Bitcoin Forum
June 17, 2024, 03:21:25 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 ... 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 [274] 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 ... 387 »
5461  Other / Archival / Re: satoshi-karoshi.com - minesweeper game on: April 05, 2013, 11:33:02 AM
Only click once. House edge is as high as 25% if you click on all 14.
5462  Alternate cryptocurrencies / Altcoin Discussion / Re: [C3] Coin Brainstorming / Ideas / Proposals thread on: April 05, 2013, 11:28:42 AM
Thoughts on this? Now I think this is quite a good model.. You can't 51% this coin no matter how much hashpower you have, and coin generation uses PoW.

Idea: Initial coin release is done through the equivalent of set difficulty mining - generate processing intensive hashes, if the first X bits are all zeroes AND that coin isn't already made then you just created a coin.

Example:

de345cf32de1ab9: no coin
96f7410e7925cc5: no coin
000000ac9531cee: coin
0000001ab98f9dac: coin
[...]
000000ac9531cee: no coin (already made)

Can just use TX hash for that. If TX hash starts with X 0 bits, AND it has no inputs, AND it has only one 1 coin output, AND first x bits of the TX hash is unique, then it passes the successful create coin check.

Those "create coin" TXes would be broadcasted and would be confirmed after being included in the blockchain. The blockchain is purely generated by Proof of Stake. Proof of Stake mining just earns transaction fees (which are required to send transactions, so the create coin TXes would have to include a fee that the PoS finds acceptable)

Initially the network would be seeded via a genesis block that gives the seed PoS node 0.5% of the total monetary supply.

Advantages:

* No mining pools needed! Each PoS block is expected to hold multiple create coin TXes with PoW.
* Rate of new blocks not tied to hashpower vs difficulty.
* Can't be 51% attacked unless you own more than 51% of all coins in existence
* No "mass block time" at the start of the coin's life, difficulty goes from 1 to 4 to 16 to 64 because that's the max jump..
* Energy efficient after all the monetary supply would have being created
* Scales with more hashpowers which can be somewhat linked to new users
* Limit on max amount of coins.
5463  Alternate cryptocurrencies / Altcoin Discussion / Re: [C3] Poll: CPU [and/or] GPU [and/or] ASIC friendly - your thoughts? on: April 05, 2013, 11:27:33 AM
Most people are voting CPU, in a fair manner it's pretty nice, since everybody would be able to mine a reasonable price, but how to avoid botnets? Any idea?
I guess we could gear mining towards "high end" CPUs, but that just leaves people with older computers out of mining.

If we go with what I proposed (coin generation is PoW, but blocks are purely minted through PoS), then botnets will not be able to 51%.
5464  Economy / Gambling / Re: satoshi-karoshi.com - minesweeper game on: April 05, 2013, 11:26:01 AM
2.4% house edge for first click
4% house edge for second click
6.3% house edge for third click
7.8% house edge for fourth click
9.9% house edge for fifth click
25% (yes 25%) house edge for 14th click

Really..
5465  Economy / Gambling / Re: SatoshiCircle.com - Better Odds, Blockchain Spam Free, Penguins & Balloons! on: April 05, 2013, 11:23:27 AM
Had a nice streak of luck. Thanks SatoshiCircle! Interested in hearing about the rewards program too.
5466  Economy / Lending / Re: 4 BTC loan on: April 05, 2013, 11:22:49 AM
How about offering your skills in the services section of this forum?
5467  Other / Beginners & Help / A guide to how Bitcoin works under the hood. Blockchain and Transactions on: April 05, 2013, 11:16:47 AM
Bitcoin isn't something that you can learn in a few hours. Practically all of the mainstream media has "explained" bitcoin wrong, and this post is aimed at providing a somewhat technical read of how bitcoin works under the hood. So, let's get started!

Transaction
At it's core, Bitcoin is about transactions. Transactions simply send bitcoins from inputs to outputs. What are inputs and outputs? Let's say I have 5 bitcoins. I send 4 BTC to an address, 1GLadosEkeAsLReqS3yQ51E1R3wVtbJCDF.

