http://www.coindesk.com/thinktank-uk-privatise-pound-embrace-cryptocurrency/The Institute of Economic Affairs (IEA) has today released a report stating that the UK should privatise the pound and replace it with cryptocurrencies.
Founded in 1955, the London institute was described as the “most influential thinktank” in modern British history by journalist Andrew Marr. Its impact on public policy should not be underestimated.
The institute believes bitcoin will “open the floodgates to a tidal wave of private money,” but points out that digital currencies are quite a bit different than previous examples of private money. For example, due to its decentralised nature bitcoin cannot be easily shut down, so the institute thinks it is here to stay.
And further to this item: http://www.iea.org.uk/blog/new-private-monies-can-outcompete-government-monetary-systems
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Yes, this is a very good idea. Glad to hear someone is abstracting blockchain data types into one interface.
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So I have the following set-up: a litecoin cold wallet on a machine not connected to any form of network and another LTC hot wallet on a machine on the internet.
I'm trying to spend some funds from the cold wallet.
Is there any way to broadcast a transaction from the cold wallet e.g. via the hot wallet? I know for example one can do this for BTC using Armory.
What I'm trying to avoid is having to import the cold wallet to the hot wallet and then having to create a new cold wallet, which I will if I have to but am not keen on the idea as it is logistically more complicated based on my set-up and backups procedure.
Suggestions welcome.
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Thanks! Forgot about that thread. |
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Trying to find this info is proving rather difficult. I have a mental note that at least 5 exchanges have gone bust, frozen users funds, or forced them to take a haircut this year alone. So my question is can anyone name any exchanges or finance services that have lost users coins. So far off the top of my head I have: |
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I'm trying to find out what test networks exsist for altcoins, like the bitcoin test net.
I'm particularly interested in test nets for LTC and PPC, but would also like to know of others that may exist.
Any information people could provide would be very useful.
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Correct. IsStandard() is a check in the bitcoin-core client (and other clients implement similar checks). If a tx doesn't pass IsStandard then nodes will not relay them (or mine them by default). The tx is still however valid, so if you can find a miner to include it in a block (either by sending it to them directly, or mining it yourself) the tx and block will still be valid.
So all transactions can be categorized as standard, non-standard, or invalid.
Thanks, this is very helpful. So ignoring IsStandard() for now, I'm looking to construct a transaction with two inputs and a 16-of-20 output, where the 16-of-20 output can be satisfied by any 20 signatories, where none of the 20 are the signatories who sent funds to the input of the transaction. From what I understand this is possible but want to check this here. If I've understood this correctly this will therefore involve 22 signatories to create this transaction. Is there anything else I should be aware of? |
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Thanks everyone for this. It's been really helpful and thanks DeathAndTaxes for your concise answers and testing this.
Getting hold of first hand info like this is very useful as I'm not a programmer so some of this can be a bit opaque to me.
DeathAndTaxes: can you clarify what you mean by standard and non-standard but valid? Does this mean for example for a 20-of-20 that some miners may mine this to a block?
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Can I sped a sub set of the outputs of an existing transaction with a presigned lock_time transaction that is valid for that transaction at a future time, but some of the outputs have already been spent.
To give an example:
Party A and Party B agree to lock up some funds as a deposit – Party A creates the deposit transaction and spends 6 bitcoins to a transaction that has outputs of 1BTC, 2BTC and 3BTC and broadcasts this to the network. This deposit transaction is then mined into a block. At the same time Party A sends Party B a signed lock_time transaction valid to redeem all three outputs from the 6BTC deposit transaction they just made. The lock_time transaction is valid at 100 blocks in the future, so if A and B never communicate again B can claim all three outputs at 100 blocks in the future.
However before Party B can collect his bitcoins, Party A then spends 2BTC output from the deposit transaction to another transaction.
Is Party B then still able to claim the remaining funds in that transaction? I.e. is each input on the lock_time transaction he holds singed separately or signed across all the inputs by Party A? Is there any way Party B can separate these out to generate a new lock_time transaction and get the funds?
Please let me know if I’ve got the above correct or misunderstood anything.
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Yes as long as the outputs don't exceed the the value amount of the inputs. There are some other rules that that restrict you thou, a 7-11 redeem script would be huge, and may exceed the amount of bytes that is allowed.
Thanks, this is what I thought would be the case. I understand there is a byte limit, but not sure if this is a 'hard limit', or just tends to incur fees as I also understand that there are fees (by consensus) associated with transactions over a certain byte size. E.g. if you create a transaction that aggregates many small inputs and this takes up a lot of data on the blockchain then it incurs a fee. So, assuming the inputs are always more than or equal to the outputs, my questions are: 1. It is possible to have multiple m-of-n contracts as outputs for a transaction? From what I understand this should be possible but costly due to the bytes required to script the transaction. 2. Is there a size above which a miner (by consensus) will not mine a transaction to a block? You mention the number of bytes that are allowed? Is there a hard limit here or does the fee just increase above a certain byte size in relation to how many extra bytes are required to write the transaction to the blockchain? 3. I have been told that their is a hard limit of 20-of-20 for any given contract, as per the source code in version 0.8. I have also now read that their is a limit of 16-of-16 which is true? Or is it more complicated than that? |
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How many m-of-n contracts can exsist as outputs for a transaction?
For example can I have a 3BTC input and spend 1BTC to a 2-of-3, 1BTC to a 5-of-5 and 1BTC to a 7-of-11 on the same contract?
Or can only 1 m-of-n exsist per transaction?
Its no different to a normal transactions limits on the number of vouts. They wouldn't be on the same contract. Each vout is separate to the rest. Whysis you think it would be different? I should have been clearer: For example can I have a 3BTC input and spend it to three outputs: 1BTC to a 2-of-3, 1BTC to a 5-of-5 and 1BTC to a 7-of-11 on the same contract transaction?
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How many m-of-n contracts can exsist as outputs for a transaction?
For example can I have a 3BTC input and spend 1BTC to a 2-of-3, 1BTC to a 5-of-5 and 1BTC to a 7-of-11 on the same contract transaction?
Or can only 1 m-of-n exsist per transaction?
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He is a great politician, but trapped in the wrong party. May be he will be able to overturn the Bitcoin ban in New York and other states.
Could you clarify to which bitcoin bans you are refering in New Yourk and other states. |
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I need to withdraw my NXT, FTC and BTC but the system will not let me. I've been trying repeatedly for over 10 hours now.
It says: "FRC withdrawal is disabled" when I got the withdraw FRC page.
And says: "Invalid fund password" when I try and withdraw BTC or NXT. I have used the same code for months without any problem.
Can you please confirm if it is scheduled maintenance and when I will be able to withdraw my funds as I need to pay for some services.
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BUMP.
And no one else is having any problems with BTER?
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Ok, the site is back but does seem to go down intermittently.
When I try to withdraw either BTC or NXT I get the following error message: "Invalid fund password".
I'm positive I have entered the correct fund password as I've been withdrawing all week from there. So suspect something else is up.
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