What the hell does that mean? How the blockchain is changing money and business Don Tapscott - Duration: Bitmain is a problem because of their near-monopoly. Clean up wording and math error. I thought Bitmain liked Bitcoin and wants to see it succeed? Of course this is a digibyte cryptocompair cryptocurrencies and ico model that ignores changing coin prices and many other factors, but it illustrates the concept. Game theory - and by extension crypto currencies - are modeled with only self-interested actors. Why is this "unintelligent"? Welcome to Reddit, the front page of the internet. We're not talking about Asics being per se bad. It's naive to imagine they are not actively lobbying for their own interests in various ways with a very large stack to work. Rating is available when the video has been rented. Why are you even in crypto? Another good point. Gotta remember too there's bag holders gonna receive asic miners right now that are out thousands. I used to think it was the one of the most intelligent communities in all crypto. The gov't doesn't bat an eye mimblewimble reddit bitcoin antminer bitcoin mining machine. Freewallet is a Scam! This sounds like a thing people say for whom cryptocurrencies are just another speculation object or get-rich-quick scheme. It might be that when the total market size increases enough, the fixed costs become relatively insignificant. Of course not. Miner decentralization can theoretically be measured and proven, tho not in an adversarial environment. The reward amounts are the same but I believe the network adjusts the relative difficulties of both algorithms to ensure that ratio of C29 blocks mined and C31 blocks mined. Well value of a coin can grow. Get an ad-free experience with special benefits, and directly support Reddit.
Because like respect, trust is something that must be earned and granted. Everyone has their own interest, think for yourself and your own interest. How to start mining? What a sad article. Sign in to add this video to a playlist. This is precisely right. This is the most ridiculous line of anti PoW bullshit I've seen. Motherboard 4,, views. Like this video? Sign in to add this to Watch Later. But that is hard to say. Fight the power! In a non adversarial environment you wouldn't need decentralisation, if we are all playing nice anyway.
Miner decentralization can theoretically be measured and proven, tho not in an adversarial environment. The big boys are using that dinosaur btc to take down the rest of the altcoins. Don't like this video? This naturally creates a 'stairs up, elevator down' dynamic. Streamed live on May 3, But the US government seizing control on Monero is a hypothetical; China either seizing, or acting in bad faith against Monero is a distinct possibility. When mentioning other currencies, keep the discussion civil. Log in or sign up in seconds. Skip navigation. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Can we at least keep the "red scare" comments to a minimum? What exactly do zcash pool mining zec hashrate distribution fear of being taken over? Motherboard 4, views. All rights reserved. I'm not going to argue for them but you can what happens to bitcoin now that segwit is off how to buy bitcoins with a prepaid visa card there and find out why they made that decision. I'm seriously worried about the bitcoin autosurf running bitcoin core testnet motherfuckers in this thread that think Bitmain maliciously placed a backdoor in their own miners.
Its an ace theyd hold in their sleeves for a long time, less likely to affect society as a whole. Skip navigation. That is not exactly true. We need it to use a resource that is rare enough for everyone to struggle to acquire but the difficulty of acquiring a substantial quantity is great. James Crypto Bull 72, views. A bit of a chicken and egg problem that is much deeper than a cursory glance would reveal. And if it wasn't them, it'd be someone else in fact it was more than just Bitmain as we've already seen evidence of other miners. The first to enter the market can spend , selling , so a nice profit of We have recently highlighted Halong Mining believed to be part of Innosilicon who was also highlighted separately as real threats to Bitmain, and now finally the brand believed to move the second in BTC miner volume, Canaan Creative. But by retargeting gpu s we leave higher rungs on the ladder for bitmain or some other manufacturer to clobber the whole community. Game theory - and by extension crypto currencies - are modeled with only self-interested actors. But the US government seizing control on Monero is a hypothetical; China either seizing, or acting in bad faith against Monero is a distinct possibility. It doesn't matter if we trust them or not the fact is that Bitmain and china will become the number one holder of bitcoin and alt coins that their ASICs can mine. We're not talking about Asics being per se bad. Welcome to Reddit, the front page of the internet. My thoughts exactly. Add to Want to watch this again later? They choose the lesser of two evils by committing to an ASIC friendly algo ahead of time so that the playing field is level.
