Bitcoin and Mining | Bitcointalksearch.org

sempak

hero member

Activity: 1638

Merit: 505

Quote from: cryptoboss2020 on May 28, 2021, 03:38:19 AM

If I want to send 20$ on my wallet to other wallet.
Then If there is no miners the money is not moving?
So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

But what If all miners will be shut down all over the World?

Do I understood Correct?

Yes since the miners are the one who will validate it in the blockchain so if there's no miners in the world your transaction will not be confirmed and therefore the recipient will not be able to receive its Bitcoin. I think in Block there's a lot of transaction in there not just your $20 so in that block there's a lot of other transactions as well that will be validated by the miners.

aysg76

legendary

Activity: 1974

Merit: 2124

Quote from: cryptoboss2020 on May 28, 2021, 03:38:19 AM

If I want to send 20$ on my wallet to other wallet.
Then If there is no miners the money is not moving?
So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

But what If all miners will be shut down all over the World?

Do I understood Correct?

So if we are talking about the imaginary conditions that all miners are out of business then if you make btc transaction it would not be included in any block in the absence of miners and yes transaction will not be confirmed.But in real world situation this is not possible because at current the miners are earning good and even if the miners become less so is the target difficulty reduces with that as Sathoshi coded btc to be adaptable to this situation and mining becomes easy and hence more miners join the network again to earn rewards in the end making it to equilibrium position again.Miners after all the 21 million btc are mined will earn transaction fees and enjoy their btc holding at that time so this situation is never going to come into reality.

clorasteinberg

jr. member

Activity: 46

Merit: 1

You got that right. Your money won’t get transferred to any wallet. It might get stuck and may take some time before coming back to your wallet.
But I don’t think that there will ever be a day when all the miners would be shut down and anything like this would happen.

clorasteinberg

jr. member

Activity: 46

Merit: 1

Quote from: Lucius on May 28, 2021, 07:43:43 AM

Quote from: cryptoboss2020 on May 28, 2021, 07:22:48 AM

I guess i choose non PoW

If with this we found that you consider Bitcoin bad in every way, how about you finally move to Altcoins boards and continue your education there - altcoins, stablecoins and even gold do not fall under the Bitcoin discussion.

Quote from: cryptoboss2020 on May 28, 2021, 06:37:15 AM

I rather buy gold at least its in my Hands im not dependent of out side world so much.

If you are already going for gold, it might be a good idea to change your name to goldboss or altcoinboss - it would suit you better since you complain all the time that Bitcoin is not good. After so much time and open threads you seem to have wasted your time and the time of others.

It is really important to put relevant information on the forum that new traders can take lessons from. Posting irrelevant things won’t do any good. Let’s all pledge to maintain the purpose of the forum by helping each other with all that we know.

Ebede

member

Activity: 868

Merit: 38

Join hands and help me to grow everybody...

No miners, no transaction processing. I think your $20 will reverse after sometime. But I don't think it is possible for all the miners in the whole world to shutdown. Lolx. You are wishful thinker. But please o, next time don't think if all the miners shutdown, because btc is the hope of many. Just think what if BTC rises to 150k dollars, that will be good.

meves99

jr. member

Activity: 62

Merit: 4

Quote from: cryptoboss2020 on May 28, 2021, 03:38:19 AM

If I want to send 20$ on my wallet to other wallet.
Then If there is no miners the money is not moving?
So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

But what If all miners will be shut down all over the World?

Do I understood Correct?

It's just a risk for us miners, don't worry when mining continues and it has paid off, you first redeem your capital

FloridaKid

member

Activity: 375

Merit: 15

$CYBERCASH METAVERSE

Bitcoin without miners is like a car without its engine mate, hope this gives you your answer, for all PoW coins like BTC they all need miners to verify transactions on the blockchain

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Bitcoin network security and transaction is executed by miners. If all miners all over the world shut down their mining rig there's no way to make Bitcoin transactionn though I don't see that happen but the case of mining factory shut down, it will only give room for solo miners who are unable to mine profitable before.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: cryptoboss2020 on May 28, 2021, 12:16:06 PM

Who said They Dumping xrp?
What proof You have that They are dumping?

Ripple Labs dumping tons of XRP on the monthly isn't anything new; people who have followed this space have known this since forever.

https://cryptoslate.com/ex-ripple-exec-jed-mccaleb-dumped-over-310-million-in-xrp-this-month/

^Also, you can just verify it yourself. Remember, blockchain's are transparent, including XRP's.

boyptc

hero member

Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

But what's the chance that there will be no miner to confirm transactions? if all of the mining factories/farms will close.

