Update on November orders from KnC:
Saturns sold out
Jupiters very close to sold out, 46 left right now
guess we'll see another 2,5PH/s added during November..
I tottaly agree with you but i dont think that they will sell the rest of them now with dofficulty like this They sold out of Saturns and have <200 Jupiters compared to >2,000 two weeks ago. with so many sales and pre-orders announced shouldn't the diff be much higher by now? Something is not adding up. As BFL was shipping the 1.5T machines the diff went like nuts, but I suspect all of these companies are not forthcoming with their sales, in fact I suspect they are lying on the sales numbers. Or that or the machines are breaking after a few days/weeks of mining. Um you didn't notice the 2.5 PH/s rise in difficulty over the last month which just happens to coincide with KNC Sep/Oct order shipments? preorder =/= already mining. If it was then difficulty would be 15 PH/s right now and there would be no need for this thread you could just look at a hashrate chart. KNC Nov batch won't be shipping until Nov 15th. HashFast batch1 won't be shipping until mid Dec. etc. Obviously hashrate shipping in the future can't already have affected the hashrate right? |
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There is an INFINITE number of blocks and FINITE number of coins. Please reread the thread from the begining it has already been answered. Difficulty isn't based on time, it is based on hashrate. Difficulty can (and has) gone both up and down. It is very likely that in the future difficulty will be higher (especially if Bitcoin becomes more adopted). Still difficulty is directly based on the hashrate and isn't guaranteed to increase or follow any fixed schedule over time. will it go forever at 10min target time and end up eventually or will it just start taking a long time and never end. Neither. Mining will continue forever @ 10 minutes per block. |
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Well that is different than what you asked.
Exporting key from one wallet to another wallet and spending coins there is fine and won't cause any problems.
Trying to spend coins from the same private keys in two different wallets is going to cause problems.
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Update on November orders from KnC:
Saturns sold out
Jupiters very close to sold out, 46 left right now
guess we'll see another 2,5PH/s added during November..
I tottaly agree with you but i dont think that they will sell the rest of them now with dofficulty like this They sold out of Saturns and have <200 Jupiters compared to >2,000 two weeks ago. |
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Noone expects you to have a string of multiple words this long It isn't that "nobody expects" it is that the keyspace is so large you could tell the attack. BTW my password is 4 random words all lower case please try to crack it and the permutations make it difficult. The issue is that humans are often bad at random so 4 random words has to be 4 RANDOM words not hey let me think of 4 words randomly. The problem with the later is why the English language may have thousands of words the common vocabularly (not every word you ever knew but the words most likely for a human to "think up randomly") is much smaller. Throw in some selection bias and you can end up with a lot less entropy. |
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And then dictionary attack became a thing...
4 random english words aren't very strong as password.
4 RANDOM words is a very strong password (assumming the rest of the system is secure, random large number salt, multi-round key hardening, secure algorithm). Dictionary attacks aren't looking for random words, they are looking for common words, phrases, known used passwords, variations of words (p@ssw0rd), phrases from books/movies/etc. A dictionary of all 4 combinations of english words is well useless. |
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as bitcoin becomes more popular, you can't expect people without a computer science degree to understand the intricacies of the algorithm. i think the most sensical thing to do is to warn someone who is creating a backup about what will happen with default settings if 100 keys are exhausted...
I am pretty sure long before Bitcoin is mainstream there will be no "random key" wallets outside of niche applications used by professionals. Deterministic wallets are far easier to understand, and safer for the average user. Remember the QT client is the reference client and as such it is rather conservative at adopting enhancements. In time I am sure it will either be deterministic as well. With a deterministic wallet one simply needs to backup and/or print the deterministic seed once and the backup is valid forever. Given enough time you probably will even see hardware deterministic wallets which are completely "user proof" in that the deterministic wallet comes with a preprinted "THIS IS YOUR WALLET RECOVERY DOCUMENT. PLACE IT IS A SAFE PLACE. TREAT IT LIKE CASH AND ENSURE IT IS NOT STOLEN. IF YOUR WALLET FAILS YOU FUNDS CAN NOT BE RECOVERED WITHOUT THIS DOCUMENT." User buys the wallet, puts the recovery doc in a safe, and if their wallet fails buy another one, scans the QR code on the recovery doc and is back up and running with no loss of funds. Bitcoin isn't mainstream yet. QT client is the reference node and increasingly not the best choice for casual users. There has to be a complete, solid, well tested reference node to ensure the network operates as expected. It probably will always be "rougher" than clients designed for casual users. The need for full blockchain is probably going to drive casual users to more "friendly" (SPV) wallets anyways. |
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So if you achieve 33% or less, it would have taken an extra 2x the hashing power to break even, so they double that and send you an extra 4x.
