Half of the users here are saying that 8 decimal in bitcoin will solve the prize. But actual question will be ,why miner will be mining if 21 million bitcoins are mined? What will be the actual incentive afterwards?
As I have already said in one of the other topics, the incentive is more than enough for the miners to carry on the mining process profitably. So people do think on the other hand, that should they pay more for each of their transaction to be mined? The answer for that should be NO, since tx size plays a significant role in the tx fees. If the miners can include more transactions in a block, then those minimal fees paid for each transaction should be sufficient enough for them to process the tx successfully. For instance if you consider the legacy tx and a segwit tx, the latter one has lesser size and hence we can pay lesser fee for that. According to consensus each block capacity can include 1 MB, hence if the tx has lesser size the miners can include more tx and can earn from them. Along with that being said, off-chain solutions are quite important in scaling the network. At one point of time in future, common bitcoin users would create channels with whom they frequently transact and they don't want to pay the fee each time they are transacting. |
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When satoshi created the bitcoin by working for around 1 or 2 years with the code, I am sure he would have never thought that this would become a global phenomenon. Failed Hopes for creating a non-double spending electronic currency was his only important thought when he designed them. Since this was a open source, many more people contributed their own ideas and by this way we have evolved into what we are today. When he wrote the code, he just read through and utilized all the failures which were caused in the past and prevented one to develop a decentralized currency which can withstand as a competitor to some of the major fiat currencies and the governments. Most parts of the world is far less democratic, with governments taking over the full control over the people and the famous quote which was put forward by Lincoln for democracy doesn't make sense in this new era. Hence, to prevent us from being controlled he created a currency which will be controlled by the people. The cryptocurrency industry doesn't comprises only of coins and their market as you say. They are lot more than that linking almost all the fields in this world. The more we learn about the industry, we understand how less we had known about the industry so far.- Apart from the core fields such as civil and mechanical engineering, they do link through all the engineering streams and mastering not just code will make you an expert in the industry. The electronic hardware machines which helps us to mine the coins are also a part of the industry.
- Finance is a major sector of the industry which consists of Monetary Policies, Businesses, Markets and more importantly Economics.
- As you have pointed out Memorabilia is one of the core imporant points. Turning through the pages of "Digital Gold" book brings us lots of thoughts and insights which would have run inside the mind of satoshi while designing a currency for the future. This forum itself serves as a Digital Museum for satoshi writings, some of the important events, DPR getting caught for posting his email addy etc. Unless this forum is functioning, the memories which triggered the biggest events would never fade from us.
10 years have just passed since the creation of bitcoin, but we are moving at a rapid phase in development and have a lot more to travel. |
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Ah, this looks like a Russian Sleep Experiment! Your idea is sounding cool, but harming your own self is pretty much bad. You idea when brought into life would probably be like You need to start a thread and hire an escrow for holding all the users funds. Just for experimental purposes, you can receive 0.0005 btc from each participant and store in the escrow wallet. Let us consider, at least 10 people join the gambling game. The total pool would be 0.005 which will be received by the winner. The participants keep guessing your sleeping strategy and post in your sleep experiment topic. Honestly speaking, I don't think there is any such way to track your sleeping without you getting live on video. So, if you are really concerned about privacy you could better mute the microphone and can put up a mask like thing. By this way people will be assured you are really awake. So those participants do keep betting on your sleep experiment topic, and once you got to sleep the total pool amount will reach the winner. I don't think a programmable code would work here, since they are based on the life situations of a person where each gambler or participant should verify that you are not sleeping probably. Looks like a very interesting topic to have a discussion, hoping for more ground breaking ideas from the minds of real gamblers and programmers. BTW Thanks for the self moderated one  |
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Centralized Websites do give such lame reasons while trying to scam newbies. Double spending doesn't occur as we wish and it is quite not simple to perform such attacks. Going by the txid the transaction has been included in block #567176 and has got more than 750+ confirmations till now. Either they are trying to scam you or you need to pressurize them to get your money back. I guess the money went to their wallet twice.I can't understanding.
