I general fall-in and agree with gmaxwell that this is a core economic rule, and should not be changed. (just like any other of bitcoin's economic rules, such as the block-reward). The first successful 51% attack is going to be a company who wants to use Bitcoin to get some real work done, but discovers a vocal group of miners who dream of being the next Goldman Sachs blocking them with silly size restrictions on the block chain. That company will dig through its couch cushions and find a billion dollars per year to experiment with and will successfully out-mine the rest of the network, placing more commerce-friendly rules in play and displacing everyone who came before. Unless the network makes the changes ahead of time. |
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Seems unlikely the 1mb limit will ever be removed.
That would be unfortunate. Bitcoin will never be anything more than a toy currency with that limit in place. |
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Next up, is bitcoin mining compatible with leprechaun farming?
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Also note that /dev/random won't always have 32 bytes of random data available, so you might get a much shorter output.
It should block until it has enough data. |
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When I brought this up in the payment protocol thread why was I shouted down for this being a purely theoretical problem?
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Cash deposits are nice (until you get shut down like BitInstant did) but what's missing from this space is the ability to purchase bitcoins via ACH deposit i.e. I want to have an account and routing number that I could use for direct deposit. That would make it possible to convert a salary from a regular job directly into bitcoins without needing to have a bank account.
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This strongly reminds me of the debate in the mid-1990s about what people would call the following decade.
The time spent arguing about what would happened turned out to be completely out of proportion to the actual amount of attention people pay to the subject now.
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You definitely have to define bitcoin as money. It has all the required features, and it is used in exchanges. That's not a good reason to classify bitcoin as money. Bitcoin has additional features that money lacks. We don't have a word for it yet but what ever Bitcoin is, money is a subset of that. |
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Don't forget the trolls. It attracts plenty of those too.
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Thats why it seems the regression theorem does not work for bitcoins. You either have to use fantasy and invent some intrinsic value, or you have to modernize the regression theorem.
Or you don't define Bitcoin as money, so the regression theory doesn't apply. Bitcoin : money :: Internet : newspaper |
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My first experience with BitInstant was awesome, but it was back when they could do bank deposits.
I took the paper I printed out to a Wells Fargo branch, deposited $X into account Y and I had my bitcoins 20 minutes later.
Now they've been shut out of that option so the only possibility is MoneyGram. It's not BitInstant's fault, but it really does degrade the user experience.
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The only defence against this is to get so much distributed hashing power working on the main chain that it's implausible for a malicious entity to accumulate 51%, much less 100% or more.
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Remember when the Pentagon, like any other government agency, says they have some new initiative what they mean is some contractor has given them a good reason to ask for more money.
Nobody at the Pentagon cares about "cybersecurity", they care about getting a high-paying job in the "private" sector once they retire from the military. It's all about funnelling money into the right hands.
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And the comments again: WARNING: Bitcoin is a SCAM. Bitcoin is an idiotic experiment which proves that a non-centrally planned currency is simply unfeasible. Bitcoin is highly corruptible as it is 100% computerized, unregulated and unmanaged. What if somebody cracks the code to your wallet? What if the code breaks? Libertardians never consider intricate details like this because they are too simplistic. The libertarian dream of perfectly functioning ‘free markets’ is a ridiculous fantasy. The only way to ensure peace and happiness is to delegate responsibility to democratically elected politicians with the skills, experience and education to manage complex social and economic issues. |
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Cash discounts = surcharges for plastic. No matter how you word it, the product is cheaper when not using a credit card. This increases the incentive for people to not wanting to use a credit card which is not what credit card companies want therefore they add that clause to the contract with the merchant. Do you have an example of one of these clause? |
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My best reference on difficulty at this point is this cartoon ( ! ) https://xkcd.com/936/which claims 4 words would take 550 years at 1000 guesses per second. If the ratio of ~11 bits per word is correct you'd need 23 words to achieve 256 bits of entropy. Basically it means we need to stop thinking in terms of passwords, and even passphrases, and instead think about pass-short stories. |
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I'd never heard of PGP words until now, and although I like the idea, I don't see that they are more random than the 12 words Electrum spits out. The words themselves are not random, they are chosen a way to transform a large random number into a form that can be expressed verbally with a minimal chance of ambiguity. That would make them easier to memorize. |
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