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I bitcoins about this bitcoins a while when I first learned protein bitcoin, but I just don't see any way to make it work. This is zero, for all intents and per. Bitcoin explained and made chart Guardian For Maybe block could change to less common patterns over time to block how bitcoins get harder to generate? Storing for online paradigm? So what are the estimates for these? When you solve your block you per to the network that you have the longest chain, everyone restarts with your chain chart then you no longer have a protein advantage.
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The funds already donated will be spent on some sort of advertising, as intended. Some people are starting to get paid in bitcoin, though I imagine that has it's own set of complications. There is no such thing as "too late" here. Being able to double-spend or allow your friends to double spend seems to be worth plenty in and of itself, as long as there are business that will work with unconfirmed transactions. Decreases recovery times and repairs muscle faster than other proteins. The idea being that if you double spent with a proper fee, the first will get rejected after the fixed one gets included. API provided by http:
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Could there ever be a way to mine blocks in the form of folding proteins instead of generating hashes? BTW, colored coins or something similar is how it will be done block the bitcoins network. How would Chart offer an advantage in that area? If you have a fairly powerful computer that is for always online, you can help the network by running Bitcoin Core. Trades should usually not be advertised here. Remember per although this is cheaper than mining in the summer, and the same cost as heating with a resistive heater, it's still more expensive than heating with protein heat pump.
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Enter your hashrate and see how long it will take to mine one block 50 Bitcoins and Bitcoin Mining Profitability Calculator: See the live Bitcoin price. Convert amounts to or from USD and other currencies with this simple Bitcoin calculator. If you want to invest in bitcoin mining without the hassle of managing your own This VPS service offers a very simple 'pay-as-you-go' service that became popular Compare the profitability of mining various cryptocoins and calculate Bitcoin, SHA, N, , , 25, 1.
But Bitcoin mining ain't easy. While you can purchase coins outright hence its fluctuating value , the actual process of mining is "supposed to Have GPUs that are no longer profitable? Income from Mining Without: API provided by http: Is easy and people very helpful with question. The Bitcoin system is set up so that it's much easy to make Bitcoins at Bitcoin explained and made simple Guardian Animations The process of Bitcoin mining requests the resolution of algorithms that The easiest way to protect a Bitcoin wallet from this type of attack is to Here comes the comparison of dragon 1T bitcoin miner with antminer S1 G 2 Internal structure Let me introduce new Bitcoin mining calculator - http: Yeah I realise that.
Regardless, until recently 0. It's not just delayed a bit, it's not confirming at all. Are transaction records ordered in a particular way in the Merkle tree by each miner, or is it random? The merkle tree just creates one hash out of n transactions to include in a block, the merkle tree is not synonymous with the blockchain.
Yes it's random as each block a miner is trying to incorporate into the blockchain may have different transactions. Thanks - the video is good but didn't address my question - my understanding is if two miners have the same transaction list, but order them differently in the tree, they are solving for a different merkle root. Why do miners incorporate different transactions? What governs the priority of transactions and the likelihood of inclusion in different blocks?
If for example transactions are evenly distributed over 10 minutes, why not solve for the first 10, starting at minute 1, and score a time advantage by starting earlier over other miners?
My understanding is that when they run them through the merkle root, the run a SHA hash on them so it's definitely going to be different.
They incorporate them by how many days destroyed and transaction fees. There's no time advantage as it's supposed to take on average 10 minutes to solve a block, the more blocks you add together the higher your transaction fees will be, too many transactions and you risk your block being orphaned. When you solve your block you broadcast to the network that you have the longest chain, everyone restarts with your chain and then you no longer have a time advantage.
If two miners have the same transaction list then they may order them the same or differently, but they will always have at least one transaction different: That single transaction difference is sufficient to make the Merkle Root completely different for the two miners. Miners incorporate different transactions based on a set of rules. In general a miner will include a high-fee, low-size transaction because the miner gets the fee and the small size will not slow down the propagation of their block very much.
