So nodes don't mine bitcoin, and nodes don't create "confirmations", they just "verify that transactions are legitimate" but..... who's asking? What part of bitcoin is sending that outgoing request to a node to get verification of a transaction?
As far as I can tell, I am successfully running a bitcoin full-node on my desktop computer (51 connections, 41 in, 10 out, running Bitcoin Core v0.20.0). I understand that most of the legwork of the blockchain is done by miners and wallets. Miners collect the transactions that people are trying to send, make them into a "block", try to generate the "correct" hash with the correct number of zeros and "win" the race to the next block, and if they win then their block with those transactions becomes the one that goes through. Great. But that's mining. That's not transferring. But... transfers happen in blocks. Miners collect the transactions and decide which ones go into the block, so miners really are the ones processing transactions into the blockchain. At least as far as my limited understanding of the blockchain can allow. So then once that block has been mined, there is "1 confirmation". Nodes don't make any more confirmations, confirmations come from further blocks being mined - to the best of my understanding. Still under the complete controls of the miners and seemingly with no input from the nodes (are the nodes actually feeding the information to the miners?) So my question is: nodes pull information from the blockchain and verify that the transactions are legitimate. At what point do they put that information back in? After a "node" (seemingly usually a Raspberry Pi, in my case a desktop PC) verifies a transactions (or all transactions), then where does it send that information? What part of the blockchain or the "bitcoin process" ever connects to a node to check if a transaction is valid? I am not asking why having nodes to verify transactions is useful. I understand that. I understand why being able to verify the entire blockchain on a low-power computer so that there can be an abundance of them and they can be decentralized is important to prevent the few that can afford miners from being able to overpower the blockchain. But why I don't understand is at what point do the miners provide their information for people to use? My best guess is this, and it might be dead wrong: Nodes are the middle-ground that sends all of the information around. When a wallet wants to send a transaction, they find a node and send the transaction to them, and that node passes it along. Nodes would be sending their information to wallets, other nodes, and miners. Nodes are where miners would find the transactions to make into a block. Assuming that nodes are more plentiful because they require a lot less processing power, nodes would logically be the "highways" that bitcoin travels across. Is any of this remotely correct?
So nodes don't mine bitcoin, and nodes don't create "confirmations", they just "verify that transactions are legitimate" but..... who's asking? What part of bitcoin is sending that outgoing request to a node to get verification of a transaction? (x-post from /r/Bitcoin)
10-13 12:05 - 'Dare look into ethereum... Lol / There is Bitcoin and there is everything else / Bitcoin is legitimate. Decentralized, no pre-mine, no figurehead, no central point of failure, no development team behind it or marketing team...' by /u/vitaminBTC removed from /r/Bitcoin within 12-22min
''' Dare look into ethereum... Lol There is Bitcoin and there is everything else Bitcoin is legitimate. Decentralized, no pre-mine, no figurehead, no central point of failure, no development team behind it or marketing team. There is no other coin with that on its resume. The rest of it out there is the Casino. It is the realm where speculation alone drives prices, nothing intrinsic or fundamental. Some people like playing roulette or the lottery and believe it a good use of hard earned money to give it in exchange for the ability to dream. I understand the allure of such a thing. Just know precisely what you are doing and don't delude yourself into thinking you're investing. ''' Context Link Go1dfish undelete link unreddit undelete link Author: vitaminBTC
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China controls Bitcoin through ASIC manufacturing and Mining Pools. Why doesn't anyone care? If anyone really did, then we'd have a legitimate competitor to BTC.
Wait a second we do :) VeriCoin and Verium Reserve are two coins from the same project. VeriCoin is Proof of Stake and Verium Reserve is an ASIC and GPU resistant POW coin. Both coins will have their blockchains interwoven to bring the strengths of each consensus mechanism without the downsides of either in what they are dubbing the Binary Chain. VeriCoin and Verium Reserve will gain adoption because the binary chain means they're profitable for the average user to mine or stake. The genius of combining two different crypto assets (Proof of Work for Verium Reserve and Proof of Stake for Vericoin) on the same blockchain means you get the best of both worlds: an ultra fast, low fee currency that earns passive income (VRC) but it is as secure as other POW coins because of the aux POW mining from VRM which is POW, but ASIC and GPU resistant, as well as offering pooled mining straight from the wallet so no need to rely on centralized mining pools as is the case with Bitcoin. With Bitcoin participation in the consensus mechanism requires an asic miner which is expensive, not easy to operate, centralized by the few companies that manufacture Asic miners, and even further centralized by the few mining pools. Conversely, with VeriCoin all you need is an open wallet to participate in the consensus and earn coins, and with Verium Reserve any CPU can mine. VeriCoin and Verium Reserve was designed to have an ultra low barrier to entry for participation in the network and passive income. This project is definitely worth a look if you're looking for low cap, moonshot gems. VeriCoin Market Cap 9/12/2019: $1,704,000 Verium Reserve Market Cap 9/12/2019: $288,000 When the bull market commences, I'll see you all on the moon!
