Author Topic: Bitcoin Questions and Answers  (Read 2418 times)

Offline woodlandmonk

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Bitcoin Questions and Answers
« on: November 26, 2013, 09:29:18 AM »
Hi All,

Jack seems to be getting more and more bitcoin questions lately and, while he has done his best to answer them, he admits he is not an expert. I wanted to start this thread to solicit any questions people might have, especially technical questions that might not be well answered sufficiently elsewhere. Any questions from how the back end block chain work to how to secure any bitcoins you might have to the economic theory behind bitcoin and other cryptocurrencies will be answered.

To get started  this video is a quick introduction to bitcoin: http://www.youtube.com/watch?v=Um63OQz3bjo

And this video goes a bit more into the technical side: https://www.youtube.com/watch?v=Lx9zgZCMqXE

Let me know what other questions you have!

Offline spy109

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Re: Bitcoin Questions and Answers
« Reply #1 on: May 15, 2014, 07:24:35 AM »
Check this Pool out. https://www.ghash.io/BTC   They process in Ph/s...   currently 25.37 Ph/s.  That is Peta Hashes a second. They process so much that they even have an exchange where you can buy and sell the processing power so you can mine with no hardware... this power has it's own value.   This exchange is called CEX. 

https://cex.io/trade

I would love to get Jack's take on this evolution.   It could be good... it could be bad... 

Offline Prodigy

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Re: Bitcoin Questions and Answers
« Reply #2 on: May 15, 2014, 10:40:26 AM »
Check this Pool out. https://www.ghash.io/BTC   They process in Ph/s...   currently 25.37 Ph/s.  That is Peta Hashes a second. They process so much that they even have an exchange where you can buy and sell the processing power so you can mine with no hardware... this power has it's own value.   This exchange is called CEX. 

https://cex.io/trade

I would love to get Jack's take on this evolution.   It could be good... it could be bad...

This might be convenient for a user who just wants a quick easy setup for mining, but overall its very, very bad.  The entire premise behind bitcion is it's decentralization.  When you have these gigantic mining pools, it consolidates a lot of power into very few hands.  That is the opposite of decentralization, and I think it's bitcoins biggest flaw at the moment.  The way the payout system works, it encourages large mining pools, so this was inevitable.

This is only going to get worse as more and more small time miners drop off, and are replaced by much bigger operations.

Offline undaunted6

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Re: Bitcoin Questions and Answers
« Reply #3 on: May 18, 2014, 05:09:10 PM »
https://www.youtube.com/watch?v=JP9-lAYngi4

Aside from the venue, this guy broke it all down and I understand the same thing that Jack has been saying. I am definitely a fan of bit coin and will soon be a user of such!