OKEx Cryptocurrency Exchange – Review – BitcoinWiki

Venezuelans : Magic internet money inside this thread

I will give 10$ US tips or 0.015 BCH or 15 000 bits or 1 500 000 satoshi to the first 20 Venezuelan who participates in this thread. I will check the history of each of you to make sure you are legit.
This is how we do: BCH PLS
Thank you for participating :
u/MoBitcoinsMoProblems
u/JonathanSilverblood
u/hegjon
u/donkeyDPpuncher
u/Sha-toshi
u/t_bptm
Edit : I am done, have a great day :)
submitted by CityBusDriverBitcoin to btc [link] [comments]

Notes on a first quick test of NTumblebit, on Linux and regtest.

I just thought I'd jot down a few notes on the experience of trying out the current NTumbleBit code.
This is testing on regtest, done for the simple reason that you don't have to wait for testnet blocks (nor sync testnet which is mildly annoying). At this stage I just wanted to learn how this works.
Your starting point is this wiki page.

Installation

You need to download Bitcoin Core. Use at least 0.13.1 - this turned out to be only major blocking point in the whole test, funnily enough, for me - it took me a few hours(!) in debugging to realize that the reason my wallet's coins were not being recognized was simply because 0.12.1 didn't support the necessary RPC syntax. (Note to devs: is there a way to expose errors/exception to the user in the client to help with under-the-hood errors like that? RPC configuration errors are exposed, so that's good of course).
Since this is regtest, that's it: you don't need to sync any blockchains :)
However, you do of course have to configure and start it. Put a bitcoin.conf somewhere (if you're currently running a node it's easiest to make a separate one from your main ~/.bitcoin/bitcoin.conf one, of course. I put one in ~/bitcoin.conf with these settings:
rpcuser=bitcoinrpc rpcpassword=123456abcdef 
(you'll need those values again in a minute) and then run with
~/bitcoininstallationdibitcoind -regtest -daemon -conf=homedibitcoin.conf 
(I didn't need to add server=1 to config).
Note that coins are not available until maturity, so you need to use the generate command to mine blocks, like this:
~/bitcoininstallationdibitcoin-cli -regtest -rpcuser=bitcoinrpc -rpcpassword=123456abcdef generate 101 
Now your regtest bitcoind is running, you can move on to Tumblebit. Follow the instructions in the wiki page mentioned at the start; install .Net Core - the Microsoft instructions are easy to follow, just a couple of apt-gets and install the *.deb. Next, clone the github repo and run the Unit Tests. They passed first time for me.

Running

Next, start up the server, following the instructions in the wiki, except note you're using regtest, so:
cd NTumbleBit.TumblerServer dotnet run -regtest 
The first start up will compile but also set up RSA keys, all that is fine without changes, but you'll need to edit the config so that the RPC is pointing at your regtest instance properly. In this case it (the new config should be located in ~/.ntumblebit/RegTest/server.config) should be edited to look like:
rpc.url=http://localhost:18332/ rpc.user=bitcoinrpc rpc.password=123456abcdef #rpc.cookiefile=yourbitcoinfolde.cookie 
Then restart and check you get no RPC errors. Leave that console open, it's running a server loop.
Next, configure and start the client. Note, we are still following the wiki page, except for the regtest element, so:
cd NTumbleBit.CLI dotnet run -regtest 
You'll most likely get an RPC error again, before it shuts down. Now we need to edit the ~/.ntumblebit/RegTest/client.config file. The server can be left as the default localhost:5000, but you need the right RPC settings:
rpc.url=http://localhost:18332/ rpc.user=bitcoinrpc rpc.password=123456abcdef #rpc.cookiefile=yourbitcoinfolde.cookie tumbler.server=http://localhost:5000 outputwallet.extpubkey= outputwallet.keypath=0 
the last two fields are the important bit, which the wiki page explains in some detail for the testnet case.

Details on setting up a receiving wallet (for this test!)

