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1  Bitcoin / Development & Technical Discussion / Re: Understanding the importance of hashing blocks on: January 30, 2017, 04:54:37 PM
Blockchain is just a method of storing data, as far as I understand. Much like something you would find in a book on "algorithms and data structures". Wink So for differenty applications, you will have different blockchains.
I think you might be better of starting your own thread, though.


Apologies about the phrase "depend on each other".. what I meant was one trasaction depending on another. (One-way).
So in that case, the order of the transactions is already established, and that is the order in which the transactions must be confirmed. The transaction that depends on another must confirm at the same time or after the transaction that it is spending from.

It doesn't. His post seems to just be a post to increase his post count for his signature campaign.
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So the second transaction will not get approved until the first one is already in the block chain? That would mean that I would have to wait 10 minutes before I can spend bitCoins that someone sends me, no?
2  Bitcoin / Development & Technical Discussion / Re: Understanding the importance of hashing blocks on: January 29, 2017, 01:45:07 PM
Apologies about the phrase "depend on each other".. what I meant was one trasaction depending on another. (One-way).

"i will not stake anything on it, but i would assume that most miners, right out of the box are pretty lenient with allowed tx's and that it takes some tinkering in the settings to get a real biased approach to included transactions, most likely all miners in default state will ignore a zero fee, but the variable is likely only a little above that by default, i will check a couple of them."

I don't understand how that part factors in.
3  Bitcoin / Development & Technical Discussion / Re: Understanding the importance of hashing blocks on: January 28, 2017, 01:49:00 AM
but what happens to the transactions which aren't included in the last block? (or ones that the miner choses not to include? )
Before a transaction is included in a block, the transaction is stored in the memory of nodes (including the miner's node) in a place known as the mempool. When a miner goes to choose transactions for a block, he will select transactions from his own mempool. Once the block is broadcast, nodes will then remove the transactions in those blocks from their own mempools.

Transactions in the mempool are unconfirmed. They are not permanent. They are not in the blockchain. Not every node will necessarily know about all of the unconfirmed transactions, nor do they have to.

When a transaction is broadcast, it first goes to the mempools of the nodes. If it remains unconfirmed for a long time, some nodes may choose to drop the transaction from their mempool to free up some memory. Other nodes may choose to rebroadcast the transaction so that it remains in the mempools of as many nodes as possible (i.e. those nodes are reminded of the transaction if they dropped it). Other nodes may simply keep it there until it confirms or the node reboots and the mempool is cleared.

But if a miner can just pick and chose which transactions to include in a block, how does the whole thing stay sound in terms of accounting?
What if two transactions depend on each other and one is left out of the block? The other can't be included either
4  Bitcoin / Development & Technical Discussion / Re: Understanding the importance of hashing blocks on: January 27, 2017, 04:48:40 AM
The blockchain is the public ledger. The miners who finds the next block for the blockchain is the one who establishes what is going into that ledger.

Miners can choose whatever transactions that they want to include in their block. So long as the block is valid, it will be accepted by everyone else.

There can be multiple valid blocks for a given block height. This happens fairly often. The blocks which are not built upon are called stale blocks.

but what happens to the transactions which aren't included in the last block? (or ones that the miner choses not to include? )
5  Bitcoin / Development & Technical Discussion / Understanding the importance of hashing blocks on: January 27, 2017, 03:39:25 AM
Hello everyone.

A few weeks ago, I became interested in BitCoin and how it works.
There are many videos and articles on the internet but none of them seem to explain the following problem

My understanding so far is that all miners have a copy of the "public ledger" in which all transactions are recorded. New transactions are stored in groups called blocks. New blocks are added by
whichever miner is able to come up with the correct hash for the block.

However,

Say there are two Miners called A and B:

A gets copies of all the transactions made up to now and therefore has a "correct" version of the 'public ledger'.
B on the other hand, due to faulty networks or whatnot does not receive a few transactions. Therefore, B's version of the public ledger is incomplete or wrong.

Now, A and B both begin trying to compute hashes. What would happen if B comes up with a correct hash before A? Wouldn't B's *incorrect* version of the ledger then get added to the block chain, throwing everything out of whack from the on?

Thanks.
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