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Latest Bitcoin News / Do the miners need the Bitcoin users?
« Last post by administrator on Today at 04:34:20 PM »
I think we need to evaluate the users value in this experiment. Let's list the benefits of having users in this Bitcoin network.

~ Users generate transactions, which generates miners fees.
~ Users create services that accepts bitcoins as a payment option.
~ Users use services {Merchants} that accepts Bitcoin.
~ Users spread the word about Bitcoin. {Bitcoin Meetups & posting on forums}
~ Users create demand for bitcoins and this increase the value {price}

Let's list some more contributions that Bitcoin users bring to the table for this experiment to work. Once we have seen the value they bring, we will know how to make a success of this.

Latest Bitcoin News / how to split forked coins
« Last post by administrator on Today at 03:10:02 PM »
If bitcoin forks, then how do you split your coins?

If you have the private keys in your control, you would need to import the keys into a wallet that's designed to split coins.
What wallet is that?  I haven't heard of one.  By the way, I use a mobile wallet.  Like a lot of bitcoin users (probably most, actually) I don't sync the Bitcoin blockchain on my computer.

Otherwise, you would have to find an exchange that splits keys.

What worries me is this scenario:
1.  I store my coins locally, with control of my own private keys.
2.  The chain forks.
3.  I can't find a wallet that splits coins.
4.  I find an exchange that splits coins, but it turns out that you had to have your coins on the exchange before the fork; they won't split coins sent to them after the fork, even if the coins are older than the fork.

I see no discussion of these challenges.  Have you solved it, or even considered the problem seriously?

Latest Bitcoin News / Mining Contract Question?
« Last post by administrator on Today at 01:53:16 PM »
Hello everyone,

I have a question.  I am looking at a few 24 hour mining contracts.  What I was wondering is this, how much would a 2.1 TH/s miner and 4.5 TH/s miner mine in 1 24 hours period?.  It would be connected to the antpool mining pool.  

If anyone could give me an est.,  that would be great
No, it is not about your silly scaling issues or other internal politics. The battle I talk about is still far way, but it is inevitable. It is when bitcoin comes out of its darknet markets, its amusing mathematics, its online life and faces the real world of salary payments, utility bills, loan payments, school and college payments, buying home, car, groceries and gadgets. That's how a common man interacts with money and payments.

There is a spoilt, rebellious kid who was never taught any manners or real world skills, but extremely pampered and praised all along in his fortified play room, and then on one fine day he was pushed out to face the real world.

What's the issue here? The issue is deep enough to lie at the philosophy of the bitcoin. It hits right where all good things for bitcoin come from.

The little kid faces two strangers on the street - the tax man and the government. The little kid says "I don't need you. I don't need to show my money or transactions to you". Then a criminal emerges from shadows, points a gun at the kid, snatches his bitcoin wallet and disappears. The kid cries and blames government for not protecting him.

Then the kid finally learns some manners the hard way, and agrees to pay taxes on his bitcoin income. And agrees to show all his transactions. And wallet details. People are now forced to use a single bitcoin address per person and that address is linked to their passport and their other national identities. Every bitcoin transaction must go through a government verification for identifying the parties involved. All good.

All lived happily ever after.

Wait, the kid then wonders - why am I using bitcoin? with all the extra difficulty. Oh, that's because it is mathematically beautiful. isn't it? Those 64 hex letters with random beauty. Ah, I can keep looking at them admiring their beauty forever.

The human society has come a long way through the jungle life, cave life, tribal settlements, civilisations, cities, nations and governments. Bitcoin, while appearing to be ultra high-tech, full with mathematics and cryptography, it is essentially a throw back to jungle life as far as the social life and governance is concerned. Bitcoin abhors governance. It ignores the need to know each other. It rejects monitoring and traceability. It want to break the government and thereby it encourages the law of jungle.

So, you say that tax man need not be concerned about your bitcoin income. Okay, so how should we tax people? How should businesses pay tax? We need tax to support government and community development. And we need government.

