Investor swears bitcoin will ‘grind back’

[Deleted member 1333509]

I'll keep this one a bit shorter so that it doesn't become unbearable reading it. Just a few of the important parts...

I do not want its value to remain based purely on faith...

The placement of trust in Bitcoin (and other cc's) isn't based on pure faith, in fact it's based on significantly less faith than trusting the USD.

Bitcoin (and other blockchain-based cc's) are autonomous in how they function, without the need for human intervention other than connecting mining rigs to the network, and all decisions are based on publicly known math and algorithms. What that means is that you don't have to trust Bitcoin, you have to trust math, and if you don't trust Bitcoin, you don't trust math. It's that simple.

There is nothing about how Bitcoin works which is obfuscated at all, it's complete open source, and there have been armies of computers scientists, economists, hackers, you name it, who have gone through the Bitcoin source code and looked at how it works for vulnerabilities. Satoshi himself can't just give himself Bitcoin, can't change the Bitcoin blockchain, and he/they/she/it created it. You don't have to trust anything, there's no faith. It's pure science.

you are trying to tell me that as the ledger gets bigger and bigger and you have to fit more blocks into it, it wont get harder?

I didn't say that last time, I said that more miners don't mean that blocks are mined faster. The amount of data stored in the Bitcoin blockchain increases tremendously over time, and it's one of the core problems that the Bitcoin core dev team have worked on for years, as well as being the primary reason that BCH and BSV exist.

What I said was that the number of miners working on mining doesn't affect the speed that transactions are processed.. I'll explain in the next q because it relates to it.

Miners randomly create hex codes to randomly have a chance of creating a hex with every other transaction in the ledger plus the one your trying to fit into the ledger. As the ledger gets bigger and more complex, the chances of finding that specific hex code go down. If there are more miners, then there are more people randomly creating hex codes thus increasing the odds of finding the one with the ledger plus the new transaction. Im pretty I understand this concept very clearly... I do not need to go code anything lol

Skip to the part of this quote that starts with "If there are more miners, there there are more people...".

Yes, mining is just a process of randomly trying to different hex strings against the winning string, over and over again as fast as they can. Yes, more ASICs working at once increases the hash rate (collective guesses) and so all things being equal more miners would normally equal less time to solve a block, and because every successful hash means that a new block is formed with the next batch of transactions stored in it after processing, it would normally mean that transactions are processed faster with more miners.

BUT a key component of the way that Bitcoin mining works is that a target of ~10 mins per block is built into the Bitcoin system so that it will automatically change the way it functions in order to keep block discovery times to roughly 10 mins.

How does it do this though? It has a setting for "difficulty" which automatically regulates the amount of time a block takes to mine on average. The way it does it is by adding and remove zeroes to the winning string.

ie. 0x00000............ would be a difficulty of 5 (the full stops are random characters to be guessed). That is harder to solve using brute force than something with 6 zeroes, because that's one less character that needs to be guessed, so it is quicker and easier to guess it.

The Bitcoin blockchain measures the total hash rate of all miners, and if it increases or drops outside of a given range, it will automatically change the difficulty to recalibrate the time it takes for a block to be mined.

So like I was saying, if 50% of all miners stopped.. yeah for one or two blocks it would be mined much slower while the blockchain recalibrated, but then it would drop the difficulty way down, meaning that it is then proportionately as easy for the remaining miners to mine a block now as the amount of hash power that left the network.

Long story short, Bitcoin, but more specifically blockchain, is no joke.

It's incredibly complex but solves a range of previously unsolvable computational and economic problems simultaneously, and in a really elegant way. It's pretty damn close to genius. The mechanism I described above is one of half a dozen individually-clever mechanisms that all work together to make it possible to have a truly decentralised value network.

There's a hell of a lot to what you're talking about doing, and I think you should keep going, but just understand the scope of what you're talking about doing.

I do not need to go code anything lol

If you say so chief, I guess you'd know. Obviously the success of your project isn't that important to you after all.

 

[bartosimpsonio]

What happens first: bitcoin 10000 or bitcoin 2000 dollars?

 

[Elvlin]

I'll keep this one a bit shorter so that it doesn't become unbearable reading it. Just a few of the important parts...