I'm surprised D&T didn't catch that, he/she/it is usually good with numbers and details. Noted and fixed the post. Not sure how I missed the "double", this actually makes the MPP a better deal than I originally thought. As it stands now (delay and difficulty explosion) I think most users would get 4x even under my incorrect schedule. With only needing <33% by Jan 28 to get 4 boards I can't see a scenario where someone in Batch 1 wouldn't get 4 boards. Quoted the corrected version so hopefully anyone who saw the incorrect one sees the updated numbers. Ignoring the Oct 25th to Oct 31st difference, if that scenario played out and at the end of January HF sends out one extra module because hey, a BabyJet would have earned 25BTC between Oct 31st and Jan 29th they will have a lot of pissed off customers. The calculation for how much you have earned is based on the shipping date. By the letter of the program it is the first 90 days after shipping, that would mean if it ships 30 days late your MPP window is also extended 30 days which obviously makes the program a worse deal. Essentially customers are hurt by late shipping and then their compensation is also reduced. Many people complained it would be fairer if the MPP began when the units should have shipped so customers are not double penalized for late delivery. Thankfully HashFast seems to have agreed with that logic so the 90 day window starts on 31 OCT. Obviously for the days from 31 OCT to shipping date the computed revenue would be 0. You have 0 GH/s and 0 GH/s at any difficulty = 0 BTC produced. So the MPP "payout" is based on the total of what a theoretical unit would earn each day between shipping and 28 JAN (90 days after 31 OCT). They way I read it (and I may be wrong) if you units ships on say 15 DEC and between 15 DEC and 28 JAN you earn*: >= 100% of purchase price = no additional boards (achieved break even in 90 day window) >= 66% & <100% of purchase price = 1 additional board (200 additional GH/s needed for break even x2 = 400 GH/s) >= 50% & <66% of purchase price = 2 additional boards (400 additional GH/s needed for break even x2 = 800 GH/s) >= 33% & <50% of purchase price = 3 additional boards (600 additional GH/s needed for break even x2 = 1,200 GH/s) < 33% of purchase price = 4 additional boards (600 additional GH/s needed for break even x2 = 1,200 GH/s) On edit: My original numbers were incorrect. Thanks for the correction minor. The MPP "pays out" DOUBLE the hashrate that would have been required to break even in 90 day window. I updated numbers above.I assumed that Hashfast will only pay out in "full board increments" and will round in the customer's favor as less boards won't fulfill the terms of MPP (i.e. if 127 more GH/s would have achieved break even, doubled is 254 GH/s. Since HF only produces 400 GH/s boards the only options are ship nothing or ship one board). The cutoffs above assume the number of boards will be rounded up in the customers favor. Also remember HashFast isn't going to monitor you individual rig. It is simply a calculated earning. For a given hashrate & difficulty a miner will earn x BTC per day. The sum of those earnings over the 90 day window determines the computed earnings and thus the amount of MPP payout. Maybe Hashfast can confirm or correct me on this. |
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Im with you on this OP.
I tell my friends about bitcoin and they go 'well it costs over $300' how can I afford that???
I try to explain that, no, you don't need a whole one, and yes, you can buy half or a quater or whatever.
Hopeless.
Tell them a mBTC is only $0.30 and it can be used anywhere that takes BTC so they can buy thousands of them.  |
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Mining will never end.
