Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain
Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.
How do i update my Ethereum wallet?
1. Go to our website /]MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.
Please note that you need to manually update your wallet, failure to do so may result in funds being lost.
We are taking these measures to protect both you and our network from phishing and malicious attacks.
Thank you for your cooperation and understanding!
MyEtherWallet Security Team.
If you use other methods, then ignore this message.
Topic: Bitcoin miner stoped distribute bitcoin (Read 219 times)
First of all, the number of miners are in thousands. So the question of them halting the mining is out of the box. But theoretically, even if they stopped, bitcoins will have no value. Because there won’t be any coins to exchange to begin with, given the miners aren’t mining.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
If miner stop mining then there will be no value to bitcoin. Miner not only mining new bitcoins but also confirming the transactions too.
If there is no miner, than no transaction will happen.
In others words, that day Bitcoin will not have any value, because if I say ,somebody want to sell it cheap but transaction from his wallet to seller wallet will not happen and then why should pay for something that you will not receive.
Almost impossible...
If all miners stop then I will mine a little with my PC and I will earn all BTC alone...this is why it is impossible because other people would do the same like me.
I have adapted almost the same principle at my cash systems...if only 2 or 3 people participe then the 2 or 3 people earn all the global income...it is why I have always people participating at my cash games.
Yes, it will affect the price of Bitcoin. Bitcoin price is mostly dependant upon the supply and demand of Bitcoin. If there is any resistance to the supply, it will definitely affect the price.
Bitcoin works only when there is full consensus among all users. Thus, all users and developers have a strong incentive to protect this consensus.
If there are no miners, no transactions will occur. It can greatly affect the price of Bitcoin.
If there are no miners, no transactions will occur. It can greatly affect the price of Bitcoin.
Look at this way. If the mining wil (temporarily) stop, the demand will increase. BTC will be rare and price will go up and mining more lucrative.
Btc tech is really change the concept of currency and transactions it makes our life more easy based on this people of users can use if there is no miners because it is not gonna effect on price also they can do transactions because it’s a block chain tech.
Not necessarily, there was a time when the gold market fell below the price of mining, but it still has to continue.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
If miner stop mining then there will be no value to bitcoin. Miner not only mining new bitcoins but also confirming the transactions too.
If there is no miner, than no transaction will happen.
In others words, that day Bitcoin will not have any value, because if I say ,somebody want to sell it cheap but transaction from his wallet to seller wallet will not happen and then why should pay for something that you will not receive.
yep, but this is will not happen, well at least not soon.
maybe the opposite
If Bitcoin suddenly crashed to be very cheap <1000usd then I would certainly stock up and buy a few, there is so much potential for bitcoin to grow even from it's current price.
I am not sure about this news. But why they take this type of decision i can’t understand. We all know about bitcoin and we also believe bitcoin has a great future.
if that will happen no one will mine bitcoin as well as processing the transaction. you can't send and you can't receive. but don't worry there are a lot of miners all around the world. someone will stop but someone will replace them. mining bitcoin is still profitable to them so they will not stop.
Miners are the most important due to verification of transactions - without miners there is noone to confirm that blocks in blockchain so that the technology will not work properly.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
On the off chance that mineworker quit mining then he bc net will go down and btc will bite the dust! As all known mineworker mining new bitcoins as well as affirming the exchanges as well. On the off chance that there is no excavator, at that point individuals can not exchange btc then beyond words.
If miners stop mining, then you cut start mining with your laptop pc, and earn bitcoins from block rewards and
transaction.
transaction.
No, If miner stop mining then there will be no value to bitcoin. Miner not only mining new bitcoins but also confirming the transactions too. Ifthere is no miner, than no transaction will happen. In others words, that day Bitcoin will not have any value, because if I say ,somebody want to sell it cheap but transaction from his wallet to seller wallet will not happen and then why should pay for something that you will not receive.
If miners stop mining for one day, a huge amount of supply will be disrupted and demand will generated high. And it will result in higher price of btc.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
That would be possible under a permissioned blockchain. But in a public blockchain, it is almost impossible. It can happen but mostly it won't. If miners stop mining for one day, the price would plummet to the ground. But thankfully bitcoin is decentralized, no one would have to witness such a situation. Just think about it, and you'll know why.
It is a irrelevant question because bitcoin is dependents on miners. Miners process bitcoin transactions and get paid for it as a reward, If they stop mining then bitcoin is literally dead. If bitcoin is dead then holding bitcoin are useless because it will have no value anymore.
Well, if miner stop mining bitcoin the value of bitcoin will fall down. It will affect the transaction also. It will affect the price a lot.
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