Common Questions About Bitcoin 99 Bitcoins

Could a billionaire destabilize bitcoin to the point it becomes unusable?

submitted by wannagetbaked to Bitcoin [link] [comments]

[Request] Could the IBM Sequioa supercomputer at Oak Ridge eventually pay for itself if tasked with mining Bitcoins?

Just for fun, let's pretend no hard Bitcoin limit exists. Also, it's mining 24/7.
Cost of construction: $655.4 million US
Speed: 16.32 petaflops
Ongoing power consumption: 9.7 megawatts
Cost of electricity in California: 15.2 cents/kilowatt-hour
Current BTC price: $245.2 US
I don't know the current 'difficulty' of Bitcoin mining, so feel free to use your own estimate.
Any takers?
submitted by Ivan_the_Tolerable to theydidthemath [link] [comments]

Chinese Chatter 6/14/16

Hey everyone! I hope everyone has done well during the recent run up. In this episode, what appears to be a somewhat desperate FUDing attempt against Ethereum/Altcoins by an OP who is eventually told to 'get some sleep'.
Post by (user) 预测大神有点傻 on 6/13/16 【比特币暴涨最神警告】大家请进,信不信由你 "The Most Secret Warning about Bitcoin's Boom" Everyone's Invited, Believing or Not Is Up to You
不要碰姨太,有姨太抛姨太 不要碰山寨,有山寨抛山寨 信不信由你,有些事情不想告诉你
Stay away from Whorethereum, if you have it get rid of it.
Stay away from Altcoins, if you have them get rid of them.
Beileving or not is up to you, there's some things I wouldn't like to tell you.
(user) 预测大神有点傻 [OP] 山寨庄家急着想套现,买比特币,所以宣传山寨
Altcoin dealers are looking to cash out, and buy bitcoin, so they're shilling altcoins.
(user) 纯净水 玩以太的都是大神,,,众筹1亿多人民币,预售了6000多万以太,,,手里的持币成很低.就算不扯这6000多万个....光年产量1800万,,按现在这个价格,,每年需要18个亿接盘...昨天拉升了一下,瞬间给砸下来,,看来有很多人等着出货呢
Only whales are playing with Ether, the ICO raised over 15 million USD, an estimated 60,000,000 Ether, making for a low number of holders for the coin. Let's figure including these 60,000,000 coins, with an annual creation rate of 18,000,000, according to this current price, each year requires 1.8 billion in buy orders. There was a bit of an uptick yesterday, then it pulled back instantly, it's like theres a lot of people waiting to unload.
(user) 秦的爱恋 山寨大都还没解套了,不想割肉
A majority of the alts haven't dumped yet, I don't wanna get fleeced.
(user) 预测大神有点傻 [OP] [in response to above] 好吧,等着就是你割肉韭菜来买比特币这句话 必须逼到你割肉才收手
Yeah well, they're (the whales) just waiting for you to take short-term gains and buy Bitcoin, so that they can corner you, fleece you, and realize profits.
(user) sider 可以买山寨了
You can buy altcoins
(user) muming 姨太有这么不堪?
What's so terrible about Whorethereum?
(user) test8btc 技术不错的山寨还是可以碰的,传销币别碰就是了
You can mess around with altcoins that have good technology, just stay away from the pyramid schemes.
(user) 宜州抠门电话总 [response to What's so terrible...] 你可以多购买一些,留着
You should buy some more and hold
(user) 新兵 说实话,光从前景和技术角度而言,国内所有山寨币加起来抵不上一个以太坊的。 但是炒币不合适,正如你们所有人认为的一样,因为中国人不看好,那么就不会有人炒。 之所以中国人不看好,是因为中国区块链的一些”专家“的宣传。 这些专家在估值时,他们会用价值的方法去判断他们不看好的币,对自己想炒的币,就宣传概念,完全忘记了价值。 就说圈钱吧,人家圈了钱起码有研究东西出来,中国的山寨币,无非就是一些区块链的基础应用+概念,发现好赚钱了,什么人都来圈,什么天使投资啊,上市公司啊。
To tell you the truth, if we're speaking from a future outlook and technological aspect, all the altcoins in the country combined are nothing to Ethereum. However, speculating is inappropriate, it's like if everyone of you is thinking the same thing, that if Chinese people don't see it as good, then there won't be people to speculate on it. The reason Chinese people don't see it as good, is a result of propaganda from a few of China's blockchain "experts". When these experts estimate the price, they'll use price valuation methods to determine the coins they think are bad, but for the coins they'd like to speculate on, they'll spread propaganda, and completely ignore the price valuations. Just look at IPOs, everyone's IPO at least came out of some kind of research. China's altcoins are nothing more than a few basic uses and concepts from the blockchain, after people found out that money could be made, now everyone has an ICO, everyone is an angel investor and everyone is listing companies.
(user) 新兵 [same user as above] 人家在研究啊,我们重点是炒。利用了国内玩家不成熟,以及盲从的特点。 不信,我可以给你们举一些例子。
When we do our research, we focus on speculation. Utilizing these domestic players (coins) is in its infancy, and it's blind. If you don't believe me, I can give you a few examples.
(user) 宇宙第一帅 想发财只有买山寨
Want your wealth to rise? Altcoins you should buy!
(user) petaflops [response to above] 发财买山寨,投资买比特
Buy altcoins for wealth, buy Bitcoin as an investment
(user) bincoin 价格不下来,肯定是高位站岗是定的
The price isn't going down, it must be at a high resistance level
(user) 预测大神有点傻 [OP] 想找死也可以买山寨币
You could buy altcoins, if you wanna die...
(user) 深鱼 比特币类似黄金,以太币更属于股票。
Bitcoin is like gold, Ether is more like stock shares.
(user) Apple-zou 以太还是蛮有潜力的呀,毕竟除了比特币,以太是可以唯一能与之替换的。
Ether still has a lot of potential guys, after all, aside from Bitcoin itself, Ether is the only one (altcoin) that can replace it (Bitcoin).
(user) gowithbtc 然而以太又破頂了
Ethereum has reached a new high yet again.
(user) DogeCoin-Keeper 越是说不好的我越要买
The more you say it's bad the more I want to buy
(user) 我的田野 vpnvoin
(user) Decred 越是说不好的我越要买
The more you say it's bad the more I want to buy
(user) 秦的爱恋 越是说不好的我越要买
The more you say it's bad the more I want to buy
(user) 预测大神有点傻 [OP] 然而没有价值,然而无限量,然而跌的时候会死的
and yet it has no value, and yet there's an unlimited amount, and yet when it crashes you'll die.
(user) Benhur924 洗洗睡吧! 楼主
have a shower and get some sleep landlord! ('landlord' is their term for 'OP')
(user) 秦的爱恋 好吧,我就看看,坚决不割肉追涨了
Alright, well I'll take a look, but I'm determined not to get fleeced for chasing gains.
(user) 预测大神有点傻 [OP] 无限量的中心化的姨太最容易被更好的二姨太替换的。
The unlimited volume of centralized Whorethereum will be most easily replaced by an even better second mistress.
(user) ada 对的,比较危险
That's right, it's a bit risky (in response to '1.8 billion calculation' user)
ETH Address for Tips: 0x09e47a0C248DA9443cE4D3d985cca30555Ac4162
Tips, always appreciated. Thanks!
EDIT: Thank you for the gold again!!!
EDIT 2: Correction from u/EtherPricing, thanks for double checking!
submitted by looselikejuice to ethtrader [link] [comments]

