amaclin
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July 06, 2015, 12:46:03 PM |
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I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology. Yes. But what is the cost for it? |
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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ThEmporium
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July 06, 2015, 01:07:54 PM |
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By analyzing all comments, it gives me understanding that Bitcoin will be mere age till it finishes it's 21 millions productions, once it overs or in the middle, any other new innovations will raise up by individual or Government itself, if Government brings such attractive crypto solutions then everything will become centralized, that won't be an appropriate for us.
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Amph
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July 06, 2015, 01:28:09 PM |
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I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology. Yes. But what is the cost for it? the cost is high but the price of bitcoin is high too, the ratio will be maintained at 1:1, thing about it when it was the beginning, the cost of the network was very low, but so it was the price the price for maintaining the nwtwork it doesn not matter if it's reflected by a good cost in the market not to mention that the heat can be actually useful in the winter i remind you this quote from satoshi "The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste." |
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BillyBobZorton
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July 06, 2015, 01:30:59 PM |
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I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology. Yes. But what is the cost for it? The fact p2p is spending is one of the reasons it's so valuable, all costs to achieve this goals are nothing compared to what you get with a decentralized wordwide p2p currency that solved the byzantine generals problem. |
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amaclin
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July 06, 2015, 01:35:46 PM |
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that solved the byzantine generals problem. What if the cost of solving byzantine generals problem is more than a cost of army?  |
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Jhacker (OP)
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July 06, 2015, 09:35:25 PM |
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I believe that Bitcoin is one of the first to implement cryptography to prevent double spending in p2p technology. Yes. But what is the cost for it? the cost is high but the price of bitcoin is high too, the ratio will be maintained at 1:1, thing about it when it was the beginning, the cost of the network was very low, but so it was the price the price for maintaining the nwtwork it doesn not matter if it's reflected by a good cost in the market not to mention that the heat can be actually useful in the winter i remind you this quote from satoshi "The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin would be the net waste."I would imagine that the cost of mining and running the blockchain is far less than the cost of the current banking system and financial industry. |
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amaclin
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July 06, 2015, 10:40:08 PM |
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I would imagine that the cost of mining and running the blockchain is far less than the cost of the current banking system and financial industry.
per one transaction? much more! |
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Hollingsworth
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July 07, 2015, 03:28:44 AM |
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Yes, it really is unbreakable, with various caveats.
At the point of bitcoin exchange, there is vulnerability with bogus wallets and nefarious schemers...see Mt Gox fiasco.
Otherwise the system is sound, secure, decentralized, and pseudo-anonymous.
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jubalix
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July 07, 2015, 04:19:08 AM |
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that solved the byzantine generals problem. What if the cost of solving byzantine generals problem is more than a cost of army? the army does not work at all unless you solve the byzantine generals problem. Eg everyone just hyperinflates when taken to fiat currency issuance. |
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Jhacker (OP)
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July 07, 2015, 05:41:37 AM |
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Yes, it really is unbreakable, with various caveats.
At the point of bitcoin exchange, there is vulnerability with bogus wallets and nefarious schemers...see Mt Gox fiasco.
Otherwise the system is sound, secure, decentralized, and pseudo-anonymous.
Well, it's certainly forkable. And this leads to problems with it being accepted more widely. The recent fork wasn't that bad (a 5 hour confirmation time is still great compared to credit cards), but you could imagine a situation where 51% adopt new specs but a 49% blockchain goes on for a long time, wreaking havoc among merchants and customers. |
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Amph
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July 07, 2015, 07:31:33 AM |
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I would imagine that the cost of mining and running the blockchain is far less than the cost of the current banking system and financial industry.
per one transaction? much more! well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end Yes, it really is unbreakable, with various caveats.
At the point of bitcoin exchange, there is vulnerability with bogus wallets and nefarious schemers...see Mt Gox fiasco.
Otherwise the system is sound, secure, decentralized, and pseudo-anonymous.
