#B90X - DAY 1 - Let's Begin

b90x

#322

Hey folks! Peter and bro’ have put something great together here. I’m loving it.

I’ve been a computer geek forever, and I somewhat successfully day traded for a time years back. I’ve been watching the crypto thing for a number of years, and saw this pullback we’ve seen as the time to get involved. So I’ve been sucking up information like crazy and have made a few trades over the last 30 days or so. I’ve chosen a paid Guru to help me with picks and education. That was my first real commitment. Being here and signing up for The Challenge is the second. I’d love to make my Guru unnecessary.

I started the #b90x challenge today. I’m going to double up, and do two sessions a day…rain or shine. I’m going to endeavor to do all of the homework.

Towards that end, I just re-read the S. Nakamoto paper and am writing this reply…

My first comment is that’s striking how short and simple it is. I’ve read a lot of white papers as a software engineer. I don’t think I’ve ever read one shorter and simpler than this that was worth a darn. It’s great to have the cornerstone of the whole Crypo Craze be so approachable.

Having an engineering degree, and still remembering a fair amount of my math, I can follow the more technical parts of the paper. I find the tables of probabilities of the network being compromised to be quite intriguing. I’m trying to wrap my head around it and the 51% dilemma. I’m wondering what’s really possible for an attacker, at say 49%, or 53%. I don’t see that gaining a majority of CPU power necessarily breaks the piggie bank.

Is there a discussion thread here or somewhere else that someone can point me to that delves into the exploitability of BTC and other blockchain, proof-of-work based cryptos? I’d love to read more about this and maybe get in on the discussion.

I’m also very interested in the sustainability of BTC in the face of growing adoption. I wonder how long BTC can remain viable…how long it will be before it fails due to its own weight (of necessary compute power and storage space).

Finally, I wonder if BTC could topple due to something like this, or a similar social issue:
https://mashable.com/2018/03/21/bitcoin-child-pornography/#kD8R8ljRRPqE


#323

Glad I discovered this workout series. I’ve been using and buying bitcoin for a while, but by page 2 of the Satoshi paper, I’m already learning things I hadn’t considered before. Like the definition of a coin is a bunch of digital signatures? I should have known that, but seeing it explicitly stated was an eye opener.

Got over my head once those equations appeared to prove security, but glad I went back to the original source. Looking forward to the rest of this series. :slight_smile:


#324
  1. signed up
    2.90 DAY Challange excepted. I learnt that bitcoin allows transactions peer to peer without the need of third parties like banks. interesting that miners get rewarded BTC as a incentive.
  2. will do

#325
  1. Done.
  2. I’m a bit more confused now. I thought Bitcoin doesn’t need a timestamp server and solely relied on proof of work. It’s the reason why EOS, which uses DPoS, can’t work if the user’s clock is out-of-sync with the network. I’m also surprised many terms that we use now are not discussed in the whitepaper, like UTXO and coinbase (that’s a term, before the exchange, I think). Hope I will figure this out as I progress in this program.
  3. I have people in mind, but need Bitcoin back above 10k before I can get them to be interested.

#326

Now is the time… sales!


#327

Agreed. Although it kind of looks like this right now, and we might get another mark down if the “death cross” happens.


#328

I’ve learned that to save disc space, one can cut off the chain at an older block and just keep the hash of all previous blocks in a Merkle-Root to ensure the chains authenticity. That’s nifty!


#329

Re-read the white paper a few times and have to admit, a lot of the technical jargon was lost on me!

I’m still a little confused but have a better understanding of why there is so much FUD surrounding Bitcoin and by extension, altcoins. It looks like your money doesn’t go from you to ??? and then to the recipient but straight from you to the recipient. I can see why whoever is in the middle wouldn’t want to be cut out, they are missing out on being able to do literally anything with your money while it moves.

I still think it’s a very base understanding on my part. Looking forward to the challenge. Im sure i will develop a better understanding as i go on!

Will introduce more people when i can explain it and make it make sense to a child.


#330

First day! It was cool to read the white paper and know that this started it all.


#331

Ready. Set. Launch…:rocket:


#332

Getting started. Honestly never read the whitepaper… but after I can see that I have a lot to learn in the way of math and how computer systems work. My favorite part was learning just how big of a deal “proof of work” is. Booyah! Dreaming big!


#333

Day one. Thank you, Sir, for creating this program, I’m excited.

What cut my attention when John read it for me https://www.youtube.com/watch?v=2u2x4T5HfsY is, in general, is an amazing piece of good, trust and hope to control self-finance.


#334

It’s going to be a ride!


#335

Day 1. I always wondered why blocks didn’t occur exactly every ten minutes. I now know this is because the proof of work difficulty is determined by a moving average which aims for an average number of blocks per hour. I look forward to running my own full node when I can manage it


#336

Although the super majority of the white paper was beyond my comprehension, the parts that I did understand were reassuring (I also used the acrticle https://steemit.com/bitcoin/@dr-physics/bitcoin-white-paper-explained-bitcoin-made-easy to understand it better).

What struck me the most was the security as the blockchains continue to develop but I am also concerned with the processing power and electricity required to handle all of these transactions in the future! It will be very interesting to see if we ever hit a critical point where the energy required is too high and if so, how strong the pushback will be.


#337

Nicely done sir! Just finished reading your post on Discord


#338

I believe that things will balance out as technology progresses. Perhaps a more aggressive shift in renewable energy, where the cost of power will decrease… I’m an optimist :slight_smile:


#339

You had me with the first sentence.
“A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.”

In my case, Bitcoin is similar to a VR headset to me. When I was younger, I always used to imagine having a console that could simulate reality and for many years, the technology wasn’t available. Nowadays, the technology its been out for a while but I remember when I got my first VR headset; I was happier than a fat kid at the candy store. I think mainly because I could see my imagination, my dreams materialised into something physical and tangible. It was a very exciting time.
I think something similar happened with Bitcoin. To be honest, I didn’t study math or anything related to it but I remember in my early years thinking about a system of exchanging goods with others in a secure manner and not have a middle man in between. I remember my parents talking about money and ways to pay lower taxes. That’s for another story though lol.
Sorry for the personal rant but going back to the main point. I am so glad that I exist in this specific time in history and get to experience the next digital revolution.

Let’s do thisss ya’ll!


#340

I asked a friend of my about crypto in general and block chain technology and he tells me it is worthless. He claims that there is no such thing as decentralized and goes on to say this will have a bad end.

Was asking him about IOTA and he told me Casem Clouds are marketing names that simply refer to Data Bases.

In short, he asks me why to use a bicycle (referring to block chain) when the old system is working better and could be considered as a car.


#341

After reading the whitepaper a few times, one of my concerns is about the amount of energy required for mining. As time goes on, I’m curious to see how this issue will be handled so that more people can mine without extreme costs.