The placement of trust in Bitcoin (and other cc's) isn't based on pure faith, in fact it's based on significantly less faith than trusting the USD.

Bitcoin (and other blockchain-based cc's) are autonomous in how they function, without the need for human intervention other than connecting mining rigs to the network, and all decisions are based on publicly known math and algorithms. What that means is that you don't have to trust Bitcoin, you have to trust math, and if you don't trust Bitcoin, you don't trust math. It's that simple.

There is nothing about how Bitcoin works which is obfuscated at all, it's complete open source, and there have been armies of computers scientists, economists, hackers, you name it, who have gone through the Bitcoin source code and looked at how it works for vulnerabilities. Satoshi himself can't just give himself Bitcoin, can't change the Bitcoin blockchain, and he/they/she/it created it. You don't have to trust anything, there's no faith. It's pure science.



I didn't say that last time, I said that more miners don't mean that blocks are mined faster. The amount of data stored in the Bitcoin blockchain increases tremendously over time, and it's one of the core problems that the Bitcoin core dev team have worked on for years, as well as being the primary reason that BCH and BSV exist.

What I said was that the number of miners working on mining doesn't affect the speed that transactions are processed.. I'll explain in the next q because it relates to it.



Skip to the part of this quote that starts with "If there are more miners, there there are more people...".

Yes, mining is just a process of randomly trying to different hex strings against the winning string, over and over again as fast as they can. Yes, more ASICs working at once increases the hash rate (collective guesses) and so all things being equal more miners would normally equal less time to solve a block, and because every successful hash means that a new block is formed with the next batch of transactions stored in it after processing, it would normally mean that transactions are processed faster with more miners.

BUT a key component of the way that Bitcoin mining works is that a target of ~10 mins per block is built into the Bitcoin system so that it will automatically change the way it works in order to keep block discovery times to roughly 10 mins.

How does it do this though? It has a setting for "difficulty" which automatically regulates the amount of time a block takes to mine on average. The way it does it is by adding and remove zeroes to the winning string.

ie. 0x00000............ would be a difficulty of 5 (the full stops are random characters to be guessed). That is harder to solve using brute force than something with 6 zeroes, because that's one less character that needs to be guessed, so it is quicker and easier to guess it.

The Bitcoin blockchain measures the total hash rate of all miners, and if it increases or drops outside of a given range, it will automatically change the difficulty to recalibrate the time it takes for a block to be mined.

So like I was saying, if 50% of all miners stopped.. yeah for one or two blocks it would be mined much slower while the blockchain recalibrated, but then it would drop the difficulty way down, meaning that it is then proportionately as easy for the remaining miners to mine a block now as the amount of hash power that left the network.

Long story short, Bitcoin, but more specifically blockchain, is no joke.

It's incredibly complex but solves a range of previously unsolvable computational and economic problems simultaneously, and in a really elegant way. It's pretty damn close to genius. The mechanism I described above is one of half a dozen individually-clever mechanisms that all work together to make it possible to have a truly decentralised value network.

Nice share, people always forgot that bitcoin itself is just the pionner that make blockchain famous, the technology itself that hold a lot of value.
btw blockchain tech has been used in goverment like dubai https://www.techradar.com/news/duba...es-on-blockchain-platform-in-last-three-years

 

[Deleted member 1333509]

Nice share, people always forgot that bitcoin itself is just the pionner that make blockchain famous, the technology itself that hold a lot of value.
btw blockchain tech has been used in goverment like dubai https://www.techradar.com/news/duba...es-on-blockchain-platform-in-last-three-years

100%, just a quick search for "blockchain banks" shows that a majority of the largest banks in the world are going heavy into blockchain as well, plus it's huge in supply chain management. I worked with a supply chain startup that was integrating blockchain and IoT together to completely automate shipping and delivery.. it's where it's going to be at in 5 - 10 years.

 

[Elvlin]

100%, just a quick search for "blockchain banks" shows that a majority of the largest banks in the world are going heavy into blockchain as well, plus it's huge in supply chain management. I worked with a supply chain startup that was integrating blockchain and IoT together to completely automate shipping and delivery.. it's where it's going to be at in 5 - 10 years.

yes agree, it's just a matter of time, blockchain is the solution for anything that need trust to work, since with blockchain than we won't need trust to progress. i t kind of irony with how most people think that btc value is based on trust. in my opinion btc value is because this is the coin that pionneer blockchain, than is used as comparison for other coin that exist or will be released, contrary to people believe, it will never be used as normal transaction method.