Is 3E2M262zMphpi6mCd6NvZfA113QcbTxWKr the receiving address of the website? I don't see any such transactions to their wallet twice. The first tx is that you have sent 0.0065 and second one is that they have withdrawn the amount and moved it to another one of their wallets. Last year I was caught in a similar situation. I used the MEW bity service and sent btc from my wallet to their address for Btc - Eth swap. The tx got enough confirmations and the page didn't redirect further nor I got my eth in my wallet. Then it took around 3 days for me to follow them and get my eth back to my wallet. After such instances, I have stopped using such stupid centralized services. |
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The most important problem with the Eth is that the developers need to learn through a new coding language (Solidity) whereas developers can build dapps in Tron using the Java. Though Eth is regarded as the Decentralized World computer, it repeatedly faces a lot of competitive moves from the Tron, Neo and EOS. If we consider Neo, developers can write contracts based on Java, C# and other major level languages are soon to be adopted. This will prevent the barriers for almost all the developers and they wouldn't have the hurdle for reading a new language such as solidity for developing their dapps. Am not really so technically knowledgeable when it comes to building dapps on these platforms but could build gambling dapps and deploying contracts on EOS and TRON be much easier and cheaper compared to the Ethereum Network?
Could it also be another contributing factor?
Ofcourse Yes. Hiring of solidity developer will cost higher than the one who knows Java and C# probably. Solidity is a new language and it takes time for the developers to master the language. |
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Though the 21 million supply was never mentioned in the code of the bitcoin, calculating the block rewards certainly yields the number nearing 21 million. But as far as we know, satoshi in his announcement of the version 0.0.1 has said that the circulation would be always 21 millions and when this runs out the nodes will mine the blocks for the transaction fees. Total circulation will be 21,000,000 coins. It'll be distributed
to network nodes when they make blocks, with the amount cut in half
every 4 years.
first 4 years: 10,500,000 coins
next 4 years: 5,250,000 coins
next 4 years: 2,625,000 coins
next 4 years: 1,312,500 coins
etc...
When that runs out, the system can support transaction fees if
needed. It's based on open market competition, and there will
probably always be nodes willing to process transactions for free.
Also, as seoincorporation pointed out, the price wouldn't be stable for the miners to mine the coins at a loss along with the difficulty. The difficulty adjusts every now and then with miners not able to profitably mine the coin leaving the market and new ones entering. Never think of the total supply as just 21 million. If each satoshi is worth more or less of a dollar, then total bitcoins value is insanely very high. I have read somewhere that, satoshi designed the system keeping in mind the inflation rates. The fiat money is infinite and hence if more numbers are required they can be printed and the price wouldn't change. Bitcoin is inversely proportional to it. The more demand rises, the price of the coin rises simultaneously since no other extra coins would be created. |
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When it comes to gambling industry, there are certain factors which must be adopted by the gambling companies for them to remain competitive in the market of dApps. Scalability is seen as a favouring theory when it comes to the adoption of TRON and EOS in Gambling. When there are a lot of gamblers trying out the application to gamble, the blockchain must process hundrends and thousands of transactions per second. If you consider the transaction processing, TRON processes around 10,000 transactions per second through its blockchain whereas the Eth can handle only upto 25 transactions per second. But off chain scaling technologies such as Raiden help the network in carrying out larger sets of transactions at a faster rate, though they cannot be as competitive as the TRON transactions.
Transactions fees are much more important in the gambling industry. There exist very frequent trasactions on the blockchain, if the fees are high for each and every transaction or withdrawal there would'nt be much gamblers using the website for gambling. TRON along with EOS provides 0 fee transactions to take place in the blockchain. Hence if the gamblers are willing to do a withdrawal or transaction in the chain, they don't neeed to pay fees.
I am not really much familiar of TRON and EOS, but these factors serve as an important criteria in deciding of the adoption in the gambling world.
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And if it is possible for you to configure your node to accept a transaction as valid, for example, a 0 fee tx, what happens then? I mean, other nodes will still reject it (min relay fee not met), right?
We need to understand that there is no such global mempool or as such. Each node contains its own mempool and they store the recent transactions which they have listened from other peers. As far i have understood, we can configure our own node to accept certain set of transactions, but if you are a miner this will put you into trouble since you are mining those invalid transactions. Full node operators don't follow rules of the network to store the transactions in the mempool. Since each of the node contains their own mempool, they can configure as they wish to contain any such transactions if they are not accepted as valid in the consensus rules. Let us consider a situation that you are a miner here. Your node accepts invalid transactions, includes that in a block and broadcast them to the network. Once the other nodes listens to the new block found, they will validate that block along with the transactions present inside them. If the block is valid, they will be added to the chain and simultaneously all other valid transactions that has been mined are removed from the mempool of the node. OTOH, if the block is invalid the node doesn't add them to the chain and further blacklists the node which has broadcasted the new invalid block. And that would cause your node to be marked as "bad"? Or is blacklisting manual. In fact, how do nodes get rated if at all?
