I always wondered why miners don't take the block reward and the fee's should go to the node I think that would be a very good way to incentive's people spinning up nodes if they we're to be the node that is first to broadcast the block they would get a reward for it.
then how would you decide which node out of hundreds of thousands of nodes that are receiving, verifying and relaying the same exact transaction should receive the fee? and more importantly how do you prevent someone spending a little amount of money (compared to cost of buying mining hardware) rent servers and run thousands of nodes? Probably some downside to this idea but it would be something to ensure node's which are key parts of the network would be a reward to run.
there must never be any difference between nodes. otherwise we end up with a centralized network. look at altcoins with same issue. |
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what's next? of course it is the actual excitement that is going to slowly start as we will also slowly see the real effects of halving that is seeing about 900 new bitcoins created every day instead of 1800 bitcoin. that is about $7.8 million less bitcoin being sold so if the demand stays the same the price has to rise. and that's not right because demand is increasing with adoption so the rise has to become even faster.
but it probably won't start for a little while since the effects of halving hype takes time to wear off.
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Surprised that so few miners decided to turn off.
we can't even measure hashrate with that kind of accuracy and in such a short period of time to want to conclude whether any miner at all has shut down or any new miner has come onboard. specifically when the changes look small on these types of charts they are within the acceptable error range. |
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Messages from the genesis blocks (by Satoshi Nakamoto) and that one (by F2Pool) are solid proofs and reminders for bank bail-outs. Some next decades, people will realize how they wrongly believe in fiats and in banks. Fiat will turn into toilet papers or trashes like what we saw in Venezuela, and banks will end as bail out. The recent changes from them, developing and making digital currency are other steps to bring the to bail outs faster. With such stuffs, they won't have to spend too many resources to print money. Just write some code, then enter, and have a trillion of dollars readily to be distributed. That's awesome for banks but terrible for the global financial market.
i doubt that much would change in a decade from now. if we look back a decade ago the world turned into shit because of the same banks doing the same thing as today and nothing changed afterwards and fiat is still just as toilet paper-y as it was before but people still trust it and the centralized corrupt banks. them entering cryptocurrency world is another trick of them to stay afloat longer. with their bank-coins they will remain relevant for a longer period thanks to the hype it brings them. |
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because most people who you see are not in bitcoin because they saw a decentralized currency and were attracted. instead a lot of them are here because they saw "profit" and they became interested. and someone who cares about making more $$$ is not going to run a full node and contribute to the network. instead they seek the easiest way possible which is custodial wallets, web wallets and best case scenario is an SPV desktop wallet.
i don't think there is any technical challenge though.
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the biggest lesson which i am sure everyone else also learns very soon after they start is that whenever it comes to buying bitcoin or not buying it and bitcoin's price i should never pay any attention at all to what other people say. specifically when those people are referred to as "experts" i should run the other direction because they are trying to scam.
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whenever bitcoin makes a move it always makes the media go crazy about it and give it a lot of free advertisement. that move usually is price-wise and sometimes the different countries that adopt bitcoin as a legal currency. so it is understandable that such a significant event such as halving that is THE factor that sets bitcoin supply apart from any other currency in the world since it is limited instead of being unlimited like others.
as for price i think it is well within the realm of possibilities that price sets a new ATH by the end of this year.
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like the price of everything else from a toothbrush to a lambo and gold, stocks,... price of bitcoin is determined in the market by the market participants based on the supply and demand.
this "market" are usually a bunch of centralized websites called exchanges where people meet and trade bitcoin and that determines the price which will then be reported as a number and everyone else including google fetches it and publishes that value on their platform.
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exchanges' servers crash on both sudden rises and sudden falls. it is for a wide variety of reasons including the sudden surge of users trying to buy and sell their coins in both cases and sometimes there is an addition of a DDoS attack on their servers from someone who loses money and is butthurt and doesn't want to see the price go up for example.
in any case their horrible servers is the least of our worries when it comes to centralized exchanges.
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I am more and more convinced of this and if this continues it will only be causing many to lose money and hope
the problem with manipulation is that it can't be done forever. at some point people catch up and learn about how it works and go against it and make even more money while the manipulators lose money. it is like 2017 when a large group of big whales were trying so hard for about a month to dump the price and ended up broke due to the huge amount of money they lost trying to go against the market. the dumps like this 30 minute one are usually because of the bots and stop losses of the panicky traders who place them in a way to "panic sell" automatically when there is a drop starting. |
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here is a better thought: instead of using websites or even their source code you can use a popular wallet to create a paper wallet. wallets such as bitcoin core or electrum.
just download them, verify their signature and then go offline on an airgapped machine. run the wallet and create a new key or better yet create a mnemonic with an HD wallet such as electrum. then write that down on a piece of paper as your paper wallet.
if you like the design that those sites offer you can always find their source code (or even through the HTML in the site that is open) and save the picture which is usually a jpg file and print your key on that.
