himself clearly senile or infantile, though perhaps with time he will crack, who knows.
As far as reputation goes (which shouldn't be that far other than as a guide to get you started), the guy is in my book one of the best in understanding bitcoin related crypto. This makes him influential? Yes. Dangerous? Not at all. He pushes some nonsense into Core and that shit will be dumped faster than lightning.
You don't like core? Then go use another client already. I know you're used to fiat slavery but there's no owner here. Take responsibility and just go ahead and do what you need to do.
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What is this nonsense?
Bitcoin is used for payments .. which are also known as taxes. So yes, bitcoin is specifically designed as payment tool, that to settle sums owed, to pay one's tax. There are taxes paid to miners for their services, there are taxes paid to exchanges for their service, there are taxes paid to restaurants for their services, etc. There are taxes paid to extortion rings so they don't lock your family up, and there are taxes paid for education, transportation, drugs.. you name it.
If you have a question about a specific person requesting a specific tax, then lets hear it. Otherwise, this thread is sad nonsense.
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Thanks Kakmakr, you are absolutely right.
Bitcoin needs to be introduced as soon as possible not only because of its importance in trade and finance but also because learning how it works is highly educative.
Many people who grow up under fiat feudalism never learn about currency issuance, seignorage, or things like escrow, physical delivery, etcetera. Learning what public coin is and how to use it will greatly empower our children in Kenya and around the world - even if they don't immediately have a chance to use it.
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Early in 2009 is my guess.
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USD still popular over high popular is compare bitcoin
you wrong is compare, maybe compare dollar paypal , dollar perfectmoney dollar okpay is right placed compare
is comare USD not equal, USD real curency in the world , bitcoin digital curency
I have no idea what you are trying to say but for me I think USD is still better currency in compare to bitcoin as it can be used anywhere to buy anything. it is not a better currency at all, bitcoins are the best because they are not controled by any banks or other financial institutions But Bitcoin is essentially controlled by major mining pools now. They seem not to exercise their power (at least, openly), but apart from that, they are just like any other financial institution which has control over money (the US dollar or whatever)... So what's the difference really? The difference is that USD is privately issued. Therefore USD issuers can issue any amount at any time, at no cost to the issuer, and we the people have no way to know or verify that it happened Isn't this exactly what control over money means? Indeed, if an entity that grabbed control over Bitcoin would try to hit hard, it would almost certainly fail. For example, if it had decided to cancel halving (the hypothetical event much talked about before the recent halving), it would have brought down the wrath of regular bitcoiners most likely ending up nowhere. But this doesn't in the least prevent such an entity from acting in ways which are more subtle... But which could potentially be no less destructive in the long run than the plain old rampant printing of money, Zimbabwean style The difference is the public nature of BTC. If somebody grabs control over BTC, and as you say - cancels the next halving, then the block chain immediately advertises this for all to see. Forks are public too!! Holders and users can choose what chain they wish to transact on. There is no getting away with monetary supply fraud that people can't see if you are on a public coin. If you are on a private coin, such as USD or Zimbabwe Dollars, then you ALWAYS have monetary supply fraud - that is the coin itself. It's the whole point really. |
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Judging by the fact that one BTC is worth $572 USD at the time of writing, the digital currency has surely proven its worth.
I agree with you that bitcoin has proving its worth as the time goes by. But still if we are going to think about it. USD will always be there and no currency is going to be able to defeat. It is not really a good thing to compare them both, but they are both useful if we are going to about it because they are both good currency. Dollar will always be where? Not in my house. In no way do I consider something which can be issued by criminals in arbitrary amounts any time without us knowing about it to be "good currency". Dollar is always going be in the market, economy and the number one currency of the United States and as well it is going to be the number one source of the market value of other currencies in other countries. Still they are going to depend to USD just like here in my country our currency is still depending on USD. Number one source of market value of CNY is USD??? Lol, you couldn't make this stuff up. How does the russian ruble or the euro or the litecocin or silver depend on the USD for value? Of course they don't. The value comes from being able to trade the stuff for food, clothing, drugs, gas, labor, and shelter. Not from converting it to some other scrip. The argument "things will never change" does quite well until that time that things do inevitably change, at which point it fails. Thus the question is ALWAYS not if but when. |
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Judging by the fact that one BTC is worth $572 USD at the time of writing, the digital currency has surely proven its worth.
