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For hypothetical purposes, let's say there are 20million Bitcoins in circulation (it's less than that I know).
A company that has possession of 5 million coins has terrible private key management. Their building burns down, along with it, all of their private keys and backups (again, they were stupid).
I know this scenario is a stretch - but what happens in the future if all of a sudden a serious percentage of Bitcoins are unspendable (and all at once)?
Will we as a society decide to "replace" these coins and put more back into circulation? Or ride the deflation wave? Everybody's coins become more valuable? Even if everybody depends on the value?
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What if your hardware wallet breaks down? All electrical goods break down eventually through old age, and sometimes they gt broken in accidents. Do any of the hardware wallet come with back up facilities, and what if someone steals your back up?
I believe most, if not all, of the wallets are HD wallets. Meaning, your password is randomly generated 12 (or 24) word string. You HAVE to write it down yourself and store it in a safe location. Yes, overtime it could become corrupted or break down - but this "passphrase" will allow you recover all of your private keys on any type of hardware with the same standards. For example, if my ledger wallet fails I can purchase a trezor wallet next. All I have to do is select the recovery option, input my seed words, and voila! |
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Thank you so much! I'll be eating via Bitcoin now |
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I'll be out there for work, but I'm free most nights. Are there any Bitcoin-related events? Any ATMs? Anything Bitcoin in Vegas?
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That's the beauty of an open market - as much as someone is willing to trade for it...
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I know the odds of someone "cracking" your private key are astronomical, but you know that there are high end computers that all they are doing is coming up with private keys, you randomly guess tens of thousands per second, it wouldnt take long to find at least a few that would match..
Almost like playing a lottery right? I've put a lot of thought into this and I created a script that was generating 20,000 keys per minute and stored the key pairs into a database. The bigger issue I ran into was checking those addresses for a balance, that was much slower around 40 addresses per minute, since it was over the internet and had to check it against the blockchain. The next HUGE issue was space. In just 14 hours I had over 15 GB of data storing ~20 million key pairs. The storage and checking these keys is a huge issue when trying to get lucky with a private key. At this point I stopped and I did the math: if I had unlimited storage space and kept running the script for one year I would only generate 10 billion key pairs taking up 10TB of data, this is out of the 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 possible keys. and here https://bitcointalk.org/index.php?topic=156077.0 https://bitcointalk.org/index.php?topic=139735.20 i couldnt find the post where DannyHamilton says "if you started generating keys at the start of the universe, you wouldnt even have 0.000003% of privkeys possible" Exactly this. AND for a vanity keygen it takes computational time. To compute the first 8 characters would take a considerable amount of time... let alone playing the lottery. |
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I personally don't like automatic recurring payments. I like to know when I'm spending my money.
But he's asking for a solution HE initiates... so he does know. He donates to several organizations monthly and would like to automate his process. It'd be easy to go back and look at what was paid in your wallet. |
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Scam. Scam. Scam. Asking ANYBODY to execute a .exe file using an unverified account... Scam. Scam. Scam. |
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This is a divided issue with the community... should the Bitcoin Blockchain be the *only* blockchain?
Altcoins run the same basic code as Bitcoin with minor tweaks - nothing earth-shattering there. For an altcoin to become bigger than Bitcoin it has to be as disruptive to Bitcoin as Bitcoin is to the current financial system. Minor tweaks won't replace Bitcoin.
However, altcoins can be compared to gift cards - retailers can offer their own currency. The benefits are discounts offered (i.e. 10% off all purchases if you use our currency... it gets customers back in the door with a discount AND they have to spend it there).
There are two ways of implementing this, 1) sidechains, or 2) stand-alone cryptocurrencies. There are mixed opinions on both.
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I am just proposing a simple app
There's nothing simple about this. Yep. Fractions of clean coins mixed with fractions of 'dirty' coins = grey area. |
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"Snail Money"... more like "Funny Money"...
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The right to freely trade is a basic right, as is the right to refuse!!!
I'm not sure about the “right to refuse”. If you refuse to give service to someone, for example, because they're black, that's discrimination and a crime in certain jurisdictions (it should be everywhere). Haha I don't think anybody is convinced with this app... I still don't know what constitutes a 'dirty' coin... it's open to interpretation. DieJohnny wants to impose his morals on everybody. And who proves these coins are 'dirty?' A 3rd party? And who's to say those coins aren't ALREADY in your possession and this 3rd party deems them 'dirty' later? |
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This is just fear and noise because you are afraid of the ramifications. Any service could be as customizeable as you want. You want to only check relationship to famous addresses: Bitstamp address for example, then you could do it.