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Here is the thing. Everybody is expecting "buy the rumor, sell the news" because of what happened with BSV and BCH after the halvings. So since everybody is expecting a dump? Most likely it won't happen.
i wouldn't say "everyone", maybe a very small portion of people think that way but the majority either don't know what altcoins do or don't care. and keep in mind that these two are not the first shitcoins that didn't get a pump for their halvings and instead were dumped big time as miners left. much bigger altcoins like LTC expereinced the same thing. at this point people are aware that altcoin halving is equal to miners leaving and them dumping but bitcoin halving always means more miners coming and price shooting up to a new ATH. |
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Paper wallets where the seed is generated online are way more secure than a single private key generated from a downloaded website.
i'm not sure if this is a typo or what but anything that was generated whilst online is considered the least secure thing it doesn't matter if it is a single key or a seed. it is always best to download the source code like the bitaddress.org website source code from github and run it offline to generate the key. |
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lets first clarify one term here.
by "concentrated" OP means to say that there are mining pools in China that a lot of moners from all around the world, most of which are NOT in China connect to.
now it is a very different view that is not FUD anymore.
to answer the question asked in OP, it has no effects on bitcoin. a mining pool is simply a server that can be moved to elsewhere. and majority of miners don't live in China to be under Chinese law.
not to mention that for 11 years there has been the FUD about "banning bitcoin" and they never did it. in fact China accepted bitcoin a long time ago.
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Furthermore how long do you’ll think that he’ll keep quiet due to these responses, or he’ll continue bashing bitcoins like he usually does and ignore these responses?.
I will focus on this question  A lot of people are making a lot of money by being a influencer of the markets. They use their followers to spread their agenda on Social media and the impact of that has a positive affect on their profits. So, if you can scare investors in the commodity that you are invested in with FUD about the competition, then you will profit if they are too scared to invest in the competitive commodity. It has been said that Bitcoin is the digital Gold and that makes Gold investors very worried, because if a lot of Goldbugs start shifting investments into Bitcoin, then the price of Gold will drop. To answer your question... No he will never stop spreading fear and fud about Bitcoin. there is a fundamental problem with this strategy that we have seen many times. it creates a jump in demand in near future. the reason is simple when the FUDsters are scaring a large number of investors for a very long time then the very same investor see that the exact opposite of what they have been hearing happens they try to jump on board. every 2 or 3 years we see this on a very large scale which contributes a lot to the bitcoin bubbles. |
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This is a healthy FOMO, and good for the Bullish Bitcoin rally,
i was actually thinking about this today. even though i post about FOMOs a lot but usually i am not happy about them because they are basically irrational behavior. but this time the rise that we had, even though it is categorically a FOMO but is a healthy one because most of the rise that we saw with its big size was a recovery not a rally. |
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it is funny how the media, which is basically the western media that we see, has been running a big propaganda campaign against China for a long time and they intensified it all over the past months that the Corona Virus has been spread globally.
the interesting part is that Chinese economy probably took the least amount of damaged in comparison with other countries economy. for instance i remember the first week of the pandemic when Chinese borders were closed and virus reports in other countries had not yet come out the US companies started losing millions of dollars....
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1. Would this block be worth any more than other blocks?
Virgin blocks may be worth more to certain people and could this BTC have any premium ?
newly mined coins IF sold over the counter to SPECIAL buyers had always have a slightly higher value than normal because it is OTC trade which is always more expensive and it is obviously "fresh". logically the reward of said block has no additional value to it compared to any other coins in circulation (bitcoin is fungible) but i have seen enough crazy things in my life to believe that there may be some crazy people who would pay higher amount of money for things like that!!! |
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interesting point for sure but we should remember that the short term changes are not important at all. the same small "profit" could have as easily be a loss (for example $1200 to $1050). the important thing is the long term and the fact that $1200 today could easily be $12000 in a year from now.
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1- The clock is off (behind)
2-The clock of the miner who mined the previous block is off (ahead)
3- The miner doing that on purpose to
a- hide the fact that they had enough time to include transactions but refused doing so. (this is what people are suspecting)
b- The miner wants to artificially increase the difficulty by tricking the protocol as if blocks were mined faster than they actually were (no logical reason for any miner to do so)
keeping in mind that a miner first sets the block time in the header and then starts mining it the reason for the differences in matter of seconds between blocks and real time could simply be because the miner took longer to update the time. for example the miner could set the time then start going through the nonces then after failing to find a good hash they change their "extra nonce" and hash again, and so on. then right before they get around to update the time they could find a good hash and release it. so the result is a couple of seconds in the past. |
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