Topic: The demise of Bitcoin. Biggest threat to Bitcoin and all PoW coins - page 2. (Read 517 times)

If I were you I would quit right now and either rush to grab a 6th grade book on Physics or change that whole topic to visit Sri Lanka and witness a rock like a thousand others in the world. Oh wait, even better, why not build a Pyramid like the one in Giza at the North Magnetic Pole and fit it with mining gear, free electricity, and free cooling!
Now, why are paying 8cents per kWh in Sri Lanka if you have this magical rock? I would have expected it to be full of drilled sockets by now.


Whatever you do next, don't put a Geiger counter next to a banana, or you're going to bring forth the fall of the Banana Industry just as you're destroying bitcoin now with your revelations.


Sorry for your coins not reaching ATH like bitcoin but the energy problem in Pow pales in comparison to the monopolies that can rise with PoS


I don't think it even glows or they would have already smashed it to pieces and used it as lamps.

Lol

If someone discovers a free and unlimited energy source the world as we know will cease to exist. The whole world will change, and many things that we don't even dream of will be possible (like sci-fi movies). Bitcoin and PoW would be the least of our problems., and would possibly be a solution.

PoS was not even tested in a decent blockchain. Ethereum is struggling to get a few blocks minted with PoS. There are many problems with it, such as centralization and economic issues. There are also many unkown future issues.

pow has been tested in bitcoin for 12 years, with 100% success.

This is insane, an unlimited source of energy is far fetch. If I am right the moment they discovered such a thing it would be destroyed. In our current situation, self interest are likely to happen than utilize it for the greater good. They won't get enough profit if they leave that way so it's better they keep it for themselves or destroy it.

You might want to look that up. You are ignoring what is stated in the 1st paragraph of the link: predicting how a magnetic field will interact with an electric circuit.

When the changing magnetic field crosses a conductive medium be it wire, ionized gas, and even water it induces a flow of current in the conductor - provided there is a circuit allowing power to flow from point-A to point-B.

A changing magnetic field by itself does NOT create an electric field.

When placed in a changing magnetic field a straight piece of copper wire with nothing connecting the ends together will not have an 'electric field'. The potential for one is there as the electrons are wanting to move one direction or another but with no circuit to carry them no energy is transferred. This of course ignores internal losses in the wire caused by eddy currents.

I was really hoping you would not try the Nikola Tesla 'free energy' card as that rather closes any hope of using Reason to discuss this. Yes he was brilliant but nonetheless, regarding some of his ideas - also a loon  

Yes we have unlimited energy. We have the sun, the wind, the ocean, plants, atoms. These are all unlimited energy sources. However, harnessing energy from these sources is very expensive. The threat is not unlimited, free energy. The threat is if someone finds a way to utilize unlimited energy for very little cost. Look up Nikola Tesla - Limitless Energy

I start reading about free and unlimited energy source. I keep reading that fairy tale. Then, out of the blue, an alien appears from the sky! He shouts loudly, "Ethereum 3.0 will save us!". OP, you shouldn't believe whatever you read on the internet. The internet is the ocean of fake news.

How? How would it be incredibly low, can you explain that to me? The rock knows how to do SHA256 hashes too or you'll need some millions of ASICS miners?

There's no such thing as "free energy".Even wind and solar energy aren't free,because you will have to invest in technology and equipment.
If this rock in Sri Lanka was utilized for electricity production a long time ago,the people in Sri Lanka wouldn't have to pay for electricity.  
Trying to hijack the blockchain by a 51% attack is pointless,because it will crash the Bitcoin price,so the attacker will NOT get any profit,even if the attack is successful.If the 51% attack fails,it would be just a waste of money and resources.

Magnetic fields can create electric fields. In fact, every time you change a magnetic field, you create an electric field. This is called Faraday's Law of Induction.

Bzzzt! Error Will Robinson!
Don'tcha just love it when folks with no apparently science/engineering backgrounds make blanket statements like these?  
And just what was the sensitivity of that meter? Full scale =100v? 1v? 1micro-volt? Without reference to the measurement ranges used stating that "the needle goes all the way over" is absolutely meaningless. EMF stands for Electro-Magnetic Field and that is measured in volts/cm2. Ya know - the Electro part of the name...

5mG when measuring what? Ever hear of a loadstone? They are fairly strongly magnetic - way more than 5mG. For reference, a refrigerator magnet is 100 gauss - and that is a STRONG refrigerator magnet. The typical strength of the Earth's magnetic field at its surface is around a half a gauss. Gauss is a measurement of magnetic field strength with zero regard to a voltage field so wrong again...

