Then no cryptocurrency will ever be successful.
It's an evolutionary process. Bitcoin will die and a better cryptocurrency will be created.
OK, now it's apparent this was just trolling.
Topic: Anyway to block miners in China? - page 2. (Read 2917 times)
It's an evolutionary process. Bitcoin will die and a better cryptocurrency will be created.
OK, now it's apparent this was just trolling.
Then no cryptocurrency will ever be successful.
It's an evolutionary process. Bitcoin will die and a better cryptocurrency will be created.
As the diffculty increases, less individuals get involved in Bitcoin mining and it turns into a corporate venture.
I remember when CPU miners were whining that GPUs meant the end of bitcoin due to the "home user" being shut out of mining.
Remember one thing. Miners work for those who buy the bitcoins. The least efficient workers (i.e., power-hungy GPU miners) are being displaced with more efficient workers (ASICs).
This was telegraphed well in advance, and getting to this point actually took much longer than many of us expected. But progress from here (i.e, difficulty continues shooting up) is right on cue:
If you are still GPU mining on bitcoin, please do not be deluded into thinking this is something that will blow over. If you haven't done so already, prepare to shut down your GPU rigs -- and the sooner the better.
As far as blocking mined blocks based on geographic area, Bitcoin was architected to protect against this type of corruption. Miners relay their mined blocks to their peers, so every peer would need to reject an IP range. That would never happen.
Higher difficulty means more protection for the network.
As the diffculty increases, less individuals get involved in Bitcoin mining and it turns into a corporate venture. In theory this should protect the network, but it turns Bitcoin into a centralized operation. When these groups amass a significant amount of Bitcoin, they can control the exchange side of things. In the end, we get the same problems we are having with fiat currency.
For $7.80 you can buy a chip with about 800 MH/s capability. Are you unable to get involved at this level?
And you'll be making $2/day in the short term and never makes your investment back.
Higher difficulty means more protection for the network.
As the diffculty increases, less individuals get involved in Bitcoin mining and it turns into a corporate venture. In theory this should protect the network, but it turns Bitcoin into a centralized operation. When these groups amass a significant amount of Bitcoin, they can control the exchange side of things. In the end, we get the same problems we are having with fiat currency.
Fewer individuals will start or continue to mine... that is why you would be better off pooling resources into collectives. Why do you want CONTROLS put in place?
Ways to fight against corporate control.
NO LAWS, CENTRAL BODIES OR RULES that will eventually be manipulated by the same companies you want to control.
OPEN SOURCE HARDWARE AND SOFTWARE.
COLLECTIVES sharing vast resources of 1000s of people.
They might stay away from mining. I don't see a reason why they would stay away from bitcoin as a virtual currency to buy coffee or computers.
If that's the case, Bitcoin will continue to be marginalized.Then no cryptocurrency will ever be successful. The idea that 100% of users will be miners is a dubious pipe dream. Did 100% of gold owners miner their own gold from their own mine, using their own mining equipment. The number of miners in nominal terms may increase but the miners as a % of user base will continue to decline. There is never going to be a cryptocurrency with 20,000,000 miners for example. It just isn't going to happen. Time, resources, skill, risk appetite, and finite reward will constrain the number of miners.
If cryptocurrencies can't grow beyond a base of miners well then the whole experiment (not just Bitcoin but all derivatives as well) never had a chance of success anymore than if the only people using Personal Computers were people with the equipment and skill to build one by hand.
Higher difficulty means more protection for the network.
As the diffculty increases, less individuals get involved in Bitcoin mining and it turns into a corporate venture. In theory this should protect the network, but it turns Bitcoin into a centralized operation. When these groups amass a significant amount of Bitcoin, they can control the exchange side of things. In the end, we get the same problems we are having with fiat currency.
For $7.80 you can buy a chip with about 800 MH/s capability. Are you unable to get involved at this level?
Higher difficulty means more protection for the network.
As the diffculty increases, less individuals get involved in Bitcoin mining and it turns into a corporate venture. In theory this should protect the network, but it turns Bitcoin into a centralized operation. When these groups amass a significant amount of Bitcoin, they can control the exchange side of things. In the end, we get the same problems we are having with fiat currency.
Ya'll got trolled.
...or this forum is diving into new depths of idiocy.
...or this forum is diving into new depths of idiocy.
This is the strangest thread I have read so far in bitcointalk.
