As you are aware about the future 0.15.1 or 0.15.0 or 0.14.2+ version of bitcoin will have a plot fork, where as we can congratulate the managers of Scamcoin BTC, and their maintainers.
You are not aware about the blockchain.info site which is the main server for bitcoin. It announces it's price 2020$ while this site:
https://www.worldcoinindex.com/coin/bitcoinannounces 2050$. The price will then fall, and still then fall. To lower than 2020 by worldcoinindex.com in just about 1 hour. This is the main reason why blockchain.info keeps the price at it's own based level, as it manages and regulates the price on how they will on their own. This is not a coin that is then centralized, it is run only by blockchain.info. They can at any time block any transactions, or freeze accounts. They also have certain ability to move any coin in any account. Try blockchain.info interactive charts now, they are unavailable...
If you perhaps got a pentium I 60hz an old computer from the past. It would perhaps solve each block for you in ultra speed with it's precision. You might wonder why all computers stopped up on 4ghz. And new cpu's were never made furthermore? It wasn't just by the main reason bitcoin took the main focus away from progression of cpu speed to miner equipment. The lastly thing was that Intel probably had to start again from making new cpu.
It's because pentium 60hz was the last processor that did not have any calculation fault. Where as pentium 66hz and higher had. The rest had a software recalculation replacement.
For those who like to make a miner software. The simple calculations to find a block height, is probably taken from the actual found block and addition of the hash lenght difference between the last and the before, with addition of the median of last blocks difference to the hash height calculation. Therefore just then validating the hash. And often just starting hash validation of hash that is the median for blocks before.
The last block for Bitcoin is probably FFFF. But when half of the blocks are found, calculations to reverse technique is possible to the whole blockchain. So bitcoin will die one day, or just in 2 weeks, as proposed will split up in two coins.... The half of the blocks will be calculated by 1 miner.
So what you do around 1. August? Well from my point of view I recommend you to buy so much Bitcoin you ever could for around 100-200$ and then put it into a coinexchange of cryptocurrency and buy so much cryptocoins that you ever wanted, they will be super cheap at some point, but will then raise in price. Try your luck on some as perhaps ETH or Litecoin. But remember that you don't want to sit on Bitcoins, since most exchanges will then end up seizing coins from you or the rest of the bunch of people at a percentage, when coins suddenly start to disappear from many wallets. Do remember to send me some ETH for the tip, if you followed me up on this.
Here I have some different sources I found on the internet. The fork plan of Bitcoin is good described:
source:
http://www.ic.unicamp.br/~stolfi/realwork/EXPORT/projects/bitcoin/posts/2017-03-22-bu-fork-plan.txt# Last edited on 2017-03-24 18:42:33 by stolfilocal
# NOT POSTED YET
See below is a very rough draft of the script for the upcoming bit-coin fork, as proposed by the Field Op managers at today's meeting. All times are UTC of the "flag day" (date still to be defined). Comments and suggestions are welcome.
03:00:00 Bit-coin Unhinged (BU) will be activated by the miners we bribed. The coin will then split into BTCC (with 1 MB blocks, 40% of the hashpower) and BTCU (with anyone-guess-the-size blocks, 60%).
03.08:47 Chore-supporting nodes will refuse to propagate the BTCU blockchain. About 8'000 clients who will have upgraded to BU-compliant wallets but will end up connected to Chore nodes only, will be thoroughly confused. As a result, they will lose a few hundred coins in total, as payments will be reissued or sent to receivers who will have opted for BTCC.
03:09:22 The reverse will happen to about 13'000 clients who will still be running Chore-compliant wallets but will be connected to BU nodes only; with the same end result.
03:10:25 Another 25'000 clients will be connected to both BU and BC miners. Their transactions will be confirmed randomly in the BTCU chain only, in the BTCC chain only, or in both chains, depending on how the coins are tainted. Since each of those clients will see only one chain, there will be more confusion and thus more coin loss.
04:12:14 Right after the split, the bitcoin price (assumed to be $1100, just for concreteness) will split neatly between the coins: BTCU will get $400 [Note 0], BTCC will get $200, Ethereum (Classic and Punk) will get $200, and the other $300 will be split chiefly between Dash, Monero, Dogecoin, and PayCoin.
