7,200 BTC a day? I thought we would reach 21,000,000 million BTC in 2031 but with 7,200 BTC it will be more like in 8 years...
The supply of BTC won't reach 21 M in eight years or in 2031. It won't reach 21 Million ever. It's log limit, ever approaching but never reaching. Around 2129 the block reward will drop from .00000001 BTC to zero, if the decimal accuracy of the bitcoin protocol isn't increased by that time, but even then it will be just under 21 million. |
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It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?
There are other option available in the future. Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start. It's the verification process that takes most of the time, not the actual downloading. |
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it will be years before the U.S. government will even understand how bitcoin works.
I guess you didn't hear about Bitcoin's lead developer doing a presentation about Bitcoin for the CIA, then? |
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Article I, section 8, clause 5 of the United States Constitution delegates to Congress the power to coin money and to regulate the value thereof. This power was delegated to Congress in order to establish and preserve a uniform standard of value and to insure a singular monetary system for all purchases and debts in the United States, public and private. Along with the power to coin money, Congress has the concurrent power to restrain the circulation of money which is not issued under its own authority in order to protect and preserve the constitutional currency for the benefit of all citizens of the nation. It is a violation of federal law for individuals, such as von NotHaus, or organizations, such as NORFED, to create private coin or currency systems to compete with the official coinage and currency of the United States.
This is a specific referrence to the power to create legal tender. Bitcoin isn't legal tender anywhere in the world, and the legal right to create a private currency within the United States is well established provided that it could not rationally be confused with legal tender. The Ithica Hour is a wonderful example. |
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Not sure why you consider this low volume. Over eight million bitcoins changed hands in the last twenty four hours, more than even exist, so some had to have bent sent several times.
They're not changing hands. The heist from allainvain has scared early adopters into to moving their wealth to fresh offline wallets. Twice? |
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No. And to say it requires capable government is laughable, because free market capitalism is all about castrating government until it's doing literally nothing other than guaranteeing profits for the capitalists. It requires a government capable of resisting the efforts of capitalists to thwart sensible restrictions on the initiation of force. I don't see what's so difficult about that concept. Because that's goes against the libertarian idea that capitalism is the purest form of perfect, ever, and needs absolutely no intervention for any government at all. If you're admitting that capitalism needs a government to keep it reined in in order for it to be sustainable, then you're agreeing with my point of view and you just blew everything libertarians believe out of the water. Libertarians don't believe in Capitalism as you understand it. Libertarians believe in liberty, which naturally leads to the free exchange of goods, services and ideas. What you consider to be capitalism is really corporatism, a softer form of fascism. Capitalism can be both an ideology and a collective description of a set of naturally occuring economic conditions. It's the latter form of capitalism that libertarians tend to advocate, and the former we tend to be wary of. |
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I'm certainly not an apologist for big business. I'm an apologist for voluntary human transactions i.e. not being forced by threat of violence to do something. If you don't want to work for Megacorp Inc. then don't. Start your own business, work for a small business or go live off the land.
You obviously didn't read beyond the first paragraph. I did, and the irony of it all is that the very 'vulgarus' he was complaining about was correct. Although the rates that taco bell was offering was provablely low, they were still higher then the next presently available alternative, which happened to be subsistance farming. As crappy as that work was, and as poorly as Taco Bell may have paid, those who worked there did so by their own free will. They were not forced to do so. If they had been, then it would have been real slavery, which is unacceptable. But they weren't. It's just that the job market in their area and with their skillset sucked. If you wanted to help these people out, then start another factory nearby. Offer better jobs for higher wages, and Taco Bell would have no choice but to pay more or close house. |
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You are both right to some degree. Most early adopters are speculators.
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Have you considered offering a real bounty for information that leads to the recovery of your funds? Like hiring a real detective?
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I'm canceling mine as well, in part because one of my conditions was approval of accuracy from Sataoshi, which now seems unobtainable.
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By the way, when they reduce the currency creation down to 25 bitcoins per block, the inflation of the bitcoin currency (for that year), will be at around 20% if my math is correct.
Your math is as bad as your economics. When the block reward drops from 50 to 25, the inflation rate will drop from 12.5% APR to 6.25% APR and continue to decline from there. |
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Thanks for the guide. So, the wallet.dat file doesn't have to be "connected" to the internet, ever, to deposit money into it?
No, it doesn't. A user can create a new wallet.dat file on an unconnecte machine (by installing and starting the client, then shutting the client back down safely) copy the receiving address that the client produces onto any medium, copying the wallet.dat file onto a cheap thumbdrive, put the thumbdrive into a safe, and send coins from his mybitcoin.com account to the receiving address into the indefinate future. This is pretty much what I do for my long term savings, as I have just such a setup. I have a special address in my mybitcoin.com addressbook called "savings" that I send my overage to, and I don't have to take my thumbdrive out of the safe to do it.
What about withdrawals?
This requires the wallet.dat file. |
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And, yes, I am still having troubles understanding when and how a node decides which transactions are to be packed into the same / next block. Is this done by every individual mining node?
