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Re: Defensive Nuclear Weapon - Armageddon Avoidance - Proof-of-SegWit - poison pill
If BU has, say, 80%, then here's what they can do to defeat this:
1. Keep 59% on the BU chain.
2. Use 21% to mine on the segwit chain, ensuring a majority on both chains.
3. Kill the segwit chain with fire.
1. Keep 59% on the BU chain.
2. Use 21% to mine on the segwit chain, ensuring a majority on both chains.
3. Kill the segwit chain with fire.
Are their fake bitcoins
Yes. They are called bitcoin XT.
Please do not mention Bitcoin XT on bitcointalk.org. Promoting Bitcoin XT is considered (by the owner of bitcointalk.org) to be an endorsement of an altcoin, because XT implements large block size against the wishes of core devs, only considering the vote of 75% of miners, wallets, exchanges etc.
Edit: 'crazy' was written as 'craxy'. (Typo - Fixed!)
I actually prefer to have the "ax" in craxy.
Re: Roger Ver interview with a prediction: Up to 250K/BTC.
At US $250K in today's dollars, say 5 years from now, the block reward will be BTC 6.25, i.e. over $1.5 million, every 10 minutes.
Assuming all miners together are willing to tolerate electricity costs of 50% of rewards, we will have:
Amount of reward = $1500k * 6 / hour = $9M/hour.
Electricity used = $4.5M/hour.
At a cost of $0.10/KWh, this translates to power draw of 45 MW. Neat!
$9M/hour, or $216M/day, or $79B/year is also the amount of net new demand (including miner retention willingness) required for price stability. Those are not bad numbers; the $79B/year maps to each human on the planet buying 10$ worth of extra bitcoin each year.
Assuming all miners together are willing to tolerate electricity costs of 50% of rewards, we will have:
Amount of reward = $1500k * 6 / hour = $9M/hour.
Electricity used = $4.5M/hour.
At a cost of $0.10/KWh, this translates to power draw of 45 MW. Neat!
$9M/hour, or $216M/day, or $79B/year is also the amount of net new demand (including miner retention willingness) required for price stability. Those are not bad numbers; the $79B/year maps to each human on the planet buying 10$ worth of extra bitcoin each year.
If you are worried about the brute-forcing of sha256 brain wallets, you might want to consider warp wallet (https://keybase.io/warp). It uses a large number of rounds of scrypt, which makes even a simple 8-char alphanumeric password reasonably strong. For more security, it lets you add a memorable hash (eg your email address).
A simpler wallet backup scheme has a better chance of being actually reliable than a more convoluted one. Whatever you do, make sure you somehow document it in case you forget what you did. Also, leave behind enough information for your heirs so that they can recover your coins in case you become incapacitated.
-- FK
A simpler wallet backup scheme has a better chance of being actually reliable than a more convoluted one. Whatever you do, make sure you somehow document it in case you forget what you did. Also, leave behind enough information for your heirs so that they can recover your coins in case you become incapacitated.
-- FK
Hi guys,
Im a fan of storing bitcoin in a brain wallet, despite having learned my lesson rather brutally to make a ridiculously strong pass phrase. You can sleep at night knowing that weather your house gets flooded or burns down, or your computer gets hacked or stolen that your bitcoins will be safe. I like to make all my wallets brain wallets and import them into my MultiBit client.
So to make an extra secure passphrase I had an idea....
Take a reasonably good phrase, add some character, but it can be memorable. Generate your private key from that phrase. now take your public key and pass it through the SHA algorithm again. You can do this as many times as you like within reason, as you know you will inevitably find your address with this method if you try one at a time.
Im not sure how much security this method would add (apart from the number of times you rehash you public key) but my thinking is that for a computer to have to process the SHA algorithm for every brain wallet combination out there just a few times will drain plenty enough processing power to be impractical. I like this method because its so simple and easy to remember and you may use a memorable pass phrase within reason.
how much work would this add to the process of testing random brain wallets?