Do you want to live in changelly pending transactions does an s4 antminer require a 120 or 240 volt world where your neighbor owns a nuclear device? I mean nothing obvious There is one big difference in addition to fixed market size as mentioned. It's always implied that one region in the world has a comparative advantage above all overs and that will always be a detriment to decentralization. Miners Dealsviews. They released a patch straight away to remove it if you. We have recently highlighted Halong Mining believed to be part of Innosilicon who was also highlighted separately as real threats to Bitmain, and now finally the brand believed to move the second in BTC miner volume, Canaan Creative. It will but there will be some terrible losses and lots of tears between now and when that happens. Do you remember the conclusion? YouTube Premium. We should not tolerate ASICs unless: The energy doesn't transform to financial value. Raw Metal to Retail Box - Duration:
The reward amounts are the same but I believe the network adjusts the relative difficulties of both algorithms to ensure that ratio of C29 blocks mined and C31 blocks mined. It's probably true: ARM is the Future. Never deviate from your principles. Intel is in serious trouble. Cancel Unsubscribe. Watch Queue Queue. Open source ASICs are a good idea. Strange Parts 19,, views.
Submit a new link. I used to think it was the one of the most intelligent communities in all crypto. Mining software is easier to replicate, and pool operators have less control on their members. Like this video? Skip navigation. Pretty much the same thing. I trust the US goverment about as much as I trust the Chinese one, which is not at all. Want to add to the discussion? His enthusiasm for all things crypto was infectious. Post a comment! But as I understood so far others are in the horizon current value of all bitcoins can i bitcoin mine with my gaming pc c32 and so on So a few questions pop up: Bitmain has been mining in secret and then selling their miners after they are most profitable. Market that were nearly cornered has opened up in the past. For the majority of us, trust is a massive part of our relationship with Monero and the community. Coreteks 1, views. In a non adversarial environment you wouldn't need decentralisation, if we are all playing nice. Sign in to report inappropriate content. I'd say more an attempt to get the majority to follow the classic.
If crypto succeeds the fees will replace the value of block rewards. As for mining and earning money to flow "back home"? Loading playlists Downvotes are for bad information or rudeness, not casual disagreement. How can it be decentralized when Bitmain holds more bitcoin then anyone else thus making it centralized. We aren't eliminating trust. Setting aside the unknowns, they can still be coerced financially, legally, or physically to act against monero's interests. Nuance Bro 2,, views. Too bad they didn't call themselves "Decentralized Mining Solutions". Create an account. Please try again later. Read more here!
Clean up wording and math error. The more hated they become, the more users of different communities will attempt to boot them out of bitcoin shop uk bitcoin erupter drivers network. Post a comment! Log in or sign up in seconds. Like this video? Thanks to Andre Nova Bit for the - http: YouTube Premium. I won't continue on arguing on this topic since I don't expect everyone agree with me. Loading playlists Testnets are another good example, by showing the reverse case. Want to add to the discussion? Strange Parts 19, views. Add to Want to watch this again later? The next video is starting stop. A lot of POW coins aren't truely decentralized and never can be. A recurring theme on most subs is that we should trust Bitmain because they have too much to lose if they are caught abusing their power. And projects get opened to funding once there is general support for them, but the actual flip-of-the-switch is done by gain tokens cryptocurrency crypto ant currency dapps forum maintainer. Loading playlists I stopped mining XMR - had .
More Report Need to report the video? This video is unavailable. Playstation 3. The Apollo is also being developed to operate as a full blockchain node and wallet, which in the case of Litecoin LTC further decentralize and strengthen their cryptocurrency bitcoin fee too low what makes bitcoin mining difficulty go up or down Just a matter of finding someone to take the risk Game theory - and by extension crypto currencies - are modeled with only self-interested actors. VoskCoin 4, views. Add to. Ahead of the curve. On the other side tho is that big ASIC miners are more likely to stay honest than other big miners because they've bought custom hardware that won't be as useful or valuable if they attack they currency they're mining and thereby kill it's market value.
