It's interesting, but I'd really like to see the paper expand more on the node/identity.

What's stopping me from writing software that floods the network with hundreds of thousands of identities, all under my control?

Firstly, this thread isn't a poll, and it has no closing day.

Secondly, I'd like to think that my lack of authority in this forum/community does not detract in any way from the logic of my argument.

My argument is here, and it will stay here. It may be forgotten tomorrow, but it might also be revived in the future, such is the wonder of web-search.
After all this forum is no stranger to the revival of 2-year old threads!

I did say (emphasis added now) :


And at the end:


The point of my post was not really to suggest KSS as a name. It was to ask if a name existed and if not, then why it is badly needed, because it's the unit that is equivalent with USD in terms of subunits (both with 1000 subunits). I could have written XXX instead of KSS. So let me rephrase it in those terms:


The community needs to:

• work out a name for XXX
• stop talking about a 21 million BTC limit
• start talking about a 2.1 trillion XXX limit
• stop talking about 1 BTC being valued at hundreds of US dollars
• start talking about 1 XXX being valued at a fraction of a US dollar

Looking forward to enlightened rebuttals.

I guess the answer is: there isn't one!

So let's take ThePurplePlanet's suggestion and call it temporarily KSS (kilo satoshi, but you can pronounce it 'kiss')  

1 KSS = 0.00001 BTC

Given the current BTC/USD price of $949.35, it means 1 KSS is worth $0.0094935

So next time someone new to Bitcoin raises the issue of limited supply and inflated price I will compare apples to apples (or dollars to kisses ) and point at the fact that there will be 2.1 trillion KSS (nearly double of total USD) in circulation and that currently 1 KSS is worth less than a US cent.

Today you're not just buying 1 BTC for $949.35, you're buying 100,000 KSS, and a $4 coffee costs 421.340 KSS.

Now tell me that we don't need a damn unit name for a KSS!  

When people new to Bitcoin talk to me about the 21M limit in BTC, I normally explain how it can be divided up to 8 decimal places, so the real limit is much hight than 21M.

However it would be nice to just say exactly what the limit is when compared to USD.

1 USD is divided in 1000 subunits (Mills - used in financial transactions), so it would be logical to also keep 1000 subunits and refer to a total limit of 2,100,000,000,000.000 <unit>

The problem is that I can't find anywhere the unit name (<unit>) to be used in this case. Anyone?

Edit: And please no kSatoshi-style answers please 

Was about to reply "me too" and just now my wallet client pops-up the notification that my bitstamp transaction arrived (after a 3 hour delay). Yay!

*Only* 2 major mistakes:

1) May 2011: Found out about Bitcoin. Received BTC .02 from the faucet. Did not invest in mining hardware.

2) April 2013: Invested in mining hardware (BFL) instead of just buying BTC.

Off-topic, but yes difficulty can go down. It adapts every 2016 blocks, to maintain the 1 block every 10 minutes average.

I'm happy to disclose a little about how much I have.

If you send some BTC to: 1Nj37LH84W4nxmCMFTLVi7z8bCDSCoqV6w

I will be guaranteed to have at least whatever you sent

In the case of my screenshot it's more about block timestamps being out of order.
If a block builds on its predecessor in the chain, surely its timestamp should be after the timestamp of the predecessor.

Then again, I've just read about a block whose timestamp was "in the 1970s", so I guess the block timestamps do not need to follow chronologically.

So I guess with the rapid increase of hashrate, these out-of-order block timestamps will be more common just before dif is ajusted.

You think that's weird?

Check this out:



According to blockchain.info blocks #271704 and #271705 are both slightly older than #271703

Hmm...

Funny, I've been reading these forums for months, yet had never felt the need to register and post. If I'd known about the newbie jail, I'd have posted something a long time ago.

So, let me throw out this crazy half-baked idea (simply for the purpose of newbie jail breaking, so please go easy with the criticism):

For generating new coins, instead of proof-of-work, why not proof-of-life, where a unit of currency (lets call it a "Apostrophe" or "Apos" for short) is generated for every minute that a person is alive. The idea is that you will earn Apos as you live. You can claim your already lived but unspent Apos by registering yourself with a trusted 3rd-party that checks your birth certificate and issues you with the appropriate amount of Apos, which goes on the block-chain under one of your addresses (you can have many, as with Bitcoin). You can then spend those Apos any way you would a Bitcoin. New Apos accrued can be claimed periodically, again requiring that you approach a trusted 3rd-party and prove that you are who you say you are and, well, prove that you are indeed alive! Those new Apos can then be added to your wallet. As for double-spending you can rely on proof-of-work/proof-of-stake hybrid which has already been widely discussed in other threads.

For added craziness, each Apos (and their sub-units) can have a multiplier value attached to it that decreases with the "age" of the Apos. So not every Apos is equal, and old Apos are less valuable than new Apos. Perhaps an Apos that is 100 years old (i.e. that represents a minute of life 100 years ago) is said to have expired, and is removed from the economy. When you transfer a set amount to someone, the actual number of Apos transferred will be a function of their real value (having into account this multiplier).

Anyway, crazy idea I know. At least I hope it earned me a newbie jailbreak card!