 

[Deleted member 1333509]

contrary to people believe, it will never be used as normal transaction method.

Absolutely, that's what I suspect as well.

yes agree, it's just a matter of time, blockchain is the solution for anything that need trust to work, since with blockchain than we won't need trust to progress. i t kind of irony with how most people think that btc value is based on trust. in my opinion btc value is because this is the coin that pionneer blockchain, than is used as comparison for other coin that exist or will be released,

Sure and blockchain has a bunch of weaknesses too, like it doesn't suit situations that a simple database is much better for. And originally people were saying that blockchain would revolutionise every industry - that's for sure not true, it's got limitations. But with regards to trust, reliability, decentralised governance, managing information networks in a distributed way - it's absolutely second to none, and more than that it really is revolutionary.

You're right about BTC's value being tied to it pioneering blockchain as well.

 

[PatrickP92]

I'll keep this one a bit shorter so that it doesn't become unbearable reading it. Just a few of the important parts...


The placement of trust in Bitcoin (and other cc's) isn't based on pure faith, in fact it's based on significantly less faith than trusting the USD.

Bitcoin (and other blockchain-based cc's) are autonomous in how they function, without the need for human intervention other than connecting mining rigs to the network, and all decisions are based on publicly known math and algorithms. What that means is that you don't have to trust Bitcoin, you have to trust math, and if you don't trust Bitcoin, you don't trust math. It's that simple.

There is nothing about how Bitcoin works which is obfuscated at all, it's complete open source, and there have been armies of computers scientists, economists, hackers, you name it, who have gone through the Bitcoin source code and looked at how it works for vulnerabilities. Satoshi himself can't just give himself Bitcoin, can't change the Bitcoin blockchain, and he/they/she/it created it. You don't have to trust anything, there's no faith. It's pure science.



I didn't say that last time, I said that more miners don't mean that blocks are mined faster. The amount of data stored in the Bitcoin blockchain increases tremendously over time, and it's one of the core problems that the Bitcoin core dev team have worked on for years, as well as being the primary reason that BCH and BSV exist.

What I said was that the number of miners working on mining doesn't affect the speed that transactions are processed.. I'll explain in the next q because it relates to it.



Skip to the part of this quote that starts with "If there are more miners, there there are more people...".

Yes, mining is just a process of randomly trying to different hex strings against the winning string, over and over again as fast as they can. Yes, more ASICs working at once increases the hash rate (collective guesses) and so all things being equal more miners would normally equal less time to solve a block, and because every successful hash means that a new block is formed with the next batch of transactions stored in it after processing, it would normally mean that transactions are processed faster with more miners.

BUT a key component of the way that Bitcoin mining works is that a target of ~10 mins per block is built into the Bitcoin system so that it will automatically change the way it functions in order to keep block discovery times to roughly 10 mins.

How does it do this though? It has a setting for "difficulty" which automatically regulates the amount of time a block takes to mine on average. The way it does it is by adding and remove zeroes to the winning string.

ie. 0x00000............ would be a difficulty of 5 (the full stops are random characters to be guessed). That is harder to solve using brute force than something with 6 zeroes, because that's one less character that needs to be guessed, so it is quicker and easier to guess it.

The Bitcoin blockchain measures the total hash rate of all miners, and if it increases or drops outside of a given range, it will automatically change the difficulty to recalibrate the time it takes for a block to be mined.

So like I was saying, if 50% of all miners stopped.. yeah for one or two blocks it would be mined much slower while the blockchain recalibrated, but then it would drop the difficulty way down, meaning that it is then proportionately as easy for the remaining miners to mine a block now as the amount of hash power that left the network.

Long story short, Bitcoin, but more specifically blockchain, is no joke.

It's incredibly complex but solves a range of previously unsolvable computational and economic problems simultaneously, and in a really elegant way. It's pretty damn close to genius. The mechanism I described above is one of half a dozen individually-clever mechanisms that all work together to make it possible to have a truly decentralised value network.

