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Re: BREAKING NEWS: EU decided to outlaw anonymous cryptocurrency transactions
John Langut is correct. It's just a matter of time before being anonymous is eliminated by regulation. Yes, people will look for ways around it, but just like Napster and Torrent they'll starting tracking you.
Any exchange in the US that exchange Fiat dollars for cryptos are already regulated as security dealers and require identification.
The idea that some how buying and selling will be totally anonymous is a dream. Governments aren't going to let that happen
Any exchange in the US that exchange Fiat dollars for cryptos are already regulated as security dealers and require identification.
The idea that some how buying and selling will be totally anonymous is a dream. Governments aren't going to let that happen
1. why would you think you've missed the train on IOTA? This whole industry is still crawling through it's infancy with a long ways to go?
2. I think it's important to keep the use and applications in mind when considering any crypto. They are not all designed to be a general currency that you'll buy groceries with. With that in mind, I'll have to think about when and where being decentralized plays a role. In a business supply chain application decentralized my have no particular value and may even be cumbersome. Same with the difficulty level associated with coins such as bitcoin. No sane person would make that part of a supply chain blockchain if they plan to create blocks for every product in the supply line. So you need to keep the application in mind when judging features.
3. I've just recently starting looking at IOTA. The really interesting thing about it is the tangle. Instead of competing to add blocks to the end of the chain with one winner and lots of losers that have to start over, you can add blocks off any two other blocks, so millions of new blocks can be added simultaneously. Keeping the whole ledger up to date might become a challenge, but in a business transaction environment this means millions of transactions can be completed simultaneously - and very fast without a difficulty being added - which is exactly what you want in a business environment. Unless of course you like standing in line at the register for a week while every purchase in the country is competing to be added to the chain with a BTC style chain.
Imagine millions of people using an online streaming service and wanting to start a movie. Do you want it right NOW or 3 days from now when your transaction finally gets included by the winning miner?
I think the tangle has potentially huge applications. Maybe not as a pure currency, but blockchain is not just about coins.
2. I think it's important to keep the use and applications in mind when considering any crypto. They are not all designed to be a general currency that you'll buy groceries with. With that in mind, I'll have to think about when and where being decentralized plays a role. In a business supply chain application decentralized my have no particular value and may even be cumbersome. Same with the difficulty level associated with coins such as bitcoin. No sane person would make that part of a supply chain blockchain if they plan to create blocks for every product in the supply line. So you need to keep the application in mind when judging features.
3. I've just recently starting looking at IOTA. The really interesting thing about it is the tangle. Instead of competing to add blocks to the end of the chain with one winner and lots of losers that have to start over, you can add blocks off any two other blocks, so millions of new blocks can be added simultaneously. Keeping the whole ledger up to date might become a challenge, but in a business transaction environment this means millions of transactions can be completed simultaneously - and very fast without a difficulty being added - which is exactly what you want in a business environment. Unless of course you like standing in line at the register for a week while every purchase in the country is competing to be added to the chain with a BTC style chain.
Imagine millions of people using an online streaming service and wanting to start a movie. Do you want it right NOW or 3 days from now when your transaction finally gets included by the winning miner?
I think the tangle has potentially huge applications. Maybe not as a pure currency, but blockchain is not just about coins.
to address several points made ...
1. Yes, Bitcoin is probably here to stay regardless of any Fiat cryptos that appear, but I think BTC is going to move into a role similar to gold. It's become a contrarian investment. It's price and volatility inhibit it's use as a general currency and one of the most important aspects to becoming a general currency - widespread acceptance- it has not made enough progress, so I think it is becoming an investment coin, not a currency coin.
@BartS: You mention bitcoin will win in the end. I suspect that when the fiat system collapses bitcoin will skyrocket, but only a handful of people have any significant amount (I saw a post that 98% of all BTC is held by a few hundred people), so while they will get rich, it won't change anything for the rest of us. Not sure if this constitutes a "win" for Bitcoin, but I'm pretty sure it's not a win for 99.9% of people
I agree that many countries are trying to experiment to bring their fiat into crypto and run with that. I also agree that it would get a lukewarm reception from the community at large and only newbies and uninformed would buy into it.
... something that governments would want to keep their eye on would be cities putting out their own crypto.
