This is a simple explanation for how easy and safe it is for users & merchants to use instant transactions in Bitcoin. Merchant sets fee requirments, and poll miners to check your transaction is seen by them. If DS attempt is seen, police time 🚔🚨
In any chain split, expect me to side with whichever network that continues the design itself per Satoshis explanations. Bitcoin is not only code or hashpower. It does not depend on any one miner or developer, no matter their economic position. It is more than the network. It is a complete s /r/btc
In any chain split, expect me to side with whichever network that continues the design per Satoshis explanations. Bitcoin is not only code or hashpower. It does not depend on any one miner or developer, no matter their economic position. It is more than the network. It is a complete system. /r/btc
06-05 08:12 - 'UASF BIP148 is better nothing, but segwit2x might actually have the broad support. / Miners could be against segwit because of covert asicboost, but I seriously doubt it. Simplest explanation is that segwit is just not eno...' by /u/SeriousSquash removed from /r/Bitcoin within 3-13min
''' UASF BIP148 is better nothing, but segwit2x might actually have the broad support. Miners could be against segwit because of covert asicboost, but I seriously doubt it. Simplest explanation is that segwit is just not enough and miners want more on-chain capacity and they want the devs to deliver it, miners don't want to lead. History (HK agreement, censorship, etc) supports this. ''' Context Link Go1dfish undelete link unreddit undelete link Author: SeriousSquash
Looking for a detailed explanation of how nodes, miners, and wallets flag for bigger blocks and what determines the outcome. Can't find it anywhere on Bitcoinunlimited.com. Thanks in advance /r/bitcoin_unlimited
Could someone please give me an in-depth explanation of how miners receive Bitcoins?
I know that if a computer is mining solo (which is typically not the case these days for most causal consumers) and it successfully hashes a block the designated address receives something like 25 BTC (but I believe this value decreases over time). What I don't know is specifically where does this BTC transaction come from. Could someone please explain to me how these bitcoins get added to the block chain and what sort of hardware / software is responsible for their generation?
I had a discussion with nullc aka Greg Maxwell former CTO from Blockstream and Bitcoin Core developer. In the discussion with him he refused to continue the discussion unless you agreed to some "Boston agreement". Don't ask me what it is, I googled it and have no clue wtf a Boston agreement is. I told him to just dump the data and be done with it. Just for reference the argument was back and forth for a while and about 20 comments deep so most redditors don't dig that deep and the conversation would not be visible to most users unless you followed that thread to the end. This is a key detail. The other key detail is that all 3 of these sock puppet accounts along with Maxwell understood what a Boston agreement is, and acted as "witnesses". Kind of odd since Google doesn't even have a definition for it. So either they've been notified to play along or are just are in sync with Maxwell's trolling. Long story short, 3 separate accounts all "witnessed" Greg Maxwell's agreement as well as harassed me about the agreement despite being inactive for 3-7 days prior.
Herewith my support for the Boston Agreement. I feel deeply concerned for the mental health of Bitmain shill u/500239 having to endure your relentless public humiliation. It would be in his own interest to urgently delete his account and stop being an easy target to your ass-handing ways. (I will miss the entertainment though so part of me hopes u/500239 weasels their way out and given their post history that is the expected outcome).
The explanation is simple: 1) Either these 3 accounts have been stalking me to be able to jump on a thread that was 20 comments deep. or 2) Greg Maxwell notified these accounts to jump and brigade on your conversation within minutes that it was happening Looks like Greg Maxwell is back to manipulating forums much like he had a history of manipulating Wikipedia and other information mediums. edit1: Another minor detail. I've never been called a "Bitmain shill" ever. This week 2 people to call me a Bitmain shill have been Greg Maxwell and trilli0nn . Pretty specific if you ask me. edit2: Last person to request I delete my account was BeardedCake, who is now banned from this subreddit for continued user harassment.... Coincidentally ever since his ban his account has been inactive so it's possible he rotated to another bought account. I've been asked by 3 users in no less than 1 month to delete my account, and attempting to guilt, harass and threaten me until I do so. It's another attempt to censor outside of /bitcoin where normally the moderators there would just delete information they didn't approve of.