There's a hell of a lot to what you're talking about doing, and I think you should keep going, but just understand the scope of what you're talking about doing.


If you say so chief, I guess you'd know. Obviously the success of your project isn't that important to you after all.

Dont you understand that those problems that they are designing around are still present? They dont try to fix the problems, they design more complexity to cover it up, Mark my words, those problems will reveal themselves in time. It looks like you patched it up over here but the problem will just leak into another part of the system. This is why a physicist is needed... There is two reasons I named the network Simplicity, 1: because complexity arises from Simplicity, and 2: because it is just a simple algorithm that doesnt contain all of these problems and then contains the fixes to cover up the problems xD its designed to not have problems because it is modeled after natures own designs. You might not quite understand what im talking about but thats ok, I dont understand coding at all, I've already tried that route and it does not work. Thats why working with someone who does understand coding, I can accomplish this (more likely a team). Using our different skills to create something no one else can. Like when the mitochondria and the host cell formed a symbiotic relationship that eventually became the dominant life form. Inflation of the Tecoin is present in my systems design, it is inevitable but, it wont affect the system. Its designed to scale with inflation not against it.

 

[PatrickP92]

Dont you understand that those problems that they are designing around are still present? They dont try to fix the problems, they design more complexity to cover it up, Mark my words, those problems will reveal themselves in time. It looks like you patched it up over here but the problem will just leak into another part of the system. This is why a physicist is needed... There is two reasons I named the network Simplicity, 1: because complexity arises from Simplicity, and 2: because it is just a simple algorithm that doesnt contain all of these problems and then contains the fixes to cover up the problems xD its designed to not have problems because it is modeled after natures own designs. You might not quite understand what im talking about but thats ok, I dont understand coding at all, I've already tried that route and it does not work. Thats why working with someone who does understand coding, I can accomplish this (more likely a team). Using our different skills to create something no one else can. Like when the mitochondria and the host cell formed a symbiotic relationship that eventually became the dominant life form. Inflation of the Tecoin is present in my systems design, it is inevitable but, it wont affect the system. Its designed to scale with inflation not against it.

Edit: The Pareto Principle (inflation) that the quantity of the coin will experience, will increase at the same rate as the demand. Technology and geometry will improve, thus requiring more time and energy to make further improvements. So as computer technology advances from using this system, you will earn more Tecoin from your upgraded mining equipment. This balances the inflation of the quantity of coins with the coins required to futher improve on your project. This also solves the problems we are about to face with automation. Machines are rapidly starting to push people out of work and soon it will be a problem. My Tecoin solves this problem, humans have work waiting for them. When automation comes around the corner in full swing, humans can start setting up mining rigs to earn their coin while the technology will be used to further improve those machines. This is a productive job humans can transition into for the future. This is one of many problems an ideal system like this can achieve. It also garuntees that Tecoin will never lose value because you can always spend it on X amount of time times X amount of processing power = 1 Tecoin. That will be a constant unit of measurement that I call "work energy". Karl Marx described something similar to this as well, he called it "labor value". My system better defines this value.

 

[wanderer101]

An automation future is sure to come soon - Thanks for this share OP

 

[sane120]

No stay away from bitcoin and crypto in general it is a big scam. Again people don't beleive everything you read online, stay safe!

 

[Deleted member 1333509]

Dont you understand that those problems that they are designing around are still present? They dont try to fix the problems, they design more complexity to cover it up, Mark my words, those problems will reveal themselves in time. It looks like you patched it up over here but the problem will just leak into another part of the system. This is why a physicist is needed... There is two reasons I named the network Simplicity, 1: because complexity arises from Simplicity, and 2: because it is just a simple algorithm that doesnt contain all of these problems and then contains the fixes to cover up the problems xD its designed to not have problems because it is modeled after natures own designs. You might not quite understand what im talking about but thats ok, I dont understand coding at all, I've already tried that route and it does not work. Thats why working with someone who does understand coding, I can accomplish this (more likely a team). Using our different skills to create something no one else can. Like when the mitochondria and the host cell formed a symbiotic relationship that eventually became the dominant life form. Inflation of the Tecoin is present in my systems design, it is inevitable but, it wont affect the system. Its designed to scale with inflation not against it.