I agree with this, but it's also exactly what I was pointing out. How large is the crypto community? it's still a small percentage of the general population. newbies and the uninformed represent 99%. And considering the average 6 pack joe can barely balance his checkbook, I expect it to be that way for a long time, which mean what ever crypto the banks and gov't "Officially" endorse (and is easy for them to adopt) is the one they will use. That is the threat I was discussing. If that happens and a tethered fiat becomes accepted at every retail outlet and every six pzk joe uses it to buy his six pack, what does that do for the chances of an independent crypto to get established?
When the banks accept a fiat tethered crypto and give every retailer a way to accept those payments through their existing terminals, POS etc., they'll make sure those terminals do not take a competing crypto. This is how the banks usurp the threat of cryptos. It's simply a "beat them to the punch" approach.
I agree with the concepts that and independent crypto "Could" replace fiat and remove currency manipulation from the banks, but do you really think the banks are going to sit by and let that happen without a fight? Banning cryptos, as some have mentioned, is always a possiblity, but i think they are smart enough to know that would fail, this cat is already out of the box, a ban would probably just create a black market or some other contrary response.
Put yourself in their shoes for a moment. The smart move - for them - is to beat every one else to the punch and get their own crypto into widespread acceptance. And they are in a position to do it. Every retail stores has to have a merchant account to take credit and debit cards, so they are already customers directly or indirectly of the big banks.
I point this out in the hope that the crypto community will see the possible outcomes here and possibly craft a better alternative, but the clock is ticking. The banks are in catch up mode at the moment, but it won't take them long.
1. Yes, Bitcoin is probably here to stay regardless of any Fiat cryptos that appear, but I think BTC is going to move into a role similar to gold. It's become a contrarian investment. It's price and volatility inhibit it's use as a general currency and one of the most important aspects to becoming a general currency - widespread acceptance- it has not made enough progress, so I think it is becoming an investment coin, not a currency coin.
@BartS: You mention bitcoin will win in the end. I suspect that when the fiat system collapses bitcoin will skyrocket, but only a handful of people have any significant amount (I saw a post that 98% of all BTC is held by a few hundred people), so while they will get rich, it won't change anything for the rest of us. Not sure if this constitutes a "win" for Bitcoin, but I'm pretty sure it's not a win for 99.9% of people
I agree that many countries are trying to experiment to bring their fiat into crypto and run with that. I also agree that it would get a lukewarm reception from the community at large and only newbies and uninformed would buy into it.
... something that governments would want to keep their eye on would be cities putting out their own crypto.
I agree with this, but it's also exactly what I was pointing out. How large is the crypto community? it's still a small percentage of the general population. newbies and the uninformed represent 99%. And considering the average 6 pack joe can barely balance his checkbook, I expect it to be that way for a long time, which mean what ever crypto the banks and gov't "Officially" endorse (and is easy for them to adopt) is the one they will use. That is the threat I was discussing. If that happens and a tethered fiat becomes accepted at every retail outlet and every six pzk joe uses it to buy his six pack, what does that do for the chances of an independent crypto to get established?
When the banks accept a fiat tethered crypto and give every retailer a way to accept those payments through their existing terminals, POS etc., they'll make sure those terminals do not take a competing crypto. This is how the banks usurp the threat of cryptos. It's simply a "beat them to the punch" approach.
I agree with the concepts that and independent crypto "Could" replace fiat and remove currency manipulation from the banks, but do you really think the banks are going to sit by and let that happen without a fight? Banning cryptos, as some have mentioned, is always a possiblity, but i think they are smart enough to know that would fail, this cat is already out of the box, a ban would probably just create a black market or some other contrary response.
Put yourself in their shoes for a moment. The smart move - for them - is to beat every one else to the punch and get their own crypto into widespread acceptance. And they are in a position to do it. Every retail stores has to have a merchant account to take credit and debit cards, so they are already customers directly or indirectly of the big banks.
I point this out in the hope that the crypto community will see the possible outcomes here and possibly craft a better alternative, but the clock is ticking. The banks are in catch up mode at the moment, but it won't take them long.
I think we can all agree that cryptos are here to stay and only the form and applications are yet to be determined.
Has any one considered the threat to independent cryptos that a gov't or central bank issued crypto represents?
