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7981  Other / Beginners & Help / Re: How do people update their wallet balances for paper wallets? on: October 01, 2012, 05:22:45 AM
keep a unprotected list of the public addresses and look the current balance up on blockchain.info.

More advanced solution is to make a "watching wallet" (contains only the public addresses so it can't spend coins).  Armory client and blockchain.info ewallet can both produce this.  I also believe there is a service somewhere which will monitor the value of an address.
7982  Other / CPU/GPU Bitcoin mining hardware / Re: Heat from Mining efficiency on: October 01, 2012, 05:20:56 AM
gas (or any combustable heating source) can never be more than 100% efficient.  Law of conservation of energy.  1 BTU of chemical energy in natural gas can at most produce 1 BTU of usable heat.

The very best modern furnaces are 92% to 97% efficient.  Older cheaper furnaces are in the 80%.  If you have a furnace more than 20 years old it is likely is sub 80% efficiency. 

That being said you probably aren't interested in the EFFICIENCY on natural gas heat you are interested in the ECONOMICS.  Natural gas is very cheap in the US (in terms of $/BTU) so even at a lower efficiency the cost per BTU of heat added to the house will generally be less than a electric radiator (to include GPU rig).  How much cheaper?  Depends on a) electric rate, b) nat gas rate, c) furnace efficency but as a ballpark it is roughly 30% to 50% cheaper (per usable BTU).
7983  Economy / Auctions / Re: Advertise on this forum - Round 52 - 52 SLOTS AVAILABLE on: October 01, 2012, 05:16:37 AM
0.2
7984  Bitcoin / Bitcoin Technical Support / Re: Security of Apple's encrypted dmg's on: September 30, 2012, 02:19:12 PM
Yeah the two concerns are future access and security. 

What is the specs of the closed source dmg format?  Who knows.  Does it have an easily exploitable cryptographic flaw? Who knows.  In 20 or 30 or 50 years will Apple still produce OS capable of using that file format?  Who knows.

While there is nothing wrong with how you make a backup, using an open standard (like an AES encrypted text file) would ensure higher future compatibility and the security is more transparent.
7985  Other / Beginners & Help / Re: new blockchain gambling site satoshiseleven.com on: September 30, 2012, 01:54:14 PM
an additional 0.5% goes into a progressive bonus jackpot game called "satoshis111" which has 111 players instead of 11 and you can achieve positive expected value because of the bonus!!!

This is an obviously false statement.  The jackpot is paid by a 0.5% reduction in the "normal" payout.  The game is negative expectation.  Then again all gambling games with house advantage are negative expectation.  You don't need to lie or mislead customers, people using the site are expecting to gamble not invest. Wink

7986  Bitcoin / Bitcoin Discussion / Re: "All cryptography is breakable" criticism on: September 29, 2012, 10:40:28 PM
To prevent length-extension attacks. These attacks are a known weakness in the current SHA hash functions, but the new SHA-3 hash function - to be announced soon - will have built-in measures to secure against this. The double-SHA-256 is sort of a workaround to this vulnerability.

I would point out extension attacks are only possible when the payload is of arbitrary size.  Bitcoin blockheaders are fixed sized, exactly 640 bits not a bit more or a bit less.   Thus even if you found a payload which has a longer length but generates the same hash it wouldn't be a valid bitcoin blockheader and thus would be rejected by the network.

Still it is possible that Satoshi either didn't understand this or misunderstood the implications of a extension attack and used the double hash as a method to "prevent" the attack.  It certainly is plausible and is the most likely explanation I have heard so far.
7987  Bitcoin / Development & Technical Discussion / Re: making BTC addresses more indexable with prefixes! on: September 29, 2012, 03:25:45 PM
There is no need.  1xxxx is a Bitcoin address (3xxxx is a Bitcoin P2SH address).   Lxxxx is a Litecoin address.  Pxxxx is a PeePee Coin address.

Writing

Quote
BTC :  12Zu56v2CENZREzQnaEia37CeBEEDG96fK
instead of just

Quote
12Zu56v2CENZREzQnaEia37CeBEEDG96fK

is simply being verbose.
7988  Economy / Economics / Re: Bitcoin is not real money. on: September 29, 2012, 06:12:19 AM
I would ask

a) what makes something real money?  When they give you a tortured definition I would name things which fail to fit that definition.  foreign currency, gold, silver, silver reserve notes, digital "dollars" (like value in a bank account).

b) does it matter?  For the sake of the argument pretend Bitcoin IS PLAY money.  If I can exchange this "play money" for both USD (or other "real" money) and goods/services is there any value in the definition of real vs play.

If they still don't get it ... well they don't want to get it.   They will get it in 15-20 years when their favorite celebrity is talking about how Bitcoin is the "IN" thing.
7989  Bitcoin / Bitcoin Discussion / Re: Executive Director of Bitcoin Foundation is incompetent and dangerous to Bitcoin on: September 29, 2012, 05:41:08 AM
The OP is an idiot and don't really care to participate in the rantings and ravings of loos.

Still I thought I would correct a factual mistake by BkkCoin.  The Satoshi client doesn't send change back to an existing address, it always sends change to an unused address from the address pool.
7990  Economy / Economics / Re: Where is Bitcoin in the Technology adoption lifecycle? on: September 28, 2012, 05:40:28 PM
Saying 1.5 billion users are necessary to reach a "tipping" point is just silly.  PayPal has 100 million users.  If Bitcoin had more users than PayPal it likely erase the very need for PayPal and virtually every other person to person payment platform on the planet.

