Bitcoin miner - page 6
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George Merts, I think we've established above that crypto can be any number of things by duplicating instruments, or changing the interpreting of the unit... Don't make up superfluous advantages and disadvantages. Crypto can't play the function of money at least because it's small and should be enough. The complexity and costliness of its "making" is exactly the reason why it can't be money - which is why people have given up using gold. Crypto has 1 advantage over gold - it does not wear out, that is where the pluses end, it cannot be full-fledged money in principle...
биткоин обеспечен математической сложностью и ресурсами на решение криптоалгоритма
It is not backed by anything. The algorithm solution only gives the right to own it, not secures anything, read how it works...
You're clearly a "sentinel" - in all seriousness as an amateur, you're mixing things up.
What does "print as much as you like" have to do with it? You've been told above: "Money is never too much or not enough. There is as much as it takes".
Ohhhhhh... You just said yourself about hyperinflation... No. There's as much money as the Central Bank issues.
What makes bitcoin different is that bitcoins can't be printed "as much as they want" - their issuance is rationed by an algorithm.
And what the fuck is this, "bitcoin is secured by the mathematical complexity and resources to solve the crypto algorithm".
Actually money is secured by commodities and only commodities by the T-D-T formula -- not crypto algorithms.
In the T-D-T formula, dollars are absolutely no different from bitcoin. Through exchanges in the RF, it appears that both are equally collateralised.
By collateral, I meant the collateral of the institution issuing the currency.
OK. I'm off to the side. You've got it all messed up in the oak tree here.
I'm sorry I bailed. Odd for a man "associated with the field".
I'm left wondering which of the functions of money bitcoin does not perform in the same way as the dollar.
George Merts, I think we've established above that crypto can be any number of things by duplicating instruments, or changing the interpretation of the unit... Don't make up extra virtues and disadvantages. Crypto can't play the function of money at least because it's few, and it should be enough.
Why is it "not enough"? It is enough for the transactions that are made with it.
The appeal of cryptocurrency is that its exchange rate quickly evens out so that it is sufficient to support all necessary transactions.
Moreover, "little currency" is, in my view, a virtue - see above for hyperinflation.
It is not secured by anything... The algorithm's solution only gives the right to own it, not secures anything, read how it works...
Yes in this case the ruble and the dollar are both unsecured. What I meant by secured is somewhat different.
Moreover, the rouble has been completely devalued three times in my memory. And this does not prevent it from being money and performing all the functions of money.
Not at all.
Moreover, just in the excerpt above, you can clearly see the difference between paper money, which you can print as much as you want (and for non-cash, you don't have to print, just change the numbers in your accounts), and bitcoin, which requires a lot of resources and a lot of investment in order to mine. That's what makes bitcoin different from non-cash dollars or rubles - you can't mine it as much as you want, bitcoin is provided with mathematical complexity and resources to solve the crypto-algorithm. Its inflation is strictly limited. Any attempt to "make it faster" will make it harder to mine. If everyone quits, bitcoin will go down - but it will stop mining, reduce the complexity of blockchain algorithm, and lead to new round of mining, first on processors, then on videogears, then again on asics (but I don't think it will come to processors).
The measure of bitcoin's value is well known. At the moment, it's 350 rubles. Any commodity can be valued in bitcoins. A significant part of it is directly sold for bitcoins. But here - just like dollars, yuan or any other currency - absolutely any commodity can be purchased by exchanging the currency into local rubles.
Bitcoin is more like tulips than money, it has more signs of tulips.
And I still don't understand and no one has ever given a coherent answer, what is the difference between bitcoin and other coins? Why bitcoin is more expensive than other coins?
How much do you think bitcoin will be worth if Sberbank starts producing its own coins?
Bitcoin is more like tulips than money, it has more signs of tulips.
And I still don't understand, and no one has given a coherent answer, what is the difference between bitcoin and other coins? Why bitcoin is more expensive than other coins?
How much do you think bitcoin would be worth if sberbank started producing their own coins?
No. Tulips can't be money - you can't share them. Tulips spoil quickly. Tulips are inconvenient for big settlements.
Bitcoin differs from other koins only in capitalisation. It was the first, and the most invested in it. Nothing else.
Sberbank coins will be radically different from bitcoin. First and foremost, inflation control. Sberbank coins will be one desire of the management to increase their number any number of times. That won't work with bitcoin anymore. Therefore, I think bitcoin will either be banned or severely restricted (like precious metals).
Why is it "not enough"? There is enough of it for the transactions that are made with it.
It was about replacing global currencies with crypto, compare global turnover and the amount of crypto. I mean the future of crypto.
That's what makes cryptocurrency attractive, is that its exchange rate aligns very quickly so that it is sufficient to support all necessary transactions.
It's hard to tell from a chart whether it levels out or not...all you see is high volatility and no predictability...you know that's very bad for the economy...For speculation and adventurism - just right...
Moreover, "little currency" is, in my opinion, a virtue - see above about hyperinflation.
Dignity is when there is enough, not when there is little or much.
Yes in this case both the rouble and the dollar are unsecured. I meant by collateral a bit differently.
Moreover, the rouble has been devalued completely three times in my memory. And it doesn't prevent it from being money and performing all the functions of money.
The ruble is 100% dependent on the dollar, let alone our government, which has little understanding. The dollar itself is secured by the U.S. economy, and by trust and everything else you can imagine... There are problems, of course, but they haven't figured out anything better... Crypto in this case - this is at best the old rake with gold, while you have to solve new problems and not constantly step on it... this is a philosophical and economic issue, I personally predict that crypto will always be an artisanal speculative tool with small turnovers and big problems.
The problem is the very essence of modern currencies. It's that "trust" thing. You can start as much as you like - but your currency will only be worth as long as it is trusted. Which is why - most altcoins - will quickly cease to exist .
About "splitting it into smaller pieces". - This is not a loophole, but a new feature of cryptocurrencies that conventional currencies didn't have - a kind of"inflation in depth".
That's the value of money "whose quantity is limited" - that it corresponds to the world's resources, whose quantity is also limited. That`s why the bankers and governments get worried - you can print as much rubles or dollars as you want, but bitcoins are not only very difficult to make, but their amount is limited as well. This means that bitcoins are more valuable as a means of payment than dollar (or even more so, ruble).
Unfortunately, bitcoins, unlike the internet, were not developed by the military, but by scientists. Bitcoin therefore has little resistance to prohibition. But since it is, after all, based on internet technology, chances are that it will be very difficult to ban it.
Let's wait and see.
Your reasoning makes me lose my mind ))
Do you have any idea what you are writing about?
If you do then please explain what"inflation in depth" means.
1. only I don't quite understand about joining a pool, how do you do that?
2. What are the costs of setting up your pool?
3. What internet speed is required for the pool?
1. Search the internet for "mining pool"; websites usually have instructions on how to join. In general it looks like this: mining software needs to pass you parameter-link to pool, from where it will take initial data from which new blocks will be mined.
2. I have no idea. At a minimum, I'd need to develop software that distributes mining tasks + if found, quickly transfers it to bitcoin nodes + calculates hash rate of all participants in the pool + controls fairness of the participants.
3. Let's assume 100 MBit / ddos protection / redundancy in case of channel failure.
About one block per day: for that you need to have ~1/144 of bitcoin network in your hands. Just think how many S9 ASICs you need for that and how much power they consume. That's the minimum cost, so to speak.
The rouble can be left alone, it is 100% dependent on the dollar and is around the dollar.
I think you've gone too far here. The rouble is not even close to depending on the dollar, and has not been spinning alongside it, only depreciating. So far the rouble has only gone one way.