Re: A simple bitcoin Q/A. Learn new and interesting stuff about bitcoin.
Yes, Bitcoin does have a solution and it is called the proof-of-work algorithm. So to alter "the message" (a block of transactions in our case) as in the classic Byzantine Generals problem and to make it look authentic by guessing a new nonce, one would need to use more Hash Power than the entire network. Since the current Hash Rate is around 23 million TH/s, to achieve that they would need to buy 1.5 million of Antminer S9.
Btw my proposal remains in force in case you'll find it helpful.
Btw my proposal remains in force in case you'll find it helpful.
I did not mean to ignore your proposal, but yes that would be excellent. Pugman replies to posts above (https://bitcointalk.org/index.php?topic=2968050.msg30525496#msg30525496), they even responded to you. I will run it by pugman, since it is their thread, but it should not be a problem for us to simply send you a PM when somebody needs a merit or I could keep a little list of people that need their Post # merited. This would help us keep this running without any concern, I appreciate it and accept.
That being said, yes your answer is also correct so I've given you a merit. This means do not attempt to answer the next question.
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Update 4:
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Update 4:
This is a great initiative!
I'm going to monitor this thread on a daily basis because I find it very interesting to read.
Please do not lock this thread on account of running out of sMerits. Since I have 100+ of them left I would be happy to give my merits to those who you find worthy.
I'm not sure I know how to do it the right way (I mean making people know that they were merited by you actually) but I think you guys can figure it out.
Keep up the great work!
Sure you can handout the merits to users who answer the questions correctly. We'll just announce that if we run out of merits,some one else is free to merit the users. Thanks for your feedback. I'm going to monitor this thread on a daily basis because I find it very interesting to read.
Please do not lock this thread on account of running out of sMerits. Since I have 100+ of them left I would be happy to give my merits to those who you find worthy.
I'm not sure I know how to do it the right way (I mean making people know that they were merited by you actually) but I think you guys can figure it out.
Keep up the great work!
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Thank you for accepting my proposal, bill gator and pugman! I will be happy to help you with this great project. And thank you for the acknowledgement of my answer and rewarding it with a merit.
While researching the subject I was asking myself what would really happen if a "bad person", a saboteur, had managed to gain more Hash Power than the entire network? Would this be the end of Bitcoin? OR Would they be just able to delay a transaction by 10 minutes and that's all they can do? I would appreciate very much if someone could give me an explanation on this. Maybe you can even announce it as another question if you will. Thanks again for this great topic!