Agree. Stupid is a more appropriate word however.
Anyway GPU Mining is DEAD, with actual diff and price of 91 USD it's not profitable to GPU mining anymore
Ok then stop mining. Simple solution. Bitcoin needs miners to protect the network. It doesn't necessarily need you (or me, or any individual miner) to mine with your specific inferior hardware.
Mining isn't a "free money for nothing" game. It has a purpose. That sole purpose is to protect the network. Higher difficulty means more protection for the network. Coins only have value because people believe the transactions are irreversible. Lower difficulty enough so that someone can easily attack the network and it doesn't matter how many coins you have because they will be worthless (x BTC * 0 = 0).
Yeah! thats why is illogic "Ban" chinese people.
You can't forbid anyone to mine because of the nature of bitcoin. you can or cannot mine for profit, but that people who does (like ASICMINER) shouldn't be ban to mine.
Maybe I, or you, don't have powerful hardware. That's why we search other investments. In ASIC ways or Shares of some type.
Anyone can use bitcoins and you can't exclude anyone.
Bitcoin is decentralized, you are not going to block a thing try as you may.
Why would you want to? It's the most foolish piece of selfish nonsense I have read all day.
Why would you want to? It's the most foolish piece of selfish nonsense I have read all day.
They might stay away from mining. I don't see a reason why they would stay away from bitcoin as a virtual currency to buy coffee or computers.
If that's the case, Bitcoin will continue to be marginalized. Anyway GPU Mining is DEAD, with actual diff and price of 91 USD it's not profitable to GPU mining anymore
Ok then stop mining. Simple solution. Bitcoin needs miners to protect the network. It doesn't necessarily need you (or me, or any individual miner) to mine with your specific inferior hardware.
Mining isn't a "free money for nothing" game. It has a purpose. That sole purpose is to protect the network. Higher difficulty means more protection for the network. Coins only have value because people believe the transactions are irreversible. Lower difficulty enough so that someone can easily attack the network and it doesn't matter how many coins you have because they will be worthless (x BTC * 0 = 0).
Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously.
If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke.
You have no idea what is happening to mining, you are as clueless as the general public. ASICMINER will never get near 51%, they have stated that. Why do anything to risk trust in the network they are profiting from every week? Idiot thinking, plain and simple
Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously.
If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke.
They might stay away from mining. I don't see a reason why they would stay away from bitcoin as a virtual currency to buy coffee or computers.
Eventually someone will bring up this topic, so why not just start here...
If AsicMiner will add 800-1000TH to mining, then the individual's small machines will be useless. https://bitcointalksearch.org/topic/m.2622243
When this happens, will anyone think it is justifiable to block mining power from China? Will this cause too much collateral damage since there are so many individual miners in China as well?
If it is justifiable, then how to do it technically or what is the process to seek consensus?
If AsicMiner will add 800-1000TH to mining, then the individual's small machines will be useless. https://bitcointalksearch.org/topic/m.2622243
When this happens, will anyone think it is justifiable to block mining power from China? Will this cause too much collateral damage since there are so many individual miners in China as well?
If it is justifiable, then how to do it technically or what is the process to seek consensus?
Psst... start working together with others and pool your resources. COOPERATIVES. Why fear Asicminer... any group of miners could "corner" a fair chunk of the market in the coming months. Blocking "China" won't help given that Asicminer is diversifying their mining to other locations. Don't kid yourself if you haven't spread out globally you can be shut down easily. I doubt that blocking anyone is what we want or need to spread BTC worldwide.
There are some real idiots on this board, and do I catch a whiff of Chinese-directed racism in the air?
Let's ban all American miners instead. Oh sorry I forget, it wouldn't be worth the effort.
Let's ban all American miners instead. Oh sorry I forget, it wouldn't be worth the effort.
Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously.
If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke.
If Gavin Andresen modifies the code to make it impossible for Asics, that would stop the excessive growth of difficulty. Until he does that, people will have a hard time taking Bitcoin seriously.
The stuff I read on here sometimes. You do realize that the higher the network hash rate is, the more stable bitcoin is? One of the largest risks to any blockchain-based cryptocurrency is the danger of a 51% attack. The higher the overall network hash rate is, the less likely it is for a 51% attack to succeed. So no, invalidating asics won't make people "take bitcoin seriously."
Jump to: