Comparing Bitcoin Mining To Aureate Mining Is Ignorance – Chapter[2.15] R[29]

NgeBlog Now - We receive got already discussed inward Chapter#1 why aureate is so precious as well as why the elites loathe Gold Standard so much. I besides discussed how gold equally money is far amend when it comes to key properties of money when compared to worthless newspaper currency as well as Bitcoin. Here nosotros volition bear witness farther why a crypto-lollipop tin never move a digital gold on technical grounds.

NgeBlog Now -

NgeBlog Now - Nick Szabo, the Bitcoin founder, whose pen cite is “Nakamoto Satoshi ” shared the Bitgold concept inward 2005 on his spider web log as well as and so implemented his concept into a working protocol inward 2008 nether the novel build cite of “Bitcoin”.

• 2.24
• 2.23
• 2.22
• 2.21
• 2.20
• 2.19
• 2.18
• 2.17
• 2.16
• 2.15
• 2.14
• 2.13
• 2.12
• 2.11
• 2.10
• 2.9
• 2.8
• 2.3
• 2.4
• 2.5
• 2.6
• 2.7
• 2.2
• 2.1
• 2.0
• 1.0

NgeBlog Now - Nick Szabo tried his best to replicate aureate digitally as well as give Bitcoin the features similar to that of gold. But he failed badly. The 2 key features are:

Note: Properties such equally fungibilty, durability, divisibility, intrinsic value, shop of value, unit of measurement of concern human relationship as well as medium of telephone substitution receive got already been discussed inward Chapter#1 as well as besides inward different sections of Chapter#2, delight refer them for details.

1. Scarcity: Influenza A virus subtype H5N1 express render of solely 21 i chiliad 1000 coins tin move minted electronically.
2. Deflationary: Bitcoin users believe different fiat currencies, bitcoin does non loose its purchasing might as well as its value would increment over fourth dimension only similar gold.
3. Unforgeable: Crypto-users believe that only similar gold, Bitcoin is virtually impossible to move counterfeited. Really?

NgeBlog Now - The misleading “digital gold” terminology spread similar wild burn downwards thank yous to rigid media marketing as well as lobbying past times bitcoin creators as well as financers.

NgeBlog Now - Surprisingly today every brainwashed bitcoin user thinks that these worthless reckoner bits are truly amend than aureate because this is what they withdraw heed twenty-four hr menstruum as well as black from those thousands of influencers (mostly paid past times miners as well as crypto creators) that they follow.

NgeBlog Now - No uncertainty Bitcoin has a express render of 21 i chiliad 1000 coins but tin this artificial scarcity which lacks an chemical constituent of surprise as well as wishing compare to the natural scarcity of gold?

NgeBlog Now - Confused...? Let me discover this faux digital gold trickery past times discussing the crucial divergence betwixt aureate mining as well as bitcoin mining.

1. Lets start utter over the bitcoin scarcity feature.

NgeBlog Now - Question: How much aureate is left to move mined?

NgeBlog Now - Answer: No buddy knows that! (186,700 tonnes mined so far)

NgeBlog Now - Question: How much bitcoin is left to move mined?

NgeBlog Now - Answer: 4 million left! (Over 17,000,000 coins mined so far)

NgeBlog Now - Question: How much aureate is mined every minute?

NgeBlog Now - Answer: No i knows that.

NgeBlog Now - Question: How much Bitcoin is mined every minute?

NgeBlog Now - Answer: 1.25 BTC per minute.

Did yous experience something? There is no element of surprise inward the Bitcoin world. How many bitcoins are mined per second, per minute, per calendar month as well as how many volition move mined for adjacent 10 years. You know virtually everything due to Bitcoin’s prescheduled algorithm.

NgeBlog Now - In layman terms, Gold mining is a natural activity that fluctuates relative to the market response. When aureate prices increase, miners invest to a greater extent than fourth dimension as well as resources to dig harder to detect to a greater extent than gold, but when aureate prices autumn due to increased supply, miners decrease their mining activity or halt mining.

NgeBlog Now - On reverse Bitcoin mining is an unnatural activity that remains absolutely constant to market response, no affair whether BTC prices become upward or become down. Irrespective of whether bitcoin miners increment or decrease their computational capacity, bitcoins volition croak along coming at the charge per unit of measurement of 12.5 BTC every 10 minutes or 1.25 BTC/min as of 2017.