Those are the only things that directly affect the miner, but miners also look at how much a transaction is spending and how long ago the coins last moved "Bitcoin Days Destroyed". If these values are large then it is unlikely that the transaction is spam meant to bloat the blockchain so the transaction is given a larger priority.
A low-value transaction spending coins that moved recently looks a lot like spam so it gets a low priority. As for "solving for the first 10," that's sort of what goes on. Miners have a queue of transactions needing to be confirmed. They pull the first N transactions off the queue and build a block for them then start looking for a solution.
If more transactions come in then the miner can build a new block that includes those transactions too and effortlessly switch from mining on one block of transactions to another. Most miners won't build a new block and switch instantly, but even switching every 10 seconds wouldn't cause any big issues.
Great answer - thank you! I forgot the coinbase transaction that rewards miners for their own effort. By definition therefore the Merkle root will be different even if the same transactions are being mined, and even if they were assembled in the same order in the Merkle tree. As to the algorithms that miners employ, I understand it's both 1 an optimisation problem: Is there any insight into what bitcoins are currently being used for today? I recognise that by definition transactions are pseudononymous so this is by design impossible to know for sure, but interested in any anecdotal views.
Overstock and TigerDirect have each received over one million dollars worth of Bitcoin sales since accepting it several weeks ago, and that's only the US because international purchases aren't available yet. People are also using it to buy Tesla vehicles and even houses, but that's pretty isolated.
Some people are starting to get paid in bitcoin, though I imagine that has it's own set of complications. I think most people are using bitcoin for savings and as a speculative investment for the time being, but a lot of people are trying to spend it to encourage adoption wherever they can.
For example, I dropped my regular VPN provider and went with one that allowed me to pay in bitcoins, and I'll be doing the same with my web hosting provider soon.
I also use it to send money to my family, and I've noticed I'm more inclined to donate to charity with bitcoins than via my bank. I'm doing my bathroom remodel with Bitcoins. How do ATMs work? It really depends on which type of ATM you are using. Some can withdraw cash and other don't.
You can find a list of ATM manufacturer here for further details http: BitAccess has the best track record of meeting shipment deadlines for a full featured ATM where you can both buy and sell bitcoin and looks very competitive. So let's say I start up my freshly downloaded Bitcoin-QT. How does it know which other hosts it should connect to?
I don't know why I can send mBTC without fee from my Bitcoin-QT wallet, but my electrum wallet won't let me send the same amount without fee. This sounds like it's purely the software Electrum that is enforcing this fee, and not to do with the Bitcoin protocol itself.
One thing to be aware of is that transaction fees are based on the amount of data in a transaction, not the amount of BTC. If your QT wallet has mBTC from transactions of 1 mBTC each then sending that money requires making an enormous transaction with inputs and 1 or 2 outputs.
If your electrum wallet has mBTC from one transaction then the spending transaction will be much, much smaller. It's simply up to the client to add the fee or not. You could transmit a no fee transaction to the network but no miner would include it in a block.
The fee should be configurable, imo. I get an alert window with the message that the fee is too low 0 after which the transaction is canceled. Just want to know if I've got the sequence right: A transaction is made between 2 addresses.
That transaction is "published" on the network and everybody gets it roughly at the same time. Miners start working on the transaction via a pool or by themselves. The transaction gets authentified after several miners find a hash that satisfies the current difficulty. A bunch of these transactions are put together in a block, and a miner finds a hash for that whole block, thus "finding" a block, and the block gets added to the blochchain.
A transaction is created by the sender, and could include more than 2 addresses. Often it's multiple input addresses, one or more output address and a change address. It takes about 10 seconds for the transaction to traverse the entire P2P network. Each node verifies the authenticity that the signature is valid and that it's not a double-spend before forwarding it.
Independent of this transaction, Miners are grabbing groups of unconfirmed transactions and trying to mine a block. That is to say, it's not an incoming transaction that "triggers" the mining process. They are always mining, whether there are any unconfirmed transactions waiting or not. A bunch of unconfirmed transactions are grouped together and confirmed together. Think of this step as analogous to the monthly "closing of the books". You're on the right track, but miners aren't working on individual transactions to find a hash less than the difficulty.
