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Author Topic: sorry guys (and gals)!  (Read 3849 times)
InterArmaEnimSil
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August 07, 2010, 05:29:02 PM
 #21

Keep in mind...  We are trying to create a new currency, not a personal money tree for everyone.

Are we creating a new currency or competing with PayPal and the like as a payment service?  The two are very, very different...and we're back here again...

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kiba
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August 07, 2010, 05:33:01 PM
 #22

Keep in mind...  We are trying to create a new currency, not a personal money tree for everyone.

Are we creating a new currency or competing with PayPal and the like as a payment service?  The two are very, very different...and we're back here again...

Better payment service help grow acceptance of the bitcoin currency.

BitLex
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August 07, 2010, 06:12:47 PM
 #23

Are we creating a new currency or competing with PayPal and the like as a payment service?  The two are very, very different...and we're back here again...
Depends if your generating blocks or not.
If you do, it's both,
if not, your "only" competing with PayPal and the like.  Wink

NewLibertyStandard
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August 07, 2010, 06:37:59 PM
 #24

I also wonder, how many blocks per hour are SOLVED? This number should be a little bit higher than the number of blocks ACCEPTED by network because of collisions. While I saw some estimates about collision rate here, as far as I know we never tried to measure actual collision rate and compare it to our estimate.

The difficulty for generating new coins is adjusted to set up a situation where one new bitcoin (generated) block is created about every 10 minutes.... somewhere on the network.  That would average out to be about six per hour.

As far as the collision rate, I don't know what that number really is.  For me, I would rather see more coin blocks generated, but for fewer coins in each new coin block.  The question is in terms of how much "noise" this would create if there were new blocks generated every few seconds and how much network traffic would have to cope with this increased production of coin blocks.  In other words, if the difficulty were dropped to 10% of the current difficulty, but new blocks were only worth 5 BTC, it would still be roughly the same increase in new coins being generated but those coins would be distributed to more people.

The question is if this kind of change would adversely impact the network?

A side effect of having so many people on the network right now generating (and using) Bitcoins is that when you do "discover" a new coin block, the value of those BTC is higher.  This has been reflected in the various exchanges already.

BTW, I have yet to generate any bitcoins myself, and I've been using the software for close to a month.  Instead of worrying about how to "find" the bitcoins I'm trying to find ways to "earn" the coins instead.  Yes, I got a couple of ideas on that front too.
It would very negatively impact the network. The amount of bitcoins awarded is much more arbitrary than the amount of time to generate a block. As I understand it, Satoshi just picked what he thought was a good total amount of bitcoins and how long he wanted it to take to distribute them. But the ten minutes per block was to ensure a stable network as the network expands.

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bytemaster
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August 08, 2010, 01:12:05 AM
 #25

What is the algorithm for determining what hash values are tried?  I would hope there is some kind of random number generator in the mix so that different computers are not trying the "same hashes" all of the time.   What are the chances that someone gets stuck behind on the same random pseudo number sequence and thus could never generate a coin because someone else would always be ahead of them?


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tcatm
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August 08, 2010, 01:21:16 AM
 #26

The merkle tree (containing the transactions, including the 50BTC) is hashed and included in the block. The hash will change (newer timestamps, and other stuff) so even two threads on the same host starting the the same time will work on a completely different block. There a blocks without a solution so sometimes a new block with a different merkle tree hash is tried. The latter is more common now at current difficulty.
Insti
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August 08, 2010, 09:26:48 AM
 #27

What are the chances that someone gets stuck behind on the same random pseudo number sequence and thus could never generate a coin because someone else would always be ahead of them?

Amazingly small.

The merkle tree (containing the transactions, including the 50BTC) is hashed and included in the block. The hash will change (newer timestamps, and other stuff) so even two threads on the same host starting the the same time will work on a completely different block. There a blocks without a solution so sometimes a new block with a different merkle tree hash is tried. The latter is more common now at current difficulty.

There is also a 'nonce' - a number which is not important to the block, but acts as a "mixer"  which is incremented for each hash attempt.
So you're never trying to hash the same value twice.
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