BitCointransfers (OP)
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July 12, 2011, 12:21:24 AM |
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Serge
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July 12, 2011, 12:31:26 AM |
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Three years of development = huge investment.
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bb
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July 12, 2011, 12:31:44 AM |
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How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank?  |
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imperi
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July 12, 2011, 01:06:51 AM |
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How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank? There's no way their supercomputer is more than even 10 petaflops. |
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EricJ2190
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July 12, 2011, 01:23:25 AM |
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How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank? They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power. |
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marcus_of_augustus
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Eadem mutata resurgo
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July 12, 2011, 04:44:27 AM |
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“Being able to run the book in 12 seconds end-to-end and get a value on our multi-million dollar book within 12 seconds is a huge commercial advantage for us,” Stephen Weston, global head of the Applied Analytics group in the investment banking division of JP Morgan, said at a recent lecture to Stanford University students." This is great .... they'll be able to know exactly in real time (within 12 sec) when they go insolvent during the next phase of the collapse. |
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Stardust
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July 12, 2011, 08:05:40 AM |
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They probably followed this forum, I was hoping they will buy bitcoins not mine them, f*** they are always a step ahead (of us, not the early miners).
Still this shows the succes of Bitcoin.
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peach
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July 12, 2011, 04:03:16 PM |
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They aren't going to use this for Bitcoins.  |
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BitcoinPorn
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July 12, 2011, 06:16:58 PM |
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They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power.
If people want to make a hypothetical situation real, I would take it to the next step and say all the mining pools would band together just to ensure that JP Morgan does not benefit as much as they would like to. |
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SgtSpike
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July 12, 2011, 06:23:31 PM |
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They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power.
If people want to make a hypothetical situation real, I would take it to the next step and say all the mining pools would band together just to ensure that JP Morgan does not benefit as much as they would like to. How exactly could mining pools band together to do... anything? |
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Xenland
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I'm not just any shaman, I'm a Sha256man
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July 12, 2011, 08:39:17 PM |
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How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank? They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power. Oh they are smart and they would only use 1/10th of their power and ride the wave up the 21 million!!! |
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bb
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Merit: 10
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July 16, 2011, 12:16:45 PM |
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I'm surprised nobody sees the worst case here: they mine for a couple of seconds until the next difficulty increase, which will be huge (such that they would only generate one block per 10 minutes). And then they just stop. When the pools take back over, block generation might take weeks and the bitcoin network is effectively dead. |
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