Why is a 32bit nonce enough? : Bitcoin

Unique incentives politically as a store of value? Community feedback request!

Community politics?

So other than someone going to the extent of `deploying another 0xBTC-like store of value token on Ethereum` or even editing the code to change the reward/block times/ etc etc, which 0xBTC is open source and has had tokens already do before. All exact clones have failed and been rejected by the open free market sprung up around 0xBTC. Unless the token had a different utility. For example: Crypto Pepes- erc721 collectable game on ethereum, using eip918 mineable token standard and erc20 to distribute their collectibles and currency for their game. That being said, the community consensus method is slightly different than traditional BTC and what we've seen before not using hash-power to secure the chain. (although some cool stuff is being looked into on that side of things) So short of all the miners and users/holders decide this token is rendered useless and decide to hash toward a redeployed version of it on Ethereum, Making major changes to 0xBTC will be more difficult than say BTC for example. It would be harder to fork as well, essentially we saw that with other 0xBTC clones for they have all failed. Another option is the vote as a community and bring up topics and discussion especially in the Discord where Infernal_Toast has done well by giving it to the people. If they all voted in a community like discord to redeploy the contract it's self and mine towards that). Hmmm sounds easy enough right? But it wouldn't render the old contract obsolete and the getting the token contract changed on every exchange would be hard and insane so i don't ever seen it happening to be honest, kinda perfect and finished as it is and I don't think we'll ever seen that change.

Does It Has is a unique incentive over other store of value's?

I would say you could point to valid arguments for this especially on Ethereum. I would say the biggest changes i see ever happening to anything surrounding 0xBTC would be more top surface like $SYMBOL or "website" (which we decided as a community to change recently) look for it soon, demo here: https://geoffedup.github.io Another addition or change is "Community Foundations" which the `Unofficial 0xBitcoin Foundation` that exists could be one of many technically, anyone can start one. We're separate from the contract. The contract owns itself and no user can interact with it except to call the mint() function where u use POW to submit solutions and find the golden nonce like BTC even has it's own difficulty adjustment built in which is really fair and well thought out with epoch adjustments halfening just like BTC.

Feedback?

All that being said, i'm writing an article i'll post to the 0xBitcoin Foundation publication you can see here: https://medium.com/0xBTCFoundation About some advantages or disadvantages 0xBTC might have with it's community political incentives compared to other "store of values" & Chances of it being "forked-(aka re-depoyed)". Also what that would take and why it's not practical or even likely. So I will ask again which i hope kinda paints a better understanding of what i'm looking to get for feedback... do you think that gives 0xBTC has a unique advantage or incentive over other "currency tokens"? Also maybe even some stable tokens on ethereum? or even the big daddy BTC -where 0xBTC and all of crypto currency gained it's life force. BTC has had it's political battles and has been tried to be taken down time and time again but it still stands strong and true, Do you see any advantages 0xBTC has over it as a store of value and political community incentives? Also give me any concerns it may have also. Lastly 0xBTC is the only token that aims to be a true asset like BTC- (store of value) that i know of!
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Novice, Intermediate or Expert? A Quiz to Test Your Bitcoin Knowledge

