"using blockchain technology" does not mean they will use bitcoin. Its possible to make a transaction that is storing any infromation instead of specific bitcoin money moving information though.
Exactly: they are NOT using the Bitcoin blockchain. So, there must be a reason. The reasons is: its expensive. Depending on the method you can store 80 bytes per transaction (OP_RETURN) and have to pay the needed fee or you will get a transaction that can never be spend[1]. [1] https://bitcointalk.org/index.php?topic=524877.0But you could upload only an hash that marks a document: the document could be offline, and you could still match that hash with the document. If the document changes, the hash would prove it's not the same document. This would be a lot cheaper. |
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"using blockchain technology" does not mean they will use bitcoin. Its possible to make a transaction that is storing any infromation instead of specific bitcoin money moving information though.
Exactly: they are NOT using the Bitcoin blockchain. So, there must be a reason. |
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So if in the next hour 1 million people want to timestamp something in the next hour, they can? No problem would arise?
Timestamp what? What would they be including a timestamp on? Anything. Photos, PDF, videos. If there is no limit, can you explain to me why these people are launching this service? https://uproov.com/index.php |
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It may be how you say, but for the sake of clearness I repeat: I've READ that there IS actually a limit on the quantity of information that can be stored per day or per block, can't recall.
There is a block size limit, if that is what you are talking about. The current limit is 1Mb per block. However, sorry to contradict you (even though I may be wrong) but each block has a limit size, for what I know, so only a limited quantity of info can be stored in it.
Yes. See above. It has nothing to do with timestamps though. The block header has some bytes (IIRC 4 bytes) reserved for a UNIX timestamp. So if in the next hour 1 million people want to timestamp something in the next hour, they can? No problem would arise? |
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What do you mean by x quantity timestamping? The only place that timestamps are used are in blocks, but even that timestamp doesn't even matter. It is only used for recalculating the difficulty, so there isn't a limit on that.
It may be how you say, but for the sake of clearness I repeat: I've READ that there IS actually a limit on the quantity of information that can be stored per day or per block, can't recall. However, sorry to contradict you (even though I may be wrong) but each block has a limit size, for what I know, so only a limited quantity of info can be stored in it. |
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A while ago I've read that only X quantity timestamping can be written into the Bitcoin Blockchain per day (or per block? can't recall). I would like to know what are the exact limits, as I can't find them anymore after 1h search  |
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No need to quote it all, man  I'll let mods decide if this is the wrong board... surely it's not anything technical... or is it? |
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Bitcoin will become a miner oligarchy, I`m fine with that, but i think this is not satoshi's true vision of bitcoin.
It's possible but I wouldn't be so sure about that. There's a roof that is not being useful to pass about spending on hardware to mine Bitcoin. On top of that, mining hardware will slowly become too expensive, and mining itself as well for electricity consumption. And last but not least, there will come a time when no more BTC will be available to mine. People will mine only for fees, it will be distributed. |
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People fall into two categories:
the ones who own Bitcoins,
and
the ones who will only own some Satoshis.
/ Saint Bitconio, ca. 2009 D.C. |
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There's no specific date, as the halving roll occur on a certain block number, and blocks are not mined exactly the same time apart, some are seconds apart. The most accurate estimate we have right now is somewhere between March and July 2016.
However, as you can have a block mined seconds apart from another one, you can equally have a block that will require more time later on. The AVERAGE TIME to mine a block is calibrated with each difficulty adjustment, you can't escape that. On this basis, we can take the overall number of blocks generated up to now and calculate the average time of coin mining. As you can see here, the difficulty adjustment doesn't mistake: the production is linear, no matter how much hashing power has been put into the system. So the July estimate is pretty close, surely not by the day, but also surely won't bee one or two weeks earlier than the estimated day. |
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yes we can say the usual "it was at first done by manipulators then fish come in to be sucked into it", but sometime i believe that a simply small demand can evolve into a bigger one
Call them fish, call them sheeps... same for me  |
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The halving day will be earlier than expected, as the hashing power keeps on increasing. The latest increase was 8.7%, the next one is estimated to be 8.3%.