And you don't want these people using your currency anyway, since they will destabilize everything, look at bitcoin. There has to be some kind of deal going on. The value is a much more nuanced variable. The Soviet Union may be gone; that doesnt mean that Communist power structures are no longer a threat to freedom. James Crypto Bull 72, views. Become a Redditor and join one of thousands of communities. Residential Electric Rates Kill Profits? As a GPU miner, I will emphatically say: This breaks down when mining becomes concentrated, and now you can only rely on what you believe to be the miner's self-interest. All rights reserved. VoskCoin 52, views. Sign in. YouTube Premium. Another question is: Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Bitmain forever changed BTC with all the ASICs behind the Great Firewall of China, which is what I suspect motivated the "small blocks" faction to embrace inertia as transaction fees shot up to dozens of dollars. Because regardless of whatever equipment is mining worldwide, the Monero network is designed to give out 5 XMR every 2 minutes as a reward.
The power of the blockchain usually increases security at the cost of privacy, but with Monero's sophisticated privacy-centric technology, you get all of the security benefits of the blockchain without any of the privacy trade-offs. Rating is available when the video has been rented. Read more here! Grin devs can more manually control the asic centralization with multiple hashing algorithms given unique priority hash rates. Clean up wording and math error. CryptoCrane 12, bittrex to dark web buying bitcoin with coinbase when can i use the bitcoin. I always wondered how Jihan got so wealthy running a mining business in communist China. But a huge corporation for which we KNOW without a shadow of a doubt that they are heavily invested into Bitcoin are somehow evil and want to destroy Bitcoin? Question Grn1 profitability, could this possibly be accurate?
As far as I understood, the answer would be yes because the block rewards are split and the rewards are much higher for c31 than for the peasantry c If the government with thousands of armed enforcers can't get meth off the street, you aren't going to get ASICs off the network. Fuck the bank's meaningful fees. I find it about as likely that the CIA would like to interfere in cryptocurrencies as that China would. Ideally we would have an open source hardware spec for ASICS and a bunch of different manufacturers for the hardware. Very thought provoking. Submit a new link. Eth hashrate is TH https: I won't continue on arguing on this topic since I don't expect everyone agree with me. Detonating a nuclear device is not in your neighbor's interest. C29 is more intensive and difficult to create asics for, I assume it is far far more memory intensive to the point where it probably won't happen for many years and won't if grin doesn't have a reasonable valuation. You know, like, naturally we gravitate towards the person with more likes because we go "Oh, their comment must be correct and we're obviously dumb and don't understand what's going on", but the the reality is that it could just be somebody manipulating the message. Choose your language. BitCoinHog 1,, views. As someone who lives in China I could say that China couldn't care less about the mining operations or what not. You don't know what their motives are longterm for Monero, and they do the mining for free. Nuance Bro 2,, views. Regarding china manufacturing..
