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Author Topic: Running a Bitcoin Node  (Read 5576 times)
nlsupernova
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February 21, 2014, 09:11:19 PM
 #41



as i said i havent looked into this deeply, so i don`t really understand how it actually works yet, but i`m still learning more every day and find it all extremely interesting.

judging from your responce i guess i still have a lot of reading ahead of me, because i really don`t know how to answer most of your questions Wink
i thought i had a basic idea of how it all strung together.
i`ll come back when i actually am able to add something to the discussion,

Holliday
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February 21, 2014, 09:12:28 PM
 #42


This is not true. They normally have smaller returns, but less variance.

The reason everyone joins a big pool is that they are irrationally afraid of variance (often to the detriment of their bottom line).

do you have a source for that? or some comparisons done by people that proves that?
most people seem to think its the other way arround. at least judging from what i picked up here and there.

i didn`t do any testing so i really dont know.

but anyway it doesnt solve the security risk i mentioned

Most big pools have a fee. A smaller pool which doesn't have a fee is going to provide more income over time. It's pretty straight forward.

As I said, most hash rate providers have an irrational fear of variance. They seem to think that getting a steady flow of income is the same thing as getting more income, which simply isn't true.

I recommend P2Pool, which is basically solo mining while sharing the reward with other solo miners in order to reduce variance. A P2Pool miner can also merge mine similar chains.

Confirming the transaction happens when the transaction is included a block. Actual miners do get the fees that were paid on the transactions which they include in a block.

so all the fees go to the finder of the block, no matter how many transactions they where part of in that block?

What do you mean "transactions they were part of"? A miner chooses which transactions to include in a block which they find. If some of those included transactions have fees, the miner who finds that block will receive those fees. The only way to have a transaction "confirm" is to have it included in a block.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
nlsupernova
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February 21, 2014, 09:18:19 PM
 #43


This is not true. They normally have smaller returns, but less variance.

The reason everyone joins a big pool is that they are irrationally afraid of variance (often to the detriment of their bottom line).

do you have a source for that? or some comparisons done by people that proves that?
most people seem to think its the other way arround. at least judging from what i picked up here and there.

i didn`t do any testing so i really dont know.

but anyway it doesnt solve the security risk i mentioned

Most big pools have a fee. A smaller pool which doesn't have a fee is going to provide more income over time. It's pretty straight forward.

As I said, most hash rate providers have an irrational fear of variance. They seem to think that getting a steady flow of income is the same thing as getting more income, which simply isn't true.

I recommend P2Pool, which is basically solo mining while sharing the reward with other solo miners in order to reduce variance. A P2Pool miner can also merge mine similar chains.

Confirming the transaction happens when the transaction is included a block. Actual miners do get the fees that were paid on the transactions which they include in a block.

so all the fees go to the finder of the block, no matter how many transactions they where part of in that block?

What do you mean "transactions they were part of"? A miner chooses which transactions to include in a block which they find. If some of those included transactions have fees, the miner who finds that block will receive those fees. The only way to have a transaction "confirm" is to have it included in a block.

i think the way i thought a block was formed may not be completly accurate, the way you discribe it actually does make more sence.

do you know of a site or a thread on this forum that explaines how this system actually works in some detail?

Holliday
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February 21, 2014, 09:19:36 PM
 #44

i think the way i thought a block was formed may not be completly accurate, the way you discribe it actually does make more sence.

do you know of a site of a thread on this forum that explaines how this system actually works in some detail?

Maybe this will be a good place to start.

https://en.bitcoin.it/wiki/Blocks

If you aren't the sole controller of your private keys, you don't have any bitcoins.
smooth
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February 21, 2014, 09:47:14 PM
 #45

Certainly, but "connected right now" doesn't mean they are "the only nodes running right now".  It is possible that blockchain.info is only connected to 0.01% of the active nodes at any given time.

By connected right now I meant connected to the network, not connected to blockchain.info. Since b.i only seems to connect to a few hundred nodes that's a useless estimate.

Quote
Yes.  I'd be very interested in any reasonably reliable source for a count of the number of active public nodes on the bitcoin network.

Can you code? I have an idea for estimating it from peers.dat but it requires some coding and I don't have time to do it.
nlsupernova
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February 21, 2014, 10:04:45 PM
 #46

i think the way i thought a block was formed may not be completly accurate, the way you discribe it actually does make more sence.

do you know of a site of a thread on this forum that explaines how this system actually works in some detail?

Maybe this will be a good place to start.

https://en.bitcoin.it/wiki/Blocks

thanks. its hard to find decent information that is actually understandable for people who have no background in these fields.

it usually either is explained as easy as possible so its understandable for any noob or 12 year old and because of that missing detailed information on how things actually work, or so extremely technical and filled with specialised terminology that i just cant grasp it anymore.


DannyHamilton
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February 21, 2014, 10:16:39 PM
 #47

Quote
Yes.  I'd be very interested in any reasonably reliable source for a count of the number of active public nodes on the bitcoin network.

Can you code? I have an idea for estimating it from peers.dat but it requires some coding and I don't have time to do it.

Can I?  Absolutely.  Coding is what I do for a living.

Do I have time for hobby projects?  Not as much as I'd like.  Send me a message with your thoughts and if it's simple enough I might try to put it together.  If I don't think I'll have the time, then obviously it won't get done.
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