No, difficulty does not attempt to compensate for the inherited error.  So assuming that difficulty continues to go up, and never down, average block creation over the lifetime of Bitcoin will be something slightly faster than every ten minutes.  Thus it is possible that the entire production curve for bitcoins will be compressed slightly, and the blocks wherein the block reward will come earlier than projected.  However, there will still be exactly the same amount of bitcoins issued as is projected.

I'm having the same problem, and am starting to suspect that we've been tricked into sending small change to an address not under our own control.  I can't find evidence on my own phone that it's actually downloading the blockchain (headers or full).  There is no block count, only a spinning icon; so there is no way to judge it's progress.  The only option in the settings section is 'refresh'.  What is it refreshing?  I can't examine the code, so until I see evidence otherwise, or someone on this forum that I trust will inform me otherwise, I will consider this a rather ingenious method of 'phishing' fraud.

Don't forget about those who mine to heat their little flats in higher latitudes.  I seriously expect that Bitcoin mining will be concentrated in locales with either very inexpensive electricity (at least relative to the costs of other heating fuels) and locales where heating demand is high.  Thus, if you live in Hawaii, forget about it.  Denver in Winter, maybe.  Iceland?  It's bound to be a year round occupation.

He is likely correct.  Bitcoin is very high risk, but with a very high potential gain.  And it will continue to be this way for some time.  However, increases in the size of the Bitcoin economy will dampen this issue eventually; but by then it can be assumed that the price of a bitcoin will reflect that.  Listen to your father, proceed with caution.  Do not invest anything into something that you don't understand.

If mining dies, difficulty will drop.

And we're done here.

You would be correct.

I'm actually trying to determine that.

How do I know that it's actually making progress downloading the blockchain?  And why not have a regularly updated app that is really just an archive of the blockchain headers?

The minimum reserve requirements of the bank in question could be breeched.

Well, it's not really quite so fragile.  It's all a fiction, really; so it just becomes a greater fiction, but all the while someone is making money even when that money is disappearing.  The fiction begets a real world effect.

Under normal times, such a bank would be put on probation of sorts, and given a time period to raise the reserve requirements.  If they failed they would be seized on behalf of the FDIC and sold to a more capitalized bank.  In the present times, we are running out of more capitalized banks.


Sort of, but the apparent inflation creeps into the greater economy at a lag of around 14 to 18 months.  So the banks have some time to make full use of that new money before the markets respond.  Stock & bond markets tend to react much faster than the rest of the economy, though.


The problem is that it's a balancing act, and one that always has victims.  Also, keep in mind that although the banks didn't fail due to bad loans, they made those bad loans and in the end of it all those banks not only ended up with the money (which must be paid with taxation, thus a transfer of wealth from the middle class to the banker class) they also ended up with the properties.  Literally getting their cake and eating it too.

Actually, you can.  Minimum wage laws have exceptions.

I really don't know what to tell you.

I'm opposed to the minimum wage, but in reality repealing it would have almost zero effect.  There are relatively few minimum wage jobs as it is, as most unskilled jobs pay more.  Most of the unemployed are unemployed because they have a certain skillset, and will chose to remain on unemployment insurance payments so long as they last rather than take a lower wage job.  If we were to repeal both the minimum wage laws and restrict or repeal unemployment insurance, there might be some measurable effects.  But the truth of the matter is that most of the unemployed can find minimum wage work, but won't because they are accustomed to a higher wage and better working conditions than a minimum wage job.

The Unabomber wasn't trying to fix anything, in reality.  He was enacting vengence towards people he belived had done him wrong.  The manifesto was a distraction and cover.

No, it wouldn't.  It would only signify the end of using that particular type of public/private cryptographic signature.  Bitcoin is modular, the encryption methods in use can be replaced.

Then you have a firewall that is actively killing your outbound connections.  If you were just blocked for inbound connections, you'd hit 8 and stay there.  More than 8 means that you're unblocked.  A single connection that keeps dying means that there is an active process killing your connections.

During that same time period that M0 was rising, consumer credit was collapsing.  Particularly with regard to housing loans.  Mortgage defaults (or any credit default, really) is deflationary.  As the market value of homes across American tanked, much of the monetary base ceased to exist, because much of the monetary base is digits these days, and not just paper.  As homeowners filed for bankruptcy, and got it, the digits that depended upon those debts simply ceased to exist; and so the real monetary base (could be M1, M-Prime, the Austrian Money metric; choose one, they all have faults) still contracted.

All right, I know what is happening, as I have had it happen to me.  Restart your client using the -rescan, -noirc and -addnode= switches.  The addnode= switch needs the IP address of a fallback node just after the equal sign.  Use two or more fallback nodes.  The client should then rescan the blockchain and then not announce it's presence on the IRC channel, but it will get more nodes from the fallback nodes, and other nodes should do the same for you.

No, that's not it.  Even if his friend didn't have the full amount on one address, bitcoin consolidates by default, and all of the input addresses would have been included into one transaction and processed at the same time.

If it's visable in Blockexplorer, you already have it.  It's your client that isn't seeing the transaction, for whatever reason.


That second one is curious.  Are you in a mining pool using this address?