Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 14407. (Read 26576751 times)

It should be chosen so no private entity can gather 51% of the global POW. But gathering 51% of the CPU (on top of 51% of ASIC to grab back 51% of the global mining power) will probably be difficult since everyone will mine this part.
We could also make it a 3-POW thing : 1/3 CPU 1/3 GPU and 1/3 ASIC

Yes, I meant to use PoS to vote on the value of k. But setting it to a fixed value could be enough already.

HSBC?  Good to have it stored with a trustworthy organization.  I'm sure all is as it should be.

If you want an ASIC block every T1 minutes and a CPU block every T2 minutes, the ratio between the two is k=T1/T2
That ratio "k" may be chosen by the community or computed another way.

Once k is chosen, this can be proven true :

T1 = 10mn*((1+k)/k)  and T2=10mn*(1+k)

with k=1 (as many ASIC blocks than CPU blocks) that gives the obvious result : T1=T2=20mn
with k=2 (twice more CPUs than ASIC)  T1=15mn and T2=30mn

Technically no problem.

As a large holder of silver (about same ammont as crypto) i do not agree with your point of view. I looked into buying physical silver and compared the prices, even if i had bough a decent amount i would have paid about 7-8% extra and i live in a country where there is no VAT associated with buying silver as an investment. Other problem is that total ammount in kgs would have been around 300kg, so storing would have not been easy aswell.
 
Instead i chose to buy SIVR ETF which gives investors direct and pure exposure to silver by holding the physical metal in HSBC vaults. It has tracked the spot price of silver perfectly at a low cost for the precious metals segment.

I pay around 0.3% per year maintenance fee and could not be happier (well 40 $ pound would make me happier ), i would have paid around 25 years of fees if i had bought physical.

seems reasonable, I'll keep an eye on that myself

To me, an empty mem pool is bearish.  Shows low volume.  Big spikes seems to mean big price movements. I am associating very high priced fee movements with price drops (panic sales) and big spikes without high fees as pumps (organic exchange transactions).

Maybe one could even use PoS to vote on the ratio...

Wow, brilliant. Start spreading that idea wherever you can. I will be.

It is amazing to see. going from over 200k down to under 100 at certain points.

I don't think an empty mempool is a bullish sign, but, hard to tell since most of those 200k transactions at the height were spam.
 

Nice thought!  It's fairly clear that the current ASIC mining industry will change in the future. I wonder if this could be done in soft fork fashion?

Excellent idea.

Regarding this POW problem, instead of replacing the SHA-256 POW by something else, we could change Bitcoin so it accepts two POW algorithms at a time, lets say a CPU one and we keep SHA256 also, each algo having its own difficulty, a block being valid if signed by either algo.

This way ASICs would have to compete with CPUs with a fair ratio, and probably disappear after some time because of the costs.  

here's bitmain's address btw https://blockchain.info/address/1KwA4fS4uVuCNjCtMivE7m5ATbv93UZg8V if any one cares
https://blockchair.com/bitcoin-cash/address/qr8mqj4ylud5tkcx3598lesupf86jzxlfcl09h5wr7 is the funny money addy

now utterly bored of CNBC fud, Bernstein report fud (which I cannot find), cobra and lukejr fud, decentralise all the things crapola, paid shills jumping on any tard bandwagon they can find circus etc.

watching this now

Exactly! Bitcoins mining has been idiotic since the coming of ASICs. An industry created to solve a problem that doesn't even have to exist. Billions wasted for nothing, just to follow this blind greed. With PoW, CPU mining would be the best. Access to CPU processing power is most widespread and CPUs can be utilized to a lot more tasks then just so solve one task. This would be A LOT more energy efficient and less costly to the users of the network. But because the bitcoin community is mostly one big echo chamber, this hasn't been exactly discussed.
Now, even if bitcoin would switch to CPU mining and improve by this, then it would still be the inferior technology to newer PoS models that are being developed.
The religious people of the bitcoin community are dragging down the development by setting up stupid dogmas, that wont let constructive criticism through. The rest are growing around this new idea of cryptoassets, while the bitcoin community is sitting on their dated whitepaper and singing hallelujah..

From my current prospective, we either solve energy or we solve distribution. Perhaps both at once.  

It's 100% pointless to purchase metals if you don't buy physical.  All the unallocated metals are rehypothecated so there's 500+ owners per ounce.  They're just meaningless derivative contracts.  When the Comex blows up, or when the govt has to revalue gold and silver exponentially higher to extinguish the debt bubble, you will either receive $0 for your contract, or they will cash out your contract at $20 an ounce of silver right before revaluing it to hundreds of dollars an ounce.  In other words, paper owners miss out entirely on the once in a lifetime avalanche of profits.

What is the purpose of this paper hedge then?  Nothing!  It's an insurance policy that doesn't pay out.  Paper metals are worthless.  As for allocated metals instead of the unallocated variety, maybe you will get lucky, maybe not.  If the organization has any type of serious weight like that Texas bullion depository, the govt will probably try to seize it.  Things like the ETFs have a good chance of being seized, but I doubt they will attempt seizing private holder's metals again.

For one, they know zero people will give them up since nobody trusts the govt now.  Secondly, they've already done a stealth confiscation by rigging the markets 10x more than usual post-2008 and having entities like JP Morgan take delivery of the physical as an agent of the US govt at the suppressed price.  The only type of paper metals worth bothering with would be miners, but I have a feeling the govt will nationalize all assets in the ground as "deep storage" and leave anyone holding shares holding the bag.

TLDR:  Buy either Canadian Maple Leafs, 10 oz Sunshine mint bars, or kilo bars

I think the belief is we will figure it out and get back there. 

I'm very interested in GPU mining discussion and bitmain centralization.
As bullish as I've become on bitcoin due to learning about the fundamentals from here and others, it still lacks a pure decentralized method that would put me at ease. I think mining needs to be much more simple and perhaps built into wallets. Sort of like running uTorrent or similar p2p network where information is shared and validated among users. It seems GPU mining could be one answer in diluting the mining cartels.

  If BTC is not validated and mined natively between users, I fail to understand how we can achieve true decentralization.

I need to tell my wife about this