A place to discuss the crypto-currency, Traincoin.
Traincoin is the hottest new crypto-currency. It is designed to reward early miners, with rapid increasing subsidies and even quicker decreasing subsidies. Once crazy subsidy rewards are over and difficulty has increased tremendously, and the price has rocketed, there will be a maildrop of XTN to the citizens of Cape Town. We hope to build the community here! Everything is welcome, ideas, crit, art, everything!
Why Bitcoin Unlimited will win this hardfork. And what Core's 2 options are.
Bitcoin's difficulty retarget time is 2016 blocks. With normal hashrate, these 2016 blocks are mined on average every 2 weeks. Let's assume that Bitcoin Unlimited miners decide to mine the first greater-than-1-MB-block with 75% hashrate on their side. This would mean the smaller Core chain would have 25% hashrate at the time of the fork. This also means that the normal 2 week difficulty retarget period will now take 4 times as long for the Core chain (8 weeks) to mine all 2016 blocks until the new difficulty retarget. This means that once the fork occurs, the lesser hashrate Core chain will immediately be non-viable during the 2016 block difficulty retarget period. The Core chain will have extremely slow confirmation times (like a block getting solved every 40 minutes and exponentially worse fees than they already are experiencing, due to 4x fewer blocks being mined). I personally think this will be the final nail in the coffin of that chain. There are 2 approaches to this problem for Core:
OPTION 1: Continue to mine on the Core chain for 2 months, with drastically poor network performance (even slower transactions and even higher fees).
OPTION 2: Core hardforks and forces a difficulty recalculation to occur immediately after BU forks. Would Core actually do this? "Hard forks are dangerous" has been their motto and only defense thus far, so they'd have to eat crow on this one. But actually I see it as the only chance they have to maintain any sort of a chain at all.
If they do make it this far (either by OPTION 1 or OPTION 2 above), there is another interesting ramification which would take place: Since the difficulty on the Core chain will be reasonable again (again, after OPTION 1 or OPTION 2 above), the Core hashrate that remained would more than likely be on board with Segwit. So the Core chain would at last have basically 100% Segwit support. Segwit would then finally activate on the Core chain.
Before any difficulty adjustments happen: If Bitcoin Cash gets 12.5% of the hashing power it will have the same capacity as current Bitcoin. If if takes 11.1% of the total hashing power then it will have the same capacity as post-fork, pre-retarget, pre-segwit Bitcoin.
Less than 100 blocks to go before Bitcoin Cash difficulty retarget -- expect profitability to double. Retarget is at 479808. What will miners do?
A chain death spiral for Bitcoin Legacy is not entirely out of the question. If miners defect in droves.. it can happen. I know it may be premature for me to say that. For all we know tomorrow everything resets, but it's a real possibility. And I am a bit saddened, actually that it might occur. Interesting times, indeed.
[uncensored-r/Bitcoin] As predicted, with BTC difficulty retarget, the bcash pump has activated.
The following post by i_gotta_say is being replicated because the post has been silently removed and some comments within it have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7klkik The original post's content was as follows:
It is not trivial to retarget difficulty in real time, because it's non-trivial to achieve consensus on the current time of the network. It's sort of a catch-22. In order to introduce a real-time adaption into our consensus system, we would need to achieve consensus on something else before. I realized after writing my answer that you explicitly exclude retargetting on every block, but since ... See also Difficulty. The target is a 256-bit number (extremely large) that all Bitcoin clients share. The SHA-256 hash of a block's header must be lower than or equal to the current target for the block to be accepted by the network. The lower the target, the more difficult it is to generate a block.. It's important to realize that block generation is not a long, set problem (like doing a ... How is the bitcoin difficulty prediction calculated? To predict the next difficulty, the bitcoin client. next retarget in days is an estimate when the current 2016 blocks will be mined. bitcoin affiliate program. Embed bitcoin difficulty data. You can easily embed this data no your website. You can use these iframes. Difficulty table code Bitcoin is a distributed, worldwide, decentralized digital money … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. Log in sign up. User account menu. 1. The Difficulty Retarget Algorithm. Close. 1. Posted by 2 years ago. Archived. The Difficulty Retarget Algorithm. Setting the difficulty every 2016 blocks has some downsides. You probably already ... difficulty_1_target can be different for various ways to measure difficulty. Traditionally, it represents a hash where the leading 32 bits are zero and the rest are one (this is known as "pool difficulty" or "pdiff"). The Bitcoin protocol represents targets as a custom floating point type with limited precision; as a result, Bitcoin clients often approximate difficulty based on this (this is ...