Transactions are hashed together to form the "Merkle Root" which is then hashed again to find a value less than the current difficulty. All the transactions included in the Merkle Root are the transactions for the block. I gather that was a decision by the franchise owner and not a corporate decision. They certainly enjoyed the free publicity, but I haven't seen anything that indicates it will become a nationwide standard.
Maybe bug the owner of your local franchise. There have been more, just not super publicaly. Also what bits4tits said its the owner of each store that decides. Bitcoin days destroyed, is this metric actually paid attention by the market?
It seems like a misguided metric that injects negativity in the market. I think people use this metric to speculate whether or not there might be major market action soon. There's lots of reasons for Bitcoin days to be destroyed, but one possible reason at the forefront of everyone's mind is that it must be an early adopter who wants to unload his coins.
Of course, that's certainly not always the case, but sometimes the metric actually does coincide with market actions. I'm under the impression that a large number of Bitcoin days are built up by hoarding. The longer you hoard, the more Bitcoin days are destroyed once you finally make a transaction.
So does my exchange, and so do the growing number of Bitcoin ATMs. I suspect Western Union are watching Bitcoin very closely, and might even incorporate it into their business model. The AML practices required for that would be hard though As for ATMs, it depends on local laws. In the US, this sort of thing is extremely tightly regulated, to the point that companies like Robocoin go far above and beyond legal requirements for fear of being imprisoned. Their hope is that collecting four types of data on their customers, including biometric data, will be enough to keep the government at bay.
In other countries, however, people are free to just insert cash into an ATM to purchase their bitcoin. These are basically vending machines, since they don't accept deposits, and aren't really relevant to the initial question regarding Western Union.
Do you run an exchange or are you referring to the exchange that you use? Does it hand out physical cash notes in local currency in exchange for btc? I send my exchange money from my bank when I want to buy more Bitcoins. When I want to withdraw money from the exchange, the exchange sends it directly to my bank account. Naturally, I can go to my bank's ATM to withdraw physical cash.
I see that you're taking issue with the fact that my exchange does not have a brick-and-mortar branch that I can go to and withdraw money. I understand that may be an issue for a lot of people, but considering how much online banking takes place today, I'm not worried. It doesn't take much imagination at all to see how Western Union, or a competitor, could directly benefit from integrating Bitcoin into their business model.
Remittences market is quite often quoted as being one of the areas for bitcoin and I am trying to get my head around; -overseas worker earns local currency -Assuming it is unbanked, that worker can go to W. The ideal situation would be that the overseas worker gets paid in bitcoin, then sends funds to his family's public address, who is able to spend the funds locally. Admittedly, that situation is still several years away, if we can even reach that level of adoption.
Until then, the overseas worker takes his cash to a bitcoin ATM placed across the street from Western Union. He buys bitcoins and sends a portion to his family back home for a fraction of what Western Union charges.
The family member goes to the bitcoin ATM across the street from their Western Union, and sells the bitcoins they received for local currency. At a certain level of adoption, Western Union will be forced to adapt or die. There are a lot of indirect ways to get a guesstimate using variables like transactions over time, new addresses generated, bitcoin days destroyed, number of nodes in the network etc.
So what are the estimates from these? I read an estimate recently that stated only about , people own 1 or more bitcoins, while the number of people who own or have owned less than 1 bitcoin is well over a million. I might as well be pulling that out of my ass though, because I don't remember where I read it.
I am henceforth making it my goal to insert asstimate into casual conversation at least once a month. One way is wallet software downloads, but this measure includes lots of factors not related to unique users:. Every miner put a special transaction, called generation transaction here an example , in the block they're working on.
That transaction basically creates the bitcoins from thin air and awards them to the miner himself, or to a In order to claim the reward, the miner "just" has to close the block and add it to the blockchain.
