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2721  Other / Beginners & Help / Re: wallet encryption on: December 14, 2012, 10:30:28 PM
Now if the idea behind 2FA is that just a password is not enough security, it seems that having backups emailed to me partially defeats the purpose of 2FA in the first place, since the 2FA will do nothing for someone that may intercept a copy of the encrypted wallet file.

Correct.  The 2FA is to protect against a replay attack using your password to access the website.  It does not protect the backups.

Someone with your password and access to the encrypted wallet file can decrypt the file and spend your funds.  [Edit: If you have your account configured with a second password for withdrawals, then that password is required as well in order to decrypt and spend the funds.]
2722  Bitcoin / Bitcoin Discussion / Re: Bitcoin-Qt/bitcoind version 0.7.2 released on: December 14, 2012, 10:21:43 PM
it says version 0.7.2-beta
Is this right?

Until there is a v1.0, the client is considered "beta".
2723  Economy / Currency exchange / Re: UK Selling Bitcoins f2f in bulk for cash. Price negotiable on: December 14, 2012, 09:44:37 PM
Large face to face cash deals only please,

If you don't find a buyer here, you might check interest from these places:

Quote from: bitminer19 on December 12, 2012, 01:21:39 PM
I live in the UK.. so its gonna be wire bank transfer to UK. Are you able to do that?  

There are places to list your offer or find a trade as well. Such as:

UK Bitcoin group on Facebook:


And there are frequently threads with buyers and sellers:

having trouble buying bitcoins in the uk would like to buy a few hundred pounds a week but cant find a reliable source for cash payments

I'll purchase them if you will take 115 GBP.

[Edit: And user Tenakha does cash trades:
 -;u=65105 ]
2724  Economy / Speculation / Re: Most likely source of the major dumps? on: December 14, 2012, 09:26:43 PM
How many people have records of how much BTC they bought and when? What documentation will the IRS accept?

With Mt. Gox, if I remember correctly for 2011 tax year the account holder could request that an IRS 1099-B report be generated for them.
2725  Economy / Speculation / Re: Most likely source of the major dumps? on: December 14, 2012, 09:05:23 PM
I was thinking it's the end of month + end of the year dump.

In the U.S. there are big changes coming to the tax rates.  

So if you are in the U.S. and reporting your capital gains on your taxes, it is better to cause that transaction to occur in 2012 while the rate is lower.

Federal taxes on ordinary income [which includes assets held less than a year] will rise to as much as 39.6 percent from 35 percent. Long-term capital gains rates will increase to a maximum 20 percent from 15 percent, plus an additional 3.8 percent for high-income earners as a result of the 2010 health-care law.

So if you had bought a bunch a little over a year ago at the $2 to $4 range, they couldn't have been "long term" until they were held for a year.    So this is the first time that someone with a sizeable investment in bitcoins from late 2011 has been able to cash them out but still be classified as long-term gains.

They aren't so much worried about losing out on further gains as in locking in the gains they've already accumulated but taking advantage of the lower tax rate.

2726  Other / Beginners & Help / Re: Buying hardware vs Buying Bitcoins? on: December 14, 2012, 07:32:29 PM
I can buy a Radeon HD 5830, or I can buy 13 bitcoins
how much time would it take for the Radeon HD 5830 to produce 13 bitcoins?

what is more cost effective, buying bitcoins or mining?

are there any cheaper cards that mine just as well? Thanks!

See the relatively big drop at the right?

That's because after the "halving" (to where the block subsidy dropped to 25 BTC per block) a lot of GPU miners are powering down.  They are powering down because they are losing money when mining.  They are paying more in electricity than the value of the bitcoins they get from mining.   The loss of this hashing power appears visually in the graph as a drop in the hashrate.

Only two things can fix the situation.  A much higher exchange rate (like BTC/USD in the $18 to $20 range), or the hashrate falling another 30% or so.   Even then if that happens, the only ones mining on GPUs profitably would be those who pay average electric rates or less.

But that argument is moot really.

The very first ASIC manufacturer to ship (and there are five independent efforts not even including Yohan's super-FPGA that he says they've built) will decimate whatever is left of hope for GPU miners.

So if you were going to buy an Radeon for gaming anyway, and want to play around with mining then would could do that without it costing you anything.   But don't plan on making any money from it.   Those days are likely long, long gone.
2727  Bitcoin / Bitcoin Technical Support / Re: Wallets on: December 14, 2012, 11:35:04 AM
Or will one wallet painlessly acknowledge the disappearance of a bitcoin if the other wallet sells it? There will be no synchronizing problems the network saying the bitcoin is in two different wallets?