You're clear not interested in having a serious discussion about this. This is nonsense that doesn't even relative to what I just said and talks about physics and mitochondria. Good luck with whatever it is that you think you've doing.

 

[PatrickP92]

You're clear not interested in having a serious discussion about this. This is nonsense that doesn't even relative to what I just said and talks about physics and mitochondria. Good luck with whatever it is that you think you've doing.

And goodluck patching those problems instead actually fixing them xD thats the difference between keynesians and austrians. Keynesians believe the system must be controlled to function. Austrians believe that the system will work if its built correctly, no meddling or tweaking required.

 

[PatrickP92]

By Team Multi-Act

As always the best way to explain anything is with a story - and in this case a true story.

Forest fires are a major concern in many parts of the U.S., upsetting lumber companies who saw profits burn and individuals who saw the trees ablaze. The Government decided to try and better the situation. They spent money and time to train personnel and improve infrastructure and after a few years, they had stopped the various small fires from breaking out. Everybody seemed happy. Success? Not really.

A few years after this there was a forest fire, and it burnt hotter and faster than ever, burning down nearly 32% of the forest! Soon there were more of these larger fires that were similarly fierce and destructive. But why was this happening? Hadn't they solved the problem? Soon they realized that those small forest fires that used to occur actually helped burn away all the undergrowth and deadwood, without actually reaching any of the mature trees and larger parts of the forest. By preventing these small fires, the undergrowth and deadwood had now accumulated, now acting as a fuel to the fire and spreading it further into the forests and even destroying many of the older mature trees.

The Lesson: Nature was better off not disturbed in this case; nature takes care of itself in the long run.

Austrians feel the same way about the free markets, and government intervention. They even propose that periods of depression are just a cycle in any healthy economy, acting just like the cleansing fires in the forest! In the aftermath of a depression, new business opportunities and industries will emerge, and this is how capitalism and business cycles occur. Keynesians, on the other hand, have always advocated rules, laws, taxes, etc. to control and mould market forces.

Austrian economics differs from Keynesian economics in the basic approach to solving economic problems. Austrians believe that nature should be allowed to run its course and the lesser the Government interferes in free markets, the better it is. They believe that by understanding and predicting how people will react to different conditions (and by reactions they mean planned or logical actions and not knee-jerk reactions) one can understand and predicts what's likely to happen next. The Austrian School of Economics believes that the human and social element plays an equally important role in understanding prices, market movements as well as money and value creation. Often dubbed as economic philosophers, these economists make most of their findings more theoretical than mathematical. So their's are not purely model-based predictions.

Keynesians, on the other hand, believe that Governments are an important market intermediary, and while its role is not properly defined, they believe that State intervention, pricing and policy controls are essential tools to controlling, understanding and predicting market conditions. Keynesians are adept at using models and modelling tools to make their predictions.


This article originally appeared on http://multi-act.com/austrian-school-of-economics-vs-keynesian-economics/.

 

[MetDark]

You are working on this?

https://www.draglet.com/supply-chain-blockchain-transparency/
If you are, that's super cool!

I always thought one of BTC weakness in e-commerce was payment disputes
If a good buyer did not receive their order by bad seller, how are they going to get back their refund?
It seems like a form of escrow or middleman is more convenient like how credit cards work
Or is there a cryptocurrency which has escrow or middleman function
https://www.reddit.com/r/Bitcoin/comments/7fong4/quick_question_how_do_returns_and_refunds_work_on/

100%, just a quick search for "blockchain banks" shows that a majority of the largest banks in the world are going heavy into blockchain as well, plus it's huge in supply chain management. I worked with a supply chain startup that was integrating blockchain and IoT together to completely automate shipping and delivery.. it's where it's going to be at in 5 - 10 years.

