You need to rewrite this, it doesn't even make any sense.
Sorry. I just corrected two typos which might have been misleading. What else is not clear? Or am I too short? The idea is that Mallory is doublespending on a massive scale - sending a different transaction to EVERY participant in the net. He will win the longest block, assuming he has the largest mining rig. Ah, I understand now. I see two problems with your scenario... 1) First, you have no idea how the bitcoin blockchain proof of work system works, and.. 2) you have no idea how pool mining works, either. |
|
|
|
|
You need to rewrite this, it doesn't even make any sense.
|
|
|
|
|
Have you tried their email address?
|
|
|
|
The stats are, as mentioned, off the mark after retarget. Well, at the time of this posting, blockexplorer.com shows 12 blocks in the last hour. Isn't the target rate 6 per hour? My simple mind wants to infer that the hash rate is twice what it was when the difficulty adjustment was computed. Not something that can merely be the artifact of a bad estimation technique, is it? The target rate is, indeed, 6 per hour. The difficulty adjustment would have dropped that rate down very close to 6 if not for a sudden near doubling of the hashing capability of the network. |
|
|
|
What a bunch of n00bs.
Seriously, though...
You have to ignore those figures for at least 24 hours after a reset. It's an easy mistake to make, I'll admit. I wondered what the heck was going on the first time I saw it -- but I assumed something was messed up.
I'm not a noob, and I checked for a disfunctional statistic. I'm used to it being off for quite a while after a difficulty adjustment, but as I was watching it, the stats were rising instead of adjusting. And I still waited for four hours to mention it because I wasn't sure. |
|
|
|
What about a laptop next to the veggies?  what about some physical bitcoint payment method? is anyone working on that? Such as this? http://bitbills.com/ |
|
|
|
Meep.
I have nothing to add - just trying to work out how this'll affect the market.
Considerations:
1) Rate seems to go down at weekends (easier to sell, than buy I guess). Had been intending to sell now and then re-buy when the drop came.
2) Difficulty spike 'should' make coins value go up, I think price/difficulty has always roughly held.
3) Last week has been 'disruptive' - firstly somebody dumping their early coins and slamming the market, and now somebody minting them insanely.
This suggests that some well heeled personalities are stress testing the system.
4) Guess this all boils down to whether bitcoins will 'make it' and have 'value' - So far this has been a bubble perpetuated by us. If one person rolls up and takes all the coins, then I'm reasonably sure a fair few of us will drift away. Mr custom-chip (I love conspiracy) will have a shit-load of coins in a market that's losing interest. What will he do - he'll dump them. Personally I think if this happens, it's over.
5) Mt Gox market. Just looking at the spread, there are an awful lot more sellers than buyers. Maybe this is because buyers just rock up and pay what the market is asking, whilst sellers will leave high offers standing - but it's not a healthy supply/demand distribution.
I'll give you $10 for each of your's and then you can go take your Zoloft. 6) What do we do with bitcoins? Putting aside I have a few of them I'd like to sell for untold wealth, really? For a purely anonymous transaction, they're dandy - but this is surely a very rare transaction? Even on SR (which it vanishing can't help the price of BC) it can only protect the seller - whilst giving no protection to the buyer. At least if one were to mail off cash you'd have a clue where to go if ripped off.
Really? You suffer from a serious lack of imagination, and seem to be heavily influenced by the BS media reports. Does anyone really think that the feds have the resources to monitor the outgoing shipments of these vendors? Do you people watch too much TV? What do you think happens? They set a stakeout of the guy's front mailbox? No, these guys have runners that move the shipments to various dropboxes and post offices. The cops don't have teh resources to follow them all, so the only reall option that they have is to arrest the runner, but then that tells the vendor that he is being watched, and he suspends business activities. Nor does the government have the resources to intercept mail in route. And if they started doing that often, UPS would start complaining openly about the cost burdens. This kind of mail smuggling has been going on for decades. The only new addition is Bitcoin. |
|
|
|
Fiat means "by decree", debt based means backed by a debt instrument. It is a bit of a stretch to refer to a receipt for gold as "debt based" when the money is not secured against "debt as in a loan"
Nonsense. Debt based means that the paper is an abstraction of some third party's obligation to perform, otherwise known as a "debt". |
|
|
|
Please tell me what "enormous risks" the finders of the first blocks took? Which cost them about half a million (current 'difficulty') times less computer power (and energy) than what newcomers have to compete for now?
Lots of time, work, and their own money. Especially for the people who spent the time coding it and setting up the initial networks. Really, the same risks that people like Bill Gates, Steve Jobs, and Eric Schmidt, along with their first few employees, took when they created their software revolutions. You forgot sleepless nights and nausea..... And, of course, the middle of the night runs for pickles and ice cream. |
|
|
|
|
Dispite the difficulty jump this morning, the average blocks per hour has been rising steadily all day, and now stands at 12 blocks per hour according to bitcoinwatch.com. Looking at the pie chart, it's definitely in the 'other' section, which has nearly taken half of the pie chart from it's normal position of less than 5%.
|
|
|
|
I'd like to use that system for secure banking also, but hmm...guess that may not be a good idea. It would be nice if there was a portable version of the client that stores the wallet.dat file within it's own directory. This way say you can run the client from an encrypted USB drives like IronKey.
The standard client can do that. That is the only way I run a client on a Windows machine, ever. |
|
|
|
My moderators account has been hacked, if you receive a PM from me (MoonShadow) that asks you to click through to any link outside of this forum, DO NOT CLICK IT! It is likely malware.
Moderator using weak password or was it some advanced attack? Neither, as it turns out. It wasn't my actual account these were sent from, but a newbie account that was created very similar to my screen name. It threw me for a loop, because my passwords are not weak ones. |
|
|
|
Those 5 billion people may have mobiles but they don't have smartphones. They need to get smartphones first ... then they can use one of those micro-transaction services on it ...
Smartphones are not necessary for m2m micropayments if the cell provider is the primarly wallet service provider. The necessary functionality is already present in any cell phone that I've ever used, it's just that that function is only used by the cell service provider to permit the user to manage his cell service account. |
|
|
|
|
My moderators account has been hacked, if you receive a PM from me (MoonShadow) that asks you to click through to any link outside of this forum, DO NOT CLICK IT! It is likely malware.
|
|
|
|
EDIT: so, could I just encrypt wallet.dat, and then save in dropbox. I was reading over the article. I'd need to redo this regularly, or find a way to automatically encrypt wallet.dat, and then set dropbox to save it regularly. I'm thinking... From reading the code, it would seem that by default, a new wallet contains a pool of 100 unused pre-computed private keys for receiving addresses. If you back up an empty wallet, use some receiving addresses (but less than 100), and then restore the empty wallet over your used wallet, bitcoin will still have your balances, although the names attached to the receiving addresses will be lost. Correct, and if you use the -keypool=some.bigger.number switch you can make that advanced keypool arbitrarily large enough to backup for a very long time. |
|
|
|
Fiat money is, itself, debt. The framers of the US Constitution referred to them as 'debt instruments' and banned their issuance in the Coinage Act. They are obligations of the bank itself, backed up by the "Full Faith & Credit of the United States". When you go work for a wage, the first thing that happens is that the employer is endebted to the employee. The employer then pays the debt by transfering that obligation to the government, via the Federal Reserve bank. They are not called "notes" without reason, just like a mortgage is a "note".
Fiat money does not have to be debt based, our current fiat money system however IS debt based because every dollar that exists came out of the federal reserve at interest. Um, no. Every fiat currency is debt based by definition because the paper note is an abstraction of value, not the value itself. The paper notes represent an obligation of a third party, in most cases, of the entity that issued it. Even warehouse receipts for gold bullion are debt, because those receipts represent an obligation of a third party to perform an act, namely exchange a specific weight in gold upon demand with said receipt. Although a gold standard is certain a more reliable form of debt, only the physical trading of the gold itself does not represent a transfer of a debt. Bitcoin is very much like gold (and silver) in this respect, as it doesn't represent a promise of value (gold standard) nor any other form of third party obligation (futures trading, fiat currencies the world over, and just about any other contract based form of trade, explicit or implicit), as bitcoin is the object of value. This is one of the attributes that makes Bitcoin so revolutionary. Even the Liberty Dollar was a debt whenever the paper notes were used, as the gold was stored in a vault and if you showed up there with the paper notes, Liberty Reserve LLC would have been obligated (under implicit contract) to provide all the gold those notes represented. |
|
|
|
My main question is how would people even know that some of the coins are no longer in circulation? I guess scarcity and the supply/demand will take force, but the loss of coins to the BTC economy could be a bad thing.
It would be obvious enough by searching the blockchain. Coins no longer in circulation will be very old transactions. |
|
|
|
I was actually searching for something similar to what you're talking about. Found this post: http://forum.bitcoin.org/index.php?topic=5194.0 Mostly details on encryption w/ truecrypt (awesome program btw). I would think bitcoin clients would offer a great benefit to users by offering this as a feature. Encrypt/Decrypt your wallet, choose what encryption method you would like, set secret key etc.....I guess it would end up looking just like TrueCrypt's interface  Native encryption of the wallet.dat file is on the to-do list. |
|
|
|
Your obvious trolling aside, I have made my points clear. Those who needed to hear them have.
I really cant make my case any stronger so I leave it up to the developers to consider what I have said.
In the end, the customer is always paying the transaction fees. Bitcoin, by it's nature, just makes that explicit. I can't see any way to hide the cost of transactions from the sender anyway. |
|
|
|
|
Show Posts
