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I was thinking about your practice of displaying the hash of the Paper Wallet javascript to prevent the insertion of malicious code. When does the user download this hashing code which hashes the Paper Wallet's javascript? If they download it only once, it's similar to Armory. If they download it along with the Paper Wallet javascript, an attacker could also modify the code which displays the hash. Right?
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We could just move 51% of the Scrypt hash power to Proxima Centauri, thus solving two problems at once.
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I wouldn't mind trying it out if I had Bitcoins. Problem is shortly only the people that have lots of money invested in hardware and ASICS are gonna have substantial amount of Bitcoins as the difficulty goes up and up
That makes absolutely no sense whatsoever. You can test out this site with even tiny fractions of a bitcoin, which you can buy instead of mine. Agreed but they are expensive for most of the world. Ok I've gotta be missing something because that seems irrelevant too. Aren't they equally expensive for everyone? Why does price matter with regard to insignificant test transactions? |
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I wouldn't mind trying it out if I had Bitcoins. Problem is shortly only the people that have lots of money invested in hardware and ASICS are gonna have substantial amount of Bitcoins as the difficulty goes up and up
That makes absolutely no sense whatsoever. You can test out this site with even tiny fractions of a bitcoin, which you can buy instead of mine. |
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What's stopping someone from forking Ripple and running a server where the transaction fee tokens are backed with Bitcoins or USD?
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First of all, the Paper Wallet is hackable. If someone can hack your GoDaddy site, then they can modify the javascript to share keys with the hacker. The average person might skim over the code once, but not every time from every device. This is inherently less secure than downloading the client once per device.
Second, the part which actually makes you a bank - the active storage - is just as hackable as MtGox.
Third, you are government-regulated. You're hosted by GoDaddy and they'll comply with a court order. If you don't want regulations you'd better be certain of your anonymity and should probably move to Tor. But that also makes it much harder for anyone to trust you.
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(I'm an engineer)
The author's job evidently revolves around appeals to authority, yet all of his power is ironically granted by laymen who vote for keynesian politicians. But now we have the power to call bullshit, to shout "the emperor has no clothes!" and opt out of his banking cartel scam. He'd have us listen to his horror stories about how deflation harms borrowing, which is why he must force us to borrow at gunpoint despite the recent dot-com and housing bubbles this excessive borrowing caused.
So I kinda find it offensive that he would say I think I'm an economist. No, I still think I'm an engineer - the quality of MY work is demonstrated by the willingness of my customers to buy it. I'm accountable for actual results. Now that he has to convince more than just the elites who profit off his bullshit, he will be held similarly accountable.
When WE fuck up and design a shitty machine, PLEASE, come and design a better one for us. We won't stall you for decades just to protect the theories we've built careers around.
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As I understand, this is not a bank but a paper wallet service. Paper wallet is the most best way to keep bitcoins safe.
Dummm- that is exactly in part what we do- it's a bank in the sense that we help provide you with a way to store your hard earned Bitcoins. We are adding Merchant Services, which will offer the same secured storage options with even greater convenience for online merchants.
http://en.wikipedia.org/wiki/BankFor a good example, see the Islamic Bank of Bitcoin. I strongly urge you to change your name, unless you're actually handling the coins yourself this is not a bank. Regarding security - is it safer to download one client once (Armory), or download the client every day (web)? |
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love ppl who register and ask basic question before doing little research. Lazyness is brain killer.
You know, I researched a lot, but I was just confused by this (as I described above) and just didnt know. Try to form my question into phrase that google could find.. I couldnt think any, so I asked Don't let it stress you out, every open source project has people like that. Completely reasonable question. |
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You can send from multiple input addresses in a single transaction. IIRC the official Bitcoin client does this automatically when all sending addresses are in the same wallet.
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Unless you have a credible method for replacements I'm not sure what you accomplish.
Everyone who cares signs an approval ballot with the official client, and the vote is weighted by the number of coins the signer controls. OR Prediction market on BTC price conditional upon potential replacements: the replacement with the greatest predicted increase becomes the new board member. OR Let this play out first, and if there's still trouble someone will quit. |
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If a freiconomy can remove interest on mortgages, then this surely will avail much of the financial sorrows of the common Occupyer. Political labeling of wether to call the theory left or right is not relevant when you narrow it down to that.
doesn't matter, leftish idealists and Marxists would call it "verkürzte Kapitalismuskritik", that would translate to something like (dangerously) reduced critique of capitalism. So what? You'll never satisfy the extremists. Fair home loans, no inflation, zero bailouts. The Marxist philosopher-kings can't even pry my money out of my cold dead hands - all redistribution of wealth in Freicoin is 100% optional. Sure beats the hell out of the Occcu! |
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LTC alone has 15TH equivalent of hashing power and $50M worth of USD resources, that once belonged to BTC. That hashing power once belonged to BTC, but that doesn't mean BTC would otherwise still have those hashes. If your GPU rig is no longer profitable on BTC you can still profit by mining LTC - if that option wasn't available you'd have to just shut it down. If that's true, it might mean that BTC is temporarily stabilizing LTC but not vice-versa. |
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If you are all in and only cash out for your daily needs, you touch exchanges that are under total control by national states. This can only be broken by concepts like zerocoin or some smart and risky laundering of coins with existing methods.
Regulated bank transfer exchanges are convenient, but worst case scenario we could use a web of trust like Bitcoin-OTC or Ripple and exchange physical cash. |
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In the long run, a stable nonzero subsidy means its relative %-of-total-supply decreases.
Would subsidy eventually be outpaced by growth, then the coin starts deflating?
Would subsidy eventually become insignificant compared to transaction fees?
Would lost coins cause the circulating supply to converge?
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A bicamerate proof-of-work/proof-of-stake congress would first come to agreement on the split between money going directly to miners and money distributed through budgeting. Then the proof-of-stake voters would come up with a budget, of which the proof-of-work voters (miners) would have veto power. How does the PoW half of the voting help? |
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maybe transaction fees is 0 You need some transaction fee to prevent spam. No, you don't. Proof-of-work prevents spam too. but people more send very big amount of little coins to attack the whole network. They can't. 1000x transactions require 1000x calculations to be made. If 1 transaction requires 1 minute of calculations on average CPU then not more than 1440 transactions can be sent during 24 hours. uh, u mean one user can at most send 1440 transactions under ur condition? Yes. It's the same as http://en.wikipedia.org/wiki/Hashcash. While that is technically a no fee system... 1) everyone still pays transaction costs (if not fees) in the form of hashes 2) hashes are one use only so that payment never recirculates, wasted heat 3) you'd need Brunic's hash algorithm (above) to prevent spammers from using GPUs 4) drained smartphone batteries 5) coins are just portable hashes anyways |
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maybe transaction fees is 0 You need some transaction fee to prevent spam. |
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those aren't theoretical future problems, it's happening right now in front of our eyes, at a speed that stresses the developers to keep up.
So what happened since last year? ... 2) bitcoin blockchain hitting scalability issue. Bitcoin didn't hit the scalability limit, it forked because the arbitrary anti-spam cap of different versions didn't match. That's why altcoins are useful insurance in case bitcoin adoption outpaces technology. |
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