 

[MetDark]

You are working on Tecoin?
Can't seem to find the website

Dont you understand that those problems that they are designing around are still present? They dont try to fix the problems, they design more complexity to cover it up, Mark my words, those problems will reveal themselves in time. It looks like you patched it up over here but the problem will just leak into another part of the system. This is why a physicist is needed... There is two reasons I named the network Simplicity, 1: because complexity arises from Simplicity, and 2: because it is just a simple algorithm that doesnt contain all of these problems and then contains the fixes to cover up the problems xD its designed to not have problems because it is modeled after natures own designs. You might not quite understand what im talking about but thats ok, I dont understand coding at all, I've already tried that route and it does not work. Thats why working with someone who does understand coding, I can accomplish this (more likely a team). Using our different skills to create something no one else can. Like when the mitochondria and the host cell formed a symbiotic relationship that eventually became the dominant life form. Inflation of the Tecoin is present in my systems design, it is inevitable but, it wont affect the system. Its designed to scale with inflation not against it.

 

[Deleted member 1333509]

You are working on this?

https://www.draglet.com/supply-chain-blockchain-transparency/
If you are, that's super cool!

I always thought one of BTC weakness in e-commerce was payment disputes
If a good buyer did not receive their order by bad seller, how are they going to get back their refund?
It seems like a form of escrow or middleman is more convenient like how credit cards work
Or is there a cryptocurrency which has escrow or middleman function
https://www.reddit.com/r/Bitcoin/comments/7fong4/quick_question_how_do_returns_and_refunds_work_on/

Love one punch man.

No I was working with a startup that's built around optimising supply chains with blockchain. It is a really solid application of the tech.

Yep, a lack of the ability to get a refund is a drawback in normal ecommerce situations. Escrow will be a factor in the future, but even that won't solve the problem you're bringing up.

As crypto becomes more regulated there will be "normal" functionalities like that built in to the most popular payment-centric cryptos, I'm sure - but I'd actually prefer less regulation and more risk. ie. keep crypto as decentralised as possible and I'll make sure I don't lose my private key or pay anyone that might rip me off.

 

[PatrickP92]

You are working on Tecoin?
Can't see

Yes I have been designing it for the past year. I was just talking to a friend about creating a website yesterday. I have no computer skills so at this point I have to rely on my friends for now. I'm hoping to attract help with this project on BHW. This seems to be the place to find the people I need, whether it be investors that understand what I'm talking about or individuals. I have this vision of the future stuck in my head and I'm obsessed with getting it out. Since I have no computer skill, my job has been designing the logic system and creating analogies to be able to explain it. At this point in time the best way to advance and start building is recruitment. To do that, I need to use these analogies to explain to you fine people and others how it can be achieved using logic. I was going to go to a group meeting from a website called meetme but then the pandemic happened which restricted these kinds of meetings.

 

[MetDark]

I have mixed feelings about the possible live-action
https://comicyears.com/movies/one-punch-man-live-action-movie-in-development-at-sony/

Either way, combining blockchain and supply chain is pretty cool and tough

You have a point, it would be a gamechanger if they can make dispute fair and fast for both buyer and seller, reducing scam

Love one punch man.

No I was working with a startup that's built around optimising supply chains with blockchain. It is a really solid application of the tech.

Yep, a lack of the ability to get a refund is a drawback in normal ecommerce situations. Escrow will be a factor in the future, but even that won't solve the problem you're bringing up.

As crypto becomes more regulated there will be "normal" functionalities like that built in to the most popular payment-centric cryptos, I'm sure - but I'd actually prefer less regulation and more risk. ie. keep crypto as decentralised as possible and I'll make sure I don't lose my private key or pay anyone that might rip me off.

 

[MetDark]

I guess you are working on the whitepaper?

I thought its this https://coinlib.io/coin/TEC/TeCoin, but I guess not

Meeting online is possible, though I have no idea would that work well for a startup in the funding stage

Yes I have been designing it for the past year. I was just talking to a friend about creating a website yesterday. I have no computer skills so at this point I have to rely on my friends for now. I'm hoping to attract help with this project on BHW. This seems to be the place to find the people I need, whether it be investors that understand what I'm talking about or individuals. I have this vision of the future stuck in my head and I'm obsessed with getting it out. Since I have no computer skill, my job has been designing the logic system and creating analogies to be able to explain it. At this point in time the best way to advance and start building is recruitment. To do that, I need to use these analogies to explain to you fine people and others how it can be achieved using logic. I was going to go to a group meeting from a website called meetme but then the pandemic happened which restricted these kinds of meetings.