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Aside from the ability to raise money via an ICO, why create a token?
Is there any reason that a company would create a token aside from a desire to sell it to raise funds during an ICO? Why not just accept established currencies/cryptocurrencies for their products/services instead?
I can't think of any other reasons to create a token. It seems to me like it would just create a worse experience for customers, due to the extra requirement of buying the token before buying the company's products/services. As a consumer, if I had to use a different currency/token at each store I went to that would get pretty annoying. Seems much easier to just use dollars everywhere. Or bitcoin everywhere.
I can't think of any other reasons to create a token. It seems to me like it would just create a worse experience for customers, due to the extra requirement of buying the token before buying the company's products/services. As a consumer, if I had to use a different currency/token at each store I went to that would get pretty annoying. Seems much easier to just use dollars everywhere. Or bitcoin everywhere.
Questions about tokens: Are unstable token prices a problem for companies? Etc.
Here are some statements that I think are true (are they all true?)
Q1 - Are all of those statements true? If no, which are false?
I also have a few other questions. Here they are:
Q2 - Token prices can fluctuate dramatically. Is that not a problem for the company that created the token, because it means the price to buy their product/service is also fluctuating dramatically? For example say that my company wants to charge $10 per month for a service we provide. But since we did an ICO, we're charging customers in tokens rather than in dollars. So rather than $10 per month, we're charging 1 token per month. If the today the tokens have a low value of $0.10, then my company isn't earning enough monthly revenue. If next month demand drives the token price up to $100 per token, then we're over-charging customrs and they won't want to pay for our product. It seems to me that no company could survive if they were unable to charge a stable price for their product/service.
Q3 - When customers pay for a product or service with tokens, does the company then have to re-sell those tokens back into the market so they can be used by other customers in the future? Because if they didn't, then eventually there would be no more tokens left in the marketplace so no one could
Q4 - Is there some kind of requirement in place for companies to only accept their own tokens as payment for their products/services, and not other tokens or other cryptocurrencies?
I think I'm clearly misunderstanding a few things about how tokens work. If anyone can help to clear up my misunderstandings I'd appreciate it!
- Each company that does an ICO creates a limited number of tokens.
- Those tokens can be used the pay for the products/services that the company sells or will sell.
- The tokens are the only thing that can be used to buy the company's products/services, because if they accepted other forms of payment then the value of their tokens would pretty much drop to zero (since there's nothing special about them anymore)
Q1 - Are all of those statements true? If no, which are false?
I also have a few other questions. Here they are:
Q2 - Token prices can fluctuate dramatically. Is that not a problem for the company that created the token, because it means the price to buy their product/service is also fluctuating dramatically? For example say that my company wants to charge $10 per month for a service we provide. But since we did an ICO, we're charging customers in tokens rather than in dollars. So rather than $10 per month, we're charging 1 token per month. If the today the tokens have a low value of $0.10, then my company isn't earning enough monthly revenue. If next month demand drives the token price up to $100 per token, then we're over-charging customrs and they won't want to pay for our product. It seems to me that no company could survive if they were unable to charge a stable price for their product/service.
Q3 - When customers pay for a product or service with tokens, does the company then have to re-sell those tokens back into the market so they can be used by other customers in the future? Because if they didn't, then eventually there would be no more tokens left in the marketplace so no one could
Q4 - Is there some kind of requirement in place for companies to only accept their own tokens as payment for their products/services, and not other tokens or other cryptocurrencies?
I think I'm clearly misunderstanding a few things about how tokens work. If anyone can help to clear up my misunderstandings I'd appreciate it!
Thanks! I let the wallet sync for a while and eventually my BTC showed up. Whew. At least I know they're not lost.
Haven't tried dumpprivkey yet. That and the rest of the steps you mentioned are technical enough that I'd probably screw them up somehow. For now, I'm happy to know that I still have my BTC.
Thanks again.
Haven't tried dumpprivkey yet. That and the rest of the steps you mentioned are technical enough that I'd probably screw them up somehow. For now, I'm happy to know that I still have my BTC.
Thanks again.
I'm trying to restore some BTC from an old hard drive.
I found the wallet.dat file on that hard drive, installed Bitcoin Core on my new computer, replaced wallet.dat on my new computer with the one from my old hard drive, and now this is what I see:
https://www.screencast.com/t/z2I0kGsvMv
So I can see my transactions in Bitcoin Core now, but I see a balance of 0 BTC.
