It's complicated by the fact that with 1 trial, there is a 0% chance that the house will take within 1.89 to 1.91 percent.
The chance is not 0%, but it is very small, perhaps <<0.001%. Wrong. Let's say you bet 2 BTC once on the 50/48.1 address. There are only two options: The house gains 2 BTC (100%) The house loses nearly 2 BTC (98.1%) |
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Perhaps I should have asked instead, how many trials would it take to theoretically reach 1.9% with a 95% confidence interval?
Well alright. Now I can say "I don't know" instead of "your question sucks"  It's affected a lot by the big bets. The profit from thousands of small bets can be wiped out by a single lucky big bet (and vice versa). The question should have one more number. It should be phrased "95% chance that the house edge will be within 1.89-1.91%" or similarly. The size of the acceptable error there will greatly influence the result. And... I don't remember how to do a problem like that  It's complicated by the fact that with 1 trial, there is a 0% chance that the house will take within 1.89 to 1.91 percent. |
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Generally SHA-256 on the stream of data is sufficient. If you want to slow down brute-force attempts, I suppose you could do a significant number of iterations of SHA-256 (maybe 10,000,000 iterations?
Does every number with the right number of bits represent a valid private key? That seems doubtful to me. Almost. Virtually every number, though a relatively small number of very large ones (and 0) do not work due to the technical details of ECDSA. |
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- Use youngest coins (aged coins are a resource)
Why would you care if the coins are old or young? Why are aged coins a resource? The age of inputs is a factor in calculating transaction priority. With a 1 week old 1 BTC coin, you can spend 5+ SatoshiDICE dust inputs for free. Would you have an easy chart on how this works? Say, for every day (or 144 block) equivalent of 1 BTC, how many SatoshiDICE dust inputs can be spent for free. Will this also convert to, for example, a 1 block old 144 BTC? And a 6 block old (1 hour) 24 BTC. 2 block old 72 BTC. 3 block old 48. 12 block old 12 BTC. etc? The Wiki has a technical explanation, but I'll try to simplify it. You must multiply number of satoshi's (10^-8 BTC) by number of confirmations and divide that by the total number of bytes to get priority. If the priority is greater than a 1 day 1 BTC coin (144 confs * 10^8 / 250 bytes), it can be free. Now in reality, since compressed keys can be used, a transaction can be less than 250 bytes (min 225 for a standard one-input two-output tx). Also, the number of bytes added by one more input varies greatly. Compare http://blockchain.info/tx/8be6d23b774c9a5934c3a1927754e3fca4c98d6d95de7666a7f12df1d06f9b31with http://blockchain.info/tx/27bf16c3febd2c668ac867e378ca3fd9880a16cb969d4d54015553ed64416e95to see what I mean. Both have 2 inputs and 2 outputs, yet there's a 64-byte difference between them. If you give yourself a good cushion, though, you'll be fine. The easiest way is to use one bitcoin-day per input. If you're spending a dust tx, make sure you have 2 bitcoin-days. If you're spending 10 dust tx's, use 11 bitcoin-days. All bitcoin-days are created equal (except some days have more blocks than others; this is near-negligible). A 20-day 0.05 BTC has the same priority as a 1 day 1 BTC input. Caveat: never create a sub-0.01 BTC output, no matter the priority. I hope that was clear enough. If not, ask away! P.S. The fee rules are not set in stone. Some miners have custom fee rules, and the rules in the reference client may soon change. |
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I'm hoping for a this bubble to pop resulting in a massive crash on the order of 90%. That way I can afford to buy more! (Besides, I haven't bought above 12, so a 90% fall would be alright!)
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Sent a donation to theymos in the amount of .00001337.
My wallet assessed a transx fee of .0005.
So I sent less money to theymos than I did to the miner who will process this. WTF!?!?!
If you try to mail someone a penny in the real world, you will find the same thing. You'll pay 46 cents for the stamp and only send one penny. WTF?? Well it's because there are fixed costs: no matter how light the envelope is, it still has to be driven in a mail truck that runs on gas. And in Bitcoin, even a 0.00001337 transaction is 250+ bytes. (This was just a rationalization. The real reason is partially about DoS protection. But that's outside the scope of this thread.) |
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Wait, they did research before publishing? Research on Bitcoin  I thought all you had to do was say "it's a ponzi, anyone can counterfeit them, it's fiat, anyone can make a copy, it's a bubble" and be done! The New Yorker just got themselves a subscriber. |
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- Use youngest coins (aged coins are a resource)
Why would you care if the coins are old or young? Why are aged coins a resource? The age of inputs is a factor in calculating transaction priority. With a 1 week old 1 BTC coin, you can spend 5+ SatoshiDICE dust inputs for free. |
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Why would you buy a smartphone today when the price will be lower tomorrow?
That's nicely concise. |
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Bitcoin already has an expert mode, and has had it for a while now.
It does ? I dont't see an "EXPERT MODE" button with a big, red, scary warning ( YOU MIGHT LOSE UR MONIES !!!!!!!!!) anywhere. How do I enable it ? Debug console. The warning is replaced by the fact that using it is hard. |
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A tiny minority of you are probably cackling about the folly of centrally controlled fiat regimes, while your mining rig churns away at another hash. Ehehe! Wahaha! To avoid scarcity problems, Bitcoins can be divided into infinitesimally small fractions. Fail Mining has not (until recently) been very financially worthwhile. Fail Bitcoins are loosely regulated, but that is changing. Uber-fail This is especially ironic considering the fact that Bitcoin is nothing more than a privately created fiat substitute, with nothing supporting its value beyond the market actions of a very small group of users. Shoot me. Buying something with Bitcoin is a lot like buying something using a thinly traded penny stock. Your employer won't pay you in penny stocks -- you have to go to a specialized website running specialized software to buy it using the dollars deposited in your bank account. So there aren't any employers willing to pay in bitcoins? Comments are... intelligent |
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...that person is out $500 and dines out one day a week less over the following year. Where are you "dining out" that only costs $9.60 a meal? Where are YOU dining out that costs MORE than $9.60 a meal, Mr. Rockefeller?  Red Robin |
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a single Bitcoin — essentially a unique sequence of letters and numbers Fail. 76% Citation pls. Article seems sponsored by MtGox. Comments are terrible, but that's nothing new. |
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I absolutely love this. Is it on a pentatonic scale?
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nimda, does one need "coin control" app to do that?
For the most part. Although if you send a large amount to an address with dust on it, wait several days, and then spend a carefully chosen value from that address, you can consolidate dust without fees. |
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Coin control is pretty much the only way to spend dust transactions. E.g. SatoshiDICE dust can be pruned if it is added to a large input and then spent. Coin control is pretty much the best way to avoid associating addresses that should stay separate. As for the first one, finding the optimal transaction is (I think) NP-complete. Assuming it can be brute-forced (throw every input-combination together, select best one), I think these would be my priorities, in order: - Lowest fee
- Use most dust inputs (dust is hard to spend, pruning is good)
- Use youngest coins (aged coins are a resource)
- Smallest size
Currently I just use createrawtransaction and pick a good-looking set of inputs. |
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AN ITALIAN CORPORATION
You have two cows,
but you don't know where they are.
You decide to have lunch. That was unexpected  |
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I'd like to try this out.
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...that person is out $500 and dines out one day a week less over the following year. Where are you "dining out" that only costs $9.60 a meal? |
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