Cryptocurrency Miners Wipe Out Supplies of Graphics Cards in U.S. and Europe

[timosman]

New coins are generated when a new block is created, however, approximately every 4 years the number of coins rewarded for "creating" a new block is cut in half. Originally that essentially amounted to 50 coins every ten minutes, but two periods have passed now, and the coins created every 10 minutes is now 12.5, in 2020 that will be cut in half again to be 6.25, then in 2024 it'll be 3.125 and so forth.

The proof of work which essentially controls the rate new blocks are found (see video I posted), holds the block time to approximately 10 minutes increasing or decreasing difficulty as necessary at I believe every 2016 blocks.

So, there will never be more than 21 million coins, and the average block will be found around approximately 10 minutes over time, and the coin emission rate will be halved approximately every 4 years, and all of that is in the code, and if you change that code all the other nodes will ignore you on the network.

So, nope the money supply does not significantly change at all due to hardware advancements.

This does not make forfeiting impossible.

[RonPaulIsGreat]

After watching the video I have another question.
What happens when the government spends taxpayer/inflation/debt money to gain 51+% of the "mining" power by building super-computers or seizing/destroying the miners' computers and or cutting off their electricity, and doing so on a global basis through treaty or the UN?

A government could spend a few billion at present and 51% attack the network. The only solution to that situation is a larger bitcoin economy, and eventually more miners I suppose, and / or governments accepting bitcoin and viewing an attack on the bitcoin network similiar to an attack on a banking system.

If all the world's governments agreed to attack bitcoin, I suppose they could kill it, and they could do that to just about anything you could imagine. So, if standing against the combined power of all the world's governments united with a solitary goal is the standard, I guess there is no point in anything at all.

And the next day bitcoin 2.0 will pop up with a new algo, and more anon features built in.

But yeah,if all the governments of the world united against bitcoiners we'd be $#@!ed. I'm not really moved by that argument though.

[timosman]

A government could spend a few billion at present and 51% attack the network. The only solution to that situation is a larger bitcoin economy, and eventually more miners I suppose, and / or governments accepting bitcoin and viewing an attack on the bitcoin network similiar to an attack on a banking system.

If all the world's governments agreed to attack bitcoin, I suppose they could kill it, and they could do that to just about anything you could imagine. So, if standing against the combined power of all the world's governments united with a solitary goal is the standard, I guess there is no point in anything at all.

And the next day bitcoin 2.0 will pop up with a new algo, and more anon features built in.

But yeah,if all the governments of the world united against bitcoiners we'd be $#@!ed. I'm not really moved by that argument though.

It is sufficient for USA to do that.

[RonPaulIsGreat]

This does not make forfeiting impossible.

forfeiting? Do you mean counterfeiting? If so, you should just go watch the video I posted a while back, it goes over the difficulty it would entail to find someone elses private key.

[timosman]

Could you guys stop wasting electricity?

[RonPaulIsGreat]

It is sufficient for USA to do that.

Yeah, because today, bitcoin is tiny, however, it is growing, every year it get's harder to subvert.

Gold/Silver/Fiat is just as vulnerable to Goobermint meddling, only difference is Bitcoin can be made more secure over time, Gold/Silver/Fiat cannot.

[timosman]

Yeah, because today, bitcoin is tiny, however, it is growing, every year it get's harder to subvert.

Gold/Silver/Fiat is just as vulnerable to Goobermint meddling, only difference is Bitcoin can be made more secure over time, Gold/Silver/Fiat cannot.

Dude, what are you even talking about?

[RonPaulIsGreat]

Dude, what are you even talking about?

Bitcoin can be made more secure over time.....

I mean, you can add more miners, which means any individual government would have to acquire more miners under their own control than the rest of the world combined in order to subvert the validity of the blockchain. As in more miners = more secure against government attack. Sure the US goobermint could spend 100 billion dollars to subvert bitcoin, but we still elect politicians, and wasting a 100 billion to attack bitcoin 5 years from now might be viewed as stupid.

Why????????? you may ask.
1. The second they subvert the chain with a 51% attack, all the miners they purchased become valueless

2. Bitcoin can simply switch to another algo, that is mined by CPU's or GPU's, this would very very likely happen in days upon learning a government or corporation was 51% attacking the network.

So... yeah... it's an attack surface.

[timosman]

Bitcoin can be made more secure over time.....

Like any other ponzi scheme I have to believe I will not get $#@!ed.

[RonPaulIsGreat]

Like any other ponzi scheme I have to believe I will not get $#@!ed.

Well, don't buy any. Doesn't bother me.

[timosman]

Well, don't buy any. Doesn't bother me.

Don't you ever worry one day all that electricity you paid for will amount to nothing?

[RonPaulIsGreat]

Don't you ever worry one day all that electricity you paid for will amount to nothing?

