1363
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Bitcoin / Development & Technical Discussion / [PULL] Allow move RPC to take account balances negative
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on: May 09, 2011, 07:47:18 PM
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https://github.com/bitcoin/bitcoin/pull/215This pull is prompted by changes I'm making to ClearCoin, and should apply to any service where customers will owe the service bitcoins. It removes the account balance checks from the RPC move command. I'll use it to create accounts associated with users that keep track of how many bitcoins they owe; for example, if I owed 1 bitcoin ClearCoin will tell bitcoin: move 'gavinandresen' 'total_owed' 1.00 Assuming I'm not carrying a balance, that makes the gavinandresen account balance -1.00 BTC. When I pay to one of the addresses associated with the 'gavinandresen' account, the account balance will be automatically credited. If I were a professional accountant I probably would have written 'move' this way to begin with...
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1371
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Bitcoin / Development & Technical Discussion / Re: [RFC] Continuous block reward decrease
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on: May 09, 2011, 01:32:02 AM
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So, questions: * Do you think a continuous decrease of the block reward is better? * Is it worth breaking backward compatibility for?
No and no, in my opinion. I think being able to explain the block reward as "starts at 50 every 10 minutes and is cut in half every 4 years" is a big advantage. I like simple-- "the simplest possible solution that will work" is a good engineering rule of thumb.
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1373
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Bitcoin / Bitcoin Discussion / Re: [If tx limit is removed] Disturbingly low future difficulty equilibrium
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on: May 09, 2011, 12:17:48 AM
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I know I'm not using an actual argument in this post. Feels strange to do that, too. But I think it's safe to say that a solid consensus should not produce this outcome. There is no consensus. There is no generally accepted operating model for Bitcoin after minting becomes negligible. We better find one.
Why? Thats years and years away. I don't think any of us can predict exactly what is going to happen 10 or 15 or 20 years from now; I don't think it is possible to get a consensus now because there has never been a system like bitcoin before, so predicting how merchants, miners, and users will interact in 10 years seems to me to be impossible. So: do you think this supposed problem will happen all at once? Or will it happen slowly over time? If you think it will happen all at once, would there be any warning signs? If it is a problem that we can clearly see coming, then there will be time to react. I'm much more worried on the problems I see coming in the next year or two or three-- bitcoin-specific viruses and trojans, poorly coded bitcoin web services, and maybe bitcoin service operators getting charged with financial crimes that they didn't know they were violating.
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1374
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Bitcoin / Bitcoin Discussion / Re: What's the largest transaction fee you were asked to pay?
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on: May 09, 2011, 12:05:14 AM
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This has got me thinking. When transactions occur the coins get "broken up" if needed to make the payment with some change sent back to you. Wouldn't that mean that slowly the coins will get broken up smaller and smaller with time causing the kb for the transaction to go up, making the data required for transactions to slowly go up?
They tend to get put back together when you send larger payments. The algorithm that the current bitcoin client uses isn't the best possible algorithm for deciding when to combine or split coins; ideally, it would have some notion of how big your average transaction would be, and when sending coins it might split change or combine extra coins to make change that is about that big (so the next time you make a transaction there are old, previous, high-priority transactions it can use). If you ask nicely, I bet tcatm or somebody else will create a little web service that could tell you how long you have to wait for a 0.10 (or whatever) coin to mature before you can send it without a fee.
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1378
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Bitcoin / Technical Support / Re: I would like to be able to send .33 bitcoins without a fee. How do I do this?
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on: May 07, 2011, 02:49:16 PM
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Clearly the fee system is suboptimal if one can reduce fees by workarounds that increase system overhead.
I learned long ago that it is much better to create a sub-optimal system that is simple and robust than to try to create a perfectly optimal system. Pretty darn good, with the right incentives in place to drive the long-term desired behavior, is good enough for me right now. I think "we" have been pretty good at responding fairly quickly to problems as they appear. I'm keeping a close eye on the free-transaction backlog, but I think tcatm's recent changes to http://bitcoincharts.com/bitcoin/ , showing transaction priority, and the recent change to the bitcoin client, so the default fee rules are the same for miners, relaying across the network, and the client, are working nicely.
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1379
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Bitcoin / Technical Support / Re: I would like to be able to send .33 bitcoins without a fee. How do I do this?
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on: May 07, 2011, 02:25:19 PM
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If your 0.33 bitcoins came from one or two recent payments to you, then waiting a day or three to let the inputs "mature" will let you send them without a fee. The transaction priority fee rules are designed to discourage people from sending lots of small bitcoin transactions in a short time.
If your 0.33 bitcoins came from 20 or 30 penny-sized payments to you, then you'll have to go to a lot of work to send them without a fee, because a 20- or 30-input transaction will be too big to qualify to be free. The transaction size fee rules are designed to discourage people from wasting everybody's disk and network bandwidth by sending big transactions.
If you did receive lots of tiny payments, you can try to bundle them up in chunks-- you might be able to send three payments of 0.10 BTC without a fee (because each of them would be smaller than the "too big to be free" size).
But you should ask yourself: is it really worth your time? 0.01 BTC is less than 5 US cents. If it takes you more than 20 seconds to send 2 or 3 payments to avoid the 0.01BTC fee, then you're valuing your time at less than US minimum wage.
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1380
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Economy / Economics / Re: Are we at the point where we HAVE to pay tx fee?
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on: May 06, 2011, 04:13:04 PM
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BTW, can someone explain in layman words where from priority is defined?
Priority is a function of how many bitcoins are involved in the transaction (more is higher priority), the size (in bytes) of the transaction (smaller is higher priority), and the age of the transaction's previous transactions (older is higher priority). Your transaction is taking a long time because it involved only 0.14 BTC which you got from a transaction that happened earlier today. If you were running bitcoin version 0.3.21, it would have required that you add a 0.01BTC fee to send it.
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