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Bitcoin / Bitcoin Discussion / Satoshi ruined a poor man's life
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on: March 07, 2014, 02:37:05 AM
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If you're gonna make up an online handle (screenname) that is going to become associated (or synonymous) with something as big as Bitcoin
at least be a little fucking creative and not use the name of a real guy who just happens to fit your profile and characteristics...
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Bitcoin / Bitcoin Discussion / Solve this riddle
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on: March 01, 2014, 02:39:08 AM
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Suppose I have 1 BTC.
I send my 1 BTC to an address XXX that has a balance of 50 BTC.
Next, 5 BTC are sent from XXX to YYY.
Where is my 1 BTC now? Does XXX or YYY have it?
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Bitcoin / Bitcoin Discussion / Ownership of Bitcoins
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on: January 26, 2014, 10:20:01 PM
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Bitcoins are not tied to a physical identity (be it a person or hardware) but instead to an electronic address.
Who owns a bitcoin address (or public key)?
If Bob knows the private key to access the coins at some address and Alice knows the private key to access the same coins, whose coins are they?
Are your coins my coins and my coins your coins?
How does one prove ownership of Bitcoin? If you and someone else both know the private key of some address, you can't prove ownership. Not with mathematics, for sure. How else?
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Bitcoin / Bitcoin Discussion / Decreasing rewards
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on: January 21, 2014, 12:30:57 AM
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Why was Bitcoin designed in such a way that the rewards from mining decrease over time?
The current system is designed to give a lot to very few in the beginning
and then continue to give less and less rewards as the network grows.
After N years, who makes up the backbone of the network? The first few (assuming they didn't cash out)? Or the thousands or millions of new miners? That's a rhetorical question by the way.
A system in which the reward increases over time (relative) could still be designed in such a way to benefit the early adopters and at the same time spread the wealth among more users (I don't have a specific proposal off the top of my head before someone asks). But maybe such concept was beyond the brilliant mind of Satoshi.
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Economy / Trading Discussion / Bitcoin for buyers vs sellers
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on: January 18, 2014, 03:58:41 AM
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As a seller, I want to be paid with Bitcoin since the transactions are irreversible (so that I can avoid being scammed)
As a buyer, I do not want to pay with Bitcoin since the transactions are irreversible (so that I can avoid being scammed)
Any way to reach a compromise here? Thoughts?
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