Thanks!
Im a fan of storing bitcoin in a brain wallet, despite having learned my lesson rather brutally to make a ridiculously strong pass phrase. You can sleep at night knowing that weather your house gets flooded or burns down, or your computer gets hacked or stolen that your bitcoins will be safe. I like to make all my wallets brain wallets and import them into my MultiBit client.
So to make an extra secure passphrase I had an idea....
Take a reasonably good phrase, add some character, but it can be memorable. Generate your private key from that phrase. now take your public key and pass it through the SHA algorithm again. You can do this as many times as you like within reason, as you know you will inevitably find your address with this method if you try one at a time.
Im not sure how much security this method would add (apart from the number of times you rehash you public key) but my thinking is that for a computer to have to process the SHA algorithm for every brain wallet combination out there just a few times will drain plenty enough processing power to be impractical. I like this method because its so simple and easy to remember and you may use a memorable pass phrase within reason.
how much work would this add to the process of testing random brain wallets?
Thanks!
Is it just me, or did this "Fair Price" calculation use the Labor theory of value? That's the discredited Marxist notion that the value of an item is based on the amount of work to produce it. For example, if we could somehow assign my labor a value of $10/hour, and I spent 100 hours hacking at a hunk of rock with a chisel, the resulting sculpture would be supposedly valued at $1000 - even if it was an unrecognizable mess (which is what I would expect).
Assigning value to bitcoin based on the costs involving in mining it is going at it backwards, IMHO.
Assigning value to bitcoin based on the costs involving in mining it is going at it backwards, IMHO.
Might be backwards to you, but the cost of mining is what at the moment determines the value of bitcoins. The miners spend X amount on the mining rigs and expect X+profit for the coins they mine.
Love your take on the Labor theory
It is backwards to think that miner's costs determine the value of bitcoin. Miners can only move the price by selling (or choosing not to sell) the coins they mine. If miners were to completely stop selling, there are enough coins being traded that it wouldn't affect the price that much, at least in the short term.
The cause-effect relationship is indeed the other way around: the difficulty follows the market price. If the price drops too much, it is no longer economical for some miners to continue operating, and the hash rate drops.
If we take miners out of the equation, the "fair" dollar price should be determined by the amount of trade that uses bitcoins, the money velocity of bitcoins, and the number of bitcoins in existence. So if there are 15M BTC out there, and the transactions performed using BTC add up to $15B/year and each bitcoin changes hands 10 times a year, then the fair price is 15B/15M/10 = $100.
Note that both the trade volume and money velocity are just random guesses here.
My losses are minimal to what others must have suffered. What frustrates me is the commenly shared inability to think around here!
The utter stupidness and arrogance everywhere, that's what pisses me off.
It's one thing to be stupid and another to be arrogant - but being both and in that density like it is around here is astounding.
Also how far removed from reality everyone is ... the false hype (lies) ...
If you're on the internet and you get frustrated by stupidity and arrogance, you're going to have a bad time :-)
Given the very shallow depth of the market, a prospective bidder who intends to create the illusion of a low market price can easily depress it by selling just a few hundred coins at strategic moments. From a Game Theoretic point of view, it makes sense for all prospective bidders to act independently to artificially keep the price low so that all the other prospective bidders wouldn't bid the price up too high for the big 50K coin prize.
On the other hand, they don't want to push the market down too low because then some other prospective bidder will just buy them out at the lower price.
On the other hand, they don't want to push the market down too low because then some other prospective bidder will just buy them out at the lower price.
20 millies
- Options ordered alphabetically.
- Poll closes in 2 weeks time.
- Votes can be changed.
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
He seems to have run out for now.
Next, it's lunch-time on the east coast. Time for wall street types to step away from the fiat world and have some fun with bitcoin for an hour...
Next, it's lunch-time on the east coast. Time for wall street types to step away from the fiat world and have some fun with bitcoin for an hour...
its going to 580-600 now for sure.
nothing can stop that one dumper on stamp.
nothing can stop that one dumper on stamp.