What you need is a BIP32 based wallet (HD) that supports testnet, and can be run against regtest here (which in most cases will be the same thing to a wallet, as long as it can connect via RPC to sync itself). The good news is the wallet doesn't need to contain any coins. The details of the following probably won't be suitable for most (if you've never used joinmarket it's a bit convoluted), so you'll probably want to find another easy to use wallet; the wiki page should be a good starting point.
For my test I used joinmarket; all we need to do is (a) hook it up to the regtest instance, and (b) extract the BIP32 xpub key that we'll be sending coins to. So in my case the flow of coins is:
Regtest Bitcoin Core wallet (containing 'mined' coins) one branch of my BIP32 joinmarket wallet, configured to sync against the same regtest instance.
I used my new joinmarket code but it's the same for the main joinmarket code. I overwrote joinmarket.cfg to have regtest settings (use this file; only the highlighted settings matter, those are the right ones for this test), then just run python wallet-tool.py randomseed. "randomseed" there can be literally anything, it's read as a brainwallet style seed for the bip32 wallet (because testnet, we don't care about its insecurity). The tpub.. keys seen for each branch are the "xpub" public keys at that branch of the BIP32 wallet. Tumblebit is going to send to a branch below whatever xpub we need, so the simplest is to add a print statement to print the xpub key above that; e.g. add this code:
for i in range(max_mix_depth): print('master for index: ' + str( i) + ' : ' + btc.bip32_privtopub(mixing_depth_keys[i])) 
immediately above this line. Then run again python wallet-tool.py randomseed.
Extract an xpub for any one of the "mixdepths", e.g. I chose:
master for index: 3 : tpubDBFGvUbWtEPKXeWPeG7rUh98iV9GuXSDbnk6ZrZHjcmp134BPByT293HPPQ93DktrVFKpZeAU1ULSdyfmwWuUGvUVLP19JkdUq2mzNKFJPR 
and put that tpub.. key into the field pubkey in the above mentioned 'client.config':
outputwallet.extpubkey=tpubDBFGvUbWtEPKXeWPeG7rUh98iV9GuXSDbnk6ZrZHjcmp134BPByT293HPPQ93DktrVFKpZeAU1ULSdyfmwWuUGvUVLP19JkdUq2mzNKFJPR outputwallet.keypath=0 
Now save and quit.

Running the tumble

Restart the client. If RPC is right, it'll start running, waiting for blocks. Your regtest Core instance will have coins (after the previous generate 101), and those coins will be automatically tumbled, one coin at a time, into the output wallet (in my case, the branch m/0/3/0 which is labelled there 'mixdepth 3, external').
Now you can test and watch the process! Open up a third console and repeatedly generate blocks:
/path/to/bitcoin/bin/bitcoin-cli -regtest -rpcpassword=123456abcdef generate 1 
As each block is generated you'll see the state in the client terminal window updating, showing the phases. A new 'epoch' (right term?) is started every N blocks (I haven't investigated the timing yet), and several epochs run concurrently. In each one, the client can pay in 1 Bitcoin (from Core) and eventually get out 1 coin - fees to the destination (Joinmarket in my case, any other BIP32 in yours). You can replace generate 1 with generate N but I'm not sure if the code will always correctly handle you mining lots of blocks at once! After a large enough number of blocks you'll start to see 'ClientCashout phase' occurring, and txids being printed out. You can go back to your (JM or other) wallet and see the coins arriving; here's what I see after a few epochs have gone through (using my python wallet-tool.py randomseed command):
for mixdepth=2 balance=0.00000000btc mixing depth 3 m/0/3/ external addresses m/0/3/0 tpubDDMAxSHJmxzeXwDnATuvtDizqNSsQKpXGufBDnER44BzEbHy7kg485zZwHqvzprgf6yEQYg9qYYfsLYS1HMmdSuXDzQb2dJSiga9geyM62R m/0/3/0/007 mw9s7tYucxB9yr2L6HkqeDVsh3wdgMdcyK used 0.99995750 btc m/0/3/0/008 mq5TgTNgwYHv88Q4T7wL6kTb1MBSPE3mqK used 0.99995750 btc m/0/3/0/009 mhzQFY8FNvux6SKWKLKmhBB3Sw4MLaSnyu used 0.99995750 btc m/0/3/0/010 mrYECmCf5UKa1BBRMuzprVugsCi9z7oiHo new 0.00000000 btc m/0/3/0/011 mopUNXmHT8ngfBymM3c3EYMg7RLZAf6Zc6 new 0.00000000 btc m/0/3/0/012 mmaVXVfQP4UAYJPhMpQ3FhgXfHzujaxyw4 new 0.00000000 btc m/0/3/0/013 mzYD1AcUFz8SVwJM8EjVCfEM6pcYnHooBR new 0.00000000 btc m/0/3/0/014 my5unLCEMWQBkXBdeJ75VVGk1wrMrT8iDE new 0.00000000 btc m/0/3/0/015 muA76YSTtKKmD6HnVKYhkd9K9TZnPLh8pp new 0.00000000 btc internal addresses m/0/3/1 for mixdepth=3 balance=2.99987250btc 
As you can see, 3 coins have arrived.
submitted by waxwing to TumbleBit [link] [comments]

