BitClub Network: The Rise And Fall of A Bitcoin Mining Scam
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
The Bitcoin Economic Model & The Bitcoin Network Model
Bitcoin's economic model is the foundation for a whole new internet architecture, the Bitcoin network model, but many people dislike the idea of replacing the current TCP model with a 'pay to view' or 'pay per click' model in which the entire internet is run on top of an economic model. In the Bitcoin model, a mouse click costs 1/10000th of a penny, a google search might cost 1/100th of a penny, a webpage might cost 1/10th of a penny and a Netflix video might cost a penny per minute. Why is this important? It opens up a whole new realm of possibilities in terms of how you get paid for creating content, and it opens up huge new opportunities for entrepreneurs to open businesses based on micropayments. In simple terms, an internet based on Bitcoin allows users to set the price at which others can open a connection to them. In other words, if you want to call me, I can choose how much you have to pay to talk to me. If you're my best friend, I can charge you less than a penny per minute. If you're my ex-girlfriend, I can charge you $5 per minute. It's high enough that if you have to talk to me, you can call me, but you won't waste my time... and if you do, I can always raise the price again. It sounds like a frivolous example, but take the model and apply it to advertisers. How many adverts do you get bombarded with every day that you don't want to see? In your youtube videos for example? Or on your facebook feed. Well, in the bitcoin model, where the internet itself is built on bitcoin, you can charge advertisers to open a connection to you. So that Grammarly advert you hate? You can charge them $100 to watch their advert. Or, you can set a low rate, like $1 and if they think you're worth it, they can set a budget as to how many advertising dollars they're willing to waste on trying to acquire your custom. But crucially, YOU GET THEIR CASH. It's a much better model. If you don't want to see any Grammarly adverts you just set the rate at which Grammarly can connect to you to $10,000 per second and never hear from them again. In Dimely, you can set the rate at which others connect to you. So let's say you're an English teacher, or an online Psychotherapist, or a Legal Consultant. You can charge customers for your time. You set your rate per minute, and they connect to you for as long as they can afford to. You can even negotiate the price in the call, and adjust your price for different clients and the blockchain acts as a permanent record of the exchange which is useful for contractual purposes. Once you get your head round this fundamental idea, then you start to realize the possibilities. You can charge people to open a connection to you, and your content. In an enterprise situation, you might be a Hollywood movie studio, publishing a movie to the blockchain. It might cost you $100,000 to upload a single movie at today's prices, but you could stream the movie direct to people's wallets, and they'd pay $1 a time (for example). If you have a million views, you've just made $900,000 revenue. That's a good peer-to-peer distribution model for Hollywood movies, but you can do the same for music, self produced or mass produced, as well as art and literature, blogs, websites, and any other kind of data you can think of. That's Bitcoin. Bitcoin is BSV.
It costs between $5 and $270 to enter one of the Samourai mixing pools, exclusive of Bitcoin network fees
Source: https://www.whirlpoolfees.com/ If only there was a cheaper and faster way to transact privately. It's good that Samourai wallet exists for those who use it, but this user experience is quite horrible.
Has anyone evaluated what it takes to implement zkrollups in bitcoin network?
Zk-rollups are suggested as a promising L2 scalability solution for Ethereum. I do not understand that technology yet, so unable to comment how complex it is to implement this with Bitcoin network. What does the bitcoin community think about this solution and has anyone evaluated what changes are needed in the Bitcoin implementation to enable this solution? (Most likely through some hardfork).
I would like to learn more about non-monetary use of bitcoin/ bitcoin network. I understand that it can be used for timestamping. Any other use cases? Any interesting resources about this topic? Thanks!
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Bitcoin is an innovative payment network and a new kind of money. Find all you need to know and get started with Bitcoin on bitcoin.org. Bitcoin.org is a community funded project, donations are appreciated and used to improve the website. Make a donation The Bitcoin network is as powerful as 9.1 million horses (horsepower) of energy or 14,000 Corvette Z06s engines. The BTC network is as powerful as 2,884 utility-scale wind turbines or 9.1 million ... The Bitcoin Network is a global decentralized consensus network which operates on a cryptographic p2p protocol - on top of the Internet - established by individuals [nodes] all around the world who run the Bitcoin Core free open-source software which enforce consensus rules through an process called Bitcoin Mining to validate transactions and ... Operators of the prominent bitcoin mining company, Bitclub Network, have been arrested and charged with fraud by the US Department of Justice in December 2019. In this article, you will learn about the rise and fall of the BitClub Network scam, which has defrauded thousands of bitcoin investors. What is BitClub? The BitClub Network is […]
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