Frozen / Locked / Offline addresses What is a 'frozen' address? An address locked for spending (but yet it can receive money) Why you want to 'freeze' an address? To prevent spending in case of stolen / compromised private key How is that possible? Simple. protect it with another key. How you protect this 'freeze' key? Generate offline. Use one key only once (twice, for lock and unlock) but, turtles all the way down? two turtles better than one turtle?  What is made possible now by this 'freezing'? you can use your cool firstbits address forever without worrying about stolen key Why so much attachment to some random bit, after all it is free? may be it is trivial in my case (1vijay), but what about these firstbits 1, 1paypall, 1citi, 1microsoft, 1google, etc. Is this some kind of planned loophole / backdoor that allows access to .. ? no, only who can spend can freeze How safe is this 'frozen' address ? the safest; safer than a paper wallet Safer than a paper wallet? yes, spending is prevented by implementations The safest, huh? yes, hm.. I mean, only as safe as your 'freeze' key How will this be implemented? A team working on this (now, its only me) I want this to be implemented, what can I do? let the world know. participate in the poll of this thread (to be continued) |
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received 3.2 BTC from Perjunsun, for 124.8 SGD (100.86 USD) This is my first trade.  Through local bank transfer. |
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rLE9FKUsnyRw62m4g7oWe8RH2t1iNB5wQS
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SGD to Mtgox USD easy, quick and with less transaction fees (preferably 0)? Anyone willing to sell BTC for SGD (bank transfer, posb / dbs) ? I can buy up to 4 BTC now. thanks. |
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What are the ways to buy gold bars in Singapore? Is it possible to buy directly from government, or government approved organizations?
Whos top gold seller, or most reliable gold seller in singapore?
thanks.
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Is it possible for Mtgox, or some other exchange to manipulate BTC price, by introducing fake buy / sell orders?
Possible? Sure. There's no information disclosed as to which account has placed an order so it is entirely within the realm of possibilities for an exchange to be engaged in attempts to manipulate the price without any of us having a clue it is not a legit customer order. What neutralizes that is that there are competing exchanges. Price is determined by systemic supply and demand, so if an exchange has sell orders priced below another, arbitrage occurs and those cheaper coins will be bought and moved to markets where they are valued at a greater level. The same thing happens at exchanges where buy orders are higher -- coins will get transferred there and sold, and the markets will generally equilibrate. Wondering would it be great, if bitcoin-otc could also execute orders automatically. |
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Any guesses how I chose those 3 bitcointalk.org profiles..? Registration date and using 2 spaces after a period. yes, registration date, and user profile ids. Checked couple of hundreds of profiles that were opened after December 2010, hero / senior member, posts and post contents.. |
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I don't think so... Satoshi is a group of people in my book.
then, it might be something like this. whoever using satoshi bitcointalk.org profile stopped at some point of time (2010 December), then started using one of these profiles. again, this is just a guess. |
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Any guesses how I chose those 3 bitcointalk.org profiles..? |
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One of these three profiles could be satoshi ?! - casascius
- Mike Hearn
- Pieter Wuille
my other 4 suspects that failed to make into the above list, - fabianhjr
- Cusipzzz
- Raulo
- kseistrup
search criteria I will leave it to your guesses.  not so tricky.  |
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Is it possible for Mtgox, or some other exchange to manipulate BTC price, by introducing fake buy / sell orders? As far as I know, all trades that happen within exchange need not be logged in to block chain. Even if it is logged in blockchain, it is equally impossible to know the exchange rate.  |
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You also didn't mention removing addresses from the blockchain. Technically, this would work, but only if everyone agrees to use a pruned blockchain in computing firstbits. And how can it be determined whether a particular address should be pruned? I have addresses that I scrape the funds out of from time to time, but that doesn't mean I am done using the address. So your blockchain pruning algorithm would look for the final transfer out of an address to go towards something with the same firstbits prior to pruning, and only delete the address from the blockchain if that is the case?
Removing / pruning is just a way to do this. It can also be done different ways, like, directly implementing firstbits support into blockchain / client. |
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Overall, later (years) there will be no need for firstbits. It will be an artefact for geeks later  The more popular bitcoin becomes, the more solutions and layer will be developed and added to hide the mess with the addresses for endusers. A coredeveloper already gave a hint leading into this direction, can't find post yet Dont forget bitcoin is still beta and under developing. I think, firstbits is going to be there for ever. may be, some firstbits-variants could emerge, in near future. |
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- snip -
Soon after the transfer, from-address (0 BTC balance) can be removed from blockchain.
 I don't think this is possible. Its also ok to keep it, but somehow we need to know firstbits ownership is transfered. |
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The whole idea of firstbits is the lack of a requirement for any sort of central database or authority with regards to who owns what firstbits. If you introduce a centralized method of tracking who owns what firstbits address, it just kills the whole idea. Not to mention changing the owner of a parent firstbits could also change subsequent firstbits. Example:
1ATK5Zs3K1BcsVAmP5js4rcW7hPRh6Ui1J - firstbits 1atk
1ATKby5PSfzbugVcKJtdFz4eEou8JQinY - firstbits 1atkb
1ATkbDeKmmqn4yznVGrRkhpp3JiEMug6qD - firstbits 1atkbd
So, say the owner of 1atk also owns 1atkbd. They want to transfer the ownership of the "1atk" firstbits address to the address whose current firstbits are "1atkbd" instead. When the switch is made, the new address takes priority over the "1atkb" address, so the firstbits for "1atkb" actually changes to something else entirely, unbeknownst to whomever might have been using it.
Cool. Your example is true for point 2 and 3, but 1? No. Did 1atk ever transferred all of its BTC to 1atkb or 1atkbd? Even more checks can be added into clients to allow, and explicitly confirm when the users does firstbits address transfer. Soon after the transfer, from-address (0 BTC balance) can be removed from blockchain. |
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AbstractTo enable users to transfer ownership of firstbits address to others MotivationIn case of compromised private key, or other reasons (for profit), to allow users (owner) of address Use Cases 1. companies or banks might want to use fancy firstbit addresses, 1google, 1citi, 1paypal or 1, etc. 2. compromised private key, so user wants to use different address with the same firstbits pattern Procedure when a user does a transaction and following three points are true, 1. user transfers all (100%) BTC to new address 2. to-address firstbits pattern matches with from-address 3. from-address owns the current firstbits address then, it is considered firstbits address ownership transfer Considerations 1. bitcoin APIs, https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_list could optionally support usage of firstbits address -- firstbits: 1vijay
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Hi Vijay Drop by Kuala Lumpur and we can go for teh tarik. sure. |
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This is kind of scary. I actually have access to the USD equivalent of 50k BTC.
I'm tempted to look into how I could pull a good old american "get something for nothing" mentality scheme, since apparently this seems to be enough to influence the market and profit.
But I will refrain. I like BitCoin. And the idea of a bunch of angry hackers running after me with lasers shooting out of their eyes, gives me the creeps.
There is nothing wrong with the exchanges and people who trade. They, people who trade, define and add value to the product. If you push the market down, at some point of time it will find its resistance. If you push the market up, then you can only push as much as your bank balance, or credit limit. Finally, these all makes bitcoin and bitcoin marketplace stronger. Yes, it is difficult for people to understand bitcoin, and store it securely for long time. There are ways, like paper wallet, but I don't thing more than 1% of people can do that on their own. |
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good to know that. this person (Rampion) already has about 50K BTC, and trying to encash. |
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