Questions:
1 - Do I need to wait for the entire ~150 GB blockchain to load onto my computer before I'll see my actual balance?
2 - Is there any way that I can get my BTC balance into a different wallet without waiting for the entire blockchain to load in BTC Core? I really don't want to download 150 GB!
Thanks in advance.
I found the wallet.dat file on that hard drive, installed Bitcoin Core on my new computer, replaced wallet.dat on my new computer with the one from my old hard drive, and now this is what I see:
https://www.screencast.com/t/z2I0kGsvMv
So I can see my transactions in Bitcoin Core now, but I see a balance of 0 BTC.
Questions:
1 - Do I need to wait for the entire ~150 GB blockchain to load onto my computer before I'll see my actual balance?
2 - Is there any way that I can get my BTC balance into a different wallet without waiting for the entire blockchain to load in BTC Core? I really don't want to download 150 GB!
Thanks in advance.
Recovering BTC from wallet.dat file without waiting fr entire blockchain to load
I have a copy of the wallet.dat file from the bitcoin-qt client that I had installed on an old computer. I know that that file contains my bitcoins.
Today I installed the client on my new computer because I want to use my bitcoins, but at the rate the sync is happening I think it will take a week or more to complete.
Is there any faster way that I can pull my bitcoins out of the wallet.dat file and use them?
Today I installed the client on my new computer because I want to use my bitcoins, but at the rate the sync is happening I think it will take a week or more to complete.
Is there any faster way that I can pull my bitcoins out of the wallet.dat file and use them?
In August of 2012 I bought & spent a few BTC. The next month I forgot about my bitcoins when I reformatted my computer. Since then I've assumed that they were lost forever, but I was just looking through an old backup of my computer and found this (OS is Windows Vista) - http://screencast.com/t/q9TZxLfs9V7
Would my BTC be somewhere in those files? If yes, how would I go about "getting them out" so I can use them again?
Would my BTC be somewhere in those files? If yes, how would I go about "getting them out" so I can use them again?
Just adding another vote for: Yes, absolutely user-unfriendliness is limiting bitcoin. I'm worried that the developers don't actually acknowledge the usability problems, or that they think they're not serious.
Re: Will Pay 2 BTC/Hour For You To Help Me Understand Bitcoin [closed for now]
+1
We talked through a bunch of questions, our discussion went long and he insisted on covering the extra time. His questions made sense and he had a genuine interest in understanding.
Thanks!
-bgc
We talked through a bunch of questions, our discussion went long and he insisted on covering the extra time. His questions made sense and he had a genuine interest in understanding.
Thanks!
-bgc
Thanks VERY much for your help - got all my questions & misunderstandings cleared up - I don't think I could have asked for a better teacher!
Justin
Re: Will Pay 2 BTC/Hour For You To Help Me Understand Bitcoin
Alright, got a few offers to help now. Thanks very much to all who replied - I think I'm probably all set, but I may re-open this offer/request if things don't work out as planned...
Re: Will Pay 2 BTC/Hour For You To Help Me Understand Bitcoin
I know you said one-on-one.
But just check this: https://www.coindl.com/ and Download the bitcoin beginner guide, which is free.
But just check this: https://www.coindl.com/ and Download the bitcoin beginner guide, which is free.
Thanks for the link, but that pdf file didn't answer any of the questions I have.
Haven't got any offers to help yet - still waiting!
Re: Will Pay 2 BTC/Hour For You To Help Me Understand Bitcoin
It would be an even better deal if we got a few people together for an online class. Maybe we could offer this once a month for new peers?
I could definitely see that being helpful. Such a class might also help make it more clear what the major stumbling blocks are for new users of bitcoin, so that those blocks can hopefully be removed for future newcomers.
At this point though I'd like some one-on-one attention - more efficient for me personally. Haven't got any offers yet - still waiting!
Will Pay 2 BTC/Hour For You To Help Me Understand Bitcoin [CLOSED]
UPDATE: Got the help I needed - thanks very much to BoardGameCoin. So this offer/request is closed. Thanks!
It's taking me so long to get my head around how bitcoin works using online resources such as this forum, that I've decided I'm willing to pay money to someone who can help by answering questions live on Skype (voice talk; not chat) As I mentioned in the subject line, I'm willing to pay 2 BTC per hour for this help.