Then there's this guy that's just silently mining bitcoin on his dorm with his few miners then the transaction will still be confirmed. You'll never know the places of the other mining facilities. There could be someone doing it in his tiny old bedroom.

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: mk4 on May 28, 2021, 07:59:51 AM

Quote from: cryptoboss2020 on May 28, 2021, 05:18:30 AM

I see now but it all means If You got funds in btc and eth the funds arent Under your Control.

How is it the case? Of course your funds are under your control.

Quote from: cryptoboss2020 on May 28, 2021, 05:18:30 AM

Also the miners are not government regulated and not Protected not insured.

A lot of huge-scale miners are regulated and are taxpayers.

Quote from: cryptoboss2020 on May 28, 2021, 05:18:30 AM

Is there any coin wich works without mining the transaction?
What about xrp?

Yes, XRP doesn't use proof of work. Hence why it's centralized as hell and the founders are just dumping the XRP on their "investors".

Who said They Dumping xrp?
What proof You have that They are dumping?

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: cryptoboss2020 on May 28, 2021, 03:48:04 AM

Its Same with other coins? Eth? Or only goes for btc?

Yes, proof of work is necessary for keeping the cryptocurrency decentralized and not monopolized. Ethereum is now turning to PoS and around 60% of its coins are premined. But, it also had/has the same mechanism and thus, it requires computational power. That does not mean that factories are required, as you said on your first post. It means that the more energy offered to the network, the harder it'll be for the miners to solve blocks.

Quote from: Lucius on May 28, 2021, 07:43:43 AM

After so much time and open threads you seem to have wasted your time and the time of others.

This guy has literally made thousands of posts and he still doesn't know how Bitcoin works. He writes on a Bitcoin Forum for his love for gold and altcoins while he exposes his hate for Bitcoin. I don't know if I should feel sorry or annoyed.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: cryptoboss2020 on May 28, 2021, 05:18:30 AM

I see now but it all means If You got funds in btc and eth the funds arent Under your Control.

How is it the case? Of course your funds are under your control.

Quote from: cryptoboss2020 on May 28, 2021, 05:18:30 AM

Also the miners are not government regulated and not Protected not insured.

A lot of huge-scale miners are regulated and are taxpayers.

Quote from: cryptoboss2020 on May 28, 2021, 05:18:30 AM

Is there any coin wich works without mining the transaction?
What about xrp?

Yes, XRP doesn't use proof of work. Hence why it's centralized as hell and the founders are just dumping the XRP on their "investors".

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: cryptoboss2020 on May 28, 2021, 07:22:48 AM

I guess i choose non PoW

If with this we found that you consider Bitcoin bad in every way, how about you finally move to Altcoins boards and continue your education there - altcoins, stablecoins and even gold do not fall under the Bitcoin discussion.

Quote from: cryptoboss2020 on May 28, 2021, 06:37:15 AM

I rather buy gold at least its in my Hands im not dependent of out side world so much.

If you are already going for gold, it might be a good idea to change your name to goldboss or altcoinboss - it would suit you better since you complain all the time that Bitcoin is not good. After so much time and open threads you seem to have wasted your time and the time of others.

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: ?? on ??

Quote from: cryptoboss2020 on May 28, 2021, 06:37:15 AM

Quote from: ?? on ??

Quote from: cryptoboss2020 on May 28, 2021, 06:15:31 AM

Im asking can the Bitcoin Network Still can function normally as usual If the all big miners Will be down?

He basically say "Yes". But to be precise bitcoin network will function normally (with normal block time) after difficulty adjustment.

And thats Bad
I rather buy gold at least its in my Hands im not dependent of out side world so much.

If you strongly believe all government will hunt Bitcoin miner, there's nothing i can do. However don't forget it's not easy to spend gold and not all cryptocurrency uses PoW which need miner to keep the network running.

I guess i choose non PoW

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: ?? on ??

Quote from: cryptoboss2020 on May 28, 2021, 06:15:31 AM

Im asking can the Bitcoin Network Still can function normally as usual If the all big miners Will be down?

He basically say "Yes". But to be precise bitcoin network will function normally (with normal block time) after difficulty adjustment.

And thats Bad
I rather buy gold at least its in my Hands im not dependent of out side world so much.

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: Oshosondy on May 28, 2021, 06:05:37 AM

Quote from: cryptoboss2020 on May 28, 2021, 05:44:23 AM

This raspberry pi can handle all the work If the big miners are out?

