I saw a post saying that for 50BTC you could encode something like 300K into the chain (encoded in the to address, the coin would be lost since those addresses don't actually exist). Then just about everyone running the software would be felons.
I was thinking that this is a possible way the government could "take out" Bitcoin.
I don't think so much information can be encoded into just ONE address, is there a way of putting multiple addresses into the generated block ? Anyway, only the person who put the porn in the chain can be treated as responsible, which makes rest of us innocent. I think just any court would see this as obvious. The software is not even designed to send files between participants... This is a clear case to me. |
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OMG! I developed a whole web site for exactly this puropse a month ago and nobody uses it. I didn't do a very good job of promoting it, I have to admit: www.bitswap.cz.ccI told You already what is wrong with it, this website is terrible and untrustworthy. Looks very unprofessional. Looks unprofessional? Looks crappy to be precise. |
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You see ? Told ya. Definately not enough  Let's just say it's an other reason always to use a different address for each transaction. So that in case of a collision, you won't loose all your wallet. I wonder how difficult would it be to make the number of possible addresses something like 10 ^ 200. |
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Seriously, like a banker actually worries about every 1 in 10^100 possibility. Bankers are comfortable with at ATM password of length four digits. If someone finds a card in the street, that gives them a one-in-3333 chance of being able to get money from the card (because you get three tries to enter the password). By comparison with that, atom-in-universe risks are not worth considering. Well, to be fair, the number of atom in the universe (10^80) is not a good comparaison. I just checked, and the total number of addresses is actually much lower. It's about 1.5*10^48, according to theymos. It's a huge number, but not as huge as 10^80. I'll see if I can find an other physical comparaison. You see ? Told ya. Definately not enough |
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Bankers and traders deal in risk everyday. They're perfectly well versed in the theory of probability and expected value.
I guess there are people on this forum that are good in maths too. So let's compute this. Let's say 10 billions of human beings are using bitcoin and that each of them generate a new address per second, 24/24h, 7d/7. How much time do we have to wait so that we have 1% chance that at least one address has been generated twice ? That actually depends on the algorithm. Because if the algorithm used to create the addresses does not have enough "randomness" in it, then such event may occur much faster, than it should judging from probability. |
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Would a brand new i7 computer, with a gpu, PAY FOR ITSELF in Bitcoin generated (right now)?
Not even a chance, unless you wait long long time before selling the bitcoins You generated. If the difficulty will rise in the speed it is currently rising, then Your income will halve approximately every 2 weeks... Also, as said previously, CPU generation is currently pretty useless. The only thing that produces enough coins per watt is GPU miners - specifically ATI/AMD GPU miners. |
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I was going the create a virtual machine and install "fresh" gentoo on it, but i didn't have a lot of time lately.
I have a super-long weekend now, so i guess i will try to fix it till sunday.
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BTW, How does Bitcoin make sure that every generated address is unique ?
Is it just at random + seed, so there is a theoretical possibility of collision one in a billion billion times ?
Collision is theoretically possible but is astronomically unlikely. Remember that there are much more addresses than there are atoms in the universe. If two people were randomly choosing an atom in the universe, how likely do you think they are to choose the same atom ? Not really, but i still don't like it. I am a programmer and i what like more are 0 and 1 states: either it is possible or not. So "impossible" is much more interesting for me than "so improbable that almost impossible". PS. Bankers also won't like the "highly unlikely" thing. |
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Not really. The "limiting" factor, if this makes any sense, is rather the number of transactions. Too many transactions could make too a big block chain for disk storage. But the use of Merkle tree makes it unlikely to be a problem.
As for the total number of possible addresses, it is much bigger than the number of atoms in the universe.
BTW, How does Bitcoin make sure that every generated address is unique ? Is it just at random + seed, so there is a theoretical possibility of collision one in a billion billion times ? |
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This step actually does the disconnection. I am assuming the send address, as values differ the addresses used for sending should be different from the ones used for receiving. Did I understand this wrong?
And yes, a user can carefully do this without a proxy, but we know how many will do that...
You can see him send the BTC to internal addresses. Someone looking at the block chain will see A send to Y, Y send to a few addresses, and all of those addresses send to the destination. You can only completely remove identities from transaction histories if you use someone else's coins: A sends to Y, and some other address sends to the destination using coins not gotten from A. I like this solution better: Just toss all the bitcoins into one bag, randomize the receivers, and send random coins to random people (but with correct amounts) while making sure the coins of A (sender) don't go to B - use coins of somebody else. However the problem with that is that there have to be some extra coins always avaiable in the "proxy bag". So perhaps some temporary period should be applied, like 1 hours, giving the proxy time to collect right amount of coins. Or the proxy can have some extra deposited coins for this occasion. |
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https://lwn.net/Articles/414452/I clicked a link to read a bitcoin related article and I was blocked by a paywall. I thought it was funny that someone wrote an article about bitcoin without realising they could be paid in bitcoin!  It is a timed paypwall - the article will be avaiable in 1 week. I would have paid them bitcoins to read it now.... Yeah, somebody should convince them to accept bitcoin... |
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Well,they can try. The problem for people who control things through having bigger guns is that you cant shoot bittorrent.
They can't shoot bitcoin or bittorrent itself, but they can discourage big buisnesses from accepting bitcoin. And that can easily hold mainstream adoption even for tens of years. They (governments) are very good in this particularly. Large companies such as Google, Microsoft, Wal-mart etc are very susceptible to government regulations. |
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Since there is nothing more to say here, i'm locking the topic.
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Since the idea of motivating local stores to accept bitcoin is IMHO pointless, i have another proposition which could work in the close future (1 year):
Motivating big currency exchangers in centres of major cities to accept internet currencies: Bitcoin, Liberty Reserve, Pecunix and such.
Because those companies are already into "currency buisness", they may be much easier to motivate to use electronic currencies, than local stores.
After people could exchange money for bitcoin on their street, perhaps it will be much much easier to motivate markets/supermarkets/shops to accept bitcoin.
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https://lwn.net/Articles/414452/I clicked a link to read a bitcoin related article and I was blocked by a paywall. I thought it was funny that someone wrote an article about bitcoin without realising they could be paid in bitcoin! It is a timed paypwall - the article will be avaiable in 1 week. |
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Lets hope they come to their senses. I am starting to hear bitcoin mentioned in different podcasts now.
Can you name some of that podcasts ? BTW, nonagendamarket, I wonder where do You get all the info about new articles about bitcoin ? Do you just google bitcoin regularly, or is it something more ? |
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Bitcoin makes it possible to secede from government. They dont like it when the slaves do that. Why do i feel more and more convinced that the internet era will end governments in the form we know them ? |
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Well, they already claim that something like "exchanging information about whereabouts of data" (BitTorrent sites) is illegal, so why not this ? I see no large difference.
Exchanging information about the whereabouts of data is not illegal anywhere, as long as the data is legally acquired and distributed. It's very much the same with any goods. Actually, if i tell you that "there is money in the safe of bank XXX", that is information about whereabouts too. The same if I tell you that there is some heroin (which is itself illegal) in the police storage facitilities. And all that informations are legal, the same as bittorrent should be legal, because it is only information about whereabouts of other information, which logically should be NEVER illegal. But the governments together with media industry are trying hard to make BitTorrent (and all P2P in gerneral) illegal, in spite of obvious idiocy of such doing. |
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down to 968724 USD )-;
Too much speculation. ~0.20$ is the real current value. The rest is speculation. |
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How do you know someone already hasn't start a new chain with a new genesis block, and are just making sure that they have the first million new coins before they take it public and advertise the shit out of it?
OK, but how does it relate to the topic ? |
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