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Understanding the Blockchain

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posted on Dec, 11 2017 @ 08:07 AM
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a reply to: Chipkin9

I probably should have explained that the average user typically uses a "lite wallet" which only needs to download a very small fraction of the blockchain. The only reason you'd probably want to download the full blockchain and run a full node these days is if you wanted to solo mine or your just wanted to help keep the network more decentralized.




posted on Dec, 11 2017 @ 08:13 AM
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a reply to: Revolution9


Yet you said in your opening post it was not going to be?

No I said the elite have no intention of getting rid of cash because it benefits them in many ways and even if they did they wouldn't choose Bitcoin as the digital currency, they'd use the electronic transaction system they already have in place or they'd create their own cryptocurrency and make that the national currency, but they'd still create physical notes to represent the virtual coins. The serial number on a note is essentially the same thing and without a valid serial number which can be matched to a number on a bank computer the note is worthless.
edit on 11/12/2017 by ChaoticOrder because: (no reason given)



posted on Dec, 11 2017 @ 08:19 AM
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a reply to: 38181


So if there is a limit to the number of bitcoins mined, who set that limit?

The limit for Bitcoin was decided by Satoshi when he first created the protocol rules, other cryptocurrencies have different limits or no limit at all, other coins don't even have a mining system because they are purely PoS.


Wouldn't one of these new AI Multiple-Qbit super computers blow away any traditional mining computer and solve the block in a matter of seconds, scooping up and hoarding Bitcoins?

We don't have any true quantum computers right now, we have very specialized machines which use quantum annealing to solve specific optimization problems.

EDIT: but yes if real quantum computers came about Bitcoin would be in trouble, hash functions would still be ok but ECDSA would be broken. There are however quantum resistant digital signature algorithms which Bitcoin could switch to if it came to that, there is already at least one quantum resistant cryptocurrency that I know of.
edit on 11/12/2017 by ChaoticOrder because: (no reason given)



posted on Dec, 11 2017 @ 08:31 AM
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a reply to: ChaoticOrder

All this will relate when the digital currency takes over. Then the NAICS codes will of course be linked to the digital currency.

Remember what Revelation says that you will not be able to buy and sell unless you have the mark or the number?

info.winvale.com...


If you are active within government contracting you have probably run across the acronym “NAICS,” or more specifically a NAICS code. You may know that only certain NAICS codes are applicable to your company, but really, what are NAICS codes? What do they do?



NAICS stands for the North American Industry Classification System, which was developed under the direction of the Office of Management and Budget (OMB). It was created to help agencies collect, analyze and publish statistical information related to various types of industries within the United States’ economy. And from the perspective of a government procurement officer, that is why NAICS codes are important. However, as a vendor interested in doing business with the government, NAICS codes are important in other ways. If you would like to view some of the information derived from these NAICS codes analyses, you should visit this Bureau of Labor Statistics site.



A NAICS code is assigned to every opportunity issued from a federal agency, thus allowing these opportunities to be tracked for future research, allowing prospective vendors to more easily identify potential opportunities. The codes can also provide an indication as to whether the opportunity will be a good fit for your company if the opportunity’s description or solicitation is vague. Additionally, these codes play a large role in reviewing federal opportunities because they determine your business’s size, as determined by your procurement officer – essentially determining whether your company will be considered a small or large business for each possible opportunity.


Can you not see how the number crunching digital assimilation is evolving? It is not there yet, but it's getting there:



"Shadows are fallin' and I've been here all day
It's too hot to sleep and time is runnin' away
Feel like my soul has turned into steel
I've still got the scars that the sun didn't heal
There's not even room enough to be anywhere
It's not dark yet but it's gettin' there."

I think this 666 business already means something to Mystery Babylon. NAICS have already adopted it as a replacement to have a six digit code. I think the 666 code will have huge significance. When that happens the wise will work it out as the Bible says they shall.

"Don't even hear the murmur of a prayer
It's not dark yet, but..."


edit on 11-12-2017 by Revolution9 because: (no reason given)



posted on Dec, 11 2017 @ 08:36 AM
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originally posted by: ChaoticOrder

originally posted by: Thorneblood
a reply to: ChaoticOrder

......You're that AI that lives in the internet...aren't you.

No I'm a human unfortunately, I am a programmer though and I've worked on cryptocurrencies which is why I understand this stuff so well.

Most people aren't programmers though and don't work on cryptological 'money'.

You could have made it real simple and said that Bitcoin is almost doubled in a weeks time from ten thousand to almost twenty thousand and recently is being offered on the Chicago Exchange.

As people lose trust in the Dollar they are diversifying, Bitcoin's stellar rise is one indicator of this.

Guess which currency 'bubble' will burst first?






edit on 11-12-2017 by intrptr because: spelling



posted on Dec, 11 2017 @ 08:38 AM
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Great write up!



posted on Dec, 11 2017 @ 09:36 AM
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Today's Guardian:

www.theguardian.com...


Bitcoin price surges as futures trading begins, despite bubble warnings – business live



Some bitcoin supporters argue that digital currencies could replace gold as a store of value. Now there are signs that investors are selling their gold-backed securities to buy bitcoin instead....



Investors are dumping gold to buy bitcoin, says strategist via @TradingNation t.co...



Bitcoin has taken another step towards the financial mainstream, with the launch of its first derivative contracts in Chicago.



posted on Dec, 11 2017 @ 09:39 AM
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a reply to: ChaoticOrder

i'm gonna make a prediction here.

Cryptocurrency is crap....and it's gonna crash and burn. Within a 2 year period...as soon as plenty of you invest in it.

That is all.



posted on Dec, 11 2017 @ 10:00 AM
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Block chain is a great invention but these digital coins are a blessing for pyramid scheme fraudsters and money laundering

Drug dealers in London are converting all their money into bitcoin from the ATMs onto their digital wallets so they don’t have wads of cash on them, I’m expecting London isn’t the only city either

I think the UK might be looking into the laundering side to bitcoin early next year



posted on Dec, 11 2017 @ 10:03 AM
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a reply to: Revolution9

You have no clue what you are talking about.

You've also gone ahead and made something that was not religious at all into something religious.

And about the poor. Blockchain technology is helping the poor. In the steemit community some users are helping poor in african countries to make money. There is so much potential to help the poor it's not even funny.



posted on Dec, 11 2017 @ 10:07 AM
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a reply to: MarioOnTheFly

Uh huh.

People have been making that prediction for a few years now.

But people are sometimes wrong.


I'm pretty sure people are going to start writing letters again once the email fad passes.

Willie Geist




Movies are a fad. Audiences really want to see live actors on a stage.

Charlie Chaplin



posted on Dec, 11 2017 @ 10:18 AM
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I think this op gives a good example of why it will crash.

Normal people who aren't coders will not be interested in taking computer programming classes to understand how their money is safe.

You are a programmer, and your reality is not the norm in society.

Joe bob is who you should be selling, if you want mainstream, not neo the hacker.

I don't place much monetary value on bitcoin beyond an anon money transfer biz.

The price jump is feeding off speculators/stock market gamblers/day traders riding the wave.

The faith in a number created by cash that paid for energy to create a number with value, grown by speculators, then cashed out for dollars, is not a remotely stable way to invest, it's stupid.



posted on Dec, 11 2017 @ 10:25 AM
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How is bitcoin any better than Western Union?

-well minus the data mining at western union.



posted on Dec, 11 2017 @ 10:52 AM
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Oh woe is me... How do I use this devil spawn currency???

Join up at Coinbase or Bitstamp. Or if you want to save yourself some fees find someone on localbitcoins.

Get a wallet for your phone (just so it's more portable for you) Mycellium is a nice one.

Learn how to make an offline wallet.

Buy as many bitcoins as you like and if you're really lucky and the gods are looking down on you a coin will be worth £120,000.00 over the coming years.. Have fun.



posted on Dec, 11 2017 @ 11:11 AM
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originally posted by: UKWO1Phot
Oh woe is me... How do I use this devil spawn currency???

Join up at Coinbase or Bitstamp. Or if you want to save yourself some fees find someone on localbitcoins.

Get a wallet for your phone (just so it's more portable for you) Mycellium is a nice one.

Learn how to make an offline wallet.

Buy as many bitcoins as you like and if you're really lucky and the gods are looking down on you a coin will be worth £120,000.00 over the coming years.. Have fun.




How is bitcoin a currency?

..and not just an anon transfer vehicle?
...the stock market shares?

Maybe you could help explain it's value, instead of being cocky, and telling everyone it's sooooooo easy, just sign up here?



posted on Dec, 11 2017 @ 11:14 AM
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a reply to: Mandroid7
It's a currency because you can buy stuff with it.

Read the OP's OP.

I'm not asking you to sign up for #. If you wanna play the game I've told you how you can.



posted on Dec, 11 2017 @ 11:25 AM
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originally posted by: Whereismypassword
Block chain is a great invention but these digital coins are a blessing for pyramid scheme fraudsters and money laundering

I will agree that ICO's make it easy for scammers to make a quick buck, I only invest in a coin if there's some innovative feature which no other coin has because most clone coins have nothing to keep people using them and wont last long.

However most money laundering still happens using cash and when Silk Road went down a few years ago it didn't really affect the price of Bitcoin at all so it's clear the Bitcoin economy is not reliant on criminal activity.



posted on Dec, 11 2017 @ 11:39 AM
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What are your thoughts on IOTA? It's coding, potential and etc. (I know you can't give financial advice, i just am curious as to what you think about it.)



posted on Dec, 11 2017 @ 11:45 AM
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a reply to: Mandroid7


Normal people who aren't coders will not be interested in taking computer programming classes to understand how their money is safe.

Well I doubt you really understand exactly how the traditional banking system works and all the security features it has but that doesn't stop you from using it. However you do have a point because some basic understanding of how it works does help you keep your coins safer, specifically it helps a lot to understand that the private key is what lets you spend coins in an address.

If you use an exchange then you will not have access to the private keys, you will need to set up a Bitcoin wallet and make it generate a new address for you so you can withdraw the coins from the exchange into that address. However you don't need wallet software to generate a new address, websites such as bitaddress.org will generate new addresses and allow you to print out a Bitcoin note which has the address and private key on it.

This will work even if you are offline because it's just running some JavaScript code in the web browser which will generate a new elliptic curve key pair and the address derived from the public key. The address isn't really the public key, it's a hash of the public key, however the original public key is usually required when verifying a transaction because it's needed to verify signatures made with the private key.
edit on 11/12/2017 by ChaoticOrder because: (no reason given)



posted on Dec, 11 2017 @ 11:49 AM
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a reply to: ChaoticOrder

Thank you for the thread.

Any small new coins you that you would recommend.



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