Hi guys,
Thanks for the sound advice.
I'm in a dilemma..
64Ghz Miner ($1700 - October via a friend) - Butterfly
Buy Bitcoins (and sit on them) urghs...Butterfly Labs they are known to deliver very very delayed. or
Buy Stock (which I have NOOO idea on where to start or look or know if my gamble has a good chance to survive)?
there is a lot of crappy/scammy stocks out there, be careful. As trading platform, I have good experience with btct.co . |
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"Where do you take the number $500k from? Just imagination, some sort of calculation?"
The world gold supply is valued at around $12T. Should bitcoin effectively replace gold as the global decentralized ledger of choice, each BTC would be worth ~$550K in 2013 dollars ($15T/21M).
Even if that sounds crazy, but the number would be even higher. I am very sure that at least 1 mio Bitcoins are lost forever. The real question is, will Bitcoin ever be used like gold/gain gold's market cap? |
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OK, I think I am beginning to understand. However, in order to send Bitcoins with blockchain.info I only need my password but not the private key. So, according to my understanding, this must mean that my private key is kept by blockchain.info and automatically used when I want to send Bitcoins. So if blockchain.info gets hacked, my private key would be stolen. On the other hand, using Bitcoin-QT, I have been able to find my private key using the debug console, but I do not see how to use that private key to send Bitcoins. When I try to send with Bitcoin-QT, it requires my encryption password but not my private key. So when I read that the private key is the most important part of Bitcoin security but I do not even need it to send Bitcoins, I am deeply concerned.
The private keys of the Bitcoin-qt wallet are saved in the file wallet.dat (and encrypted with a password if you use one), whenever you send Bitcoins it will use the private key from the wallet.dat. So, yes they are required in order to send Bitcoins. You just don't see it as the private keys are created in the background whenever you make a new address. You can also import an address into Bitcoin-qt or blockchain.info by importing the private key. |
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To apply such numbers, you have to know about them.
There are a lot of things you have to learn about Bitcoin before you can try to estimate the chance of success.
There are a lot of people who have learned about BTC. So now we see what the market in a whole thinks about BTC. Ask any libertarian,  he will confirm that markets are very effective at estimating chances and values. But the BTC market makes incredible error, it misses at least 3 orders of magnitude! Why? Well, personally I don't think the market is so effective every time, where it really excels is adjusting very fast after something is known as a good or bad investment though. |
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To apply such numbers, you have to know about them.
There are a lot of things you have to learn about Bitcoin before you can try to estimate the chance of success.
Also don't trust what economists say xD
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I would also vote for keep them all (as I think there is a good chance of them being worth a lot) or sell half of them (as you will have a nice gain either way).
Please also learn about how to securely store your Bitcoins (e.g. paper wallet or cold wallet) ^^
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I like your project, gave you the first Bitcoin donation of my life ^^
(Sean's Outposts Bitcoin address btw: 1M72Sfpbz1BPpXFHz9m3CdqATR44Jvaydd )
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I'm sure there was never any theft of dollars anywhere  On internet + that could never be tracked down and refunded? No, never. suuure.... no online thief ever uncatched. nobody ever lost a single dollar on e.g. paypal, or other services... And even if it's refunded somebody has to pay for it (usually all the customers in form of fees), when th thief isn't catched or already used it up. You could have a system like this with Bitcoin, too. |
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Great, that explanation helped me quite a lot. Thank you |
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There are two types of addresses (also called key, but it's prefered to use the name key only for the private one): public and private
For the average user there is really only one type of address in bitcoin. It's generally called a "bitcoin address". Technically you could probably think of a multi-sig address as a different type of bitcoin address, but I don't think this is what you meant. There are two types of keys, public keys and private keys. Keys are not addresses, and addresses are not keys, but all three (private key, public key, and bitcoin address) are mathematically related. It is generally safe to assume that each private key has exactly one associated public key (we'll ignore the concept of compressed keys for the moment), and that each public key has exactly one associated private key. If you know the private key it is possible to calculate the public key, and if you know the public key it is possible to calculate the bitcoin address. None of those calculations are possible in the reverse direction. If you know the bitcoin address it is not possible to calculate either the public key or the private key. If you know the public key it is not generally possible to calculate the private key. An exception to that would be if you have multiple signatures from the same private key and know the random data that was chosen by the signing algorithm. This exception should not be possible unless the algorithm used for generating random data is flawed and predictable. Thanks for correcting me, I guess I simplify too much for any deep technical analysis xD Didn't realize there is a difference between public key and address. |
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I'm sure there was never any theft of dollars anywhere |
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Litecoin is 1000 times faster that fuckin bitcoin.
Transaction alredy took 26 hours and still "0 confirmations".
Fuck Bitcoin. The slowliest thing on whole world.
Crap
you right, and soon litecoin will be much faster then today. Would you stop that, please? You are acting like a door-to-door salesman that desperately tries to sell his stuff. That raises another interesting question: how to make that broadcasting stop in case the sender realizes he has set the transaction fee too low and wants to correct it?