A crypto tethered to the US dollar could gain rapid widespread acceptance by banks and business entities making it possible to buy anything from a soda to a car in crypto. Debit card readers could quickly be converted. bank account balances could be held in dollars or cryptos etc.
While we might get the benefits of electronic payments that come with a digital currency, we would completely lose the protection from the manipulated value (or devaluation) of the dollar. That won't stop the banks from doing it. In fact it's an incentive for the banks to do it. Their tethered crypto could get widespread usage in a couple of years and make it very difficult for non tethered cryptos to gain acceptance. Widespread business acceptance of a crypto will lead to widespread acceptance by the non technical general public that don't understand the difference.
Has any one considered the threat to independent cryptos that a gov't or central bank issued crypto represents?
A crypto tethered to the US dollar could gain rapid widespread acceptance by banks and business entities making it possible to buy anything from a soda to a car in crypto. Debit card readers could quickly be converted. bank account balances could be held in dollars or cryptos etc.
While we might get the benefits of electronic payments that come with a digital currency, we would completely lose the protection from the manipulated value (or devaluation) of the dollar. That won't stop the banks from doing it. In fact it's an incentive for the banks to do it. Their tethered crypto could get widespread usage in a couple of years and make it very difficult for non tethered cryptos to gain acceptance. Widespread business acceptance of a crypto will lead to widespread acceptance by the non technical general public that don't understand the difference.
This post seems to be some where in the middle of a dialog, so some of it is unclear to me, but I'm interested in the topic.
I'm curious where to find data on where and how much of a coin is being bought (you mention S. Korea with Bitcoin). Where did you find this data?
As for being tethered to fiat currencies, well this topic gets large quickly, so maybe I'll just touch briefly on a couple of points.
1st: what is the point of tethering a crypto to fiat? I can see the benefits for the current controllers of fiats (gov't, central banks, etc.) but there is little benefit to the average citizen other than those attributable to electronic payment methods. I can see banks getting on board in order to usurp the crypto threat to their fiat currencies and widespread acceptance of a crypto (such as every debit card reader in retail stores) could get wide acceptance and usage by the general public, but it's essentially just a digital form pf the fiat currency with all the controls and problems that come with that. I would hope the crypto community would resist that.
I posted recently on the concept of a crypto tethered to a fiat (the US dollar) but adjusted for the real rate of inflation (Such as the rate that shadowstats reports) so that holding crypto would protect you from the devaluation of the fiat/ price inflation (appearing to be a profit compared to fiat). This could have widespread appeal that removes control of the crypto from both gov'ts, central banks, and speculators.
Your thoughts?
My inflation coin post:
https://bitcointalk.org/index.php?topic=2557758.msg26059138#msg26059138
I'm curious where to find data on where and how much of a coin is being bought (you mention S. Korea with Bitcoin). Where did you find this data?
As for being tethered to fiat currencies, well this topic gets large quickly, so maybe I'll just touch briefly on a couple of points.
1st: what is the point of tethering a crypto to fiat? I can see the benefits for the current controllers of fiats (gov't, central banks, etc.) but there is little benefit to the average citizen other than those attributable to electronic payment methods. I can see banks getting on board in order to usurp the crypto threat to their fiat currencies and widespread acceptance of a crypto (such as every debit card reader in retail stores) could get wide acceptance and usage by the general public, but it's essentially just a digital form pf the fiat currency with all the controls and problems that come with that. I would hope the crypto community would resist that.
I posted recently on the concept of a crypto tethered to a fiat (the US dollar) but adjusted for the real rate of inflation (Such as the rate that shadowstats reports) so that holding crypto would protect you from the devaluation of the fiat/ price inflation (appearing to be a profit compared to fiat). This could have widespread appeal that removes control of the crypto from both gov'ts, central banks, and speculators.
Your thoughts?
My inflation coin post:
https://bitcointalk.org/index.php?topic=2557758.msg26059138#msg26059138
Just a thought
One of the things that has made cryptos attractive - the speculative investment potential - also makes them less attractive as a currency, so as this area matures, I think we need a crypto currency with different features than Bitcoin as a general currency.
- Most people don't want to gamble their everyday checking account funds on something as volatile as BitCoin.
