Ok, so I followed the "open wallet waiting game" approach and left my wallet open and got 1 confirmation so far.
Thank GOD!
I normally wait a minute or so but was in a hurry last night.
I'm a mining veteran but a blockchain baby.
Never knew the wallet had to be left open for some time after a transaction... they're normally nearly instant.
Maybe I forgot to pay the miner fee this time?
Again, hurry last night so it's not impossible.
You need to keep your wallet online till the 1 confirmation is done. When I find my transaction at blockchain.info I should be ok, shouldn't I? Not necessarily need to, but certainly best practice. |
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I think the 51% problem is stated inaccurately here.
The actual problem is that with 51% hashing power, a malicious miner can refuse to mine on any chain which includes blocks mined by other miners, and can get away with it (i.e. his chain will be considered the real blockchain after some time).
Example:
(blocks mined by miner A, B or C are suffixed with a, b or c)
Miner A has more than 50% of hashpower.
All miners start with block 100.
- Miner A mines block 101a, broadcasts it, every other miner switches to 101a as the new head of the block chain.
- Miner B mines block 102b (based on 101a), he and miner C switch to 102b as the new head of block chain, A ignores it and stays with 101a.
- Miner C mines block 103c (based on 102b), which is used as the new blockchain head by B and C. A still stays with 101a.
- Miner A finally manages to mine block 102a (based on 101a), broadcasts it. Other miners ignore it since this chain is shorter than the 103c chain.
- Miner A manages to mine block 103a (based on 102a) before B or C mine a block, and broadcasts it. Depending on the calculations of the amount of work that went into each block, this may be accepted as the new head of the block chain, orphaning both 102b and 103c.
- If it does not happen now, it will happen eventually - miner A has the majority of hashing power and will eventually overtake any competing blockchain version with his own version.
(Hope I presented thet 51% problem correctly...)
Onkel Paul
Thanks for the explanation. I wasn't sure, if my calculation was right. But like I read recently some where: If you want an answer on the internet, post a wrong answer and people will correct you faster, than if you ask the question  |
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I did a small calculation with excel.
So, if someone has 51% of the network hash that means, that there is a 51% to find 1 block, 26,01% to find 2 in a row and so on.
1 51
2 26,01
3 13,2651
4 6,765201
5 3,45025251
6 1,75962878
7 0,897410678
8 0,457679446
9 0,233416517
10 0,119042424
11 0,060711636
12 0,030962934
13 0,015791097
14 0,008053459
So there is not really a good change, that you can withhold a transaction for long with "just" 51 %
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-> I would need some explanation here, why do not transactions of the minority get validated? They are not passed to the 51% owner?
The 51% owner has to knowingly refuse to take a transaction into his block. He can refuse whatever he wants, as long as he found the block. Problem is when somebody else finds a block and put the transaction into it, which is a 49:51 chance. |
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And again just a lot of people, who ramble stuff, they don't know anything about: 1. Bitpay does not mean, that ALL the bitcoin get converted into fiat instantly. 2. Putting some millions into Bitcoin is nothing for Microsoft: NOTHING. Like every big company they had R&D-projects, over years, that failed in the end and burned some Millions. 3. Just because, they are just accepting Bitcoin from the US and for a small group of products, doesn't mean it will stay that way FOREVER. overstock use coinbase......................................
yet overstock hoards coins..........
need i say more?
If Microsoft decides to begin hoarding Bitcoin, I will post a picture of myself here, in the buff, with your username painted across my chest. I am bookmarking your statement. As soon as we learn which percentage of Bitcoin they are keeping(I am pretty sure, it is the question of "how much?" not "if") I expect that picture. |
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Are girls / women interested in Bitcoin ?
Your opinion ?
Even though this is extremely sexist, I'm going to go ahead and say less than 20% of the female community are girls, and that's a generous figure You know they have a good nose for money to i say 35%  Very few have a good nose to earn their own money I don't think, the nose is a girls most important part to earn a lot of money. |
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I've come to realize that Bitcoin is either for the rich or for poor people picking up the smallest of crumbs. There seems to be very few people in the middle. If this doesn't change... Bitcoin and cryptocurrency in general is doomed.
I am neither rich nor poor. I don't get why Bitcoin shouldn't be for me. Could you explain? |
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what is exactly the D ?
