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+1 for vector76's hypothesis from me as well.
This seems a lot more likely than my double block mining hypothesis. This would also be harder to protect against.
Anyone have ideas about how to stop this sort of attack?
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Hopefully by the time the block reward drops, the transaction fees per block will meet or exceed 25BTC. If this is the case, miners will make approximately the same as they do now.
I figure transaction fees will only rise with time as the system gets larger.
The transaction fees don't need to be that high assuming the bitcoins gain value against energy. Just because energy will have a higher cost in dollars doesn't mean that higher cost will translate to bitcoins. I just meant that mining hopefully won't get less profitable even though the intrinsic reward goes down. Transaction fees should hopefully make mining just as, if not more, rewarding as before. |
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Perhaps in addition to moving off of SF a yearly audit of the code should be required.
We could make it a contest. Pay BTC to those who find the most severe security flaws, just like Google does. I would donate to doing that.
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You know this is something that i have been thinking about a lot. My mind is playing around with ideas that could make this happen for myself and others. Had one random idea that came from installing my own solar array on my home. How about a massive farm/barn/solar farm in the UK taking advantage of feed in tariffs and having miners living and running the rigs/thier rigs but also a large hydroponics setup, some bee hives and some livestock etc etc.. Can anyone come up with a system that might make something like this work? Sounds like a comune to me tho  surely we can come up with some cool ideas? Sounds like it'd be worthwhile to find people selling solar equipment and/or hydroponics equipment for bitcoin then! Doesn't have to be a commune, you could charge the miners bitcoin for their space. One of my friends has a hydroponics shop locally and he's willing to accept Bitcoin, but there's no POS integration with his software (QuickBooks Pro). I don't have time to write a plug-in now as I'm working on something else, but I can tell you right now that he's willing to do this. I don't think he's got a shopping cart set up either, I'll talk to him about getting one set up to sell online if he wants and then I can hook up a Bitcoin payment module there. Edit: On that note, my brother and I have a few acres we're working on turning into an orchard. I plan on selling produce for Bitcoin, but it's going to take a few years to come into production. That sounds great. Where in the world are you guys located? If I am anywhere nearby, you'll have my business. |
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I would suggest mirrors in the Netherlands and Sweden. Both are fairly nonrestrictive countries as far as I know.
Anyone want to volunteer to do this? I'm sure we could find a host that would accept Bitcoins even, or just do it for free.
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My guess, based on what I saw on their website without registering, is that it is a CPU Mining pool like BitcoinPlus is.
Someone else would have to confirm that though.
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In the United States it can take up to 6 months to evict a tenant if I remember correctly.
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A farmers market selling items for Bitcoin would help too. At least in rural areas.
Run power, a PC and an Internet connection to a rural stall, wait up to a hour for transactions to be confirmed... or just use cash. I know which one is much cheaper and easier. Laptop, aircard or phone, and give them the stuff based on unconfirmed transactions. Practically instant. The risk factor of someone double spending is fairly small. The cost of managing to double spend far exceeds the value of my veggies. And even if someone does do it, I think I can live with the cost of losing a few veggies. |
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If you had enough Bitcoin or USD you could control it.
We could also as a collective whole, buy more Bitcoins thus driving the price up. It could be done, it would just take work.
With that said, I doubt we will all work together to do that and I don't think someone with a bunch of money is going to buy all the coins. (But if they do, they should donate to the faucet.)
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I agree that this can be nothing but good for Bitcoin.
Can't wait for this conference. I was originally going to go, but then the funding didn't come through for me... oh well.
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Hopefully by the time the block reward drops, the transaction fees per block will meet or exceed 25BTC. If this is the case, miners will make approximately the same as they do now.
I figure transaction fees will only rise with time as the system gets larger.
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I'm all for a Bitcoin commune. Sounds fun.
A farmers market selling items for Bitcoin would help too. At least in rural areas.
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What file is the formula in. I would like to see it for myself (just so I can understand when I will and when I won't have to pay a fee).
Thank you guys for your help.
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The newness? I didn't realize the client put a transaction fee on new coins.
I thought it wouldn't even let you send coins until they had 6 confirms (12 for fresh minted coins).
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I think I found a situation where the Bitcoin Client will double spend.
BACKGROUND:
I sent all my Bitcoins to myself so that I would stop having to pay the 0.005 BTC transaction fee (my money was in very small amounts throughout several addresses). By consolidating all my money into one address I would not have to pay the fee because my transaction wouldn't be over the size limit.
REPRODUCE:
Send all your coins to several addresses until your forced to pay the 0.005 transaction fee for any transaction.
Send all your coins to a new address in the same client. (Paying the fee)
Before the transaction has 6 confirms (it only has 2 for me) send money to a new address.
It should ask you to pay a transaction fee.
MY UNDERSTANDING:
I believe that this is because it is trying to send money from the old addresses because the new address has less than 6 confirmations. I think it still see the money in your wallet balance and therefore it is willing to overlook the fact that you have already sent that money.
Of course I could be entirely wrong, but I would like it if someone could look into it a bit more. At least to give me an explanation of why it happens if I am wrong.
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I might switch my mining stuff over to the testnet. Don't worry, I don't have a powerful box.
All the coins would go to the faucet.
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22 hours 32 minutes.
Still have a ways to go. But I think I am fairly active here. I just have a real life too. xD
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FDIC insurance is an inside joke. ... call the Federal Reserve and orders up the printing of more dollars out of nothing.
... they can create dollars out of thin air.
Remove a few parts from his post and it describes the entire US monetary system. |
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