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6281  Other / Off-topic / Re: Qunatum computers are finally here on: May 08, 2013, 06:12:25 PM
That is quantum cryptographic not quantum computing.  It isn't used for breaking encrypted messages, it is the holy grail of secure key exchange with no algorithm weaknesses.

Simple version is that a large one time random key can't be broken.  There is no algorithm weakness, no method of attack except brute force, and if the key is large enough brute force becomes infeasible.  Quantum cryptography (namely quantum key sharing) allows the creation of a shared secret between two parties who can't be eavesdropped.  Once two parties have a mutual random secret key they can communicate over normal methods with absolutely no risk of attack.  An attacker could record everything that is being transmitted and it would be useless forever.  Not 10 years or 10,000 years but forever.  There is no weakness which can be found, no crypto-analysis which can eventually unlock the secret.

http://en.wikipedia.org/wiki/Quantum_key_distribution

QKD has been around a long time but this if the first widespread usage of it I have heard about.  
6282  Other / Beginners & Help / Re: BTC value at the end of May on: May 08, 2013, 03:43:31 PM
I think it could get as low as $30 before becoming less volatile. But what do I know?

There is no such thing as small stable markets ... anywhere.  The smaller the market the easier it can be pushed around.  Drop $1M into a $300M market and cause a wave.  Drop $1M into a $30B market and cause a ripple.  Drop $1M into a $7T market and there isn't a blip.  BTW those supply valuations correspond to BTC@$30, Silver, and Gold respectively.
6283  Other / Beginners & Help / Re: BitGold = Bitcoin type currency backed by gold on: May 08, 2013, 08:17:36 AM
Exactly if you have a central issuer there is no need for a blockchain, mining, 51% attack risk, doublespends, etc.
6284  Other / Beginners & Help / Re: hi guys. i know there are some good people out there. so to you. help on: May 08, 2013, 07:49:29 AM
Just a heads up before you invest a huge amount of time and resources into a site which relies solely on MoneyPaks.  Your actions would violate Green Dots terms of service unless you become an authorized merchant and doing that is 100% impossible if your business has anything to do with Bitcoin.

It is only a matter of time before GreenDot will issue a cease and desist letter and eventually take legal action.  Depending on your volume it might not happen for a month, it might not happen for six months but eventually it will happen. 
6285  Bitcoin / Bitcoin Discussion / Re: Big compliment from FORBES to BITCOIN on: May 08, 2013, 04:48:24 AM
Ok, let me add forbes.com to my "never trust" list... Done.

I wouldn't.  There have been a lot of well written articles by Forbes (the magazine) not to be confused with the personal opinion of Mr Forbes (the person).  Actually the fact that his magazine has been fairly even handed when writing about Bitcoin despite the owner's very obvious bias and lack of knowledge is a good thing.  It shows the magazine enjoys a level of journalistic independence.   
6286  Economy / Currency exchange / Re: Bitcoins Direct - Private off exchange sales by bank wire only 0.89% over spot. on: May 08, 2013, 02:58:10 AM
I've used Citibank, Wells Fargo and Bank of America personal accounts to wire funds to Bitcoins Direct.  The Fees range between 18 (BofA) to 30(WF) for same day wire transfer (we are both in the United State).  Actual same day delivery time is usually with in the hour (in my experience).

For Citibank and Bank of America you can create a wire payee and send online.  (Some banks will also need to verbally confirm the payee you are adding the first time by a phone call to avoid fraud.  The Bank will not leave a message if they call you and get voice mail if you do not state your name on your out going message.  I've delayed some initial transfers due to this).  The wire just silently failed and I had to follow up with the bank to find out what happened.     

For Wells Fargo personal accounts there is no online function.  I actually had to go into the bank to add Bitcoins Direct to send a wire.   I prefer Wells Fargo for their p2p payment function (only between personal account).

Also, as all other clients have commented here, I've always received nothing but prompt payment and outstanding customer service the many times I've purchased coin from Bitcoins Direct.  Thank you.


Thanks for the detailed comparison.  Very helpful for new and potential clients.  Bank Wires are pretty simple for those who have done them in the past but they can be somewhat intimidating.

One thing I would add is that anytime you talk to your bank use the exact words "BANK WIRE".  Don't use any slang or other terms ("I need to transfer funds", "account to account transfer", "send money").  For clients who ran into problems it usually is their bank making a mistake because they DIDN'T use the words "BANK WIRE" and the bank assumed they wanted to do an ACH (Direct Deposit) transaction for example.  To any new or potential clients (or even new client of other exchanges/brokers) the word "BANK WIRE" has an exact and specific meaning that is the same at any bank, anywhere in the world.  Save yourself some time and confusion by making sure to only use those words when talking with your bank.
6287  Bitcoin / Bitcoin Technical Support / Re: Something strange here.... on: May 08, 2013, 02:54:39 AM
That is a good point.  If the hidding of change addresses made sense at one point it certainly doesn't now.  It causes nothing but user confusion.  I have never encountered a user who said "thank goodness the wallet hides some addresses from me".