Think you know the ins-and-outs of bitcoin? Test yourself with 30 questions that grill you on Bitcoin’s history, technology and politics. The 30 questions are split up into three segments ranging from novice to intermediate to expert, and cover a wide range of topics across the Bitcoin landscape.
If you get stuck or want to check your answers along the way, an answer sheet has been added below the quiz. Of course, these questions cover only a few points about Bitcoin so far — with so many new developments taking place, there is always more to learn. Good luck!
Novice Questions 1. Who created bitcoin?
a. Vitalik Buterin b. Gavin Andresen c. Satoshi Nakamoto d. Charlie Lee e. Jackson Palmer 2. What is the original document that proposed Bitcoin, considered by many in the space to be a “must read”?
a. The Bitcoin White Paper b. The Golden Proposal c. E-Money: Bitcoin and the Blockchain d. The Bitcoin Manifesto e. The Bitcoin Constitution 3. What is the name of the bitcoin exchange from Japan that famously collapsed in 2014 due to a devastating hack?
a. Tradehill b. Bitstamp c. Mt. Gox d. Blockchain.info e. Bit Trade 4. How many bitcoin will ever be created?
a. Unlimited b. 77,340,109 c. 3,500,000 d. 21,000,000 e. 18,650,000 5. What is the name of the off-chain scaling solution that is being developed to mitigate bitcoin’s fees and long transaction times?
a. Instasend b. Second Layer Network c. Lightning Network d. Quick Net e. The Bitcoin Payment Network 6. Which of the following statements is NOT true about bitcoin wallets?
a. Wallets can come in many forms, as long as they hold your private keys. b. Wallets have addresses that anyone can use to see the current number of unspent bitcoins in them. c. The only thing someone needs to access a wallet is the private key. d. It is possible to send bitcoin by signing the transaction offline and then broadcasting the transaction later. e. To open a wallet you must submit a request to the wallet provider. 7. What is the name of the technology underlying Bitcoin?
a. Bitchain b. Blocklink c. Blockchain d. CoinLedger e. Satoshisquare 8. True or false? Bitcoin can be sent to an Ethereum address.
a. True b. False 9. The first underground marketplace on the dark web which used bitcoin as its native currency and was created by Ross Ulbricht was called:
a. Black Onion b. BTC Market c. East India Trading Company d. Silk Road e. Worldwide Drug Emporium 10. Bitcoins can be divisible down to the eighth decimal point. What is that unit called?
a. Bit b. Satoshi c. Naki d. Shill e. Bitsat Intermediate Questions 11. Which traditional stock exchange was the first to list bitcoin futures contracts?
a. The New York Stock Exchange (NYSE) b. The Intercontinental Exchange (ICE) c. The Chicago Mercantile Exchange (CME) d. The Chicago Board Options Exchange (CBOE) e. None of the above. Futures contracts are only available on cryptocurrency exchanges like BitMex and Bitfinex. 12. The computers that find new blocks are called:
a. Accountants b. Miners c. Mitigators d. Associates e. Verifiers 13. Which of the following is NOT true about Bitcoin Cash, a fork from Bitcoin?
a. Bitcoin Cash was created over an ongoing debate within the Bitcoin community over scaling and transaction speed. b. Roger Ver uses bitcoin.com to convince new investors that Bitcoin Cash is the original bitcoin. c. Bitcoin Cash is commonly referred to as “Bcash” because (some) bitcoin proponents don’t want to give the forked currency the brand recognition that Bitcoin has accumulated since 2009. d. Bitcoin Cash uses the SHA-256 hash function (the same as Bitcoin). e. Bitcoin Cash removed its block size limit completely. 14. Where is the Bitcoin processing server located?
a. Washington, D.C., USA b. London, England c. Undisclosed location d. The United Nations votes on a new location every two years e. None of the above — Bitcoin has no processing server 15. What date was the Bitcoin network launched?
a. November 5, 2008 b. May 1, 2010 c. January 3, 2009 d. December 31, 2008 e. April 23, 2010 16. When was Bitcoin’s all-time high exchange rate achieved (as of 9/11/18)?
a. January 12, 2016 b. July 15, 2017 c. December 17, 2017 d. August 3, 2018 e. January 10, 2014 17. Which of the following statements is true?
a. Bitcoin is owned by the NSA. b. By 2030, all bitcoins will have been mined. c. Bitcoin has smart contract capabilities. d. Before Satoshi created Bitcoin, he and a group of developers premined roughly 1 million coins. e. Only select people can mine bitcoins. 18. How often, on average, can we expect a new block be found by miners?
a. > 1 second b. 2 minutes c. 10 minutes d. 60 minutes e. 6 hours 19. What is Bitcoin Pizza Day, May 22nd?
a. A day every year where people who hold bitcoin pay forward a random pizza to a stranger b. The day when a computer programmer, Laszlo Hanyecz, paid 10,000 bitcoins for two pizzas in 2010 c. The day Satoshi announced his favorite food is pizza d. The day Vitalik compared bitcoin’s security to that of a soggy pizza e. A day sponsored by Pizza Hut where you can pay for pizza with bitcoin 20. How many new bitcoins should be created each day with the current block reward, on average?
a. 2,200 except for February 29 on leap years b. 1,800 c. 5,000 d. 7,200 e. 150 Expert Questions 21. What is the difference between a soft fork and a hard fork?
a. A soft fork happens when the code of a project is copied with permission of the original developers. A hard fork happens when the code of a project is copied without the permission of the original developers. b. A hard fork is a backwards-incompatible protocol change because it makes previously invalid blocks or transactions valid. A soft fork is a backwards-compatible protocol change because it makes previously valid blocks or transactions invalid. c. A hard fork occurs when miners in a mining pool cannot agree on how the block reward should be divided. A soft fork occurs when miners in a mining pool collectively decide to change how block rewards should be distributed. d. None of the above. 22. What does ASIC stand for?
a. Applied Socioeconomic Investment Compository b. Application Specific Integrated Circuit c. Anonymous Spending Instrument for Cryptocurrencies d. Alternative Synthetic Interoperability Circuit e. Antiquated System for Implied Cryptography 23. What does an ASIC do for Bitcoin?
