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Author Topic: A few questions  (Read 1187 times)
barbarousrelic
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October 15, 2010, 03:21:53 PM
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Is it possible to know when I will get newly minted bitcoins from my processing? I've been generating for a few weeks now and haven't seen any. Does everyone get new bitcoins at once?

I have read about backing up your wallet.dat file but not much about restoring from backups - do you simply install Bitcoin and then write over the wallet.dat with your archived version of wallet.dat?

If you archive your wallet.dat and then a make a transaction, and say your hard drive crashes and you restore your old wallet.dat from before the last transaction - does this restore everything you had before that transaction? And the last transaction after backing up is then lost forever?

Say I reinstall my OS and then reinstall Bitcoin and recover with my old wallet.dat - do I keep my progress I had made minting my next bitcoins, or do I have to start over from the beginning?

Is it conceivable to have a Bitcoin smartphone app, so you could make in-person trades and verify that they have paid you?

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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kiba
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October 15, 2010, 03:29:57 PM
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Is it possible to know when I will get newly minted bitcoins from my processing? I've been generating for a few weeks now and haven't seen any. Does everyone get new bitcoins at once?

I believe you could get an accurate probability of when you're going to get bitcoins. However, it is mostly a random process. You might not get bitcoins for 4 weeks, or get 2 in a row. Who knows?

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October 15, 2010, 03:30:23 PM
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you can not be in the start or in the middle of generating bitcoins. I think you should read FAQ more carefully

used to be a miner
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October 15, 2010, 04:18:28 PM
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Is it possible to know when I will get newly minted bitcoins from my processing? I've been generating for a few weeks now and haven't seen any. Does everyone get new bitcoins at once?

You can't know when. It's normal that you don't see any, current difficulty is really high.
This site calculates some probabilities: http://www.alloscomp.com/bitcoin/calculator.php

I have read about backing up your wallet.dat file but not much about restoring from backups - do you simply install Bitcoin and then write over the wallet.dat with your archived version of wallet.dat?

Yes, it should work.

If you archive your wallet.dat and then a make a transaction, and say your hard drive crashes and you restore your old wallet.dat from before the last transaction - does this restore everything you had before that transaction? And the last transaction after backing up is then lost forever?

No, you risk losing money in the process, due to the change process.
The best is to back up always after any of these events:
  • Sending any amount
  • Creating an address for receiving
  • Generating something (not really sure about this one though)

I've seen some messages on the forum that a pool of addresses is under development. After it's implemented, you won't need to back up so frequently.

Say I reinstall my OS and then reinstall Bitcoin and recover with my old wallet.dat - do I keep my progress I had made minting my next bitcoins, or do I have to start over from the beginning?

It's not a progress. Each hash you generate is a random attempt, each of them has the same chance of breaking the last hash.
Think of it as a lottery, each hash being a ticket.

18rZYyWcafwD86xvLrfuxWG5xEMMWUtVkL
MoonShadow
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October 15, 2010, 06:38:55 PM
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Is it conceivable to have a Bitcoin smartphone app, so you could make in-person trades and verify that they have paid you?

This is being worked on, but everything is at an early stage.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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October 17, 2010, 09:19:04 PM
 #6

I've seen some messages on the forum that a pool of addresses is under development. After it's implemented, you won't need to back up so frequently.
Yes, it is implemented in SVN 163.

"Never invest unless you can afford to lose your entire investment." © S3052
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