I get its to regulate mining. Im just pointing out the treadmill effect, you know what Im talking about. All that technology and energy and like the OP says, it could just be done by one person. (however that aint much of a network or with redundancy)
I thought someone might summarise why high difficulty improves the product not just prevents abuse. All these posts and I still dont know everything or least Im checking
Faster blocks improve transaction and confirmation speeds. If there was no block reward, would that unrestricted process be ok or is a good blockchain still requiring higher diff; to stop forks perhaps
I thought someone might summarise why high difficulty improves the product not just prevents abuse. All these posts and I still dont know everything or least Im checking
Faster blocks improve transaction and confirmation speeds. If there was no block reward, would that unrestricted process be ok or is a good blockchain still requiring higher diff; to stop forks perhaps
I don't know how to simplify it further. It's a system with several feedback loops to self-regulate, just like biological or mechanical systems. These are mechanisms by which the whole operates within design paremeters when individual subsystems are driven out of equilibrium by an environmental delta.
Though fascinating Bitcoin may be, as the first attempt at a global self-regulating economic apparatus, there are just a few feedback loops involved. It is dwarfed by the complexity of myriad manmade and biological systems. So I suggest you spend a few more minutes reading and thinking about the basic building blocks of Bitcoin and derivative cryptocurrencies.
Alternatively, if you insist that you know these pieces already, and still are unclear on even their first-order functioningwhich are simpler than the regulatory mechanisms of the humble amoebaI must conclude that a great number of systems are beyond your grasp, and will certainly not strain to wedge the concept into your mind.
If this is the case, I mean no disrespect or insult. I am not blessed with the time for circumlocution. Be careful around things you don't understand. Bitcoin isn't ready for safe use by you just yet. It's still in the realm of those who understand it, or trust those who do, or just love gambling. The O'Reillys of the world, stymied by gravitational attraction between celestial bodies, are sitting ducks for accidents, robbery, or exploitation (and cannot tell the difference!) when they enter Bitcoinland.