Now hiding unused keypool addresses "might" make sense but even that should be visible via an advanced menu option.

If you click NEW ADDRESS then a "hidden" keypool address becomes visible.
If you receive funds at an address from the keypool it become visibile.
If your wallet sends funds to a keypool address as a change operation is remains invisible.

Which one of these is different.

The wallet hiding addresses WHICH HAS VALUE (i.e. unspent outputs) is horrible design.  It can ONLY lead to loss of funds.  Showing change addresses (i.e. you create a tx and it uses address 123.... as change and now 123.... shows in list of addresses) might lead to some user confusion but it won't lead to losing funds.

Hopefully someday the authors revisit this.  Since sites like blockchain.info exist and are used (even by users who don't use blockchain.info wallet) to track the status of transactions hiding info in the wallet that is visible in third party sites is just poor design.  Honestly it only remains due to inertia.
6288  Bitcoin / Bitcoin Technical Support / Re: Something strange here.... on: May 07, 2013, 10:49:27 PM
It is called "change" and the balance was sent to a "change address".
Bitcoin CAN ONLY spend entire outputs. 

You had an unspent output worth 0.20560192 BTC.  You wanted to spend 0.1 BTC

Your wallet created a tx spending 0.20560192 BTC.  0.1 BTC to the address you specified and 0.10560192 BTC back to another unused address in your wallet.
6289  Bitcoin / Mining speculation / Re: Will Mining fee's keep mining alive? on: May 07, 2013, 08:32:16 PM
In terms of pooled mining, where do the transaction fees go now? Operators keep them or they are part of the shares?

Depends on the pool.  Some pools included them in miner rewards, some keep them (an effective ~1% to 2% hidden fee).
6290  Other / Politics & Society / Re: Senate passes internet sales tax bill on: May 07, 2013, 06:05:15 PM
Yeah it is going to be bad news if it passes.  The real problem isn't entities like Amazon but smaller companies.  I mean honestly $1M in sales isn't that much even for a small business.  Most banks put the line between small business and corporate accounts at $10M in annual sales.

For small businesses (and note small businesses are the job created) it (along with health care reform bill) is a death blow.  In the US IIRC there are something like 237 different tax localities (some at state level and some at city/county level).  Most states also have multiple different tax rates depends on the product.  That is simply a massive burden for small businesses.  Many will fail, many will remain noncompliant and risk getting sued, many will scale back their online activities.

For a country struggling to grow the number of jobs well this is just asinine.
6291  Bitcoin / Bitcoin Discussion / Re: Bitcoin 0.8.2. What do you think? on: May 07, 2013, 05:04:49 PM
I think a dust-proof limit should be implemented, but should be dynamic in nature, drawing its value from a series of calculations that determine, from difficulty, transactions etc. how much 1BTC is worth and what amount is trivial. A hard limit is a very bad idea, considering bitcoin's climbing value and difficulty. A few years from now 5k satoshis might be worth a considerable sum, and releasing periodic updates to shift the limit is a bad practice. Even now I think 5k satoshis is a bit too much. I'd opt for 1k.

Well good thing there is no hard limit.  The dust limit is a variable and the default value is 5430 satoshis.  You are free to install 0.8.2 and set it to 1000 satoshis if you like.

6292  Bitcoin / Mining speculation / Re: Will Mining fee's keep mining alive? on: May 07, 2013, 04:19:19 AM
If difficulty goes to high then marginal miners will be unprofitable ... they quit and difficulty falls.
6293  Bitcoin / Development & Technical Discussion / Re: What could cause a paper wallet to become invalid? on: May 07, 2013, 01:26:55 AM
100% agreed. I think water damage is the biggest threat to a paper wallet. I've been doing some experiments to see what I can do to mitigate how water -- even just minuscule drops of condensation from a cold bottle of beer -- can turn an inkjet-printed wallet into squid-ink soup. Inkjet prints are alarmingly delicate.

If you are super paranoid you may want to look into thermal transfer barcode printers (not to be confused with thermal printers*).  They can use resin cartridges and tear resistant (tyvek) labels.  Once printed a resin wax label is not going to be affected by water, age, sunlight, moisture, and normal heat (excluding a fire).  The higher quality stuff (name brand Zebra ribbons) resists solvents, bleach, cleaner, gasoline, etc.  They routinely are used in warehouses and other dirty, hazardous areas and last ... forever.  Pretty routine for a 10 year old label to still scan with a barcode scanner.  

Thermal transfer printers aren't cheap (usually $300 to $400 or more) but if someone was looking to paper wallet say 1000 BTC I wouldn't use anything less.


