Merged Bitcoin - Part 3

[steenkh]

The only thing stopping you is if nobody want to pay good Bitcoin for your new crypto.

 

[dirtywick]

The only thing stopping you is if nobody want to pay good Bitcoin for your new crypto.

right. so if the code is copied exactly, which is possible, what would be the difference between them? the magic in the bean?

 

[steenkh]

There is no code AFAIK. A Bitcoin is an entry in a ledger.

 

[dirtywick]

it’s a computer program.

GitHub - bitcoin/bitcoin: Bitcoin Core integration/staging tree

Bitcoin Core integration/staging tree. Contribute to bitcoin/bitcoin development by creating an account on GitHub.

github.com

 

[psionl0]

If there is a consensus amongst more than half of the mining power, the software can be changed.

That's an "if pigs could fly" argument. There will never be a consensus to change the total number of bitcoins in existence nor the formula for the rate at which bitcoins are unlocked.

Well then your first step should be to Google how the blockchain and transactions work and that will set you on the road to understanding the technology.

Googling clearly didn't help you understand anything.

 

[dirtywick]

i don't think it's if pigs could fly argument. mining will naturally consolidate into fewer and fewer hands of the largest and most efficient miners, and less will enter due to the increasing start up costs

 

[psionl0]

i don't think it's if pigs could fly argument. mining will naturally consolidate into fewer and fewer hands of the largest and most efficient miners, and less will enter due to the increasing start up costs

Even if that were true (it isn't) and even if a coordinated group of miners gained more than 50% of the total mining power expended, it doesn't mean that they would attempt to change the algorithm to dilute the supply of bitcoins.

 

[dirtywick]

what isn’t true?

Miner Weekly: Bitcoin Mining Is Consolidating Like Never Before - TheMinerMag

This article first appeared in Miner Weekly, BlocksBridge Consulting’s weekly newsletter curating the latest news in bitcoin mining and data analysis from

www.theminermag.com

in any case, why wouldn’t they change the algorithm to whatever suits them? the fact that it’s possible at all is notable

 

[psionl0]

in any case, why wouldn’t they change the algorithm to whatever suits them? the fact that it’s possible at all is notable

If the majority miners created a new fork with more bitcoins, how can they be sure that the wider bitcoin community would switch to this new fork? It's a risk to their income stream that they wouldn't take.

 

[steenkh]

it’s a computer program.

GitHub - bitcoin/bitcoin: Bitcoin Core integration/staging tree

Bitcoin Core integration/staging tree. Contribute to bitcoin/bitcoin development by creating an account on GitHub.

github.com

Really? Every Bitcoin is a computer program? Where is it executed?

(Real question: I don't know)

 

[dirtywick]

Really? Every Bitcoin is a computer program? Where is it executed?

(Real question: I don't know)

bitcoins are the tokens being moved around in the program. the program sets the rules for how many tokens there are and how they are traded between the wallets. it’s decentralized, meaning it’s database is maintained by a network of individual computers running the program and verifying the transactions. then you start getting into blocks and consensus

you can get pretty into the weeds this stuff. obviously there are more detailed and accurate versions of how it works and i’d encourage you to seek them out

edit

my main criticism of why bitcoin is bad going way back pretty much boils down to the way these rules are coded. the fact that the rules are extremely difficult to change doesn’t help

 

[steenkh]

bitcoins are the tokens being moved around in the program. the program sets the rules for how many tokens there are and how they are traded between the wallets. it’s decentralized, meaning it’s database is maintained by a network of individual computers running the program and verifying the transactions. then you start getting into blocks and consensus

you can get pretty into the weeds this stuff. obviously there are more detailed and accurate versions of how it works and i’d encourage you to seek them out

Thanks. But it also seems that my original impression that Bitcoin is not a program was correct, as the highlighted part shows.

 

[dirtywick]

Thanks. But it also seems that my original impression that Bitcoin is not a program was correct, as the highlighted part shows.

it doesn’t really exist outside of the computer program it’s a part of. it’s a piece of the code within the program. and bitcoin encompasses the code that allows the network to exist as much as it is a number on a ledger. so i don’t really think your impression is accurate.

but whatever, neither here nor there.

 

[psionl0]

Really? Every Bitcoin is a computer program? Where is it executed?

(Real question: I don't know)

Bitcoin is a computer program like online banking is a computer program.

The comparison is not exact though. Bitcoin's software is decentralized whereas online banking transfers are controlled by central software operated by the bank.

As for the asset (bitcoin) itself, you have already seen a bunch of semantic arguments about its existence.

 

[dirtywick]

biggest difference between online banking and bitcoin though is that with online banking you’re moving around tokens that represent currency. with bitcoin you’re moving around tokens within a computer program that you hope to one day trade someone else for currency