Whenever you start your node, you see that the wallet loads the 'Banlist' actually. The Banlist consists of certain nodes which has incurred certain amount of Banscore over the period of time. Banscores are coded in the source code of the bitcoin, and if a particular node reaches certain score they are updated in the Banlist probably. In basic terms, when a node finds a reason the banscore increases and they are added to the Misbehaving function present in the net_processing.cpp#L943 void Misbehaving(NodeId pnode, int howmuch, const std::string& message) EXCLUSIVE_LOCKS_REQUIRED(cs_main)
{
if (howmuch == 0)
return;
CNodeState *state = State(pnode);
if (state == nullptr)
return;
state->nMisbehavior += howmuch;
int banscore = gArgs.GetArg("-banscore", DEFAULT_BANSCORE_THRESHOLD);
std::string message_prefixed = message.empty() ? "" : (": " + message);
if (state->nMisbehavior >= banscore && state->nMisbehavior - howmuch < banscore)
{
LogPrint(BCLog::NET, "%s: %s peer=%d (%d -> %d) BAN THRESHOLD EXCEEDED%s\n", __func__, state->name, pnode, state->nMisbehavior-howmuch, state->nMisbehavior, message_prefixed);
state->fShouldBan = true;
} else
LogPrint(BCLog::NET, "%s: %s peer=%d (%d -> %d)%s\n", __func__, state->name, pnode, state->nMisbehavior-howmuch, state->nMisbehavior, message_prefixed);
}
You can find such reasons in the same code base by searching for 'Misbehaving' keyword. |
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There is no such software for entering keywords or data into the bitcoin blockchain. The method used to enter the data into the bitcoin blockchain forever is called as OP_RETURN or Null Data Transaction. But using the OP_RETURN is literally bad to the bitcoin network since they certainly burn the coins and the outputs of such are completely unspendable thus reducing the total supply of the coins significantly. Since including data into the blockchain with the help of OP_RETURN is very inexpensive, they have been seen as a viable way of polluting the blockchain. We need to understand that, the blockchain is for storing transaction information and not for arbitary data.
You can include the arbitary data by using a bitcoin full node and probably a BitcoinJs library. I am also quite sure there is no such way for entering them without the help of a full node. BTW if you are mentioning about the one which satoshi included (coinbase parameter), it can be only done by a miner when he mines and adds the block to the chain.
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Excellent initiative. Along with the payment, you could also give out some merits for the most deserving poster educating African People on blockchain and Bitcoin in this forum actually. If there is a merit give away for the deserving posters, I would like to become a sponsor for that. If the campaign is successful for more than a week, I would like to pay for at least one guy from the list which is around 0.0008 BTC. As a part to make this cause even more successful, I have created some signatures so that people who are participating could wear them. If there is any difficulty or error in signature, feel free to ping me.  Members [center][url=https://bitcointalk.org/index.php?topic=5121289.0]▬▬▬▬▬ [b]BITCOINS - AFRICA[/b] ▬▬▬▬▬ [/url]
[font=rockwell][b][color=#333]There's a thread dedicated for Africans to hangout and discuss general issue and issue relating to blockchain development in Africa.[/color][/b][/font]
[url=https://bitcointalk.org/index.php?topic=5121541.0]▬▬ [b]Join Africa Bitcointalk signature campaign[/b] ▬▬ [/url]
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Full Members [center][url=https://bitcointalk.org/index.php?topic=5121289.0][color=#018752]▬▬▬▬▬[/color] [color=black][b]BITCOINS - AFRICA[/b][/color] [color=#018752] ▬▬▬▬▬[/color][/url]
[font=rockwell][b][color=#333]There's a thread dedicated for Africans to hangout and discuss general issue and issue relating to blockchain development in Africa.[/color][/b][/font]
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[td][center][url=https://bitcointalk.org/index.php?topic=5121289.0][b][font=rockwell][size=12pt][color=#018752]Are you willing to educate Africans on blockchain and cryptocurrency?[/color][/size][/url]
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Thanks for both your recommendations, and your 1 merits for me. I have move closer to my Senior Member Finish Line, that I want to hit before the end of this week.
