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1661  Bitcoin / Wallet software / Re: !! new bitcoin client !! on: February 15, 2011, 08:25:19 AM
I'm almost certain that backupwallet makes a cleartext backup of the current wallet. What makes it useful is that it can be called while Bitcoin is running and has the wallet open, without worry of corruption.

Yes, but this option is ultimately annoying, because i can't have both GUI and daemon running.
I like GUI better for now, and i can't use it to backup wallet.

So i have to shutdown GUI, and start daemon, then backup wallet.... as i said - annoying.
1662  Bitcoin / Bitcoin Discussion / Re: Best practice for fast transaction acceptance - how high is the risk? on: February 14, 2011, 09:13:40 PM
1. Would you trust such institution with your money (of which not all will be spent) ? I would not.
I already trust their products.

Well, i don't trust all of supermarket's products. I simply choose the ones i trust from all avaiable.
I certainly know, that they are trying to rip me off with some of them.

Quote
2. This is not convenient at all
What about keeping an account at a local mutual bank then? Associations of them would allow for instant transactions outside of your locality. You could skip the banks if you had associations of businesses.

1. Supermarkets creating currency-associations... isn't this too far-fetched ?
2. I would still have to have an account at multiple places/supermarkets since i visit many supermarkets so no, this is far from satisfactory & convenient...
3. The situation when all supermarkets are associated, will simply not happen.
1663  Bitcoin / Development & Technical Discussion / Re: Is it possible for two private keys/clients to generate identical BTC address ? on: February 14, 2011, 07:27:46 PM
Although it's theoretically possible, the chance of this happening is zero for all practical purposes.

That depends how many possible combinations there is...
If it is more than number of atoms in the universe, then OK. Otherwise, hmmmm...
1664  Bitcoin / Bitcoin Discussion / Re: Best practice for fast transaction acceptance - how high is the risk? on: February 14, 2011, 07:25:32 PM
What about just having an account with the supermarket or bar? Just load it up before you go shopping or drinking.

Not going to work.

Now imaging today having to transfer money to supermarket's account, just so you can go shopping & drinking.

1. Would you trust such institution with your money (of which not all will be spent) ? I would not.
2. This is not convenient at all
1665  Bitcoin / Bitcoin Discussion / Re: MTGox question on: February 14, 2011, 07:19:07 PM
I think it's the volume since midnight (don't ask me the timezone Cheesy)

No, it's a rolling 24hr period.

Well, that would explain different number every time i check it.

1666  Bitcoin / Development & Technical Discussion / Is it possible for two private keys/clients to generate identical BTC address ? on: February 14, 2011, 05:16:36 PM
As far as i understand, the receiving addresses are generated pseudo-randomly based on private keys which are generated when the bitcoin client is first run.

So,

1. Is it possible (however veeeeery unlikely / low probability) for 2 clients to generate the same adress ?
2. If yes, then what will happen if somebody sends bitcoins to that address ? Will both people receive the coins, none of them or some other weird thing will happen ?
1667  Bitcoin / Bitcoin Discussion / Re: MTGox question on: February 14, 2011, 05:07:57 PM
The volume listed is the number of btc exchanged in the past 24 hours.

Is it ?

I have been observing it, and it changes in weird ways. I though it's hourly or something...
1668  Bitcoin / Wallet software / Re: !! new bitcoin client !! on: February 14, 2011, 04:02:53 PM
Does it have "backup wallet" option in menu ?

This is the thing i'm most missing in the original GUI client.
1669  Bitcoin / Mining support / Re: To those with multi-5970 setups: which mobo are you using? on: February 14, 2011, 03:52:33 PM
I'm pretty sure there is little stress put on the connectors, though. There is room for them to swivel inside the pcie slot, and not bend.

Doesn't matter. If they are not attached to casing, they will loosen because of higher work temperature.
You have to place them perfectly straight, or there will be troubles.
1670  Bitcoin / Bitcoin Discussion / Re: bubble imminent on: February 14, 2011, 12:41:18 PM
I disagee.  Up, up, and away!

yeah, totally...



We have been slashdotted twice & podcasted lately, so the user base may have grown 200% or something in the last 2 months, which can explain that.
This chart should look like that if the userbase grows many times faster than new coins are digged out from the ground, which is happening with high probability.

Anyway, even if this is a bubble, then that's even better. I can't wait to buy new bitcoins cheap - I'm investing in the long term Wink
1671  Bitcoin / Bitcoin Discussion / Re: bubble imminent on: February 14, 2011, 10:50:58 AM
The quantity of bitcoins  put into circulation in the second year was the same as in the first year, this is relative money supply growth of 100%.
The third year it will 'only' be 33% money supply growth. The fourth 25%. Suffice to say, in the start-up years inflation will be necessarily rampant.
It is amazing they are increasing in value in the face of such an onslaught of increase in money supply

If money supply grew 100%, and number of currencies/goods/services offered for it grew 500%, then increase in value is really nothing unexpected.

As there is no 100% reliable way to calculate how much stuff is offered for Bitcoin at any time, then the growth could have been 1000% or even 10000%.
1672  Bitcoin / Bitcoin Discussion / Re: Ubuntu bitcoin packages on: February 14, 2011, 10:46:23 AM
Is not necessary, if exist an official debian package, only is necesary send a request for sync, with that, ubuntu will use the debian package.

Very good idea.

Cheers.
1673  Bitcoin / Mining support / Re: To those with multi-5970 setups: which mobo are you using? on: February 14, 2011, 10:42:51 AM
What I have done when I tried 3x 5970s was to not screw them into the case, and stick pieces of a plastic drinking straw in between the gpus in order to create room for airflow. This is from blog.zorinaq.com. Sorry for the insanely big picture.  Cheesy

OMG, this is devastating o_O.