How to Destroy Bitcoin

It's quite easy to ballpark how big a Computer you would need to smash Bitcoin.
Miners are as a group currently paid $1000 * 25 per day to encrypt the block chain ($1000 = market price of Bitcoin and 25 Bitcoins are released to miners each day).
Average Miners PC uses 500 Watts of Power for say 4 hours @ 12.5c per KwHour = 25c per day
Thus in the long run (we are all dead) the market can support 25000/.25 miners at equilibrium = 100,000 Miners
Each miners PC runs 8 Cores at say 5 Ghz = 40 Ghz
To smash Bitcoin you need to beat most of these miners to the 25 bitcoins, so you probably need about 5 times their computing power = 54010,000 GHz = 2 Petaflops
Which means that any of the worlds top 10 Computers could do it.
submitted by moistvonlipwig99 to Bitcoin [link] [comments]


I won’t go into what a petaFLOP is because this is supposed to be ELI5 Bitcoin, but to give you some idea of the security of the Bitcoin network: the most powerful supercomputer, Summit, can process 200 petaFLOPS. Bitcoin is over 400,000 times more powerful than the world’s most powerful supercomputer. Why Bitcoin is a Good Investment. Bitcoin is the best performing asset of the last decade, by far. Launched in 2009, Bitcoin has risen from zero to its first price of $0.0008 in around 2010, to over $9,000 today. Bitcoincharts is the world's leading provider for financial and technical data related to the Bitcoin network. It provides news, markets, price charts and more. The fastest current supercomputer, according to Wikipedia [], has a bit over 55 petaFLOPS. The Bitcoin network, on the other hand, has around 980,000 petaFLOPS, accordgint to Bitcoin charts. So that's a pretty big "if". Instead, they are backed by math, cryptography, and a public distributed network with a hash computing power of over 740,000 PetaFLOPS (currently). As of this writing, the Bitcoin network is over 256 times faster than the top 500 supercomputers, combined. But what does that mean?

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