Newbie All-Day - Ask All Your Bitcoin Questions Here!

[marcotheminer]

Not going to quote your answer cause on mobile but simply put the value of 1 bitcoin will grow as there are fewer units of the currency that can be allocated to each person on the planet.

[BitCoinDream]

-snip-

What happens if world population keeps growing and growing after 2140 tho?

Let us assume, that there are only 10 people on earth and there is only 1 Bitcoin.

If it is equally distributed, then everyone will get (1/10)BTC or 0.1BTC

If the population is 10^2 or 100 people, then everyone will get (1/10^2)BTC or 0.01BTC

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If the population is 10^8 people, then everyone will get (1/10^8)BTC.

As Bitcoin does not have any physical representation, it can be divided up to any extent. At this moment, the protocol supports division up to (1/10^8)BTC, but, if required, it may be divided more.

So, wherever the population goes after 2140, it wont be a problem to use Bitcoin. Just units for daily usage will change from BTC(10^0) to mBTC(10^-3) to uBTC(10^-6)...

[btchris]

What happens if world population keeps growing and growing after 2140 tho?

Starting sometime around the late 1970s, the Mexican Peso started experiencing extreme inflation. By the late '80s, the price of a loaf of bread was thousands of pesos. The Mexican government introduced the "new peso" whose value was equal to exactly 1000 "old" pesos. In other words, they simply created a 1000-peso coin, but they called it a "new peso" instead of a "1000-peso" coin.

Bitcoin might one day have the same problem, except in reverse (because Bitcoin is deflationary), but the solution is similar. Introduce a unit that's smaller than a single satoshi (maybe you could call it a dannyhamilton?). It would require a bunch of software changes, but it's entire feasible, and it's entirely fair.

[minerpumpkin]

What happens if world population keeps growing and growing after 2140 tho?

Starting sometime around the late 1970s, the Mexican Peso started experiencing extreme inflation. By the late '80s, the price of a loaf of bread was thousands of pesos. The Mexican government introduced the "new peso" whose value was equal to exactly 1000 "old" pesos. In other words, they simply created a 1000-peso "bill", but they called it a "new peso" instead of a "1000-peso" bill.

Bitcoin might one day have the same problem, except in reverse (because Bitcoin is deflationary), but the solution is similar. Introduce a unit that's smaller than a single satoshi (maybe you could call it a dannyhamilton?). It would require a bunch of software changes, but it's entire feasible, and it's entirely fair.

Yeah, we could to a stock-split, where 1 Bitcoin will receive even more decimal places. That way no one looses any money and we could just go and conitnue with a finer granularity. Imagine the times: Micro-satoshi Nowaday faucets would give you a house for solving a captcha

[Kakmakr]

So in theory, if satoshi's are lost daily around the world, we could have a scenario where, we would all be sharing, say 100 Bitcoins.

And if a collection of big corporation wants to, they can buy say 10 000 000 bitcoins, wait until the price skyrockets, due to the increased demand, for the coins and then make gazillions, by releasing them, back into the market.

Wow, it's crazy to think, what rich companies can do, with the money they have now. 

[shorena]

So in theory, if satoshi's are lost daily around the world, we could have a scenario where, we would all be sharing, say 100 Bitcoins.

And if a collection of big corporation wants to, they can buy say 10 000 000 bitcoins, wait until the price skyrockets, due to the increased demand, for the coins and then make gazillions, by releasing them, back into the market.

Wow, it's crazy to think, what rich companies can do, with the money they have now. 

Its not like you can just buy 10 mil BTC without changing the price.

[EternalWingsofGod]

Going to throw another one in here

Lets say someone wants to start a company in Bitcoin that purchases products from Amazon or something like that using Gift Cards (Basically any service that does not accept Bitcoin yet)
That way the user can use Bitcoin to purchase said product, they enter their delivery address and send the Bitcoins to the service and the service provider fulfills their order for them.

Based on the current regulatory frameworks around Bitcoin would that consist a form of money laundering and how would someone be able to prove that they are not taking (in the sense of the term) Illegal Bitcoins from someone and then shipping the product.
Basically how would you make it complaint without going through an AML/KYC process similar to that of a normal bitcoin/fiat exchange, and needed to register for an expensive Money Service Business License.