Well, it's certainly forkable. And this leads to problems with it being accepted more widely. The recent fork wasn't that bad (a 5 hour confirmation time is still great compared to credit cards), but you could imagine a situation where 51% adopt new specs but a 49% blockchain goes on for a long time, wreaking havoc among merchants and customers. the miners are both the strengths and weaknesses of bitcoin but you can always restart from zero if soemthing bad happened, cryptocoin will never die no matter what |
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amaclin
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July 07, 2015, 07:48:47 AM |
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well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end Impossible because of decentralization. |
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Amph
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July 07, 2015, 07:59:03 AM |
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well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end Impossible because of decentralization. you think that because of it, the miners will grow indefinitely and thus rising the power to a much greater extent? well a central autorithy could see this as a competition, and use more energy to increase its network/circuit in the case of a centrlized system like visa/matercard or maybe you are referring to the contrary |
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GreenStox
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Undeads.com - P2E Runner Game
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July 07, 2015, 12:44:20 PM |
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well the nextwork can handle 150 TX sec, with some downside... based on the last stress test, we are still far away form visa and company but the difference in power should be the same at the end Impossible because of decentralization. you think that because of it, the miners will grow indefinitely and thus rising the power to a much greater extent? well a central autorithy could see this as a competition, and use more energy to increase its network/circuit in the case of a centrlized system like visa/matercard or maybe you are referring to the contrary Well then we need to invent decentralized electricity aswell. Until the electricity is controlled by paid shills, they can easily increase the electricity bill cost just to mess with bitcoin mining. |
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lucaspm98
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July 07, 2015, 12:59:17 PM |
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Nothing is permanent. It is very possible that something pops up down the road that will overtake Bitcoin. As of now there is no competition, but a superior cryptocurrency could gain massive popularity at some point down the road and make BTC obsolete. Very true. For the moment the technology behind Bitcoin and it's dominance in the cryptocurrency market seem unbeatable, but the future is difficult to predict. Anything could happen. Posted From bitcointalk.org Android App |
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MWesterweele
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May 30, 2016, 02:05:05 AM |
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No its not.It can still be broke nothing in the world has the best security even the strongest may fall.But thist past years bitcoin stay strong and at it's finest of all cryptocurrency and it keeps on growing.But i still hoping that someday bitcoin will be unbrekable and unstopable online.
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ticoti
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May 30, 2016, 02:20:14 AM |
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There will always be problems like 51% attack, but it is one of the safest systems until the dates
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Babayega31
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May 30, 2016, 02:20:41 AM |
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No its not.It can still be broke nothing in the world has the best security even the strongest may fall.But thist past years bitcoin stay strong and at it's finest of all cryptocurrency and it keeps on growing.But i still hoping that someday bitcoin will be unbrekable and unstopable online.
Yes i agree because bitcoin is can be manipulated by all of us if we want it to dump we can dump it if were holding big amounts of btc and thats why its breakable for now and their so many scene and instance can break bitcoin if something black propaganda wil spread it can be the cause of bitcoins falldown. |
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ebliever
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May 30, 2016, 03:10:05 AM |
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Isn't it possible, even likely, that at some time in the future a majority of miners would simply implement software changes to increase the amount of bitcoins generated? The incentive to do so is rather large, is it not? Thoughts?
Not really. Let's think this through. Let's say 90% of miners decide to implement Bitcoin B, which increases the block reward tenfold. The other 10% of miners stick with bitcoin as it exists today (we'll call it Bitcoin A). The result is a hardfork and two competing blockchains. Exchanges and the general public are forced to decide which coin they want to go with. Some exchanges stick with Bitcoin A, some with Bitcoin B, some offer to handle both. Because the miners on Bitcoin B have demonstrated they will jack with the coin supply, confidence is near zero that they won't do so again. That and the flood of new Bitcoin B's into the market from the miners quickly drives the price down towards zero. Meanwhile, the miners on Bitcoin A see the value of their coin sustained, and they are earning 10X as many bitcoins because of the lack of competition. Rather quickly the humiliated and financially stressed miners of Bitcoin B start abandoning their ill-conceived effort to alter the supply of bitcoins. Within a few weeks, Bitcoin B ceases to exist. The public could support a restriction on the block reward, reducing the coin supply, in principle. But so long as anyone was willing to mine the existing protocol and exchanges were willing to support it, I can't see the opposite happening. Except maybe if world governments stuck a gun to the head of miners, exchanges and the public and said "You will accept only Bitcoin B - or else." |
Luke 12:15-21
Ephesians 2:8-9
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Superbitzz
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May 30, 2016, 04:43:01 AM |
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presently its look like so. in future what will happen nobody know about that. but if we look at the present situation of the bitcoin its look prety good. it is look like unbreakable. is is expected that the rate of bitcoin will increase in next few months. so we can expect that it will remain unbreakable in future specially in near future.
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