PayPal has a large enough network effect that if it weren't for the downsides (centralized control, seziure of funds, inability for everyone to get an account due to AML/KYC requirements, etc) the number of accounts would likely BE in the billions.

Where is the tipping point?  Hell I don't know for sure but I would say on the magnitude of tens of millions not billions of active users.
7991  Bitcoin / Mining speculation / Re: What happens when the block reward halves to 25? on: September 27, 2012, 12:35:34 AM
That would be a great analogy if only currency was based on gold anymore.  Too bad it's not.  If it were we probably wouldn't need bitcoin.

You could make a currency based on OS/2 floppy discs.  I know they aren't making any more of those. Wink
7992  Economy / Securities / Re: New Asset idea, Cambodian rice sharecropping (4% to 6% a year) Feedback wanted! on: September 27, 2012, 12:33:20 AM
Over the course of a year, the price of bitcoin can and will change significantly, right? Naturally, purchases of shares and payouts could be handled with fiat $. Bitcoin would still be used for the transfer of money.

My ultimate question - Why don't any securities do this?

We have sold LoC notes denominated in dollars using BTC as a transfer mechanism.  These are private notes though we favor dealing with a few sophisticated investors than trying to compete in the ponzi-o-rama (3% per week, no 5% per week, no 7% per week, no 1.2% per day, no ∞ per millisecond).

Trying to do it on GLBSE (or any exchange) would be very difficult.  Even the IPO would be tough because if you want a fixed dollar face value the amount paid in BTC is going to continually vary.  GLBSE (or any exchange) could with minimal change in code support dollar denominated assets (traded w/ BTC).  Look at bitmit.net as inspiration.  They allow sellers to sell dollar denominated products in BTC by showing the price in USD with the continually adjusting BTC equivalent.
7993  Economy / Scam Accusations / Re: Nefario GLBSE on: September 26, 2012, 07:23:06 PM
Come on Joel that is painfully easy (and not a good analogy).  In your example of course there was consideration.  You paid the dealership for the car.

Your $$$  -->  Dealership  = consideration.

You wouldn't have given them money without them giving you the car and neither would have happened without the promise.  Still in real world you would still be SOL because the sales contract would exclude any verbal promises expressed or implied.
7994  Other / Beginners & Help / Re: want to buy 90 btc on: September 26, 2012, 04:02:31 PM
Sent a PM.  Just to be absolutely clear we won't accept payment by any reversible method (PayPal, CC, etc).  If you attempt to do so you will be stuck paying escrow fees.   You pay all fee including our $10 ACH cashout fee.
7995  Economy / Scam Accusations / Re: DaiIy Anarchist is most likely a scammer on: September 26, 2012, 03:27:48 PM
DaiIy Anarchist: https://bitcointalk.org/index.php?action=profile;u=67626

Fresh out of Newbie status and heads straight to Lending.  Check his post history of junk/filler posts.


Nice catch.  Clearly an attempt to spoof a know user.  Daily Anarchist is spelled properly in avatar and website link.
7996  Economy / Securities / Re: +EV Investment on: September 26, 2012, 02:04:45 PM
The trolls in the prior thread missed the mark.  It is possible for skilled players to be +EV in the long run and staking players is common in the poker world.

However the OP is asking for a stake without any proof of skill, prior win history, or stats.  That is just asinine.  Someone is better off sending their money to Satoshi Dice.  At least that is provably fair.
7997  Economy / Currency exchange / Re: Bitcoins Direct - Private off exchange sales. (Update: PNC Bank now available) on: September 26, 2012, 01:33:18 PM
Have you checked ING? Bitfloor is currently accepting deposits through their customer to customer transfers.

Yes.  ING offers no business checking accounts so there is no option for instant payment. We can forward ING payments to our company bank accounts.  We are currently conducting a limited trial.  However understand that is a normal ACH so the standard 3-5 day delay applies, there is nothing "instant" about it.  So it is more like; deposit $x, lock exchange rate, wait 3-5 days, we deliver BTC.
7998  Other / Beginners & Help / Re: Transaction fees on: September 26, 2012, 01:30:44 PM
Thanks for your quick reply. I have a follow up question as well:

How is determined how many transactions will be included in a block? Do nodes use all transactions that were broadcast to them, or do they choose a selection from amongst them? If so, why don't they just use all transactions that were known by them at the moment they started working on a new block?
Each node can choose which tx to include in the block they are working on.

As for why a node might not include all tx.  Larger blocks take longer to propogate so miners risk increased chance their block will be orphaned.  So miners may choose to limit the # of tx or not include free tx when block is over a certain size.

Still there is no hard rule other than a 512K soft limit and 1024K hard limit. An individual miner/pool can choose to include all tx or none in the next block.
7999  Economy / Auctions / Re: Auction: Five (5) US Dollars on: September 26, 2012, 01:14:25 PM
.39000001
8000  Economy / Securities / Re: TYGRR.* assets on GLBSE delisted. on: September 26, 2012, 01:12:58 PM
GLBSE issuers cannot honor their contracts without the assistance of GLBSE. They do no know who the asset holders are, and so cannot pay them.

Which is why IMHO the optimal solution is some cryptographic based smart property type system.  Now asset owners and shareholders could CHOOSE to use a smart-property compatible exchange for ease and liquidity but that wouldn't be a requirement.  The shareholder-asset-owner relationship should be able to survive the removal of the exchange.

I mean lets step back.  What happens tomorrow if Nefario is arrested by the UK equivelent of the SEC and the servers seized?  Is the answer "Oops?".
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