When the pools take back over, block generation might take weeks and the bitcoin network is effectively dead.
Topic: JP MORGAN builds FPGA supercomputer... (Read 2029 times)
I'm surprised nobody sees the worst case here: they mine for a couple of seconds until the next difficulty increase, which will be huge (such that they would only generate one block per 10 minutes). And then they just stop.
When the pools take back over, block generation might take weeks and the bitcoin network is effectively dead.
When the pools take back over, block generation might take weeks and the bitcoin network is effectively dead.
How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank?
They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power.
Oh they are smart and they would only use 1/10th of their power and ride the wave up the 21 million!!!
They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power.
If people want to make a hypothetical situation real, I would take it to the next step and say all the mining pools would band together just to ensure that JP Morgan does not benefit as much as they would like to.
They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power.
If people want to make a hypothetical situation real, I would take it to the next step and say all the mining pools would band together just to ensure that JP Morgan does not benefit as much as they would like to.
They aren't going to use this for Bitcoins. 
They probably followed this forum, I was hoping they will buy bitcoins not mine them, f*** they are always a step ahead (of us, not the early miners).
Still this shows the succes of Bitcoin.
Still this shows the succes of Bitcoin.
Quote
“Being able to run the book in 12 seconds end-to-end and get a value on our multi-million dollar book within 12 seconds is a huge commercial advantage for us,” Stephen Weston, global head of the Applied Analytics group in the investment banking division of JP Morgan, said at a recent lecture to Stanford University students."
This is great .... they'll be able to know exactly in real time (within 12 sec) when they go insolvent during the next phase of the collapse.
How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank?
They couldn't. Even if it could mine that fast, they would get no more than 2016 blocks before the difficulty changes to account for the new processing power.
How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank?
There's no way their supercomputer is more than even 10 petaflops.
How funny would it be, if JP Morgan mined all remaining bitcoins overnight, effectively becoming the central bitcoin bank?
Three years of development = huge investment.
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