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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!
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...
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. /r/Bitcoin
[uncensored-r/Bitcoin] A friend is investing in cloud mining sceme, How can I help them find out if this is legitimate?
The following post by craddster is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7k0519 The original post's content was as follows:
A friend is seriously considering investing a system on the link below and it throws up a bunch of red flags for me. Does anyone know anything about it, or know how I can research it? http://cryptowealthmining.com/ Thanks!
A friend of mine invited me on Telegram to try a mining bitcoin bot. Basically, you buy robots with gems and they are creating juice. This juice you can exchange for gems BTC and for gems to buy other robots to maximize profits. Is it legitimate? Someone already tried this? /r/Bitcoin
Can we just talk about how crazy the network hashrate is currently ?
We regularly go above 150Ehashs/s now.... I think too many people don't realise that proof of work applied to transaction confirmation/decentralized timestamping is a such powerful idea, even after the halving the hashrate still increases to reach levels never touched before thanks to technical progress in specialized hardware in which miners throw energy they won't use otherwise. The bitcoin token is the best money to buy this hashrate through transaction fees so that you can write what you want in the Bitcoin ledger that is the most legit document the humanity ever created thanks to proof of work (just by reading the blockchain content, you know it is legit document). The price of Bitcoin and the transaction fee market reflect how much people need a legit and unforgeable ledger to settle their contracts. Altcoiner's fud of death spiral because of halving was a complete lack of understanding. Nothing can replace what proof of work and Bitcoin are doing: incentivize the creation of specialized hardware to create the most legit ledger ever made of history.
The easiest way to earn Bitcoins? Just change your browser to CryptoTab and receive payments to your balance every 10 minutes. You will get BTC for simply using it, even if just having CryptoTab browser window open. It takes less than 1 minute to start earning - https://get.cryptobrowser.site/3103699
Is it possible to make a legitimate income mining bitcoin with 21?
I want to help support the network regardless so thats why I'm purchasing a 21 computer but I'm also 27 y/o and am curious about the potential the 21 computer could have on creating a supplemented income? Is that possible?
September 2020 News. The Summer has started in the best way … Bitcoin has raised its head and sails on $ 11,000 to 12,000. Among the sites that allow the purchase of bitcoins – not related to mining – the most serious and also easiest to use if you want to get closer to this world is COINBASE ( click here to register with 10 usd for free if you buy at least 100 usd in Bitcoin ) . Free bitcoin mining is the most popular way of making money and getting richer. Freemining uses the latest technology and mining hardware to providing bitcoin mining free. Join our partner program and earn huge money. Minimum Withdraw 0.005 BTC. Everyday payout. Payment is directly sent to your bitcoin wallet address. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows. The story of Legit mining started at the end of 2018.LegitMining Pool is trusted online Bitcoin Cloud Mining Company that provides Free BTC Mining/Hashing service.We developed the idea of this mining as a service and built the first mining in Europe. Ever since our founding, we have grown tremendously and also a lot has happened. Is Bitcoin Miner Legit? Bitcoin Miner appears to be a legit crypto mining platform that claims to generate an average of $2000 per day. Their trading technology is well established and has been in ...
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