- Scarcity: While that has certainly played a role in it's rise, a currency for general circulation needs more liquidity.
so consider a coin designed to hedge inflation. It's quantity could be unlimited. Each time a coin is bought, a new one is created. There's no difficulty getting them (and hoping fully spending them). Value does not have to be determined by demand.
What if the value was based on the dollar adjusted for inflation, so that if inflation is 6%, then your crypto increases by 6% against the dollar, so holding it is insurance against inflation. This is a pegged value, but could have broad appeal and use as a currency (especially if the inflation value used in the real rate of inflation and not the garbage value the gov't publishes).
Now you have an easily available currency with stability and security from the mistakes in the way the dollar is handled.
One of the things that has made cryptos attractive - the speculative investment potential - also makes them less attractive as a currency, so as this area matures, I think we need a crypto currency with different features than Bitcoin as a general currency.
- Most people don't want to gamble their everyday checking account funds on something as volatile as BitCoin.
- Scarcity: While that has certainly played a role in it's rise, a currency for general circulation needs more liquidity.
so consider a coin designed to hedge inflation. It's quantity could be unlimited. Each time a coin is bought, a new one is created. There's no difficulty getting them (and hoping fully spending them). Value does not have to be determined by demand.
What if the value was based on the dollar adjusted for inflation, so that if inflation is 6%, then your crypto increases by 6% against the dollar, so holding it is insurance against inflation. This is a pegged value, but could have broad appeal and use as a currency (especially if the inflation value used in the real rate of inflation and not the garbage value the gov't publishes).
Now you have an easily available currency with stability and security from the mistakes in the way the dollar is handled.
Here is the most authoritative answer any one can give: No One knows!
Whether you think it will go bust, stay flat, or skyrocket it's all conjecture. No one really knows.
What we do know is blockchain and crypto currencies are here to stay (at least until the lights go out
.
BTC would not be the first new technology to blaze the trail and then get replaced by a better version with refinements to the process. While we can thank it for bringing cryptos to the awareness of the general public. there are some glaring problems with using Bitcoin as a currency.
1. Most people don't want to gamble their everyday checking account funds on something as volatile as BitCoin. It's success could well become the reason for it's demise (which futures might play a role in).
2. The scarcity factor. While that has certainly played a role in it's rise, a currency for general circulation needs more liquidity.
I would keep your eyes open for a crypto that brings the following factors together.
1, Greater quantity/Liquidity: If your going to use it to buy groceries, gas, bridge tolls, etc., you need easy access to adequate quantities.
2. More price stability:
Do you really want a currency whose value can fall by half between the time you deposit a paycheck and the time you pay your rent? We've seen that with fiat currencies. It's called hyperinflation.
3. Some investment quality (inflation insurance):
Imagine a crypto whose price was pegged to something in the real world. It could be gold or silver (or any other commodity), but it could also be pegged to the dollar adjusted for inflation, so if inflation is 6% your money gains 6% against the dollar as you hold it. With a peg like that you would have an incentive to get out of dollars and into the crypto as fast as possible, but without a scarcity factor it would not drive the price up or become hard to get. This structure would give average people the ability to hold their ground against inflation. If the dollar ever collapses, your protected.
4. Broad commercial and acceptance with banking support:
Imagine a crypto debit Visa card that allowed you to hold a crypto currency, but pay in your choice of dollars or crypto. So you buy some thing on amazon and they take payment in crypto, so you select crypto, but then you buy a loaf of bread and they don't take crypto so you slide your card and they get paid in dollars (your bank converts your crytpo into dollars at the time of sale and pays the store in dollars.
One of the things that has made cryptos attractive - the speculative investment potential - also makes them less attractive as a currency, so as this area matures, I'd look for a crypto with some or all of the previous characteristics to become a common currency.
Whether you think it will go bust, stay flat, or skyrocket it's all conjecture. No one really knows.
What we do know is blockchain and crypto currencies are here to stay (at least until the lights go out
. BTC would not be the first new technology to blaze the trail and then get replaced by a better version with refinements to the process. While we can thank it for bringing cryptos to the awareness of the general public. there are some glaring problems with using Bitcoin as a currency.
1. Most people don't want to gamble their everyday checking account funds on something as volatile as BitCoin. It's success could well become the reason for it's demise (which futures might play a role in).
