This has given me a much better understanding of what is going on with blockchain. I have reduced my holdings in Bitcoin by 50% as a result of this presentation.
I have two questions: 1.) What happens, if anything, to varying amounts of Bitcoin that people may mine, purchase, etc. then forget about, die, etc.? 2.) What about the possibility that block chain cryptocurrencies become popular to such an extent that the quickest (perceived) way to profit is to create your own rather than purchasing/mining an existing one?
Chaplain Dave Sparks as far as I know : 1) the btc are 'lost', from the early days there are a lot of btc that are never moved since then, this might get a bigger problem in the future. I think some cryptocurrencies already tackled this issue tho. 2) I am not sure If I get your question right. But yes in theory everyone could set up a cryptocurrency quite easy but you have to convince people to use it.
What prevents DoS attacks? By that I mean, what's to stop someone with a vested interest in seeing the currency fall, intentionally flooding the system with minimal value transactions so the processing time for legitimate transactions goes through the roof?
does it take more time (1) to validate the transactions or (2) to come up with the hash that contains the required number of leading zeroes? Is the number of transactions in a block fixed or is it limitless?
Strictly speaking a block is never valid nor invalid. Normally computing the hash and validating the block are the same thing, but someone might compute the hash for a forged block. If you wait long enough, the mass of honest miners will build a longer blockchain, which rejects the forged block. You will never be 100% sure people will agree on your version of the chain, but at some point an attack would be so costly and unlikelly, that you should probably trust in your version of the chain. So you could say, validating it to a specific degree of certainty takes more time, because it involves solving multiple hashes. The size of a block is fixed, but BTC and Ethereum for example use different criteria.
Only Bitcoin(No one controls it, and there's no chief of Corporation to give new dictatorship rules) .However, ETH is just a scam and centralized network ( someone in control of system : Shadow bankers and selected of guys)
Each bitcoin becomes more and more valuable. Like when the dollar was backed by gold. But in the digital world you can divide each coin into Satoshis at 100000000 per coin. Kinda hard to do with paper money or real coins. You'd need tweezers to pay your bill!
Bitcoin is not practical. Yes, it a very nice idea, but not practical. It has a major issue which is speed. He is saying it takes about an hour to validate 6 blocks. Imagine in a day such as Boxing Day, millions of people purchasing online. How the heck you gonna process all those transactions on time?
I hope so. I really want it to be successful, because it will stop those greedy bankers from making money out of thin air. Only then people can start saving money and be sure not to lose its value over time. The only issue as I mentioned is it's not suitable for small and rapid transactions.
Behnam Rasooli Raiden Network on Ethereum or Lighting Network for Bitcoin. They allow state channeling that provide potentially unlimited number of transaction per second.
I just had a look at Lighting Network and it's not for buying goods, it's only for transferring coins between each other. So, it means if I send you coins(not buying anything) and for some reasons I want a refund, I can do it easily. But if I send you a product and then realize that your coins were fake, there is no way for me to get my product back, because government doesn't support me. Basically, it's not possible to validate bitcoins fast, not even 1 bitcoin per second, let alone hundreds of them. As Hongchao also said, it can only function as a reserve currency.
you realise 1 block can contain thousands of transactions. So yes it takes 10 mins to validate 1 block, but that block can have all the trasactions in it from the last 10 mins.... it's not doing 1 transaction every 10 mins. blockchain.info/ shows how many transactions have been in the most recent blocks, as well as other data.