I agree with you that bitcoin has proving its worth as the time goes by. But still if we are going to think about it. USD will always be there and no currency is going to be able to defeat. It is not really a good thing to compare them both, but they are both useful if we are going to about it because they are both good currency. Dollar will always be where? Not in my house. In no way do I consider something which can be issued by criminals in arbitrary amounts any time without us knowing about it to be "good currency". |
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Epsylon3, nice work on sgminer looking forward to see. It looks like that transaction you mention is now very well established in the chain? What should we see there? Bathrobehero, they are indeed frightening to behold. However I am seeing signs that the network is stabilizing. Those who can weather the storm will have clear skies as a reward. |
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USD still popular over high popular is compare bitcoin
you wrong is compare, maybe compare dollar paypal , dollar perfectmoney dollar okpay is right placed compare
is comare USD not equal, USD real curency in the world , bitcoin digital curency
I have no idea what you are trying to say but for me I think USD is still better currency in compare to bitcoin as it can be used anywhere to buy anything. it is not a better currency at all, bitcoins are the best because they are not controled by any banks or other financial institutions But Bitcoin is essentially controlled by major mining pools now. They seem not to exercise their power (at least, openly), but apart from that, they are just like any other financial institution which has control over money (the US dollar or whatever)... So what's the difference really? The difference is that USD is privately issued. Therefore USD issuers can issue any amount at any time, at no cost to the issuer, and we the people have no way to know or verify that it happened. BTC is publicly issued - any new coins are announced publicly and verifiably to all participants. Such coinbase events are limited in amount and frequency, and only appear when proof of costly work has been presented. |
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thanks for reply epsylon, i thought its just me  local qt-wallet still cannot download last few hours of blocks and never can sync for me Thanks for reporting. The trouble is that woodcutters are withholding blocks. There are a couple of large miners engaged in a war of attrition to get ahold of all the new LOG. The difficulty has been going up and down by a factor of four and periodically a large reorg comes through. Unfortunately there is little we can do except wait and add more hashpower to bolster the nominally operating network. On the plus side, all transactions are going through and there's been no evidence of doublespend or DDOS. |
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There is a like a billion economical reasons why shouldn’t governments do that but the simplest reason would be that there would be a whole lot more cash in the market and the more cash there are in the World means the less it will worth.
Say you have 1 apple and you are hungry and someone came in and said he will give you 10 dollars for your apple, you would refuse it because you are hungry and you need it but if you have 1000 apples and hungry and someone says he would pay 10 dollars per apple you would sell like 990 of them.
Meaning the more cash there is , the less worthy it will have.
This is only part of the picture. If I issue a few trillion dollars in some private accounts (as people do), perhaps printing up a few billion in cash and storing them in my garage (as people do) this will NOT immediately affect the trade down the street at the grocery store in any way. The people buying apples don't have keys to my garage, and the store owner also doesn't have the keys. So, the price of apples STAYS THE SAME - despite that massive cash injection. In fact it will take decades for enough of this cash to start circulating to affect prices. Because people claiming to be your government have shown they don't care very much about future prices, imagining that having cash in their garages is more important, they will continue to issue massive bank accounts and fill their garages with cash. Business as usual, well not really usual but the last fifty years or so at least. |
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to me US Dollar is a very very strong currency in present time and it not going to crash, and perhaps it happen and bitcoin crash down it will also fell down the who economy of the world, because most of the countries are depending of Dollar for their economy,
Yes very strong, you can buy like almost 2 millibitcoins with it. Up so high from five years ago. And retained so much value over time, just think what food or clothes or rent cost a single dollar ten years ago now only costs 2 or a little more! Most of countries are depending of dollar?? Where to even begin with this nonsense. People in countries depend on food, clothing, shelter, energy, transportation, sure.. but a foreign currency issued in private by gangsters? What are you thinking seriously? You can't really blame people for seeing the USD as very important as nearly everything in the world is tied to it, in order to give that "thing" (could be oil, gold, diamons, sugar, etc) value. They see it as a strong and solid currency. What they don't see, or perhaps don't want to see, is that the country behind it is theoretically bankrupt. Actually NOTHING in the world is tied to it. Oil, diamonds, gold, sugars, all float vs. fiat currencies and the long term trend in each is always towards higher amounts of the fiat currency. If you see this as in any way strong, you simply haven't observed the long term trends in the world and have also never taken the time to think about private currency issuance. Whether or not some corporation is bankrupt or not is hardly relevant to this narrative. |
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as we can see that in present time the most stable and powerful fiat currency of the world is US Dollar, most of the countries are using USD for their trade
Sure and we can see the moon is made of green cheese. Have you ever been oveseas? What currencies are commonly used in the most populous areas of the world? , this mean that their economy is totally depending of USD,
The notion that anybody or anything's economy is dependent on a fiat currency is patently absurd. This is like saying that the productivity of a garden for a farmer depends on rodents stealing the vegetables. Production, employment, trade, infrastructure, these are the things that matter to an economy. The ability of a private token issuer to fleece the population depends on the economic health sure, but NOT the other way around. |
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Hmm, interesting Somebody else was doing this with an altcoin, I can't remember which one now sorry. The motivation stated was to make the arrival of blocks more regular. One potential issue is that if such a coin existed and was popular, if one could mine the "rights" to a future block - one would have a cryptographic key which enabled the creation of block N and the collection of reward R for so doing. In this instance we could imagine that a market would arise for such keys. A miner would be willing to part with his key for R + epsilon, which is after all more than he would get for mining the thing himself. Thus we return to our original model, shared by PoW and PoS, in which ability to create a block can be rented or purchased on the open market - and short term security of untrusted transaction is again proportional to this price. |
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to me US Dollar is a very very strong currency in present time and it not going to crash, and perhaps it happen and bitcoin crash down it will also fell down the who economy of the world, because most of the countries are depending of Dollar for their economy,
Yes very strong, you can buy like almost 2 millibitcoins with it. Up so high from five years ago. And retained so much value over time, just think what food or clothes or rent cost a single dollar ten years ago now only costs 2 or a little more! Most of countries are depending of dollar?? Where to even begin with this nonsense. People in countries depend on food, clothing, shelter, energy, transportation, sure.. but a foreign currency issued in private by gangsters? What are you thinking seriously? |
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