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Daniel Brian 1508
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May 08, 2018, 01:24:16 PM
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I'm afraid of the coin miners. With virtual digging capabilities - also known as a hashrate - is increasingly concentrated on relatively small holdings, which may increase the risk that diggers will jointly perform attacks to make up 51% of control. Transactional activities or code changes in the blockchain to their will.
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CryptopreneurBrainboss
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May 08, 2018, 01:33:38 PM
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Just know anything is possible but we just have to be optimistic (positive). We all want the best for ourselves. No matter what happens BItcoin always finds a way to survive and even miners cant put a stop to that.

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May 08, 2018, 02:52:44 PM
 #3

This might be an interesting read for you: https://99bitcoins.com/bitcoin-experts-51-attack/

In the end, as CryptopreneurBrainboss says, it's better to stay positive about these things, unless you personally can do something about it, of course?  Wink

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May 08, 2018, 02:56:58 PM
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That's true, that crypto mining is not as easy as we imagine, we must be really fast and need a great power in mining.
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May 08, 2018, 03:05:10 PM
 #5

I'm afraid of the coin miners. With virtual digging capabilities - also known as a hashrate - is increasingly concentrated on relatively small holdings, which may increase the risk that diggers will jointly perform attacks to make up 51% of control. Transactional activities or code changes in the blockchain to their will.
First off...and semantically writing (speaking), Miners isn't the same thing as Minners.

Now to the BOD, the synergy you envisage isn't what I feel would be tenable. I don't think miners will have that sameness of purpose and decision to pull that majority stake to hold the rest of us hostage. We saw how divided they were and have always been during the previous forks. Off course, if they had all put all their heads together Bitcoin would either be dead or not have had any forks at all. So, 51% controlling stake isn't possible.
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May 08, 2018, 03:22:32 PM
 #6

I'm afraid of the coin miners. With virtual digging capabilities - also known as a hashrate - is increasingly concentrated on relatively small holdings, which may increase the risk that diggers will jointly perform attacks to make up 51% of control. Transactional activities or code changes in the blockchain to their will.
There's no need to worry about this because this is very unlikely scenario, if you will look at the Bitcoin hashrate distribution the highest mining pool only got 24% (Btc.com) of share of Bitcoin hash power. Think of this, lets say one of those mining pool obtained 51% shares of Bitcoin hash power and will attempt to attack the network what would they get in return? none right? and why would a mining pool will attempt to attack or destroy the network if this is where they get their money and obtaining 51% will cost you a lot of money to produce more hashrate, they are out of their mind if they will do that, wasting money to destroy your business.  Grin

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May 08, 2018, 03:33:21 PM
 #7

I also have never dared to try to mine. Some of my friends talk that we should also be careful in mine because there are too many scams and rarely verified.

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May 08, 2018, 04:14:31 PM
 #8

Mining or Mining Bitcoin is one way to get Bitcoin we can see Bitcoin as a large global cash system that keeps the history of transactions or the movement of money from one person to another.

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May 08, 2018, 04:23:11 PM
 #9

I also have never dared to try to mine. Some of my friends talk that we should also be careful in mine because there are too many scams and rarely verified.

Mining has nothing to do with scams or having to be extra careful, just common sense and logic go a long way.
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May 08, 2018, 05:31:27 PM
 #10

increase the risk that diggers will jointly perform attacks to make up 51% of control. Transactional activities or code changes in the blockchain to their will.

Apart from the miners controlling the hash-rate, which is basically the security behind the protocol; there are full nodes that are supposed to validate any new transactions and blocks.

If you run a full node then it is only going to accept those blocks which fulfill the requirements of the code as defined by the bitcoin core client. Any code changes done by miners will not be accepted by these full nodes as valid and will not be propagated or included into the mempool.

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May 22, 2018, 09:14:16 AM
 #11

I think coin miners tend to be the same. More small-scale diggers are trying to cut costs by relocating to locations such as Springfield, Missouri, where the rents for factories and abandoned parking lots are very low. According to estimates by Crescent Electric Supply, depending on the state, diggers can cost from $ 3,224 to more than $ 9,000 in electricity to exploit a bitcoin.

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May 22, 2018, 09:18:30 AM
 #12

I don't think it's necessary to worry too much about this. Some valuable coins have a great power to dig, no one can easily get more than 51% of the attack power, and some new coin projects may have a professional miner to do more than 51%, but this coin has no consensus on value. Coins like bitcoin will only become more and more powerful.

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May 25, 2018, 11:27:02 AM
 #13

I know that Bill Tai, Silicon Valley venture capitalist, said: "This year is a bit different from last year. The bitcoin industry is a very daunting industry, but it will grow. There are many factors to scale up at every level. " Mr Tai added that smaller-scale diggers will no longer work, leaving only five of the largest diggers to survive and make a profit. And when Bitcoin hit $ 19,000 last year, the Bitfury Group had to deny customers some $ 1.9 billion in orders.

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May 25, 2018, 11:31:05 AM
 #14

I was worried about the cost of electricity bills are so great. because mining bitcoin requires a pc with a high spec, which imposes a high electrical charge. whether the result can close and get profit? there is even one case that the loss is so great because the electric bill is greater than the results obtained. so think carefully before getting started.

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May 25, 2018, 11:34:46 AM
 #15

....because mining bitcoin requires a pc with a high spec, which imposes a high electrical charge.

you can not mine bitcoin with a PC no matter how high its specs are. you need a specialized hardware called ASIC to mine bitcoin.
to you and to OP and anyone else having irrational fears about bitcoin i have to say it is good to think about these stuff but first you need to do some research and increase your knowledge then be afraid of something that doesn't exist.














 

 

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May 25, 2018, 11:55:53 AM
 #16

Just know anything is possible but we just have to be optimistic (positive). We all want the best for ourselves. No matter what happens BItcoin always finds a way to survive and even miners cant put a stop to that.

Yes, we have to believe that bitcoin always finds way but, we also have to keep an eye to the miners.

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June 03, 2018, 04:22:15 AM
 #17

In my knowledge,Bitcoin miners assist with ensuring Bitcoin network is secure by approving transactions. The roundabout is the most important part and Bitcoin in order to ensure fairness while ensuring the Bitcoin network is stable, secure and guaranteed.Bitcoin Mining is a process of adding transaction records to Bitcoin cashiers through past transactions as well as blockchain.

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June 04, 2018, 09:11:09 PM
 #18

In my knowledge,Bitcoin miners assist with ensuring Bitcoin network is secure by approving transactions. The roundabout is the most important part and Bitcoin in order to ensure fairness while ensuring the Bitcoin network is stable, secure and guaranteed.Bitcoin Mining is a process of adding transaction records to Bitcoin cashiers through past transactions as well as blockchain.

Bitcoin miners are very productive especially digging some bitcoin wherever they want especially sites that are vulnerable which they can find a bitcoin. Some miners are in risk because they have a big responsibility to help the bitcoin industry to be more productive and develop as the day goes by.

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