Why do Chinese guys not speak English?
Why would they? It is China, they will speak CHINESE, the official language of the country. What's up with those face masks?
Those miners look very dusty and that could kick up a lot of dust that they don't want to breathe. Also China has a major pollution problem. And why do they love squatting so much?
I don't see them squatting that much except to pick things up. It is better to squat to pick things up so you don't through out your back. Legs are stronger than the back. Must be their third world toilet system. Does China use toilet paper?
YES! Of course they do. They also have running water toilets just like in America or Europe. I think this video is absolutely tragic. The investors who put up the money for this mine are a full two years too late. Must have been one hell of a con job / sales pitch to get them to write the check. The difficulty is so high that they have to spend a ton to have a chance at making anything, and with the Chinese quality electrical system in this mine, that place is going to go up in flames before they get anywhere near making a profit. Watch and see.
They already ROI'd on the equipment so this is pretty much pure profit now. If you look at the thread about this that Eric Mu started to show the mine, you will see that they are improving their electrical and safety stuff with advice from members here. They also have new equipment. I find your comments quite offensive and insensitive to other peoples and cultures. |
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I am and will continue to read this, but right off the bat, I am seeing a few issues with this paper. First, it says that partial proof of works are submitted by miners to the pool. This is incorrect. Miners submit blocks to pools that are below the pool target, which has a lower difficulty than the network. These would all be valid blocks if the network difficulty were that low. It also says that a miner which withholds blocks submits a block that the block would be rejected, which is also false. The pool would accept the block provided that it is valid.
I will read more and see what else I find.
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I second this. Instead of converting Bitcoin to fiat which may be useless, I would most certainly use it to buy stuff priced in fiat yet still accepting Bitcoin like on newegg or dell. Turning that Bitcoin into a product would benefit me more than converting it to fiat which will either go to crap or sit somewhere and do nothing. There are still things though that will need to be bought with fiat but a quick small conversion can easily solve that problem.
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Do we need to have trading experience or can we learn as we go?
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So this is kind of like Ebay with Bitcoin right? Not really a middle man between the business and Bitcoin payments like processors such as BitPay do.
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That seems like a good idea, but it would be rather hard to put into practice.
The Bitcoin could be stored in a multisig address which would require several people to sign the transaction. How would the signers and board be chosen to review the cases? Also, it is very hard to determine whether Bitcoin was stolen or not since people could fake them and try to scam the insurance to pay them.
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100% positive it belongs to BitFinex.
Why would it belong to BitFinex...? I find no relation to all the micro-transactions going in day after day? Apparently the people behind the spam attack were sending the dust transactions to many publicly known addresses. One such is this one. Wiki Leaks and many others have also been receiving those transactions as well as known brainwallet ones. As for why, I don't know. |
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I want to use it in the EU. Thanks for the suggestions.
Will bitcoin VISA debit card support multi currencies? Depends on the card. Most currently support USD, GBP, the Euro. Some support other currencies as well. I don't know if the cards can be filled with other cryptocurrencies though. They all accept Bitcoin. |
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If you are really paranoid, you should use encryption to encrypt all of your communications so that people who hack whatever communication medium you are using (e.g. pms, skype) don't know what you are talking about. That is good for security in general when dealing with sensitive information.
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It's good for business. Now people in that area looking to get Bitcoin will visit that shop and check out the ATM. It also is good for the ATM owner since he is targeting a population with known users of Bitcoin, pretty much guaranteed income for him since the target demographic is known to use Bitcoin much more frequently than other groups.
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It's a multisig address, so it could be possible that one of the signers refuses to sign or is missing. If it is, why are there so many transactions of 0.00001 BTC going into it? |
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The algorithms there were secret, but the data was not, at least, that is what I understand. They gathered publicly available data from the blockchain and used their own secret algorithms to analyze and do something with the data. The information is public, you just need to figure out how to analyze it and use it yourself.
All right, this is a proof that you don't understand what you are talking about. They are analyzing data outside of the blockchain. The information was public, but volatile, it got forgotten by all those, who run bare reference client. You are contradicting yourself. Now you say the information was public but earlier you said "All information is public"? This is very far from true.
And yes, I don't quite understand the situation involving those two companies and that patch you mentioned earlier. I wasn't around when that patch was created and I did not pay much attention to what those two companies did. |
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Look what i found: "Bter says that it managed to trace the stolen 7,170 BTC to a Bitcoin mixer (a cryptocurrency laundering service) called Bitcoin Fog" I don't know if it is legal or not but this is the website http://www.bitcoinfog.com/Bitcoin mixers themselves are in a legal gray area. Bitcoin Fog is a popular Bitcoin mixer on the darknet. It is rather shady though and I wouldn't trust them with large amounts of BTC. In fact, I don't trust any mixer with large amounts of Bitcoin. |
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The great thing about bitcoin is all that information is public. If you think fraud, double-spend, abuse malleability, etc. are important, you're quite welcome to write a node that analyzes those issues. Sounds like an excellent project.