Some of the things I want to understand better are:
I hope we'll be able to cover everything in about an hour, but it may take more or less time. I antipcipate that this will be a question & answer session - me asking questions and you answering them.
I'm looking for someone who:
If you're willing to help with this, please send me a PM with your Skype ID. I'd like to do this asap... like right now if you're available.
Once I've got someone suitable who has agreed to do this I'll update the thread so you're not sending me PMs for no reason.
Thanks,
Justin
PS: I hope you all realize that the fact that I'm willing to pay for help understanding bitcoin is a sign it is VERY DIFFICULT for non-programmers to get their heads around bitcoin... I think this barrier to entry needs to be eliminated before bitcoin can really take off.
It's taking me so long to get my head around how bitcoin works using online resources such as this forum, that I've decided I'm willing to pay money to someone who can help by answering questions live on Skype (voice talk; not chat) As I mentioned in the subject line, I'm willing to pay 2 BTC per hour for this help.
Some of the things I want to understand better are:
- How mining works
- How open source works - specifically in relation to bitcoin
- Statistics that I see on BlockChain.info
I hope we'll be able to cover everything in about an hour, but it may take more or less time. I antipcipate that this will be a question & answer session - me asking questions and you answering them.
I'm looking for someone who:
- Is PERFECTLY fluent in English.
- Has a lot of posts and a good reputation on this forum
- Has a knack for explaining things in a way that makes it easy for non-programmers to understand
- Has a thorough understanding of how bitcoin works.
If you're willing to help with this, please send me a PM with your Skype ID. I'd like to do this asap... like right now if you're available.
Once I've got someone suitable who has agreed to do this I'll update the thread so you're not sending me PMs for no reason.
Thanks,
Justin
PS: I hope you all realize that the fact that I'm willing to pay for help understanding bitcoin is a sign it is VERY DIFFICULT for non-programmers to get their heads around bitcoin... I think this barrier to entry needs to be eliminated before bitcoin can really take off.
when Bitcoin hits ver1.0 I think it might be ready for non-programmers
in the mean time it is beta software and should be treated as such
oh and I'm not a programmer, the last bit of coding I did was on punchcards at highschool lol. but I have been involved in Bitcoin for around 18months now, a lot of stuff is easier now than it was
in the mean time it is beta software and should be treated as such
oh and I'm not a programmer, the last bit of coding I did was on punchcards at highschool lol. but I have been involved in Bitcoin for around 18months now, a lot of stuff is easier now than it was
Whew, I'm glad to hear the usability is improving!
You can see the transaction here:
http://blockchain.info/tx-index/15473291/c8bfd253ec0c028087f40bb8df61a1dd4167ed2acb0519e68e6d87bc17403573
1) You own the private key to bitcoin address 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo which had received 8.7642 BTC on 2012-08-09.
2) On 2012-08-12 you asked the client to send 0.0003 BTC with a 0.0005 BTC fee.
3) The client chose to use the coins from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo for the transaction (the current client doesn't allow you to easily choose which address to send the coins from).
4) The client created a transaction that sent all 8.7642 coins from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo (used 8.7642 from that address as the input for the transaction).
5) .0003 of that 8.7642 was payed to the destination address that you chose: 1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td. If this destination address is in your wallet, then the 0.0003 coins never left your wallet, they just moved from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo to 1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td.
6) 8.7634 BTC of the 8.7642 was payed to a new address that the client added to your wallet, 1KjbJv3gp1MS7mamPgC8KmPf57rGqiwyvi. This isn't an address that you created to give to others for them to send coins to you, so it doesn't show up in your "receive coins" tab. But it is an address hidden away in your wallet. In the future when you send coins, the client can choose to pull coins from this new address. Since this destination is in your wallet, the 8.7642 BTC also never left your wallet, they just moved from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo to 1KjbJv3gp1MS7mamPgC8KmPf57rGqiwyvi.
7) Any remaining coins from the input are kept by the miner that created the block with this transaction in it. In this case 8.7642 - (8.7634 + 0.0003) = 0.0005. Therefore the miner gets to keep 0.0005 BTC from this transaction. In this case that would be the person who owns the address 1Baf75Ferj6A7AoN565gCQj9kGWbDMHfN9, as can be seen here: http://blockchain.info/block-index/260167 These are the coins that actually left your wallet and show up in the "transactions" tab in the client.
http://blockchain.info/tx-index/15473291/c8bfd253ec0c028087f40bb8df61a1dd4167ed2acb0519e68e6d87bc17403573
1) You own the private key to bitcoin address 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo which had received 8.7642 BTC on 2012-08-09.