[PSA] Bitcoin 101

Just a quick guide on Bitcoins and some frequently asked questions.
Firstly, if you have absolutely no idea what Bitcoins are, I suggest you visit www.weusecoins.com for the basic concepts, terminology and general information regarding Bitcoins.
Bitcoins are a virtual / digital currency (or commodity) that can be used to pay for goods and services over the internet.

Why would we use Bitcoins over the other forms of payment?

Absolutely No Chargebacks

The main reason for me personally is that there is zero chance of chargebacks like you might get with something like PayPal. Ever sold something to a random steam account and then have PayPal side with the buyer who claims that he did not receive the goods even though you transferred the items to him? With Bitcoins, one you receive payment, there is no chance of reversing or disputing the payment. What this means is that you can now sell to buyers who have little to no reputation and be absolutely sure that you will get your money.
The caveat here, to buyers is of course to only buy from reputable sellers as once you sent your Bitcoins, there is no way to get them back (or use a trusted middleman who will hold onto the sellers item while you send payment). Bitcoins was how I sold my Golden Baby Roshan without fear of losing the money as upon receipt of the Bitcoins, I sold them to someone here (New Zealand) for local currency.

Little to no fees and no regional restrictions

Usually Bitcoin transactions do not need fees to process (and take an average of 10 minutes to confirm) though this means that it might take a while longer for your seller to confirm that he has indeed received the payment when the network gets busy (i.e. lots of transactions being sent in the network). A small fee is sometimes included so that transactions get processed quicker and that minimum fee is 0.0001 BTC or $0.015 at todays (14 Oct 2013) exchange rate. This is processed automatically in the Bitcoin wallet (software) that you use. Also there is no geographical restrictions to who can and cannot use Bitcoins so they are available all over the world where ever internet is available.

Bitcoin Wallets and Addresses

Bitcoin wallets are the software programs that you use to hold and transact Bitcoins with. Wallets are available for almost all platforms (Windows, Mac, Linux, Android and to a certain extent on iOS). Most if not all wallets are available on the official Bitcoin project page:
http://bitcoin.org/en/choose-your-wallet
Be wary of third party wallets that are hosted by websites such as www.blockchain.info and www.coinbase.com. Although they are reputable companies that make bitcoin transacting easier (you don't have to store bitcoins on your own computer and can easily use them on any other computer as they are accessible by the web browser), they essentially hold your Bitcoins for you and if their service goes down, so does your Bitcoins. The downside of using software wallets on your computer is that they take up quite a bit of space (in the case of the full client; Bitcoin-QT)and can only be accessed if you are at your computer.
A Bitcoin address looks very much like an email address, only longer and more difficult to remember:
1M72Sfpbz1BPpXFHz9m3CdqATR44Jvaydd
That long alphanumeric line above is an example of a Bitcoin address and is given to your buyer when they want to send Bitcoins to you. You can generate any number of addresses so that you do not have to use the same one for each transaction. Bitcoin wallets will hold all your addresses and make transactions easier as they usually allow for one click copying of address for you to paste somewhere else; minimizing the error of typing out such a long address. When a Bitcoin payment is sent to an address, the receiver will receive a notification that his or her address has received Bitcoins. There is then a confirmation period (10 minutes on average) for the network to confirm that Bitcoin address A has successfully sent Bitcoins to Bitcoin address B. A fully confirmed transaction has 6 confirmations though some websites make do with less confirmations.

