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If I walked into a cafe where nobody knows me, got a coffee, and sent some BTC using a personal wallet - don't you think the owner would want to wait for confirmation before letting me leave? Wouldn't I have to wait at the door for 10 minutes awkwardly holding my coffee?
That's the point I'm trying to make.
No. Once a transaction is in the network (less than a few seconds - usually less than a second it will have reached a vast majority of the network, if not all of it), with a fee and no other problems, it will confirm and a double spend would be rejected by the majority (or all) of the network. Plus the cafe operator would likely be informed of the attempted double-spend. And for a cup of coffee, the cost of a double spend (if even possible) and other attacks would far out-weigh the reward. The repeated "bitcoin transfers are too slow" comments are from people who either are uninformed about the bitcoin network or are purposefully trolling. There are hundreds of threads discussing why this is a misconception. (Plus as others have said, there would likely be video evidence of who you are in the store so if you tried to steal the coffee, the police would get involved). |
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Just remember "There's Plenty of Room at the Bottom" and that goes for adding decimal places if needed.
I think everyone would love to have the problem of further divisibility, but it seems like quite a ways off.
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How can your username be Anonymous ?
It is anonymous because the original poster is gone. When Atlas was banned and deleted, it switched to "Anonymous". |
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Transaction times take less than a second, up to a few seconds. You can do an experiment yourself - just send a bitcoin from one address to another and see how long until it reaches the rest of the network (e.g. monitor the receive address on a site such as blockchain.info) - it happens practically instantly. Once transactions are accepted into the network with fees and no other issues (e.g. malformation) they will confirm in all but one in a billion circumstances. Double spends at that point are nearly impossible because they will be rejected. There have been hundreds of discussions about this so I won't recount them all here, but they will help increase your understanding.
Confirmations take longer, but for most day-to-day purchases aren't necessary. Perhaps for a non-trusted, no-recourse relationship for more than 10s of thousands of Euros, confirmations are important, but they are still much faster than wire transfers and the like. Waiting an hour or so for a 1 million Euro transaction to have 6 confirmations is like lightning compared to the alternatives. The alt-coins buy little with faster confirmations since their networks are less secure.
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A key logger is a good place to start as far as guessing what happened. Create things offline with a clean machine in the future. There are some good guides for doing so. Hello, The other day I checked my BitcoinQT software, because I wanted to check my balance, only to find that an unauthorized transaction had taken place for basically all the bitcoin I own... I had my wallet encrypted and everything. I have come to realize that someone somehow stole my BTC, I decided to come to this site to see if anyone could shed some light as to how my wallet was hacked. My BTC address is: 1LW3QuLxkyp92HGvMFio4eYY6puxmnGSDa and the thieves address is: 133tgZXxeJGnoWc467jStKTvj8PB1Hs9kS and the transaction ID is: f1223be531a8120c87c6d3696efd28c58f6e69964ae451957fd9c35391935135. They stole all of my BTC that I had been slowly mining and saving up. It's a small amount, 2.84 BTC, but it meant a lot to me to have at least some bitcoin. Now I have none.... It is disheartening the amount of malicious attacks that happen within the Bitcoin network, people are cold. Anyway, is anyone able to give me advice as to how this was stolen from me?  If I buy more bitcoin I don't want it to be stolen again, so I need to close the backdoor I left open for the thieve. It's scary to think that he got a hold of my encryption key, because It was intricate and would be difficult to just brute force, which leads me to believe that my keystrokes were being logged. Once again, any help would be appreciated. Thanks ahead of time. |
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One bitcoin was "worth just $391.05". LOL, "just" ?? Do they have no perspective on the last 5 years? |
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The title should be Cyprus police issues arrest warrant for bitcoin con-artist, and not Cyprus police issues arrest warrant for bitcoin entrepreneur. People like him bring disrepute to Bitcoin, and eventually pushes its value down. I will be really happy if this man gets a lengthy prison sentence for cheating unsuspecting Bitcoin investors of their hard earned money.
Spot on. I was going to say something very similar. If you are stealing money that isn't an entrepreneur, but a thief. |
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Is it possible to have multiple public addresses for one private key?
If yes how to do it ?
Tanks !!
