There may well exist an algorithm that finds the right nonce for a block header in a few microseconds.
There may. And whoever finds it, is rich. The incentive could not be any clearer.Et pourtant . . .
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 22686. (Read 26710163 times)
March 02, 2015, 12:38:59 PM
Et pourtant . . .
March 02, 2015, 12:37:51 PM
March 02, 2015, 12:26:01 PM
...
Anyone knows how many joules are tipically consumed today to create 1 valid block (25 BTC)?
...
Anyone knows how many joules are tipically consumed today to create 1 valid block (25 BTC)?
...
Assuming current market price is very close to electrical energy spent on mining, and price for that is a low 10 cents / kwh, I'm getting a guesstimate of ~227 GJ.
and how many joules are consumed by one Youtube video with a million views? How many by ALL youtube videos in one day?
This raises the question what amount of energy would be wasted if Bitcoin had a similar sized userbase as youtube.
March 02, 2015, 12:23:43 PM
Kraken - Europe is leading today?
More buying going on there then usual....
More buying going on there then usual....
March 02, 2015, 12:14:49 PM
...
Anyone knows how many joules are tipically consumed today to create 1 valid block (25 BTC)?
...
Anyone knows how many joules are tipically consumed today to create 1 valid block (25 BTC)?
...
Assuming current market price is very close to electrical energy spent on mining, and price for that is a low 10 cents / kwh, I'm getting a guesstimate of ~227 GJ.
and how many joules are consumed by one Youtube video with a million views? How many by ALL youtube videos in one day?
March 02, 2015, 12:02:58 PM
What we need is a well-planned and real rise
Well-planned? Do you mean manipulation?
March 02, 2015, 11:59:28 AM
March 02, 2015, 11:54:34 AM
longs going crazy on bitfinex.
go bulls!
go bulls!
Too many longs, too much sell pressure = not good
What we need is a well-planned and real rise
no, no.
this is "organic" growth before the 50 k auction.
March 02, 2015, 11:49:36 AM
Good morning Bitcoinland.
Still over $260 I see.
One day at a time.
Mmmm. Coffee.
Still over $260 I see.
One day at a time.
Mmmm. Coffee.
March 02, 2015, 11:47:52 AM
longs going crazy on bitfinex.
go bulls!
go bulls!
Too many longs, too much sell pressure = not good
What we need is a well-planned and real rise
March 02, 2015, 11:41:01 AM
March 02, 2015, 11:40:25 AM
...
Yes, we may also be brains in a vat. Or, you may walk outside and a piano may fall on your head. Also, the law of gravity may cease being in force tomorrow at 0:00 GMT.
A lot of things may happen.
...
Only one thing is certain: UR an fagit. Yes, we may also be brains in a vat. Or, you may walk outside and a piano may fall on your head. Also, the law of gravity may cease being in force tomorrow at 0:00 GMT.
A lot of things may happen.
...
March 02, 2015, 11:38:52 AM
longs going crazy on bitfinex.
go bulls!
go bulls!
March 02, 2015, 11:32:05 AM
Moreover, no one really knows how hard it is to compute a valid block. The trial-and-error method used by miners is just the most efficient method that we know; but there is no proof or other evidence that there is no better way. There may well exist an agorithm that finds the right nonce for a block header in a few microseconds. Or, worse, finds a block that has the same hash of another block but a different contents, including a specific transaction that is not in the first block. Or finds the private key for any given address. So, the theoretical "mass cost" of computing a valid block may be orders of magnitude lower than the trial-and-error cost.
Yes, we may also be brains in a vat. Or, you may walk outside and a piano may fall on your head. Also, the law of gravity may cease being in force tomorrow at 0:00 GMT.
A lot of things may happen.
You should therefore stay at home and not take any risks at all. Except, of course, that may cause you to autocombust.
March 02, 2015, 11:27:56 AM
March 02, 2015, 11:21:33 AM
Moreover, no one really knows how hard it is to compute a valid block. The trial-and-error method used by miners is just the most efficient method that we know; but there is no proof or other evidence that there is no better way.
Would you consider the fact that nobody has ever found a collision of sha256 function an evidence? There's no mathematical proof, but there's more then enough evidence that any other method is not even on the horizon. It's not only a Bitcoin issue, if any of modern hash algorithms would be compromised the whole cryptography would be hammered.
meh... why let a little something like that get in the way?
March 02, 2015, 11:20:27 AM
(Before you scream "21 million": that bitcoin limit is "guaranteed" only by fuzzy arguments about a complicated economic game, not "by math", and could be changed if the right players agreed to it. Moreover, any kid can duplicate the amount of bitcoins in existence by creating a hard fork of the blockchain and starting to mine it on his laptotp. Anyone who has bitcoins will gain an equal amount of those "series B" bitcoins, accessible through the same private keys, and could trade them independently of his old bitcoins by duplicating his wallet and downloading the kids's client software. Whether those "series B" bitcoins will get a significant market value is a market(ing) question, not a technical one. And, of course, there are the altcoins.)
You're describing a double spend attack, right? Ether that, or something completely idiotic.
Imma go ahead and call bullshit. There's no way you can pre-mine a blockchain, you're racing against the entire network to solve the hash. The hash of the previous block is included into the hashing process of the next. You'd have to start out solving the latest block on the chain, and the consecutively solve... how many blocks do propose, exactly? Not only that, but pre-mine ahead of the network. The most consecutive blocks mined are six, by the largest pool in the entire network. This isnt a "any kid can do it at home with his laptop" scenario.
Then, just copy over the wallet to some other computer and spend the coins twice... What?
You obviously have not idea what you're talking about.
I'll bet you all my coins (0.107) that you (you consider yourself superior to "any kid with a laptop", right) definitely CANNOT duplicate any bitcoin through the method you described.
March 02, 2015, 11:09:33 AM
263$ and increasing, to the moon
first test, 267.
Edit: screw the CNY exchanges, finex lead us higher
March 02, 2015, 11:07:33 AM
263$ and increasing, to the moon
March 02, 2015, 11:06:50 AM
for carps sake somebody just flash a wall at finex and get this over with.
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