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1461
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Bitcoin / Bitcoin Discussion / Re: What will happen when the 21M bitcoin will be minned
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on: June 20, 2012, 02:57:30 AM
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The block reward continually halves; we will asymptotically reach the theoretical limit of 21 million. So yeah, you'll probably be dead...
What happens if the BFL asic is real and an extra 10000TB/S is added in minining The difficulty will go up to match the new speed and keep block production steady. And there is no need to worry that we will run out of difficulty levels; they can go to a hugely high number to match whatever new technologies can throw at it. |
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1462
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Bitcoin / Mining / Re: Flurry of blocks from 24.211.152.165
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on: June 20, 2012, 02:23:12 AM
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Is this the secret project by P4man? Dum dum dum dummmmm!  Wait how do you know the IP. I thought the blockchain didnt have IP records. Or is that just for newly mined blocks? External services can collect whatever records they want, but they may or may not be totally accurate. |
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1463
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Bitcoin / Bitcoin Discussion / Re: wikileaks "Bitcoins cannot be easily tracked back to you" WTF??
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on: June 20, 2012, 02:20:53 AM
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ok so the address it's traceable. but trace to what? no isp no psychical address
If you can trace it across many transactions, and several of those transactions have the same IP, it could be assumed that that IP is where the person is. Obviously this isn't always true, but it often can be. I thought Ips weren't attached to txs...at least in the block chain. my understanding is that the client echos other txs it hears from neighboring clients..and when it relays those txs, it 'sounds' the same as when a client originates the tx. thus w/o active surveillance of the network (running dirty nodes) its tough to see where a tx may have originated. There is also an option to route this traffic over TOR, in the next or the one after version, this TOR support is scheduled to include peer discovery and the ability to run all traffic thru a hidden service. It does relay all transactions, but you never know whether yours will be detected by a service that collects IPs first, or whether it will be relayed before it gets detected by such a service. Probably half of my transactions on blockchain.info show my IP, and the other half show random nodes that relayed my transactions first. And yes, Tor will make IP correlation impossible, if used correctly. |
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1465
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Bitcoin / Bitcoin Discussion / Re: What will happen when the 21M bitcoin will be minned
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on: June 20, 2012, 01:33:46 AM
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If the network need miners to be supported. What will happen when all the 21 million bitcoins will be mined and no ones will be mining and supporting the network anymore?
Well, that's about 100 years into the future, so we can't say for sure. However, miners would still be needed to secure the network, as well as to process transactions, so the general conclusion is that they would live on the transaction fees. At this point, the transaction fees aren't much, but when there is no block subsidy people might be more willing to pay a fee in order to have their transactions processed. Regardless of whether a subsidy is created on each block, the blocks must still be created for the network to function. |
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1467
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Other / Off-topic / Re: I'mmmm Backkkk :)
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on: June 20, 2012, 01:25:58 AM
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When I first saw the title of this thread, I thought it was Atlas. You remember Atlas, don't you? To save you some reading, Atlas committed suicide because Matthew (the magazine guy) keep ignoring him. The incident was a major lost to the whole community. Theymos even paid for the funeral and gave the eulogy. A donation fund was set up, the largest of its kind to date, and sits awaiting to be claimed by his next of kidding.
~Cackling Bear~
Quoted for epic-ness (is that a word?)  |
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1471
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Other / Off-topic / Re: Butterfly Labs ASIC Gear Potential
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on: June 20, 2012, 12:43:27 AM
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Well the scenario is this in massive diff increase of 4x in the ~3.5 days it takes to happen you have 28,800 coins a day being produced for that time period if that massive increase is actually an 8x times in disguise as the diff cannot rise that much, then 57,600 coins a day in the first 1.75 and 14,400 in the remaining time until next diff change is being produced as that second 4x is in actuality a 2x new diff so 7 days for that.
Quit talking about the number of days for it to go up.. if the amount of hash goes up by an 8 fold and blocks are being found 8x as fast, diff will rise at a rate of 4x per 2016 blocks until it is caught up. So if normal diff is 14 days, then 8x is just under 2 days. Not 7. You lack certain understandings of the fundamentals and its affecting any sort of estimation or predictions you make. And you lack reading comprehension I say plainly that 8x is 1.75 days and 4x is 3.5. You talk to us about reading comprehension, and you can't even be bothered to make your own sentences readable with the use of a smattering of punctuation? Sure. |
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1472
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Bitcoin / Pools / Re: High orphan rate and long confirmation time discussion
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on: June 20, 2012, 12:42:06 AM
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Creating a semi-trusted backbone of connections to other pools/miners so your new blocks propagate quickly is a good idea.
