My Internet was out for a few days a couple of weeks ago, during this time I was catching up on some reading. After a 'bit' I got to thinking about Bitcoin and a few ratios I think are important, primarily these are thoughts on the Availability/Scarcity of the current mined Bitcoin per Users in the network. Here are a few thoughts I wanted to share with the community, I make a number of blanket assumptions and I don't have an official background in Economics, I am not even sure if this is the right area for this post, so take what I say with a grain of salt  Given we have ~14,000,000 BTC Mined and Spendable currently Given we have an estimated number of users of ~2,000,000 (Inflated Slightly from the recent Juniper Networks Study which estimated 1.5 Million Unique Users of Bitcoin, I bumped it to 2 million to make things rounder and in case we have grown a bit since then) That gives us a ratio of ~7BTC/1 User in the network. Currently I think their exists an abundance of Bitcoin due to the fact that not every user in the network will buy 7 or more coins, I understand the fact that many users in the network own much more or much less than this number, but let us temporarily ignore this fact and just make assumptions for the sake of round numbers. I don't think every-time a Block is solved (25 BTC), ~every 7 new Bitcoins Minted into the economy a single user in the network is investing upwards of 1162-2100 USD or more based on the current price into Bitcoin, so every-time a block is solved we need more than ~3 new Users to eventually purchase these newly minted coins. If we assume a few gross distribution ratios just for sake of gathering more numbers, in the United States 2011 (I believe): 1% of the Population owned ~34.6% of all the wealth in the United States We can describe the above ratio we arrived on previously as - 700BTC/100 USERS So 1 User out of 100 would ~ own 700BTC*.346 of the BTC available = ~242.2BTC, which leaves the the other 457.8BTC/99 Users So even if a small percent of the networks users own a disproportionate amount of the Bitcoin, their are still ~4.5BTC/1 User which I think is still too much of an investment for every user in the network to make. I think that until this Available Bitcoin to User Ratio gets closer to 1BTC/1 User or even flips to 1BTC/2 Users or lower than this, things in Bitcoin land will get much more interesting. So we need our user-base too grow roughly 7 to 14 times the number of Users to 14 Million or 28 Million Users or more. In regards to a time-span that a shift like this could occur with a globally adaptable technology, it took a network like Facebook to grow from single digit million number of Users to ~100 million Users in ~1 years time-span. If anyone wants more stuff, I wrote some Python code to calculate the all of the categories in the 2011 US Distribution model (Not just the top 1%) and I did this for a Champagne model (20% own 82%), I also looked at other variations like nearly 21 Million BTC available and things like Multiple Billions of users as well. Let me know and I can collate the info/post the scripts. TLDR; The more users we get makes our ability to purchase a single coin much more scarce. Eventually we will have more users than the number of Bitcoin available, a shift like this can take 1 years time once a few million users vested and actively using the technology. Cheers, juju |
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OH BOY MORE MIDDLE MEN
This, the fees they would charge be very real and painful at that point I am sure. |
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Would be better to make a real live app and run it on Testnet..
I actually wanted to do something like this I even got a web-domain for it, time is just the enemy always. |
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Could you post a pastebin of the text? Regardless, I would just make sure you just read Section 11 a few extra times as well, certainly can't hurt. https://bitcoin.org/bitcoin.pdfwe must experience once 51% attack, that can know it right or wrong/
otherwise, all is theory
Look at some of the Altcoins that have been attacked like this, its a small scale example of what would happen. https://bitcointalk.org/index.php?topic=332584.0That was back in 2013, so I am sure many altcoins have met similar fates. Edit: Feathercoin was focused several times, here an infographic on the attack http://imgur.com/a/fTye4#0 |
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Hi everyone .... Im new here! Just wondering if anyone had any recommendations on nice apps to use for tracking their currencies. I have used Spacecash for over a year it is pretty good, has Coinbase, btc-e few others. Also has all/most Cryptsy's markets as well |
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Can barely load my wallet and in general just extremely slow.
Wont load ticker data ect.
I actually just noticed that I couldn't load their Privacy Policy, About us, Or terms of Service pages. I don't have a test wallet to try on Blockchain.info This should probably be moved to the Services Discussion Board, you might get more traction in that board. |
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iOS has a few good apps: Breadwallet, Circles Wallet (Looks nice), Blockchain.info Wallet, Coindesk News App, SpaceCash Price Tracker, Winkdex, Android has similar/same apps if not more, I don't think they have Breadwallet. |
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Interesting read to say the least, certainly seems like a number of similar ideas to Bitcoin, Public/Private Key, Byzantine Generals, Worried about 51% attack (Malicious Nodes) |
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http://www.macrumors.com/2015/03/17/facebook-messenger-money-transfer/Facebook today announced a new feature for its Facebook Messenger app for iOS -- money transfers. It's now possible for Facebook Messenger users to send and receive money right within the app, letting Facebook compete with other money sending services like Venmo and Paypal. The new money sending feature is free to use. Sending a friend a payment can be done by tapping the "$" icon located on top of the keyboard, which is also where stickers are accessed and photos are inserted. After tapping the icon, enter the amount to send, tap "Pay" in the top right corner of the app, and add a debit card (Visa or MasterCard) to make the payment. Sounds awesome, I saw this earlier today. I think its good that the younger "social" crowd will get people comfortable with sending Money via chat message and other methods. When these users get a chance to use Bitcoin it will be less foreign of a concept and they will see the benefits by comparing it to something like this facebook send. Gliph, Wiper, Snapchat all can send cash some way or another. I think this trend is good even though they neglected to use BTC |
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That is the question. I want to save some keys in cold storage in a durable medium, but I don't have the means to use all the base58 charset. HEX would be a good format.
