Moderators, please remove

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Another option is to allow no more than one order per 5 seconds per customer.

Don't trust me. Ask any Hebrew speaker.

Exactly.

I want to share with you something that really gave me goosebumps.

As you know Bitcoin has also reached Israel, and I'm an Admin in a Hebrew facebook group regarding Bitcoin.

A few minutes ago, this guy posted the following image:



He has made a new line every 800 letters, and this is what he got:

In red, you can see "ביטקוין", which is the Hebrew for "Bitcoin".

Even more, in the line for the 'i' or 'י', Chapter 10, Verse 13, you can see "עשרים ואחת" which is twenty-one (in black).

Following this discovery I have read a bit through the Book of Daniel and found even scarier analogies - precious metals turning to dust, war of north & south... Writing this gives me goosebumps again...

Why not just say that and give a pointer to such a discussion?

Why are you not nice to people you don't know?
Nobody made you respond if you didn't feel like it, and if you did, you may as well have done it in a nice and polite manner.

Please try to be a bit more specific than FAIL, I don't have anything smart to say about 'FAIL'.


Who gets to decide what is 'Right' and what is 'Wrong'? In my plan the snapshot database keeps wallets & balances. There is no use for unspent transaction outputs in a static snapshot of the balances.


Some people are more comfortable with thinking alone and coming up with a complete answer, others like to discuss options / suggestions & exchange knowledge / ideas / criticism with others. I guess you are the first type, I am more of the second type, and I respect your way of thought / work - please respect mine.

AFAIK KISS means "Keep it SIMPLE, stupid"

Anyways, I did my homework and here are my results:

Let's assume 5 million non-zero balance wallets rough estimate - see http://bitcoin.stackexchange.com/questions/2828/how-many-bitcoin-addresses-are-have-been-carrying-a-balance

With 20 bytes for the address and 5 bytes for the balance, I ended up with an S block of 125 Mb.

Of course, such a block would save X * [average block size] of disk space, so all is left is to make X large enough for optimum benefit.

Validating such a block is not very hard if you already compute what should be in there on your idle time, knowing that an S block is coming soon.

I realize that such a block is hard to transmit due to its size, so optionally such snapshots can be off the blockchain, meaning every full node holds both a blockchain (which holds the transactions) AND a startup snapshot.

[EDIT] Thinking about it a bit more, the startup snapshot doesn't need to be transmitted as all full nodes can compute it locally on idle times, all that is needed is a snapshot hash embedded to S blocks. Of course new nodes would need to download both the snapshot AND the blockchain (which would be cheaper than downloading a bloated blockchain only).

[EDIT 2] 5 million non-zero wallets gives a 125 Mb snapshot, 50 million -> 1.25 Gb, 500 million -> 12.5 Gb, 5 billion -> 125 Gb. I think we can happily live with that.

How about it?

Hi guys,
I have been looking for the right place to put my idea and get your input, and couldn't find the right place, so I'm putting it here.

My suggestion is to add a very simple (KISS) pruning method for the blockchain, so we don't need to worry (or worry much less) about block sizes and the bloating of the blockchain.

So, I suggest adding a snapshot block every X blocks (2016?), this snapshot dates back Y blocks (420000?) and consists of all the non-empty wallets and their balance.

After such a block is mined (let's call it S), all full-nodes validate it and can safely drop all blocks BEFORE S-Y.

Such nodes are not needed so far, as HEAD-Y < 0, but will start when we reach Y+2*X.

What do you think? Did I re-invent the wheel or is it new?

Thanks,
Gil

Sounds like a very interesting direction! In what manner does the receiving party accept the Dollars? How does one transfer Dollars into the service?

They love bitcoin, they just want to buy it cheaper

I think have a good solution for blockchain pruning (yeah, another one of those  )
I have been looking around and tried to find the right place to read about the latest solutions offered, and see if the problem has already been solved or if my idea has already been raised. Couldn't login to Bitcoin Foundation - it says they don't allow new users.
Where do you think is the best place to get updated and suggest my idea if it has not been offered already?

There is even a bar in south Tel-Aviv that started accepting Bitcoin a couple of weeks ago. If you can buy beer in Bitcoin, it's THE sign this currency's gonna work 

I thought I was hallucinating at first... 

Did you mean 2013-01-09?

Guys, I can't help the feeling that Bitcoin is another Jewish scheme to take over the world... Is Satoshi Jewish?

(If you didn't get my sense of humor - this is a JOKE. I am Jewish myself!)

Seems you are correct - they are going to talk about Bitcoin specifically, and also a bit about social banks.
The title is great now.

Saw it on the Israeli Bitcoin facebook page