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? |
|
|
|
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. |
|
|
|
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. |
|
|
|
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. |
|
|
|
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. |
|
|
|
|
You can set the payout address to your web wallet so long as the wallet continues to accept deposits to the address you set.
|
|
|
|
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. |
|
|
|
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. |
|
|
|
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. |
|
|
|
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. |
|
|
|
|
Kids these days don't just buy physical things in stores. They do online shopping. With Bitcoin, once it becomes adopted, kids can shop online for stuff they want like video games, clothes, toys, and whatever else they want. It would be a good way to teach kids how to handle money since with Bitcoin, they could have a multisig address that requires a parent for approval and they will see their balance and will see the balance change as they buy stuff or earn money. This is better than using a credit card managed by a parent since the child will see all of his transactions and see exactly how much money he can spend. And after their teenage years, the kid will have a better knowledge of money handling and won't want to deal with the traditional banking system because of their wait times and fees.
|
|
|
|
Also, full nodes can be configured to reject or keep certain types of transactions. Full nodes and miners have to keep all unspent outputs even dust if these outputs are confirmed in blocks. They can not reject or prune confirmed transactions. If the transactions are still unconfirmed, they can reject and prune them. Once the transaction becomes confirmed, the node will ask its peers for it and so on and so forth until every node has that transaction. Lets just hope those dust transactions don't get confirmed. |
|
|
|
|
ANX I hear has a pretty good card, although I can't get one since I am in the US. They seem to have low fees. Another card I have heard about is WageCan, but I don't know how good they are.
|
|
|
|
1 satoshi isn't worth a penny yet.
Good thing that the network per se doesn't allow this kind of outputs to get through by means of not confirming them. The problem that all fullnodes have to keep unspent transaction outputs in database. And this database is growing. BTW, some miners confirm transactions with such outputs. For example, service www.originstamp.org send his shit-dust once a day from the address 1FriWell small outputs are considered dust. Dust transactions are typically considered non-standard and most full nodes will reject the transaction, refuse to relay, and not add it to their mempool. This pruning keeps the database size smaller and prevents the spam from affecting too many people. Also, full nodes can be configured to reject or keep certain types of transactions. There are commands and flags that can be used to set minimums for the fees and outputs. |
|
|
|
|
Is this offer still available? I think I can do it. What coin is it for and where can I get the details on that coin?
|
|
|
|
|
Does it involve coding anything or just server maintenance and such. I will send you a PM.
|
|
|
|
|
Either the price has to go up, or more transactions need to occur in order to replace the current block reward with fees. However, there is also the question of how low are miners willing to accept before they stop mining. A few years ago the block reward was at 50 BTC but now it is 25 BTC and there aren't many people complaining about it. The reward from transaction fees won't need to be as high as 25 BTC. I think around 10 BTC is enough for miners, but we won't know until that time comes.
|
|
|
|
One of the biggest problems with bitcoin is security.
I would like to see developed a new Bitcoin Desktop wallet that gave the option to its users of enabling 2FA security.
The company who develops this will be surely a winner...
Am I wrong or is there someone already working on it?
Yes you can do that. If we just simply added 2FA to the wallet software that would be no good, it would be very simple to bypass. You need use multisig, a service like greenaddress holds one of the private keys for your multisig wallet and co-signs each transaction after you auth with them using 2FA. Electrum already has plugins for various services that do this. The security of 2FA is often over-hyped and many people are using it as a sort of catch-all security measure which is insanely stupid. Instead of using strong passwords and good security practices, many people just turn on 2FA and assume they are now impossible to hack. Even if you do use 2FA you cannot prevent the malware from modifying your transaction. You might think you are sending to some bitcoin address but a sneaky piece of malware could very easily change that address to the hackers one without your knowledge. Existing 2FA systems cannot protect against that kind of thing. TOTP 2FA which is what Google Authenticator and almost everything else uses was designed to try and figure out if the account owner is the person behind the keyboard, it wasn't really designed to prevent you from any kind of hacking or malware, if your computer is hacked or infected then it is useless, it does nothing to stop the hacker at all in that situation. Exactly. Someone with access to the computer can go find the wallet file and brute force it to steal the private keys. 2fa will do nothing to stop that. Using 2fa with a third party would work but requires you to trust said third party. You need to trust them to let you to spend your bitcoin otherwise they could lock the bitcoin up in the multi sig address. Also, what happens if they go out of business? |
|
|
|
The biggest issue I see with the mainstream adoption of bitcoin is the lengthy time it takes for confirmations. Credit and debit cards will always be much faster than bitcoin.
Actually they is not true. Credit cards can be charged back up to 180 days after the purchase while Bitcoin become irreversible after a few minutes to an hour. The issue is that with credit cards the third party, the credit card company, is trusted and will protect the merchant from chargebacks while bitcoin relies on trusting the buyer to not double spend until the transaction becomes confirmed. |
|
|
|
I need to transfer some bitcoins from one site to another site.
will the new bitcoin wallet take 3 days to synch?
although my 'old' bitcoin wallet has that message saying it is obsolete,
it worked fine to transfer some coins a few days ago.
Do you think it will work ok to transfer some coins first,
and then I will download the new bitcoin wallet?
Or should I download the new wallet, wait to transfer my bitcoins, and wait for 3 days for the new wallet to synch?
While it should be fine to send Bitcoin somewhere, it is not recommended. It should not take 3 days to sync unless your wallet is currently not synced. The new installation does not delete the directory where the blockchain is stored so once installed, it will be fully synced. You should however back up your wallet just in case. If you go to the data directory, copy the wallet file to a safe location while you install and copy it back when the installation is done. The data directory can be found by typing into the bar at the top of windows explorer. The wallet file is named wallet.dat |
|
|
|
|
Show Posts
