Secret number one in this biz:
Someone smarter and with more resources than you already had your idea.
Not always! |
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So, sort of a take-a-penny, leave-a-penny with Bitcoin? You can take and leave small amounts?
If so, sounds like fun!
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+1.
I would really really like Tapatalk support.
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Nope. It makes bitcoin stronger and more valuable. The more someone has to invest in creating the coins, the less they'll be willing to part with those coins on the cheap, therefore the value rises. ASICs are definitely a good thing for Bitcoin.
My thoughts exactly. I agree with both of you, and it also helps that I have one coming in the mail soon! *crosses fingers* If it's from BFL, it's not coming "soon".  I'm in the same boat as you, pal. |
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CPU based crypto is immune to the ASIC tech correct?
No such thing. SHA-256 is "CPU based", but it just happens that GPUs are good at mining it. However, hashing algorithms with a RAM requirement are resistant to Application Specific devices, because it would require more than just a chip. |
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That is why: LTC(or any other scipt base currency)>BTC
Nope. Scrypt currencies are for the greedy. They are designed for easy mining. You missed the CPU and GPU Bitcoin mining train, and you like Litecoin because you want to mine a currency. Even though Litecoin is almost useless and seldom accepted. The ASICs are the future, and allow for even more decentralization of the network. They put more hashing power into the miners (which is good for them), and cause transactions to be verified with more power (which is good for the average user). |
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The best coin is BTC. This. Agreed. This one is the most powerful and has the most acceptance. |
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How do you come to this conclusion?
It costs spammers much more to get junk transactions verified. However, fees don't protect relays. Hopefully, the new minimum transaction amount will in the future. |
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If it's adding unconfirmed tx's to the memory pool, couldn't a person attack via this way? Everyone adds all the BS spam tx's and it overloads?
As I already wrote above, there are no "BS spam tx" - they either really do cost real coin or are not relayed if your client deems them to be "BS". If a client sends you a lot of these (to DoS you maybe), your client will simply cut the connection to that one and move on with it's life. And transactions fees serve as DoS protection! |
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The prices would be very large numbers. Too large to be comfortable.
Plus, we don't need to future proof. We can use mBTC now, and switch to micro when bitcoin is much more valuable. Also, mBTC is already built into most clients, and requires no code changes to use.
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Awesome product.
Unfortunately, your price point is, to be blunt, retarded.
Yeah. Don't get it. I can get a Jalapeņo from BFL (eww) for just a little more, and I get 5 GH/s, as opposed to 300 MH/s. |
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Their price conversions are really old. Someone needs to update this.
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Phinn, this is why I love you!
1000 BTC, damn! ehehehehehehehehehehehehheh
$107,000 USD at current prices! |
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How is the data transmitted in a decentralized way? Please be as technical as possible.  Did you check this page yet? Just read. Thanks for the link. |
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Your node (node here refers to full node i.e. running bitcoin-qt client or bitcoind) has connections with multiple clients. When your node learns of a new tx (including one you create) it relays it to all the peers it is connected to. Those peers verify the tx and relay it to all peers they know, who do the same.
All nodes all new unconfirmed tx to the memory pool which is just a list of tx the node "knows about". Miners (in case of pool mining it is the pool actually doing the mining) use their copy of the memory pool to decide which tx to include in the next block they are working on.
When a miner broadcasts a block the same process happens at the block level. The node relays the block to all its peers who verify the block and relays it on.
When your node confirms that a new block extends the longest chain it removes all the tx from the memory pool (as they are now unconfirmed). If a new block orphans an existing block your node will add back any tx from the orphaned block to the memory pool and then remove any tx from the memory pool in the new block.
TL/DR: all nodes maintain a list of unconfirmed tx and relay them to another nodes.
Node learns of a new tx - add to memory pool
Node learns of a new block on longest chain - remove tx in block from memory pool
Node leans an existing block on the longest chain has been orphaned - add orphaned block's tx back to memory pool
Thank you very much! I've tried googling "bitcoin network protocol", and read the wiki. I still have one more question. How do nodes learn about other nodes? Is it via trackers, similar to BitTorrent? However, trackers would require some form of centralization. I'm curious about this. |
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Hi everyone. I'm currently curious as to how new transactions are relayed to the clients and miners. Without confirmations, they aren't in the blockchain. How do the miners and clients know they happened? How is the data transmitted in a decentralized way? Please be as technical as possible. |
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Sherlock and Supernatural are good ones.
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