*Slighly confusing but thermal printers have no ribbon they use a printhead which produces heat to cause a chemical change in paper.  Everyone has seen the faded receipts from a thermal printer.  The same technology however can be used to apply with high precision a layer of wax or resin onto a paper, or plastic card.  The later are called thermal transfer.  Most thermal transfer printers can do both (direct thermal or thermal transfer). 

6294  Other / Beginners & Help / Re: My bitcoins have been stolen on: May 06, 2013, 10:10:50 PM
My wallet is 3 inches away from the window that the forum is on.  I am staring at the confirms.  It has not even confirmed once yet.

Oh, I didn't know you couldn't spend unconfirmed tx's on the main client.

Yeah QT client requires at least 1 confirm before spending (no override without recompiling).  A smart attacker would be creating a tx with the unconfirmed input my guess is the attacker isn't that smart so OP may have a shot.
6295  Other / Beginners & Help / Re: My bitcoins have been stolen on: May 06, 2013, 10:09:19 PM
Well if there is no override for locked address on your pool account then I guess you don't have much choice.  Maybe the attacker will be slow.  As soon as you get 1 confirm spend the coins to an exchange or ewallet.
6296  Other / Beginners & Help / Re: My bitcoins have been stolen on: May 06, 2013, 10:04:42 PM
Why are you sending funds to a compromised address?  Very likely the attacker will see the new funds and instantly create a tx to spend them before you.  Now you simply put yourself in a race with the attacker for your funds.  Maybe you win but the attacker has nothing to lose.  He will gladly play 'race for kenji coins" all day everyday.

6297  Bitcoin / Development & Technical Discussion / Re: How are unconfirmed transactions relayed? on: May 06, 2013, 10:02:31 PM
Your node (node here refers to full node i.e. running bitcoin-qt client or bitcoind) has connections with multiple clients.  When your node learns of a new tx (including one you create) it relays it to all the peers it is connected to.  Those peers verify the tx and relay it to all peers they know, who do the same.

All nodes all new unconfirmed tx to the memory pool which is just a list of tx the node "knows about".  Miners (in case of pool mining it is the pool actually doing the mining) use their copy of the memory pool to decide which tx to include in the next block they are working on.

When a miner broadcasts a block the same process happens at the block level.  The node relays the block to all its peers who verify the block and relays it on.

When your node confirms that a new block extends the longest chain it removes all the tx from the memory pool (as they are now unconfirmed).  If a new block orphans an existing block your node will add back any tx from the orphaned block to the memory pool and then remove any tx from the memory pool in the new block.

TL/DR: all nodes maintain a list of unconfirmed tx and relay them to another nodes.
Node learns of a new tx - add to memory pool
Node learns of a new block on longest chain - remove tx in block from memory pool
Node leans an existing block on the longest chain has been orphaned - add orphaned block's tx back to memory pool
6298  Bitcoin / Bitcoin Discussion / Re: Bitcoin 0.8.2. What do you think? on: May 06, 2013, 09:57:00 PM
Fees have only gone down since Bitcoin began.  The min mandatory fee for low priority tx was initially 0.01 BTC it has been lowered three times.  If one miner tries to hold out for higher fees, another miner can always make a killing offering to include tx for less.

Still your "concern" has nothing to do with 0.8.2 then.  This has been a characteristic of Bitcoin since the genesis block.  Miners have always been free to exclude tx which has low/no tx fee.  Always.
6299  Other / Beginners & Help / Re: My bitcoins have been stolen on: May 06, 2013, 09:36:04 PM
This. More than likely the btc stealing software. Face2Face is not always a good decision. Never allow someone to install something, or put something into your computer. I would have had him write down his address, not bring a flash drive. Your bitcoins can possibly be returned if you backed up your wallet with an encryption. He shouldn't be able to do anything with them as long as you did that. Also why do you post this in the noob section? Shouldn't this go in the support section?

Where do you get this idea?  If the coins are gone they are gone.  There is no getting them back (at least not through the protcol).  An encrypted version of the wallet does nothing if the attacker has access to your system.  They can install anything including a keylogger to record and transmit your passphrase the next time you type it and a rootkit to hide any trace it ever existed.
6300  Bitcoin / Bitcoin Discussion / Re: Bitcoin 0.8.2. What do you think? on: May 06, 2013, 09:33:41 PM
Can I send a payment for 0.00000001?

Sure as long as you can find a miner willing to include it in a block.  The 0.8.2 change simply sets a DEFAULT min output size.  A miner could reduce it to 0.0000001 if they want to.  They likely won't or if they do will require a much larger tx fee so if you want to pay 0.0001 to send 0.0000001 then go ahead.

Miners have ALWAYS been free to include or not include a tx in the next block.  That was true prior to 0.8.2 and it true after 0.8.2.
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