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
If one bitcoin could buy all the wealth in the world, it would make the other 20999999 worthless. It's not logically possible.
Technically it is possible. If the remaining coins are lost (eg sent to 1BitcoinEaterAddressDontSendf59kuE by mistake), and all other world currencies become obsolete, then that last remaining bitcoin would represent all the wealth in the world.
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
This is not a common market, this is bitcoin
This is old hat for those who've been around for years.
For those who've never seen double digits, let alone pennies, enjoy the show.
***pours a glass of shiraz, rolls a fatty, and wishes he had more popcorn***
I don't get all the excitement about such a small price rise. This valuation is still only 1% of what it needs to be...
Who owns these addresses ?
Who owns any number? For example, who owns the number 983456928496583673940384?
That's what private keys are - just very long numbers.
Ownership of a bitcoin address is the result of the fact that out of a very, very, very large set of possible private keys, you have picked one in particular.
The public key (and hence the bitcoin address) is very easy to calculate from the private key, but the reverse is not true. Indeed, the only known way to get the private key of a given bitcoin address is to try *all* private keys until you find one that matches this particular bitcoin address. This requires enough computing power to boil the Sun as the now famous graphic illustrates.
Because only you know what that private key is, no one else can generate a valid transaction with the coins sent to that public address.
Put another way, what you actually "own" is the knowledge of the particular private key can be used to sign transactions for your bitcoin address. It's like knowing the location of a treasure buried underground on an unimaginably vast plains. Everyone has "access" to the entire prairie, but without knowing the exact spot, no one can access your treasure, because it would take many millions of years of exhaustive digging.
Will BTC stay above 500 for now? Your thoughts please
That depends on how long a piece of string is.
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Is there any TA to back up your statement?
To paraphrase Lois Lane, TA is backing up your statement, who's backup up TA?
Re: Dorian Nakamoto does NOT speak English well and he ain't Satoshi, see article:
http://www.businessinsider.com/dorian-satoshi-letter-and-train-2014-3
Read that, WTF?? Have any of you read Satoshi's posts? The is NOT THE SAME PERSON.
This could also explain the quote in the article. He probably didn't even understand what they were asking him, screaming at his door while the police were dragging them away. Then the editors "cleaned up" the English in the quote from Dorian.
Newsweek cover "scoop"=tabloid journalism hoax to try to bring their flailing "online only" rag back into print with a bang.
Read that, WTF?? Have any of you read Satoshi's posts? The is NOT THE SAME PERSON.
This could also explain the quote in the article. He probably didn't even understand what they were asking him, screaming at his door while the police were dragging them away. Then the editors "cleaned up" the English in the quote from Dorian.
Newsweek cover "scoop"=tabloid journalism hoax to try to bring their flailing "online only" rag back into print with a bang.
In early/mid 2009 Dorian Nakamoto was quite involved in his model train hobby. See http://www.oscalemag.com/docs/ost_45.pdf
I don't think that's a guy running a 60-node cpu mining cluster.
Re: **Breaking news** Satoshi Nakamotos identity revealed
After looking at the rest of this women's "articles" it's pretty clear shes just a hack who needed any story to save a career that was anything from noteworthy.Her previous stories are just human interest pieces dressed up as real news.
Looks like in early/mid 2009 Dorian Nakamoto was quite involved in his model train hobby. See http://www.oscalemag.com/docs/ost_45.pdf
I don't think that's a guy running a 60-node cpu mining cluster.
Re: Going to Decrypt my Wife's Private Keys multiple times to Generate a New Address
Going to Decrypt my Wife's Private Keys multiple times to Generate a New Address
Hopefully BTC reaches 5k this year so that when the new addresses are generated they will already have a decent amount deposited into them.
Hopefully BTC reaches 5k this year so that when the new addresses are generated they will already have a decent amount deposited into them.
Is this some sort of euphimism? Are you trying to make babies?