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Hey guys kinda new to this bitcoin mining thing but i have the oppurtunity to purchase an antminer S9 for what i believe is a very low price, is it worth it and how hard will it be to set up, power consumption is not an issue for me
[FS] [US-TX] Downsizing my lab, Dell PowerEdge R610's, MD3000, and Equallogic Array... plus more! [Local Pickup Only]
I am in the process of downsizing my lab/house, and have a few items for sale/free to a good home. All prices are in $USD, and no shipping requests please. Local pickup only, as most of this is too expensive to ship.
This is my rough idea for a Bitcoin change that would allow for a bit more fraud protection. I might write up a BIP later if I get around to actually nailing it down. For those unaware, the Universal Scammer List (USL) is a page dedicated to keeping track of the usernames of scammers on Reddit. Basically, if you want to conduct a transaction with someone on Reddit, you should first check if they're listed as a known scammer. My idea is to do the same with Bitcoin addresses. A decentralised database of blacklisted addresses would be kept by anyone running a full node. Any funds in the blacklisted addresses are deemed worthless. For example, address A gets listed for hacking into an exchange and stealing coins. Any funds held by address A would be deemed worthless. If they send 10 BTC to address B, then the network would remember that address B has 10 BTC that is worthless. If address B originally had 5 BTC and was sent 10 BTC by address A, they would have 15 BTC, but the bottom 10 BTC would be deemed worthless. If address B sends 2 BTC to address C, then C receives 2 good BTC and B is left with 3 good BTC and 10 blacklisted BTC, but if B sends another 4 BTC to address D, then D would receive 3 good BTC and 1 worthless BTC, and the network would now remember that D has 1 worthless Bitcoin. Therefore, before accepting the transaction as payment for something, they would have to check to make sure that they are not receiving worthless blacklisted coins. Miners could also choose to selectively refuse to mine transactions involving blacklisted BTC because any miners' fees collected from such a transaction would be blacklisted as well. This could mean someone trying to send blacklisted BTC is essentially broadcasting a transaction with a 0 sat/byte fee rate, meaning their transaction would probably be stuck in the Mempool for quite a long time, if not forever if miners refuse to mine it. Whenever someone wants an address blacklisted, they would announce it to the public via any mechanism, and anyone keeping a full node can decide whether or not to blacklist the address. Therefore, anyone who disagrees with the blacklisting is free to accept the coins at face value or mine them into a block. If you don't agree with the evidence presented, then you are free to not blacklist them. Therefore, contested coins would only be accepted as valid payment by those who think the coins should have never been blacklisted in the first place. This system would not be meant to help every single person who gets scammed with Bitcoin, but it would discourage large scale wholesale Bitcoin fraud. It would be ridiculous to expect all full-node maintainers to become arbitrators of all disputes, and consensus would never be reached on half of the transactions being processed. Node operators would also ideally not have to remember as many transactions involving blacklisted coins because miners would refuse to mine them (transaction fees collected would be in blacklisted coins), meaning they'd be stuck in the Mempool for long periods of time, reducing the speed at which they can be moved around, if at all. So the ledger of blacklisted coins would not have to be updated extremely often. Blacklisting would only happen for really big scams involving tens or hundreds of Bitcoin, like if an exchange got hacked or something. Scams have effectively less than an hour to be discovered. 10 minutes for the deposit into the address in question, and more, depending on how many block confirmations something must have before others will accept it for transactions sell goods for it. Therefore, if a merchant requires 3 block confirmations, then they would give 40 minutes for the address to be blacklisted. If the buyer's address is blacklisted before the transaction to the merchant gets 3 block confirmations, the merchant would realise they've been sent blacklisted coins and not ship the goods. 40 minutes isn't a lot of time, but it's better than nothing. This has the additional effect of encouraging people to wait for more confirmations. For low-value transactions, the risk is nominal because even if you were sent worthless coins, you're probably only out the price of a coffee. But if you're selling a house, you might want to wait for even more block confirmations. Money sent around too much could be deemed "too late to blacklist" if there is a risk that it would result in too many innocent people's Bitcoin getting blacklisted. This system doesn't refund the Bitcoin of victims, so poor security practices would still be punished by a loss of coins, but criminals would not be rewarded for their efforts either. The lack of reward (or the risk of a lack of reward) would hopefully make people less inclined to try and pull off the type of big scams that are giving Bitcoin a bad reputation!
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