I see cash transactions all the time that do not happen because the person with the cash is a drug dealer. It happens.
Why only famous services? For this to work, you would need everyone to agree with this. Also, how do you know that person is a drug dealer? Did you check the banknote serial numbers in a database? I am talking about a service for one person not everyone. I ask for someone's originating address, i type it into my dirty coin checker. I can choose to do business or not based on the results. But WHAT constitutes 'dirty'? What's 'dirty' for one individual may not be for the next (think global transfer). Boycott the vendor not the coins. The only one that's gonna create such an app for you is the gov't... Do you not realize that the right to freely trade is a basic human right? |
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Again, WHO determines which coins are dirty? A 3rd party?
How do they PROVE coins are dirty? I.E., I don't like my neighbor - I think he's up to no good... don't accept his BTC.
I've never witnessed anybody turn down cash because it was previously involved in a drug deal.
Again, this leads to ELITISM and CONTROL.
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I understanding why miners not filtering transactions for any reason is a good idea as it would diminish the overall fungiblity of Bitcoin.
However, why not have an app that will tell you how dirty the coins are for a particular address that is the source of your potential exchange. You can decide if the coins are too dirty for your liking.
Example, You want to sell a car, someone offers bitcoin. You ask for his address to confirm funds. He provides an address that is a couple steps removed from the Bitstamp heist and 80% of the value in the address is directly linked to the Bitstamp heist. You tell him no thanks.
How would this impact the fungible aspects of Bitcoin?? and it is certainly easy to do so why hasn't anyone done this yet!!
Let us say you sell your car. After that when you try to use your coins to buy something else, people say that the coins are too dirty for their liking. Wouldn't be a comfortable position, would it? Fungibility has to be absolute. No Fungibility does not have to be absolute. I don't have to accept CASH if I don't want to. In real life my neighbor 10 doors down can't buy ANY services from his neighbors... Not from any of the lawn mowing, house cleaning families that offer them, why.... because he is a drug dealer and everyone knows it. Nobody wants his dirty money. But the cash system moves on just fine without him. This is really a service I want. I want an app on my phone that will tell me that you aren't a crook when I buy my bitcoins from you. Bitcoins are bitcoins. With enough time, can't you prove that most coins are dirty or stem from a dirty address? Just like cash that has trace amounts of drugs on it. This is how elitism is born... Yes, almost all coins will be dirty over time. But I want to decide what that threshold is. Certainly, the capability is available right now to tell me that the coins are 100% dirty. I want to check so I don't enable evil doers directly. Maybe my threshold is 10% dirty. I get to decide. You want to quantify something that cannot be measured. You want to measure how dirty a coin is? What makes a coin dirty? This will vary from person to person. WHO determines what constitutes a dirty coin? Laws vary country to country... What's right in one place may not be in another. Finally, if the coins are in your possession, why are they dirty? The past shouldn't be tied to the present use and application of your coins. |
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I understanding why miners not filtering transactions for any reason is a good idea as it would diminish the overall fungiblity of Bitcoin.
However, why not have an app that will tell you how dirty the coins are for a particular address that is the source of your potential exchange. You can decide if the coins are too dirty for your liking.
Example, You want to sell a car, someone offers bitcoin. You ask for his address to confirm funds. He provides an address that is a couple steps removed from the Bitstamp heist and 80% of the value in the address is directly linked to the Bitstamp heist. You tell him no thanks.
How would this impact the fungible aspects of Bitcoin?? and it is certainly easy to do so why hasn't anyone done this yet!!
Let us say you sell your car. After that when you try to use your coins to buy something else, people say that the coins are too dirty for their liking. Wouldn't be a comfortable position, would it? Fungibility has to be absolute. No Fungibility does not have to be absolute. I don't have to accept CASH if I don't want to. In real life my neighbor 10 doors down can't buy ANY services from his neighbors... Not from any of the lawn mowing, house cleaning families that offer them, why.... because he is a drug dealer and everyone knows it. Nobody wants his dirty money. But the cash system moves on just fine without him. This is really a service I want. I want an app on my phone that will tell me that you aren't a crook when I buy my bitcoins from you. Bitcoins are bitcoins. With enough time, can't you prove that most coins are dirty or stem from a dirty address? Just like cash that has trace amounts of drugs on it. This is how elitism is born... |
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I think a computer based system for buying Bitcoin is more reliable than an app for a cell-phone.
Why? Bitcoin should be able to span to all digital mediums... there are African communities that have all of their currency on their mobile phones. I think this is a feasible idea - text your deposit address and amount to a number. They then charge your cell phone bill (just like those text-to-donate commercials). The biggest obstacle is phone carriers and people paying their phone bills. |
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