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Also, this is a good place to remind everyone to never use same wallet.dat on multiple machines. Move, don't copy (unless the copy is just for backup purposes).
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Yes, memory and storage seem to be alright. Another factor to consider is the bandwidth. Processing power seems not to be an issue.
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Great Niko, thanks a lot. Last question, How are transactions made. How is it that a transaction can be seen in a matter of seconds? My clients sends the transactions to all nodes connected and in a couple of seconds they send it to the whole worldwide network? Yes. You broadcast a transaction, so all nodes become aware of it. It becomes part of the pool of transactions awaiting confirmations (inclusion in the next block by the mining nodes). Miners collect these, prepare the next candidate for theor block, and start hashing to "hit the jackpot" - once they do, these transactions are included in the blockchain. Note, miners may prioritize ttansactions based on fees paid by the payers. So, you are saying that my own transaction is broadcasted, traveling from thousands of nodes in the whole network? What happens when Bitcoin gets bigger and bigger. Just by letting the Bitcoin client running, I'll be broadcasting thousands of transactions per second. I guess as the network grows, there will be less and less nodes to handle this huge cpu processing and network bandwidth. Good question, and it is open for discusion. Look it up on wiki (scaling) and in this forum. Most folks came to conclusion that we can scale up significantly before hitting some of the limits (don't forget Moore's law). I don't want to reiterate in this thread specific arguments already available elsewhere. Enjoy the reads! |
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Great Niko, thanks a lot. Last question, How are transactions made. How is it that a transaction can be seen in a matter of seconds? My clients sends the transactions to all nodes connected and in a couple of seconds they send it to the whole worldwide network? Yes. You broadcast a transaction, so all nodes become aware of it. It becomes part of the pool of transactions awaiting confirmations (inclusion in the next block by the mining nodes). Miners collect these, prepare the next candidate for theor block, and start hashing to "hit the jackpot" - once they do, these transactions are included in the blockchain. Note, miners may prioritize ttansactions based on fees paid by the payers. |
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Move your wallet.dat to another machine. If that other machine is up-to-date with blockchain, you should see all your transactions from that wallet.dat. Not sure, but you may have to start client once with the -rescan option.
Let us know how it goes.
And yes, anyone can send coins to any address - your wallet simply enables you to (1) keep track of your addresses, and (2) spend these balances (send coins that belong to your wallet).
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How likely are my coins to get stolen from the bitcoin spinner running on a non-rooted android phone? I am perfectly content with the security of my paper wallets, but am getting tired of printing, cutting, laminating with Al foil inserts, and redeeming private keys whenever I need to spend a portion of my savings. Bitcoin spinner is convenient, but how secure is it? Can you provide examples of any past exploits (wallet stealers) on Android devices?
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the truth is nobody knows how it will end. you can speculate all you want but at the end you will be wrong
Define "end". Like this you can always wait for your statement to prove correct (prove the OP wrong at the chosen "end"). I agree that, if no major bad news hit, bitcoins have no reason not to keep increasing in price. It's a useful tool in many ways, and the more people are starting to use it, the more valuable it will be. |
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It's a money processing service. Big fucking money processing. Such processor behavior is Asolutely/Definately/Really/Surely NOT ACCEPTABLE.
And yet the next minute we go there and trade. Not me anymore. If they ever get their act together, I'll reconsider. Huge disappointment after two years of doing business with them - they are not ready for the prime time. Many newcomers and interested players will see this kind of shit and conclude that Bitcoin itself is not ready for the prime time. I am warming up more and more to MPOE-PR's bitching about sloppy amateurs ruining it for everyone in Bitcoinland. |
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I thought all the users were supposed to be over at coinlab by the 22nd
Live -- March 22
We'll have everyone moved over by March 22!
Did I miss something, misinterpret what they were saying or are they just behind?
They pushed it back "a couple weeks" on March 21. Source? |
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Good question. What you are thinking of is called arbitrage. It is mostly done by robots. It may involve multi-currency juggling as well (eur-usd-btc, for example).
Obviously, to do this you need at least
- markets with high enough liquidity
- ways of moving fiat between exchanges (and exchanging it in banks in case of mukti-currency arbitrage)
- price differences higher than the total fees you pay
- technical ability to write and maintain arbitrage robots
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Use the forum search function, this topic has been discussec in depth. Historically, cross-correlation has shown that difficulty follows price, not the other way around. It's several weeks worth of delay. Need to correct network hashrate for technological leaps, of course (cpu-gpu-fpga-asic).
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You could start selling hot air.
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I am perfectly comfortable with all transactions available in the ledger as open text. The concerns stated in the OP are already valid without Bitcoin - powerful entities, from governments to corporations can and do track my spending behavior, and everyone else's. What bothers me is that I can't track theirs, and that I can't access the information they can about me and everyone else. Bitcoin is the way to make system more fair, and less panopticonish. A tool to empower the people. The problem is, people don't seem to be ready yet.
Niko, I think you arrive at the wrong conclusion. Sure they can see my bank statements with a warrant, which is a pain in the butt. They may snoop on my connection but with SSL they can't see the content. With bitcoin, they can have direct and immediate access to my financial information then and there, without access to third parties, just by snooping on me and referring to the public transaction log. When I hear crap about money laun***ing with bitcoin, I am often amused. You would have to really know your stuff to try that, since it's pretty much like sending postcards to the government about your transactions if you make even a simple miscalculation. I don't think the system is any more fair than it would be if no one could see my transactions except me and the parties involved. 'I don't have anything to hide' argument against encryption is generally flawed. I guess we were talking about different "them." My credit card companies collect and share information about my spending habits. Getting them to stop is often harder than it is for a government to get a warrant. For example, every time they change the privacy policy, I need to learn about it and opt out, and in the mean time the info is shared around. |
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It is called imagination. Here are the past five days in 30-min chunks:  There is nothing special going on today. Just the usual variance. |
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What's up? Someone said in another thread, there are very few trades going on on gox right now. Any ideas why? With so much money on the bid side, it just seems weird.Are people waiting for the price to do something? Drop or rise?
Have you looked at the volume before starting this thread? I am asking because it is out of touch with reality. |
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I wish all bitcointalk threads were of this kind.
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I am perfectly comfortable with all transactions available in the ledger as open text. The concerns stated in the OP are already valid without Bitcoin - powerful entities, from governments to corporations can and do track my spending behavior, and everyone else's. What bothers me is that I can't track theirs, and that I can't access the information they can about me and everyone else. Bitcoin is the way to make system more fair, and less panopticonish. A tool to empower the people. The problem is, people don't seem to be ready yet.
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Lol, you act like just because they're in the middle east, they would not have products like viagra.
...
So I'm well informed on the topic you could say.
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Bitcoin is the only available massively-adapted, recognised and guaranteed facility to preserve your savings . (Period)
Yes, we are inevitably headed in that direction. My concern is that people will get spoiled, so to say, by the huge appreciation of the value of their Bitcoin savings. This will eventually lead to disappointment. Right now, nobody uses bitcoins for savings - they are used as a speculative investment with huge get-rich-fast expectations. It has to end, and when it does, there will be whining and crying by those who misunderstood what Bitcoin is. |
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