2) On 2012-08-12 you asked the client to send 0.0003 BTC with a 0.0005 BTC fee.
3) The client chose to use the coins from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo for the transaction (the current client doesn't allow you to easily choose which address to send the coins from).
4) The client created a transaction that sent all 8.7642 coins from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo (used 8.7642 from that address as the input for the transaction).
5) .0003 of that 8.7642 was payed to the destination address that you chose: 1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td. If this destination address is in your wallet, then the 0.0003 coins never left your wallet, they just moved from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo to 1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td.
6) 8.7634 BTC of the 8.7642 was payed to a new address that the client added to your wallet, 1KjbJv3gp1MS7mamPgC8KmPf57rGqiwyvi. This isn't an address that you created to give to others for them to send coins to you, so it doesn't show up in your "receive coins" tab. But it is an address hidden away in your wallet. In the future when you send coins, the client can choose to pull coins from this new address. Since this destination is in your wallet, the 8.7642 BTC also never left your wallet, they just moved from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo to 1KjbJv3gp1MS7mamPgC8KmPf57rGqiwyvi.
7) Any remaining coins from the input are kept by the miner that created the block with this transaction in it. In this case 8.7642 - (8.7634 + 0.0003) = 0.0005. Therefore the miner gets to keep 0.0005 BTC from this transaction. In this case that would be the person who owns the address 1Baf75Ferj6A7AoN565gCQj9kGWbDMHfN9, as can be seen here: http://blockchain.info/block-index/260167 These are the coins that actually left your wallet and show up in the "transactions" tab in the client.
Thanks for the detailed explanation. I wish I could see the current balance in my wallet for every address (including "hidden" addresses). I think that would have cleared up a lot of the confusion for me earlier on.
Re: Why did this one transaction get 48 confirmations so far?
There is no max # of confirmations.
When a tx is included in a block that is 1 confirmation. When another block is added to the blockchain it is 2 confirmations. Another block = 3 confirmations.
100 blocks later = 100 confirmations.
210,000 blocks later = 210,000 confirmations.
The number of confirmations simply indicates how "deep" the tx is inside the blockchain and thus how difficult it would be to reverse.
Just because 6 is considered "very hard to reverse" doesn't mean confirmations stop at 6. As long as new blocks are added the blockchain the number of confirmations will increase.
I am not sure what you are asking?
When a tx is included in a block that is 1 confirmation. When another block is added to the blockchain it is 2 confirmations. Another block = 3 confirmations.
100 blocks later = 100 confirmations.
210,000 blocks later = 210,000 confirmations.
The number of confirmations simply indicates how "deep" the tx is inside the blockchain and thus how difficult it would be to reverse.
Just because 6 is considered "very hard to reverse" doesn't mean confirmations stop at 6. As long as new blocks are added the blockchain the number of confirmations will increase.
I am not sure what you are asking?
I understand completely. Thanks again for your help. I thought, when I saw 48 confirmations, that for some reason 6 confirmations was not good enough for that particular transaction for some reason, so more were required more to REALLY confirm it. I understand now. Thanks.
Why did this one transaction get 48 confirmations so far?
Please check out this page: http://blockchain.info/address/1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td
This screenshot shows you what my questions below are referring to --> http://screencast.com/t/N4pdoAmJdv7v
Why does that button appear that says "48 Confirmations"?
Why were there 48 confirmations (I thought only 6 were necessary)?
Why does nothing happen when I click that button?
Thanks...
This screenshot shows you what my questions below are referring to --> http://screencast.com/t/N4pdoAmJdv7v
Why does that button appear that says "48 Confirmations"?
Why were there 48 confirmations (I thought only 6 were necessary)?
Why does nothing happen when I click that button?
Thanks...
The .0003 never really left your wallet.
Are you sure? If it never left my wallet, how did the transaction end up in the blockchain?It may have gotten shifted around to other addresses in your wallet internally but all the coins are still there.