Sadly I cannot answer this. I'm pretty sure it's possible and I remember reading something about pywallet. The folks in the tech section surely can help with such a problem, if it should ever arrive. |
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It would help if you could say what client you are using. Bitcoin-qt? online-wallet only? Electrum or Multibit? I can answer some of your questions: Hi, first of all english isn't my first language. Sorry for bad grammer.
I'm new at bitcoin world and i don't understand some stuff. I'm going to ask some questions and i'll be grateful if someone helps.
Is public key and bitcoin address same thing? There are two types of addresses (also called key, but it's prefered to use the name key only for the private one): public and private A public address is used to receive Bitcoins. Every public address has a corresponding private address/key, which you need to spend the Bitcoins on that public address. What is "change address" and how do we get one? Why do we need one? The amount of Bitcoins you receive in a transaction can only be sent as whole. Imagine it like receiving a $20 bill, you can only spend it whole, but you will receive change back. Most clients will automatically create a new address for this change, the change address. It helps impoving anonymity. One of the receivers is most likely a change address, but it is possible to send Bitcoins to multiple adresses in one transaction. In this picture: http://puu.sh/4qapy.png same address sent bitcoins to someone 4 times in 1 transaction, and change came back to him. How is that possible? or something else happend and i don't understand. He didn't send Bitcoins 4 times, the transaction is just made out of 4 different smaller transaction, e.g. just like you have to pay with 4 x $1 coins to pay for $3.88. You can manually choose whatever address you want as a change address. How can we calculate the fee of transaction? www.bitcoinfees.comthe most common fee is 0.0001 Btc. |
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No, it has nothing to do with fees. The input to the transaction was taken from previous unconfirmed transactions. The network couldn't verify the input as existing as it is unconfirmed so the transaction was rejected. The casino will have to update their routines to handle building transactions correctly.
That's great information. Do you know if something like that could happen if someone sent Bitcoins from the standard Bitcoin client with -paytxfee=0 ? Without basing it in unconfirmed inputs: As far as I know the wallet would keep on broadcasting the transaction and try to get it through (and you wouldn't see the Bitcoins in there as they are marked as reserved for transaction). So you would have to screw around the wallet a bit to get rid of that. That's more of a guess than knowing though ^^ I'm pretty sure the standard client will not let you send a transaction from unconfirmed inputs. But then again I have not tried. When you do a transaction to an address within your wallet, you can send those Bitcoins again before the transaction is confirmed. |
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So, in a nutshell: the Bitcoins were sent from an address belonging to the casino and blockchain.info showed the transaction until it was rejected by the network because of insufficient fees. Edit: see post below ^^ That way, the Bitcoins remain in the casino's original wallet. Now it's up to the casino operators to verify that and, if they're honest, correct the OP's balance on their site or send the Bitcoins again with enough fees. Correct?
Yes, that's correct. |
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Another question - what is the difference between a private key and a password? If I understand correctly, the public key is the bitcoin address to which people send bitcoins, but I have been unable to see the distinction between password and private key.
public address: the address you can use in public to receive Bitcoins, every public address has a corresponding private address/key private address: This is like the key to your public Bitcoin address, you need it in order to send the Bitcoins that are on there. So yes, it kinda works like an password, but there are a lot of other things that require passwords, so it's better to use an other word for it to make a distinction. E.g. you could also encrypt your wallet with a password, but this has nothing to do with Bitcoin itself. |
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That makes a lot of sense. But isn't it kind of pointless for a client to generate a transaction number for a transaction that is never going to occur? That's what's confusing me. And from what the OP said, it seems that at some point the transaction was showing up on blockchain.info.
The client creates a transaction number and broadcasts the transaction, so that miners can grab and include them (and blockchain can show the transaction), but until it's included in a block the Bitcoins didn't move. You see the blockchain points to an address x and says "the 3 Bitcoins are there" and including the transaction in a block moves the pointer "the 3 bitcoins are there at address y" The Bitcoins are never really "sent", so they cannot be lost. They are either on address x or y. |
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OK, so considering a situation like this: someone sends Bitcoins and doesn't include a transfer fee. What happens to those Bitcoins if the network "decides" not to deliver them to the destination address? Are they returned to the sender?
Good question. Anybody knows an answer? They were never sent in the first place then and are still on the old address. (might only be that some clients don't show them, because they are marked as "reserved to be sent") Bitcoins are never "lost in cyberspace" they are always on a Bitcoin address. |
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Thanks for the reply, it makes sense. I have downloaded the entire blockchain but I am not sure where on my computer it is stored. I am using Linux Mint.
I don't know the path on Linux, but you could search for the file wallet.dat, the blockchain is also there On windows it's C:\Users\[Username]\AppData\Roaming\Bitcoin Keep in mind that all private keys to your Bitcoin addresses are saved in the wallet.dat, it's the most important file. |
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