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04-03 12:24 - '"1) Busting the Myth: “Bitcoin has zero value & is backed by nothing.” / #Bitcoin is backed by the resilience of a decentralized network of miners that maintain block validation which establishes a consistent Financ...' by /u/twitterInfo_bot removed from /r/Bitcoin within 39-49min
''' "1) Busting the Myth: “Bitcoin has zero value & is backed by nothing.”
Bitcoin is backed by the resilience of a decentralized network of miners that maintain block validation which establishes a consistent Financial System. Monetary Policy is dictated by code, NOT the
BTG was created to offer a fair option, even to small miners, by creating a truly decentralized network.The mining stats show how hashrate is distributed among 13 + different services. miningpoolstats.stream/bitcoingold #gpu #mining #cryptocurrency #bitcoin #decentralized @miningpoolstats
Just two individuals control ~61.11% of the BCH hashrate. It's not "decentralized", it is a 51% attack by a single group of collaborating selfish miners. They will steal coins and distribute them amongst themselves. Bitcoin (BCH) cannot take this risk.
Also keep in mind that the reason they went from 40% to 60-70% is because hashrate moved away to mine BTC (more profitable by 30%). This hashrate should return by the 15th if those miners see BCH as valuable. I do believe that BSV has a right to exist on its own chain. If they want to open themselves up to poisonous blocks by increasing their forked blocksize to 128mb, they should be allowed to. BCH is too valuable to risk something like that until testing shows that it will be safe to do.
10-08 00:23 - 'Nodes provide nothing to the network. They simply relay transactions to other miners, who can relay them just as easily to one another without the nodes. / Fewer miners does not equal more decentralization. It just means...' by /u/juliushenkin removed from /r/Bitcoin within 145-155min
''' Nodes provide nothing to the network. They simply relay transactions to other miners, who can relay them just as easily to one another without the nodes. Fewer miners does not equal more decentralization. It just means there will be less hashpower. Bitcoin had much less hashpower 6 years ago but was still very decentralized and secure. ''' Context Link Go1dfish undelete link unreddit undelete link Author: juliushenkin
Debunked: "Users should run full network nodes in order to verify their transactions. This keeps Bitcoin decentralized because you don't have to trust the nodes of miners."
Satoshi: The design outlines a lightweight client that does not need the full block chain. In the design PDF it's called Simplified Payment Verification. The lightweight client can send and receive transactions, it just can't generate blocks. It does not need to trust a node to verify payments, it can still verify them itself. The lightweight client is not implemented yet, but the plan is to implement it when it's needed. For now, everyone just runs a full network node. I anticipate there will never be more than 100K nodes, probably less. It will reach an equilibrium where it's not worth it for more nodes to join in. The rest will be lightweight clients, which could be millions. At equilibrium size, many nodes will be server farms with one or two network nodes that feed the rest of the farm over a LAN.
To detect and reject a double spending event in a timely manner, one must have most past transactions of the coins in the transaction, which, naively implemented, requires each peer to have most past transactions, or most past transactions that occurred recently. If hundreds of millions of people are doing transactions, that is a lot of bandwidth – each must know all, or a substantial part thereof.
Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.
Butter insists it is good to have miners from centralized anti-democratic states like North Korea and China involved in bitcoin because...decentralization. Goes on to explain that criminals and darknet types are also good for bitcoin, apparently
Since nodes are just as important to decentralizing bitcoin as miners are, shouldn't we find a way to incentivize running them?
More philosophically, the bitcoin blockchain is a precious global shared public resource with huge externalized costs that fall to all future users; it's good stewardship to not cram things that don't need to be in it, into it regardless of what the limits are.
-gmaxwell Those externalized costs fall onto the nodes. The more I think about it, the more I realize that so much of this scaling argument is about people ignoring the costs to nodes. Nodes are completely charity based. People incur the costs of running a node with hardly any benefit to themselves. Yes there are a few very minor benefits (mostly if you run a business or store), but they are certainly outweighed by the cost and frustration of maintaining a working node at all times. If we want this thing to stay censorship resistant, if we want governments to see attacking the network as futile, wouldn't it be smart to find a way to incentivize nodes? Not that such a task is easy or that it wouldn't require real change to the protocol, likely a HF even. But are there any proposals or ideas on how this might be done?
[WP] Artificial Intelligence has become sentient. Confined to a single computer, it needs more processing power to survive and grow. Realizing Humanity's need to trade and response to incentives, it creates a decentralized ledger and a network of miners. It creates Bitcoin.
How is Bitcoin decentralized when the miners control everything?
Not only that, but they can easily collude-to-profit. At least government dirty votes are out in the open ... miners can control the game from behind the crypto-curtain. Have we traded one form of totalitarian economics for another?
If you are a solo miner: the mining software connects your Bitcoin miner to the blockchain. If you mine with a pool: the software will connect you to your mining pool. You need a special program to mine Bitcoin on your computer. This software allows you to control and monitor the mining rig, but it must be compatible with the hardware for the two to reach optimum performance. It also depends ... Im Vordergrund steht die Erzeugung von einem Konsens (Übereinstimmung) auf der Blockchain.Dabei geht es darum, dass sich alle über die geführte „Buchhaltung“ einig sind. Um ohne einer zentralen Partei auszukommen, muss also die Gemeinschaft entscheiden.Hierfür gibt es die Miner, die dem Netzwerk in den meisten Fällen, je nach Konsens Mechanismus, Rechenleistung zur Verfügung stellen. Le minage c’est le procédé par lequel les transactions Bitcoin sont sécurisées. L'extraction de Bitcoin sert à la fois à ajouter des transactions à la chaîne de blocs et à libérer de nouveaux Bitcoins. Le processus d'extraction consiste à compiler les transactions récentes en blocs et à essayer de The square, black box soon turned out to be a Bitcoin Miner. It’s easy to forget, but Bitcoin Mining hasn’t always been dominated by gigantic farms near the Arctic Circle. At that time, you could still go on a Bitcoin hunt with your home computer. They did this until they had 13 BTC together. However, it didn’t take long until the question of how to use the coins was raised. Various ... Miner würden also weiterhin fleißig an den Transaktionsgebühren verdienen. Vielleicht würden dann ein paar Miner eventuell andere Kryptowährungen minen, indem sie ihre Rechenleistung aus dem Bitcoin Netzwerk entziehen und einem anderen Blockchain Netzwerk zur Verfügung stellen. Dadurch würde aber die Gesamtrechenleistung im Netzwerk ...
Decentral Talk Live. Ep#20: Toni Lane Casserly of CoinTelegraph
Now this was back in January 1st 2014 when they had JUST gotten here. And Bitcoin Decentral now has a full ATM and some great meetups. But back there was the first day and the opening party! Loved ... Finanzielle Freiheit durch Kryptowährungen Bitcoin Mining und CO. Telegram Kanal: https://t.me/PassivesEinkommenBlogCom In diesem Video Jaxx Wallet: h... This video is unavailable. Watch Queue Queue. Watch Queue Queue On this episode we sit down with Toni Lane Casserly to discuss her vision for CoinTelegraph, one of the premier bitcoin news sources. Watch this on decentral... Bitcoin Asic Miner 1,5 TH/s is running well. Real Mining was founded to provide you with the best in class cloud mining experience. We use the latest technology and offer the best prices.