Where to get Bitcoins?

There are plenty of ways to get Bitcoins. One of the ways to get them, is to mine them yourself though this requires some hardware and is no longer profitable to do so as you will waste more in hardware costs and electricity cost than some other players out there who know how to mine more efficiently. The next way is to simply buy them from someone near you on https://localbitcoins.com/, a website that uses your location to show the nearest Bitcoin sellers and buyers.
Some other places you can buy them are on exchanges such as www.mtgox.com or www.bitstamp.net
A list of places to buy and sell Bitcoins is available on the Bitoin wiki: https://en.bitcoin.it/wiki/Buying_bitcoins
You can also provide services (such as web design, homework help, etc) or sell your Dota 2 items for Bitcoins :)
Now that you have read this huge wall of text, feel free to ask any questions below which I will answer and include in this main post.
If you're interested in the technical know-how of the Bitcoin protocol:
http://bitcoin.org/bitcoin.pdf
Bitcoins are not backed by any government or institution thus no one person can make as many bitcoins as they want.
submitted by jerye to Dota2Trade [link] [comments]

Patent Law Is Confusing And Is Currently A Major Concern With People On Both Sides Of The Divide. Can Anyone With Knowledge On These Issues Clear It Up?

Greg Maxwell recently said:
(e.g. nchain claiming they are patenting bitcoin and will only license their patents to bcash users).
This is an outright lie, nChain is not trying to patent Bitcoin. With the whitepaper being a prior art "Defensive Publication" this is nearly impossible. (Unless Satoshi comes out and proves his identity in a court.)
Even Segwit has patent risks from Adobe. This is completely different though, as the risk was added to the Bitcoin protocol itself.
nChain's patents are methods of cryptography that could be applied on top of any cryptocurrency platform. As I understand it, they cannot legally restrict usage of their patents from users, only businesses or people that seek to make money from their patents.
It is my understanding that I can make whatever I want from any existing patent know to man. But the second I try or intend to make 1 penny from it without compensating the owner, then I am infringing on a patent, and not a moment before that.
If anyone has any knowledge of a private person not related to any trade or business being successfully sued for patent infringement, please inform me, because it would be news to me.
Even with all of that, which some may tear apart, in my opinion nChain should have just done a defensive publication. But it is their intellectual property and they have a right to patent it and defend it as they see fit.
Relevant Information:
https://en.wikipedia.org/wiki/Research_exemption
The definition of patent infringement may vary by jurisdiction, but it typically includes using or selling the patented invention. In many countries, a use is required to be commercial (or to have a commercial purpose) to constitute patent infringement.
https://en.wikipedia.org/wiki/Patent_infringement
More accusations by Greg. From the above story about Adobe's patents.
submitted by 324JL to btc [link] [comments]

