Can Bitcoin battle against multinational companies - page 2.

Velkro

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Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

Quote from: g2com on November 28, 2016, 11:03:02 PM

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collide together to mine Bitcoins will they out power the rest of the Bitcoin community?

Its not needed guys... mining all coins left would be more complicated and harder in the end than just buying 5 millions of bitcoins and use them to manipulate market hard way.
That would be so much easier to destroy bitcoin.

Denker

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Trying to attack the Bitcoin network wouldn't make much sense imo.
Instead of going for a 51% attack and burning hundreds of millions of dollars it would be much smarter to play by the rules and earn some Bitcoin.
Furthermore I believe if they really would want to attack Bitcoin, they already would have done so.
I think we've overcome that point.

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Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

If they come into the mining process, though just 5 million coins were there to mine soon each will compete to take the control of the entire community. So sometimes transaction fee might get into the hands of those big corporates. This will surely lead to increased transaction fee because they try to retain the investment at the earliest possible.

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Quote from: alphablitzer on November 29, 2016, 02:12:32 AM

I think they could improve how solving of the hashes work maybe they could invent stronger mining hardware. Miners are still at an advantage because of their start in bitcoin, so there are a lot of bitcoins mined by them. If they start to mine now, it's too late to control every bitcoin.

Discussion here is about controlling hasing power by which any decentralized network like bitcoin can go under 51% network attack which will be disaster.

However even if any of the multinational corporate try to take down bitcoin by investing heavy amount in their mining infrastructure they may not be able to get 51% of hashing power or they will not get any incentive to destroy bitcoin network, why they will burn billions rather than trying to earn decent profit by mining bitcoin and creating lot more competition in bitcoin mining business.

Yuuto

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Quote from: g2com on November 28, 2016, 11:03:02 PM

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collide together to mine Bitcoins will they out power the rest of the Bitcoin community?

The primary question that needs to be asked here is that do we really need to concerned if they start mining as well? I mean, yes, China is controlling most of the hashing power but it would still be quite hard for multinational companies to take over a third of the hashing power themselves - especially when it would be likely that when they join, their competitor companies will join as well.

It just shows that they are willing to put money into this project, to invest in a highly speculative thing. It will probably cause a hype in the price.

~Bitcoin~

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Quote from: g2com on November 28, 2016, 11:03:02 PM

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collide together to mine Bitcoins will they out power the rest of the Bitcoin community?

If those big companies also start to compete to get more hashing power than that is good for bitcoin and for sure if one of this giant corporate start their mining farm other will also try to compete against each other which will ultimately increase difficulty so the price will also sky rocket.

Yes this may centralize mining power to hands of some big corporates but i don't think they will agree on harming bitcoin network if they are earning nice mining bitcoin.

g2com

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Quote from: davis196 on November 29, 2016, 02:17:51 AM

Quote from: g2com on November 28, 2016, 11:03:02 PM

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collide together to mine Bitcoins will they out power the rest of the Bitcoin community?

Why do you suggest that?

Do you want bitcoin to be owned by Intel,Google,IBm,etc...?

Off course they will out power the rest of the bitcoin community.

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Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

It's not just the mining reward that these giants may be after. They have the potential to purchase or create their own super technologies that can outperform ASICs. Maybe even after all the coins are mined up, these giants may be able to perform a 51% hashrate attack on the network and take it down.

davis196

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Quote from: g2com on November 28, 2016, 11:03:02 PM

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collide together to mine Bitcoins will they out power the rest of the Bitcoin community?

Why do you suggest that?

Do you want bitcoin to be owned by Intel,Google,IBm,etc...?

Off course they will out power the rest of the bitcoin community.

NorrisK

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Quote from: buwaytress on November 28, 2016, 11:22:44 PM

Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

Indeed even an overpowering of the current combined hashpower would mean little in terms of reward as they couldn't possibly get enough of that 5 mil btc left to make money.

If the effort were altruistic though then as you say we might look at lowering fees and rising value of btc. But we can forget any consolidation of hadhpower other than for profit.

