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Thread: WAY OT: Blockchain

  1. #1
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    Default WAY OT: Blockchain

    We all will have been ambushed with news stories of Blockchain with assertions that this new technology is going to change our lives.

    I am a practical person with some self taught computer programming skills. I have been telling myself for a time that I ought to be able to follow this "stuff" ... but the reality is it was not adding up for me from a practical computer modelling perspective. Soooo I went looking for more than the simple explanation.

    Found this link and do recommend it to those interested. The words are well thought out and aimed at communicating.
    https://dspace.lboro.ac.uk/dspace-js....11%20v2.1.pdf

    If you want to start with a more simple explanation then try this:
    http://www.afr.com/technology/web/ec...0170627-gx00oq
    Last edited by Norman Bain; 10-11-2017 at 06:14 PM.

  2. #2
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    I've been mining bitcoins for years now. I'm hoping to join the 3 comma club in bitcoin value in the next 5-10 years
    When in doubt, doubt your doubt.
    www.metalillness.com

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    Quote Originally Posted by 3 Phase Lightbulb View Post
    I've been mining bitcoins for years now. I'm hoping to join the 3 comma club in bitcoin value in the next 5-10 years
    "Mining" for the uninitiated is the process of running a computer on a Blockchain network that validates a particular transaction. A single transaction needs to be validated by a (at least) a given number of Miners before it becomes a valid transaction.

    It is inevitable that Bitcoin will come into this coversation; though I am keen to explore beyond that narrow implementation and more into the actual mechanism of how it works, who owns/governs it, how the code gets out there, and (one of my unknowns) when do transactions "age out" to avoid never ending growth of the databases etc etc.

    My understanding is that for Bitcoin there is a $14 fee for each transaction (paid for in Bitcoin itself) that is shared between all the Miners somehow. The fee is set to reduce by half as the volumes in the network increase ... Bitcoin may have already done the first of these fee halving steps.

    3-Phase; Do you know how many Miners in the Bitcoin mechanism need to validate a transaction; or it is all the miners?

    Also, I guess, that the recording of that payment (the Mining fee) is also a transaction within the mechanism; though probably one that does not create a paid for fee.
    Last edited by Norman Bain; 10-11-2017 at 07:08 PM.

  4. #4
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    Blockchain was derived from creating bitcoin so I'm confused why you think Bitcoin is a narrow implementation of Blockchain? Distributed filesystems using blockchains is another future use of blockchain. The number of miners is irrelevant, it's who reduces down to the correct hash that ultimately gets rewarded a bitcoin.
    When in doubt, doubt your doubt.
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  5. #5
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    The 06 Indian motorcycle project I had, used blockchain.
    That what I was hoping to discuss.

  6. #6
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    Blockchain was derived from creating bitcoin so I'm confused why you think Bitcoin is a narrow implementation of Blockchain? Distributed filesystems using blockchains is another future use of blockchain....
    Yes I am going to dissagree with you Bitcoin being the sole source of the Blockchain mechanism. I have a more open mind on the topic and feel the "true" discussion surrounds defining what is a "Mutual Distributed Ledger" (MDL) and how to implement it. Some of the definitions and challenges of the definitions of MDL are discussed on Page 46 of the pdf.

    Quote Originally Posted by 3 Phase Lightbulb View Post
    ... The number of miners is irrelevant, it's who reduces down to the correct hash that ultimately gets rewarded a bitcoin.
    Are you saying that only one Miner gets the payment?

    Are you also saying that the Mining (the validation) payment is a Bitcoin? The following quote would seem to disagree with that.

    Page 60 of the pdf says:
    Total ‘mining’ revenues are currently about 3,600 newly created Bitcoins per day – which at current market price of Bitcoin of close to $400 are worth approximately $400 x 3,600 = $1.44mn for 100,000 daily transactions. Thus the mining revenues across the entire network work from creation of new Bitcoins work out at $14 per transaction.

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    Quote Originally Posted by Norman Bain View Post
    Yes I am going to dissagree with you Bitcoin being the sole source of the Blockchain mechanism. I have a more open mind on the topic and feel the "true" discussion surrounds defining what is a "Mutual Distributed Ledger" (MDL) and how to implement it. Some of the definitions and challenges of the definitions of MDL are discussed on Page 46 of the pdf.



    Are you saying that only one Miner gets the payment?

    Are you also saying that the Mining (the validation) payment is a Bitcoin? The following quote would seem to disagree with that.

    Page 60 of the pdf says:
    Total ‘mining’ revenues are currently about 3,600 newly created Bitcoins per day – which at current market price of Bitcoin of close to $400 are worth approximately $400 x 3,600 = $1.44mn for 100,000 daily transactions. Thus the mining revenues across the entire network work from creation of new Bitcoins work out at $14 per transaction.
    Have you ever mined before? When you mine for bitcoins you can either join a pool with other miners or mine alone. I always mine alone.
    When in doubt, doubt your doubt.
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    Quote Originally Posted by 754 View Post
    The 06 Indian motorcycle project I had, used blockchain.
    That what I was hoping to discuss.
    Yes, this really isn't the place to be talking about blockchain
    When in doubt, doubt your doubt.
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  9. #9
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    Have you ever mined before? When you mine for bitcoins you can either join a pool with other miners or mine alone. I always mine alone.
    To answer the question ... No I have never have mined before in the bitcoin sense.

    I am not too concerned on this; but are you avoiding answering the questions re payment mechanisms for Bitcoin Mining; or do you simply not know the answers?

  10. #10
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    I complete block chains and earn up to 25 bitcoins per chain. I am a solo miner so I'm my own pool. Any branches people make from my chains don't affect me unless their chain becomes the dominate branch. If it does, then yes, I it's shared but most of bitcoins come from my own block chains.
    When in doubt, doubt your doubt.
    www.metalillness.com

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