Topic: Who or what is this math being done for? - page 2. (Read 3834 times)
Wait, so how will transactions be verified once all 21M are out?
Next, try the search tool.
http://forum.bitcoin.org/?topic=3770.0
That is one of many threads on the subject.
http://forum.bitcoin.org/?topic=3770.0
That is one of many threads on the subject.
I have used the search feature and I've read the wiki and either I didn't find the answer (as is the case with the thread you've linked to) or didn't understand what I read. Otherwise I wouldn't have asked. Some of you are being elitist assholes. This community WILL be inundated with n00bs as it gets more and more press coverage and becomes more popular. Some of the concepts involved are way beyond what the average person is even remotely capable of grasping.
Thanks for your help!
The computing power is being used to perform a simple cryptographic calculation (hash) trillions of times per second (across the whole network). Each resulting hash is compared to a very small number (target) which is related to the difficulty. If the hash is less than the target, you have found a valid block. The chance that each hash will yield a valid block is the same for all individuals, all that differs is the number of times per second you can check a new hash.
That's all that miners are doing, hashing and checking. It seems like it's a waste of energy, but I know of no other way to secure the network against double spend attacks in a distributed manner. Any "meaningful" computing would fail to be...
1) Difficult to counterfeit
2) Easy to verify
Guys, the 'search elitism' and what-not isn't going to help people understand (and ultimately use) bitcoin. Yes, there may be 10 common questions you've answered 100 times before. But those questions have to be asked because bitcoin is such a revolutionary (and complicated) concept!
Its like Ender's Game. We're killing aliens.
Next, try the search tool.
http://forum.bitcoin.org/?topic=3770.0
That is one of many threads on the subject.
http://forum.bitcoin.org/?topic=3770.0
That is one of many threads on the subject.
I have used the search feature and I've read the wiki and either I didn't find the answer (as is the case with the thread you've linked to) or didn't understand what I read. Otherwise I wouldn't have asked. Some of you are being elitist assholes. This community WILL be inundated with n00bs as it gets more and more press coverage and becomes more popular. Some of the concepts involved are way beyond what the average person is even remotely capable of grasping.
Thanks for your help!
Why can't newbies read the forum or the wiki before asking the same questions?
The internet is new, give people a couple billion years to evolve!
This is my 2036th forum post. At least 500 of those posts are me largely repeating myself. It gets old.
Why can't newbies read the forum or the wiki before asking the same questions?
The internet is new, give people a couple billion years to evolve!
Why can't newbies read the forum or the wiki before asking the same questions?
Why do people move dirt to find gold? 
Next, try the search tool.
http://forum.bitcoin.org/?topic=3770.0
That is one of many threads on the subject.
http://forum.bitcoin.org/?topic=3770.0
That is one of many threads on the subject.
Read satoshi's original PDF file. It explains things best.
No, these are not being done for nothing, they are being done to secure the network.
No, these are not being done for nothing, they are being done to secure the network.
All around the world there are thousands or millions of CPUs/GPUs grinding away on math equations in the hopes that they will "solve" one of them and reap the reward of 50 bitcoins. One thing that troubles me (and Ive yet to find the answer); who is this math being done for? I can't imagine all the CPU cycles and kilowatt hours of electricity are being wasted "just because", otherwise that would be an enormous waste of resources. This reminds me of the SETI project where you would install and app on your machine and it would utilize unused CPU cycles when your machine was idle to listed for alien communications. Who or what is the math behind the bitcoin being done for?
The math is being done to securely process the transactions made.
All around the world there are thousands or millions of CPUs/GPUs grinding away on math equations in the hopes that they will "solve" one of them and reap the reward of 50 bitcoins. One thing that troubles me (and Ive yet to find the answer); who is this math being done for? I can't imagine all the CPU cycles and kilowatt hours of electricity are being wasted "just because", otherwise that would be an enormous waste of resources. This reminds me of the SETI project where you would install and app on your machine and it would utilize unused CPU cycles when your machine was idle to listed for alien communications. Who or what is the math behind the bitcoin being done for?
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