Is there any way that I can see which addresses in my wallet the 0.0003 got shifted to and from?As for the size limit, it was really that your transaction was too small that probably triggered your client to request a transaction fee. The other reason would be the actual physical size in KB or a transaction being large, but your transaction shouldn't have been large in that way because it wasn't very complex.
Thanks for speculating on why I may have had to pay a fee. I hope the creators of the wallet realize that their error message is not helpful, and that they fix it... actually, I'm going to email them about it right now. The disregard in the bitcoin community for the usability needs of non-programmers is what I fear may be bitcoin's downfall
Question #2: No, you cannot specify which addresses to transfer out of. I'm not even sure there are any clients that allow you to do this, but certainly not in the default client.
Question #3: I believe this was already answered, but I would add that 10 minutes is the goal the system tries to do. The Difficulty is adjusted upwards or downwards every so often to try to make it take 10 minutes. This is to keep the creation of new BTC on pace as designed.
Question #3: I believe this was already answered, but I would add that 10 minutes is the goal the system tries to do. The Difficulty is adjusted upwards or downwards every so often to try to make it take 10 minutes. This is to keep the creation of new BTC on pace as designed.
Thanks for those answers.
To try to understand how transactions work, I tried sending some bitcoins to myself.
I created this address for receiving the money I was going to send to myself: 1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td
Then I sent 0.0003 BTC to that address. In doing so, a message popped up saying I'd be charged a fee of 0.0005 BTC because "this transaction is over the size limit" (usability problem BTW - that is NOT a meaningful or helpful message!!)
I approved the fee and the transaction occurred (I got all 6 confirmations - for the fee at least). Now the transactions in my wallet look like this: http://screencast.com/t/8zoAY7XM
You can see that I got charged the fee of 0.0005... but where's the 0.0003 leaving my wallet and coming back in?
If I check on BlockChain.info it does look like the 0.0003 transaction occurred as you can see here: http://blockchain.info/address/1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td
QUESTION #1: So why does it not appear in my wallet? (my wallet says it's up to date)
Also, that BlockChain.info page shows that funds for the transaction came from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo - which is the address to which I received the 8.7642 BTC you can see coming into my wallet in the screenshot I linked to above. I didn't want the funds to come from that address. I wanted them to come from one of my other addresses that a much smaller balance - because I wanted to see how it would look on blockchain.info if when multiple addresses were used to compile the total input amount. QUESTION #2: Is there no way that I can specify which addresses I want to use for the input to a transaction?
And another random question - QUESTION #3: I've read in a few places that a new block is added to the blockchain every 10 minutes. If that's true, then why are the "recent blocks" listed on the home page of BlockChain.info not exactly 10 minutes apart? They actually almost never exactly 10 minutes apart.
Thanks.
I created this address for receiving the money I was going to send to myself: 1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td
Then I sent 0.0003 BTC to that address. In doing so, a message popped up saying I'd be charged a fee of 0.0005 BTC because "this transaction is over the size limit" (usability problem BTW - that is NOT a meaningful or helpful message!!)
I approved the fee and the transaction occurred (I got all 6 confirmations - for the fee at least). Now the transactions in my wallet look like this: http://screencast.com/t/8zoAY7XM
You can see that I got charged the fee of 0.0005... but where's the 0.0003 leaving my wallet and coming back in?
If I check on BlockChain.info it does look like the 0.0003 transaction occurred as you can see here: http://blockchain.info/address/1K563Jeki3qtJrfv8BR6LLeG1ioK13K3td
QUESTION #1: So why does it not appear in my wallet? (my wallet says it's up to date)
Also, that BlockChain.info page shows that funds for the transaction came from 17dhPor26EjpkcRuEWgzBJPzXuTP9UT1jo - which is the address to which I received the 8.7642 BTC you can see coming into my wallet in the screenshot I linked to above. I didn't want the funds to come from that address. I wanted them to come from one of my other addresses that a much smaller balance - because I wanted to see how it would look on blockchain.info if when multiple addresses were used to compile the total input amount. QUESTION #2: Is there no way that I can specify which addresses I want to use for the input to a transaction?
And another random question - QUESTION #3: I've read in a few places that a new block is added to the blockchain every 10 minutes. If that's true, then why are the "recent blocks" listed on the home page of BlockChain.info not exactly 10 minutes apart? They actually almost never exactly 10 minutes apart.
Thanks.