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3841  Economy / Economics / Re: The best chart I have seen regarding money creation on: December 08, 2012, 08:02:03 AM
It's not magic. It is called "fractional reserve banking" and it works like this:
See, this is why you're not allowed at magic shows any more. Tongue
3842  Bitcoin / Armory / Re: Armory - Discussion Thread on: December 08, 2012, 07:49:51 AM
So bitcoin 0.8 has some changes for the blockchain storage IIRC.  Will this break your blockchain loading?  Have you started working on support for this?
As I understand, the format of the blockchain data itself isn't changing, just the database that indexes it (which Armory doesn't use at all), so there should be no problems.
3843  Other / Beginners & Help / Re: TONAL BITCOIN LAUGH MY BUTT OFF on: December 08, 2012, 07:36:31 AM
I don't like the way people are inventing these names for decimal amounts of Bitcoins really, seems pretty dishonest, like the Bit-mill thing, I see advertisers using it regularly to try and entice people who don't know better to give away there addresses, most people when they look at this are going to think they're actually getting a million bitcoins until they look at the balance in their wallet and realise they only have 0.0001 or something daft like that.

I never thought I'd gain such an appreciation for basic arithmetic, I know how Jon Stewart felt when Biden started talking numbers in his campaign speeches LOL, hey advertisers, I'll give you a bitcoin-mill to rent out some of your ad space if you like trololololololllol, oh wait it's only 0.0001 so that's a good deal for me!
We're not the ones inventing names for decimal units. If it weren't for inflation ruining everything, you would know that the word "mill" is already used to describe a thousandth part of a currency unit. And anyone who doesn't know this but is even vaguely familiar with the metric system will figure it out in about two seconds. Only a complete moron would confuse "mill" with "million". Roll Eyes
3844  Bitcoin / Press / Re: 2012-12-07 the verge - Bitcoin exchange gains clearance to operate as real bank on: December 08, 2012, 01:45:18 AM
"And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their
right hand, or in their foreheads: and that no man might buy or sell, save he that had the mark,
or the name of the beast, or the number of his name." - The Revelation 13:16-17

 Roll Eyes
Bitcoin is so 'nothing like that'...  whenever I see this idea pop up in comments on articles (and it does) - it just confirms the poster is not only suffering under some superstitious old mind virus, but they don't have the slightest idea how Bitcoin works.   

What part of Bitcoin you want me to explain to you?
Okay, I'll bite (I know it will taste foul and probably poison my mind, but I'm trying to build up an immunity). Pray explain what part of Bitcoin requires everyone on the planet to receive a mark in their right hand and/or their foreheads?
3845  Economy / Economics / Re: The best chart I have seen regarding money creation on: December 07, 2012, 11:46:15 AM
Please explain how come a $1 bill becomes $9 if you just take it out from your pocket and put it back into your pocket 9 times Cheesy
That's actually quite easy to explain. The banks have a magic pocket, from which money doesn't disappear when they take it out. Like all magicians, the banks don't want you to know how the trick is done. Wink
3846  Other / Off-topic / Re: Right-To-Left? on: December 07, 2012, 09:24:20 AM
I don't know about you, but I've wondered what would happen to the next person's post if it was quoted and it ended with a RTR Override.
Nothing. The sanitiser apparently deletes RTL override characters.
3847  Other / Beginners & Help / Re: What was the first ever Bitcoin transaction? on: December 07, 2012, 08:26:04 AM
In the early days it was possible generate the coins via the command line with the satoshi client.  If I remember correctly it was used to help stimulate bitcoin usage.  The command is still listed as an option but it no longer generates coins.  
The "generate" option simply enables solo CPU mining (and as far I can tell, it still works, though it is no longer listed in the options menu). Whether solo CPU mining generates bitcoins is a whole 'nother story. Wink
3848  Other / Beginners & Help / Re: I'd like to help on: December 06, 2012, 02:09:38 PM
So by running a node your supporting the network but not actually making anything from the node?
Yes.

I thought that people that ran nodes got some small fee from a transaction they facilitated.
No. Only miners collect transaction fees. It would be nice if we could pay nodes for their services, however there is unfortunately no way to verify their work (unlike miners, where being able to verify their work is the whole point), and therefore no way to fairly compensate them.