Dogecoin Core Developers: Posts, Tweets, Interviews, Presentations

Dogecoin Core Developers
DOGECOIN CORE DEV ROSS NICOLL: ETHEREUM, MARCH 2016
DOGECOIN CORE DEV PATRICK LODDER: VERY DEVELOPER UPDATE, MARCH 2016
DOGECOIN CORE DEV ROSS NICOLL: CATE ALPHA RELEASE AND NEXT STEPS, FEBRUARY 2016
DOGECOIN CORE DEV ROSS NICOLL: 1.9 AND 1.10 FUNDING PAYMENTS ARE GOING OUT NOW, THANKS EVERYONE!, JANUARY 2016
DOGECOIN CORE DEV LANGER HANS: DOGECOIN ANDROID WALLET 2.0.8 - SMALL FIXES, JANUARY 2016
DOGECOIN CORE DEV ROSS NICOLL: SLIGHTLY LATE PROGRESS UPDATE, JANUARY 2016
DOGECOIN CORE DEV ROSS NICOLL: THANKS TO THE NEW DEVS GETTING INVOLVED WITH CATE, JANUARY 2016
DOGECOIN CORE DEV PATRICK LODDER: HAPPY (SOFT)FORKENING!, JANUARY 2016
DOGECOIN CORE DEV ROSS NICOLL: PROGRESS ON THE BLOCK VERSION UPGRADE, JANUARY 2016
DOGECOIN CORE DEV ROSS NICOLL: HAPPY NEW YEAR, SHIBES! FIRST UPDATE OF 2016, JANUARY 2016
DOGECOIN CORE DEV ROSS NICOLL: EXPERIMENTING WITH A NEW WALLET, DECEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: HOUR 56: DOGE/ETHEREUM SO FAR, DECEMBER 2015
DOGECOIN CORE DEV PATRICK LODDER: BENEFITS OF DOGECOIN ETHEREUM IMPLEMENTATION, DECEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: BRAIN DUMP: DOGECOIN ON ETHEREUM, DECEMBER 2015
DOGECOIN CORE DEV LANGER HANS: ANDROID WALLET 2.0.6, DECEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: HAPPY BIRTHDAY & ZERO CONFIRMATION TRANSACTIONS, DECEMBER 2015
DOGECOIN CORE DEV PATRICK LODDER: HAPPY 1 MILLION, SHIBES!, DECEMBER 2015
DOGECOIN CORE DEV LANGER HANS: ANDROID WALLET UPDATE OPEN BETA, DECEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: UPDATE ON THE UPGRADES & REPLACE BY FEE, NOVEMBER 2015
DOGECOIN CORE DEV PATRICK LODDER: COULD YOU HELP US (DEVS) OUT?, NOVEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: DOGECOIN CORE 1.10.0 AND 1.8.3 - WHAT HAPPENS NEXT, NOVEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: QUICK UPDATE & SMART CONTRACTS GUIDE, NOVEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: WHAT MAKES DOGECOIN DIFFERENT, NOVEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: DOGECOIN 1.10 IS OUT NOW, NOVEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: INTERIM UPDATE WHILE RELEASES ARE PREPARED, NOVEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: 1.10 AND BEYOND, OCTOBER 2015
DOGECOIN CORE DEV ROSS NICOLL: 1.8.3 AND 1.10 RELEASE CANDIDATES NOW AVAILABLE, OCTOBER 2015
DOGECOIN CORE DEV ROSS NICOLL: INCREDIBLY SHORT UPDATE FOR 18TH OCT..., OCTOBER 2015
DOGECOIN CORE DEV LANGER HANS: ANDROID WALLET 2.0.3 - CRITICAL SYNC ISSUE FIX, OCTOBER 2015
DOGECOIN CORE DEV LANGER HANS: ANDROID WALLET UPDATED TO 2.0.2 - CRITICAL SYNC ISSUE FIX, OCTOBER 2015
DOGECOIN CORE DEV LANGER HANS: MULTIDOGE 0.1.6 - SORRY, BUT YOU NEED TO UPDATE AGAIN, OCTOBER 2015
DOGECOIN CORE DEV LANGER HANS: MULTIDOGE 0.1.5 RELEASED - PLEASE UPDATE, OCTOBER 2015