Within parameters, yes. If it is, which I assume, I see another issue: Currently less and less nodes are mining on their own and more and more are joining a mining pool, which hands out shares to their workers. Does this mean, the mining pool "supernode" decides on this question?
With regard to the pool, the pool server decides the transactions to be included in the block.
If it does, then aren't we losing the advantage of a decentralized system, since we are having less and less "supernodes" deciding on what all workers are workign on?
Yes and no. There is some centralization going on with pools, but there are balancing forces at play even with pools. I am sorry, if I am wrong with my assumptions. I am trying to understand.
Your original post seemed to imply that you believed that pool servers distribute transactions to be processed, which is not the case. Pool miners are only hashing an 80 byte long header and only incrementing the nonce. It's the server that builds the block and merkle tree that begets the merkle root as part of the header. Solo mining works in exactly the same way, except the pool miner and the server are on the same machine. |
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Or just use the 30 day volume weighted average on bitcoinwatch.com.
This needs to be added to the trade page soon. Hmmm, Disney's Ultimate Homeschool Fieldtrip is in September.
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I hear a quantum computer came out or is coming out. What impact would that have on hashing?
Might be faster, might not. Can't break SHA-256 with quantum methods, and can't reverse it with any presently known method. 85-bits is far from unbreakable... EDIT: True to my general form I should be calling you out for the degree of shit you are full of, but I'm pretty laid back right now, so just do some research before you openly reveal your ignorance. Okay, I'll qualify my statements properly. Secure hashing is believed to be secure from quantum mathmatics.... "The Merkle signature scheme is a digital signature scheme based on hash trees (also called Merkle trees) and one-time signatures such as the Lamport signature scheme. It was developed by Ralph Merkle in the late 70s and is an alternative to traditional digital signatures such as the Digital Signature Algorithm or RSA. The advantage of the Merkle Signature Scheme is, that it is believed to be resistant against quantum computer algorithms. The traditional public key algorithms, such as RSA and ELGamal would become insecure in case an effective quantum computer can be built (Shor's algorithm). The Merkle Signature Scheme however only depends on the existence of secure hash functions. This makes the Merkle Signature Scheme very adjustable and resistant against quantum computing." http://en.wikipedia.org/wiki/Merkle_signature_schemeNote that this is exactly the system used for the internal block structure, and the same hashing algorithm is used for the blockchain headers themselves, although not in a binary tree. |
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I guess you aren't familiar with the concept of wage slavery. It's called wage slavery for a reason - because employees are paid literally just enough to keep themselves alive. They don't have anything extra left over to save up, make a better life for themselves, etc.
Of course they make more money in a sweatshop than in farming just to feed themselves, or they wouldn't apply for the job. Wage slavery is called that by tools like you, because you don't know what slavery is. No one forces these people to accept these jobs.
This massive base of cheap labor is so important to the first-world that we spend trillions of dollars in military might and economic strong handing to make sure these nations can never organize and advance. Why do you think the IMF was created? Why do you think the US is constantly intervening in the politics of third-world nations around the world?
This is an argument for less government, not more. |
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and be quite expensive because you have to destroy them each time they are spent.
No, they wouldn't. |
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I guess one solution would be to only store the flash drives in local bank's safety deposit box at which you had account information, and to leave the data unencrypted on the drive. Not too sure I even trust my bankers from not entering my safety deposit box however. That seems like too wide of a hole to leave open.
two cheap (128 meg) usb drives, or even multiples for redundency. Wallet.dat file, equal amount of random bits. XOR the two together. Keep the original set of random data on one drive and the random-like output on the other. Destroy the wallet.dat file. Keep the two drives in physically secure locations, but in different ones. For example, one could be in a safety deposit box, the other in your file at your attorney's office. Or another safety deposit box at another bank. Gun safe at the house. Your dropbox account? You could have multiple copies of each, as long as they were never kept together. A thief could then steal one, and you would still have at least one copy of each to be able to recreate the wallet.dat file, and the thief would just have a thumbdrive with useless data. Mark each of the thumbdrives so that it's obvious what they are and which they are. Perhaps a sticker on each that says "codex" and "key". Both are necessary for recreating the wallet.dat file, forever; but it doesn't require that you remember a complex keyphrase, nor is it a very complicated process that can't be simply explained in your will. This sounds like the idea of the year in terms of securing bitcoins. It's perfect. My only question is... is it at all possible to re-create a wallet.dat file from one half of it? Perhaps we will never know until it happens..? Not from have of what I described. This is basicly the digital version of the Vernon Cypher, the only cryptographic method that has been proven to be secure from brute force attacks forever. Even a quantum computer couldn't do anything with it. |
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I hear a quantum computer came out or is coming out. What impact would that have on hashing?
Might be faster, might not. Can't break SHA-256 with quantum methods, and can't reverse it with any presently known method. |
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but, having 4$ daily is worth it ? You probbably spend like 1$ on electricity. 3$ daily makes a 5870 about 3 months to earn for herself ; /
It is if you already bought the card. |
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