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53 sats \ 1 reply \ @clementinemoney 9 May 2023 \ on: Daily discussion thread
- Crushing personal fitness
- Stacking sats
- Building educational bitcoin content
Life is good
21 sats \ 1 reply \ @clementinemoney OP 8 May 2023 \ parent \ on: 🎓 Bitcoin Quiz: Proof of Work! bitcoin
Yes, more quizzes are in progress! Can use the free mailing list for updates or just check this forum / Reddit / Twitter for updates
Working on more content for my website to teach beginners about bitcoin. Right now focused on these methods but eager for feedback.
- Articles (newsletter)
- Videos
- Quizzes
If any kind soul wants to give me some constructive criticism, I've got some sats to dole out as thanks :)
Yeah fair point - I have gone down that rabbit hole before and came out the other end a bit confused because I don't quite grasp the arguments being made by many bitcoiners that there are quantum resistant measures that can be taken.
I'll absolutely add a footnote about this though because you're right, it's important.
Thanks for flagging! 🧡
This is such a fascinating concept. I don't think enough people have really considered the implications of this.
Imagine a future where, as Jeff Booth predicts, prices truly fall to the marginal cost of production because of early stage AGI.
What happens in later stages when AI becomes superintelligent and wants to get paid? Bitcoin would definitely make sense as an Internet native, hyper-secure and timeless protocol to use.
In the future, superintelligent AI might set the prices of the economy, leading to the final stage of bitcoin's monetization: the fabled "unit of account" realm.
Too much fun to think about.
Over the past three days:
- created two videos
- wrote a 2,000 word article
- and built a new quiz
Feeling good 💪 Teaching beginners about bitcoin is too much fun!
0 sats \ 0 replies \ @clementinemoney OP 7 Dec 2022 \ parent \ on: 🎓 Bitcoin Quiz #2: UTXOs! bitcoin
Thank you so much 🙏🧡
As I understand it, the impetus for revived debate is that there was a recent change to Bitcoin Core having to do with RBF and some disagree with the change.
I’ve seen several “pieces” of both arguments but still struggling to find a good comprehensive overview of the entire disagreement.
Got any favorite bitcoin quotes?
We just built a random quote generator for our quiz page. Right now it features only quotes from Satoshi, but it would be great to include more, so any suggestions are welcome! Thanks 🧡
This article has been updated to fix an error pointed out by one of our readers!
The error:
Miner fees are not UTXOs! They are just the leftover amount from each transaction after outputs are accounted for. They are paid to miners as part of the coinbase transaction.
New diagram:
Twitter Thread
With all the talk about proof-of-stake these days, it's worthwhile to refocus on what makes Bitcoin unique and successful: proof-of-work (PoW).
Beginner-friendly, in-depth, with diagrams and illustrations included!
TL;DR
Proof-of-work (PoW) is just what it sounds like: proof that work has been done. "Work" refers to spent energy. PoW is self-evident and you see it every day: a hot coffee is proof-of-heating and footprints in the snow are proof-of-walking.
Adam Back's Hashcash from 1997 was the first major implementation of PoW in a distributed network, which used it to combat email spam. Satoshi Nakamoto's Bitcoin from 2008 requires miners to present PoW to the network before their mined blocks can be added to the blockchain. Both systems utilize a specific type of work called hashing, which involves randomly guessing inputs until an acceptable output is found. Hashes are costly to produce but easy to verify, making them an ideal form of PoW for bitcoin.
Nakamoto realized proof-of-work is the key to solving a longstanding paradox in distributed data systems, known as The Byzantine Generals' Problem. Each computer (node) must find a provably difficult target hash, recalibrated every two weeks to ensure blocks are generated every ten minutes on average. Nodes always choose the longest chain––a rule known now as Nakamoto Consensus, which ensures consensus with sufficient time passed and work done.
The bitcoin mining process consists of five steps:
- A miner sets up a mining node and a mining ASIC
- User transactions are broadcast from wallets to nodes' mempools
- The miner constructs a candidate block and begins hashing for a target by altering a nonce within the block
- Meanwhile, the miner adds transactions to the block from the mempool, often optimizing for transactions that pay the highest fee
- The miner finds a valid PoW and submits their block full of transactions to the Bitcoin network to be confirmed, receiving the block reward and fees in return!