Which fairytale did you just jump out of? A magical glowing rock that gives unlimited energy? Please put down the video games and turn off your TV. EMF??? Is that for catching ghosts?  
So how will I hookup my mining rig to this rock? You making absolute blanket statements as if they facts.

and he said that there are other inventions that public dont know but why those inventions arent use to threaten or destroy btc ? even on our country some people here can get free electricity but instead of thinking ways to use it to destroy btc , these people will be silently using that free electricity for good and for thier own purposes only . they can use it to mine free coins and earn income , if they destroy btc and other cryptos they are like destroying thier source of income but the post of op is a good read though , its interesting and reminds me of a discovered rock that i saw on a tiktok video

There's some naïve humor in this. I mean, seriously? You do think that this sacred rock is a threat to Bitcoin? I've read that the people in Sri Lanka has good access to electricity but it has not yet reached 100%.^[1] And how many households does this rock actually provide free electricity to? I guess none. So before we talk of this rock threatening PoW coins, let's first consider its better and more immediate use.

Well, other than this rock, we actually have unlimited energy sources. We'll never run out of the sun's heat, for example. Neither will our wind get exhausted. We also have unlimited atoms for fission and fusion. And so far, Bitcoin has never been threatened by all this.
 
[1] https://ourworldindata.org/energy/country/sri-lanka?country=~LKA

PoS can be convenient but not better and not the best. PoW is the best in my opinion.

People are working in electricity companies, which means they are employed, the more electricity people use the more gain for the electricity companies and the more likely their workers will increase. Bitcoin is not about the usage of electricity, bitcoin mining makes miners to let electricity companies to generate more electricity as they use it and gain and pay electricity payment which can lead to electricity companies development. But how can the PoS improve the power (electricity) sector? It can not.

Also, how about companies producing miners, PoW helps in the development of companies producing miners and other mining equipments, which PoS is otherwise.

PoS is truly easy to setup but POW brings more development to the community.

Apart from that "sacred rock" can't be an unlimited energy source, you missed a more important point here, imo. Check out this video, Andreas Antonopoulos - 51% Bitcoin Attack , to see that a 51% attack isn't actually a threat to Bitcoin network. Watch that video, it's only a bit longer than 2 minutes, yet it can make you much more knowledgeable in the field you are trying to write about.

I don't know. Something about this doesn't sit right with me. I just don't find 'bitcoin is vulnerable because sacred rock' to be a convincing argument.
Our route to limitless free energy is probably commercial fusion reactors, which always seem to be about 50 years away from viability. Perhaps we'll get there one day, but even so it would be a steady flow of free energy with some maximum finite throughput, rather than the instant availability of infinity.

OP, if someone "discovered" an unlimited resource of free energy, the sun?, and harness it, he would be murdered by the cartel of largest oil producers in the world, a cartel of electricity providers in the world, and other groups/cartels that don't want change in the current "order" of the system.

BUT, let's pretend, "someone" was allowed to "wield" that power, do you actually believe an attack on Bitcoin would be first in his/her list of "to-dos"? What about space-travel? Deep sea exploration? Or WAR?


Because you want to shill your shitcoin.

Free energy source alone can't help! It will only be possible if some billionaire can gather enough ASICs to generate 51% of total mining power! That's an investment of few billion dollars. So good luck with that!

POS is more user friendly I would say because you wouldn't need to go through all those mining rig setups. You just need to buy some pre specified amount of coins and stake it through a pool or an eligible wallet. So it makes the process easy for all! Also it doesn't need to use electricity so it is more environmental friendly as well.

But your concept of 51% attack is flawed!

Bitcoin mining relies only on electrical energy source, there can be free energy sorcees but these energies have to be converted to electrical which will take processes that will require money. And if it requires no money, it has nothing on bitcoin blockchain as it will be used to still defend it by people that mines, it will only be the best alternatives than wasting money on electricity payments but yet individuals will still have their mining hardwares running at low cost to generate more hash rates that will protect bitcoin blockchain.

You are completely wrong, bitcoin blockchain is the strongest and now obvious in a way it is not vulnerable to 51% attack and the hashes generated is still increasing and making the blockchain stronger.

You have no point to proof and you know nothing about 51% attack. Are you comparing Ethereum 2.0 to bitcoin PoW, bitcoin blockchain is much more and more stronger than ethereum blockchain. Ethereum 2.0 PoS can be good, but it is proof of stupidity if you are comparing it to PoW. Bitcoin blockchain is also the strongest of all.

Bitcoin blockchain remains strongest not because miners pay for electricity, it is because they mine to make profit while it happened in a way attackers already know bitcoin blockchain can not be compromised as the attackers hashes are not significant to what legit miners are generating.

As if someone can utilize that holy rock if ever your unlimited energy source was true. Do you think government will let an individual or a private company take and use it for there own service? They will rather use it in other important matter rather than attack the bitcoin network.

If someone discovers a free energy source, then miners will flock to  use it, and that will make a 51% attack impossible.

There are lots of "free" energy sources such as solar, wind and tide, and yet Bitcoin is still secure and strong.