It is not simply about the coins that are going to be released..

The major problem if something like this would happen is that they can basically 51% attack the chain. That is where the real potential problems will start.

I don't think they are able to do this anymore though. There is a huge amount of hashpower around the world and if they were going to try, I bet people will turn their older miners back on simply to block their attempt. It will be really expensive for them and they have only one goal in the end: Satisfy the shareholders to make profit. Distrubing bitcoin does not fit in there.

alphablitzer

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I think they could improve how solving of the hashes work maybe they could invent stronger mining hardware. Miners are still at an advantage because of their start in bitcoin, so there are a lot of bitcoins mined by them. If they start to mine now, it's too late to control every bitcoin.

michkima

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They wouldn't bother mining bitcoins. They will earn more on the sidelines of bitcoin than mining it. Advertising for bitcoin-related companies and enterprises that allow bitcoins are their likely target if Bitcoin does skyrockets in popularity. Unless each bitcoin would rise to an exorbitant price, probably these tech giant companies will try to mine Bitcoins. But that might be a long shot unless Bitcoin gets the popularity and usage to reach that price.

beerlover

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I guess this type of battle will not be against corporate companies because they will not enter into a field which is 'not currently highly profitable'.
At the same time if a Government decides for 51% attack then bitcoin may face challenges. Still it may not be feasible for one single Government.

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Quote from: g2com on November 28, 2016, 11:03:02 PM

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collide together to mine Bitcoins will they out power the rest of the Bitcoin community?

It is believed[1] that the bitcoin network is the most powerful in the world when it comes to calculating sha256d hashes. Due to the efficiency of ASICs the companies you mentioned have no chance to compete. Their equipment is designed for generic (CPU) or somewhat specialized calcualtions (GPU). ASICs are way more energy efficient. Even if their calculation power in total should be greater, they could not mine with profit.

Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

Thats not how bitcoin works. You cant just increase the calculation power and mine the remaining bitcoins faster.

Quote from: buwaytress on November 28, 2016, 11:22:44 PM

Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

Indeed even an overpowering of the current combined hashpower would mean little in terms of reward as they couldn't possibly get enough of that 5 mil btc left to make money.

If the effort were altruistic though then as you say we might look at lowering fees and rising value of btc. But we can forget any consolidation of hadhpower other than for profit.

No, but an attacker with the majority of hashpower can censor the network and only confirm transaction they deem fit.

[1] I have no proper source, sorry.

Edit: typos

crwth

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I think it's not Bitcoin that is against multinational companies (suggested by your title). I think if they went to venture out mining, they would really be a powerhouse competing against China and they can control a lot of bitcoins but it's not that much because there are only a few bitcoins left. I guess they would innovate Bitcoin or the blockchain technology itself, we should always look at the betterment of the future.

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There will not be a lot of incentive to do that, if you figure that it is estimated that the last bitcoins will be mined in 2140 based on the block reward halving frequency of four years. According to math and knowledge that there are 32 halving events, in 2136, the block reward will yield 0.00000168 BTC per day, which is 0.00000042 BTC per block. That's 42 Satoshis.

The price of Bitcoin will have to skyrocket, for them to enter the mining scene and we need to consider that their hashing power will increase the difficulty, so they will even gain less.

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Quote from: requester on November 28, 2016, 11:14:01 PM

Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

Indeed even an overpowering of the current combined hashpower would mean little in terms of reward as they couldn't possibly get enough of that 5 mil btc left to make money.

If the effort were altruistic though then as you say we might look at lowering fees and rising value of btc. But we can forget any consolidation of hadhpower other than for profit.

requester

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Doesn't matter because only 5 million bitcoin is left to mine and if they collide and form another big giant then they might mine the rest of the bitcoin within 40 years or less. If they really come into action then we might v have yo pay less transaction fees.

g2com

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We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collude together to mine Bitcoins will they out power the rest of the Bitcoin community?

Topic: Can Bitcoin battle against multinational companies - page 2. (Read 1641 times)