Does anybody know a solution? I guess I could roll my own quick script or tool, but this could go horribly bad if I make a mistake. On a related question, any trustable test vectors on there for hex<->base58 converters that include bip38 keys?
I actually don't think this Library has bip38 support but its worth checking out, I have used it quite a bit in the past. https://github.com/vbuterin/pybitcointools/This probably would get some better responses having posted it in the Technical Discussion forum. |
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I was thinking for a year, I guess that there has been a way for the network attackers to have hacked into my account and this is how they got the coins off the site. I know that sounds a bit paranoid. However, let me tell you, I got emails from sites such as Facebook, Google, and Yahoo regarding someone having attempted to log into my accounts from outside the USA. I live in the USA and this is not usual for someone to attempt to access my account from outside the USA.
I have recently developed a theory as to how these hackers have gotten the information necessary to log into these accounts. This theory also applies to how the DDoS attackers were able to break into these sites and steal the coins.
My Theory:
When a person does not sign out of his/her account the hacker(s) can retrieve personal information from the user. The hacker then takes a step further and manipulates the system to steal the account holders personal information, or the coins in cases such as DDoS attacks.
I once tried to start a MLM business. I was told at one of the meetings that pertaining to my back office is important information about my business. My business involves money and I would not leave my banks website without signing out of my account, therefore, I should not leave my back office without signing out of my account.
The hackers know the code for the network. The hackers know the sites that are the most popular and would have the most coins. The hackers would not need very much to take and bust through the sites firewall and look around for those users who did not sign out of an account. I do not suppose it would take a hacker too much longer from this point to wipe the site clean of coins. Is this possible?
I am going to be taking better precautions and start signing out of my accounts at each site. If there is a chance my theory is correct, or that I am on the correct path of figuring out how these sites are being hacked, I think everyone in the network should be informed of this and begin taking precautions also.
I hope I posted this in the correct spot. I do not think this post fits anywhere else. I think everyone who uses the BTC network should take better precautions, because this is money we are talking about. These users would not leave a banks website and not log out of their account. Most bank websites have an auto sign out when the page is closed out, or there is a certain amount of time that the page is open and there has been no activity by the user.
If it is something as simple as making these small changes to protect these sites and out investments/hard work in the future then we need to start making these changes and making them now.
Thank you for reading. I am sorry this post was quite long. Any insights from those who know a bit more about Internet and Network security would be greatly appreciated.
I have to admit your english/description of what happened is fairly poor and it is difficult for me to interrupt what happened, my only advice don't ever use Third Parties to store your Bitcoin... Unless its a small amount your comfortable with losing as you don't have complete control and can lose control. 1) Stop using third parties to either: generate or store your private keys. If you generate your own private keys and transactions, you generate some peace of mind for yourself knowing your control is about as good as it can possibly be. Use computers without Network Cards and Drivers, backup the private keys/wallets to multiple secured un-networked physical devices either paper/metal. 2) Use 2 Factor Authentication when possible for all accounts and Email addresses, Emails are the weakest link it seems with online Bitcoin Wallets. 3) For passwords us an Interrupter/Langague to generate a Hash of a Hash as your password, instead of using a password that gets hashed by a site into a database use a password that's already hashed that gets hashed into a database. (You can even install Python Interrupter on Cellphones so you can generate hashes you need on the fly) hashlib.Sha256('random Character Passwords with no contiguous words, Upper/lower case characters, Numbers,Symbols').hexdigest() |
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Try this instead of copying it.  once i save it what should i name. do i just then move that file to the roaming folder with a specific file name or what should it be Exit QT wallet, wait for it to shut down about a minute I see your using Windows, Navigate to: C:\Users\%USERNAME%\AppData\Roaming\Bitcoin\ or %appdata%\Bitcoin Copy: wallet.dat , keep this name, copy the file and overwrite the existing wallet.dat on your new machine in the corresponding %appdata%\Bitcoin Folder (While the new QT Wallet is not running) Edit: Worse case scenario just create a transaction and send the coins to your new wallet and avoid transferring the dat files. |