DOGECOIN CORE DEV ROSS NICOLL: TRANSACTION MALLEABILITY STRIKES BACK, OCTOBER 2015
DOGECOIN CORE DEV ROSS NICOLL: BUSY WITH BITCOINJ/LIBDOHJ, SEPTEMBER 2015
DOGECOIN CORE DEV LANGER HANS: DOGECOIN CORE 1.10 BETA 2, SEPTEMBER 2015
DIGICONOMIST INTERVIEW WITH DOGECOIN CORE DEV ROSS NICOLL, SEPTEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: WHERE IS 1.10 BETA 2?, SEPTEMBER 2015
DOGECOIN CORE DEV ROSS NICOLL: IT'S MOSTLY ALL QUIET, AUGUST 2015
HANGOUT WITH DOGECOIN CORE DEVS LANGER HANS AND ROSS NICOLL, AUGUST 2015
DOGECOIN CORE DEV ROSS NICOLL: WHAT'S IMPORTANT TO ME ABOUT DOGECOIN, AUGUST 2015
DOGECOIN CORE DEV LANGER HANS: DOGECOIN CORE 1.10 BETA 1, AUGUST 2015
DOGECOIN CORE DEV ROSS NICOLL: WHAT WENT WRONG WITH 1.9, AUGUST 2015
DOGECOIN CORE DEV ROSS NICOLL: INTERIM UPDATE ON DOGECOIN CORE 1.10, AUGUST 2015
DOGECOIN CORE DEV ROSS NICOLL: THE STORY SO FAR, JULY 2015
DOGECOIN CORE DEV ROSS NICOLL: UPDATE, JULY 2015
DOGECOIN CORE DEV PATRICK LODDER: THOUGHTS ON OUR CENTRALIZED COMMUNITY, JULY 2015
DOGECOIN CORE DEV LANGER HANS: DOGECOIN CORE 1.8.3 SOURCE RELEASE, JULY 2015
DOGECOIN CORE DEV ROSS NICOLL: 1.9 IS DEAD, INTRODUCING 1.10, JUNE 2015
DOGECOIN CORE DEV ROSS NICOLL: FUNDING AND VALUE, JUNE 2015
DOGECOIN CORE DEV ROSS NICOLL: INTERIM - DOCUMENTATION WORK, JUNE 2015
DOGECOIN CORE DEV ROSS NICOLL: ON COURSE, JUNE 2015
DOGECOIN CORE DEV ROSS NICOLL: SPV CLIENTS, MAY 2015
DOGECOIN CORE DEV ROSS NICOLL: DEMOCRACY, MAY 2015
DOGECOIN CORE DEV ROSS NICOLL: LOSING ONE FOUNDER IS MISFORTUNE, APRIL 2015
BITSCAN INTERVIEW WITH DOGECOIN CORE DEV PATRICK LODDER, APRIL 2015
UPDATE BY DOGECOIN CORE DEV ROSS NICOLL: WALLETS!, APRIL 2015
UPDATE BY DOGECOIN CORE DEV ROSS NICOLL: HARDWARE, LANGUAGES AND GETTING INVOLVED, APRIL 2015
CROSS-CHAIN TRANSACTIONS PROJECT UPDATE BY DOGECOIN CORE DEV ROSS RNICOLL, FEBRUARY 2015
DOGECOIN CORE DEV ROSS NICOLL @ BITCOIN EXPO 2015 IN LONDON, JANUARY 2015
DOGECOIN CORE 1.8.2 SECURITY RELEASE ANNOUNCEMENT BY DOGECOIN CORE DEV LANGER HANS, JANUARY 2015
INTERIM UPDATE, JANUARY 2015
DEVELOPMENT ROUNDUP, JANUARY 2015
DOGECOIN CORE DEV ROSS NICOLL LOOKING INTO ATOMIC CROSS-CHAIN TRADES, JANUARY 2015
DOGECOIN CORE DEVS AMA, DECEMBER 2014
COINFRONT INTERVIEW WITH DOGECOIN CORE DEV LANGER HANS, OCTOBER 2014
TECHMEETUP PRESENTATION BY DOGECOIN CORE DEV ROSS NICOLL, JULY 2014
BITCOIN MAGAZINE INTERVIEW WITH DOGECOIN CORE DEV LANGER HANS, JULY 2014
Dogecoin Co-Founder Jackson Palmer
JACKSON PALMER QUITS CRYPTO, APRIL 2015
GROWTH EVERYWHERE INTERVIEW, FEBRUARY 2015
TINA HUI INTERVIEW, DECEMBER 2014
A YEAR OF DOGECOIN AND A JAR OF NUTELLA IS ALL I HAVE TO SHOW, DECEMBER 2014
DOGEVERSARY PRESENTATION: MY HIGHLIGHTS OF 2014, DECEMBER 2014
FUTURE OF MONEY & TECHNOLOGY PANEL, DECEMBER 2014
ZAPCHAIN INTERVIEW, OCTOBER 2014
TINA HUI INTERVIEW, OCTOBER 2014
TINA HUI INTERVIEW, SEPTEMBER 2014
KEVIN ROSE INTERVIEW, MAY 2014
submitted by voyagerdoge to DogeNews [link] [comments]

