In mining, we trust.
In mining we trust. On the side of the US $1 bill it says "In God, we trust". Because money is all about trust. Trust that it's real, trust that it will remain at a similar value for the duration of the transaction at least, trust that the products are represented honestly. In the past trust that the paper was redeemable in gold, and more recently trust....
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Trust is a component in both gold currency and Bitcoin, although working in two fundamentally different ways. With gold, trust is almost always required, be it in mining, minting, or banking. On the other hand, with Bitcoin, mandatory trust only enters the equation with a centralized mining network. All other trust requirements with Bitcoin occur when an individual voluntarily gives a company or other person control over his or her coins. However, contrary to popular belief, Bitcoin’s trustless nature does not necessarily make it a winner over gold when it comes to trust. If Bitcoin mining....
As more demands are placed upon us, human nature naturally takes the path of least resistance, maybe starting to cut corners and eventually something bad happens. When running mining rigs producing £80.00 / $120 a day each, any impact normally means a financial loss. Diagram describing how a mining network inter operates with other networks. When you look at how a typical mining infrastructure fits together, you get a high level architectural picture similar to the one on the right. Reviewing the diagram, the picture becomes clear out of five potentially joined networks a Miners'....
Cloud mining, according to some, is one of the most profitable ways of investing online. Many users are aware of such opportunity and actively use it. Others think that ‘making money from nothing’ is nothing more than fraud. As always, the truth lies somewhere in between. Cointelegraph has looked into the issue of trust to find out why is there such a distrust for cloud mining and how should one approach this technology in a safe way. Trust issues. Like any other investment area, cloud mining presents certain risks. To begin with, there’s no country where cloud mining is regulated by law.....
Two cloud-mining sites, Hashie.co and LTCGear have seemingly up and vanished. While LTC later reappeared, no payouts have been received and the website is bearing no further details. Cloud-mining is always a risky business, as it involves others mining bitcoin for you. Many who don't fully understand cryptocurrency look at the process as a positive action in the sense that they can reap the rewards without performing the "labor." With that said if you can't trust yourself to get things done, who can you trust? Several cloud-mining platforms have been revealed as defective or as hidden....
Three weeks ago, Tyler and Cameron Winklevoss announced the formation of a new trust, Bitcoin Water Trust. A trust whose aim is to bring drinkable water to people who do not have access to it. The Winklevoss twins announced the launch of the trust in Miami earlier this year. The unique model for the trust […]