Into the mind of a Bitcoin miner

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Information about Into the mind of a Bitcoin miner
Technology

Published on February 1, 2014

Author: pascalvanhecke

Source: slideshare.net

Description

Talk given at http://www.meetup.com/devhaag/events/162138302/
Actually an improvement of a talk I gave almost 3 yrs ago: http://www.slideshare.net/pascalvanhecke/bitcoin-how-does-it-work-and-why-did-it-become-a-hype

I concentrated on a role playing game where participants acted like nodes in the (early) Bitcoin network, and how the protocol is designed in that way that if you try to cheat, you get excluded from the network. On the other hand, if enough participants form a conspiracy, or there is lack of connectivity, you get harmful effects such as the 51% attack or a blockchain fork.

Bitcoin introduction at Bizcamp Ghent June 11th 2011 (http://bizcamp.be/). • I have tried to explain bitcoin with the following metaphors: – a cash register copied over the hard drives of all participants – public/private keys as coloured pens: a transaction is only valid if it is written in the color of the pen that is writing the transaction in the register (unlimited number of colours, none is the same) bitcoin blocks as pages in the cash register the node that first solves a sudoku puzzle made up of all the transactions in the page (and with the puzzle on the previous page), gets 50 bitcoins as a prize (as a metaphor for mining, this one turned out the most difficult to grasp) the transaction history can't be falsified because that would require solving sudoku puzzles faster than the combined rest of the world economic value generated by mining is the stability of the system as a whole (transaction history not falsifiable) – – – – • Rest of the screenshots: – – – – – how the client works discussion of (relative) "anonymity” driver behind current speculation: expectation that a sizeable amount of the underground economy will move into bitcoin Bitcoin mining hardware and business risks and challenges for bitcoin

Bitcoin a Peer-to-Peer Electronic Cash System

Transactions

Double-spending

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey

I have a page with transactions for which I have solved a Sudoku puzzle!

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey Red gets 50 for the puzzle!

Red sends 1.1 to green Blue sends 3 to green Grey sends 1 to red Blue sends 3 to red Red sends 1.1 to grey Red gets 50 for the puzzle!

Blue sends 4 to green …

Difficulty

Bitcoin mining

Fees

Blockchain and block size

Future?

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