a. Allows consumer access to high-level investment information, similar to a Bloomberg terminal b. Allows users to trade cryptocurrencies between different blockchains c. Anonymously allows users to send cryptocurrencies that aren’t entirely private d. Performs one specific task of solving a mathematical problem in order to find a new block e. Allows developers to cross reference current technology stacks with older languages 24. Is Bitcoin truly anonymous?
a. Yes, people who use bitcoin cannot have their transactions traced by anyone. b. No, bitcoin addresses are derived from IP addresses. c. No, all transactions are recorded on a global transparent ledger that can be traced using analytical technologies. d. No, addresses openly show the name of the user. e. No, bitcoins can be linked to a user’s social security number. 25. What is SHA 256?
a. A secure hashing algorithm used by Bitcoin, originally designed by the NSA b. A set of rules that miners and nodes must follow c. A scheme devised by Craig Wright to convince people he is Satoshi d. An annual conference in New York for blockchain enthusiasts e. The language Satoshi and early developers used to communicate behind closed doors 26. What is a nonce?
a. An empty value in each block that is filled by the miner of that block b. Another name for a node c. A mining device faster than an ASIC d. A part inside a processing chip used in mining e. A name for a troll in Reddit forums 27. What is “difficulty” in relation to Bitcoin?
a. A measure of how hard it is to explain what Bitcoin is b. A measure of how difficult it is to find a hash below the target c. A measure of long it takes to send bitcoin between addresses d. A measure of how difficult it is for bitcoin to move a certain number of basis points e. A measure of how hard it is for Bitcoin to recover to its all-time high 28. What is multi-sig verification?
a. An older method of confirming bitcoin transactions now replaced by single-sig verification b. Verification that a user is allowed to hold bitcoins in a certain address by requiring multiple signatures from friends and family c. A form of verifying if someone is telling the truth by having multiple signatures from people monitoring the event taking place d. A process by which miners select which transaction to verify by having three other miners create a signature giving permission for the transaction to be verified e. A technology to verify wallets by requiring multiple signatures to process a single transaction with enhanced security 29. Bitcoin consumes roughly 1 percent of the world’s energy consumption. What does this mean about its security?
a. A malicious actor doesn’t need to consider the total energy consumption in order to successfully execute a 51% attack. b. Bitcoin is secure to the point that it would require approximately 0 .0001% of the entire world’s energy consumption to attack the network. c. Bitcoin is secure to the point that it would require approximately 1% of the entire world’s energy consumption to attack the network. d. A malicious actor would need 10 times the amount of Bitcoin’s energy consumption in order to successfully attack the network. 30. What is a Merkle Root in Bitcoin?
a. A hash of all transactions in a block that allows any specific transaction to be verified without downloading the entire blockchain b. A series of complex data that uniquely identifies the owner of an address c. A program designed by David Merkle that uncovers the largest inactive bitcoin wallets d. A cryptocurrency developed by the chancellor of Germany e. A part of a complex system of underground “roots” that power the Bitcoin blockchain How did you do? Answers:
  1. c. Satoshi Nakamoto
  2. a. The Bitcoin Whitepaper
  3. c. Mt. Gox
  4. d. 21,000,000
  5. c. Lightning Network
  6. e. To open a wallet, you must submit a request to the wallet provider.
  7. c. Blockchain
  8. b. false
  9. d. Silk Road
  10. b. Satoshi
  11. d. The Chicago Board Options Exchange (CBOE)
  12. b. Miners
  13. e. Bitcoin Cash removed its block size limit completely. (The limit is actually 32MB.)
  14. e. None of the above — Bitcoin has no central server
  15. c. January 3, 2009
  16. c. December 17, 2017
  17. c. Bitcoin has smart contract capabilities
  18. c. 10 minutes
  19. b. The day when a computer programmer, Lazlo Hanyecz, paid 10,000 bitcoins for two pizzas in 2010
  20. b. 1,800
  21. b. A hard fork is a backwards incompatible protocol change because it makes previously invalid blocks or transactions valid. A soft fork is a backwards compatible protocol change because it makes previously valid blocks or transactions invalid.
  22. b. Application Specific Integrated Circuit
  23. d. Performs one specific task of solving a mathematical problem in order to find a new block
  24. c. No, all transactions are recorded on a global transparent ledger that can be traced using analytical technologies
  25. a. A secure hashing algorithm used by Bitcoin, originally designed by the NSA
  26. a. An empty value in each block that is filled by the miner of that block
  27. b. A measure of how difficult it is to find a hash below the target
  28. e. A technology to verify wallets by requiring multiple signatures to process a single transaction with enhanced security
  29. c. Bitcoin is secure to the point that it would require 1% of the entire world’s energy consumption to attack the network. (side note: bitcoin mining, while energy intensive, can be done in an eco-friendly, even carbon-neutral, manner. And it’s getting better all the time.)
  30. a. A hash of all transactions in a block that allows any specific transaction to be verified without downloading the entire blockchain.
The article is from Bitcoin Magazine.
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Bitcoin Q&A: Nonces, mining, and quantum computing $3,000 gold price no longer target; it’s now $10,000 when Fed's assets collapse Economist Jim Rickards On Gold Versus Bitcoin What Do Bitcoin Miners Actually Do? Bitcoin Mining Simplified ₿ How Bitcoin Mining Really Works? Nonce – Definition, Meaning, Review, Description, Example, Proof-Of-Work Bitcoin

