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1  Bitcoin / Bitcoin Discussion / How can bitcoin accomodate growth? on: June 11, 2017, 10:04:47 PM
If bitcoin shall continue to grow globally, this must also mean that the price will always, at least for many years, be steadily increasing. So it may look good as an investment. But in the long term the goal is, I suppose, that it shall be used as money? But why would people use it as money when the price is always increasing? Or do they have to wait until the investors are done?
2  Bitcoin / Development & Technical Discussion / Can bitcoin be merge mined with bitcoin? on: May 30, 2017, 03:06:16 PM
From bitcoin wiki I understand that any SHA256 coin can be merged mined with bitcoin, hence my question.

And my follow-up question is; can a bitcoin clone with a separate blockchain be merged mined with bitcoin?
3  Bitcoin / Development & Technical Discussion / How is a bitcoin address digitally signed? on: May 28, 2017, 09:40:08 AM
To verify a digital signature you need the public key. But the public key can not be recovered from a bitcoin address. So how is signing done?
4  Bitcoin / Development & Technical Discussion / Have Bitcoin's consensus rules ever been changed? on: May 26, 2017, 08:41:16 PM
if so, how often, and on what?
5  Bitcoin / Bitcoin Discussion / Missing: discussion btw Satoshi & Finney about the money supply on: August 30, 2016, 10:44:14 AM
I remember I read somewhere the discussion and arguments Satoshi gave for the money supply mechanism in bitcoin. I thought it was in Hal Finneys post "Bitcoin and me", but apparently not, after checking (was his post shortened?). I think this is a very important part of the bitcoin history, and would appreciate if someone has more details on this discussion. Is there any place where those early discussions can be found?
6  Bitcoin / Development & Technical Discussion / Can an encrypted message for the receiver be created along with a transaction? on: August 06, 2016, 11:36:18 AM
I mean an encrypted message that only the receiver of the transaction can read. I know it cannot be done in the current protocol, but can it theoretically be done with a modification of the protocol? I do not mean that such a message should be part of the block chain, it is only necessary for the receiver to catch it.
7  Bitcoin / Mining speculation / Any increased profitability from merged mining? on: May 25, 2016, 12:52:38 PM
I know that Namecoin can be merged mined with Bitcoin, and that Namecoins can be sold at some price. So I have a few questions:

1. Do bitcoin mining pools merge mine Namecoin or other cc to increase profitability?
2. If so, how much does this increase profit?
2. Can you be a pool member and merge mine another cc individually - or does it have to be done centrally by the pool?
8  Bitcoin / Mining speculation / Mining looks very profitable - or? on: May 16, 2016, 08:30:02 PM
From occasional reading (not a miner myself) I have been left with an impression that mining is not profitable - but:

By observing the current difficulty, 194E09, I calculate that you would need an average of 833E6TH (terrahashes) to make one bitcoin. With the current BTC price you then get 1.3E-5 USD/TH.

I see that mining hardware available can produce 6TH/s with 1600W. Given an electricity cost of 0.1 USD/kWh i find that mining cost (hardware not included) with this equipment is 0.74E-5 USD/TH. This gives a profit ratio of 1.8, which to me looks very god. Or have I somehow got it wrong?
9  Bitcoin / Development & Technical Discussion / Do payment verification grow increasingly more complex? on: May 06, 2016, 04:39:14 PM
As I have understood, payment verification by full nodes tracks every satoshi in the transaction back to the block where it first was created. I would expect that the different satoshis in the transaction will branch back to many different creation blocks. And that this branching will grow with time, hence making payment verification increasingly complex (costly). However, since I never seen this raised as an issue, I expect my understanding of PV is incorrect. Anybody to enlighten me on this?  Shocked
10  Other / Beginners & Help / What happen when transactions are left out from new blocks? on: October 12, 2014, 05:00:32 PM
What happen if a miner produce blocks but do not include transactions or only include a fraction of broadcasted transactions?

The reason behind the question is the situation in future where there are no block reward and miners are supposed to be motivated by fees. If many transactions are made without fees, and miners decide to leave them out, they will produce blocks with many tx missing. What happens to those transactions? Are such blocks rejected?
11  Economy / Economics / The people should be in control of money supply on: June 21, 2014, 01:16:20 PM
Bitcoin's and other altcoins limited supply is what stops them from becoming a true free currency for the people around the world. We are loosing the opportunity, in spite that the solution is very simple:

One simply need to adjust how new coins are coming into being:

block-reward = C * difficulty    (meaning: money supply= hashing power)

The constant C is halved every 1.5 years - because that means you will always have the same amount of new coins given the same amount of energy. (see Koomey's law)

Even if the whole world started to use this coin, it would not give price explosions. Value would always be tied to energy in some more or less predictable way.
Cruptocurrency technology has two core features; proof-of-work and money supply. Why have they not been connected? This mechanism connects them, and does not need any man-made ideas for the money supply. This reward mechanism is the natural one for crypto, and is the same as we live after every day: The more you work, the more money you get paid.

This is not a new idea, and has been around for long time, in several posts, for example here: https://bitcointalk.org/index.php?topic=178140.0 and here https://bitcointalk.org/index.php?topic=64637.msg759250#msg759250
12  Alternate cryptocurrencies / Altcoin Discussion / [UTEX] Coin with work-proportional money supply & Koomey's law on: June 17, 2014, 04:46:04 PM
UTEX: Coin with work proportional money supply

Utex (utility for exchange) is a coin with a tie between coin value and price of energy. This is obtained by letting the block reward be proportional to the difficulty. This means that miners get paid according to the work (or hashes) they put in, independent of network hashrate:

           Block reward = c * Difficulty

The constant, c, is halved every 1.5 years. This is consistent with Koomey's law that predicts a doubling of computing power each 1.5 years, given the same amount of energy. The reward policy will ensure that the cost of producing 1 UTX requires the same amount of energy, over time. Beware that this does not mean halving of the money supply, as is the case for coins with fixed supply. Koomey's law is essential here, and has proven stable for several decades.