Also, how does more nodes help the network?
Nodes relay transactions and blocks between miners and other nodes. If all miners were connected to all other miners and everyone had a direct connection to a miner, there would be no need for relay nodes, however this is obviously not feasible. The more nodes there are, the more resilient the network is against network disruption, by having more paths to route around any damage.
3849  Bitcoin / Mining / Re: Where are unprocessed transactions stored? on: December 06, 2012, 01:35:27 PM
Quote
A legit transactions with no fees is no longer accepted?
Free transactions are still accepted if they are of high enough "priority" (value x coin age) that even a zero fee is considered "sufficient", though of course this is unlikely to be the case forever.

I set my Bitcoin-Qt to append a minimum transaction fee of 25000 satoshi but I wonder if there'll come a point when this is too low? Or will transaction fees remain at current levels in BTC terms, regardless of fiat value?
It all depends on transaction volume and bitcoin value. If bitcoins are worth more, or there is greater transaction volume, then the required fee will (probably) decrease, and vice versa. It is likely that free transactions will no longer be accepted once the block reward drops low enough, though even that's not certain (while most miners will certainly refuse free transactions, it's always possible a few might be charitable enough to accept them anyway).
3850  Bitcoin / Mining / Re: Where are unprocessed transactions stored? on: December 06, 2012, 11:13:29 AM
Well, extremely low priority transactions -- those with insufficient fees or otherwise appear somehow "spammy" -- will not be relayed or put into the memory pool.


A legit transactions with no fees is no longer accepted?
Free transactions are still accepted if they are of high enough "priority" (value x coin age) that even a zero fee is considered "sufficient", though of course this is unlikely to be the case forever.
3851  Other / Beginners & Help / Re: Storing and segregating Bitcoins on: December 06, 2012, 05:10:33 AM
Question, what does wallet.dat look like?
I mean if I named it joe.txt could someone open it and know it's a wallet?
It looks like a Berkeley database file (because that's what it is), and renaming it won't fool anyone (which is to be expected, since renaming files never fools anyone). You should be using encryption to hide things you want hidden, not some stupid trick like this. Note that Bitcoin's built-in wallet encryption only encrypts the wallet's private keys (preventing anyone from spending your coins without the passphrase), it does not hide the fact that it is a wallet or even your public addresses. Encrypt your wallet again with another program (such as TrueCrypt) if you want to hide it.
3852  Other / Beginners & Help / Re: Avira detected a virus from Minerd? on: December 06, 2012, 01:04:11 AM
Rogue.kdv.686001.1 is a false positive. Bitcoin and Litecoin miners in general (and minerd in particular) are often used in malware to steal other people's CPU cycles to mine coins for the attacker, and thus are flagged as malicious by some antivirus programs (if you have a miner running on your system that you didn't install yourself, that's bad). But if you installed minerd to mine coins for yourself (instead of someone else installing it to mine coins for themselves), you've got nothing to worry about, and you should probably get a better anitvirus program.
3853  Other / Off-topic / Re: My palms are still sweating after watching this video. on: December 05, 2012, 11:59:51 AM
The comparison to spacewalking is unjustified. In space, you keep your damn safety line attached at all times. Shocked
3854  Bitcoin / Bitcoin Technical Support / Re: Exceeds size limit? on: December 05, 2012, 07:31:53 AM
That's what I thought.  So the spam filtering fee in the client isn't there to prevent spamming the blockchain with transactions in the blocks, it's there to prevent spamming of the memory pool and transaction forwarding.  I was confused because D&T seemed to be indicating that the spam filtering fee would eventually be removed from ALL clients when there were enough fee transactions to fill most blocks.  He seems to be indicating that as long as miners don't include free transactions in the blocks, there isn't a need for the client programs to require fees for forwarding spammy transactions.
I read it as the anti-spam fee not being required because all transactions will require fees, regardless of whether the transaction is spammy or not. The only reason the anti-spam fee exists at all is because miners (currently) allow free transactions, but they naturally don't want people abusing the privilege.
3855  Bitcoin / Bitcoin Technical Support / Re: Exceeds size limit? on: December 05, 2012, 06:56:46 AM
So, if the spam fee is removed from the clients such that they will forward fee-free spammy transactions, and there are consistently enough fee transactions to fill all blocks, then what happens to the transactions created by a spammer who writes a program to pass 0.00000001 BTC back and forth as fast as possible between two addresses?  Don't those transactions still have to be forwarded around the entire network and stored in some sort of memory pool indefinitely since they'll never make it into a block?
These transactions will only be stored in the memory pools of clients which have been modified to accept such transactions. Unmodified clients will neither store these transactions nor forward them unless they end up in a block. Miners using unmodified clients will not mine these transactions either, even if there is free space for them in a block. Removing the anti-spam fee from you client doesn't allow you to spam the network, unless the network (including miners) agrees to accept your spam. It does, however, allow other people with similarly modified clients to spam you, making it a pretty dumb idea.
3856  Other / Beginners & Help / Re: checking bitcoins, debian wheezy repository, bitcoind not executing, newbie on: December 05, 2012, 01:45:18 AM
First of all, I assume you mean 0.7.1, not 9.7.1. And it should contain two versions of each executable, one for 32-bit systems (i386) and one for 64-bit systems (amd64). The error message you're getting indicates that you're running the wrong one for your kernel - if you're running a 32-bit kernel, you can only run 32-bit binaries, regardless of the fact that you have a 64-bit CPU. Try running the 32-bit version of bitcoind (although from the sound of things, you probably actually want to run bitcoin-qt instead).

