Dropping the cleaner to once a week was the hardest part!
Interesting Use Cases and News about Cryptos/Blockchain Technology
- Thread starter Negotiator
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There is no problem there.
Can you point it out to me?
I will give you similar example:
There is a 90% chance that the returns on your bet on Watford to beat Liverpool will go to zero
But if your bet is successful you will multiply your money by X
Duke of Marmalade
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If you are going to make pompous references to mathematics at least try and get your spelling correct.
On the other hand i am extremely impressed by a system that is able to work and self regulate only running on maths
You have replied to that message twice already, i see you growing inpatient to my lack of response.
English is not my first language, honestly writing here is starting to feel uncomfortable for me
Duke of Marmalade
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Gus1970 The following is the Math behind bitcoin:
nonce=0
Start Loop: nonce = nonce+1
x=sha256(block)
if x >difficulty
loop
end loop and award yourself 12.5 bitcoin
the loop these days runs billions of times so as to time the prizes at one every 10 minutes
Some people are impressed by this "math". I myself, a mathematics amateur, find it disgusting. I presume you as a professional also find it so.
Apologies if your use of the Italian originated mathematical term was not a pompous gesture.
nonce=0
Start Loop: nonce = nonce+1
x=sha256(block)
if x >difficulty
loop end loop and award yourself 12.5 bitcointhe loop these days runs billions of times so as to time the prizes at one every 10 minutes
Some people are impressed by this "math". I myself, a mathematics amateur, find it disgusting. I presume you as a professional also find it so.
Apologies if your use of the Italian originated mathematical term was not a pompous gesture.
A disturbing "use case" for blockchain:
https://www.theguardian.com/technol...se-imagery-bitcoin-blockchain-illegal-content
And a worrying note from the researchers..
“Our analysis shows that certain content, eg, illegal pornography, can render the mere possession of a blockchain illegal,” . “Although court rulings do not yet exist, legislative texts from countries such as Germany, the UK, or the USA suggest that illegal content such as [child abuse imagery] can make the blockchain illegal to possess for all users.”
“Since all blockchain data is downloaded and persistently stored by users, they are liable for any objectionable content added to the blockchain by others. Consequently, it would be illegal to participate in a blockchain-based systems as soon as it contains illegal content,” the researchers wrote.
https://www.theguardian.com/technol...se-imagery-bitcoin-blockchain-illegal-content
And a worrying note from the researchers..
“Our analysis shows that certain content, eg, illegal pornography, can render the mere possession of a blockchain illegal,” . “Although court rulings do not yet exist, legislative texts from countries such as Germany, the UK, or the USA suggest that illegal content such as [child abuse imagery] can make the blockchain illegal to possess for all users.”
“Since all blockchain data is downloaded and persistently stored by users, they are liable for any objectionable content added to the blockchain by others. Consequently, it would be illegal to participate in a blockchain-based systems as soon as it contains illegal content,” the researchers wrote.
It’s not about how complex something is or looks like being, it is about the problem that it solves.
A famous compatriot of mine once said: “simplicity is the ultimate sophistication”
BTW it is called brute force algorithm, there is nothing wrong with it from a mathematical point of view, as it is the most efficient way to solve the problem
Duke of Marmalade
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The sample space is {0,> current price, 0<current price}. Mr PayPal would appear to be giving the third of these events zero probability which is not a credible model. Watford v Liverpool is a discrete sample space so intermediate results like “Watford sort of win” are ruled out.
but it sure ain’t Bella
The problem by the way is how to make the competition last 10 minutes. I can think of easier solutions and I don’t understand why the problem was set in the first place.Go on shoot, i’ll make a pull request early in the morning
Duke of Marmalade
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Very easy. The whole thing is time stamped. So last valid block before the 10 mins are up would seem fine to me and would save an awful lot of electricity.
Duke of Marmalade
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In the early days the difficulty level was very very low compared to today. The cryptography ensures that validation of a block is relatively easy. The difficulty level has been increased by the protocol not to reinforce integrity but to regulate the release of bitcoin as with the spectacular rise in the price more and more CPU power entered the game in search of riches out of nothing. Satoshi would certainly have done things differently if he knew then that bitcoin would increase in price from 5,000 BTC per pizza to $10,000 per BTC.
Duke of Marmalade
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Oh, I would have to refer to my Antonopoulos bible to answer that.
Can you not put a bit of effort in yourself?Speaking of whom, he refers to the accumulated proof of work on the bitcoin blockchain as a 'monument'.
The hashing is important because is ensures that certain amount of energy is used (wasted?? not in his opinion...) upon adding each block.
And each further block, adds more cumulative work (energy) on the chain, moving the security of the past transactions further towards 'immutable'.
In the early days the whole system would collapse with just one of todays ASIC mining machine working against it.
Of course the whole market cap back then would struggle to cover the miner's electricity bills...
The 10-min average target is (as well as controlling a set inflation rate) to ensure the network reaches consensus upon finding a block, and reduce the forks.
Make sure the nodes communicate the new block to the network before new blocks are found.
Some times you get small forks like that, usually they are resolved in 2 blocks. Highly unlikely scenarios have seen 6 block forks.
Satoshi surely did not know everything and could hardly predict 9 years into the future.
It is pointless to speculate on what Satoshi would do. For all we know he is still around making pull requests.
Bitcoin works like it is now, and we have many developers working on improving it.
Ah, great idea... All we need is a central location and a central entity to confirm the last block before the timestamp, cant wait for the pull request!
Duke of Marmalade
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Ok, ant dee, I admit to being a bit out of my depth at this stage. Nonetheless, my sense is that the enormous size of the loops is not in any way necessary to achieve the two objectives of maintaining the integrity of the blockchain and eliminating inflation. But if you tell me I have got that wrong, I haven't the energy to dive further into my Antonopolous, so I will accept your word.
Surely Satoshi wanted us all to mine with a couple of devices at each house. I doubt the ASICs were foreseen.
You aren't wrong, in the sense that it might work fine with half the hashpower.
But immutability is a moving target.
If miners stop adding up hashpower:
- some (very rich!) bad actor can start collecting his own
- secretly mine his own valid chain with whatever transactions he chooses
- and at some point when he surpasses the accumulated proof-of-work
- he will broadcast his valid chain
- and since it will be longer it will invalidate the original one
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