Rank up fella  Gave you the needed 4. You have hit the finish line even before the end of this week. Congrats. Still hunting for other users like you, so that I own the pride of ranking them up. And more importantly please don't merit this post (most of them tend to do so), spend your smerits wisely to the one who needs them |
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I have little to absolutely no knowledge on how mining works, what are the ASIC's used currently, by what technology they are being developed etc. Also I am not interested to have a step in the Mining Board with less knowledge to what is happening and to understand something new (Mining board is strictly moderated is another fact). Hence I would like to have a Mining Discussion board for beginners like me and along with that I do have a interest in Alts. Their technology inspires me to read more on them, but I dont see any good discussion taking place in Altcoin Discussion. Hence I would like to see a general Mining Discussion board and a Alt Technical Discussion board. Though I have never visited the off-topic board recently, but they tend to consist of some interesting and hilarious topics to discuss. But sadly most of them are getting derailed from the Op with lots and lots of spams. Hence an alternative would be to create something like Serious Discussion board for discussing very usual general topics. We also need to note that, anything which doesn't fit in the Btc discussion are getting moved to the Off-Topic board, thats primarily the reason people are not interested in creating and discussing such topics. I also like to have a Telegram group filled with non-spammers of this forum which will also help us in getting connected more often. |
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In order to get a general insight on what does double spending mean, you need to first understand how Inputs and Outputs work in Bitcoin. Those are the important aspects considered while double spending an already spent output. In simple terms, a double spending is creating an alreadey spent money and spending them for another time. Breaking down further, they are like printing your own fake bank notes.A double spending in fiat money works like, You pay the merchant with the money after that you create your own money with the same Sl. No and spend that note in the public, by this way the money is created twice. But since, the fiat money is unlimited and there isn't any specific limit set on them there wouldn't be much impact in the economy. But digital currencies follow the pattern of having a fixed supply, hence creating any such additional money would not be considered good to the economy of digital money. Merchants commonly wait for the confirmations to take place in the bitcoin network, since they prevent the double spending to take place. Confirmations are such that, the transactions are mined and added to the block and no such additional instances of double spending can take place or more simply even though the customer creates a transaction with already spent input they won't be confirmed by the network. There are several ways to perform a successfull double spend in the network. It included a link to double spend attacks which I interpret to mean two transactions being sent simultaneously.
- The one you are mentioning about is called as Race Attack and they are a form of double spending a transaction actually. Here the payee sends two transactions, one to the merchant and the same output to himself. If the merchant accepts the payment with 0 confirmations, he would probably be fooled by this. In most of the cases, this can happen when the merchant node has direct connection with the payee node through the incoming connections. The payee sends a transaction to the merchant legally through his node, and simultaneously broadcasts one to the network. If the merchant accepts the fraudulant transactions which has a 0 confirmation sent throught the incoming connection, there is a possibility for the other transaction broadcasted to the network to get confirmed and by which the payment gets reversed back to the payee.
Question 2: How is a 51% attack different from a double spend attack? Or are they the same thing.
- NO. A 51% Attack is a type of attack to perform a double spending. They are not double spending. A 51% attack is really difficult to perform considering the current amount of hashrate. Though they could have been done during the early days of the network. A 51% attack can be performed when the single miner controls more than 50% of the total hashpower of the network. There is a common rule that the Longest Chain is always considered as the Valid Chain by the network. If the miner controls 51% of the hashrate, he could mine the blocks faster than the current chain, and by this way he can replace the older chain and make his alternative chain the longest one. This chain will be considered by the network as a valid chain,by this way he can reverse the already spent outputs and can perform a double spend. At the current hasrate, a single miner requires to have more than 20 million TH/s to perform a 51% attack which is quite impossible. If this were to performed, it would damage the whole bitcoin network, so possibility for this to take place is very low.
- A third type of attack is a Finney Attack proposed by Hal Finney.
Replace-by-fee is a proposed solution to help the transactions to be processed faster. As explained by nc50lc the older transactions is replaced by the transaction with new fee. Here the miners first accept the tx with higher fee and mine them to a block. Eventually one with lower fee will be rejected by the network considering that they have already been confirmed by the netork. P.S I write technical posts as simple as possible so that even the non-technical people can understand. I hope this helps you. |
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Nope.
Same thing for IPs
Yes, I am aware of the fact that apart from admins no one can view our IP and they are revealed by theymos only during serious circumstances such as the DPR case probably. But what about this? Please note that your email address will be revealed to the moderators if you use this.
Going by the report page it says that mods can view the email ID while handling reports, but you are saying the opposite? |
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If the board wants a dedicated moderator we need the Report Statistics from theymos first. That would help us to narrow down the member for the position. Jet Cash seems to be very active in that board, but is he really interested in the position and does he report the posts quite often matters first. I don't visit the board very often, but it does seem to be better for the discussions to take place and doesn't sound like a frog pond for spams in my opinion. I didn't see hilariousandco for a while on the discussion,so this is right time to allocate a separate mod on that section.