2. The scarcity factor. While that has certainly played a role in it's rise, a currency for general circulation needs more liquidity.
I would keep your eyes open for a crypto that brings the following factors together.
1, Greater quantity/Liquidity: If your going to use it to buy groceries, gas, bridge tolls, etc., you need easy access to adequate quantities.
2. More price stability:
Do you really want a currency whose value can fall by half between the time you deposit a paycheck and the time you pay your rent? We've seen that with fiat currencies. It's called hyperinflation.
3. Some investment quality (inflation insurance):
Imagine a crypto whose price was pegged to something in the real world. It could be gold or silver (or any other commodity), but it could also be pegged to the dollar adjusted for inflation, so if inflation is 6% your money gains 6% against the dollar as you hold it. With a peg like that you would have an incentive to get out of dollars and into the crypto as fast as possible, but without a scarcity factor it would not drive the price up or become hard to get. This structure would give average people the ability to hold their ground against inflation. If the dollar ever collapses, your protected.
4. Broad commercial and acceptance with banking support:
Imagine a crypto debit Visa card that allowed you to hold a crypto currency, but pay in your choice of dollars or crypto. So you buy some thing on amazon and they take payment in crypto, so you select crypto, but then you buy a loaf of bread and they don't take crypto so you slide your card and they get paid in dollars (your bank converts your crytpo into dollars at the time of sale and pays the store in dollars.
One of the things that has made cryptos attractive - the speculative investment potential - also makes them less attractive as a currency, so as this area matures, I'd look for a crypto with some or all of the previous characteristics to become a common currency.
I have to agree with boogersguy - THank you DannyHamilton for your concise input.
While there are plenty of technical components to block chain, grasping the relevant factors does not require programming or cryptography. I'm new to block chains, but I've worked in IT most of my life and I find much of what is available is either extremely oversimplified (for the general public) or over the top with unnecessary technical details that still don't answer my questions about the basic components and operations. I can dig into the details as I need them.
Danny, you hit the nail squarely on the head. You might consider writing a book
While there are plenty of technical components to block chain, grasping the relevant factors does not require programming or cryptography. I'm new to block chains, but I've worked in IT most of my life and I find much of what is available is either extremely oversimplified (for the general public) or over the top with unnecessary technical details that still don't answer my questions about the basic components and operations. I can dig into the details as I need them.
Danny, you hit the nail squarely on the head. You might consider writing a book
I think we all agree hardware wallets are the only really secure storage.
Mobile, PC, or online is more useful for spending, but you can transfer coins to those wallets in small amounts and reduce your exposure.
Along those lines I just finished searching hardware wallets. There are several, but it really comes down to just 2: The Trezor or Ledger Nano 2
Numerous reviews have pointed out that they are nearly identical in function. Trezor has a slight edge in a more mature interface, but it's slight. The only feature that I've found that is different is that Trezor allows you to create hidden wallets in addition to your regular wallet. This is a feature that might be useful if you were forced to give the password and open your wallet (such as police, border crossing, getting robbed at gun point etc.) You could open the standard wallet with no indication of any other storage. Only you know that it is there. That's a cool feature. Question is is it worth an additional $75
The Trezor has recently gone up to about $150 (I see people mention it is $100, but not sure where). The Ledger is about $70
Mobile, PC, or online is more useful for spending, but you can transfer coins to those wallets in small amounts and reduce your exposure.
Along those lines I just finished searching hardware wallets. There are several, but it really comes down to just 2: The Trezor or Ledger Nano 2
Numerous reviews have pointed out that they are nearly identical in function. Trezor has a slight edge in a more mature interface, but it's slight. The only feature that I've found that is different is that Trezor allows you to create hidden wallets in addition to your regular wallet. This is a feature that might be useful if you were forced to give the password and open your wallet (such as police, border crossing, getting robbed at gun point etc.) You could open the standard wallet with no indication of any other storage. Only you know that it is there. That's a cool feature. Question is is it worth an additional $75
The Trezor has recently gone up to about $150 (I see people mention it is $100, but not sure where). The Ledger is about $70
Here's a dummy question ...
What is the proof of work?
When a miner solves the nonce value, is that the proof of work or is there some other process that has to be done in addition to solving the nonce to complete the block?
What is the proof of work?