The Nonce is a random whole number, which is a 32-bit (4 byte) field, which is adjusted by the miners, so that it becomes a valid number to be used for hashing the value of block. Nonce is the number which can be used only once. Once the perfect Nonce is found, it is added to the hashed block. The term golden nonce with Bitcoin mining perspective is a hash value which is lesser than the target. The world evolved from the term golden tickets which are referred to as nonce meeting the mining requirement that existed as early as 8th April 2011. Nonce is a 32 bit arbitrary random number that is typically used once. In Bitcoin's mining process, the goal is to find a hash below a target number which is calculated based on the difficulty. Proof of work in Bitcoin's mining takes an input consists of Merkle Root, timestamp, previous block hash and few other things plus a nonce which is completely random number. Bitcoin Nonce is a 4-byte (32-bit) field in the input (block’s header, to be explained later…) of the SHA-256 function that is used to produce Bitcoin Hashes.The nonce needs to be set in such a way that its hashed output should have a certain number of leading zeros and to achieve these miners keep playing with this 4-byte field. As far as I understand, a block only is valid if the hash of the input values results in a value with enough leading zeros in binary representation ("golden hash"). The inputs basically are all the transactions, the time, and also the nonce. By finding a correct nonce (by sheer luck), the golden hash is found and the block is valid.

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Bitcoin Q&A: Nonces, mining, and quantum computing

GOLD PRICE TECHNICAL ANALYSIS. Gold crash and gold collapse. Financial Freedom bitcoin.Bitcoin analysis today. Bitcoin analysis. Bitcoin prediction.Bitcoin price prediction.Bitcoin. What is the nonce that Miners adjust in their blocks, and what's its relationship to the Block itself? Why do we need nonces in Bitcoin, and where did this s... He believes gold can go to $10,000 an ounce but he is much more skeptical about bitcoin. Rickards doesn't trust the bitcoin price action and doesn't believe the cryptocurrency will fare well in a ... The Federal Reserve’s balance sheet is at risk of devaluation, and should the underlying assets fail, gold will respond by “rising to a price that balances the Fed’s balance sheet,” said ... This video shows a race bar chart comparing the price of gold and bitcoin from 2013 to 2020 Tool Credits: https://flourish.studio/

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