Topic: newbie noob question (Read 2601 times)

It's seem selling account isn't againts the rules, unless you post some spam and low quality post like the above said

The reason for ban might be low quality posts. You should ask this question in meta. If you keep on posting like this all of your accounts will be banned permanently.

Someone here can help me answering for this !

I have 2 acc here (both Jr.Member) but both are banned. But I have seen many members here are selling their BCT account even 10 account. Why

aren't they banned ? I don't know what is the rule?

Well its the equivalent of a work union in real life, people unionize and work more efficiently that way. While here its called a pool.

ah that i did not know. i thought it was just a first come first serve. its good for it to be distributed amongst the appropriate amount of capacity you are running on. makes it a fair game

Since the probability of you getting a bitcoin block is so tiny that with a little mining capacity it would take thousands of years to get one.

Instead you join a pool, the pool has alot of cumulative mining power, thus they will 100% get the blocks, if not the other pools get them.

And then they will distribute that block proportionally between the miners based on their mining capacity, so that everyone gets their fair share.

am glad the post was made. ive learnt many things too

thanks guys, ive got a lot of help from coming to this forum. thanks very much. cheers

And depended of the pool's reward types
https://en.bitcoin.it/wiki/Comparison_of_mining_pools

yes. how much they get varies according to their hashing power

wait what

and the payout is 25 bitcoins divided amongst all those people??

No, there are usually like thousands or tens of thousands of people currently mining in one pool, from what I remember.  Might be even more now.

considering the reward is 25bitcoins, and 20 people or more in one pool, its a lot of power usage for 1 bitcoin

thankyou.. i really appreciate. lots of things i didnt understand but you managed to unceil most of them in one post

A bitcoin (mining) pool is a group of multiple individuals agreeing to cooperate in their bitcoin mining efforts.  If anyone in the pool is successful in completing a transaction block, then all participants in the pool get a share of the block reward split up based on the amount of work each participant has contributed to the effort.



No. It isn't physical mining, you don't literally "extract" them.  You contribute to the proof-of-work that is used to form a distributed consensus, and in exchange you receive a block reward that consists of the sum of the current block subsidy plus all the transaction fees of all transactions included in the block.


Real explanation of what?  Of what a pool is? Or of what is involved in the process of "mining"?


Help you with what?  PM isn't necessary, I can answers right here?


You'll need to check with a tax adviser who is familiar with your personal jurisdiction. In most tax jurisdictions you are still legally required to pay tax on bitcoin transactions.


That mess of letters and symbols doesn't make any amount of bitcoins.


That mess of numbers letters and spaces does not make 1 bitcoin.


It's not.


They don't.  There is a distributed ledger that maintains a list of unspent outputs which are encumbered with a requirement for them to be used as inputs to fund a transaction.  Each output is assigned a value by the person that creates the output.  The protocol rules only recognize as valid a transaction that has supplied in its inputs a total value that is greater than or equal to the sum of the values of the outputs.


The initial input of value occurs with the creation of the block.  The miner (or mining pool) assigns a block subsidy to themselves.  The protocol will only recognize a subsidy that less than or equal to the current subsidy level.  If a miner (or pool) tries to reward themselves a larger subsidy, then all other miners, and all peer nodes, and all clients, and all wallets on the network will reject the block and the miner won't get anything at all.


You can write down any number you like and put it wherever you like, but if you don't complete a proper proof-of-work, or your take a subsidy that is larger than the network currently allows, or there is anything else that you've done that doesn't meet the requirements to pass a test of validity, then the entire network will simply ignore what you've done.


Block of transactions.  The miner (or mining pool) collects a set of unconfirmed transactions and assembles them into a block.  Then they create a header for the block.  Finally they complete a proof-of-work on that header.  If they can successfully complete the proof-of-work before any other miner does on their block, then they get to broadcast the block and receive the subsidy and fees.


https://bitcointalksearch.org/topic/forum-rankspositionsbadges-what-do-those-shiny-coins-under-my-name-mean-178608



Here are just a few options:

https://bitcointalk.org/index.php?board=53.0
https://www.coinbase.com
https://www.circle.com/en
https://localbitcoins.com/
https://www.bitstamp.net/
https://www.bitfinex.com/


That depends on where you sell it.


They might.  It depends on your efforts and your negotiating skills.


Correct.  "bitcoins" are just an abstraction that we humans use to make it easier to discuss the process of transferring control of value.


The equation itself is not that difficult (worldwide the calculation is completed 348,351,298,390,000,000 times per second), but it has to be calculated repeatedly with different inputs each time until the miner stumbles on a resulting value that is lower than the current difficulty target.


Correct.  Or more specifically the protocol rules currently allow the miner (or pool) to assign a new value of 2,500,000,000 to any address (or set of addresses) that they like in the first transaction in the block that they create.

So many noobs gathered together in one thread!

A mining pool is an entity that combines the power of many miners in an effort to solve a block of bitcoins and reap the reward for doing so.  To successfully solve the block and be added to the blockchain - which is the public transaction register of all bitcoins - the Bitcoin network uses something called "proof of work".  Essentially, you are saying, "I put in a whole lot of work to verify the contents of the transactions in this block that I'm adding to the chain."  As more and more hashing power is added to the network, the difficulty in finding that magic hash increases.  In other words, it becomes harder and harder for you, the miner, to find a valid hash that satisfies the conditions necessary.  If you do find a solution to the block, you are rewarded for your efforts.  Currently, that reward is 25 bitcoins.

Since finding a solution on your own would likely take a very long time, people got the idea of combining their power in an effort to find the solution.  Thus were mining pools born.  Now that you had a bunch of people contributing work, you had to figure out how to reward those people for the work they contributed once a valid solution was found.  Quite a few different methods were devised to reward miners: Pay-Per-Share, Pay-Per-Last-N-Shares, Proportional, Double-Geometric, etc.  What really matters is that you, as a miner, are given a portion of the block reward.  So, instead of waiting a tremendously long time for the full reward of 25BTC for solving a block, you join a pool and get a lot of small payouts as the pool finds blocks.

Party - Sure
Where is the beer - Check the fridge
Hash - the magic solution that satisfied the network difficulty and allowed the block to be added to the chain
relayed by - the bitcoin node that first saw this hash and broadcast it to the rest of the network.
height - the block number (started at 0, which was the very first block)
where does it come from - from block rewards.  Every block solved creates new bitcoins (until there have been 21,000,000 created)
where do you see the blocks - try looking at the blockchain explorer websites.  http://blockchain.info for one
Why is a graphics card so important - well, it used to be.  Now, it's pointless to try and mine bitcoins with a CPU or GPU
can a miner be used more than once - Yes.
Is there a limit to how many coins it can generate - Yes.  For example, you used to be able to generate a decent number of coins just using your computer.  Now, that computer will very likely not generate any meaningful amount of coin in any reasonable time.

What ?

Newbie boobs question ?

Coins don't actually exist. All the are really are is a transaction history from the blockchain. A miner is used to solve a hard equation and if you solve it you get the block. Right now the block rewards you with 25 bitcoins.

that is a serious newbie party 

All newbies buy!