There is one input. It's the transaction ID of my 5 BTC, along with a signature. The signature is like a passphrase - only the person who knows the private key (password, generated and stored automatically in your wallet) to an address can spend it. It works because the bitcoin software verifies that the signature is valid before accepting a transaction, otherwise it goes straight to /dev/null.

There's two outputs. A 4 BTC output to the 1GLados [..] address I sent to. The second output is 0.9995 BTC, to another address I just newly generated - a change address. Inputs can be only fully spent, so if I want to spend 4 BTC, I will have to spend my full 5 BTC and send the rest back to me.

What about the 0.0005 BTC? The difference between input and output sum is the transaction fee. In this case, the 0.0005 BTC goes to the miner who minted this block.

The transaction ID? It is a hash of the entire transaction. Hashes are a one way cryptography function - they're effectively a random mapping function. Two different transactions will never have the same transaction ID - really.

What are inputs? They're former outputs! If I want to spend all of the 0.9995 BTC I have left, then my input would be the transaction ID of my first transaction, plus the output ID 2. (In this case, ID 1 is my 4 BTC to 1Glados, ID 2 is my change).

So an input is sent to an output which is then later referred to as the input when you want to spend the coins.

Blocks
Blocks are simply a list of transactions. Miners run programs that tries to create blocks. They listen to the network, put the new transactions they heard about, and if they have a fee they're happy with, include it in the block they are working on. Now, to successfully mine a block, the hash (remember, hashes are basically random and unpredictable) of the block needs to start with a number of zeroes. Like this: 0000000000efc2r [..]. So a miner just repeatably tries to make a block with a hash that starts with a lot of zeroes.

How many zeroes? That is determined by the difficulty. The difficulty is automatically determined, and it's how fast the last 2016 blocks where mined. The difficulty makes sure that there's on average, a block every 10 minutes - regardless of how many people are mining for stability reasons. As hashing / mining for blocks is just luck, sometimes there might be four blocks in a minute, sometimes there might be no blocks for a hour.

When a transaction is included in a block, it gets 1 confirmations. The miner also gets a block subsidy to reward them (and distribute the remaining bitcoins), currently 25 BTC which halves every four years until it gets to zero. After a block is minted and announced to the network, miners will now try to build blocks off that block - referring to the previous block. This is how the blockchain works.

[Block 22730] -> [Block 22731] -> [Block 22732] [ORPHANED BLOCK]
...............\-> [Block 22731] -> [Block 22732] -> [Block 22733] [LONGEST CHAIN]

Huh? Let's say the latest block generated is 22730. We know it, not because it has an ID, but because it refers to a previous block (22729) which refers to a previous block which refers to a previous block... and if you go all the way back - you count 22731 blocks. That's how blocks are given numbers.

Now, the latest block generated is 22730. A miner generates 22731, with the 25 BTC subsidy going to them and transactions they heard about. Another miner also generates a block referring to 22730 as it's parent, with their own subsidy address and their own transactions they know. So now we have two blocks at height 22731. The blockchain now has a fork.

Some clients heard about the first block, while some clients heard about the second block. Now, a portion of miners are building upon the first block 22731, while the other portion is building upon (referring to) the second block 22731. A transaction included in the 'first 22731' isn't included in the other block. Some clients now see that transaction with 1 confirmation, while others see it as unconfirmed (0 confirmations).

Soon, a miner generated block 22732 with it's parent being the first block! The transaction included in that earlier block now has 2 confirmations to some users and services. Now, since this blockchain is longer (22732 > 22731), clients will now update their latest block to 22732. However - just then, another miner had some good luck and generated blocks 22732 (referring to the second block) and 22733 in less than a second. Clients see that 22733 > 22732, and moves to the second blockchain. That now becomes the main blockchain, with the first being orphaned.

So what happens? That transaction included in one block but not another? 2 confirmations to 0 (unconfirmed). Now, assume the person sending the TX is malicious, and has got a double spend (spend the same inputs, to a different output controlled by the attacker) into the second block which is now the main chain. Services or users who accepted the "2 confirmations" transaction.. just lost those coins. This is the danger with accepting transactions with few confirmations.

