So if any newbie is reading this please understand i say with 100% confidence that bitcointalk.org is the most friendly and welcoming place for you to learn discuss about cryptos and relevant technology.
I can taste the sarcasm. Actually, I think the site is very helpful and friendly toward most newbies. On the other hand, excessive ignorance combined with laziness is sometimes not tolerated very well here. |
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If you are new to Bitcoin, don't mine.
If you are new to trading, don't trade bitcoins.
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It only works because you have picked specific scenarios where it works and there are many more scenarios where it doesn't work. For example, if you modify your first scenario slightly, the merchant loses money: | Day | BTC Exchange Price | BTC from sale | BTC total | $ equiv total (on that day) | $ volatility gain/loss | | 1 | $100 | 1 | 1 | $100.00 | $0.00 | | 2 | $120 | 0.83 | 1.83 | $219.60 | +$19.60 | | 3 | $80 | 1.25 | 3.08 | $246.40 | -$53.60 | | 4 | $80 | 1.25 | 4.33 | $346.40 | -$53.60 |
In this scenario, the merchant has lost $53.60 due to volatility. |
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Summary of this thread so far:
"The bacteria is extracting gold, and not creating it." -- repeat this 30 times.
Summary of the next 30 posts:
"The bacteria is extracting gold, and not creating it." -- repeat this 30 more times.
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I agree that the author doesn't seem to understand how mining works, but the "flaw" that he is talking about is a real and well-known problem that plagues alt coins.
The problem he is addressing is the potentially devastating effect of very large swings in network hash rate. This is unlikely to ever be a problem for Bitcoin due to Bitcoin's wide adoption with respect to other SHA-256 coins.
DeathAndTaxes's post is accurate, but it doesn't apply here. The problem is not due to the difficulty readjustment frequency.
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Is it possible that the private key generated from a passphrase by a deterministic wallet, gets also generated by non-deterministic wallet from a random number ? I understand the negligibility of the collision chance factor. What I am trying to understand here is if it is theoretically feasible at all !!!
A collision is possible, but the range of values used for a wallet seed is so large that the chances of a collision is negligible -- assuming that the random number generator actually works well. |
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"Almost strangled" is an exaggeration. The reporter got his tie caught in a car door for a few seconds. That's all.
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There is an update to the Wired article: Update: April 30; 5:10 p.m. Pacific After our story published, Eric Wolf, of the Ohio Department of Public Safety’s investigative unit, sent us the following email, which suggests that Bencheck may be able to accept bitcoins — if he’s willing to go to court. This is our statement referring to bitcoins. No further information or comments will be provided.
The state of Ohio has not taken a position regarding the use of bitcoins. Rather, in keeping with guidance
from the IRS that bitcoins are a form of “property” and not “currency” for tax purposes, the Ohio
Investigative Unit may investigate the use of bitcoins as monetary payment for alcohol. If the Investigative
Unit issues a citation out of such an investigation, a liquor permit holder may challenge the citation, and
ultimately the Ohio Liquor Control Commission, and possibly an Ohio court, will determine whether the use
was permissible. These comments are limited to the monetary payment for alcohol, and the Investigative
Unit cannot speak to any to any other risks or legal consequences of accepting or using bit coins.
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http://www.wired.com/2014/04/bitcoin_beer/Bencheck asked the Ohio Department of Public Safety for a ruling on whether Ohioans could pay for beer, wine, or liquor with bitcoin. And late last week, the department, which enforces the state’s alcohol laws, gave him its answer: No way.
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Estimated roi is never as the diff is going upupup like bitcoins price ahahah
The difficulty has been increasing at a slower rate recently, but I agree that it is hard to reach ROI with ASIC now. Making a profit (what you refer to as "reach ROI") depends on the cost of the equipment and the future difficulty, and the cost of power to a small extent. If someone can buy the equipment cheap enough, then they can make a profit, even if the difficulty is rising quickly. If the difficulty remains flat then just about everyone buying equipment now will make a profit. |
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I think we have it sorted out. Seems that the "spend" address is sometimes called "private key" or Vice versa.
Let's be absolutely clear here: a private key is not an address. The private key is labeled "spend" on the wallet because it is necessary in order to send the bitcoins from its corresponding bitcoin address. |
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The person that designed the paper wallet labels the private key "spend" because you need it to spend/send the bitcoins.
In the most basic terms, a wallet contains one or more private keys. A paper wallet is a wallet that is printed on a piece of paper. I assume your wallet has two things:
1. A bitcoin address labeled "load/verify". Use this to receive bitcoins.
2. A private key labeled "spend". Use this to send bitcoins.
There is no such thing as a "private address". The bitcoin address is derived from the private key. More precisely, the public key is derived from the private key and the bitcoin address is derived from the public key.
private key ---> public key ---> bitcoin address
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A "deterministic" wallet is one that generates all private keys from a starting value. The advantage is that you only have to back up the starting value and not every key you use. A non-deterministic wallet generates new private keys using random values (so called "entropy"). Blockchain.info is not a deterministic wallet (see https://blockchain.info/wallet/technical-faq) |
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Intersecting the 1008 day average means nothing more than that the hash rate flattened out during this last period. You can't extrapolate it because it is only one period.
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Technically no one really "owns" any bitcoin. They only own the private key to claim and use a certain amount of bitcoin. The private key can be shared by a lot of different people or even made public (No sane person would actually do this)
Legally, control implies ownership and sharing a private key is no more complicated than sharing ownership of something. |
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Nobody knows. Everyone is guessing. If somebody says they know, they are lying or they are delusional.
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The downside to bitcoinwallet.com is that you are storing your bitcoins in somebody else's wallet and we all know how that will end. https://bit.co.in lets you give names to Bitcoin Addresses using the Namecoin block chain. You use you own wallet -- they don't hold your bitcoins. The benefit is that you are not dependent on any single site or company to do the name lookup. Try https://bit.co.in/John |
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