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Thread: WAY OT: Blockchain

  1. #11
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    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.
    I am still building up a picture of how this really works so bear with me for a few more questions.

    1) We hear that this distributed database (the MDL) lives as a copy of the whole ledger on each Miners site; is this true in reality?

    2) Given you have been Mining for while; how large is your database?

    3) Somehow the buyers and seller get to trade goods for Bitcoin; yet each Bitcoin may have a value of (say) $400; so somehow they must be trading in fractions of a Bitcoin; more explanation please of how that works?

    4) When a Bitcoin is traded is it a specific Bitcoin (numbered like a share marked share in a listed company) or is it more a "this transaction of value $x is moved from account A to B?

  2. #12
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    Quote Originally Posted by Norman Bain View Post
    I am still building up a picture of how this really works so bear with me for a few more questions.

    1) We hear that this distributed database (the MDL) lives as a copy of the whole ledger on each Miners site; is this true in reality?

    No, we have a partial stale copy that gets updated via broadcasts but nobody ever has a complete ledger. Propagation delays cause everyone to basically have a different view the ledger. People with very high bandwidth connections typically can have more up to date block hashes but not always as it also depends on the source's broadcast bandwidth.

    2) Given you have been Mining for while; how large is your database?

    I think it's around 120GB. Haven't looked at the size in a few months.

    3) Somehow the buyers and seller get to trade goods for Bitcoin; yet each Bitcoin may have a value of (say) $400; so somehow they must be trading in fractions of a Bitcoin; more explanation please of how that works?

    You setup a bitcoin account just like you would a band account and people buy/sell $$ amount which is almost always fractions or full bitcoins plus fractions of one.

    4) When a Bitcoin is traded is it a specific Bitcoin (numbered like a share marked share in a listed company) or is it more a "this transaction of value $x is moved from account A to B?

    Not sure what you mean traded?



    EDIT: Sorry, I originally answered within your quote
    Last edited by 3 Phase Lightbulb; 10-11-2017 at 10:19 PM.

  3. #13
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    Not sure what you mean traded?
    Thanks for the responses ... they were detailed within the quote ... but I could read it ok.

    WRT "traded"; I need to do this one in two steps so bear with me.

    You describe that a "Bitcoin Account" is created by a user and somehow they acquire Bitcoin; I figure they buy a Bitcoin or three from someone; how do they do this?

    The user, now having acquired some Bitcoin, makes a transaction; do they do this trade with a specific Bitcoin or does the "mechanism" somehow just magically trim the agreed sum from their account?

    Another question; what does a "fraction of a Bitcoin" look like? That is, is it presented like 0.0005 (five tenths if we use machining terminology ) or is there some other measure?

  4. #14
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    Quote Originally Posted by Norman Bain View Post
    Thanks for the responses ... they were detailed within the quote ... but I could read it ok.

    WRT "traded"; I need to do this one in two steps so bear with me.

    You describe that a "Bitcoin Account" is created by a user and somehow they acquire Bitcoin; I figure they buy a Bitcoin or three from someone; how do they do this?

    The user, now having acquired some Bitcoin, makes a transaction; do they do this trade with a specific Bitcoin or does the "mechanism" somehow just magically trim the agreed sum from their account?

    Another question; what does a "fraction of a Bitcoin" look like? That is, is it presented like 0.0005 (five tenths if we use machining terminology ) or is there some other measure?
    There are plenty of bitcoin wallet applications that make buying/selling bitcoin currency easy for you. Bitcoins are their own currency and I'm not sure how everyone's native currency gets mapped. I'm just familiar with the US tracking which is hovering around $4.8k US per bitcoin right now. When you open a bitcoin account with coinbase you can create unique transactions with other bitcoin accounts. Usually you transfer via your own currency so I use $1 denominations and they get rounded automatically.
    When in doubt, doubt your doubt.
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  5. #15
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    What is this, money laundering???
    Does MSC take Bitcoin?
    Len

  6. #16
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    Quote Originally Posted by QSIMDO View Post
    What is this, money laundering???
    Does MSC take Bitcoin?
    Nope and Nope. It's a legitimate national currency that you can trade, or earn by performing extremely compute intensive nonsense
    When in doubt, doubt your doubt.
    www.metalillness.com

  7. #17
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    There are plenty of bitcoin wallet applications that make buying/selling bitcoin currency easy for you. Bitcoins are their own currency and I'm not sure how everyone's native currency gets mapped. I'm just familiar with the US tracking which is hovering around $4.8k US per bitcoin right now. When you open a bitcoin account with coinbase you can create unique transactions with other bitcoin accounts. Usually you transfer via your own currency so I use $1 denominations and they get rounded automatically.
    Ok; so you get $4.8k for each Bitcoin transaction that you can validate thru your Mining venture ... sounds beaut for you but rather implausible. Plus, if true, would be a serious erosion of the value of Bitcoin ... I am having a hard time seeing it as other than an inflation mechanism that erodes the value of hard currency funds that users have purchased.

    I see that we are deflected to a third party (like Coinbase; not Bitcoin itself) to open an account and link up our bank accounts. What is the mechanism that ties the reliability (if there is any) of the Bitcoin mechanism to the account that one would open with the 3rd Party?

    3-Phase; please do not see my questions as negative an any way on all this. I am interested in just what Bitcoin is and how it works, but should we run out of steam on that exploration, I am ok to continue on the Blockchain discussion which I see as separate from the Bitcoin detail.

  8. #18
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    Quote Originally Posted by Norman Bain View Post
    Ok; so you get $4.8k for each Bitcoin transaction that you can validate thru your Mining venture ... sounds beaut for you but rather implausible. Plus, if true, would be a serious erosion of the value of Bitcoin ... I am having a hard time seeing it as other than an inflation mechanism that erodes the value of hard currency funds that users have purchased.

    I see that we are deflected to a third party (like Coinbase; not Bitcoin itself) to open an account and link up our bank accounts. What is the mechanism that ties the reliability (if there is any) of the Bitcoin mechanism to the account that one would open with the 3rd Party?

    3-Phase; please do not see my questions as negative an any way on all this. I am interested in just what Bitcoin is and how it works, but should we run out of steam on that exploration, I am ok to continue on the Blockchain discussion which I see as separate from the Bitcoin detail.
    There is tons and tons of how-to guides to help you get started if you're really interested in mining bitcoins. Bitcoin is a protocol, not a company or a website. Coinbase is company that provides front ends and clients that allows everyone to exchange bitcoins. Bitcoin is like HTTP (not really) and Coinbase is like Mozilla (not really).
    When in doubt, doubt your doubt.
    www.metalillness.com

  9. #19
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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.
    That is what I was hoping for too.
    Andy

  10. #20
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    It's a legitimate national currency...
    Which nation has adopted the Bitcoin?

    Call me chicken, but I'd be selling out pronto if I was holding Bitcoin at current prices. Apart from the risk of a crash, some governments will eventually outlaw it. While they cannot truly control it, they can still make it illegal and potentially seize it.


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