You can find a slightly out-of-date version of bitcoind (but not bitcoin-qt) in Debian Sid. Due to the fact that is out of date and it doesn't have bitcoin-qt, I'd advise against trying this unless all else fails.

To get access to your bitcoins from an old installation of Bitcoin, you'll need the wallet.dat file. It is a binary file, not a text file; I'm not sure what you mean by a text file with the encrypted key, but I don't think it's what you think it is. None of the text files in the Bitcoin directory will help you get your coins back. If you're unable to recover your old wallet.dat file, I'm afraid whatever coins you had are gone forever.

Also note that the current version of Bitcoin does not mine coins by itself (earlier versions did, but used the CPU only, not your graphics card; this feature was removed due to how ludicrously ineffective CPU-only mining is). For that, you need to also install a bitcoin miner. If you didn't install a miner before, you either weren't mining any bitcoins at all, or, if you were using a very old version of Bitcoin, you were mining an extremely small quantity of bitcoins.
3857  Other / Off-topic / Re: December 21st, according to dank on: December 04, 2012, 02:00:37 PM
It won't matter, everything ends on the 22 according to my calendar.  Wait, who put this Mayan calendar on my desk, Wink
What? They only gave you a calendar for the 13th b'ak'tun? They didn't give you one for the 14th b'ak'tun? Some people are just useless. Roll Eyes Here, have one of mine. Now you're all set until 26 March 2407. Grin Besides, it's not like it's the end of the world when your calendar expires. You just buy the new one. Honestly, what's wrong with these people?
3858  Other / Beginners & Help / Re: Incentive to add transactions to block on: December 04, 2012, 04:37:55 AM
Miners aren't compelled to include transactions in a block, and blocks containing no transactions at all are perfectly valid. However, transaction fees provide an incentive for them to do so. Currently, most miners are willing to include transactions without fees under most circumstances, as most of their income comes from the block subsidy rather than transaction fees, however it is likely that transaction fees will eventually be required for all transactions, as the block subsidy is halved every four years and will eventually become a negligible portion of mining income.
3859  Other / Beginners & Help / Re: Paying taxes on Bitcoin income on: December 04, 2012, 12:05:11 AM
I basically gave a link to the wiki page and weusecoins, her response was that "isn't this one big pyramid scheme where the early adopters have significantly more coins and the later ones pick up the scraps"
You may want to look into finding a new accountant.  One who understands that in any form of mining (Coal, Oil, Gold, Platinum, Diamond, etc) investment the early adopters get access to significantly larger sources
You definitely need to find a new accountant. Preferably one who actually knows the meaning of the word "investment". Roll Eyes
3860  Other / Beginners & Help / Re: Does anyone use multi-sender transacations? on: December 03, 2012, 12:04:17 AM
Yes, and in a big way. Virtually all web wallets use them. Eg, suppose Alice, Bob, and Charlie all have an account with the same wallet provider. Alice and Bob deposit BTC5 each, and Charlie deposits BTC10. If Charlie then sends "his" BTC10 somewhere else, it might actually come from Alice and Bob's deposits. It's exactly the same as if you deposit $100 cash in your bank account, and then withdraw it again later: the bills you get almost certainly won't be the exact same bills you deposited, they'll have likely come from another depositor, or even several different depositors. The assumption that all sending addresses belong to the same owner is bogus if web wallets are involved (unless you consider the web wallet itself to be the "owner"), and so is the assumption that it's safe to send a refund back to the original sending address, since that address might not actually belong to the person who originally sent the money at all.
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