The subsidy will decline (over next 120-140 years) to zero but mining will not end.
Miners are compensated with both transaction fees and the block subsidy.
As the block subsidy declines transaction fees will become more important.
any idea of the range those fees could reach? would it mean that operating a bitcoin transaction is likely to become more and more expensive? Impossible to say for certain but tx fees are likely to be very low. Bitcoin mining is an open network with no barriers to entry, no licenses, no secret technology. Miners have very little pricing power. If they won't process a tx below a certain price someone else will. The less miners working on your tx the longer it will take to confirm but it is unlikely people will be willing to pay 1000x the fee to get a tx confirmed in 1 block vs 3 blocks for example. My guess is Bitcoin transactions will have a cost around 1 US penny. On even PayPal sized volume that would be sufficient revenue to replace the block subsidy and remember the block subsidy is slowly declining, it won't go to zero for over a century. |
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Well, I see, but, when a block starts to take months/years to mine (and admitting that people are willing to mine for months/years without compensation), then, a bitcoin transaction will still take months/years to process… that doesn't do for an usable currency.
The difficult is adjusted to keep the target time between blocks at 10 minutes. The network 4 years ago had about 500 million times less hashing power than it does now but blocks didn't take 5 billion minutes. They took ~10 minutes then and they take ~10 minutes now. |
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Actually it is trivial to calculate bitcoin velocity from the blockchain. The data is all there. It as 5.93 last I checked, which is a about normal for the US according to fed numbers. (Isn't that a leading term "fed numbers" -- the numbers we are fed, to make us think what they want us to think.)
Well no it isn't. Every Bitcoin tx isn't not an act of commerce. If I move funds from one wallet I own to another wallet I own there is no contribution to the Bitcoin GDP. This would be no different than moving a $100 bill from on pocket to another pocket and thinking you are boosting the economy. I mean we could have a national move your dollars day and boost the GDP 15% this year. You may guestimate velocity by analyzing the blockchain but it will be at best an educated guess. |
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Mining will never end.
The subsidy will decline (over next 120-140 years) to zero but mining will not end.
Miners are compensated with both transaction fees and the block subsidy.
As the block subsidy declines transaction fees will become more important.
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One has to wonder how they ever expected to ship miners a few weeks before receiving wafers.
That is a good question. |
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Yeah banks don't lend to VC firms. If banks wanted that kind of risk they would just invest in startups, except they don't so they don't.
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Who says their has to be a reason for chargebacks? You do know there is a such thing as chargeback fraud right? Sometimes customers are looking to ripoff the merchant?
To answer your question, no this isn't possible. Not even sure I see the point. So user uses a CC to buy BTC he can only spend at a specific merchant. User then spends those BTC to buy goods. Why not just buy goods with CC?
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What losses are being subsidized? The investors lost, if the corporation did well the investors would gain. Nobody forced them to invest and they a VC firm with a tens of millions so they better than just about anyone should know the risks of startups.
Your opinions aside not sure why you claimed he is "hiding his BTC from the courts" or that is should be perused. He doesn't have to hide anything because his personal assets aren't at issue. The court isn't even going to ask him about his personal assets. The company is going into bankruptcy not him.
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Um do you not get the concept of a corporation. I am sure he does have more $50K in personal wealth. What does that have to do with the price of tea in China?
The CORPORATION has $50K in assets and the CORPORATION has 3.6M in debt. Baring proof of fraud on the part of employees (piercing the corporate shield) the assets of the employees of a corporation are not part of the bankruptcy of a corporation.
That is kinda the whole purpose of a corporation. The CEO never listed his personal assets, he wouldn't be expected to list his personal assets, the bankruptcy has nothing to do with his personal assets.
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It would make backups before the pool exhausts useless.
isn't that a good thing Backups should always be periodic. No, if data is critical (lots of money) it should not be periodic it should be backuped at each change, if I do weekly backup I risk loosing some coins. Strangely I have never lost any coins with periodic backups. Like I said fork the QT client and implement a different backup system. I was advising the OP on how to increase the keypool and on how it works. |
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