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 266 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.
yes, it could immensely affect the price of Bitcoin.
Imagine if one day all banks cannot process payments, just for one day... chaos would reigns.
this would be a tremendous apocalypse! Miner can't stop working...
Imagine if one day all banks cannot process payments, just for one day... chaos would reigns.
this would be a tremendous apocalypse! Miner can't stop working...
If miner stop mining then he bc net will go down and btc will die! As all known miner not only mining new bitcoins but also confirming the transactions too.
If there is no miner, then people can not transfer btc then btc die.
If there is no miner, then people can not transfer btc then btc die.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
You have to understand that there's a lot of miners not just in China, although they have the bulk of the mining farms there. But lets say all of them stops mining, then in just a couple of days bitcoin price will plummet because this will severely impact investors mindset that bitcoin is already dead.
However, realistically, I don't think that all miners will have a collaborative and coordinated effort to shut down everything. Its business at the end of the day. So it doesn't make sense at a business standpoint to just stop it just even for a day because you are also losing money here not just investors or traders.
This is not a good solution and it will not help at all. Miners stopping mining means there will be no transaction. No transaction will make bitcoin to have no values. Besides the number of miners are many and they all cannot be stopped together.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
there aren't a small number of miners like 5 miner to stop mining all of a sudden! there are thousands of miners who are mining bitcoin, possibly more. they won't just stop all at once and out of the blue for no reason.
these "what if" questions need to have some reality to it so that they can be answered. otherwise you will be entering the realm of science fiction.
in reality what can happen is that price can go down so that mining profit can fall so miners start to go away. then difficulty will come down so it becomes profitable again. even if price falls to $1 and a lot of miners leave still difficulty will come down and mining will become easy. until you can mine bitcoin with your computer again. so at the end of the day if all the miners leave you can start your PC and mine bitcoin with it. so it won't die.
in short miners don't leave the price takes effect. price changes (up or down) then miners come in or go out.
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.
what if all miner bitcoin stops working does not generate or distributes bitcoin for one day if it could affect bitcoin price?
Jump to: