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Just curious why that post was cleared. |
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Just to put a bookcase end to this post, Bitcoin7 says they've been hacked, most of the customer's funds are gone and they've closed. http://bitcoin7.comDear User,
Please read carefully the following critical announcement.
On Oct 5th 2011 Bitcoin7.com became the victim of a number of pre-planned hacker attacks. While our investigation is still going, evidence reveals that the attacks originated from Russia and Eastern Europe.
The attack itself took action not only against the bitcoin7.com server but also against other websites and servers which were part of the same network. Eventually the hackers managed to breach into the network which subsequently lead to a major breach into the bitcoin7.com website.
As a result of the hacking, unknown individuals managed to gain full access to the site's main bitcoin depository/wallet and 2 of the 3 backup wallets.
In addition the hackers gained access to our user database.
Even though our faith in the bitcoin project and community remains as strong as it ever was, it is our responsibility to admit that the scale of the damage is far beyond our financial and physical capabilities.
This is why we have decided to cease the operation of bitcoin7.com and instead of investing in new technology and personnel that could possibly help us overcome this unfortunate situation, we decided that we'd rather gather all possible finances through all possible means and initiate a crisis plan for reimbursing the lost balances of our users.
This is also an open invitation to all interested investors which have interest in taking over the site at the only cost of recovering the stolen bitcoins.
The crisis plan will take action over the next 90 days. On behalf of the management of bitcoin7.com we want to apologize for this extremely stressful situation.
More specific updates will follow within the next 24 hours with detailed instructions about how to withdraw your funds.
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Just to make sure this news isn't missed in this thread: MtGox adds redeemer for private keys including Casascius Physical Bitcoins - http://bitcointalk.org/index.php?topic=46908.9When you redeem a code, MtGox keeps the private key and will auto-sweep any future funds sent to that key into your MtGox account. |
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Per the old bitcoin: URI scheme, amounts should specify a unit. The current implementation of bitcoin-qt, however, only correctly handles amounts as BTC without a unit. What would be the ideal behaviour, in the community consensus, when encountering a URI that does specify a unit? Previously I had suggested a units= (e.g., units=mbtc), but there were reasonable arguments as to why that was not a good solution: - http://bitcointalk.org/index.php?topic=6206.msg91910#msg91910 |
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When storing your bitcoins with a browser-based wallet on a third-party website, you are trusting that the operator will not abscond with your bitcoins, and that the bitcoins will not be stolen by a hacker or the operator's employee or agent, beyond the website operator's control.
- http://en.bitcoin.it/wiki/Browser-based_walletHere's the list. - http://en.bitcoin.it/wiki/Category:EWalletsOne of the factors that might be important is for the service to have multi-factor authenticaton. Some of the exchanges can be used as an ewallet and support multi-factor auth, but others do not. WalletBit has a paper-based multifactor authentication method. |
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How does the halving work when the number gets really small?
The reward will go from 0.00000001 BTC to 0. Then no more coins will likely be created.
The calculation is done as a right bitwise shift of a 64-bit signed integer, which means it is divided by 2 and rounded down. The integer is equal to the value in BTC * 100,000,000. This is how all Bitcoin balances/values are stored internally.
Keep in mind that using current rules this will take nearly 100 years before it becomes an issue and Bitcoins may change considerably before that happens. - http://en.bitcoin.it/wiki/FAQ#How_are_new_Bitcoins_created.3FAnd here is what that looks like:  |
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Got about 5 of these a week ago. Very cool looking. I gave them all away to random people at work. Will buy more in the future. Same here -- assumed I had ordered many more than I would use anytime soon and just a few weeks later I'm putting in an order to restock. I wanted to keep the earlier coins myself as if I am going to hold some long-term, I want to keep the earlier ones as they potentially would have numismatic value and if that happens the earlier ones (based on the date n the blockchain for the coin's address) will have a higher value than the later ones. These things are really hard to hold onto though and since shipping is a flat-rate the shipping charge becomes barely a factor when you buy a larger quantity. I could sell the ones I have at a profit well below the price others would pay when buying only a few. I've had many offers to trade my physical coins for cash but they can buy in quantity themselves from Casascius so that's where I've directed them. Now I need to restock soon as I don't want to find them sold out or on backorder by the time I'm thinking of gifts for Christmas. I've used these for paying my portion of a dinner tab, as a gift to a friend and for purchase from a restaurant owner who hears about bitcoin from me every time I visit :-). More significantly I've shown the coin to probably more than fifty people now and the response from most everyone I show it to is significantly more favorable than the response I would get when attempting to describe bitcoin using only words. These things are worth every bitcent they might cost. Incidentally, I had been wear-testing one that I carried around in my pocket with other change and keys. I had to learn to be careful as without paying close attention I almost lost it many times -- including one time to a parking meter (the coin is about the size of a quarter and it definitely would have fit into the meter's coin slot) and another time when tossing some loose change into a tip jar. After more than three weeks of getting lots of attention the address printed on the back of the coin started to wear away, though I could still make it out to verify the balance. The brass face of the coin wears quickly with scuff marks, etc. but of course, these aren't meant to be as durable for this type of use so that wear is hardly a problem. The hologram sticker stayed intact with no indication it would start to peel away or falsely show tampering. It came off only after a 5 year old with fingernails heard it was a sticker and not two minutes later the underside was exposed and the code revealed. |
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as Bitcoins become more difficult to mine there will be a tendency for individuals to hoard Bitcoins, thus reducing Bitcoin transactions
There has, is and always will be (hopefully) hoarding. (I say hopefully, because that means there are those who expect it to hold its value or to increase in value over time). That doesn't mean bitcoin will not be used widely as a currency for commerce. That is because because unlike most other commodities or investments where hoarding occurs, bitcoins can be easily and inexpensively exchanged into and out of other types of money. This is because Bitcoin has advantages to merchants over other payment networks. The advantages include: 1.) Low transaction fees. A merchant gets bitcoin payment "at par", meaning because the fee is paid by the sender, every bitcoin payment is received 1;1 (When a customer pays 1.0 BTC plus the transaction fee, the merchant receives the full 1.0 BTC). Compare this to PayPal, which, in the U.S., is $0.30 + 2.9%. 2.) Funds can be spent in minutes. When a merchant receives bitcoins as payment those funds can be used for spending without having to wait. Compare that to a Visa/Mastercard payment network where "settlement" first needs to complete before the merchant has access to those funds. 3.) No chargebacks. If funds are to be returned, such as for a customer refund, the merchant has full control over the process. There is no way to reverse a bitcoin transaction so no surprise "reversals" occuring 60 days after the sale, for instance. 4.) Universal funds. There is no difference in the process of sending bitcoins to a neighbor down the street as when sending to a supplier on the other side of the world. Without an intermediary, there are no cross-border fees. When there is the desire to exchange between bitcoins and other currencies, bitcoins can be bought in the sender's local currency and the recipient can exchange them out in their local currency. These are advantages that no other payment system has. Consider the situation where gas stations provide two prices, the listed price for those paying with a credit or debit card a lower price (discounted about 3%) available to those paying cash. To save the 3% customers forgo the convenience of using a credit card. It already occurs due to reasons including #s 1-4 above where merchants today prefer to accept Bitcoin for payment. As a result, we are starting to see where discounts are offered to consumers when paying with Bitcoin (e.g., http://www.etsy.com/shop/tinaproduce offers a 5% discount) and we are also starting to see merchants who have a competitive edge on pricing due to only accepting bitcoin as payment (e.g., http://www.bitcoindeals.com ). Additionally, there are situations where the customer prefers (or insists) on using bitcoins as payment. If you were hoarding bitcoins and now wish to spend some, or your business receives bitcoins then you hold bitcoins already and then want to spend them directly instead of having to exchange them out to a government currency. As a result, those thinking something better than bitcoin will come along are, in the meantime, missing out on what really is occurring out here in the real world. Bitcoin's reach is growing daily -- there are today exchanges for trading Bitcoin in and out of more than two dozen currencies, a merchant directory that is growing daily, and a continuous influx of very motivated and bright people collaborating on ways to cause Bitcoin to serve us in more ingenious ways than we could have imagined just a matter of a few months ago. |
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I'll be adding a private key import function to strongcoin that will allow you to import the private key in the mini format.
You'll then be able to spend the BTC. StrongCoin eWallet now does indeed let me import the minikey from my Casascius bitcoin and spend it. Importing itself does not create a transaction, so until you spend using that newly created account, the funds remain stored to the Casascius coin's address. StrongCoin's service is unique -- accounts have passphrase protection per-account and, if I understand it correctly, only the encrypted key is sent to StrongCoin. So keep that in mind, that if you lose or forget your passphrase, not even StrongCoin can recover those funds for you. There is an issue on the fees with StrongCoin and discussion on that is occurring here: - http://bitcointalk.org/index.php?topic=36169.msg554538#msg554538 |
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5) Could you please let the customers (me) set the network transaction fee - instead of hardcoding it to 0.01 BTC? As it stands now when I transferred 1.00 BTC you took your cut (0.01) which is OK with me (but I think it should be a percentage see above) and then you hardcoded another 0.01 for the network. So it cost me 1.02 to send 1.00. Please allow us to set the network transaction fee value to anything we want, including zero. I don't know that it needs to be configurable by the user as that adds yet another variable to the mix. Like with other ewallet services, it would be nice if the network fee was included in the wallet service's fee. In my instance, without knowing that there was also a trx fee as well I kept getting an "insufficient funds" when attempting to spend all but the 0.01 StrongCoin fee and only when I finally entered an amount low enough did the transaction go through and then learned what the network fee ended up being. Additionally, it would be nice if I could pay no fee to move the funds from the imported account to another account on StrongCoin without a fee. Let's say I have a physical bitcoin and by peeling the hologram to reveal the minikey I no longer can consider that key to be secure. I might not wish to spend it right away, but I want it secured using StrongCoin. StrongCoin will eventually receive a fee when I finally do spend the funds so allowing this account-to-account transfer lets me spend a physical bitcoin without having to pay a fee to StrongCoin twice. Fee issues aside, this is an EXCELLENT service! |
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Probably that the core bitcoin protocol and network has never been hacked or infringed upon. That alone is quite amazing, and a testament to the good design of the system.
We can imagine that there must be an army of hackers out there trying to profit by corrupting the Bitcoin system. Thus far, they've only been able to successfully attack companies and websites, but never Bitcoin itself.
Just to clarify, though the protocol has not been "hacked", the August 2010 incident occurred from a hack to a vulnerability in the Bitcoin client (i.e., did not occur using the stock client -- though whether it was malicious or not has not been deteremined). - http://en.bitcoin.it/wiki/Incidents |
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This looks like a well written piece of journalism "this currency’s value is based on market forces, allowing owners to trade it over the Bitcoin StackExchange" Heh, well ... they might have skipped over some of the details. :-) |
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-7% seems a lot ...- So making no changes each block takes 10 minutes and 36 seconds, on average, for the 15 days, instead of 10 minutes. Problem? |
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Let's say one buys a ticket, but the entry/transaction shows two or more "sent from" addresses. If that entry should win, to which address is the prize sent?
Only one address is actually the entrant's, right? The others are change addresses or something? This was asked, and answered here: - http://bitcointalk.org/index.php?topic=7283.msg158372#msg158372"Any would work. I'd probably pick the oldest address just so there is more likelihood they have that address backed up somewhere." |
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With an address made just now: j:~/bin$ ./bitcoind sendtoaddress 0.0001 1PyrrD1EnHminnFPipPGyve4HiVyJPKmGy
error: {"code":-4,"message":"Invalid bitcoin address"}
j:~/bin$ ./bitcoind getinfo
{
"version" : 31900, Is that v0.3.19 then, and not v0.3.2x? Maybe that is an erroneous error message? The minimum that could be sent at one point in time was 0.01 BTC, so maybe instead of saying invalid amount it is reporting invalid address? Not saying the problem isn't with BitAddress, just trying to eliminate other possible reasons. |
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I don't have v0.3.2x anymore to test. Would someone be able to provide a response:
Hm, looks like actually the problem being reported is with v0.3.19. Would be a problem for BitAddress even if it is that older version. Can anyone else confirm either way? - http://bitcointalk.org/index.php?topic=46355.msg553631#msg553631 |
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