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re: My faith in Bitcoin just went out the window
Posted on 3/8/13 at 12:06 pm to boosiebadazz
Posted on 3/8/13 at 12:06 pm to boosiebadazz
quote:
so the computing power determines whether i get 100 coins or 1,000?
yes and no
because there is an element of luck to mining as well. while a more powerful computer increases the odds of solving a block, it doesn't guarantee it will happen.
2
Posted on 3/8/13 at 12:09 pm to WikiTiger
there's your weakness. i think government tries first to go to the point of exchange or collection, but if that isnt effective, they just overpower you
what would happen if the US government started mining the majority of bitcoins and just hoarding them?
demand would have to fall with the available supply or the price would skyrocket, leaving them ultimately useless
what would happen if the US government started mining the majority of bitcoins and just hoarding them?
demand would have to fall with the available supply or the price would skyrocket, leaving them ultimately useless
Posted on 3/8/13 at 12:18 pm to WikiTiger
While I have my doubts as to the usefulness of bitcoins in my everyday life, I do find the subject pretty interesting.
I know you mentioned that the GL is available to everyone, but does that give you access to the current number of users? I assume that you could potentially see the number of wallets, but I think you also mentioned that users can spoof or create multiple wallets so I guess that would be inexact.
Regarding the mining operations, IF (and I'm not saying they are, I'm just wondering if it is possible) one one the founders were inclined to game the system, couldn't they sporadically award their personal wallets with successful mined bitcoins and have it go unnoticed? Ending up with 5% of awarded bitcoins would net them around $40M at the current value.
I know you mentioned that the GL is available to everyone, but does that give you access to the current number of users? I assume that you could potentially see the number of wallets, but I think you also mentioned that users can spoof or create multiple wallets so I guess that would be inexact.
Regarding the mining operations, IF (and I'm not saying they are, I'm just wondering if it is possible) one one the founders were inclined to game the system, couldn't they sporadically award their personal wallets with successful mined bitcoins and have it go unnoticed? Ending up with 5% of awarded bitcoins would net them around $40M at the current value.
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