Topic: Book quest and Start-up enquiries (Read 146 times)

My apologies if my topic wasn’t clear enough as per explaining what my intent or purpose for this space was or maybe I might be the one misunderstanding your just recent comment. The idea remains that, am trying to challenge myself to reading as much Bitcoin or cryptocurrency related books as I can and find.
Meanwhile, this space was created for a question and answer space as the need applies in course of my reading so I don’t get to fill the sections with unnecessary topics at every misunderstood point. I figured it would be a best way to put it and avoid spamming. While I get to list the books up and my findings for experienced users like yourself and other persons that might have gone through the books to aid me as applies.
So yeah, I didn’t author any of those books, they aren’t mine and am just having to read them while seeking clarification on concepts I don’t fully get.

Meanwhile,
Thanks for the resource you just provided. I hope to go through the much I could of them as time goes on.

You introduced books of other people (authors), not your books.

There are some topics about books.

• [RESOURCES] Free bitcoin/blockchain/finance eBook. Images are broken because they are links from imgur.com. Fortunately, download links are working.
• Mastering the Lightning Network
• The Little Bitcoin Book
• The bullish case for Bitcoin. It's on Medium, free to read but you can buy a book version on Amazon.
• Bitcoin 2008/09-2022 History Paperback/Hardcover Book. It will be printed in 2024 as Tyke announced.

In course of my studies on mastering Bitcoin, there have been several checked out references and the Bitcoin white paper is one that stands out still for a beginner to read about.

So, I want to ask this about the hash computation as described in the white paper.
Now it talked about about having implementing a time stamp to POW by means in which, it’s increments a nonce which is the number miners get to find in order to mine and get rewarding power.

Now, this nonce that is incremented is it block specific or transaction specific?
Based on the answer as would be given above, Is it possible for a transaction or block to have more than one nonce?

Yea, I missed this part on my reply earlier, its only when this change is accepted by majority of the full node users accept else it becomes hard fork.

In essence, are you agreeing to the fact that, with a consensus amongst developers, it could be done or archived?
Then, anything added even with a consensus is a fork, right?
But,  the likely possibility of this huge ‘if’ statement is what makes it impossible as, it’s very unlikely that there would be any of such consensus ever.

Also, haven’t gone through the responses this far with respect to my earlier confusion, I would say the part that talks about 99% mined Bitcoin in 2035 is much clear now. Your guides are very much appreciated.

Open source does not mean it allows the source code to be changed. Both closed and open source softwares can have their codes changed by developers with access, the difference is that you can see thus changes in an open source network, can review the code and suggest changes that can be made. With closed source you are not aware what goes on at the back end.

There needs to be a consensus agreement for bitcoin's supply cap to be increased or a fork.

- Jay -

You have, therefore, wrongly paraphrased the sentence from that book. Your interpretation below is erroneous. "99% of all Bitcoin" is not the same as "the last Bitcoin". When 99% of all coins are mined, and that's around the year 2035, there are still 210,000 coins left to be mined. These coins will still be mined for the next several decades, lasting even more than a century.

Also, it's not "over" 21 million coins. As a matter of fact, on the contrary, after the last Satoshi is mined, the exact supply might be slightly below 21 million.

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It is not. Bitcoin's source is indeed open and available to the public. Anybody can get a copy and change it however he/she likes. The result isn't Bitcoin. It's a fork, an altcoin. If I'm not mistaken there was a fork called Bitcoin Unlimited. The supply wasn't 21 million.

I have actually gone through this part of the book 'Mastering Bitcoin', here is where Op got confuse in the book It is possible, do not forget Bitcoin is open source and so the code can be change to increase the 21 million capped but I doubt if this will ever be done.

Oh Nice of you yo have come through and am already seeing the good in this exercise already. Mean while, let me just quote a snipe part of the text here where I might have gotten that idea should it be interpreted differently. It’s found in the introduction, within the forth paragraph.
That’s the word to word statement where that idea is propounded or perhaps I deduced differently. What’s there to note differently?

Bitcoin is deflationary in the sense that its new supply is reduced over time until such point when there's none at all. And with a fixed supply, lost and forgotten coins also add to the reduction.

Don't mind the inflation-based economic paradigm that we have right now. Our current economic system is obsessed with addition, more printing, injection, increased spending, and so on. Look where we are now!


As what I've read ever since, the last Satoshi will be mined in around the year 2140. Haven't read the book that you're reading right now, but I'm not sure it really mentioned 2035. That's just 11 years from now. We've only just halved 6 times by then. The mathematics doesn't agree.

And it probably won't be block 1,411,200 either. It's certainly way beyond that. We're currently at block 829,453 already and we're still in 2024.


None. That's not a possibility.

In my having to read Mastering Bitcoin Text,
Bitcoin is said to be deflationary… what does it really mean?
Checked up on deflationary and what I could find was some negative impact on the economy. How does that play out in this context.

The book also highlighted that, the last Bitcoin that makes up the over 21million Bitcoins created is expected to be mined around 2035 about the block 1,411,200 and Bitcoins created after this wouldn’t be forced on people.
Let me quote it in exact to avoid misconception…
Now my question is, if the last Bitcoin is to be kind as speculated above,
Is there by any means the possibility of having more Bitcoins created?

Hi Guys,
Welcome to my BookSpace!

Introduction
So this is going to be a challenging of myself kind of space for my personal development as intended although, I hope it could be helpful for people within my category and perhaps motivate others to try out some books in the cryptospace. Just for motivation sake,
A saying goes, he/she who does not know, acknowledges that he/she doesn’t know and seeks to know should be taught! Maybe I just coined that from something similar that does exist, lol… but, I hope to be seen for that person right now, here on a quest to acquire as much knowledge as I can get within much possible time my schedules could allow me. Maybe it takes my while time here to unravel I can’t say but, I hope it does some good as well.

Purpose
I am having to create this space for the sole purpose of not having to create a topic every time I encounter some complications or contrasting idea that could require a simple question and answer format to its patterns. It also follows the fact that, most of these books might not avail readers the chance to get certain questions across or have feedback in no time.

Hence, my approach to this would be, having to drop updates from time to time in this topic when I am reading a book and have my questions pop up from time to time in the comments. Hope this is acceptable and this is being done in the right section of the forum as well. I would be posting the books and links so, anyone could read too. These where already recommended and links provided by some users on the forum and I hope to have more recommendations to see if I could keep up as well. Thanks.

Book
1. Mastering Bitcoin (https://github.com/bitcoinbook/bitcoinbook/blob/develop/BOOK.md). In progress…
2. Bitcoin: A Peer-to-Peer Electronic Cash System (https://bitcoin.org/bitcoin.pdf). (a referenced deviation). In progress