Changing PoW is super stupid. China on the other hand has demonstrated open hostility to cryptocurrencies. UFD Tech 47, views. Welcome to Reddit, the front page of the internet. People don't need to code to positively impact crypto The code is open, fundraising is decentralized, and decisions are made as transparently as possible. Regardless, decentralization is obviously something we want to, if not maximize at all cost, then at least keep relatively high. An ASIC could be argued to be more efficient by design since it's not wasting cycles on dumb shit like facebook or showing ads. This means that you are responsible for your own money, and don't have to trust any entity to keep it safe for you. And everyone is depending on everyone else to pay genesis mining to exodus wallet hash chain cloud mining to announcements about upcoming forks and what to do? The kernel is that miners have the highest and most immediate variable costs in the cryptocurrency ecosystem highest pressure to spendand miners dislike losing money even more than making money. They're called natural monopolies. We should not tolerate ASICs unless:
Sign in to make your opinion count. Mutual interest works best, We all want privacy and freedom. I respect Jihan Wu. Yes, it's kinda confusing but it's a pretty novel concept. If you view someones comment and it's got a retweets and likes, and you see the person below it who's got 3 likes, who are you gonna believe? Also the older POW coins public ledgers are too large for the everyday person to store their own hard wallets on phones. But nobody has the right to be trusted. This naturally creates a 'stairs up, elevator down' dynamic. That might be okay for CPUs; consumers don't really care as long as the price is within reason. Sign in to report inappropriate content. Loading more suggestions Monero is private. But by retargeting gpu s we leave higher rungs on the ladder for bitmain or some other manufacturer to clobber the whole community. Even anonymity could be achieved by using some banks like some swiss ones that protect your identity as their business model. Why do you believe ASIC is energy wasting? Downvotes are for bad information or rudeness, not casual disagreement.
I find it about as likely that the CIA would like to interfere in cryptocurrencies as that China. And wasn't it banks that we tried to sia mining rig silver legacy mining rig away from with cryptocurrencies? BitCoinHog 1, views. That's what a company does. Imagine how frustrating it would be to get to even half that and then explain to every new user why the network has to be burned down and rebuilt every six months to spite Bitmain and to prune back botnets. What making bitcoin as a beginners nicehash bitcoin address sad article. China on the other hand coinbase promo offers hasty market bitcoin demonstrated open hostility to cryptocurrencies. How the blockchain is changing money and business Don Tapscott - Duration: Want to join? Discussion You can mine XMV on the official public pool or with a lot of supporting pools like leafpool, cryptoknight, go-mine. Google image 'bitmain facility', it's hardly a discrete mom and pop operation. This breaks down when mining becomes concentrated, and now you can only rely on what you believe to be the miner's self-interest. This is why we're here supporting our anonymous, decentralized crypto.
Unsubscribe from VoskCoin? If I blew 1 billion USD to start a chip foundry, all the others would have to do is reduce their margins a bit and suddenly, I'm bankrupt, since I'm reliant on prices staying the same in order to get a return on investment. UFD Tech 47, views. Banks can be slow or inefficient without using computers which use energy , but the coin world should be quite fine without ASIC. TED 1,, views. The public becomes enraged at this action by Bitmain, and the community independently releases a patch in less than a day. But yes, It was a great read! As someone who lives in China I could say that China couldn't care less about the mining operations or what not. The Bit "Main" How Much? This is revolution. Bitmain has its reputation to consider. Some debates claim that the computers used by banks are also using energy which is same as ASIC miners, no, they are not same. Read more here! Even then it is better to not trust to people who can change their principles and actions, but trust to an open code which can be checked. Specialized hardware is by definition better than generalized hardware, period. More Report Need to report the video? Why is this "unintelligent"? Chip foundries are incredibly expensive to open and many if not all all of the existing ones that could theoretically be used to produce ASICS are located in south east Asia.
Raw Metal to Retail Box - Duration: Their government control of life is further in its progression than in the US. ExpressITpl 1, views. If robust competition drives the race toward higher and higher efficiencies even by relatively small margins that may push fixed costs back up. This ensures that there will be no discrimination over the origin or history of your coins, lessening the worry of potential blacklisting by exchanges or vendors. Loading more suggestions Not through wishy washy magical decentralisation which CAN'T even be quantified or proven. It doesn't matter if we trust them or not the fact is that Bitmain and china will become the number one holder of bitcoin and alt coins that their ASICs can. Three arguments as I've heard them are that ASICs aren't accessible to normal people, which reduces the pool of people why can add their honest hashpower to mimblewimble reddit bitcoin antminer bitcoin mining machine. Two things concern me besides Bitmain i believe i already explained a few times why Asic resistance is hashrate to bitcoin coinbase contact phone imperative for the forseable future are:. Subscribe to VoskCoin - http: This is not decentralization. We coinbase wallet private key where can i get cryptocurrency price alerts eliminating trust. That's why changing PoW is great. Freewallet is a scam. Totally agree!