Another one that can't understand how it works. Let's try to be more clear: 1) hashing power increases 2) THEN COMPUTATIONAL POWER REQUIRED TO MINE INCREASES AS WELL If they cut mining times now by 50%, they find themselves with mining time INCREASED at next DIFFICULTY ADJUSTMENT (this should hint you something) so much that they will not earn more. Essentially, hashing power increase is just to overthrow competition. |
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if everyone expects a price surge its guaranteed to plummet right? lol
no, everyone was expecting it for litecoin and it happened, with bitcoin it's even more sure that it will happen the real question is when? On the block number 420000, the halving will occur from current 25BTC to 12.5BTC generation. Litecoin almost got 6 fold surge at the time of it's halving. I too believe bitcoin prices also will go to unimaginable levels on this halving. Wishful thinking ! When litecoin halved nothing actually happened. The pump happened as a result of a chinese ponzi scheme. the pump that happnened prior to the halving(the x10 one) was because of the hype around the halving, it did not occur the same date of the halving, because it is not how it work with the halving, is not a dating or something, it can happen around the halving that's it However, the pump of an altcoin like Litecoin could have happened... by mandate. Why in hell would so many people buy Litecoin just because the block halving is coming? Doesn't make sense. Somebody started the downhill roll, and sheeps followed. |
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...
We are back from a long trip to India and Nepal. If wanted I can share pics with those interested.
I see that "not much" that I can see has happened in "Bitcoinistan" since I left.
I will mention that NO ONE has heard of Bitcoin save ONE person in our tour group (18 of us total).
Bitcoin may be BIG in China, but not in India (certainly not Nepal, now under a fuel embargo by India -- complicated).
India IS progressing faster than I woulod have guessed, they have seen the light re infrastructure (and other things to advance, you know, things like economic freedom, etc.) and of course a relatively tranquil democracy. But, BTC ain't ready for primetime there. Pity.
Populations that need Bitcoin more are the same who have more difficulties in adopting it, for several reasons: first, illiteracy, doesn't allow them to open their mind and accept that money can come in different configuration than dirty paper and coins, second, poorness, not everybody can have a smartphone or a pc, they have other priorities, like eating But things are moving in India as well as in Africa, and when the Bitcoin Bang will begin, mainstream adoption in poor countries will happen not so later than in the rich ones. |
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Is it safe to keep all of my assets in Bitcoins? And how Department for Combating Economic Crimes, can affect my account? What permissions they need , to freeze all my money ?
If you don't give them the password, they can't freeze your money  That's an effect of Bitcoin: you are not slave to banks, nor to governments |
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If bitcoin halving doesn't happen on exact date than how bitcoin clock calculate the exact date 2016-07-22? Quite confusing to understand this one. It is supposed to happen on july next year as i know from long time ago.
However, the hashrate would probably increase for every difficulty period right now and the blocks will be slightly faster. Overtime, the estimated time will decrease due to the shorter block intervals during each difficulty periods. The truth is, the average is 10 minutes, but its common to have block solved in like 1 minute. And it's a matter of "luck", not because the total hashrate increased. If you have blocks solved in 1 minute, that can last only for at max 2 weeks, because then difficulty calibration kicks in. If blocks are 1 minute apart, the difficulty adjustment will be in 1.4days. The difficulty adjustments is based on number of blocks, not time. Cool, but that's just a detail: the important thing here is to understand that the mining of BTC is set to happen in a certain way, inflation is regulated, and there's the difficulty adjustment that takes care of increasing computational power, so the inflation curve can only be tricked for around 2 weeks... oops, for around X number of blocks, then it will be leveled again. |
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If bitcoin halving doesn't happen on exact date than how bitcoin clock calculate the exact date 2016-07-22? Quite confusing to understand this one. It is supposed to happen on july next year as i know from long time ago.
However, the hashrate would probably increase for every difficulty period right now and the blocks will be slightly faster. Overtime, the estimated time will decrease due to the shorter block intervals during each difficulty periods. The truth is, the average is 10 minutes, but its common to have block solved in like 1 minute. And it's a matter of "luck", not because the total hashrate increased. If you have blocks solved in 1 minute, that can last only for at max 2 weeks, because then difficulty calibration kicks in. |
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Halving is good, I say. / |
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Whooptiedoo.... and it's as fake as it's always been...
How can you fake it when there's more exchanges in the world? |
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I don't think it's the greatest indicator, especially as you zoom out. I do think what you're saying is true for very close to the Mid but otherwise it's not very reliable. Also, I'm pretty sure what you're calling SELL is actually the Bid side (represents buyers) and the Ask side is actually the SELLers.
Uh I don't know the exact terminology, but sellers are half of buyers. There's an excess of demand in factor of around 2:1. |
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