Lol if only it was easy like wow gold we could farm it all the time hahaha. Another WoW former player welcome ^^
Started my b 90x journey today and successfully listened to the decentralized tv video for bitcoins white paper by JOhn. Pretty excited for this 90 day journey. I am pumped up. Started new year with a bang.
What I learnt from white paper & 2nd video on begginer playlist:
Blockchain is a chain of blocks carrying any type of data, hash (signature), and the hash of the previous block.
It is peer to peer network and it can’t be hacked easily till most honest nodes exceed the dishonest nodes. Even if dishonest ones are higher they need to alter and do the proof of work to alter any previous transaction… and they have to do it very quickly because honest nodes will not accept them and as the blocks get added to the chain, it becomes more difficult for hackers to alter blocks or just their transactions.
Through this network, we don’t need a trusted third party to make a trade. Its just A & B…period.
If anybody wants to add some more to it. Most welcome.
Thanks for this opportunity & platform of sharing.
Ok so I read the whitepaper and I realize I’m bad at math and computer stuff. So basically blockchain exists to take out the middleman and allow users to exchange items or currency in a faster and cheaper way. I’m sure there’s 20,000 times more to it but that’s what my little brain figured out.
My New Year resolution is to complete the #b90x
Things I leared from Satoshi Nakamoto’s white paper
- Why the difficulty increases on the network
- What a Merkle Tree is
- Account linking to the owner & using a new key pair for each transaction
- Math is hard
- Exactly what Proof of Work is
- How the block-chain actually works
Day 1 of 2018 and starting B90X today as an exercise to reinforce my foundational properties of investing and staying structured!
After reading the white paper this time around, it really just simplifies the complexity of Blockchain as it is and the facts. Always good to have the facts straight. Look forward to the things I will learn later on in this series, and always grateful for the guidance!
Thats great for the starting.
If u want some more simplified knowledge on it… check this video playlist by John & peter to get started more effectively.
Hope u like it.
I did listen to it after reading it. The math is still difficult to understand but I can visualize the blocks and nodes a little better. One thing I thought of is eliminating the middle man (financials) also minimizes the 4th man (the treasury). And therein lies the crux. That is concerning because they will put up a fight. I also came away with a better understanding of the connections between currency, math, computations, hardware, energy needed, and the ethics of needing to utilize renewable energy assisted with blockchain technologies by companies like IOTA.
Excited to be a part of the Pub! I learned that it makes more sense for people to process blockchain transactions for a fee than to disrupt the blockchain in an attempt to steal.
Reading Satoshi’s whitepaper did give me a greater overall understanding of the Bitcoin concept. It helped me to understand the underlying technology and even though I admit the maths was over my head, I am starting to understand why people advocate ‘hodling’.
well, I am not entirely new. I did find myself thinking after a couple of peter’s videos.
Begining to make some decent money in crypto and it got me thinking even if i had a million dollars would I have enough discipline in my life to actually use it effectively and to make things grow.
Going to start this B90X and see where it gets me.
I read satoshi’s whitepaper and I didn’t learn much. Mostly because i have watched enough videos to understand how it works already.
No worries! Some times we need to remember the greatness!
I will need to read that about 10 more times
I did learn that blockchain is a system of trust
Will definitely be doing this when I get back from my cruise.
I have just joined the Bitcoin Pub and the B90X program, I’m excited about the idea of learning along side the group.
I have decided to start tacking my trading a more serious in the last month, considering leaving my job permanently and totally replace my income through trading the markets. This is why I have started to get more involved with e-learning courses, like B90X. I’m hope other can find reciprocated value in assisting me on my journey.
I have read Satoshi Nakamoto’s White Paper.
Trying my hardest to decipher the core base of bitcoin and decentralised currencies. I like the idea of a “payment system based on cryptographic proof instead of trust”, as the ability to undermine the miss use of funds, within the commercial and central banking system is eyeopening.
I’d like to understand what stops a CPU farm managing the block indefinitely and what prove there is that this isn’t already happening? it seems as if they “Satoshi Nakamoto” has focused on incentivise “attackers” to approach the block as a trusted member. To ensure the benefits out-weighed the payout if someone succeeds at highjacking the blockchain by making sure their “attacking nodes” can solve the proof-of-work fasten ought to keep ahead of the trusted nodes.
These are simply my thoughts and I welcome any discussion toward answering the the questions I have put forward.
Firstly I’m glad you saw the wisdom of joining TheBitcoinPub on my recommendation.
It is a wonderful institution that @peter has created!
The ability to lodge a 51% attack on mining group is now quite a task but there other issues…
Bitcoin Users Should Do the Math
Corallo also discussed the idea that Bitcoin confirmations should not be taken at face value. In reality, a confirmation is not a black and white finalization of a transaction. The amount of work needed to reverse previous transactions simply becomes far greater and impractical over time (as more blocks are mined). Corallo warned that Bitcoin users should continue to do the math as the distribution of hashing power on the network continues to evolve:
“If you’re someone who is currently accepting coins with one block, you should reconsider that. If you’re currently accepting coins with six blocks of confirmations, you should sit down and do the math with today’s mining pools . . . It’s not as cut and dry as 51 percent [versus] 50 percent; it’s not at all.”
Don’t Be Scared, Just Be Aware
One final point Corallo made in relation to 51% attacks was that he wasn’t trying to scare users away from Bitcoin. He simply wants people to be aware of the somewhat-fragile nature in which Bitcoin works. The Blockstream Co-Founder explained:
“I’m not trying to present this as like, ‘Oh, Bitcoin isn’t secure, and we should all be waiting for 20 confirmations.’ Six is probably fine . . . and that’s why six was chosen. It’s a reasonable tradeoff. For reasonable amounts of money, it’s going to be secure — even with [the] current hashing power distribution. People should be very aware of this. Don’t just blindly follow what’s happening.”
I’m also brand new to any financial investments ever.Im in on gut instincts.The learning curve from scratch seems quite complex.I see my investments as a hodl.I would like to know how to connect tech I would support,to the corresponding btc?thanks.
I’m in. I want to have some skin in the game in terms of understanding crypto (and the gains won’t hurt either)
Hi man! and welcome! ( see you recently joined! )
I´m sorry i dont quite understand your question with regards to connect the tech you would support to the corresponding btc?
There are many awesome projects out there that are worth investigating. What are you currently holding? What kind of techs would you be interested in learning more about?
what better way to spend a sat evening. White paper read and mostly understood. I’d also like to add that, I am an English man who does not drink. We are rare breed, but we do exist.