How to kill Bitcoin? - page 16. | Bitcointalksearch.org

TheQuin

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Quote from: asdlolciterquit on November 16, 2017, 09:55:26 AM

Quote from: TheQuin on November 16, 2017, 07:25:49 AM

..
Exactly the same number of transactions as it does now.
...

how is it possible? Only 3 miners will mean a lot less block, and less block will be less transactions. How can be no difference?

You really need to do some research and find out how Bitcoin works. For someone with a 2013 Hero account, I'm very surprised you don't know the basics. The difficulty of finding a block is calculated to always keep block generation constant at 6 blocks per hour. If there is less hashpower on the network then difficulty will be reduced and the same number of blocks will be found. That is just the opposite of what happens everytime miners add more hashpower, the difficulty goes up and the same number of blocks are found.

Edit:
Trust summary for asdlolciterquit

This user's password was reset recently.

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Oh, you bought the account that explains it.

asdlolciterquit

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Quote from: TheQuin on November 16, 2017, 07:25:49 AM

..
Exactly the same number of transactions as it does now.
...

how is it possible? Only 3 miners will mean a lot less block, and less block will be less transactions. How can be no difference?

TheQuin

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Quote from: deisik on November 16, 2017, 07:43:50 AM

Where is Bitcoin in this picture?

I hear you, I'm as frustrated as anyone else, but as always I'm an optimist. I think we could actually have some significant progress in the next 6-12 months. I'm highly disappointed with Core for failing to make Segwit transactions available, but then I see Electrum coming out with native Segwit using bech32 addresses. If Core won't do it then others will and this being Bitcoin everyone is free to use what they want.

tikaka

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This is a good question. I think bitcoin disappears is not easy. Unless all countries prohibit bitcoin and the internet no longer exist. But this will not happen

deisik

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Quote from: TheQuin on November 16, 2017, 07:25:49 AM

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

If nothing is done to correct the code, bitcoin will die by itself.

A lot is being done, even though the pace of progress is frustratiing to say the least

That's the whole point

Quote from: TheQuin on November 16, 2017, 07:25:49 AM

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

Now with less than 1% of the population using it it is more and more expensive to use and it takes more and more time to complete transactions.

Imagine if 5% of the population start using it... its going to be more expensive than wire transfer and its also going to take more time than a wire transfer so people will stop using it, the value will decrease and nobody will be interested to mine it anymore.

With the advancements coming up with LN and Atomic Swaps the network will scale. Off-chain transactions will be common and it will be possible to directly exchange altcoins for Bitcoin on-chain

And how long should we wait?

Bitcoin seems to be terribly lagging behind, and its insane price seems to be playing a dirty trick on it. Its price is so high while the competition so low (at least, until Bitcoin Cash emerged) that no one is going to do anything till it's "too late to cry". Segwit has been in the works for a year and a half, and I guess LN has been for as long. Litecoin already has both activated as well as a few successful attempts at atomic swaps with other currencies. Where is Bitcoin in this picture?

Jonashe

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Last week we had a pretty good look at how we can kill BTC. You have to do hardfork to drain hash power and slow legacy chain. I don't know why the retarget of bitcoin legacy take 1440 block (15days) at nomal speed. If you cut in 5 the hash power you have to wait 75 days to retarget. Why don't change that ?

Coins and Hardwork

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Quote from: jonemil24 on November 16, 2017, 06:04:45 AM

I searched how to kill Bitcoin on the search box and saw nothing, so I'll just start a new one.

Is it true that miners are the one responsible for every transactions?
If yes; why didn't the government of China just ban cryptocurrency mining or am I just missing something out?

If there are no transactions or maybe just less than 10 made transaction happened within 24 hours, how will the mining computer work then?, will it just go idle?What if people decided to hodle their coins, will it be unfair for the miners?

Huh

Miners monitor the transactions, they confirm any incoming transaction that is being made by the users. And the transaction being made is saved in the blockchain. I don't know why China banned mining but it is impossible that there will be only 10 or less than 10 transactions that will happen every day because there are a lot of bitcoin users that are using this bitcoin.

Ucy

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Quote from: TheQuin on November 16, 2017, 07:25:49 AM

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

If nothing is done to correct the code, bitcoin will die by itself.

A lot is being done, even though the pace of progress is frustratiing to say the least.

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

Now with less than 1% of the population using it it is more and more expensive to use and it takes more and more time to complete transactions.

