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[Matt_S]

The links aren't for you- think of it as me inserting reference links for what you've said.

Ahh, that's cool.

[Boea]

Again, if you need to read a lot of articles about DF, play a lot of DF, be a part of the DF community to have a reputable position as a person that knows DF, then you are also going to need to read about bitcoins to know about bitcoins. It isn't !!SCIENTIFIC!! otherwise.

[BinaryBeast1010011010]

thanks for the links, I already read the bitcoins myth pages but I didnt know about the paper... Good bedtime reading, thanks a lot!

[AutomataKittay]

Man, someone seriously believe bitcoin is domestic terrorism on that myths list, hahahaha.

I didn't know a currency could be called that!

[Boea]

thanks for the links, I already read the bitcoins myth pages but I didnt know about the paper... Good bedtime reading, thanks a lot!

There are more papers.

Might I suggest some reading materials?
A list of research papers.
A bibliography about the Bitcoin (Security, Privacy, Cryptography Papers), and a similar technology, Coercion Resistant Internet Voting

Man, someone seriously believe bitcoin is domestic terrorism on that myths list, hahahaha.

I didn't know a currency could be called that!

The rationale I believe is that it can be used for terrorist activities, therefore it is used for terrorist activities.
Again, it would mean that the world is a pretty bad place if that is the case, thankfully not.

And regardless, things tend to be non-traceable, until they are traced.
Potential anonymity is a good compromise between no anonymity and complete anonymity. From the start, you know that these transactions happened [ which is where most people stop caring ], then what coins were exchanged [ and most of the people that still cared stop caring ], then possibly you can isolate accounts [ and so on ], then you can associate accounts with people [ and so forth ], and then you can associate motives to these transactions, since you know when, how much, and what. But to actually do it... I must say, good luck to you buddy, you honestly have very little reason, or resources to actually go so far, hell, I don't know if you get these tidbits in this order; maybe it's a lot harder than I am generalizing it to be.

May I suggest more reading?
First Post in Topic

[BinaryBeast1010011010]

couldnt find how to move it, I'm starting to panick...

Ok I need someone to make things clear for me, as it happen I made an ass of u and me about the whole bitcoin system (I oversimplified it in my mind then thought it worked that way)

mainly it's about the block components :

it contains a timestamp wich is updated every few seconds (new block in this case, or is the current block updated?)
it contains the hash of the previous block (I understand the purpose of that)
the merkle root of ALL previous transactions (idem)
the "Bits" and the "nonce"...

ok from wikipedia, a nonce in cryptography is a one-time use string, in our case I'd say that its what allows us to identify the block but I'm not quite sure,
the "Bits" wich are updated everytime a new hash is tried, what's that? I'm quite lost? is it the target to reach to make a new block?
00000000000004FAEB0000000000000000000000000000000000000000000000

edit, ok after REreading it here is how I see it :

in the bitcoin network you can be a node (miner), in each block the "bit" part is the curent target for the next block generation, everytime a new hash is tried the block nonce is incremented, effectively branding it, same purpose as the timestamp. whenever it reaches 1111, acording to https://en.bitcoin.it/wiki/Block_hashing_algorithm
the "extra nonce portion" is incremented... Must be a part of the merkle root, but wich one...?

re edit, so miners only make hashs of the whole block they get every so often in hope to get a hash smaller than the target (wich is BigEndian because of the hashing algorithm but little endian in it's reading by bitcoin software)

then if they succeed they add this new hash to the merkle root, create a new block with the previous block hash in it, the new merkle root and broadcast it on the network... I dont see how they get their free 50 BTC...

[Boea]

This should give you an idea of what a block header should look like.

[BinaryBeast1010011010]

ninja'd, that's what I was reading while editing my post

[Boea]

Oh, I get it, I had to read the page about the TARGET.

It's pretty much a block is a hashed block header that is less than or equal to the target.
The header is comprised of x, y, and z, which are further hashes that contain the time, previous block, a merkle tree of hashes of all recently made transactions, and so on.

The block also contains the address of the miner, so when a block is finally accepted, and confirmed as the one-true block, the miner is sent their reward.

Might I suggest this reading.

Because there is a reward of brand new Bitcoins for solving each block, every block also contains a record of which Bitcoin address is entitled to receive the reward. This record is known as a generation transaction, or a coinbase transaction, and is always the first transaction appearing in every block. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years).

May I suggest more reading?
First Post in Topic

[BinaryBeast1010011010]

since everyone doesnt get the news of new transactions at the same time BUT every node is trying to solve the proof of work everyone has a different root wich is updated, and after every update the node start trying hashes until the next update. When someone gets a new block hash right (under the target difficulty) the new block is sent around... and over nodes start using it because they can verify (with the previous block hash) that all transactions are indeed here (having the  key signing system used to track the transactions)

but what will happen when all 21 million coins will have been mined, there will be no more rewards for generating new blocks...

[Boea]

There will still be rewards for generating blocks, it comes from transaction fees.

And besides, at that point, there'll probably be a lot of people using bitcoins, so much so that people will probably have to trade bitcoins by smaller fractions to convey the same amount of value- but that is getting into economics..

More reading material.
Deflationary Spirals [if BTC gets more precious, then less BTC are traded for the same value, with the opposite being true]

[BinaryBeast1010011010]

Yes I read it too...
How can the network prevent coins given for block generations to be spent until at least 120 blocks later..?
Now that I'm more informed I'd very much like to have someone (metaphorically) kick me in the groin to wake me up...
I cant see major flaws in the current system, maybe with quantum computers in the equation we'd have to implement a new one time pad based system...
But things being what they are I dont see why it would be irrelevant for toady to accept bitcoin donations?the only valid argument I can recall is about the volatility...

[Matt_S]

and over nodes start using it because they can verify (with the previous block hash) that all transactions are indeed here (having the  key signing system used to track the transactions)

(emphasis mine)
Hmm, I don't think that's entirely correct, if I'm understanding what you mean.  The new blocks don't necessarily have to include all the transactions that occurred since the last block.  I read a sort of old topic on the bitcointalk forums a couple of days ago about some solo miner who maybe had a botnet or something who was mining blocks really fast which didn't include any transactions except the 50btc generation.  There was a big discussion, and people were talking about whether it was an exploit or if it was working as intended.  I don't know what ever came of that, because the topic was pretty big.

(By the way, apparently the block generation reward is going to decrease soon?)

[Neonivek]

nor are they legal tender since sometimes between 1930's to 1970's when it was decoupled from dollar entirely in USA.

I believe 1973. It was during Nixons Reign

[Boea]

The system can naturally detect if a coin has been tenured for that prerequisite 120 blocks, if there is a transaction with said coins before then, it wouldn't be hard to null an invalid transaction.

The system also is continually being proposed to have better conventions of self regulation and so on.
Bitcoin Improvement Proposals [ BIP ]
Hardfork Wishlist [ Desirable changes that would cause a 'hardfork' in the block change to implement ]

And for volatility, it's just a matter of adoption, it's pretty stable, and you can actually track the general cost of a bit coin in a lot of places, if you have any concerns.
Shopkeepers_can't_seriously_set_prices_in_bitcoins_because_of_the_volatile_exchange_rate
A general list of places that Trade BTC.
A general list of places that accept BTC donations.
A website that tracks news, and BTC markets, and compiles the information.

Anyways, if the minimum decimal place is lowered, then you can factor in even smaller block generation rewards.