Something all women want, even thought some of them don't admit it. |
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Ok, so I followed the "open wallet waiting game" approach and left my wallet open and got 1 confirmation so far.
Thank GOD!
I normally wait a minute or so but was in a hurry last night.
I'm a mining veteran but a blockchain baby.
Never knew the wallet had to be left open for some time after a transaction... they're normally nearly instant.
Maybe I forgot to pay the miner fee this time?
Again, hurry last night so it's not impossible.
That's funny. I haven't heard about having to have your client open. It should go to enough nodes instantly. Was your client synced, when you sent the transaction yesterday? |
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Just keep your paper wallets in the same place where your other important/valuable papers are.
That is what I am currently doing. I think, that somebody who would look through it, wouldn't recognize it as something valuable and would just throw it away. I showed my paper wallets to my girlfriend once and told her how much they are worth, but she just asked me, if I would put that money into a bank. I couldn't really bring my self to telling her, what to do, with them in case of my death, since she already worries enough about the future. Keeping cold wallet with other important papers is useless if it's encrypted. And if it's not, it's very risky (burglars etc). There are always some traditional ways like notary or bank deposit box. But I wonder if it's possible to create some sort of decentralised contract, ie that sends specific email to the relevant person, when there's no activity on particular address for 6 months or year... Anyway, thanks for bringing up this subject, it's worth discussion. I reckon that in 20-30 years there will be quite significant amount of bitcoins lost because of deaths, unless there are some easy solutions available. That's exactly my concern: On the one hand you want your money safe from the government and banks and on the other hand, you want your beloved once to get your Bitcoin, if something happens to you. There is also always the danger of a foul player. 1-2 years ago, there was a case, where a notary forged last wills in Austria. One is possible, but get two right is not that easy. |
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I think that the simplest and the best idea will be to give all your BTC secure info to your partner or someone you trust or love, so that your family or good friends can inherit your BTC funds.
What if you have a car accident, where both your partner and you die? In this case (specially if you don't have adult children) I think our BTC funds will be lost, like in the real world to. If by "in the real world" you mean, that if you have the money in your bank, than no, it would still go to your legal heirs. (In my case, that would mainly be my siblings according to Austrian law) |
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Have you checked your sending address(es)? Are the bitcoin still on there?
The coin is no longer in my wallet and the blockchain / Bitmain sees no transaction. When "the coin" is no longer in your wallet, it has to be gone somewhere. It's not like "the coin" can just magically disappear. Do you know, how the blockchain works? When there was Bitcoin send to your address it has to be send to another address to be gone. |
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Have you checked your sending address(es)? Are the bitcoin still on there?
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Just keep your paper wallets in the same place where your other important/valuable papers are.
That is what I am currently doing. I think, that somebody who would look through it, wouldn't recognize it as something valuable and would just throw it away. I showed my paper wallets to my girlfriend once and told her how much they are worth, but she just asked me, if I would put that money into a bank. I couldn't really bring my self to telling her, what to do, with them in case of my death, since she already worries enough about the future. |
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I think that the simplest and the best idea will be to give all your BTC secure info to your partner or someone you trust or love, so that your family or good friends can inherit your BTC funds.
What if you have a car accident, where both your partner and you die? |
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Small stickers? I'd rather go for posters with info about bitcoin VS other currencies or big sticker better idea, no? Couldn't agree more, +1. Beside how are you planning to make people all around the world to do that .; it's just impossible  Do you mean as impossible as people protesting against Scientology world wide? Oh, wait: https://en.wikipedia.org/wiki/Project_Chanology#February_2008 |
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Just remember:
You could easily be hit by a truck today: No time to tell anybody about your secret stash of Bitcoin stamped on a piece of metal buried in your garden. No time to tell anybody the password to your bip38-encrypted paper wallet.
Where it is nice, that your Bitcoin are safe from the government and banks, it would be really sad, should you suddenly die and the Bitcoin are just lost, instead of supporting your own children.
So, I am less interested in theoretical ways to solve that problem, but more if somebody here actually did something to solve it.
I have thought about that also and came up an idea but I don't know how to work it out. I think you should do something with multisigned address where more people have a key of the wallet but none of them can access the funds by themself. That would be an obvious solution. The question is: Should they know of each other? If they don't know of each other, how could the multisigs be brought together, if you die? |
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