Can someone distill this down to a short paragraph about what mining is with respect to video cards?
ok... Looks like a long read to capture the gist of what's going on... Just looking for a very high level of understanding... Sounds like: use collective power of masses to process bits of electronic data to some end goal... And the vested interest in the electronic data processing end goal (a company) pays people to use their GPUs for whatever processing time they (the company) uses? Getting warm or missed the boat?
Work is done on GPUs because latest work algorithms are designed to avoid the centralization of mining by large pools of ASICs: like Bitcoin and SHA-256.
probably written by people without large pools of asics.Why is this? If ASICs can get the work done quicker than GPUs, why are they trying to avoid them?
Why is this? If ASICs can get the work done quicker than GPUs, why are they trying to avoid them?
To add to other's replies, the intent of proof-of-work system is not make work as fast as possible. The "work" should be difficult to compute, but easy to verify.Why is this? If ASICs can get the work done quicker than GPUs, why are they trying to avoid them?
I feel that you are getting there, but also missed it. In a Bitcoin (not for GPUs) perspective:ok... Looks like a long read to capture the gist of what's going on... Just looking for a very high level of understanding... Sounds like: use collective power of masses to process bits of electronic data to some end goal... And the vested interest in the electronic data processing end goal (a company) pays people to use their GPUs for whatever processing time they (the company) uses? Getting warm or missed the boat?
That was fascinating. I've neglected researching how crypto currencies work for far too long. This was very helpful. But what about privacy? Correct me if I'm wrong but doesn't a decentralized system like this mean that every transaction is public for everyone to see and as such, every shady govermental agency's wet dream?This is the best explanation I've seen, if you can spare 25 minutes.
It's not like you put your name behind the transactions. Only thing known about you is your history of transactions. The person who owns it is a mystery.That was fascinating. I've neglected researching how crypto currencies work for far too long. This was very helpful. But what about privacy? Correct me if I'm wrong but doesn't a decentralized system like this mean that every transaction is public for everyone to see and as such, every shady govermental agency's wet dream?
Up until the point when you try to convert it into actual currency such as US/EU. Or you can be tied tangentially if you buy something with crypto and have it shipped to your address.It's not like you put your name behind the transactions. Only thing known about you is your history of transactions. The person who owns it is a mystery.