Three disadvantages:

1. When you will be mining like for few months/years, PCIE slots will loosen and get damaged (because the cards are not properly inserted into the slots, they're bent). You will have to buy new motherboard then.
2. The slots will loosen even faster, if you make the case stand vertically. You have to put this horizontally to work.
3. When you start mining, this setup will overheat with 99,9% probability. This is not for serious solutions.

If you want this to really work and cool off, you should consider flooding entire PC (except hard & dvd-drives of course) with oil and adding some pump, as they did here:
http://www.metacafe.com/watch/565060/mineral_oil_submerged_computer/

(You will probably need to add another oil circuit going through a car radiator if you want this to properly cool off)

However the disadvantage of this solution is that you probably can't properly clean the cards after, so warranty void.
1674  Bitcoin / Development & Technical Discussion / Re: 3.20 avaiable on Sourceforge while 3.19 on the main site ? on: February 13, 2011, 04:24:47 PM
Yeah, it is difficult to go without a leader.

There are probably very few people with access to Sourceforge account. So this is not a matter of having no leader.
The person who has access should take care of it or comission it to somebody else.
1675  Bitcoin / Bitcoin Discussion / Re: bubble imminent on: February 13, 2011, 01:35:12 PM
As Bitcoin becomes popular, more and more people will use "convenience" accounts that are nominally tied to bitcoin but not fully backed.

A "coffee card" for Starbucks, for example, might be denominated in bitcoin, but Starbucks might not hold enough bitcoins to enable them to buy back all the cards (just as they don't hold enough coffee beans in stock at one time to fulfil all the coffee cards).

And here we go again, seems that history will score a loop.
80 years ago we had similiar situation. First, everything was backed, and then value was robbed by government from american people (when they took the gold away after great depression).
Will the same happen with bitcoin after/if it replaces gold ? Will it be replaced by fiat currency, of which government says it's backed ?
I don't think so. Unless they shut down the internet completely to seize control.

Many people will buy things with bitcoin-based credit cards. Again, the denomination will be bitcoin but there won't be 100% backing.

Lucky us. Contrary to gold, using Bitcoin one can convert his home into digital Fort Knox and store as much value as he wants in it practically without the possibility of thievery ... So i don't see any need to store some bitcoin-based currency. I choose to store the real deal.
That would not have been possible before the internet era.

This is truly the century of wonders.
1676  Bitcoin / Bitcoin Discussion / Re: Bitcoin in 15 Words for Laymen on: February 13, 2011, 10:36:26 AM
Bitcoin - the first decentralized Peer2Peer digital gold standard currency.
1677  Economy / Economics / Re: Mises on BitCoin on: February 13, 2011, 10:19:43 AM
The value of BitCoins will be limited to:

1. The future infrastructure to deal with the massive number of potential transactions.
2. The security of personal computers.

If these two things can be overcome, BitCoins could theoretically replace the current currencies.  If not, BitCoin will be relegated to the fringe.



Another newbie with the sole insight into the great bitcoin flaw.  Seriously guys, this gets old.  Don't you guys ever think that we've already considered all this before you arrived?  Search the forum history before opening mouth/insert foot.  We get tired of explaining this stuff repeatedly.

Yep, I remember discussing it several times...
Move along, nothing to see here.
1678  Bitcoin / Bitcoin Discussion / Re: bubble imminent on: February 13, 2011, 10:12:03 AM
The only thing that can really harm bitcoin is some heavy mathematics or a bug, which would break the cryptography used.

Or maybe a superior successor to Bitcoin. The field of crypto-currencies is still young and little has been tried. If a new system would appear that combines all the advantages of Bitcoin while fixing some of it's disadvantages (doesn't scale to well, takes a long time to verify transactions) in some smart way, it might replace Bitcoin fairly quickly. Those who switch last to the new system will be left with Bitcoins that nobody wants anymore.

However: Maybe the creators of such a successor system might make it recognize current Bitcoin wealth. The genesis block of the new system could include a snapshot of the latest Bitcoin block. That might actually be a good way to jump-start such a system among current Bitcoin users.



Good, idea. It's like buying out the resistance. Without such 'bribe' contender to the throne might simply not survive.


The new network would have to be totally technologically superior to the current one.

That could work, providing another Satoshi-like (japanese ?) genius happens to come along and make a new revolution on top of the current revolution.
Otherwise, IMHO unlikely.

1679  Bitcoin / Development & Technical Discussion / Re: 3.20 avaiable on Sourceforge while 3.19 on the main site ? on: February 13, 2011, 10:08:39 AM
And it is for Linux only. Undecided

Well not that i mind it as a Linux user, but still - this creates unnecessary mess.
1680  Bitcoin / Bitcoin Discussion / Re: bubble imminent on: February 13, 2011, 09:03:08 AM
not sure if the arguments support the call for a bubble.

As with stocks, you can't buy anything with them and still people buy them when prices increase.

The technical picture is very bullish, supported by the underlying volume. Currently, the probability for further rising prices is in my opinion higher.

I agree.

As long there is no technical weakness of the protocol and there is no reason to lose confidence in the network from the technical side, Bitcoin is most likely to rise forever (of course with spikes and falls).

Only the speed of the deflation can vary, and there can be small or medium bubbles which would be caused by overspeculation, but in the long term Bitcoin should always rise - as the number of goods, services & currencies offered for it will rise.

The only thing that can really harm bitcoin is some heavy mathematics or a bug, which would break the cryptography used.
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