Key features:
  • Mining cost per coin remains constant, in terms of energy
  • Total money supply is unlimited, and non-predictable
  • Energy cost put a limit on price - if too high everyone can profit from mining
  • Supply will grow with increased adoption

Utex will not benefit early adopters on the cost of the later community. Hence, it will not behave as a commodity, or subject for speculation, and it does not encourage hoarding. The objective is to create a coin that can achieve common acceptance as a utility for exchange. The coin is inflationary, but the inflation rate will be self-regulating because if the value drops, the incentive to main will drop accordingly. I have given some more arguments about economics here: www.gigahash.blogspot.com

DEVELOPERS/MINERS:
Utex-a is a litecoin clone version with the following features:
Block reward = 0.01 x Difficulty (--> 429 gigahash per coin) - but never less than 1 UTX.
TCP/RPC = 31510/31511
Minimum monetary unit (satoshi) = 0.01 UTX
Github: utex/utex-a
addnode: 188.226.144.128
Time between blocks & retargeting similar to litecoin.

Only the genesis block is created. Anyone can create the first block. The minimum difficulty limit is 1. The minimum block reward is 1, meaning coins are discounted for difficulty below 200.

I seek developers that share interest in this project. I am not an experienced coder, and I did this work only to check that this concept is possible, and to attract attention and interest for a cryptocurrency with a different monetary policy.

 
13  Alternate cryptocurrencies / Altcoin Discussion / How to connect my two nodes? (SOLVED) on: May 18, 2014, 12:26:32 PM
Hi
I made a litecoin clone for experiments & learning. I have compiled and started the headless client (mycoind) at two different machines:
1. My home machine, with ip1
2. My workplace machine with ip2
I have a VPN connection, so I work on machine 2 using ssh.
In each of the mycoin.conf files I have added the line connect=ip, where ip=ip for the other machine. I also do the same with rpcallowip=ip (not sure if it is needed though)

But the debug log files only goes like this:
2014-05-18 11:45:03 trying connection xx.xx.xx.xx lastseen=0.0hrs
2014-05-18 11:45:03 connect() failed after select(): Connection refused

If I start the client without specify connect, it get many connections (I use litecoin ports), it seems to be happily mining, not bothering that it is mining coins on its own different chain.

EDIT: SOLVED: Use the Bcast ip, get it from $ifconfig:


14  Bitcoin / Development & Technical Discussion / How is target and difficulty related? on: April 17, 2014, 05:49:15 PM
As I understand, the difficulty is the number of hashes, divided by 2^32, required (in average) in order to get a SHA-256 below a target value T. And further, that the target value is actually what is adjusted in the algorithm. Is it then correct that D*(2^32)=(2^256)/T ? Or have I got it wrong here?
15  Bitcoin / Development & Technical Discussion / Why is Difficulty exactly 1 until Dec 29th 2009? on: April 16, 2014, 08:10:28 PM
I checked the numbers at  http://blockexplorer.com/q/nethash/ : after Dec 29 2009 the difficulty is given in decimals but before that date, it is exactly 1. Why?
16  Bitcoin / Development & Technical Discussion / What clock is used by bitcoin? on: April 16, 2014, 06:21:53 PM
I understand that the bitcoin algorithm adjust difficulty by measuring the time it took to find the last 2016 blocks. What clock is used?
17  Bitcoin / Mining / Why are you mining BTC? on: October 13, 2013, 11:22:55 AM
I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).
18  Other / Off-topic / What does the Gox say? on: October 11, 2013, 10:40:32 PM
19  Economy / Speculation / Bye bye bitcoin on: October 11, 2013, 03:31:59 PM
My last bitcoin finally sold! It's a relief. Bitcoin is doomed to fail. It has a price, but it has no value. It has made a few people rich, but most people shall loose. A currency? It is only speculation and nothing more. Bitcoin has not and will not become a real medium for exchange. What remains for bitcoin now is the large holders to sell out their coins, but in a tempo that does not crash the 'market'. It will be interesting to see how bitcoin's decline plays out. Good luck, either buying or selling, but if you do the former, you need it most.
20  Economy / Service Discussion / A message to MtGox on: July 12, 2013, 07:52:16 PM
Dear MtGox
Given the recent suspension of withdrawals, your customers deserves a better explanation than what you have given us so far. You have claimed:
1. The problem is related to USD withdrawals
This is obviously not correct, since transfers in other currencies also are put at hold.
2. The problem is due to increased volume of transactions
Hard to believe since volumes of trade were 3-4 times larger in March to May.

In light of this, your press releases are only creating increased uncertainty rather than being reassuring.

I see 2 probable causes for the hiatus:
1. You are short on cash
If this is the case it means that you have spent client's money on operations. That is of course a serious problem for your customers, but could in conclusion become even more serious for MtGox - if not fixed. I would however expect that you can fix it, since MtGox are without doubt an interesting company for new investors.

2. You have troubles with the banks or regulatory authorities.
If so, your customer base would be cooperative and patient. And banks can for sure create troubles for bitcoin if they desire, but they can not steal the client's money.
...........
Maybe it is both, or something else. But we are only left to speculate. And the worst thing now is the lack of reliable and trustworthy information from the company. Given the key role MtGox have for the bitcoin economy, the whole community would benefit from a more open style of communication from you.
............
If you support this message please give a reply to keep it up there
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