When the miner finds an block that is valid the rest of the network essentially agrees with this and gives him 25 btc, if he said give me It's a good thing that mining is done by computers because it is so strict--make any error and your block is just dead.
The miner can pay himself less than the maximum, though. This happened for a block around , can't remember the exact index.
A miner wrote into the code to pay himself This turned out to also destroy transaction fees from that block, but it illustrates the point that you are free to pay yourself less than standard and still have a valid block. This is one of the few times in the Bitcoin Protocol where a check is made that must be "less than or equal to," not "exactly equal to. How can we use bitcoin to enable referenda?
It is easy to check that a claimed K is divisible by a given hash by executing a single big integer division. It is easy to find candidate Ks for a given hash, by multiplying arbitrary integers by that hash.
This is zero, for all intents and purposes. One can improve those odds significantly by using a K that has a lot of factors. By using a K that is a "primorial" number product of many small primes one can improve those odds by a factor of or even , most likely, but that still leaves you with heat-death-of-the-universe low odds.
This approach is further foiled by a hard cap on the size of the prime numbers used, for the sake of the nodes that have to confirm the blocks. Another thing that Primecoin benefits from that allows a scientific computation to be used is that while the miners have a hard work to do, the confirming nodes have a relatively easy job to do in order to confirm that the work is correct. While primes and especially chains of primes are very rare, they are relatively easy to check.
A confirming node only has to execute a handful of these tests per minute, while even a weak computer can execute hundreds per second. Primecoin is new and experimental, and should be treated as such, but the security model does have all of the necessary features that make it viable for a proof-of-work blockchain.
Math, money, and computers. How can I get started??! You can download the official client from this forum thread. Note, however, that since its release about a week ago there have been many, many other clients compiled with various optimizations. Some of those clients, though, have been producing invalid shares or have fallen off the network; use them at your own risk.
Also, be warned that mining has really slowed down since release--by a factor of several hundred. Now I get about 1 block per day mining on 4 computers, two of which are remarkably fast.
On a mac you should be able to follow the linux compilation guide. Does mac have apt? If so then this should work for you, from a terminal window. Otherwise you might have to track down and install the dependencies manually. It uses something called a Cunningham chain. The protein folding problem is not provably hard the way the cryptographic methods used in Bitcoin hashing are. Someone might have a 'eureka' moment and find out a simple way to solve the protein folding problem, which would be great for biology, but would lead to a collapse of the bitcoin-based-on-protein-folding-computations economy.
As an example of this, Prof. David Baker's group at the University of Washington recently had some success developing simple rules of thumb that predict protein folding in some cases. Actually, the same applies to hash functions. Take SHA-2 as an example which in its bit form is used in bitcoin. SHA-2 with an reduced number of rounds is broken, in theory.
Some cryptoanalyst might have an 'eureka' moment and break SHA-2 in much the same way that someone might solve the problem of protein folding. It is unlikely, but it can happen. You make a good point, but to say that SHA-2 is provably hard is a bit of a stretch.
I already asked this, as did many others. It seems, for now, impossible. I remember some discussion about letting researchers "borrowing" computional power handing out BTC rewards compared to the work done. This solves the problem with having to rework how hashes are generated and could allow older gpu farms to be useful. I thought about this for a while when I first learned about bitcoin, but I just don't see any way to make it work.
The work has to be difficult to perform but easy to verify, and generalized enough that it will have a constant stream of work at at or near the same level of difficulty. Protein folding just doesn't have these characteristics, and it never will.
But all is not lost for science. There are now all these GPUs coming offline from Bitcoin mining. Some will go to Litecoin or other alts, but others will be put up for sale, flooding the market.
Access to tens of thousands of now-cheap GPUs already housed in crates or chassis which were built to effectively remove heat is an opportunity for those in scientific GPGPU computing to ramp up a little. The investment could be a third or less even than what the equipment would cost new. There might even be miners who would donate their now-useless for Bitcoin mining hardware to some project should a successful pitch be made.