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If you had such a miner, you would be awarded a large proportion of the coins mined in the future. These coins are part of the 21 million capped supply of Bitco

If you had such a miner, you would be awarded a large proportion of the coins mined in the future. These coins are part of the 21 million capped supply of Bitcoin, and this would not be secret as everyone would be able to see your activity. All you will do is speed up the rate at which the cap of Bitcoin is reached. No unlimited printing is possible. I have no idea where 'counterfeit miner' even comes into this. If you're the best at mining, you get the most coins. That's not controversial, it's a decentralised system, who would even be deeming you counterfeit? Were the first ASICs 'counterfeit'?

dheera 5y ago
> If you're the best at mining, you get the most coins Exactly, so I'm demonstrating that Bitcoins are printed out of thin air by doing some arithmetic. The fact that a concept of "counterfeit" doesn't even exist demonstrates that ALL of them are printed out of thin air. You don't need to pan for gold, you don't need to save a kitten, nothing. All you need is to punch some numbers into a GPU or ASIC and voila you have thin air printed Bitcoin. As opposed to USD, where the person who has the most coins isn't the one who can print a physical dollar bill most efficiently. There is a notion of counterfeit, there is centralized governance, and thin air printing is not allowed at the threat of arrest by that governance.
- bidirectional 5y ago
  If there's a hard 21 million coin limit, I don't really see it as 'out of thin air'. There are 21 million Bitcoins that have and will ever exist. It's no more printing from thin air than pulling gold from the ground is. Besides, why is panning for gold or saving a kitten fundamentally any different? A difficult physical process must take place, the fact it happens to be digital does not make it magic, despite how complex these devices may seem.
kmonsen 5y ago
Well if you are much, much better at mining you can just fork it and take all the bitcoin? A side effect of this is you only need to be much better at mining for a short time.

dheera 5y ago

> If you're the best at mining, you get the most coins Exactly, so I'm demonstrating that Bitcoins are printed out of thin air by doing some arithmetic. The fact that a concept of "counterfeit" doesn't even exist demonstrates that ALL of them are printed out of thin air. You don't need to pan for gold, you don't need to save a kitten, nothing. All you need is to punch some numbers into a GPU or ASIC and voila you have thin air printed Bitcoin. As opposed to USD, where the person who has the most coins isn't the one who can print a physical dollar bill most efficiently. There is a notion of counterfeit, there is centralized governance, and thin air printing is not allowed at the threat of arrest by that governance.

bidirectional 5y ago
If there's a hard 21 million coin limit, I don't really see it as 'out of thin air'. There are 21 million Bitcoins that have and will ever exist. It's no more printing from thin air than pulling gold from the ground is. Besides, why is panning for gold or saving a kitten fundamentally any different? A difficult physical process must take place, the fact it happens to be digital does not make it magic, despite how complex these devices may seem.

kmonsen 5y ago

Well if you are much, much better at mining you can just fork it and take all the bitcoin? A side effect of this is you only need to be much better at mining for a short time.