06:30:00 Coinhaze will confiscate all the Unhinged coins that correspond to their clients' BTC holdings (estimated to be about 100 k BTCU). Coinfaze will send those coins to Buttfinex, and exchange them for 50 k BTCC.
07:12:30 Our agents inside Buttfinex will perform another hack, like they did last time. Buttfinex will then shave another 20% off all client accounts -- including Coinhaze's, which will be reduced from 50 k BTCC to 40 k BTCC.
08:55:00 The BTCC chain, with its capacity (block rate) reduced to 40% of the pre-fork level, will develop a huge backlog. The BTCC price will drop to $100. Rush to dump by ancient holders will make the backlog worse.
09:10:00 The 3rd floor manipulators will lift the BTCU price to $500.
10:30:00 Coinfaze clients will threaten to sue the company to get their BTCU out, forcing Coinhaze to buy back the 100 k coins that they just sold. The 40 k BTCC they got from the sale will only buy 8 k BTCU at the current prices, so they will have to spend another 46 million USD or 18.4 k BTCC for that. They will opt for the latter, and announce a 18.4% haircut on all customer BTCC accounts.
11.05:30 A bug in the BU code, triggered by a block that was exactly 1'234'567 bytes long, will cause the BU blockchain to fork repeatedly after every 5 blocks. A patch to fix the bug will be distributed to miners at 12:03:45, and they will again converge on a single chain twelve minutes later. The multiple reorgs will cause another estimated 13'221 clients to lose approximately 2450.00231557 BTCC and 1337.00000001 BTCU.
12:07:05 Seeing that BTCU is not dead yet, Blokestream will put in action the "fire the miners" plan. Namely, they create a new altcoin (that they call "Bitcoin", but everybody else must be carefult to call "GregCoin" or BTCG) whose proof-of-work will be based on an elliptic curve fingerprint, combined with a very hard chess problem and a 10000 x 10000 crossword puzzle.
12:07:23 Spammers are already scheduled to start issuing several MB of garbage transactions to the BTCG chain at this time, even before the first block is mined. (Someone please remember to have a dozen pizzas delivered to the basement around lunch time.)
12:10:45 Several experts will warn Blokestream that the "fire the miners" move is totally unnecessary, since BTCU, as a hard-forked chain, will be invisible to clients who are still running the Blokestream software -- and there is no sign that the majority will bother to sabotage the BTCC chain. Blokestream will ignore the warnings, saying that the plan must be implemented because it is so clever, and besides the experts are CIA lackeys and their mothers have been seen standing at street corners at night. The experts will then leave the scene, stomping and slamming the door.
12:15:00 BitFurry's CEO, incensed by the "fire the miners" move,
13:54:22 Blokestream will announce that 17 users (mostly their employees) have already downloaded the BTCG version of the Core client, and the first block of the new branch has been mined. It will barely make a dent in the spam backlog. Thus BTCG will start out with a fully operational "fee market", with all its known benesses.
15:18:09 A teenager in North Corea (the country, not the subreddit) will realize that the 21.inc chip on the PiTato, while useless to mine BTCC or BTCU, can be exploited to solve large crossword puzzles incredibly fast. Instead of posting his discovery, he will use his smuggled PiTaro to mine BTCG, and will have 98.5% of the total hashpower active for that chain. After mining 250 blocks, he will have enough BTCG to buy a second PiTato from eBay, or a Mickey Mouse hat. He will choose the hat.
The meeting is still going on, but new minutes may take a while since His Scaliness the Sub-Vice Lizard showed up for a snack and we will have to call in another Secretary.
http://www.ic.unicamp.br/~stolfi/realwork/EXPORT/projects/bitcoin/posts/2016-01-14-bitcoin-is-dead.txt# NOT POSTED
Bitcoin was designed to be a payment system run by miners for their own use. Non-mining users were supposed to pay the miners for their service, at whatever price that the miners found adequate.
Several things did not happen at expected, unfortunately. First, the price rose too much too fast. As a consequence, mining became dominated by industrial enterprises that were interested in the money of the block rewards, rather than using the service themselves. Then mining became centralized in half a dozen companies, instead of the thousands of independent miners-users that Satoshi had assumed.