Imagine if 5% of the population start using it... its going to be more expensive than wire transfer and its also going to take more time than a wire transfer so people will stop using it, the value will decrease and nobody will be interested to mine it anymore.

With the advancements coming up with LN and Atomic Swaps the network will scale. Off-chain transactions will be common and it will be possible to directly exchange altcoins for Bitcoin on-chain.

Quote from: asdlolciterquit on November 16, 2017, 07:15:30 AM

only three nodes...ok well, but how many transaction can them handle? How much until the network will work so slow to seem blocked?

Exactly the same number of transactions as it does now.

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

No miner = no more bitcoin.

With fewer miners, the difficulty decreases resulting in exactly the same number of blocks being produced at the same rate and with the same capacity for transactions. As long as Bitcoin has any value at all then it will attract enough miners just like it did when it was worth fractions of a cent and a handful of people mined it with CPUs.

A blockchain is pretty much indestructible for that reason.

Exactly bro. Ledsgo probably hasn't heard of Lightening Network and other sweet & upcoming upgrades

TheQuin

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Quote from: ledsgo on November 16, 2017, 06:54:09 AM

If nothing is done to correct the code, bitcoin will die by itself.

A lot is being done, even though the pace of progress is frustratiing to say the least.

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

Now with less than 1% of the population using it it is more and more expensive to use and it takes more and more time to complete transactions.

Imagine if 5% of the population start using it... its going to be more expensive than wire transfer and its also going to take more time than a wire transfer so people will stop using it, the value will decrease and nobody will be interested to mine it anymore.

With the advancements coming up with LN and Atomic Swaps the network will scale. Off-chain transactions will be common and it will be possible to directly exchange altcoins for Bitcoin on-chain.

Quote from: asdlolciterquit on November 16, 2017, 07:15:30 AM

only three nodes...ok well, but how many transaction can them handle? How much until the network will work so slow to seem blocked?

Exactly the same number of transactions as it does now.

Quote from: ledsgo on November 16, 2017, 06:54:09 AM

No miner = no more bitcoin.

With fewer miners, the difficulty decreases resulting in exactly the same number of blocks being produced at the same rate and with the same capacity for transactions. As long as Bitcoin has any value at all then it will attract enough miners just like it did when it was worth fractions of a cent and a handful of people mined it with CPUs.

A blockchain is pretty much indestructible for that reason.

asdlolciterquit

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Activity: 1666

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Quote from: TheQuin on November 16, 2017, 06:12:06 AM

Quote from: jonemil24 on November 16, 2017, 06:04:45 AM

I searched how to kill Bitcoin on the search box and saw nothing, so I'll just start a new one.

Is it true that miners are the one responsible for every transactions?
If yes; why didn't the government of China just ban cryptocurrency mining or am I just missing something out?

If there are no transactions or maybe just less than 10 made transaction happened within 24 hours, how will the mining computer work then?, will it just go idle?What if people decided to hodle their coins, will it be unfair for the miners?

Huh

The search feature on this forum isn't very good. Use a proper search engine, Google advanced search will return countless results:

Google Search

As long as three nodes are mining a blockchain can survive so China can't kill it by stopping the miners. It would slow down considerably until the next difficulty adjustment then it would be back to normal.
If there were only a few transaction, so what? There is still a 12.5BTC block reward to mine for.
The more people hodl the lower the supply so the higher the price and the greater incentive to mine.

only three nodes...ok well, but how many transaction can them handle? How much until the network will work so slow to seem blocked?

Ucy

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Compare rates on different exchanges & swap.

Imagine some communities have an Indestructible large Water Tank with 8 Taps around it & each tap has a large group of people fetching water from it, making a total of 8 groups of people depending on the water through 8 taps. What do you think will happen if a tyrant on one of the groups decides to lock his group's tap to prevent his group's members from depending on the tap?
My guess: water pressure in the tank will increase and more water will flow to other 7 groups and the water will most likely last longer.
Now you see why a tyrant wouldn't find it wise to lock up his group's tank. Locking your tank won't stop the tank from feeding other groups. It is a dumb idea. His group members could join other groups or even buy their on tap & find ways to secretly connect it without the tyrant knowing.

ledsgo

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If nothing is done to correct the code, bitcoin will die by itself.

Now with less than 1% of the population using it it is more and more expensive to use and it takes more and more time to complete transactions.

Imagine if 5% of the population start using it... its going to be more expensive than wire transfer and its also going to take more time than a wire transfer so people will stop using it, the value will decrease and nobody will be interested to mine it anymore.

No miner = no more bitcoin.