The term "wallet" is used because it is a term that people are familiar with, and thus the software was built to follow the concept of a wallet and would then be familiar as well.

But technically, a Bitcoin wallet never receives coins.

A wallet holds private keys that are needed in order to spend coins.

In your example, both clients would have the exact same balance and show the exact same transactions.

This occurs because even the wallet saved prior to the second transaction already had the private key for the second transaction.  This is because the client has a pool of unused addresses (pool size is 100 addresses).  

It does this so that you don't need to back up after every single time you click "New Address".

2728  Bitcoin / Development & Technical Discussion / Re: How do miners handle double spent coins? on: December 14, 2012, 10:04:59 AM
The second transaction I placed an hour later with the fee got confirmed. Not what was expected.

I'ld be curious to know the path between you and that node that mined it because if you were peered only to clients that transaction would not have made it far. 

Because considers transactions even when it is a double spend maybe they even relay these transactions regardless.  (and thus a well connected node that you reached somehow and then that it propagated the transaction to a node used by a miner.)

But the block was not mined by an address of any known pools, so that it is using a custom client would not be surprising.
2729  Other / Beginners & Help / Re: Limit orders: ask - possible to end up with more than your ask price? on: December 14, 2012, 09:42:30 AM
edit: so that means its advantageous to constantly 'be' the new order, maybe by entering and cancelling bids if they're not immediately filled?

Well, there are various order types for various markets. 

So far for bitcoin exchanges, there are two types of orders, market orders or limit orders.

Other financial markets such as stock markets and others have "kill or fill" (FOK) orders, and "immediate or cancel" (IOC) orders.

You might be interested in what immediate or cancel (IOC) provides.


There aren't any bitcoin exchanges that offer this (yet).
2730  Bitcoin / Development & Technical Discussion / Re: Bitcoind Virtualbox Ubuntu Port Not Opening/Staying Open on: December 14, 2012, 08:27:53 AM
each time I close bitcoin-qt port 8333 closes automatically

Well of course, when closing the program any connections it had, either incoming or outgoing will close as well. 

Are you saying you then re-launch bitcoin-qt but can no longer connect to it via 8333?
2731  Bitcoin / Bitcoin Technical Support / Re: Can someone help me figure out what I did with some BTC? on: December 14, 2012, 08:04:48 AM
I wonder why it's on hold.

You've missed a few headlines:

Virtual Heist Paralyzes BitFloor, the U.S.ís #1 USD Bitcoin Exchange
Sept. 05, 2012

I wonder if I can get them back....

That was addressed here:

Your balance as of the theft will remain on hold and be released in parts as we begin to recover funds to pay back balances. As funds are available for repayment, they will be dispersed on a pro-rated basis

Happy to say that my first chunk of bitcoin on hold from the theft has finally come out of hold. About 1.7% but it's a good start.
2732  Bitcoin / Development & Technical Discussion / Re: How do miners handle double spent coins? on: December 14, 2012, 07:33:11 AM
How about the scenario where the transactions are placed less than a second apart? Is there a way to effectively double spend with >50% probability (on 0 confirmations) this way?

That's why the recommendation is that a merchant running its own node should not have any support for incoming connections and to explicitly have an outgoing connection to a well-connected nodes.   In that scenario, presumably the well connected node will have the same transactions as the mining pools and thus the chance of a double spend (via race attack) is substantially less than 50%.

And if you have the ability to connect to the merchant's node you can double spend on 0/unconfirmed with at a success rate approaching 100%.

Because of this risk, those trading on OTC or in-person for cash with someone who doesn't have a good history of trust should consider verifying that no double-spend occurred by looking at the transaction on (or using a service like a "LocalBitcoins Transaction" / escrow).
2733  Bitcoin / Development & Technical Discussion / Re: How do miners handle double spent coins? on: December 14, 2012, 06:58:32 AM
Will the transaction with miner fees get confirmed over the transaction without the miner fees? As I understand it after a few hours/days eventually one of them will be confirmed, but how do miners decide which one?

The pools may use customized clients that behave different from the stock client, but how the client handles it is the first transaction a node receives goes into the memory pool (only if it is a valid transaction, of course) and the second one is rejected as the inputs have already been spent by a valid transaction.

That is likely to be what will happen here.    The first one (without the fee) got propagated fast enough that most nodes never even knew about the second one (with the fee paid).

The transaction without the miners fee hadn't hit many nodes yet,

Well, shows the first transaction (without the fee) as being "first relayed by"    I was thinking that meant that it was a transaction sent from, but maybe I'm wrong there.  But that is a well connected node and likely that is the transaction that will be included in a block and the second transaction will never confirm.