Heres some proof about sigma not being a trojan and omikron client proof from the sigma creator andro
The high GPU usage is due to the GPU acceleration or the UIs. And this is not comparable to other person's GPU usage since every GPU behave differently. You can compare this usage with vanilla 1.15.2's GPU usage. In my personal case, it's about +1~8% higher. And the overall performance loss over the 1.8 clients is due to the 1.15 itself, the heavy UI, the missing optimisations (performance update soon), the obfuscation, etc Some people are saying that "conhost.exe" is a malware... It's actually the console process spawned by java.exe which is used by Sigma (instead of the javaw.exe, the window version of java.exe without the console, that is mostly used for Minecraft). Fun fact: Badlion client and Lunar client are also spawning conhost, and they aren't getting called out as malwares. Here's a great explanation of what it is: https://www.howtogeek.com/howto/4996/what-is-conhost.exe-and-why-is-it-running/ And Omikron client was not a bitcoin miner, here's the copypasta :
Omikron client didn't have any btc miner / rat / botnet or whatever. The thing running in background was a system to validate the usage of the auto alt / proxy from other computers. Therefore, if you used auto alt / auto proxy, your computer among others validated in some sort of P2P the usage of alts / proxies. If >50% of computers says that a "transaction" is good, it was validated. Omikron decided to do that to counter the abuse of auto alt / auto proxy. But ofc you could disable that autorun in Omikron Client's setting. And it was clearly written in the client that it would autorun (but no body really read it) if you use auto alts / auto proxy.
Edit, another copypasta:
I know, this is missleading. In the code, finding alts is refenrenced as "mining" them because you have this usepass combo and sometime yay ! Its a working minecraft alt ! The whole problem about all this drama is that its old code written when the client was "ghost client" and putting it in a .m file intead of .minecraft, having the package not named omikron, not using omikron domain name in the code was a good idear to prevent memory scanning cheating software such as BLSquad to find "omikron" but as you can tell it has bring more trouble that anything. You shoudn't be scared, your cpu isn't and wont be used to mine crypto or any unwanted activity and you will soon be able to chose if you want the service to run. In the next release, beside the fact that all of this was moved to .minecraft/Omikron, using proper domain name etc, you will be able to choose if you are using the client and want the background service running to find alts or if you have the client installed but not using it you will be able to disable the background service.
The video that is spreading about Omikron client is only proving that it downloads an autorun, and runs it in the background, which is intended. Be careful of people trying to spread that Sigma could be a virus. Most of the time, they're made up by people who are clueless and don't know about what they're talking about (ex: conhost).
Firstly, let me say, I hate how energy-intensive Bitcoin is and would never support the market for mining it in the long-term. However, below are what I believe to be a series of perceived catalysts for MARA as a swing play. Yes, some are more compelling than others. And yes, some should never even be graced with the name 'catalyst', but in the era of Lambos and rocketships, they will very much (unfortunately) be taken as such by those more naive to the space. What does MARA do? MARA mines Bitcoin. What is Bitcoin? In essence, a digital currency. A form of value not governed by any government or centralized institution. Hopefully this isn't news to you, but if not, here is a good place to start. What is mining? In essence, the process that is required to generate new bitcoins (better explanation here). Much like mining for gold or drilling for oil, you need to follow a process in order to generate more Bitcoin. Much like other commodities too, the price that they are selling for has a big impact on how profitable miners are. Why MARA, why now? Bitcoin has been flirting with the $10,000 mark for some time now. $10k for Bitcoin is a bit like $1 for a penny stock. It's tough to break, but once you do, a lot of heads start to turn. If Bitcoin moves, MARA is more than probably going to follow suit. Catalysts
Last time Bitcoin broke $10k price on 2nd June, MARA jumped from 0.72 to 0.91 (26% up) at the opening and ended the day at 0.82 (14% up). Bitcoin chart & MARA Chart
Companies with exact same business model are up 100-200% in the past month (DPW & NETE)
Message volume is up 40% on MARA StockTwits ("change in social interest or social momentum.")
Convertible Note Fully Converted to Equity reducing long term debt reduced to zero in May (here)
The sector is heating up due to Bitcoin price increases recently. MARA have managed to secure additional mining capacity despite it becoming increasingly hard to do so.
"The company now has additional mining capacity scheduled to arrive in May, July, and August of this year. Only one NASDAQ listed company has announced more hashing power coming online this summer than Marathon". (here)
"With the recent price increase of Bitcoin, the forward months of each batch of production capacity of Bitcoin miners has been selling out. The company has worked very aggressively to acquire miners with the nearest delivery dates so the miners may be put into production as soon as possible." (here)
Company Estimates 280% Increase in Operating Hashrate to 129 PH/s when miners are received and deployed in July (here)
Q2 revenue should show a significant jump given the additional capacity and rise in Bitcoin price.
