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New to LBRY (found it through Reddit) People ask what is this LBRY all about. Is it an alternative to Youtube and Amazon? It is a lot more than that. I discover without realising about block chain, bitcoin, digital marketplace, content creators and users. It's a new world out there.
Bitcoin is becoming centralized because it pays too much for mining and the distributed database is poorly designed. When you can mine for a profit, it's clear that large firms will take up the offer and likely do it better, being able to leverage economies of scale. If miners got paid less, say 50% of the cost of electricity, then the large firms would have to shut off their miners, but there would still be mining. Small miners who already use electrical resistance heating can use "smart heaters" to reduce their electricity costs. Think of the $55 Antminer S1, but designed to heat your water. I assure you that Bitmaintech is churning out those ASICs close to $1/chip. This would also add a great amount of liquidity to the market. Too much sell pressure? Lower what you pay miners. As you can see, mining would have essentially no environmental impact, because no additional electricity is consumed. However, the pay schedule has been frozen since Satoshi 0.1. The distributed database (aka block chain) is also poorly designed. It violates the main principle of distributed databases -- sacrifice consistency for availability, and allow for "eventual consistency". The block chain instead sacrifices availability. This is why the block chain forks, and miners lose block races. So, the pool with the highest availability (the biggest one and the one with the most bandwidth) has an advantage and gets bigger. Increasing the number of transactions per second or reducing block time increases the largest pool's advantage. If not for a vigilant community concerned of a 51% attack, then there would be little to no competition for the largest mining pool. Additionally, small miners have to either mine at a pool or play a lottery with very low odds. Block times should be at least a million times faster for the sake of small miners, but no such luck. That kind of availability only exists on single server databases when consistency demands are that of the block chain. Bitcoin is not the block chain. It is the set of account balances that exist in the block chain. For Bitcoin to survive, it must survive the eventual death of the block chain. And a new monetary policy.
Bitcoin Is Not the Block Chain (x-post from /r/bitcoin)
Bitcoin is becoming centralized because it pays too much for mining and the distributed database is poorly designed. When you can mine for a profit, it's clear that large firms will take up the offer and likely do it better, being able to amortize costs. If miners got paid less, say 50% of the cost of electricity, then the large firms would have to shut off their miners, but there would still be mining. Small miners who already use electrical resistance heating can use "smart heaters" to reduce their electricity costs. Think of the $55 Antminer S1, but designed to heat your water. I assure you that Bitmaintech is churning out those ASICs close to $1/chip. Controlling the proof of work subsidy would also add a great amount of liquidity to the market. Too much sell pressure? Lower what you pay miners. As you can see, mining would have essentially no environmental impact, because no additional electricity is consumed. However, the pay schedule has been frozen since Satoshi 0.1. The distributed database (aka block chain) is also poorly designed. It violates the main principle of distributed databases -- sacrifice consistency for availability, and allow for "eventual consistency". The block chain instead sacrifices availability. This is why the block chain forks, and miners lose block races. So, the pool with the highest availability (the biggest one and the one with the most bandwidth) has an advantage and gets bigger. Increasing the number of transactions per second or reducing block time increases the largest pool's advantage. If not for a vigilant community concerned of a 51% attack, then there would be little to no competition for the largest mining pool. Additionally, small miners have to either mine at a pool or play a lottery with very low odds. Block times should be at least a million times faster for the sake of small miners, but no such luck. That kind of availability only exists on single server databases when consistency demands are that of the block chain. Bitcoin is not the block chain. It is the set of account balances that exist in the block chain. For Bitcoin to survive, it must survive the eventual death of the block chain. And a new monetary policy.
Hi, I'm jvyden420, licensed retard. You may remember me for making HifumiBOT, the bot that, according to my own delusion, everyone loves! Since many of you have asked for it (A whopping 0! Wow!), today I'll be announcing my next project, HifumiBOT 2. Without further ado, lets jump right into the features.
First off, quotes are coming back!