Posting is different from moderating and being active. Many people seems to be missing that point! You don't need to post as much but reporting should be done for a person to get considered for that board! Another member that comes to the mind is LoyceV, but @LoyceV do you report much in that section? If they aren't interested in reporting spams in that section, they wouldn't do good as a moderator there probably! btw, The last mods were chosen by activities, reports in the section that needed moderation.
I am confused at this for long time! What if a member reports hundreds and thousands of posts in just one section, but has never posted in that section? Will he be considered as a MOD? |
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I guess I have answered a similar question last year, but ATM I am not able to find that. Hence a simpler approach from my point, Is the signature tied to the receiving address?
Adding some more points to Pamolder's reply. You need to note that A multisignature address is not similar to a multisignature TransactionA multisignature address is the one which allows the sender to pay to the hash of a script rather than a hash of the public key which is the basis for the formation of address that starts with '1'. The script itself is created with more than 1 public key, and the resulting script is hashed and encoded, which finally results in the address that starts with '3'. But whereas in a multisignature transaction (not the P2SH transaction) the locking script is first created with the help of different public keys, and in order to unlock the locking script you need to specify the signatures of other private keys. With this becoming a difficult one, they were replaced by hashing the redeem script. Can multi Sig's be done with a majority of signers but not all?
I have a little knowledge on how P2SH transactions work(still reading them), though based on my understanding of Multisignature transactions, you can specify them based on the locking script functionality. When you specify M of N in a multi signature transaction, you can control how much signatures are required to release the funds. For example, if you have entered M as 5 and N as 10, you just need 5 signatures to unlock the locking script to spend the funds. |
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I call B.S on this, hundreds of airplanes travel above Bermuda triangle daily, where did all the methane go?
So, you don't beleive on such theories and call everything as BS? Eventhough I am not a fan of myths and histories, I have a strong beleif in Science and their convincing theories as such. As per the studies undergone, lumps of Methane Gas are entrapped in the ocean floor at a larger rate and they don't get emitted as and when a ship or flight passes by them. When the methane gas in a frozen state gets released while in the process of decomposition, such large emission of Methane Gas to the ocean floor will significantly decrease the density of the water which inturn reduces the buoyancy of the water and makes the ship to sink inside the water. On the other hand, when methane gas is emitted in a larger rate, considering they are a highly combustible medium will make the flights travelling through them catch fire. Based on your facts, do the volcanos get erupted quite often when they like? There is a certain timeframe for everything to take place, and probably during such conditions if the flight or ship passes throught the triangle they might be hit by them. Some people still believe in there exist a Parallel Universe similar to us, if some contradict the statement then such assumptions are completely based on their point of view. Similarly, some people believe in Science and the other group say they are made up stories by stupid people... Either way, it's upto the people to believe in these or trash them simply stating those are made up stories. |
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There could be various reasons for your electrum wallet not synchronizing properly. More commonly electrum wallets won't sync when you have an older version of electrum running in your OS. This doesn't seem to be the case for you since, you have installed the latest version of the software.
The second one is that, certain Electrum servers have to be connected throught the port No 50002 for receiving SSL Connections. If the electrum operates in a TOR Based server then Port No 500001 should do the work.
Though I have never used Ubuntu to guide you in a right way, but I have seen people commonly saying that Linux and Ubuntu OS seems to be blocking the electrum access to its servers by blocking the Ports 50001 and 50002 using the firewall option present. So, you need to install Gufw Firewall from the official website and need to configure them such that, your Ubuntu OS allows your Electrum Software to connect to the Port 50002 or Port 50001 (if you are interested in running using a TOR Service)
You need to Note that, if you are using the server to connect through TOR based service you need to specify 50001 because using SSL via TOR doesn't actually make sense.
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If you had done a general search in the code base you could have got them, The CTransaction::ComputeHash() is present in bitcoin/src/primitives/transaction.cpp #L65uint256 CTransaction::ComputeHash() const
{
return SerializeHash(*this, SER_GETHASH, SERIALIZE_TRANSACTION_NO_WITNESS);
}
uint256 CTransaction::ComputeWitnessHash() const
{
if (!HasWitness()) {
return hash;
}
return SerializeHash(*this, SER_GETHASH, 0);
}
BTW what are you trying to achieve with this?  |
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