"All information is public"? This is very far from true. Of the top of my head I could name at least two companies doing a non-public information gathering using secret, proprietary algorithms: blockcypher and chainalysis. Personally, I'm not interested into going into very narrow market like that. You are on this forum longer than I do. How could you miss the discussions about explicitly logging valid double-spend attempts? I mean, even before I registered here, there was a non-open-source patch to Satoshi's code doing that logging. And the people who were selling it had as one of the selling points "the concept was rejected by the core development group from the inclusion into the reference client." Doesn't that speak something about the later successful double-spends? The algorithms there were secret, but the data was not, at least, that is what I understand. They gathered publicly available data from the blockchain and used their own secret algorithms to analyze and do something with the data. The information is public, you just need to figure out how to analyze it and use it yourself. |
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Great lets exponentially increase bandwidth+storage requirements at 0 cost because fraud attempts knowingly will pay 0 fees and won't get in to a block but will be stored on the harddrives of their victims causing the whole network to shutdown in just a few days.
You don't know what you are talking about. Move along.
Yeah, exactly as expected, the typical shit-slinging from a code monkey warning about "exponential increase" and "network shutdown". This is a general discussion group, so it may be better to frame the explanation in the terms more familiar to the less experienced computer user, not a software developer. The popular Apache web server has in the typical configuration two log files: "access" and "errors". The first is logging the boring stuff that can be later compiled into various statistical graph. The second one logs the interesting and unusual events. The second one is where one would look for e.g. hack attempts, abuse, etc. The typical reasonably popular web site may have a constant stream of invalid login attempts from all over the world, and storing all of them has a little value. On the other hand a single attempted login to the administrative account with revoked password (meaning a valid password that was replaced by a new one) could be a breakthrough in the investigation of the internal fraud. E.g. it was from Israel and the organization recently fired for drunkenness a holder of two passports, one of them Israeli. Similar reasoning applies to logging errors over Bitcoin network. A slew of completely invalid transactions is of little interest. On the other hand a single invalid/conflicting transaction bearing a correct signature is potentially very valuable indicator. I'll encourage the readers who happen to be interested in the discussed concepts look up "fraud proof" and "compact fraud proofs". If you want to keep all of those transactions, by all means do it. Write your own patch and set up your own nodes to log all of the transactions and data. Publish it publicly so that people can examine it. But don't make that something part of the reference client which forces everyone who runs that code to have to keep all of the data they don't want. For the average user, keeping all of those transactions so that someone can analyze them is pointless. I only want to run a node to help the network. I can't afford extra RAM and disk space to maintain the mempool and databases required for keeping all of those transactions. If you can do that, please do it, it may help the network. But I can't do that, so I will opt out. And with opting out. Maybe it should be an option, like a supernode or something. It stores all of the transactions, but only for people that want to do that. It shouldn't be enabled by default, but perhaps such an option should exist for those that want to do that analysis. |
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You can set the payout address to your web wallet so long as the wallet continues to accept deposits to the address you set.
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Also, one has to assume that mining will get more power efficient.. In 100+ years, if we still use the same amount of power per hash we have failed as humanity..
This. And in 100 years 1 BTC will be like the GDP of a small country, so the fees the miners get will be enough even if they get small amounts of satoshis. You think bitcoin will be the dominant currency after 100 years? You think in 100 years we won't think of anything better? Are we driving the cars of 1915 today? Has there been any progress between now and then? Bitcoin is the prototype, the Alpha version. The one with the bugs and missing features and blockchain bloat and 7 TPS capacity. Sure, it can be patched and improved, but eventually someone will figure out a totally different way to do things. Bitcoin will change. It will implement new features and things that make it better than it is now. Look at your own example. Cars of 1915 are still similar to cars of today. They are all built on the same basic principles and have the same basic functions. That is what Bitcoin will be in the future. It will still be called Bitcoin just as cars are called cars. It will be different, with newer and better features to improve user experience, security, and scalability while staying with Bitcoin's principles and maintaining the historical blockchain. |
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You could use the flag and set <amt> to something ridiculously high so that it will reject and not relay all transactions. It will still keep the blocks but the mempool should be empty. It may also not relay any of your transactions though.  I do not want to download and parse them. I want my Bitcoin Core to ignore messages "inv" with tag "transaction" PS. I do not relay any transactions because of parameter -maxconnections=1I don't think that is possible without modifying the code. I can do that for a fee if you want. |
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You could use the flag and set <amt> to something ridiculously high so that it will reject and not relay all transactions. It will still keep the blocks but the mempool should be empty. It may also not relay any of your transactions though. |
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Technically there is a max difficulty. It is a very very very big number. I'm no expert but I'd guess the time between blocks would be reduced (going towards zero), probably cause lots of orphan blocks, also coins from block rewards would quickly be depleted and more "losses". I don't see the gains.
I guess the main gain i can see would be that a well placed cap (maybe a floating cap based of the average diff of actual ten minute blocks) would ensure more reliable ten minutes per tx confirm. So in simple terms this could be used to fight the 1 hour blocks spans that sometimes happen. So yeah the problem of block time tending to zero would be addressed by a dynamic cap. With this in mind block reward schedule (may)? remain fairly stable , right? of course the actual engineering would be highly complicated, but i'm very interested in knowing opinions and possible holes in this idea. Scenario :- " Chinese gov crackdown on power wasting bitcoin mines" would wipe off over half the globes' mining power in a day, diff is high and a huge chunk of hash disappearing suddenly could stall the chain or at the very least blocks would take days to solve until adjustment day, god forbid we should be so unlucky that the hash falls off a day or two after diff adj. How would a dynamic cap be calculated and how would consensus be achieved to decide that cap? Although that cap might help keep confirmation times steady, it may not always help since the miners might just be really unlucky and not be able to find a block that works with the cap. |
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