Additionally, it's a selection of the most *hilarious* quotes! These include, and are limited to:
I'm sure you'll love being spammed with these once every 2 messages.
The discord will be making a comeback, with a twist!
It'll be invite-only. Invites are granted to supporters of my upcoming subscription service, Hifumi++, for the low-low price of $99.99 a month! This is to ensure that my fragile ego stays intact, and that I can keep the server running or some dumb propaganda like that.
Economy commands have returned.
Thats right, you can now gamble to your hearts content once again, especially because I've disabled the timed gambling limit! That means if you do not submit to my economy, your chat will be LIVING HELL 24/7.
Hifumi 2 will be open source!
Thats right, I'm officially allowing multiple Hifumi instances to be on the server. It's 50x the fun if 50x the Hifumi 2 instances respond to your !ping, right?
Code quality guaranteed*!
\This is a complete and utter lie.* Using innovative technology such as the [REDACTED TO NOT GET SUED FOR FALSE ADVERTISING]
Using advanced block-chain bitcoin crypto machine learning AI methods, I have managed to create the most unpure pure form of autism, automated larping! Hifumi 2 will automagically form groups with other players and have them fight in an ego contest, all of course in public chat. I'm sure your ignore list will love you!
you can now have the funny 69 69 69 keanu chungus secks with da funny wheeb bot
Hifumi 2 will now automatically create commands on the fly using procedual generation. Never fail to run a command again. Heres an example: !help bm9ibGUgZHVwZWQgcmF3IGZpc2ggaXMgc3RpbGwgZnVubnksIHJpZ2h0IGd1eXM/Cg== why have you failed me As you can see, it's completely flawless!
That's all for now. This will release in exactly 41.74356345324 years, so be prepared! I hope you enjoy it when it comes out. And as always, I'll be doing an AMA in the comments. What do you think? View Poll
A dialogue for Indians to understand why bitcoin even exists
TL;DR Owner of a bank or financial institute can change the amount of money in the financial system (modern money is just a number in the banks database), while manipulation of this nature is impossible on block chain Given the current Indian financial market situation me and a friend had this dialogue to try and understand if bitcoin is of any use to us.. may be it helps you start a conversation with someone else and get a better understanding of things. I’m a stock market trader and recently I was talking to this friend of mine who is into bitcoin as well as the stock market.. He asked me if I knew why bitcoin was needed in this world.. And my answer was.. An alternate currency Turns out it’s got an actual reason for existing BTC is an alternative to fiat currency? or “store of value” like how Gold is? But Bitcoin is not like Gold at all.
Gold is valuable as a metal.
It is soft, malleable,
very good conductor of electricity,
safe to the skin unlike copper and does not tarnish over time.
If we needed gold in large quantities and cost wasn’t a problem, we can actually create gold in particle accelerators. So it's not a matter of gold being scarce
Bitcoin has no physical value like gold. Bitcoin is all digital. A Simple Though experiment: Let’s assume I open a bank called DVZ bank and people have deposited a total of Rs.1,000 with my bank.
Now people and corporations come to me asking for loans and I give them a combined loan of Rs. 10,000.