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OK, the USMS auction of 50K BTC from Silk Road seizure is finished: http://www.forbes.com/sites/katevinton/2015/03/10/three-anonymous-bidders-take-home-50000-bitcoin-in-silk-road-auction/The question is: What would you have bid for the 50,000 Bitcoins? My bid would have been $111 per BTC for the whole lot, however, I really don’t like buying seized assets because it fosters more seizing and a culture of seizures. As evidence by police department, sheriff offices, and whole cities actually depending on seizures as a revenue resource for the running of their entity. Think about it, when the police take “ill gotten gains” from the “bad guy” isn’t the system laundering the money back into the system? If they want to do the right thing for everyone, simply put all of the money, property, etc into a furnace and burn it. As for the btc they could simply send it all to an irretrievable address, effectively destroying the coins. Anyway, what would you have bid for the coins? I would have paid 217 or below, to diverge from the price discussion, If we decided to treat any coin differently than another it would destroy the Fungibility of Bitcoin ( http://en.wikipedia.org/wiki/Fungibility), (1 Bitcoin is always equivalent to another Bitcoin). Think about this an Ounce of Gold is worth an Ounce of Gold, even if the gold was used to purchase drugs, or was taken directly from the dirt. If we treated "hacked", "dirty" or "Ill gotten coins" differently I think it would be bad. |
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how will it be possible with a permanent record and with more adoption its going to be huge how will wallets be used then how would u host it wot if it gets to 1 yotabit
We would be able to transfer 100 "terabit" or whatever your asking in the future. Your thinking about this linearly, data storage grows exponentially. https://bitcoin.org/bitcoin.pdfA block header with no transactions would be about 80 bytes. If we suppose blocks are
generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year. With computer systems
typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of
1.2GB per year, storage should not be a problem even if the block headers must be kept in
memory
100 Terabyte sized ledger would be many many many years from now. By that time it should still be relatively easy to store and transfer the ledger. |
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My offline wallet has a around 25 character password for me private key starting with 6
wot if in the future blockchain and other sites shorten the password field to 10 characters will my wallet be doomed forever because at some time in the future i will sweep the funds from it
Stop using third parties to either: generate or store your private keys. If you generate your own private keys and transactions, you generate some peace of mind for yourself knowing your control is about as good as it can be. |
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So in my experience if something is too good to be true it tends to be the case. Browsing the sell ads of local bitcoins and I come across this posting https://localbitcoins.com/ad/154624/cash-out-your-bitcoins-paypal-mycash-just-say-go?Dude is willing to pay 349 a coin or about a 20%+ premium to spot price in exchange for my paypal cash code. So obviously the first thing that pops into my mind is scam, but dude has 500+ transactions with 100% feedback. Can someone tell me what I'm missing here? That user probably has boat loads of Paypal MyCash Cards from some type of "en-devour". (Probably stole a box of the Paypal MyCash Cards from a Drugstore/711, or bought them on a large discount) That user most likely is probably just trying to convert those cards to a decent store of value. I would most likely just stay away from that trade, Paypal and Bitcoin typically don't mix too well together, in the past transactions on Paypal have been reversed by users. In those cases the Majority of the Bitcoin in these transactions were not sent back after Paypal was reversed. In this case, I think the user physically gives you the MyCash Cards so it might actually be pretty safe as long as the codes cant be copied before the trade, who knows if he wrote down the cards serial numbers or something. (Not sure how Paypal MyCash works, just from a google search) |
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Is there no carrying capacity of bitcoin? Unlike that of a petri dish.
Anyways, how many people should be able to get rich off bitcoin. Is there a limit of how many and or when bitcoiner's can get rich.
There is something about bitcoin that seems it could be a major economic driver with its frictionless abilities.
Does it matter if bitcoin's price is $1 $50 $100 $250 $300 $350, $1265, $2000, $5000?
How is that bankers have not been able to think of this… Perhaps they have but would dare go near it for it destroys their model, Why can't i simply send dollars or any arbitrary value measure, via any sort of technology medium that can also perhaps create a network, like effect..hmmm..
What your discussing is the value of the Utility of Bitcoin, you can send 21 Million dollars @ 1 Dollar a coin with 21 Million coins, or 1 Coin @ 21 Million USD a coin whats the difference? Since we have a finite amount of Bitcoin, depending on the number of uses of Bitcoin, number of actors actively using Bitcoin, and currently available coins will determine the market price of the coin. It matters to some degree because if it is only 1 dollar a coin, the maximum value the Bitcoin network could secure is only worth 21 Million USD. I am unsure what is a reasonable amount of wealth is typically stored in one type of currency, upwards of Trillions of USD of wealth I would guess. (Now imagine their are over ~50 currencies like this) I digress from your point about friction, rich is a really relative term much like Intelligence. I would argue that anyone who spends enough time with Bitcoin's Technology becomes rich just from trying to understand how things work. Based on crude values in my head, if we had some sort of Full worldwide adoption (Not possible in my mind), I would say that less than 10,000,000 Bitcoin Users would be considered "rich" in a monetary sense by today's standards. In 2012 their were ~5 Million Millionaires in the United States alone, with ~10+ Million Millionaires world wide. Can't be more than 10 Million, in my mind and would certainly be much more than 100,000 users. 1/700 of the users of Bitcoin in the world are Rich by that crude math. In reality it might be worth nothing or more than we can hope for -shrugs- |
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