Free 173 Best Homemade Tools eBook:  
Remove advertisements
Page 2 of 2 FirstFirst 1 2
Results 11 to 16 of 16

Thread: Large bitcoin mine in Ordos, Mongolia - video and photos

  1. #11
    Paul Jones's Avatar
    Join Date
    May 2014
    Location
    Del Mar, California
    Posts
    1,132
    Thanks
    4,869
    Thanked 1,213 Times in 597 Posts

    Paul Jones's Tools
    I think the developers of bitcoin and the blockchain technology have already anticipated the future with quantum computers and can stay a few steps ahead of the hackers in algorithm improvements. There is always the random chance of getting lucky but hacking occurs due to human error. You have to be very diligent in the code development and make sure no one has encoded a backdoor as failsafe measure.

    Quantum computing is real and will eventually replace the deep thinking/reasoning of computers like IBM's Watson for solving many difficult problems in medical research, weather & climate prediction and oil & gas exploration where the current gigaFLOPS speeds are not fast enough. My specialty was using gigaFLOP calculating speeds of supercomputers in oil and gas exploration. The computer runs were measured in CPU months, not minutes or hours, and all the computations were done in double precision because after billions upon billions of floating point calculations we were left only 3 or 4 digits of significant values. We did check-start reset after every four hours just in case the supercomputer went down and at worst would lose only 4 hours out of the CPU months of calculations. In oil and gas exploration getting the correct analysis can be worth billions of dollars in well production return on offshore Gulf of Mexico prospects. It was interesting work.

  2. #12
    Jon
    Jon is online now Jon has agreed the Seller's Terms of Service
    Administrator Jon's Avatar
    Join Date
    Jan 2012
    Location
    Colorado, USA
    Posts
    13,056
    Thanks
    2,488
    Thanked 4,449 Times in 1,734 Posts
    If necessary, bitcoin developers can release an update that will make the bitcoin network safe against a variety of threats, including private key solving via quantum computation.

    There are other theoretical possibilities (like time travel) that could also threaten the bitcoin network.

    I'm not a cryptographer, but I know that it's commonly argued whether a bitcoin key can be brute-forced even if all stars in the universe were surrounded by Dyson spheres, and all their energy used for computing, at perfect efficiency, and all of that computing power continued until the Heat death of the universe.

    Of course this assumes zero human error or fallibility. There is a classic XKCD comic illustrating this point:


  3. The Following User Says Thank You to Jon For This Useful Post:

    Paul Jones (08-24-2017)

  4. #13
    C-Bag's Avatar
    Join Date
    Aug 2015
    Location
    California, central coast
    Posts
    720
    Thanks
    689
    Thanked 829 Times in 466 Posts

    C-Bag's Tools
    LOL Jon. But after reading about the hacker in Kingpin I will no longer doubt there are truly some geniuses out there. But I would say the vast majority are more like your cartoon no matter what tv would have us believe.

    One of the points made in the comments was that the use of the next better SHA 384(?) would have to be approved by the miners. Would it just be a simple majority, or unanimous or? Does your vote relate to your computing power or?

  5. The Following User Says Thank You to C-Bag For This Useful Post:

    Paul Jones (08-24-2017)

  6. #14
    Jon
    Jon is online now Jon has agreed the Seller's Terms of Service
    Administrator Jon's Avatar
    Join Date
    Jan 2012
    Location
    Colorado, USA
    Posts
    13,056
    Thanks
    2,488
    Thanked 4,449 Times in 1,734 Posts
    Anyone on the bitcoin network (you can join too) can choose to accept an update to the bitcoin software or not. So there isn't exactly a winner-takes-all vote. But yes, it's largely about hashing power. You can consider a real-world "mine" as an example. Let's say a new mine opens up down the road. Any of the miners can leave the old mine and go work at the new one.

    Recently, the bitcoin software forked off; some agreed with the fork, some didn't. Some stayed on the "core" bitcoin blockchain, and some departed to a new blockchain called "Bitcoin Cash". Similar thing happened with Ethereum.

    You can fork off bitcoin and start C-BagCoin; there are even websites that will do this for you automatically in 5 minutes. Of course, to profit from this, you would have to convince people to devote their computer processing power to C-BagCoin in the hopes that the C-BagCoins that they mine will be more valuable than any other coin.

  7. The Following User Says Thank You to Jon For This Useful Post:

    Paul Jones (08-24-2017)

  8. #15
    Paul Jones's Avatar
    Join Date
    May 2014
    Location
    Del Mar, California
    Posts
    1,132
    Thanks
    4,869
    Thanked 1,213 Times in 597 Posts

    Paul Jones's Tools
    The blockchain technology is extremely secure and is being considered as a technology to do voting without absentee ballots (my preference for over 30 years) or going to polling locations.

  9. #16
    Jon
    Jon is online now Jon has agreed the Seller's Terms of Service
    Administrator Jon's Avatar
    Join Date
    Jan 2012
    Location
    Colorado, USA
    Posts
    13,056
    Thanks
    2,488
    Thanked 4,449 Times in 1,734 Posts
    Looks like NASA is dipping their toes into blockchain technology. Published a few weeks ago: Bitcoin, Blockchains and Efficient Distributed Spacecraft Mission Control.





    Post your reply!
    Join 33,912 of us and get our 173 Must Read Homemade Tools eBook free.



    173 Must Read Homemade Tools

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •