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re: Bitcoin faces biggest threat yet: a miner takeover
Posted on 6/18/14 at 1:19 pm to TigerstuckinMS
Posted on 6/18/14 at 1:19 pm to TigerstuckinMS
As I just stated, to combat the centralization of nodes encouraged by increased block sizes and potential for attack on side chains that come from merge mining
1
Posted on 6/18/14 at 1:49 pm to joshnorris14
I understand what the goal of the scheme is, but that is not what I asked you. What will convince me to let this software run constantly in the background, eating up my computing cycles crunching numbers?
What's in it for me?
What's in it for me?
This post was edited on 6/18/14 at 2:01 pm
Posted on 6/18/14 at 2:36 pm to LSURussian
This doesn't sound like a minor problem.
Posted on 6/18/14 at 3:21 pm to foshizzle
It is going to be called the bitcoin bowl, but I think bitpay is the technical sponsor. Here is the ESPN article.
LINK
ETA: This is hardly some big achievement. Beef O'Brady's was the title sponsor last year.
Congrats on the turd!
LINK
ETA: This is hardly some big achievement. Beef O'Brady's was the title sponsor last year.
Congrats on the turd!This post was edited on 6/18/14 at 3:23 pm
Posted on 6/18/14 at 10:16 pm to TigerstuckinMS
quote:
What will convince me to let this software run constantly in the background, eating up my computing cycles crunching numbers?
It's not eating up your 'computing cycles', it wouldn't be storage or memory intensive and everyone who has any kind of a bitcoin wallet right now does it (even an SPV wallet), the difference is that it would be broadcast to the network.
This won't convince someone who isn't into bitcoin to use bitcoin and it won't need to convince those who are into bitcoin to do it because it will happen without them noticing (as it does now).
Posted on 6/18/14 at 10:17 pm to mkibod1
quote:
mkibod1
What does that have to do with a 51% attack?
Posted on 6/18/14 at 11:04 pm to joshnorris14
quote:
It's not eating up your 'computing cycles', it wouldn't be storage or memory intensive and everyone who has any kind of a bitcoin wallet right now does it (even an SPV wallet), the difference is that it would be broadcast to the network.
This won't convince someone who isn't into bitcoin to use bitcoin and it won't need to convince those who are into bitcoin to do it because it will happen without them noticing (as it does now).
So, the whole concept of mining goes away to avoid the 51% problem? If the idea behind mining was that verification of transactions was computationally intensive and in exchange for doing those calculations, you got bitcoins, then where's the incentive to perform even a tiny bit of the verification one wallet at a time? Log on. Spend whatever value in bitcoin you have. Log off.
If the validation shifts from miners to clientsw, who's actually going to do the computation that the protocol requires and for what reason?
Posted on 6/19/14 at 10:14 am to TigerstuckinMS
The miners would be publishing transactions and obviously protecting the network, and you have identified the largest problem that tree chains currently have, miner rewards. And this is a huge problem and why the developer community hasn't taken tree chains as seriously as side chains. It's a difficult problem definitely.
And to clarify I don't think many people would just disconnect from the network after their transactions go through, as they aren't verifying every tx in every block it isn't a big deal to stay connected.
And to clarify I don't think many people would just disconnect from the network after their transactions go through, as they aren't verifying every tx in every block it isn't a big deal to stay connected.
This post was edited on 6/19/14 at 10:16 am
Posted on 6/19/14 at 1:06 pm to joshnorris14
It doesnt. Just wanted to add it here since I knew you would be here and you would be the only person to actually give a shite about it. Enjoy.
Posted on 6/19/14 at 1:31 pm to mkibod1
It's not a big deal it's just usually these threads turn into nothing but flames and this discussion has actually been productive
Posted on 6/19/14 at 2:51 pm to joshnorris14
You wouldn't get flamed if you actually added the economic value to these threads.
Even in the threads you create about company X accepting bitcoin, you just leave a link. Every single time company X never "holds" any bitcoins.
Not once has anyone or any article given any good reasons to hold a bitcoin other than monopoly money trading. Even with that, I could play magic the gathering or something that like that which has value for no damn reason.
Even in the threads you create about company X accepting bitcoin, you just leave a link. Every single time company X never "holds" any bitcoins.
Not once has anyone or any article given any good reasons to hold a bitcoin other than monopoly money trading. Even with that, I could play magic the gathering or something that like that which has value for no damn reason.
This post was edited on 6/19/14 at 2:53 pm
Posted on 6/19/14 at 3:06 pm to JayDeerTay84
Now there is an example of the flaming I was referencing. Do you have anything productive to add to the conversation?
Posted on 6/19/14 at 3:08 pm to joshnorris14
quote:
Now there is an example of the flaming I was referencing. Do you have anything productive to add to the conversation?
It wasn't a flame. It was a challenge. I haven't see you add anything in the way of economic benefit. Maybe you could share, but like always, you deflect.
This post was edited on 6/19/14 at 3:09 pm
Posted on 6/20/14 at 5:58 am to JayDeerTay84
Perhaps because this thread is on the topic of vulnerabilities to bitcoin, specifically a 51% attack.
1. You're lying
2. Start a thread on the topic.
1. You're lying
2. Start a thread on the topic.
Posted on 6/20/14 at 7:28 am to JayDeerTay84
quote:
I haven't see you add anything in the way of economic benefit. Maybe you could share, but like always, you deflect.
He still doesn't know anything about economics, that is why. He's still living off of daddy's money and in that "zone" in life where he thinks he knows everything and wants to "stick it to the man". Once daddy cuts him off and he's "on his own" he'll start grasping how the world works.
Posted on 6/20/14 at 7:45 am to joshnorris14
quote:
1. You're lying
2. Start a thread on the topic.
You were specifically asked in this thread and have not yet answered. You never do.
quote:
Poodlebrain
quote:
Have you looked in the mirror? Bitcoin mining is an activity people engage in to create wealth for themselves. Thus, mining is an economic activity. Let me repeat that for slow learners, BITCOIN MINING IS AN ECONOMIC ACTIVITY. As such, you can't pretend that economic advantages like economies of scale won't play a key role in determining who succeeds at mining.
Just one final question for you, is this the Tech Board or the Money Board? Ignoring economics on the Money Board will not win many arguments.
quote:
joshnorris14
quote:
Are you just glossing over what I'm saying?
quote:
htownjeep
quote:
I think what you fail to grasp is that you keep dismissing what everyone else keeps saying. You fail to understand the economic side of it and have such a hard on for the technology that you can't see the forest for the trees.
quote:
joshnorris14
quote:
What first intrigued me about bitcoin was the economics.
And what he is stating I am fully understanding and his point isn't that wrong which is why people like Peter Todd are developing ideas like Tree Chains which is what I'm trying to get across.
So far, the only economic thing you have said about Bitcoin is that you are "intrigued". Not benefits, nothing. I and others have asked you questions.
Deflect, deflect, deflect.
This thread and others are perfectly suitable for you to explain questions asked of you.
You want to bitch about being flamed. It is your own damn fault when you duck questions.
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