When a miner solves the nonce value, is that the proof of work or is there some other process that has to be done in addition to solving the nonce to complete the block?
Just to add a few points ...
S9's need a 240v supply, so you won't run them on 120v 15 amp circuits.
A 240v 30 amp line should support 3 S9's, but here's what you want to keep in mind going forward
1. Each S9 draws about 5.8 amps (based on published wattage figures). The PDUs should only add a little (you'll have to check the specs). Most of what goes in one end comes out the other. The only addition is a fan and the loss from efficiency, so i think we can estimate about 6 amps per PDU+S9 pair. That makes 18 amps for 3 miners.
2. You cannot run continuously at the max load of a Panel, breaker, or branch circuit (line + outlet). When planning for continuous draw you need to increase the maximum load capacity. There is an exact formula for code, but an easy rule of thumb is if your system capacity is twice your continuous draw, you'll be fine. So your 30 amp line can power your 18amp miner draw - but you need to check your overall continuous draw on the panel itself. Most household loads are not continuous , but A/C can be, so add your miner power draw to your A/C draw (for your house) to get an idea of you total continuous draw.
Don't forget to factor in A/C for your miners. You'll need to cool them in summer months and they will run continuously .
You can repurpose the 30 amp heater sockets (if you don't need them) but i would at least get new breakers. Old breakers can get wonky especially if you start putting a lot of extra load on them. They don't cost much.
Can I add additional breakers?
.... sometimes. You should ask some one with more knowledge how much is ok for your situation.
A sub panel: No harm in doing that, but if you are only going to run a single 30 amp line to it there is no need for it. Before you go this route figure out if you have enough power available from your existing main panel to run multiple 240 branch circuits off a sub panel.
Upgrading you panel:
This can be more expensive than you might think. Many houses have a 200 amp panel. Replacing with another 200 amp panel is fairly straight forward and the panels on cost about $80, but if you upgrade to a higher capacity you could see a lot of additional charges. I've been there. For one, electricians seem to have a minimum fee they will charge for changing a panel that can be upwards of $1000. Don't ask me why, I think it's a pretty straight forward job for an electrician. Maybe they just know the average DIYer can't/won't do it themselves.
Then you may be required to pull a permit from your local authority for an upgrade. This can run upwards of $150. Additionally, the riser pipe and maybe the weather cap will need to change. In my area they will not allow a PVC riser tube (from the panel up to the weather cap) on a 400 amp drop. It must be steel. etc etc etc
Then the upgraded panel will cost more. A 400 amp panel runs about $250, and 800 amp panel can cost $1000 or more.
If you want to grow past 3 miners, I would consider adding a second panel rather than upgrading the current one. I don't know your skills, but i could mount the panel, run the riser, install the breakers, run the branch circuits and outlets myself and then just call an electrician or the power company to install the drop and the meter. You'll have two electric bills, but you might be able to get a commercial rate on the second account and save money. And you'll save thousands on the installation.
If you are converting your garage and you can put your panel on the outside wall of the garage, then you'll have short lines to pull for circuits. You don't need all this extra power for the house anyway.
There are some simple books on electrical basics at the home improvement stores. They won't make you an electrician, but you'll at least be able to pull your own branch circuits and with a little home work install a panel. It's not rocket science. Just don't buy the cheapest materials you can find (you want them to handle continuous heavy loads) and make sure you check the codes in your area.
S9's need a 240v supply, so you won't run them on 120v 15 amp circuits.
A 240v 30 amp line should support 3 S9's, but here's what you want to keep in mind going forward
1. Each S9 draws about 5.8 amps (based on published wattage figures). The PDUs should only add a little (you'll have to check the specs). Most of what goes in one end comes out the other. The only addition is a fan and the loss from efficiency, so i think we can estimate about 6 amps per PDU+S9 pair. That makes 18 amps for 3 miners.
2. You cannot run continuously at the max load of a Panel, breaker, or branch circuit (line + outlet). When planning for continuous draw you need to increase the maximum load capacity. There is an exact formula for code, but an easy rule of thumb is if your system capacity is twice your continuous draw, you'll be fine. So your 30 amp line can power your 18amp miner draw - but you need to check your overall continuous draw on the panel itself. Most household loads are not continuous , but A/C can be, so add your miner power draw to your A/C draw (for your house) to get an idea of you total continuous draw.