12-20 15:24 - 'There is mining rental. [link] / You legitimately rent some hashrate and point it to a pool. It's not profitable. Can be used to test something, buying like 6 hours of miner time.' by /u/jenny82ishere removed from /r/Bitcoin within 399-409min
''' There is mining rental. [link]1 You legitimately rent some hashrate and point it to a pool. It's not profitable. Can be used to test something, buying like 6 hours of miner time. ''' Context Link Go1dfish undelete link unreddit undelete link Author: jenny82ishere 1: www.mini*g*igren**ls.*o* Unknown links are censored to prevent spreading illicit content.
If miners can agree on not mining on top of blocks > 300kB even though that is the longer chain, they could also agree on not mining on top of a hostile 51% attack chain rolling back legitimate Bitcoin history.
Shower thought. How to socially prepare a formalisation to react upon a politically (not economically) motivated 51% attack that could roll back the blockchain not only a few blocks but days or weeks, causing disastrous consequences if the honest miners blindly switch to the longest* but evil chain. A social control is needed to prevent this.
How could it look like?
What do you think will happen if such an attack happened tomorrow?
Discussion is opened. (I think it is good to think about it before it happens - just to be prepared. The worst thing one can do is to deny the possibility that it can ever happen. Conversely, if it is seriously taken into account and counter measures are prepared, then the likelihood that it happens is minimized.) *Edit: Of course when I say "longest chain" I mean "chain with most POW". Don't correct me on this - that's semantics, you know what I mean...
If miners can agree on not mining on top of blocks > 300kB even though that is the longer chain, they could also agree on not mining on top of a hostile 51% attack chain rolling back legitimate Bitcoin history. /r/Bitcoin
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A buddy of mine is having a problem - a bank won't believe that his Bitcoin earnings are legitimate
My buddy is trying to put $25k down to buy a house (he has much more still invested). The money came from Bitcoin, but the bank won't recognize it as a legitimate source. They want him to "season" the money for another 45 days, and he's ready to buy a house. He has it picked out and knows the owner personally, and they both agreed on a price. He's afraid that someone else is going to buy it out from under him. Is there any banks or credit unions that will recognize Bitcoin earnings as legitimate profits?
Faktisch geht es bei Bitcoin Trader darum vollautomatisiert Handel mit Bitcoin oder auch anderen Kryptowährungen zu betreiben. Das Produkt wurde laut eigenen Angaben von leidenschaftlichen Experten erstellt, die über enorme Erfahrungen und Qualifikationen im Handel mit Devisen und Kryptowährungen verfügen. Mittlerweile gibt es über 15.000 aktive Mitglieder aus verschiedenen Kontinenten. Mining ist ein Transaktionsprotokollprozess mit Bitcoins zu blockchain - der öffentlichen Datenbank aller Operationen mit Bitcoin, die für die Transaktionsbestätigung verantwortlich ist. Netzwerkknoten verwenden Blockchain, um die tatsächlichen Transaktionen von dem Versuch zu unterscheiden, die gleichen Einrichtungen zweimal zu verwenden. Der Bitcoin-Mining-Pool von MinerGate wurde am 3. April 2019 geschlossen, daher gibt es derzeit keine Bitcoin-Mining-Möglichkeit bei Minergate. Die Gebühren scheinen auch nicht übertrieben. Die Pauschale von 1% oder 1,5% ist im Vergleich zu einigen Mitbewerbern recht günstig. Die vollständige Gebührenordnung finden Sie hier. Öffentliche Meinung und Gemeinschaftsvertrauen. Das Gericht ... Bitcoin-Mining ist der Prozess, der sicherstellt, dass Bitcoin wie geplant funktioniert, und es ist der einzige Weg, um neues Angebot auf den Markt zu bringen. Miner sind Individuen oder Unternehmen, die Rechenleistung beitragen, um bei der Aufrechterhaltung und dem Betrieb des Blockchain-Netzwerks zu helfen, das Bitcoin als digitaler Währung zugrunde liegt. Diese Rechner sind dafür ... Bitcoin Mining-Schwierigkeit . Im Bitcoin-Netzwerk gibt es eine globale Sammlung von Schwierigkeiten für alle Blöcke. Damit ein Block als legitim angesehen werden kann, muss der Hash-Wert niedriger als das festgelegte Ziel sein.Die Schwierigkeit wird alle 2016 Blöcke geändert.
Bitcoin Gold: Abzocke oder legitim? Das MUSST du über den Fork wissen! - Duration: 19:22. Dr. Julian Hosp - Blockchain, Krypto, Bitcoin ... Bitcoin Mining - Was ist das? Wie funktioniert's? Lohnt ... Julian Hosp - Blockchain, Krypto, Bitcoin 58,960 views 6:37 3.000 € LUXUS Shopping Stream 😎 + Reaktion auf Trymacs' NEUE UHR! 😱 MontanaBlack Highlights - Duration: 23:13. Close. This video is unavailable. Ist Mining in Deutschland wieder profitabel? Durch die neue Hardfork von Bitcoin Gold zum neuen ASIC-resistenten Algorithmus Equihash 144,5 und der damit verbundenen geringeren Difficulty ergeben ... Bitcoins verdienen im Internet http://www.bitcoin-mining.ninja/bitcoins-verdienen-im-internet/ Die Bitcoins haben in den letzten Jahren viel Aufmerksamkeit i...