NgeBlog Now - interview to CNBC inward May 7, 2018, went truly difficult on Bitcoin past times calling it a worthless artificial gold and comparison it to trading turds:

NgeBlog Now -

NgeBlog Now - “Bitcoin is worthless, artificial gold," Charlie Mungar said.

NgeBlog Now - “That is non something I mean value the basis needs. The fact that it’s clever reckoner scientific discipline does non hateful it should move widely used, as well as that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde’s Definition of fox hunting:'The pursuit of the uneatable past times the unspeakable.'”

NgeBlog Now - “I similar cryptocurrency fifty-fifty less than Warren does ... to me it's only dementia.” And a bitcoin trading desk is “like someone else is trading turds as well as you're beingness left out.”

NgeBlog Now - — Charlie Mungar

3. Now lets utter over the so-called unforgeable nature of bitcoin.

NgeBlog Now - Question: Can yous build 100% exact replicas of gold amongst same density, color as well as properties?

NgeBlog Now - Answer: That is impossible to create scope fifty-fifty using the best of 21st century scientific discipline as well as technology.

NgeBlog Now - But wait....

NgeBlog Now - Question: Can yous replicate Bitcoin? Can yous counterfeit Bitcoin protocol features, attributes, blockchain as well as design?

NgeBlog Now - Answer: Of course yous can! Even a xiii yr sometime kid tin create that amongst a click of a button!

NgeBlog Now - As nosotros already discussed inward the Bitcoin difficult forking (civil war), only inside a yr or two, Bitcoin Core (BTC) (the master copy bitcoin) has been separate into four replicas known as:

1. Bitcoin Cash (BCH), (Replica)
2. Bitcoin Gold (BTG), (Replica)
3. Super Bitcoin (SBTC), (Replica)
4. Bitcoin Private (BTCP), (Replica) as well as
5. Bitcoin Prime is expected inside few weeks. (Replica)

NgeBlog Now - The start pop difficult fork that separate bitcoin happened on 1^st August 2017, resulting inward the creation of Bitcoin Cash (BCH). Every forked bitcoin cryptocurrency claims to move the amend bitcoin amongst far amend features as well as safety as well as everyone of them claim to move a digital gold.

NgeBlog Now - In other words, bitcoin difficult forking is creation of a novel worthless artificial gold, casted out of sparse air. But the answer to the big enquiry that non fifty-fifty a bitcoin user knows is: Which i is the master copy digital aureate then...?

Hard forks is splitting of bitcoin into novel cryptocurrencies that hand off when a grouping of bitcoin users/miners/developers create upward one's heed to build novel changes to the blockchain rules as well as it is practically implemented past times sharing a transaction history amongst master copy bitcoin blockchain upward to a sure enough appointment as well as time, afterward which the blockchain network splits(forks) into 2 parts.

NgeBlog Now - The novel cryptocurrency that emerge equally a difficult fork of bitcoin, is technically the same Bitcoin amongst virtually the same design, concept as well as mining algorithms except for few changes to the network rules (protocol).

Abracadabra! A novel Bitcoin replica is born! For those who migrate to the novel Bitcoin (XYZ) chain, for each Bitcoin (BTC) they own, they volition larn 1 XYZ money for free!

NgeBlog Now - If yous experience similar I am kidding, delight read it for yourself to detect out how funny it gets when crypto-elite fool non-techy users past times introducing novel replicas of their artificial gold.

NgeBlog Now - Today at that spot are over 18,000 non pop forks of the master copy bitcoin code at github repository. It roughly takes less than 2 hours to create a novel altcoin nether your branded name. You tin setup a fancy website, write a whitepaper as well as promote your ICO all inside a calendar month past times investing less than $10,000.

That tardily is to counterfeit Bitcoin as well as create your ain artificial aureate as well as start selling it to millions of blind sheep who will purchase it as well as mine it, dreaming of becoming rich i day...

NgeBlog Now - For reasons above, comparison bitcoin mining to aureate mining is hence pure ignorance as well as the same trickery used past times the elite to fool the layman.

2.16

Sumber https://www.mybloggertricks.com/