Generally speaking, it's safe to accept TXes with at least 6 confirmations. Of course, if you know someone personally or if it's from a reputable service, then you can accept it even when it's unconfirmed.
5468  Economy / Lending / Re: CoinLenders :: Get bitcoin loans! on: April 05, 2013, 07:48:07 AM
sent id and other still waiting for verification
Done, thanks Smiley

Also, to someone else, screenshots are not OK because of how easy it is to inspect element it. In addition, obvious photoshops of a text inserted onto a scanned paper is not going to pass. Tongue
5469  Economy / Securities / Re: [BTC-TC] Community Exchange w/ Options, DRIP, 2FA [HTTPS://BTCT.CO] on: April 05, 2013, 07:43:08 AM
Regarding the new design: I suggest making the background gradient attached. Doesn't really good in it's current implementation.
5470  Economy / Securities / Re: FeedZeBirds UPDATE Feb 9, 2013 on: April 05, 2013, 07:36:33 AM
Same fees on BF's top tier through. (0.25% every trade versus 0.5% when you sell only on BF). But that's a bit offtopic Smiley
5471  Economy / Gambling / Re: SatoshiRaffle.com launch - first raffle, $500,000 Loft / Condo in Toronto on: April 05, 2013, 07:34:53 AM
We will be happy to see this raffle on Peerbet.
Please do this. I'd love to see it happen.
5472  Economy / Gambling / Re: BitcoPlay.com Online Casino Goes Live on: April 05, 2013, 07:33:45 AM
When are withdraws processed?
5473  Economy / Securities / Re: [BitFunder] BTCINVEST - Low risk investment bond, ~40% yearly on: April 05, 2013, 07:28:11 AM
Update:

I've "bailed out" btcinvest with 170 of my ASICMINER shares, which brings the NAV back up to a little over 0.1 after the Ian Bakewell default. Smiley

The structure of btcinvest has also being changed a little - please see the asset description on BitFunder. Basically, no more fixed value of 0.1 btc / bond, it will be offered at the current NAV, and we'll maintain bidwalls at 95% of NAV with profits of the spread going to the company.

Like always, a report will be published every 2 weeks (next one is in a few days). In addition, not 100% of earnings is going to get paid out as dividends.
5474  Alternate cryptocurrencies / Altcoin Discussion / Re: 1 BTC for 10K BTE PM ME on: April 05, 2013, 06:48:17 AM
You selling or buying?
5475  Economy / Scam Accusations / Re: Trust no one on: April 05, 2013, 06:43:03 AM
Who is this 'no one' guy and what is their BTC address? 
5476  Economy / Scam Accusations / Re: hardsoft (Manuel Roldán Arroyo) is a scammer! on: April 05, 2013, 06:40:54 AM
Don't support a scammer?
5477  Economy / Securities / Re: [BitFunder] btcQuick - Bitcoin Sales Service on: April 05, 2013, 06:37:17 AM
Nope, missed the last part heh. Thanks Logik.
5478  Economy / Gambling / Re: SatoshiCircle.com - Better Odds, Blockchain Spam Free, Penguins & Balloons! on: April 05, 2013, 06:05:46 AM
1Q8ywBC1Hz2HfNwbApjv4u8kpiC4R7o24H

Thanks
5479  Alternate cryptocurrencies / Altcoin Discussion / Re: [C3] Poll: CPU [and/or] GPU [and/or] ASIC friendly - your thoughts? on: April 05, 2013, 05:48:17 AM
Bump, so far it's quite even..
5480  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN][C3] Community Cryptocurrency Foundation on: April 05, 2013, 05:47:52 AM
I doubt you'll get full commitment of experienced C++ developers on a project that hasn't been spec'd yet, especially if you put artificial restrictions to application. These days there are more projects to participate in than there are developers to do so.
The idea right now is to have a github and people who are interested in helping out can contribute a pull request or so.
Pages: « 1 ... 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 [274] 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 ... 387 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!