Don't forget to factor in A/C for your miners. You'll need to cool them in summer months and they will run continuously .
You can repurpose the 30 amp heater sockets (if you don't need them) but i would at least get new breakers. Old breakers can get wonky especially if you start putting a lot of extra load on them. They don't cost much.
Can I add additional breakers?
.... sometimes. You should ask some one with more knowledge how much is ok for your situation.
A sub panel: No harm in doing that, but if you are only going to run a single 30 amp line to it there is no need for it. Before you go this route figure out if you have enough power available from your existing main panel to run multiple 240 branch circuits off a sub panel.
Upgrading you panel:
This can be more expensive than you might think. Many houses have a 200 amp panel. Replacing with another 200 amp panel is fairly straight forward and the panels on cost about $80, but if you upgrade to a higher capacity you could see a lot of additional charges. I've been there. For one, electricians seem to have a minimum fee they will charge for changing a panel that can be upwards of $1000. Don't ask me why, I think it's a pretty straight forward job for an electrician. Maybe they just know the average DIYer can't/won't do it themselves.
Then you may be required to pull a permit from your local authority for an upgrade. This can run upwards of $150. Additionally, the riser pipe and maybe the weather cap will need to change. In my area they will not allow a PVC riser tube (from the panel up to the weather cap) on a 400 amp drop. It must be steel. etc etc etc
Then the upgraded panel will cost more. A 400 amp panel runs about $250, and 800 amp panel can cost $1000 or more.
If you want to grow past 3 miners, I would consider adding a second panel rather than upgrading the current one. I don't know your skills, but i could mount the panel, run the riser, install the breakers, run the branch circuits and outlets myself and then just call an electrician or the power company to install the drop and the meter. You'll have two electric bills, but you might be able to get a commercial rate on the second account and save money. And you'll save thousands on the installation.
If you are converting your garage and you can put your panel on the outside wall of the garage, then you'll have short lines to pull for circuits. You don't need all this extra power for the house anyway.
There are some simple books on electrical basics at the home improvement stores. They won't make you an electrician, but you'll at least be able to pull your own branch circuits and with a little home work install a panel. It's not rocket science. Just don't buy the cheapest materials you can find (you want them to handle continuous heavy loads) and make sure you check the codes in your area.
Quote
More number of transactions take more time. Quite logical.
Hmmm ... that's not clear to me.
If you feed 1 byte, 50 bytes, or 5,000 bytes of data to a hash function, does it take more clock cycles to calculate the hash?
The merkel tree is a single hash value of all transactions in a block - Correct?
Does the time to calculate the merkel tree increase with larger argument data (more transactions)?
It might take time to gather more transactions together to feed as arguments into the hash function, but that process has to run regardless, so how much difference can it make to gather 5 transactions versus 20 transaction? I'm not sure but I think we're talking some where between a number of clock cycles or milliseconds where determining the nonce (hence solving the block) is a question of minutes.
If the number of transaction was a significant delay (causing miners to lose the race for the block) I think we would predominately see single transaction blocks. if it's not significant, I would expect to see the maximum that will fit.
Am I missing something here?
I'm looking at having them hosted (not my preference) for a few months because I don't have a place to set up at the moment, so securing access is one of my main concerns. I still don't like that they will have physical access to the machines, but my choice at the moment is to wait 9 months or have them hosted ....
⭐ Merited by ETFbitcoin (1)
I'm new to blockchain and trying to figure out what determines/controls the transactions that are included in a new block.
If I understand correctly, miners pull from pending new transactions in the mem pool. But;
1. What determines if they choose 1 or 10 or 50?
2. What determines which transactions are chosen? Most recent? Highest fees?
3. Is there some reason for not choosing as many as possible to get more fees?
4. Is this something you configure according to some criteria in your mining software or some thing determined by your pool?
Thx
If I understand correctly, miners pull from pending new transactions in the mem pool. But;
1. What determines if they choose 1 or 10 or 50?
2. What determines which transactions are chosen? Most recent? Highest fees?
3. Is there some reason for not choosing as many as possible to get more fees?
4. Is this something you configure according to some criteria in your mining software or some thing determined by your pool?
Thx