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Author Topic: When I sign a transaction with my private key, how is the network prevented from  (Read 722 times)
Sovereign
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June 30, 2011, 11:06:57 PM
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When I sign a transaction with my private key, how is the network prevented from finding out my private key? How can it verify that I signed it without knowing the private key used to sign it?

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June 30, 2011, 11:18:43 PM
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When you sign a transaction using your private key, you are publishing your public key at the same time.  All other nodes can then, using only mathmatics, verify that the address that legitimately claims those coins can be derived from that public key, and then by using that public key, can verify that the signature was produced by the matching private key.  The private key never touches the network.

"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."

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June 30, 2011, 11:20:06 PM
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And check out this description of how signing works:

http://en.wikipedia.org/wiki/Public-key_cryptography
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June 30, 2011, 11:23:35 PM
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Thanks. I'm obviously new to cryptography, and I'm a little overwhelmed by the amount of new info

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July 01, 2011, 12:32:10 PM
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Ok now I understand the difference

But here comes another question: where is my private key? All I know is my public key. Who generated my keys?

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July 01, 2011, 12:45:41 PM
 #6

Ok now I understand the difference

But here comes another question: where is my private key? All I know is my public key. Who generated my keys?
The Bitcoin software makes them and puts them in your wallet. That's what all the hackers are after. The private keys in your wallet.

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July 01, 2011, 12:58:19 PM
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Ok now I understand the difference

But here comes another question: where is my private key? All I know is my public key. Who generated my keys?
The Bitcoin software makes them and puts them in your wallet. That's what all the hackers are after. The private keys in your wallet.

I understand now.

So what's the point of opening an account at mybitcoin?

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July 01, 2011, 01:13:02 PM
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So what's the point of opening an account at mybitcoin?
Basically convenience.

Pro: You don't have to run the bitcoin client, download&verify the blockchain and care about securing your wallet.

Con: You're entrusting all your coins to a third party and if the website gets hacked, you're out of luck and may lose all your coins.

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