I thought the nonce is part of the header? If the header has a defined (definite) size wouldn't that mean that the nonce once is 111111111 (how many places that would be) and therefore had to start all over again, where hashes would repeat?

Ok, someone's already into the german translation. If nothing comes out, I'm ready to jump in.

Great, thanks! I kinda start to grasp the concept. Still a lot to understand, though..
The "useless relic" in the client still has a chance (even if it's low) to generate a valid hash, doesn't it?

On the other hand, I have absolutely no clue about how our current monetary system works, only the faint idea it's all a great rip-off. Which I carry over to Bitcoin and right now I'm trying to convince myself this isn't the case.

Heise has published a somehow sarcastic article.

http://www.heise.de/tp/blogs/4/149775

Ok, that answered some of my questions.

So, please correct me if I'm wrong:


Now what does that mean?
It means creating a hash of the previous block  (edit: blockheader) that starts with at least a bunch of zeroes.

What is it good for?
To enable new transactions (no matter how many, for not the block is hashed but the header)

Are they stored somewhere?
Only if it hits the target, meaning there are enough leading zeroes in the hash. Then it's transmitted to the network and used for a transaction and calculating a new hash starts.

Who would need so many hashes?
Only very few hashes meet the target. One in ten minutes is the goal. I wonder if there will be one day enough computational power that no matter how low the target is it is met within seconds.

Hashes of what?
Of the previous blockheader plus that ominous nonce. The nonce is changed every time you fail to compute a useful hash, which means it has not enough leading zeroes.
Don't you have to start over again everytime a valid block with new header is published?

With everyone in the world producing huge amount of hashes, wouldn't all hashes of all sorts be produced at some time, breaking every encryption system?
Yes?

What is the chance for me to find a valid block which won't be accepted (and rewarded) by the network?

So all I see now is that I can set Bitcoin to "make cash". A number appears in the lower left, stating it makes 2000kHash/s or such.

Now what does that mean?
What is it good for?
Are they stored somewhere?
Who would need so many hashes?
Hashes of what?
With everyone in the world producing huge amount of hashes, wouldn't all hashes of all sorts be produced at some time, breaking every encryption system?

I would love to see those threads being started soon:

What if someone bought up all the existing bitcoins?
Yeah, what if someone tries to start a bitcoin bank? He'll be King then, right?

Won't loss of wallets and the finite amount of bitcoins create excessive deflation, destroying BitCoin?
I expect mine to be lost sometime.. I tend to lose software keys.

What happens if someone starts another blockchain or cryptocurrency?
Will there be a run, or more likely, stampede? I have the feeling that first participants are always better off, so it'd be smart to move as soon as possible.

Could miners collude to give themselves money or fundamentally change the nature of BitCoin?
Right, as in the Wiki said: What if someone decides the outcome in his Bitcoin-Version is 100BTC instead of 50 for mining - and many enough miners decide that they see it that way, too?
Again, everyone who jumps on the train first will be better off, right?