Bai Zhihao has answers to all these questions. He believes that money, rBitcoin wallet transaction feeseal money, is gold, and it can only be gold. In this system, all other forms of money are just different kinds of credit. Credit is indispensable for a functioning economy. It helps everyone become wealthy, but according to the strict definition of the term currency—that is, one cannot refuse when paying off debts—in the final analysis, only gold is legal tender. (The U.S. dollar clearly tells it is legal tender: the front of the banknote is written so plainly.)
The price of Petro is linked to the price of Venezuelan oil per barrel and is backed by oil reserves in an area of 380 square kilometers called Ayacucho, which the Venezuelan government claims has 5.3 billion barrels of oil. Regardless of whether this statement is true or not, the extraction of oil in this region requires substantial investment in infrastructure, and the Venezuelan government cannot achieve this goal in its current state.
In November 2018, a new fork was separated from the BCH network: BSV. BSV is a fork of BCH, and its goal is to return to Satoshi Nakamoto's original vision of using Bitcoin as a peer-to-peer electronic cash. BSV expanded the scope of BCH and further increased the block size to 128MB (note: recently expanded the block). In addition, BSV eliminates the size limit on OP_RETURN transactions, which leads to higher data storage capacity on the BSV blockchain. In addition, BSV also chose not to use the OP_CHECKDATASIG opcode (extended scripting language to verify the signature of arbitrary data) added by BCH. Ultimately, BSV's goal is to "replace every payment system in the world with a better user experience, cheaper merchant costs, and higher security levels."
The second possible development trend is that after the current production cut, the currency price has fallen, and has fallen to the red line of survival of the mining industry, such as when the startup is losing money, then the computing power may decline. If the decline in currency price is greater than the decline in computing power, it means that there is still a surplus of computing power in the market, and computing power may continue to be eliminated at this time. When the decline in currency price is less than the decline in computing power, new computing power may re-enter the market at this time, and the driving force is the room for future currency price increases. Here, the magnitude of the drop in computing power depends on the level of the miner's survival red line.
The rate of currency price decline must be much higher than the rate of additional issuance. The history of fiat currency can prove that in countries such as Zimbabwe, Venezuela, etc., there is no cost to print money with fiat currency. Miners are different. Miners are both issuers and currency holders. Miners have the sunk costs of mining machines and mine inputs. A fall in currency prices will cause miners to go bankrupt.
Second-price auctions are incentive compatible. This means that, unlike the highest price auction, the second price auction does not require bidders to remain strategic. Instead, you should be "honest" and give any price you find worthwhile. After all, if your bid proves to be too high, you don't have any costs-if you win, no matter how high you bid, you will get the auction item at the next price. Therefore, you don't need to guess how much other people will bid, or try to Bitcoin wallet transaction feesbe smarter than them.
Unless people generally believe that it is valuable, it has no value at all. If people don’t treat gold as an investment product, then other items such as gold will have at least some value. This reminds me of the Dutch tulip fever in the 1740s, so the question is, did it crash? Even now, we are still paying for the tulip, which causes its price sometimes to become very expensive. Bitcoin may completely collapse and be forgotten by people. I think this is a very likely result, but it may last a long time, maybe 100 years later.
However, the contract market has not recovered its vitality after experiencing a 312 plummeting bloodbath. According to PAData’s earlier statistics, on March 10, the entire network’s Bitcoin contract holdings were as high as 2.2 billion US dollars, but since April, the entire network’s contract holdings have not exceeded 2 billion US dollars.
Goodman learned that Mr. Satoshi Nakamoto, who has the same name as the creator of Bitcoin, is a system engineer for a classified defense project and a computer engineer for a technology and financial information service company. After experiencing two layoffs in the 1990s, Mr. Nakamoto has become a liberal.
a) CBCCasper only handles a subset of Byzantine faults. Any blockchain network needs to be Byzantine fault tolerant because it is composed of nodes that do not trust each other. The node may fail for any reason, including maliciousness from the node side. And this paper only discusses one of the failure types: failures that occur when nodes are equivocate: that is, sending conflicting messages. However, such faults are only a subset of the wrong behavior, and there are other faults that are more difficult to deal with, which cannot be solved in this paper. For example, there are malicious nodes that are trying to deliberately prevent consensus (but not ambiguous).