Reported revenues of $592,487 during the three months ended March 31, 2020 - up 157% from the same period year before.
This was with far less mining capacity and a Bitcoin price sitting far lower at between $7,000-8,500. (here)
Miners are Selling Their BTC Reserves, and Why That's Bullish
In the last week, miners have sold ~6900 BTC but have mined ~6100 BTC. This means they are selling Bitcoin from their reserves. Here are two potential explanations:
Miners' Bitcoin-denominated revenue was cut in half because of the Halving, making some miners unprofitable. These inefficient miners are selling reserves to pay for their electricity and operational expenses, holding out and betting on price to increase instead of cashing out and shutting down.
Miners are selling their reserves because they're confident that there are enough buyers to support the price. Miners have been dumping reserves but the price has held up.
Either way, miners seem to be bullish. For a more in-depth explanation, check out this quick article I wrote covering this.
How to Explain Bitcoin: 3 Tips to Have Better Bitcoin Conversations
BTC Friends, Let’s be honest, Bitcoin is confusing. Not to you (you are on this / after all), but to the people who have no idea what it is. Trying to explain Bitcoin is even harder. I’m sure we’ve all had those long, complicated, drawn-out conversations which leave people more confused than when it started. To aid its adoption WE HAVE TO GET BETTER AT EXPLAINING WHAT BITCOIN IS. Here are a few tips that should, hopefully, help you manage a simple and easy to understand discussion about Bitcoin. Before we get to that, a few things to remember: Bitcoin is afundamentalchange from what most people believe. An explanation about Bitcoin shouldn’t be about “being right” or “winning the argument.” Instead, it should be about helping someone explore a new idea and begin to understand that there are actually different alternatives to the only “money” they’ve ever known. Bitcoin is complicated. It’s important to remember that this is as much of an emotion transformation for someone as it is a logical one. A CONFUSED MIND ALWAYS SAYS NO. If you leave a person confused or frustrated about what Bitcoin is, they are more likely to build up a resistance to it and become close-minded because “it’s just too complicated.” Adoption is a marathon, not a sprint. Don’t feel the need to word vomit all of your intense 1337 cypto-knowledge in a single conversation. Slow and steady. Like a good story-teller, keep them wanting more. Now, some tips to consider: 1. Start with ‘WHAT is Bitcoin?,’ not ‘WHY is Bitcoin?’ A fundamental mistake that people make is to try to justify WHY something exists before even explaining WHAT something is. Your explanations need to act as a building blocks of knowledge which means you have to have a very clear, very easily understood, fundamental premise: Bitcoin is…: Digital coins that exist on the internet that you can spend and save just like the paper money in your wallet. An alternative form of money than what you are given by your local government. That's it. That's Bitcoin. While I’m sure we can, and probably will, argue about what that base, fundamental definition is, it’s important to start with WHAT, not WHY. While hyperinflation, store of value, scarcity, the Federal Reserve, and how the printing of fiat devalues currency are all important, it does not answer the question of WHAT is Bitcoin. If you start with WHY, you are skipping a major building block in the mind of the listener and are on your way to creating confusion. And remember, a confused mind always says no! Here is an example. (Now, don’t go full-internet on me. I’m not degrading this person or this video THANK YOU PERSON FOR MAKING THIS VIDEO. This video is awesome! I only bring it up because it is a recent video that got some attention. It also demonstrates this point.) When asked to explain Bitcoin, here is the opening line: “The FED…is out of control with printing money…” This is a ‘WHY is Bitcoin’ response. Already, the listener is probably thinking, ‘what the heck does the FED have to do with anything? I just wanted to know what Bitcoin was…’ and you may just lose your listener right there. Furthermore, this video never actually says “Bitcoin IS…” While there is an implied comparison to gold, there is never a fundamental definition of WHAT Bitcoin is. Start with a clear, concise definition of WHAT Bitcoin is before moving on to WHY Bitcoin is. 2. Let Them Lead / Gauge Their Interest / Know When To Stop When explaining any topic to someone who doesn’t understand it, there is a very strong temptation to TELL everything you know. This is human nature. We are proud of what we know. We want to display knowledge and proficiency. We must, however, understand that it is counter-productive to the learning process. Imagine that certain math teacher going over that certain math problem. They explain it. They are enthusiastic about it. They write it on the chalkboard. Yet your eyes glaze over. It’s too much too fast. You are just waiting until the end when they finally tell you the answer. All logic and reasoning and understanding is gone. This is similar. Instead of telling them everything you know, LET THEM ASK! Allowing your listener to ASK demonstrates two things: an understanding of the last thing you said and, more importantly, interest! Ultimately, that’s what we want and need; their interest. Believe me, just like that little kid asking, ‘why, why, why…?’ They will give you every opportunity to share a little bit more, and a little bit more. For example: Bitcoiner – “Bitcoin are digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.” (STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!) Noob – “Oh…ok…well…why do we need that? What's wrong with the money I have now?” Bitcoiner – “Well, there is a risk that, over time, the money that you keep in your wallet or bank account will actually be worth less and be able to buy less stuff.” (STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!) Noob – “Wait, what do you mean?” And we are now on our way to a discussion about these messy and intense concepts of inflation vs deflation, printing of fiat currency, fractional reserve lending, etc. And through it all, LET THEM LEAD. Now this is the tough part. If their eyes glaze over, YOU HAVE TO STOP! When the questions stop, YOU HAVE TO STOP! The last thing you want to do is ramble on once they’ve stopped listening. Instead, ASK them a question: “I’m sorry, did you not understand something I said?” “Did I answer your question?” “Is this interesting to you?” By doing this, you will give them an opportunity to ASK you another question: “…back up…what did you mean when you said ‘store of value’?” Or maybe even make a comment: “…wow…this stuff is pretty complicated…” In either case, this actually helps keep the conversation going. Just back up, explain it again, keeping in mind your base concepts and definitions, and see if you can talk them past where they got stuck. Maybe they shut you down entirely: “you know what, this is crazy, it can’t be true, let’s change the subject…” To which the ONLY correct response is, “Ok!” (we’ll get to this later). Keep in mind that letting your listener lead will allow you to carry the conversation much further than you trying to push it along on your own. 3. Know Your Role / A Little at a Time / Don’t Overcorrect So, what’s the end goal? Is it to have them whip out their phone, download an exchange, and make their first Bitcoin purchase right then and there?! No, of course not. The role of these conversations is to LEAVE THEM WANTING MORE. Your goal should be to spark interest and curiosity. If after talking with you they end up on The Google or The YouTube looking for more information, then you’ve done your part! Movies and TV condition us to want the big payoff at the end: the parade, the teary embrace, the triumphant symphony. That is not real life. Really, the best ending to a Bitcoin conversation might just be your listener making an audible, but clearly deeply contemplative, “…huh…”. You’ve done your job. You’ve got them noodling something they have never noodled before. Even once you understand Bitcoin, there is still an entirely different conversation about what the technology is, how it works, and how people interact with it. And let’s be honest, it’s complex and confusing. Exchanges, blockchain, forks, difficulty adjustments, miners, cold storage… More complicated ideas. More jargon. Make sure you throttle yourself back and explain just A LITTLE AT A TIME. It’s ok to have one conversation about the fundamentals of Bitcoin and then an entirely different conversation about blockchain technology or how people acquire BTC or the difference between storing Bitcoin on an exchange versus a cold wallet. Don’t fall into the trap of thinking you have to tackle all of this at once. While all this is happening, BE CAREFUL NOT TO OVERCORRECT. People know what they know, right? And what people know is always correct, right?? Be sensitive. If your listener makes a comment that isn’t true or is off track, don’t scold them or forcefully correct them. If your listener feels attacked or threatened, conflict will arise, and once that happens, their minds will be completely shut off. No one listens during an argument. Don’t attack. Explain. For example: Noob – “Well, the USD is backed by gold, so that will prevent it from ever devaluing!” Bitcoiner – “You know, it’s pretty interesting, a lot of people think the same thing. The truth is that while the USD was backed by gold for a long period of time, it isn’t anymore. You see, back in 1971…” Keep it simple, factual, and non-confrontational. Going back to our example from before, even if your listener shuts you down entirely, THAT’S OK! They have now experienced a Bitcoin conversation that will percolate around in their brain. And perhaps next time they hear the word Bitcoin, whether on the news or on the internet, they’ll think back to your conversation and what you shared with them. Hopefully you didn’t over-press and their memory of your conversation isn't a negative one which leaves them feeling negative about Bitcoin: “Bitcoin is stupid and people who believe in Bitcoin are arrogant and rude.” Finally, ENCOURAGE THEM TO DO THEIR OWN RESEARCH. The journey doesn’t start and end with you. You are simply a stepping stone along their path. Know that you are playing a part in their story; you are not the main character. Adoption of Bitcoin will occur over a long period of time. The conversations we have with our friends and family will create the buzz, attention, and understanding that is needed, but please be mindful that you are doing it in a helpful and productive way that leaves people wanting to know more. Oh, and step 4: Stack Sats and HODL!
