Nenolod, the guy that wants to prove Bitcoin doesn't work.
So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod
What do you think? If he cannot prove the system isn’t sustainable, he wins, because he will have lots of bitcoins. If he does, we all loose.
I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON. Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3 so I can prove him he’s wrong.
Please discuss the issue.
I wonder how much he spends for using these 1000 cores… Because the price of bitcoins you get is NOT much larger than price you have to pay to generate them.
Nenolod, you’re welcome to join this forum or #bitcoin-dev on Freenode. It would be interesting to have a chat with you.
BTW, Nenolod writes on Twitter:
He hasn’t sold anything at BitcoinExchange.com and the service is down just for technical maintenance. Should be up today or tomorrow. Maybe he meant that 1500 € was the rate for the 84,732 BTC he supposedly has.
If he was generating one block per minute before the difficulty increase that would mean he is actually representing more than 50% of bitcoin’s CPU power. Actually, rather nearly all of it.
0.3.2 has some security safeguards to lock in the block chain up to this point and limit the damage a little if someone gets 50%.
But if someone has 50%+ of the CPU power and malicious intent, they can prove what it already says in the design document.
Satoshi, could you explain this security safeguard? Is this an undocumented feature of the Bitcoin client or something?
It looks like the generation rate dropped to about half about six hours ago.
Some of the things he mentions are a bit suspicious. Generating 207… then 913 coins. The former could be explained by selling a random number, the latter… In addition, a thousand cores on Amazon EC2 instances is not so cheap as to make it economical even if he prepaid for the nodes.
Well, yeah. Even at the usual difficulty level generating coins is NOT so profitable, and at the harder one, it is just pure waste of real money.
So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC. His name is William Pitock aka Nenolod
http://twitter.com/nenolodWhat do you think? If he cannot prove the system isn’t sustainable, he wins, because he will have lots of bitcoins. If he does, we all loose.
I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON. Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3 so I can prove him he’s wrong.
Please discuss the issue.
I’m 100% certain that he isn’t really generating that much and I’ll leave it at that.
Quote from: wobber on July 17, 2010, 4:21:16 AM UTCSo this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC. His name is William Pitock aka Nenolod
http://twitter.com/nenolodWhat do you think? If he cannot prove the system isn’t sustainable, he wins, because he will have lots of bitcoins. If he does, we all loose.
I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON. Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3 so I can prove him he’s wrong.
Please discuss the issue.
I’m 100% certain that he isn’t really generating that much and I’ll leave it at that.
I agree, there are many things about his statements which don’t seem to be in line with reality. In particular his quoted generation rates are not divisible by 50.
when you modulo-devide it trough 50, the rest could be from transaction fee, he’s running ~1000 instances (or at least cores) of bitcoin, so the probability of him getting transaction fees is very high.
when you modulo-devide it trough 50, the rest could be from transaction fee, he’`s running ~1000 instances (or at least cores) of bitcoin, so the probability of he getting transaction fees is very high.
What amount does one have to send to incur a transaction fee though? I’ve send some large amounts around myself and never saw a fee?
Typically, over 25,000 BTC.
Who gets the transaction fee? The person that solves the block your transaction is in?
Typically, over 25,000 BTC.
Does the fee come out of thin air or is it taken to from the transaction so that it cost 25,009 to send 25,000 BTC?
Who gets the transaction fee? The person that solves the block your transaction is in?
Yes
Quote from: knightmb on July 18, 2010, 10:34:46 PM UTCQuote from: satoshi on July 18, 2010, 9:56:18 PM UTCTypically, over 25,000 BTC.
Does the fee come out of thin air or is it taken to from the transaction so that it cost 25,009 to send 25,000 BTC?
The latter.
Quote from: mtgox on July 18, 2010, 10:13:57 PM UTCWho gets the transaction fee? The person that solves the block your transaction is in?
Yes
Quote from: knightmb on July 18, 2010, 10:34:46 PM UTCQuote from: satoshi on July 18, 2010, 9:56:18 PM UTCTypically, over 25,000 BTC.
Does the fee come out of thin air or is it taken to from the transaction so that it cost 25,009 to send 25,000 BTC?
The latter.
Ok, I was certain that you couldn’t transfer BTC around in a circle to pick up fees that were more than the cycle of transition (basically BTC coming out of thin air rather than being generated)
So if this guy was intercepting greater than 25,000BTC currency being traded around, it must be from someone else and even then, you can only transfer it around so many times before you run out.
I think that further cements that this Nenolod guy is just blowing smoke.