Where did the extra Rs.9,000 come from? You decide whether this is a problem or not for a financial system. As it turns out, in the modern world, money is just a number in a bank's software. It can be tweaked any way the controlling authorities want. As an authority, without a few people in my pocket, I could set up a XYZ business just for the purpose of creating money. XYZ business would never make a single rupee in profit but we will keep adding new money into the XYZs bank account every month. It's our bank. Our software. Our database. Who is to stop us? Whereas Blockchain is a self-regulating database. Once an entry is made into the blockchain, it can not be edited without destroying the whole database. It maintains integrity by nature. So, if 21 Million bitcoins are coded into the database, it cannot ever become 22 Million Bitcoins. Whereas in any other currency or banking platform it can be changed. Banks are based on ledgers that can be manipulated by the bank owners and governing parties. Bitcoin runs on blockchain ledgers which are immutable. To break this down ever further, let’s say you have 100 rupees in Paytm Wallet and Paytm’s core developer is your best friend. You can convince him to turn that 100 into 10,000. This cannot be done with Bitcoin, if that is done, the whole database breaks. Has this ever happened? Paytm has been accused of internal fraud by audit companies multiple times. A Famous incident that can be quickly searched online is where an ex paytm employee created fake transactions in order to earn from cashbacks. Total fraud of over 10Cr. The loans given out in Bitcoins will be real bitcoins and not fake money which eventually turns into real money. Banks give out money that they don’t have and don't recover, that leaves a hole in the financial system. Blockchain is attempting to provide a very clean and efficient financial system, to have a record of what’s coming in and what’s going out. If implemented successfully, we will do away with printing money and bringing in Helicopter money during times like these. It will all be a zero-sum game then. Your thoughts in comments please (we are figuring this out through a dialogue so please be constructive with the comments, in a way that we learn a thing a two from your comments too) NEGATIVES OF BLOCK CHAIN/BITCOIN We came across some negatives for bitcoin too. If Country has Trillion $ economy.. and it gets burned..by some natural calamity or some other factor no problem, govt will pump in another trillion into existence and live on. but if i have million bitcoins and lose the key It’s gone forever. no chance of ever recovering it
The virtual currency was intended to develop peer-to-peer transactions; it doesn’t need a go-between, the exchange of private information, or transaction fees.
What is Bitcoin?
Bitcoin is virtual money or cryptocurrency, that’s measured by a decentralized network of operators and isn’t straight subject to the impulses of central banking decisions or national governments. There are hundreds of cryptocurrencies in lively use today, Bitcoin is through far the most general and widely used – the nearby cryptocurrency equal to traditional, state-minted coins.
How Bitcoin Works
Bitcoin is a cryptocurrency since it’s supported by source code that customs highly composite procedures to prevent illegal duplication or creation of Bitcoin elements. The code’s fundamental principles, known as cryptography, are based on innovative scientific and computer engineering values. It’s practically impossible to stop Bitcoin’s source code and operate the currency’s supply. Though it was headed by other virtual coins, Bitcoin is identified as the first modern cryptocurrency. That’s since Bitcoin is the initial to blend some key structures shared by most after created cryptocurrencies.
Intense privacy safeties are seared into Bitcoin’s source code. The method is intended to openly record Bitcoin dealings and other related data without revealing the individuality of the groups involved. As a substitute, Bitcoin users are recognized by public keys or numerical codes that find them to additional users, and occasionally pseudonymous handles or usernames.
Bitcoin exchanges permit users to change Bitcoin parts for authorization currencies, such as the U.S. dollar and euro, at flexible exchange charges. Many Bitcoin relations also exchange Bitcoin components for other cryptocurrencies, with less popular substitutes that can’t straight be replaced for fiat coins. Most Bitcoin exchanges take a cut, naturally less than 1%, of each deal’s value. Bitcoin exchanges certify that the Bitcoin market leftovers liquid, set their value qualified to traditional money – and allowing pouches to profit from the assumption on variations in that value.
Bitcoin’s blockchain is dynamic to its function. The blockchain is a public, spread record of all prior Bitcoin communications, which are kept in collections known as blocks. Each node of Bitcoin’s network – the server farms and positions, run by individuals or sets known as miners, whose hard work to produce new Bitcoin elements product in the recording and verification of Bitcoin dealings, and the episodic creation of new blocks – holds an identical record of Bitcoin’s blockchain. Private Keys Every Bitcoin handler has at smallest one private key, which is an entire number between 1 and 78 numbers in length. Separate users can have many unnamed handles, each with its private key. Private keys approve their owners’ characters and permit them to occupy or receive Bitcoin. Without them, handlers can’t whole transactions – they can’t access their properties until they improve the matching key. When a key is misplaced for good, the matching holdings change into a sort of everlasting limbo and can’t be improved.