The reverse question is a different matter. |
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FiatLeak shows trades. So if A buys 10 BTC from B and A sells 10 BTC from C, and A, B, and C are in China that shows 20 BTC traded (perhaps for litcoin), but there may be no net inflow of money coming from people in China (or anywhere else it tracks). It is an interesting site, but the premise that it is only showing money flowing from fiat into BTC then it is not correct. It shows SOME money flowing from fiat into BTC, but it also shows trading in bitcoin that does not represent new money flowing into bitcoin. |
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the obvious solution is bytecoin. worth 8 times as much  2 ^ 8 times as much?  |
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This bug must be intentional
My thoughts too. Some three letter agency slipped it in. |
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I can't agree that bitcoin is not designed for over-the-counter payments
Please explain how you don't agree? Bitcoin was designed with a 10 minute block target time. This is not conducive to over-the-counter payments where a quick confirmation is desired, therefore it was not designed for over-the-counter payments... Once the transaction is in the network within a few seconds a double-spend can be detected by most nodes. If the transaction has a fee (and for most that don't have a fee, e.g. non dust, valid transactions etc) once the transaction has been accepted in the network without a double-spend attempt, a confirm gets you very little in terms of security because it will confirm under all but one in a billion circumstances. Transaction acceptance is nearly instant - less than a few seconds in most cases, faster than a credit card swipe. For larger amounts where you have no trusted relationship with the other party and where you have no other legal recourse with the other party, some confirmations are needed. Buying a car or real estate, you'd want some confirmations, but in the use case above for smaller over-the-counter payments don't need a quick confirmation because the transaction has been accepted in the network and will confirm. If you go into Starbucks and buy a copy of coffee and successfully double-spend it (highly unlikely given the costs involved and items you're attempting to steal), Starbucks will call the cops or write it off. No one is going to try and steal a small-value over the counter payment because it is impractical and not worth the effort, and even if they tried it would almost definitely be unsuccessful. For large transactions, such as a car, the transaction will likely confirm in the next block because of the transaction priority - waiting on average 10 minutes for a confirmation in this case is not unreasonable even though the dealer would have legal recourse in the case of fraud. In short, you may "desire" a quick confirmation, but it is not needed in terms of transaction security for lower-value over-the-counter payments that have been successfully accepted into the network. |
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The sheer amount of institutional capital flowing from US market entities into the protocol platform/services start-up ecosystem is ensuring that the protocol technology will be integrated into the market sooner or later. This implies that there will be a 'critical mass' period at some point in the near future.
China exiting means those bastards can't siphon off the capital being put forth in the USA and other places to actually grow the technology.
Too true. These "alts that are better than bitcoin" are often just pump-and-dumps with no true changes except different block generation rates, with much less hash power and consequently much less security. Remember bitcoin was "done" when it hit the double digits then dropped back to the single digits, it was "done" at dollar parity etc. Adoption will continue, and that will impact the price. |
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In my opinion, the fees being based on KB is makes multi-signature transactions more expensive while I think multisig should be encouraged somehow.
It would be even better if multisig transactions were actually cheaper. Just to push it's use.
Maybe a better solution would be a % of the transaction amount. It's also easier marketing if Bitcoin only charges 0.000x% per transaction while banks, VISA etc. charge x%.
If you want to avoid spam, a better solution would be hardcoding the minimum transaction amount instead of hardcoding the minimum fees.
So if you start with 50 btc, spend 0.1 and 49.9 go to a change address, you'll pay a % of 50 btw in order to spend 0.1 since the miners can't tell what the "transaction amount" is? You can always (so far) send a no-fee transaction. |
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...deflactionary currency...
Others have answered the fee questions and math issues, but some would argue as to whether bitcoin is deflationary (assuming you did mean deflationary) - it is certainly not deflationary now and will keep inflating for quite a while. :-) |
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I bought some BTC few months ago when price was (in drop to) ~700$.. I want to keep them safe for few years and then maybe sell. Till now I keep my BTC on android device with Bitcoin Wallet. I did printout my private keys too. But I know that this is not a safest way to do it, as my device was already online during this process. What you suggest? Thanks  Create a paper wallet offline, probably bip38. Then transfer your coins to these new addresses. Store a copy in a safety deposit box or somewhere off site too. |
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From an IRS perspective, they would say the answer is B. From a reality perspective, A.
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