I've seen the "what were you expecting? Imagine how frustrating it would be to get to even half that and then explain to every new user why the network has to be burned down and rebuilt every six months to spite Bitmain and to prune back botnets. Bitmain has its reputation to consider. No zealotry. Lol, this is so old and was brought up and discussed thoroughly months ago. All rights reserved. Again why? Add to. This post is fud.
Cancel Unsubscribe. Submit a new text post. Note that "self-interest" can have a lot of motivators. Could someone please point me to an explanation what Bitmain does that cannot be trusted? Monero is secure. Very curious about the weird reasoning of the MW algo choice. The "Main" Bit. AntMiner S9j This community demands trustless, not 'trustless because it's not in their interest to pull the top crypto trading platforms all crypto currency stocks. That doesn't mean PoW on another bc is energy inefficient. Get an ad-free experience with special benefits, and directly support Reddit. They simply couldnt process bigger blocks because all their web traffic has to be snooped on before exiting the Communist mainland. Coreteks 1, views. At least PoW doesnt have that issue. Playstation 3. Even if they managed to turn a profit, we might have crypto currency hardware definition stratis cryptocurrency wikipedia their ROI enough to convince them to move their focus on some other hapless coin. It has high fixed costs which tends toward monopolization.
Loading more suggestions If you want to secure your coin, you make it secure by coding it securely. No one is going to do that. I shared it with monerocurrency on Twitter and they asked me to post it here for community feedback. If the Chinese were to mess with Monero, they'd probably do something to show they could, and it would be easily detectable. Sign in to add this video to a playlist. We have recently highlighted Halong Mining believed to be part of Innosilicon who was also highlighted separately as real threats to Bitmain, and now finally the brand believed to move the second in BTC miner volume, Canaan Creative. The next video is starting stop. No zealotry. Sooooo they abused their power and everybody got pissed so they made up a BS "it's for your own good" and then released a patch lol. Hard to compete with that. I'm not going to argue for them but you can go there and find out why they made that decision. This is a direct threat to our goal of decentralization. VoskCoin 75, views. How does c31 compete with c29 and if they truly compete, how are the conflicts resolved? Please try again later.
VoskCoin 10, views. Loading more suggestions AntMiner S9j Google image 'bitmain facility', it's hardly a discrete mom and pop operation. TED 1,, views. Very curious about the weird reasoning of the MW algo choice. But I think they plan to ramp up hashrate slowly and safely. I thought Bitmain liked Bitcoin and wants to see it succeed? Question How many S9s or S17s can you run in a "normal" house. Honestly not as bad as bitconnect or verge but jesus people are desperate to loose money sometimes it seems. This means that you are responsible for your own money, and don't have to trust any entity to keep it safe for you. Or the competition just keep their ASIC and never sell like bitfury secretly whatever coin they can. You shouldnt trust the US government further than you can throw it; you should be actively suspicious of anything the Reds have to say. Cancel Unsubscribe. Also, funds are released for milestones by members of the core team. How the blockchain is changing money and business Don Tapscott - Duration: If the Chinese were to mess with Monero, they'd probably do something to show they could, and it would be easily detectable. Just my 2 satoshi. The point is: I'm not going to argue for them but you can go there and find out why they made that decision.
Do you want to live in a world where your neighbor owns a nuclear device? Changing PoW is super stupid. I shared it with monerocurrency on Twitter and they asked me to post it here for community feedback. Published on Feb 26, Kev's Crypto Channel 1, views. I read it. But as I understood so far others are in the horizon like c32 and so on So a few questions pop up: Literally no hashflare profit per th how much hash power should a bitcoin mining pool have thinks that trust should be required in this community. The public becomes enraged at this action by Bitmain, and the community independently releases a patch in less than a day. FutureBit has released a new device specifically made for mining cryptocurrency! Welcome to Reddit, the front page of the internet. At least PoW doesnt have that issue. The interactive transcript could not be loaded.