Real Bitcoin units are kept in “wallets” – secure cloud storing locations with superior information approving their owners (Bitcoin users) as the protectors of the Bitcoin units controlled within. However wallets like Coinbase, in theory, defend against the stealing of Bitcoin elements that aren’t currently being used, they’re exposed to hacking – mainly public wallets used by Bitcoin connections, online marketplaces, and specific websites that occur exclusively to store Bitcoin wallets known as “wallet services.” Miners Miners play an important role in the Bitcoin environment. As guards of the blockchain, they save the entire Bitcoin community truthful and indirectly provide the currency’s value. Miners are entities or cooperative governments with access to influential computers, often kept at remote, secretly owned “farms.” They do incredibly complex scientific tasks to new Bitcoin, which they then keep or change for fiat currency.
Modes of Bitcoin
Theft Private Keys.
Misusing Wallet Vulnerabilities
Functioning Fraudulent Exchanges and Savings Funds.
Attacking Authentic Exchanges Directly.
Aggressive Dark Web Marketplaces.
How to Get Bitcoin
There are three key ways people get Bitcoins.
You can purchase Bitcoins using ‘real’ money.
You can retail things and let persons pay with Bitcoins.
Majority of Bitcoin Gold (BTG) miners try to fix a bug in the chain by cancelling and replaying the last 1300 blocks. Fix partly fails because malicious centralized dev posts new release with secret protocol-violating hack
Satoshi Never used the term BLOCKCHAIN as it is being marketed today. He uses “block_chain” 4x in the original bitcoin code (main.h) file as reference. There’s ONLY bitcoin! BUILD ON IT! Layer 2 + 3 and beyond!
Satoshi Never used the term BLOCKCHAIN as it is being marketed today. He uses “block_chain” 4x in the original bitcoin code (main.h) file as reference. There’s ONLY bitcoin! BUILD ON IT! Layer 2 + 3 and beyond! (x-post from /r/Bitcoin)
Buying crypto like Bitcoin and Ether is as easy as verifying your identity, adding a payment and clicking "Buy". Sign up for our Wallet today. Im Falle der Bitcoin Blockchain muss für die Erzeugung des neuen Blocks eine kryptografische Aufgabe gelöst werden. Dazu wenden die Miner unter anderem die Hash-Funktion SHA-256 an. Für die Aufgabe dienen die folgenden drei Größen als Input: der Previous Hash (256 Bit): aktuellster Block der Blockchain als Anknüpfungspunkt. die Merkle Root: ein Wert, der durch paarweises "Hashen" der ... Die Blockchain-Technologie bildet die Basis für Bitcoins und andere Kryptowährungen. Die Bitcoin-Einführung war gleichzeitig der erst praktische Blockchain-Anwendungsfall. A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.. Every block contains a hash of the previous block. Blockchain.com is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies. Wallet; Exchange; Explorer; Log In Sign Up. The World's Most Popular Way to Buy, Hold, and Use Crypto. Trusted by 51M Wallets - with Over $620 Billion in Transactions - Since 2013 . Get Started. The Easiest and Most Powerful Crypto Wallet. Create A Wallet Learn More ...
Blockchain? Das hat doch was mit Bitcoins und Kryptowährungen zu tun – oder? Aber was genau ist die Blockchain eigentlich und wozu ist sie gut? Das erklären ... Powered by Restream https://restream.io/ In this video we will see: - What is BlockChain - Why blockchain is important - Who is Satoshi Nakamoto - What is bitcoin - Bitcoin with blockchain - Securit... Block chain and Bitcoins Dr. Seraj Fayyad سراج فياض . Loading... Unsubscribe from Dr. Seraj Fayyad سراج فياض? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 14 ... What it really takes to mine a Bitcoin in 10 Minutes. Firstly I'll show you a special free method to mine Bitcoin and send funds directly to your wallet in 1...