Read on Twitter
Installing a full bitcoin node.
Part Deux.
Part Deux.
I'm continuing this thread here, because the other one became extremely long.
Plus today is a new day (where I am), so why not.
For reference, here's a link to part one: https://twitter.com/EdVanDerWalt/status/1340389909408993281?s=20
Plus today is a new day (where I am), so why not.
For reference, here's a link to part one: https://twitter.com/EdVanDerWalt/status/1340389909408993281?s=20
Quick recap, about 12 hours ago, I started installing a full bitcoin node on a Windows machine, using the instructions from http://Bitcoin.org .
The software was easy to install. The blockchain is taking a while to download, though.
Currently at 58%.
The software was easy to install. The blockchain is taking a while to download, though.
Currently at 58%.
This has been a great learning experience for me, and the community has been great at answering my dumb questions.
Oh, and we're now using a new clock for the timestamp -- via the Bloomberg Terminal!
Oh, and we're now using a new clock for the timestamp -- via the Bloomberg Terminal!
One thing I have noticed, and I don't know if this is by design, but just as Bitcoin becomes exponentially more difficult to mine, it seems to become exponentially slower to download as time ticks on.
I don't know if this is my ISP capping my download limit, but the longer we go on, the longer the progress meter says it will take...
While we wait, here's a great article on why one might want to install a full node -- apart from the learning experience.
https://medium.com/coinmonks/how-to-run-a-bitcoin-full-node-in-6-simple-steps-a243189a5750#:~:text=A%20full%20node%20is%20a,fostering%20the%20growth%20of%20Bitcoin.
https://medium.com/coinmonks/how-to-run-a-bitcoin-full-node-in-6-simple-steps-a243189a5750#:~:text=A%20full%20node%20is%20a,fostering%20the%20growth%20of%20Bitcoin.
Oh, and a bunch of people have asked me "Why" -- will the honest answer is: "To learn".
But.
It was a consequence of something I said on TV.
In this interview, I said miners have the power to change the max number of bitcoins. https://twitter.com/EdVanDerWalt/status/1339569119235076097?s=20
But.
It was a consequence of something I said on TV.
In this interview, I said miners have the power to change the max number of bitcoins. https://twitter.com/EdVanDerWalt/status/1339569119235076097?s=20
The community set me straight.
In fact, a few people referred me to this article, which I highly recommend anyone on this journey takes the time to read... https://medium.com/hackernoon/bitcoin-miners-beware-invalid-blocks-need-not-apply-51c293ee278b
In fact, a few people referred me to this article, which I highly recommend anyone on this journey takes the time to read... https://medium.com/hackernoon/bitcoin-miners-beware-invalid-blocks-need-not-apply-51c293ee278b
It is NOW my understanding that it is not the miners who control the algorithm, but the people who control the nodes.
Well, we're two-thirds there.
66.66%
And it says another 8 hours. But I've come to look at that time indication as an interesting joke. It's been a pretty solid indicator of how long it's NOT going to take.
66.66%
And it says another 8 hours. But I've come to look at that time indication as an interesting joke. It's been a pretty solid indicator of how long it's NOT going to take.
It has taken about 14hrs and 53 mins to get here.
Any more great material I should read while I wait?
And while we wait...
Here's part 1 of a conversation I had with @flacqua on Friday.
I fully accept that many in the bitcoin community will disagree with on one point -- but I think that's mainly due to a difference in our definitions of what a store of value is.
Here's part 1 of a conversation I had with @flacqua on Friday.
I fully accept that many in the bitcoin community will disagree with on one point -- but I think that's mainly due to a difference in our definitions of what a store of value is.
...and part 2.
In which she asks, is it too late to get in?
In which she asks, is it too late to get in?
You know when you were little, and you're driving in the car on holiday, and you ask your dad: "Are we there yet???"
That clock at the bottom, that now reads six hours, reminds me of the total-bitcoins-in-existence chart.
Asymptotically approaching, but never quite reaching, completion.
Asymptotically approaching, but never quite reaching, completion.
Timestamp.
Shall we run a betting pool for when this completes?
I say Midday, GMT, Monday Dec 21, 2020.
Shall we run a betting pool for when this completes?
I say Midday, GMT, Monday Dec 21, 2020.
And in case you were wondering, I've been working while we were doing this...
Hello, we're into this year's transactions now!
And we're into April.
Worth remembering that bitcoin was below $7,000 then.
Worth remembering that bitcoin was below $7,000 then.
Creeping closer. We may get there tonight. Or we may get there in the morning.
In the mean time, Where's the best bitcoin forums/discussion boards/hangouts?
In the mean time, Where's the best bitcoin forums/discussion boards/hangouts?
OK, I take it back, THIS is the decisive read on why almost everyone should run full nodes.
https://en.bitcoin.it/wiki/Full_node
Via @Cipherhoodlum
https://en.bitcoin.it/wiki/Full_node
Via @Cipherhoodlum
98.22%, and just 5 weeks behind current transactions -- the current rally was already well underway.
I'll be in bed when it happens.
Check in with you all in the morning.
I'll be in bed when it happens.
Check in with you all in the morning.
And we're done!
It took more than two days to complete, but I have my very own Bitcoin node.
Thank you for sticking with me, everyone.
This has been a great learning experience!
It took more than two days to complete, but I have my very own Bitcoin node.
Thank you for sticking with me, everyone.
This has been a great learning experience!