Anything that can download the blockchain and run as node can do the work, but this is just in theory, we will not expect such to happen because if all miners are not mining and remain only few miners, there will be possibility of 51% attack because the hashrate will significantly reduce to an extent the blockchain may be vulnerable to 51% attack, but I do not expect big miners to leave mining bitcoin, it is not possible. If as a result of the country they are banned not to mine, they will move to another country, also this will be the reason many other miners not in such country will increase their mining power for better opportunities, some people will also join mining. There is nothing that can affect bitcoin mining power to such extent.

Im asking can the Bitcoin Network Still can function normally as usual If the all big miners Will be down?
All the attacks are from the insiders every attacks Hacks are always inside jobs.
Regular Person Can't do nothing.
Everything whats Going on going up higher levels like mafia is working for government.

The Bitcoin existence is mercy of our global elite the rulers the government Something so big like btc can Only exists only of Mercy of government it means they are interested about existing the btc, period!!

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Quote from: cryptoboss2020 on May 28, 2021, 05:44:23 AM

This raspberry pi can handle all the work If the big miners are out?

Anything that can download the blockchain and run as node can do the work, but this is just in theory, we will not expect such to happen because if all miners are not mining and remain only few miners, there will be possibility of 51% attack because the hashrate will significantly reduce to an extent the blockchain may be vulnerable to 51% attack, but I do not expect big miners to leave mining bitcoin, it is not possible. If as a result of the country they are banned not to mine, they will move to another country, also this will be the reason many other miners not in such country will increase their mining power for better opportunities, some people will also join mining. There is nothing that can affect bitcoin mining power to such extent.

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: ?? on ??

Quote from: cryptoboss2020 on May 28, 2021, 03:38:19 AM

Then If there is no miners the money is not moving?

Theoretically yes. But in reality, few volunteers will use their device (e.g. Raspberry Pi) to keep network running.

Quote from: cryptoboss2020 on May 28, 2021, 03:38:19 AM

So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

This is totally wrong, Bitcoin network can run whether there are only 1 miner with Raspberry Pi or multiple mining factory. The key is bitcoin mining difficulty which adjust with network hashrate.

This raspberry pi can handle all the work If the big miners are out?

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: mk4 on May 28, 2021, 04:15:02 AM

If it's the case that all miners shut down their rigs, there will be a lot of missed revenue potential, hence thinking that all miners would just shut down is totally unfeasible. It's just like saying "I drive an internal combustion engine (ICE) vehicle, what if all gas stations worldwide shut down?"

I see now but it all means If You got funds in btc and eth the funds arent Under your Control.
Also the miners are not government regulated and not Protected not insured.

Is there any coin wich works without mining the transaction?
What about xrp?

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

If it's the case that all miners shut down their rigs, there will be a lot of missed revenue potential, hence thinking that all miners would just shut down is totally unfeasible. It's just like saying "I drive an internal combustion engine (ICE) vehicle, what if all gas stations worldwide shut down?"

Bttzed03

legendary

Activity: 2114

Merit: 1150

https://bitcoincleanup.com/

Quote from: cryptoboss2020 on May 28, 2021, 03:48:04 AM

~
Its Same with other coins? Eth? Or only goes for btc?

I'm not really familiar with the whole ETH mining but since it still uses POW, then yes it won't be transferred. You also have to remember that all these transactions are done online and between devices. If nothing is online, no transactions will be successful. It's not like handing out paper fiat to the next person.

Quote from: cryptoboss2020 on May 28, 2021, 03:38:19 AM

~ So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

It doesn't have to be that way but competitions for mining the next bitcoin block increased in the last 10 years that miners have to buy more powerful machines to stay ahead. Back in the day, you can still mine using a PC and get rewarded.

cryptoboss2020

member

Activity: 322

Merit: 14

Quote from: Bttzed03 on May 28, 2021, 03:46:06 AM

Yes, your $20 won't be transferred to any wallet if all miners are shutdown at the same time. It will be stuck in the mempool for approximately 2 weeks before it gets dropped and returned to your wallet.

Its Same with other coins? Eth? Or only goes for btc?

Bttzed03

legendary

Activity: 2114

Merit: 1150

https://bitcoincleanup.com/

Yes, your $20 won't be transferred to any wallet if all miners are shutdown at the same time. It will be stuck in the mempool for approximately 2 weeks before it gets dropped and returned to your wallet.

cryptoboss2020

member

Activity: 322

Merit: 14

If I want to send 20$ on my wallet to other wallet.
Then If there is no miners the money is not moving?
So for 20$ Transaction You need big mining Factory to operate to use a lot Energy.

But what If all miners will be shut down all over the World?

Do I understood Correct?

Topic: Bitcoin and Mining (Read 222 times)