I stated earlier, I sold half my bitcoin about a month ago. I mean for a good chunk of the period I was mining the price of bitcoin was 250-500 bucks, It's well over 2000 now. I made more off the half I sold than I paid for all my miners+electricity since I started plus some, and still have half left. So, it's actually impossible for me to lose money at this point, plus the miners I use to mine with (Computers/GPUS), as I mine alts then trade them for bitcoin as those are still mined with GPU's, still have value as well.

So... no I'm not really concerned. True, I do have for me a substantial amount of value in bitcoin, I still think it is no where near it's potential adoption levels, and adoption roundabout leads to price increase, so my "Guess" is that the odds the price will be higher 2 years from now is greater than the odds it'll be worth less. But I'm not 100% sure in my predictive abilities and that's why I took some risk off the table.

[timosman]

I stated earlier, I sold half my bitcoin about a month ago. I mean for a good chunk of the period I was mining the price of bitcoin was 250-500 bucks, It's well over 2000 now. I made more off the half I sold than I paid for all my miners+electricity since I started plus some, and still have half left. So, it's actually impossible for me to lose money at this point, plus the miners I use to mine with (Computers/GPUS), as I mine alts then trade them for bitcoin as those are still mined with GPU's, still have value as well.

So... no I'm not really concerned. True, I do have for me a substantial amount of value in bitcoin, I still think it is no where near it's potential adoption levels, and adoption roundabout leads to price increase, so my "Guess" is that the odds the price will be higher 2 years from now is greater than the odds it'll be worth less. But I'm not 100% sure in my predictive abilities and that's why I took some risk off the table.

You are a bitcoin shill.

[RonPaulIsGreat]

You are a bitcoin shill.

Geez, dude, so If I like something, I'm a shill. Okay then. Don't buy any, I don't care!

[timosman]

Geez, dude, so If I like something, I'm a shill. Okay then. Don't buy any, I don't care!

Like something - $$$$

[RonPaulIsGreat]

Like something - $$$$

Well, there are a 1000 things I could invest my time and money into, I like bitcoins decentralized nature, it's possiblity to make global payments easier, free oneself of governments inflation addiction, etc.... it just so happens that if more people like that type of system, the demand will rise, and that'll cost more in fiat. Anyone could have purchased when I did, and accepted the risk. IT's less risky now than then actually, the exchanges are better, governments are more clear on their stances, the whole concept of bitcoin is more tested etc.... So.... yeah, early investors in successful systems tend make a better return.

I could of invested In coke I suppose.

[timosman]

Well, there are a 1000 things I could invest my time and money into, I like bitcoins decentralized nature, it's possiblity to make global payments easier, free oneself of governments inflation addiction, etc.... it just so happens that if more people like that type of system, the demand will rise, and that'll cost more in fiat. Anyone could have purchased when I did, and accepted the risk. IT's less risky now than then actually, the exchanges are better, governments are more clear on their stances, the whole concept of bitcoin is more tested etc.... So.... yeah, early investors in successful systems tend make a better return.

I could of invested In coke I suppose.

More geeks wasting electricity.

[FSP-Rebel]

Just lost an enormous amount of respect for timos.

[timosman]

Just lost an enormous amount of respect for timos.

You are also part of this scam?

[FSP-Rebel]

You are also part of this scam?

You're witnessing the greatest wealth transfer in history. Buckle up, rocky road up ahead.

[timosman]

You're witnessing the greatest wealth transfer in history. Buckle up, rocky road up ahead.

I know. Lots of suckers out there.

[dannno]

You are also part of this scam?

Yes, the greatest scam of all time - taking the monetary system away from the banksters. We are saving humanity, not wasting electricity

[timosman]

Yes, the greatest scam of all time - taking the monetary system away from the banksters. We are saving humanity, not wasting electricity

And I have a bridge in Brooklyn for sale. 10,000,000 BTC

[dannno]

Just lost an enormous amount of respect for timos.

He has a huge blindspot on economics.

[dannno]

And I have a bridge in Brooklyn for sale. 10,000,000 BTC

That's not an argument.

[timosman]

Yes, the greatest scam of all time - taking the monetary system away from the banksters. We are saving humanity, not wasting electricity

That's not an argument.

Your's sure is.

[timosman]

He has a huge blindspot on economics.

This might be true but I have a good eye for scams. Do not ask me how it happened.

[dannno]

This might be true but I have a good eye for scams. Do not ask me how it happened.

Ya I get it, you have past trauma related to economic losses and now you are over compensating by saying that the very thing that can save all of humanity from the banksters is a scam. It's almost like you are an SJW who was repeatedly sexually assaulted as a child and now you want to integrate with the rape culture from the middle east.

[timosman]

Ya I get it, you have past trauma related to economic losses and now you are over compensating by saying that the very thing that can save all of humanity from the banksters is a scam. It's almost like you are an SJW who was repeatedly sexually assaulted as a child and now you want to integrate with the rape culture from the middle east.

Where did the rape culture from the middle east come from?

[dannno]

Where did the rape culture from the middle east come from?

Trauma can cause people to react very oddly, and have trust issues. It's very similar to your situation.