 -  <-- First / No fee pad.
 -  <-- Second / Fee paid.
2734  Bitcoin / Bitcoin Discussion / Re: Meanwhile on Wikipedia... on: December 14, 2012, 06:29:04 AM
What a load of shit. The Cuba "CUC" doesn't appear to have an ISO code either, yet it remains on the list!

Ha, so the new rule caused the CUC to get yanked, then reverted with the new rule moving to the Talk page and the CUC put back in.

Of course, I don't think anyone expected this to not ruffle a few feathers.
2735  Other / Off-topic / Re: Block Reward Halving + BFL Equipment = What for Mining / Price In Your Opinion? on: December 14, 2012, 05:48:43 AM
Day 14: Mining operators are still seeing electric bills from the previous month's consumption.  Even more anger, vitriol and gnashing of teeth.

That prediction was pretty easy to make, and pissed off miners who never made it to break-even is where we are at now:

Let us Individuals have the Mining and all you Companies keep doing the Hardware.  It's things like this that taking away opportunities for the Small Individuals that would like to have a Nice Hobby and Make a Little money as well!! 

PPS and DGM miners are not being paid fairly. If the ENTIRE BTC network was one giant proportoinal pool, we would ALL get our FAIR share and make shady pool owners and pool hopping a thing of the past.
2736  Economy / Service Discussion / Re: Satoshi Dice -- Statistical Analysis on: December 14, 2012, 05:23:12 AM
Bitcoin will be doomed to failure if it doesn't shed all of it's fiat currency traits. eg. gambling, interest..

Where is this utopia of which you speak?
2737  Economy / Service Announcements / Re: New, simple online wallet: - no signup required on: December 14, 2012, 03:52:32 AM
No reporting requirements are imposed upon Bitcoin-only services, and even if Instawallet is operated by Paymium it remains a Bitcoin-only service.
But without Instawallet being a separate legal entity I am assuming that if Paymium were to be ordered to turn over any and all records relating to Bitcoin-Central account #nnnnn and those records included a deposit from an Instawallet bitcoin address that those Instawallet records too would need to be turned over, in order to comply with the order.
2738  Other / Beginners & Help / Re: Limit orders: ask - possible to end up with more than your ask price? on: December 14, 2012, 03:31:50 AM
Shouldn't the system always be trying to get the best price for the buyer?

Nope.  The benefit goes to the party that is placing the new order.

If the newest buy order is for a price higher than was needed, that buy order gets filled at a lower price (advantage to the buyer).

If the newest sell order is for a price lower than was needed even, that sell order gets traded at the higher price (advantage to the seller).

2739  Other / Beginners & Help / Re: mining hardware and btcfpga on: December 14, 2012, 03:19:42 AM
1) is it still profitable (or atleast break-even-able) to order 2 basic's now (and have them, i suppose, around end of january somehwere)

That's like a farmer asking if there will be enough rain next season to cause a profitable harvest.

It is true that once ASICs ship in volume, they'll end up being responsible for a huge percent of the hashing capacity (90% to 98% even).    And thus those who start mining with ASICs first will be incredibly much more profitable than those who don't receive ASICs until hashing capacity has already reached the stratosphere.

That doesn't mean an ASIC can't still be "profitable" (e.g., revenues minus expenses and amortization of the hardware over a year or two) but the later ones won't see the one-month to break-even that was at one time looking possible.   

The problem is, no manufacturers are shipping today, and there's know knowing what place in line you end up at when you do have an order in with a manufacturer that starts shipping.

And don't overlook the possibility that the first version of hardware will get absolutely trounced (either with higher performance or lower price) by version two.

So just know, buying an ASIC is taking a gamble on one manufacturer over another, a gamble on how much capacity in total from all manufacturers will be delivered, and the future exchange rate.
2740  Other / Archival / Re: Gained access to BitcoinMarket: it was a dead end. How do I locate my bitcoins?! on: December 14, 2012, 02:26:52 AM
I know this is an online account somewhere, but I have no idea where. I simply can't remember!

Between August and November, 2011 those 20 coins were worth between $60 and $250.    I'ld think someone going through this degree of effort (two posts on Reddit, three threads here including this one) for the money now would have given at least two shits about the coins back then as well.

Anyway, there might be people willing to help do the sleuthing with you, but I suspect offering a bounty would help you get faster results.  Here's a recent incident in which this type of assistance was rendered:

Can anyone help me find out where I sent these coins?
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