Objectively, given the last point, one should consider bitcoin dead already. It was created only because Satoshi believed that the world needed a decentralized payment system that did not depend on trusted intermediaries -- which is no longer the case. Bitcoin is no longer a decentralized system, and there is no reason to expect that it will become one again.
As a centralized payment system, bitcoin is absurdly inefficient and inconvenient. It survives only because (1) it got many users who do not give a damn about centralization or efficiency, and use it because it bypasses government controls (so they think); and (2) because it is a great instrument for day trading; and (3) because there are still buyers willing to pay $430 for each coin that the miners mine, hoping to sell it someday for a higher price.
Another consequence of the absurd price level is that miners only really care about (3), because they could never get more than a few percent of their revenue from transaction fees. However, mines must still serve (1), in order to sustain the investors' illusion that bitcoin will one day be very valuable because it will be a competitor to VISA and PayPal. And some of the largest mining companies are also among the largest bitcoin exchanges, so they profit from (2) too.
Yet, none of these three "uses" of bitcoin justify its existence. The world did not need another channel for illegal payments, another penny stock for day traders to gamble with, or another pyramid investment schema. Satoshi would not have bothered to create bitcoin, if he expected it to have only those uses. Also, he would not have bothered to design and buils another *centralized* payment system to compete with VISA.
Apart from mining concetration, there were several other unforeseen and unwelcome developments.
For instance, many bitcoin "believers", old and new, were unable to compete with the industrial miners, but still wished to retain the control that they had as miners. Thus was born the concept of "full but non-mining" (FNM) relay node: a volunteer that intends to sit between the non-mining users and the miners, relaying transactions one way and mined blocks the other way, while checking both for validity against his copy of the blockchain and auxiliary databases.
While FNM nodes may seem a good thing at first sight, they are in fact an Bitcoin was designed to be a payment system run by miners for their own use. Non-mining users were supposed to pay the miners for their service, at whatever price that the miners found adequate.
Several things did not happen at expected, unfortunately. First, the price rose too much too fast. As a consequence, mining became dominated by industrial enterprises that were interested in the money of the block rewards, rather than using the service themselves. Then mining became centralized in half a dozen companies, instead of the thousands of independent miners-users that Satoshi had assumed.
Objectively, given the last point, one should consider bitcoin dead already. It was created only because Satoshi believed that the world needed a decentralized payment system that did not depend on trusted intermediaries -- which is no longer the case. Bitcoin is no longer a decentralized system, and there is no reason to expect that it will become one again.
As a centralized payment system, bitcoin is absurdly inefficient and inconvenient. It survives only because (1) it got many users who do not give a damn about centralization or efficiency, and use it because it bypasses government controls (so they think); and (2) because it is a great instrument for day trading; and (3) because there are still buyers willing to pay $430 for each coin that the miners mine, hoping to sell it someday for a higher price.
Another consequence of the absurd price level is that miners only really care about (3), because they could never get more than a few percent of their revenue from transaction fees. However, mines must still serve (1), in order to sustain the investors' illusion that bitcoin will one day be very valuable because it will be a competitor to VISA and PayPal. And some of the largest mining companies are also among the largest bitcoin exchanges, so they profit from (2) too.
Yet, none of these three "uses" of bitcoin justify its existence. The world did not need another channel for illegal payments, another penny stock for day traders to gamble with, or another pyramid investment schema. Satoshi would not have bothered to create bitcoin, if he expected it to have only those uses. Also, he would not have bothered to design and buils another *centralized* payment system to compete with VISA.
Apart from mining concetration, there were several other unforeseen and unwelcome developments.
For instance, many bitcoin "believers", old and new, were unable to compete with the industrial miners, but still wished to retain the control that they had as miners. Thus was born the concept of "full but non-mining" (FNM) relay node: a volunteer that intends to sit between the non-mining users and the miners, relaying transactions one way and mined blocks the other way, while checking both for validity against his copy of the blockchain and auxiliary databases.
While FNM nodes may seem a good thing at first sight, they are in fact an