Lack of tracking in money movement clashes with the very existence of government. Enforcing tracking in bitcoin shakes the very foundations of bitcoin. That's the battle I was talking about. The new kid on the block has no way of fighting it. Forget winning. I won't be surprised if all the bitcoin owners could be seen as criminals, and forced to do only darknet transactions forever.

Meanwhile, the kid will have lots of fun in his mathematical cradle, playing with his crypto toys, and musical noise and excitements blaring from online forums while a crowd of crypto coin babies sing and dance around him, and pooping everywhere. All this happening in a casino, where all the people amazed by their smartphone and internet magic, keep placing bets on which baby will poop next.

Cryptography and math are pure and invincible. Worshipping them, is no different from worshipping a rock, fire or the Sun. Humans are biological creatures. All value traces down to biological comfort and well-being. Meet the real world. Get real.

BIP91 is activated and top of the forum it says

News: Due to BIP91, it would starting now be prudent to require 5 times more confirmations than usual before trusting transactions. Why do we have to trust transactions with 5+ more confirms and not 1?Is there a chance that i send some bitcoin at this moment and the bitcoins gets lost?
How long to wait till it's safe to do transactions?There are not much unconfirmed tx too why people are not making transactions today
Should I invest On BITCOIN right Now or Later of August 1. Or
 Should I go with Altcoin, If Altcoin Than Which Altcoin is Best for long run investment like 1 year .Please mention the altcoin names

As being a newbies your advised will be Very helpful to me in long run .
BIP91 is now active which not only means that we're getting SegWit, but also an increase in block size.
What does Core think of this compromise?
Will there be 3 forks of Bitcoin by November? (Segwit+2MB, Segwit, BCC)

Where Do We Go From Here After Locking in BIP91?

Locking in BIP91 was an enormous feat. It required over 80% of the total hashpower to signal intent for this solution, and one can safely say the mining pools and community came together for the greater good. At the same time, this was only a small victory in a lengthy war and things are not set in stone. 

With the lock-in secured, the Bitcoin network is now in a grace period. There will be a period of time until non-SegWit blocks are rejected by the network. This is a big change, even though the majority of the network is seeming to signal SegWit blocks. SegWit2x and USF signals are both considered “valid,” whereas pools or miners signaling Bitcoin Unlimited, for example, will see their blocks rejected. This rejection period will go into effect very soon.

Despite all of this positive momentum, there is no guarantee for a successful SegWit activation. It could be activated instead as BIP141. While BIP91 signals intent to support BIP141’s SegWit, it is merely based on hashpower. If mining pools and miners were to pull out suddenly, there would be nothing anyone could do to prevent it. Considering how very few economic nodes support BIP91 right now, it seems unlikely we will see a “pure” activation of Segregated Witness.

If the majority of miners changed their mind, they would risk being forked off the main Bitcoin blockchain. That would result in the chain split people are so desperately trying to avoid. BIP91 was introduced to make SegWit2x and the UASF compatible to avoid a chain split. However, it could end up being the catalyst for an actual network split, which is still a possible outcome at this stage.

For the time being, there is no evidence to suggest that miners would suddenly turn their backs on BIP91. However, just because this small milestone has been reached does not mean everything will be smooth sailing. The miners will follow the largest chain, regardless of whether or not it supports “pure” Segregated Witness. It also means the minority supporting the BIP91 soft fork can be ignored by the rest of the network in a few weeks from now.

This “public intent to signal for something” is nothing more than an empty promise by miners and mining pools. Now is the time for these individuals to put their money where their mouth is and make Bitcoin scale properly, regardless of political shenanigans.  Assuming things remain as they are now, we will see the first steps toward activating SegWit in about a week’s time.

I keeps seeing BIP148, BIP91, BIP1, BIP... BIP BIP BIP.

What is with all these BIPs and what do they mean? Is the number after it just an arbitrary number or is there a bigger meaning?

Sorry if this is a stupid question, but I'm a noob and sometimes I get these mixed up with block sizes and all the hard forks, soft forks, hard spoons, and soft spoons. Ahhhhhh!

(okay, I was kidding about the spoons.  )
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