Dod Ong

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Quote from: jonemil24 on November 16, 2017, 06:04:45 AM

I searched how to kill Bitcoin on the search box and saw nothing, so I'll just start a new one.

Is it true that miners are the one responsible for every transactions?
If yes; why didn't the government of China just ban cryptocurrency mining or am I just missing something out?

If there are no transactions or maybe just less than 10 made transaction happened within 24 hours, how will the mining computer work then?, will it just go idle?What if people decided to hodle their coins, will it be unfair for the miners?

Huh

Why did you asking how to kill the bitcoin? We can earn money here in bitcoin, do you want to kill this? I don't know how to kill the bitcoin or crypto because im not a veterans here in bitcoin. So I don't know how to kill bitcoin, but I think the government can kill the bitcoin because many people are veterans about computer. The other countries against bitcoin so I think they disappear it or kill it.

immunity

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If there were only a few transaction, so what? There is still a 12.5BTC block reward to mine for.
The more people hodl the lower the supply so the higher the price and the greater incentive to mine.

zais

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Quote from: jonemil24 on November 16, 2017, 06:04:45 AM

I searched how to kill Bitcoin on the search box and saw nothing, so I'll just start a new one.

Is it true that miners are the one responsible for every transactions?
If yes; why didn't the government of China just ban cryptocurrency mining or am I just missing something out?

If there are no transactions or maybe just less than 10 made transaction happened within 24 hours, how will the mining computer work then?, will it just go idle?What if people decided to hodle their coins, will it be unfair for the miners?

Huh

I do not want to know and do not want to know and even I do not want to find a way to destroy bitcoin ... even I will support for the progress of bitcoin because crypto is very useful for me

mark_salcedo618

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You can never kill bitcoin. This is continuously going up and never expect that it will go down as it is already introduced and used all around the world.

If one or a group say that bitcoin can be killed, well try it first and I will believe him/her or them

Catmony

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China doesn't have majority of miners and even if chinese government will decide to ban crypto mining there are thousands of other miners around the world who will be happy to expand their mining power to get maximum profit out of mining.

Node operator and miners are responsible for stability of bitcoin network, it will be alive until there will be node operators and miners. No any government can shut down all nodes/mining facility around the world at the same time that's why nobody can stop bitcoin or kill bitcoin network.

sicparvismagna

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Have the government fully interven with the all what's happening around bitcoin then you can see so many increase in transaction fees then it will be start of people getting mad at bitcoin because of these corrupt officials who enjoyed their luxurious lifestyle at the expense of other people's money. Then have them permanently ban bitcoin that is one of the major fears of the users also having no business exchanging bitcoins yikes.

Twinscoin2017

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Quote from: jonemil24 on November 16, 2017, 06:04:45 AM

I searched how to kill Bitcoin on the search box and saw nothing, so I'll just start a new one.

Is it true that miners are the one responsible for every transactions?
If yes; why didn't the government of China just ban cryptocurrency mining or am I just missing something out?

If there are no transactions or maybe just less than 10 made transaction happened within 24 hours, how will the mining computer work then?, will it just go idle?What if people decided to hodle their coins, will it be unfair for the miners?

Huh

Well why should we kill bitcoin ? Bitcoin is said to be so helpful and it is really a good thing that people may gain an extra income and they can have a financial freedom and maybe people really know about it.that is why bitcoin today is really getting popular i really cant imagine life without bitcoin because bitcoin is really helpful and we can see that it makes our life a colorful life each day.

TheQuin

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Quote from: jonemil24 on November 16, 2017, 06:04:45 AM

I searched how to kill Bitcoin on the search box and saw nothing, so I'll just start a new one.

Is it true that miners are the one responsible for every transactions?
If yes; why didn't the government of China just ban cryptocurrency mining or am I just missing something out?

If there are no transactions or maybe just less than 10 made transaction happened within 24 hours, how will the mining computer work then?, will it just go idle?What if people decided to hodle their coins, will it be unfair for the miners?

Huh

The search feature on this forum isn't very good. Use a proper search engine, Google advanced search will return countless results:

Google Search

As long as three nodes are mining a blockchain can survive so China can't kill it by stopping the miners. It would slow down considerably until the next difficulty adjustment then it would be back to normal.
If there were only a few transaction, so what? There is still a 12.5BTC block reward to mine for.
The more people hodl the lower the supply so the higher the price and the greater incentive to mine.

Topic: How to kill Bitcoin? - page 16. (Read 3127 times)