Or would you be in a legal grey area
(I like throwing in hard ones ^^)

And not taking it as legal advice I wanted to hear an opinion as an example of a utility case.

[jennifer21]

What are you the possibilities that someone could hack your wallet using only your address?

[DannyHamilton]

What are you the possibilities that someone could hack your wallet using only your address?

Using only your address?

That depends on where you got the address from.  As long as it was generated with a wallet that generates the private key randomly with at least 256 bits of entropy, then the chances are 0%

Now if you have mal-ware installed on your computer, or you have insufficient access restrictions on your computer, or you reveal your private key in some other way, then the chances of your wallet being hacked increase significantly.

[Kakmakr]

What was the last post, Satoshi made on this forum?

Did, he say, why he quit?

Or did he just dissipate?

[DannyHamilton]

What was the last post, Satoshi made on this forum?

https://bitcointalk.org/index.php?topic=2228.msg29479#msg29479

Did, he say, why he quit?

Or did he just dissipate?

I think he sent a message directly to Gavin (perhaps to a few others as well).

[Hellcat]

Does the stratum proxy work ok on a 3g connection? I need to move my equipment and the new place doesn't have any wired internet.

[marcotheminer]

Does the stratum proxy work ok on a 3g connection? I need to move my equipment and the new place doesn't have any wired internet.

Im not sure. Can anyone help out?

[BigBenny]

How much bitcoin do you think i need to start mining?

[shorena]

How much bitcoin do you think i need to start mining?

I made a calculation earlier about how profitable cloudmining is. The same can be said for buying hardware with the additional problem that the hardware has to be shipped, set up and might be faulty (from time to time). If you just want to mine as a hobby and not to earn money you could buy some cheap 1st or 2nd gen ASICs or mine alts with your GPU/CPU.

[shorena]

Does the stratum proxy work ok on a 3g connection? I need to move my equipment and the new place doesn't have any wired internet.

Im not sure. Can anyone help out?

Nope sorry. It probably dependa on the hashingpower behind the proxy anyway. This might be interesting though.

 https://github.com/pooler/rollproxy

A proxy to reduce getwork requests and thus bandwidth usage.

[eenaccountant]

What's the best thing to start as a beginner? I was planning to buy 0.1/2/3 BTC. I'm not mining by the way.

[Bernard Lerring]

Is a Dymo LetraTag a good idea for printing out private cold storage keys and then sticking them into an envelope? Once the batteries are removed the printer memory is wiped, right?

I've asked this question before but no-one answered.

Do you think the thermal print will fade within, say 10 years, if enclosed in an envelope and away from heat/light?

[shorena]

What's the best thing to start as a beginner? I was planning to buy 0.1/2/3 BTC. I'm not mining by the way.

Reading the whitepaper [1] was the best I did in the beginning. Also reading it after 3 and 6 months did help to understand bitcoin better. Don expect to understand it fully while reading first just take in as much as you can.

I don't understand what is bitcoin, how can i invest?where can i get bitcoin?I want to understand hope you can help me.

Bitcoin is a forum of currency, but no bank or state is behind it. Investing in bitcoin is as simple as buying bitcoin when the price is low. E.g. today Well yesterday was better, but that easy to say in hindsight. How to buy. Well you could register with one of the exchanges like kraken or bitstamp, transfer money to their bank account and buy bitcoin. Or you could meet with someone in person using local bitcoins. You could also try the currency exchange section here. If you just want to learn how to use it, just buy a little to play around with. Idk like a pizza worth

Is a Dymo LetraTag a good idea for printing out private cold storage keys and then sticking them into an envelope? Once the batteries are removed the printer memory is wiped, right?

I've asked this question before but no-one answered.

Do you think the thermal print will fade within, say 10 years, if enclosed in an envelope and away from heat/light?

Dont use thermal print for something that has to last long. I have old (3 years old) receipts that I can no longer read. I kept them in a Leitz folder in saran wrap (*) and they are usualy in the dark. If you worry about the printers cache, AFAIK this is usually only a problem with the big office machines that have actual harddrives in them. Most home use printers have no long term storrage.


[1] https://bitcoin.org/bitcoin.pdf
(*) not sure if thats the correct translation, these:

[Bernard Lerring]

I bought a LetraTag yesterday for this very purpose. I guess I'll check on the print every year to see if it's starting to fade and reprint if it is.

Better than my handwriting, anyway.