Calculating Difficulty for Dummies

Intro

I'm writing this because I am a dummy. I was thinking about investing in one of the huge ASIC rigs and I needed to find an estimation of what difficulty will be in a post-ASIC world in order to determine how long it would take to recoup my costs. However the notation used on the official wiki was a bit confusing to me. While I was working it out I realized some people might not have a head for math notation at all, and some people might not know how to work the formula in general. This is the most straight forward explanation I could come up with.

Overview of the Formula

The official wiki says the formula for an approximation of a hashrate based on difficulty is D * 2**32 / 600. Something close to this formula is run every 2016 blocks to determine the new difficulty for generating blocks. Here's an image of what that formula looks like in traditional mathematical notation, as well as a translation for generating the difficulty based on the hashrate.
What do the numbers mean? Well...

Examples

Example 1 - The Next Difficulty

So let's prove it works. According to BitcoinWatch the hashrate at the time of this writing is 28.30 teraHashes/second and the next difficulty is expected to be 3,952,836. So what's our first job? To find out how many zeros are in a teraHash. It turns out a tera-something is 1012 (read: ten to the twelfth power). So our formula becomes: (10^12*28.30*600)/2^32 (read: ten to the twelfth times twenty eight point three times six hundred divided by two to the thirty second). The answer is approximately 3,953,464. Here's an image of this formula. Our estimation differs from BitcoinWatch by 628, which is an acceptable margin of error for predicting the future. We could get a more accurate answer by getting a more accurate approximation of the average hashrate the network produced over the last 2016 blocks, but really, +/- .015% is going to be fine for most purposes.

Example 2 - Post ASIC World

To work through my original problem, let's assume the 2 petaHash/second future is neigh, which has been described to me as the "worst case scenario." What will the difficulty be? Well, 2pH/sec is (1015)*2, so we take that and multiply it by 600, then divide that result by 232. The answer comes out to be 279,396,772. That ratio between 2pH/30tH and 300,000,000/4,000,000 seems to be about right, so this answer is probably pretty close to correct.

Conclusion

That's it. You should now be able to generate a rough estimate of the network difficulty given any hashrate. Of course these numbers aren't 100% perfect. You'll never get a precise number until the network generates a new difficulty, because it depends on the average speed of generating 2016 blocks. Any one of those blocks could take dramatically more or less time than expected, thus impacting the next difficulty. Still, a pretty good estimation will take you far. Good luck and happy mining!
edit: formatting, added conclusion
submitted by hiver to Bitcoin [link] [comments]

YouTube Coinbase, Paypal, Bitcoin, Bit License, ApplePay, Hong Kong, and Hoverboards Leituras 015: Faça fortuna com ações antes que seja tarde - Décio Bazin Objects Changing Velocity and Trajectory - STS-80 NASA Shuttle Mission 1996 ビットコインキャッシュニュース(Ep.015, 11/12/17)

Example: if the buyer's deposit is set to 20% for an offer with a 0.05-0.10 BTC trade size, the buyer will need to post a 0.02 BTC security deposit. The seller would need to post a deposit of 0.015 BTC (for a total deposit of 0.115 BTC, since they'd also have to post the entire possible trade amount). How to Obtain Your First Bitcoin ARTIS introduces a revolutionary payment method called Streems. This is a new on-chain scaling solution and is especially suited for regular payments. With ARTIS, cash literally flows like a stream from one member to another. From Bitcoin Wiki. Jump to: navigation, search. This page describes a BIP (Bitcoin Improvement Proposal). Please see BIP 2 for more information about BIPs and creating them. Please do not just create a wiki page. Please do not modify this page. This is a mirror of the BIP from the source Git repository here. BIP: 15 Layer: Applications Title: Aliases Author: Amir Taaki <[email protected] ... What to do with 0.015 bitcoin. Close. 1. Posted by 10 hours ago. What to do with 0.015 bitcoin. I just kinda bought bitcoin. I have it now. What the flip do I do with it. 23 comments. share. save. hide. report. 60% Upvoted. Log in or sign up to leave a comment Log In Sign Up. Sort by. best. View discussions in 1 other community. level 1 . redditor for 3 months. 11 points · 10 hours ago. Hodl ... Bitcoin and Litecoin support; Support for Clearnet, Tor and NoJS version (without JavaScript) About Us. Minimal amount for mixing: 0.005 BTC or 0.015 LTC Instant transfer; Coins will be instantly transferred to your address after confirmation of your transaction. There are already cleared (mixed) coins in the reserves.

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YouTube

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