They either need a solution to bitcoin’s problems (mining centralisation, poor transaction throughput and latency, energy inefficiency etc.) or they are going to fail.
The bitcoin community seem to be making zero progress addressing these issues. The only tech I’ve heard of that claims a solution is side-chains which are years away I think
(As I shared in the other 21 topic, micro-payment channels can already be used).
What I notice here is not using the blockchain technology as a technology to achieve the objectives, but rather using the blockchain to do some things
Their platform has the most apps that do things for users, in their own environment.
Fair enough, I don’t object to anyone securing their profits.
I’ve said this several times: I use my systems to run services for the benefit of the community. If I can add 21.co’s apps to my existing h/w, it’s no extra cost to me. Why not? I’ll do the same with SAFE s/w.
If 21.co becomes successful, it is more, not less likely that SAFE will also be successful.
I could not find any explanation of how a CPU/GPU based mining system, as would be the case with the purely software option, is going to mine any amount of Bitcoin in competition with warehouses of ASICs.
One more time: I don’t care to mine anything. I want to have those bitcoin apps and contribute to the community.
And FYI the real breakthrough in 21’s idea is not that anyone gets rich from mining, but that users can earn few satoshis on their own, which allows them to develop, use and run mainnet apps without going through the hassle of buying BTC on an exchange.
(It’s absolutely hilarious that you and others got a (wrong) opinion about this good mining idea of 21.co, while the old problem of SAFE’s initial funding required to bootstrap new user accounts on SAFE is still unsolved. How about you redirect some of that brainpower to issues that are yet to be solved?)
I have no opinion about the feasibility of mining in the way proposed; I said I can’t see how it is going to work. So if you’re so brilliant then maybe you could explain how it will manage to generate even “a few satoshis”.
I do have an opinion about their whole business model, particularly the way overpriced rig, that it is a scam.
I mined 300,000 satoshis (0.003 bitcons or 1.05 dollars at today’s face value) in one week
That’s great, because now I can paste this link (that I already pasted above for Safety1st when he complained about the expensive h/w) again and noone can accuse me of spamming: yes, it’s amazing, you can just download their s/w to your own device - it’s free!
OK, you did mine some Satoshis, but probably less than the cost of the electricity to run it for a week. If a $399 rig is being sold to people expecting free money, then it is fraudulent. The economics would be even worse for running a standard PC to do the same, free software or not. I suppose you were part of a pool, and that 21 would own the pool, and collect a percentage of the BTC for you to engage in such a negative income. Unless that is spelled out to people, then it is fraudulent.
And FYI the real breakthrough in 21’s idea is not that anyone gets rich from mining, but that users can earn few satoshis on their own, which allows them to develop, use and run mainnet apps without going through the hassle of buying BTC on an exchange.
The economics of avoiding the suspected terrorist treatment people get at their local bank branch because of KYC/AML procedures makes this option quite appealing.
It’s not a matter of “getting rich.” They aren’t earning anything if the cost of electricity is greater than the amount gained. And if they aren’t being told that then it’s a fraud.
“Most people” will use an exchange such as Bitstamp, with KYC and all, to buy BTC by credit card.
For picayune amounts such as you suggest, there is no reportage.
You and 21 are conjecturing way too much about how people will react, what they will and won’t do, yadda yadda.
How many times do I have to repeat that one can download the free s/w to a x86 VM and not enable mining (or enable it just enough to earn 10,000 satoshis to bootstrap his home developed app.
Let us know your current proposal about solving the wallet bootstrap problem on SAFE. Clearly you’re an original thinker who easily spots architectural weaknesses and inferior solutions.
If the Internet of things takes off then all kinds of devices will be sharing data and earning a small fee for that. I think the vision of 21 inc is to enable this ecosystem. I think that’s a bigger part of their plan than mining. Hashing for bitcoin is unlikely to make enough money to pay for energy (although solar is driving down price per-watt quickly) unless billions of chips can somehow be networked to do that. Then again as we approach the end of Moore’s law (as expressed in terms of integrated circuits) massively scaling the number of chips may actually be the future of mining.
21 have their own chip. it is an ASIC. The instruction sets for these markets and such are intended to be built into the core of the chip, not dissimilar to x86 instructions sets or w/e.
It’s not actually. Here’s an article written by the people who run 21. I suggest you do a little more research.
“How will Internet of Things (IoT) devices pay for the remote services they use? Will people use their credit cards to separately sign up for a hundred different services from a hundred different providers? We don’t think so.
Instead, we think that devices will pay on demand for each service they use. More importantly, we think the devices can themselves earn the money — in bitcoin — necessary to pay for those services.”
He is hilarious. When he challenged me to provide estimated earnings for the 21 appliance, I gave him a link (above) which was a review of the appliance with the chip.
Of course arguments and proofs don’t mean anything so he again asked the same question.
