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Congratulations ! great work :-)
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Chart for Huobi has stopped updating, looks like the trades are coming through though. But it does not match Huobi's web site, big difference.
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I wold really like to see a fair alternative to ripple,
repost from newbie area
In my mind what makes Bitcoin beautiful is not just the genius crypto, it is just as much the balance of the different incentives that encourages community participation. Lets take a look at these:
1 .Mining incentivices participation in network infrastructure creation and participation, both now and in the future. Now mostly for the reward of finding new blocks 25 Btc, but also in the future for claiming the spent fees as a reward for finding the next block.
2. Participation and use of Bitcoins incentivises the increased use of fees for transactions, the genius of having a block interval of approx 10 minutes. Increases the likelihood of people spending fees to speed up the transaction witch again supports the incentives in point 1. Taking Litecoin where transactions are much faster, I see the potential problem that incentives for paying fees will not be there in the same way witch in turn could weaken the incentives for keeping the infrastructure up.
3. For a bitcoin holder there is also the self preserving incentive to participate just to protect the value of your bitcoins. This holds true I guess for many if not all crypto currencies, but I have a feeling that the influence of this effect will be affected by the strength and success of the other incentives.
When it comes to ripple I can only see the influence of point 3 witch effect in turn is minimized by the lack of incentives 1 and 2. This will in my opinion likely be leading to tipping the balance of incentives in the direction of OpenCoin, witch already from the beginning needs to build most of the infrastructure to get it up and running. If this assumption holds true this will definitely increase the likelihood of OpenCoin gaining way to much control of the infrastructure.
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Can you up the fee to an existing transaction that you already sent? Assuming you are using bitcoin-qt?
I'm not aware of any easy way to do this at the moment. Hopefully, in the future there will be multiple methods of handling such a situation. Technically there are a few things that could be done: Someone could contract with a few of the major pools and offer compensation as an incentive to confirm specific transactions. They could then collect payments from individuals along with the transactionID that needs to be confirmed. They could forward the transactionID to all the contracted major pools. Then when a pool confirms the transaction in their next block, the service could release payment directly to the pool (keeping a small fee for themselves for providing the service). The recipient could create a new transaction that spends the output they are receiving to another address they own even though it has no confirmations yet. They could include a large enough fee on this second transaction to cover the necessary costs of both transactions. Pools could start looking ahead to see if they can increase their profits by confirming an entire chain of unconfirmed transactions instead of just looking at each transaction individually. Seeing that there is an additional transaction with a significant fee that they could earn, they would have an incentive to confirm the earlier low fee transaction in their next block before some other pool gets the opportunity to collect that fee from the later transaction. Does this mean that there is a payout of fee's after each confirmation? I was of the understanding that all fees was given to whomever solved the next block. The same principle as new coins. |
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Can you up the fee to an existing transaction that you already sent? Assuming you are using bitcoin-qt?
In my opinion this is not possible, If you where able to do this you wold fork the blockchain, or be caught by the anti double spending system. |
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How much fee did you pay?
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Whatever you do, make sure you make a fresh backup of your wallet regularly and definitely before upgrading. Go to the source repository and read the readme file. http://sourceforge.net/projects/bitcoin/files/Bitcoin/bitcoin-0.8.1/If you do this an upgrade should not hurt you even if the upgrade brakes something, witch it normally wold not do. If i misunderstood the question and you are wondering what physically happens to your coins, the answer is "absolutely nothing". Your coins are not stored in your wallet but in the shared blockchain, your wallet is actually your private secret key that lets your wallet program access and manage the bitcoins witch are associated with your private key. |
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Why do people seem to think that more mining power has an effect on price?
Price affects the number of miners and the network hashrate, not the other way around.
More mining power could suggest sounder foundation of the whole network, witch again leads to greater trust, and from there, trust = value. |
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In my mind what makes Bitcoin beautiful is not just the genius crypto, it is just as much the balance of the different incentives that encourages community participation. Lets take a look at these:
1 .Mining incentivices parisipation in network infrastructure creation and participation, both now and in the future. Now mostly for the reward of finding new blocks 25 Btc, but also in the future for claiming the spent fees as a reward for finding the next block.
2. Participation and use of Bitcoins incentivises the increased use of fees for transactions, the genius of having a block interval of approx 10 minutes. Increases the likelihood of people spending fees to speed up the transaction witch again supports the incentives in point 1. Taking Litecoin where transactions are much faster, I see the potential problem that incentives for paying fees will not be there in the same way witch in turn could weaken the incentives for keeping the infrastructure up.
3. For a bitcoin holder there is also the self preserving incentive to participate just to protect the value of your bitcoins. This holds true I guess for many if not all crypto currencies, but I have a feeling that the influence of this effect will be affected by the strength and success of the other incentives.
When it comes to ripple I can only see the influence of point 3 witch effect in turn is minimized by the lack of incentives 1 and 2. This will in my opinion likely be leading to tipping the balance of incentives in the direction of OpenCoin, witch already from the beginning needs to build most of the infrastructure to get it up and running. If this assumption holds true this will definitely increase the likelihood of OpenCoin gaining way to much control of the infrastructure.
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Hi, I have been a reader of the forum specifically bitcoin related threads for at least 2 years and have always found the information i was after, and has newer had any thing to say that was not already answered in some post. However l have been checking out competing crypto currencies and trying to compare them to bitcoin. What i have found is that ripple and Opencoin is acting quite devious at the moment. I would very much like to be able to contribute in the "Bitcoin Forum > Other > Alternate cryptocurrencies (Moderator: SaltySpitoon) > Creating a fair alternative to Ripple" thread, so that I could try to explain my views and why this project is important. It seams like Opencoin's marketing is to shiny for many people to see threw at first glance. Thanks  |
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