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Showing 7 of 7 results by Point at Infinity
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Topic
Board Bitcoin Discussion
Re: The Well Deserved Fortune of Satoshi Nakamoto, Visionary and Genious
by
Point at Infinity
on 17/04/2013, 11:30:32 UTC
You stated that Satoshi spent none of his generated coins. So where did the coins come from that Satoshi apparently sent to Hal Finney?

From the coinbase of block 9
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Topic
Board Bitcoin Discussion
Re: Satoshi's Fortune lower bound is 100M USD
by
Point at Infinity
on 15/04/2013, 07:27:01 UTC
I would also not assume that the timestamps on the pre-public blocks are accurate— all we really know for sure was that there were at least two blocks created between 03/Jan/2009 and 11/Jan/2009. Rounding that down to 7 days suggests a lower bound hashrate of 14 KH/s.  Even if Satoshi had more computing power he might have simply been borrowing it for testing.

The debug.log posted by Hal on the sourceforge list on 10/Jan lists blocks up to 49. There's posts by two more people in January.
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Topic
Board Beginners & Help
Re: Questions!
by
Point at Infinity
on 15/04/2013, 06:37:19 UTC
Buying from a local seller should be the fastest way, but they will charge a higher rate than the exchanges, especially with the recent volatility.
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Topic
Board Beginners & Help
Re: Why is the block time 10 minutes?
by
Point at Infinity
on 14/04/2013, 18:47:05 UTC
So, as I said before, it's completely arbitrary?

Not completely. The time has to be long enough for every node to verify the block. 10 minutes was chosen by Satoshi as a compromise between network security and confirmation times. In hindsight a smaller value might have been better, but not much smaller. With older versions of Bitcoin it sometimes took over a minute before every node received the block, and there needs to be a wide margin for safety.
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Topic
Board Beginners & Help
Re: Mining fees
by
Point at Infinity
on 14/04/2013, 18:34:33 UTC
Fees serve two purposes, to pay miners for securing the transaction record and to prevent transaction flooding attacks.

If you send transactions that look like spam - frequent and small values - other nodes in the network refuse to relay them unless you include a fee, and the transaction won't even be seen by the miners.

There's a limited amount of space for transactions in each block, and miners prefer transactions that pay the most fees per kilobyte. Feeless transactions will still get mined, although it can take hours or even days if there are lots of higher-priority transactions waiting.

The wiki page https://en.bitcoin.it/wiki/Transaction_fees has the detailed rules for calculating fees
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Topic
Board Beginners & Help
Re: Recommended technical docs
by
Point at Infinity
on 14/04/2013, 17:22:18 UTC
Bitrick's series of articles https://bitcointalk.org/index.php?topic=41718.0 should be a good starting point. I don't think there's anything more comprehensive other than the source code itself.
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Topic
Board Beginners & Help
Re: Is a local PC wallet viable with the growing size of the blockchain?
by
Point at Infinity
on 14/04/2013, 13:12:26 UTC
The blockchain is currently about 6.5 GB (see the chart).

The bitcoin protocol doesn't require everyone to keep the full blockchain, however. It would be enough to keep an index of unspent transactions which is still less than 200 MB. Bitcoin version 0.8 only saves the block files to be able to seed new nodes joining the network.