Quote from: stereotype on May 21, 2015, 07:46:14 AM

Quote from: shmadz on May 21, 2015, 07:35:10 AM

Quote from: dropt on May 21, 2015, 06:29:27 AM

For the people clambering on about phone mining, listen to this:

https://m.soundcloud.com/elux-1/21-inc-embedded-engineer-on-whaleclub-teamspeak

Thank you. Very interesting. Cool stuff. But...

It still sounds like just processing and relaying transactions. I don't see how these devices would ever find a block, or ever get paid out even if they did.

Doesn't sound like the block rewards are the goal though... Very interesting...

Yep, thats what i got from it.

Sounds like we have fast forwarded to the time we are approaching 21M bitcoins, and this stuff would be the answer to no more block rewards. No?

Umm, no. I don't think so. The transaction processing is important for the network to function, but the difficulty of finding a block is the key to the security of the whole system.

I guess maybe a billion devices that do maybe a few mega hash every now and then, when they're plugged in, might find some blocks, but I don't think that's sufficient incentive to ensure security.