A reminder that Bitcoin ABC pushes for centralization where other wallet implementations push for collaboration and progress
Bitcoin ABC is one of several "clients" that you can connect to the Bitcoin Cash network with. Bitcoin ABC is not Bitcoin Cash and should never be referred to as the "reference" implementation that other wallets adhere to or follow. Further, Amaury Sechet, a Bitcoin ABC developer, does not believe in decentralized development. He showed this during the IFP attempt when he tried to add his own personal BCH wallet address directly into the protocol as the recipient of a percentage of mining rewards . This is the most absurd and arrogant thing I've ever seen anyone in this space try to do. It's so clearly a conflict of interest and a tragedy of the commons that I can't even believe people still listen to a single word he has to say. He has no respect here from older community members. His vision is that of a centralized banking cartel rather than peer-to-peer electronic cash system. BCHN was a reaction to the IFP to give miners a drop-in replacement that they could run to invalidate Amaury's hostile take-over attack. This was a community-driven effort to defend against this attack and luckily it worked. A total crisis was barely averted. If Amaury keeps trying to make changes that nobody else wants, all that will happen is that more miners and users will stop running Bitcoin ABC. There will be no "split" because no real BCH miner would continue putting electricity and "work" into a chain that is controlled by one person. We've known that Amaury has been anti-BCH for some time now. He has prevented changes that speed up validation and allow for more scaling -- without any technical explanation or merit. He has attacked other wallet developers in an attempt to get his own project at the "top" rather than foster healthy innovation and collaboration. He has minions pushing his ideas on social media platforms (or maybe he just has a ton of reddit usernames). Remind you of another group? Bitcoin Core and most likely some state-driven actor trying to harm peer-to-peer electronic cash. Bottom line: The attacks on peer-to-peer electronic cash continue, both on the social front and from attackers like Amaury who wiggled their way into more important roles. Amaury cannot be trusted and users supporting peer-to-peer electronic cash should use any of the other much better performing wallets or mining clients.
BTC Miners Are Selling Reserves, and Why This Is Bullish
Over the last week, miners have sold more Bitcoin than they've actually mined, meaning they're selling their reserves. I think this is bullish, and there are two potential explanations:
Miners' Bitcoin-denominated revenue was cut in half because of the Halving, making some miners unprofitable. These inefficient miners are selling reserves to pay for their electricity and operational expenses, instead of shutting down. They're holding out and betting on price to increase.
Miners are selling their reserves because they're confident that there are enough buyers to support the price. Miners have been dumping reserves but the price has held up.
Either way, miners seem to be bullish. I wrote this quick article going into more detail if you want to learn more.
Bitcoin mining is a transaction record process with bitcoins to blockchain – the public database of all the operations with Bitcoin, which is responsible for the transaction confirmation. Network nodes use blockchain to differ the real transactions from the attempt to spend the same facilities twice. The main mining objective is reaching a consensus between network nodes on which Bitcoin Mining and Gold Mining. For a high-level insight, we will compare bitcoin mining with classic gold mining. In the case of gold mining, people equipped with gold-digging and filtering equipment, dig day and night to find grains of gold which are then filtered to extract the precious and pure gold. Bitcoin was invented in 2009 by a person (or group) who called himself Satoshi Nakamoto. For his or her trouble, the miner currently gets 12.5 bitcoins -- which, in February 2018, is worth Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. An application-specific integrated circuit (ASIC) bitcoin miner is a computerized device that was designed for the sole purpose of mining bitcoins. more. Proof of Burn (Cryptocurrency) Definition.
What is Bitcoin? & Bitcoin Mining Explained Mahanubhavudu
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