^ This +1. Any smart pool should be blasting its blocks out across as many nodes as it is able to as quickly as possible. One way to do this is to manually connect to several reliable super nodes. |
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1473
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Other / Off-topic / Re: Butterfly Labs ASIC Gear Potential
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on: June 20, 2012, 12:35:43 AM
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Folks need to remember that diff re-targets are every 2016 blocks. 100,800 BTC per re-target interval, regardless of how long it takes to complete that interval. (Until reward drop, then it will halve of course)
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1476
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Other / Off-topic / Re: BUTTERFLY LABS - Please post your Trade-Up/Upgrade Program Details
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on: June 19, 2012, 09:49:13 PM
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Take those users who 'shot the wad' to purchase TONS of BFL hardware, that will essentially be worth NOTHING if they keep it and will only end up forcing them to spend MORE, just to get back on top where they were before.
Sure, some might see this as a great deal....but what about THOSE who STRUGGLED to buy 1x Mini-Rig @ $15,000 ? How easy will it be to come up with another $15,000 just to be competitive again, rather than being left with a $15,000/25 GH DOOR STOP when that SAME Mining power will be purchased by NEW buyers at a FRACTION of the price ?
This is the exact scenario that is going to very bad for BFL if bitlane's conclusions are true. Unfortunately, we'll have to wait for BFL to clarify. +1 for clarification I'm sorry for catching up a bit late on this thread. To set an example, imagine that you are willing to purchase a 1299$ BitForce SC Single. What you can do is you can send the unit back to us, and 1299$ will be reduced to 699$. Regards, BF Labs Inc. Can you apply more than one Single towards a greater product? Such as 2x Singles = 1x SC single + $99. |
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1478
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Other / Off-topic / Re: BUTTERFLY LABS - Please post your Trade-Up/Upgrade Program Details
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on: June 19, 2012, 09:40:42 PM
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Basically everyone has two options from now on: get out of mining or buy from BFL.
Possibly, but not for long with the up and coming open source ASIC project. Additionally, Enterpoint have stated that they may be able to produce something very competitive using FPGAs, although I'm not quite sure how. This is coming from a guy who likes Enterpoint: I call BS. Look at the prices! Maybe in terms of MH/W but that doesn't matter since it's 20 already. Sure, but LX150 isn't the only option. Personally, I'm interested to see what they come up with. |
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1479
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Other / Off-topic / Re: BUTTERFLY LABS - Please post your Trade-Up/Upgrade Program Details
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on: June 19, 2012, 09:37:15 PM
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Basically everyone has two options from now on: get out of mining or buy from BFL.
Possibly, but not for long with the up and coming open source ASIC project. Additionally, Enterpoint have stated that they may be able to produce something very competitive using FPGAs, although I'm not quite sure how. |
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1480
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Bitcoin / Project Development / Re: [Pre-Announce] OpenPay, use your bitcoins at any merchant that takes Visa!
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on: June 19, 2012, 09:00:14 PM
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Eew, so granny making a mistake will waste money? Is the waste limited in how much? Could it be only a satoshi instead? Or does it have to be the amount of the whole transaction?
I think you're confused. The 0.01BTC spend is used to signal the client to look at the transaction. It's sent from the merchants account to a disposable address calculated independently by the merchant and your client software. That address is literally one time use and changes every single second. Thus it's the merchant's money 0.01BTC that gets wasted in this instance. I think 3 PIN failures is enough for the merchant to tell granny to stop brute forcing her own pin  The purpose of the network fee is to make brute forcing behavior unpalatable and unrewarding. Doesn't matter if it's granny brute forcing her own pin, or some pimply faced clerk who is moonlighting as a carder. The system can't tell the difference. OK, as long as it can't be done in the comfort of some carder's home or in the back office where an unscrupulous cashier doesn't care how much of his employer's money he wastes. |
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