ve value
when a node finds a proof-of-work for a block could be the total of the fees in
the block.
Satoshi Nakamoto
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> Dustin D. Trammell wrote:
> > Satoshi Nakamoto wrote:
> > You know, I think there were a lot more people interested in the 90's,
> > but after more than a decade of failed Trusted Third Party based systems
> > (Digicash, etc), they see it as a lost cause. I hope t
are good at cutting off the heads of a centrally controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem to be
holding their own.
Satoshi
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>Satoshi Nakamoto wrote:
>> I've been working on a new electronic cash system that's fully
>> peer-to-peer, with no trusted third party.
>>
>> The paper is available at:
>> http://www.bitcoin.org/bitcoin.pdf
>
>We very, very much need such a sys
.
Coins have to get initially distributed somehow, and a constant rate seems like
the best formula.
Satoshi Nakamoto
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ain the full set of transactions
anyway.
It's not a problem if transactions have to wait one or a few extra cycles to
get into a block.
Satoshi Nakamoto
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basis,
and nodes can leave and rejoin the network at will, accepting the
longest proof-of-work chain as proof of what happened while they
were gone.
Full paper at:
http://www.bitcoin.org/bitcoin.pdf
Satoshi Nakamoto
-
The Cr
nd a tiny amount of gold dust
in order to put a spam message in the transaction's comment field.
If the system let users configure the minimum payment they're
willing to receive, or at least the minimum that can have a
message with it, users could se
by generating bitcoins. With a zombie farm that
big, he could generate more bitcoins than everyone else combined.
The Bitcoin network might actually reduce spam by diverting zombie farms to
generating bitcoins instead.
Satoshi Nakamoto
---
and there were a lot of them.
The functional details are not covered in the paper, but the
sourcecode is coming soon. I sent you the main files.
(available by request at the moment, full release soon)
Satoshi Nakamoto
-
uences.
With the transaction fee based incentive system I recently posted, nodes would
have an incentive to include all the paying transactions they receive.
Satoshi Nakamoto
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nteer their compute resources for good causes).
>
> In this case it seems to me that simple altruism can suffice to keep the
> network running properly.
It's very attractive to the libertarian viewpoint if we can exp
Satoshi Nakamoto wrote:
> Increasing hardware speed is handled: "To compensate
> for increasing hardware speed and varying interest in
> running nodes over time, the proof-of-work difficulty
> is determined by a moving average targeting an average
> number of blocks per hour.
nce a transaction is hashed into a link that's a few links back in
the chain, it is firmly etched into the global history.
Satoshi Nakamoto
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e system can support transaction fees if
needed. It's based on open market competition, and there will
probably always be nodes willing to process transactions for free.
Satoshi Nakamoto
-
The Cryptography Mail
Satoshi Nakamoto wrote:
I've been working on a new electronic cash system that's fully
peer-to-peer, with no trusted third party.
The paper is available at:
http://www.bitcoin.org/bitcoin.pdf
We very, very much need such a system, but the way I understand your
proposal, it does n
On Fri, Nov 14, 2008 at 11:04:21PM -0800, Ray Dillinger wrote:
> On Sat, 2008-11-15 at 12:43 +0800, Satoshi Nakamoto wrote:
> > > If someone double spends, then the transaction record
> > > can be unblinded revealing the identity of the cheater.
> >
> > Identi
--
Satoshi Nakamoto wrote:
> The proof-of-work chain is the solution to the
> synchronisation problem, and to knowing what the
> globally shared view is without having to trust
> anyone.
>
> A transaction will quickly propagate throughout the
> network, so if two
Satoshi Nakamoto writes:
> Announcing the first release of Bitcoin, a new electronic cash
> system that uses a peer-to-peer network to prevent double-spending.
> It's completely decentralized with no server or central authority.
>
> See bitcoin.org for screenshots.
>
download in the middle if the
transaction comes back double-spent. If it's website access,
typically it wouldn't be a big deal to let the customer have access
for 5 minutes and then cut off access if it's rejected. Many such
sites have a free trial anyway.
Satoshi Nakamoto
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On Sat, 17 Jan 2009, Satoshi Nakamoto wrote:
[[various possible uses of Bitcoin et al]]
> Once it gets bootstrapped, there are so many
> applications if you could effortlessly pay a few cents to a
> website as easily as dropping coins in a vending machine.
In the modern world,
ht.
> You need coin aggregation for this to scale. There needs to be
> a "provable" transaction where someone retires ten single coins
> and creates a new coin with denomination ten, etc.
Every transaction is one of these. Section 9, Combining and Splitting Value.
Satoshi Nakamoto
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Satoshi Nakamoto wrote:
> The bandwidth might not be as prohibitive as you
> think. A typical transaction would be about 400 bytes
> (ECC is nicely compact). Each transaction has to be
> broadcast twice, so lets say 1KB per transaction.
> Visa processed 37 billion transaction
stem would be a
> helpful next step.
I appreciate your questions. I actually did this kind of backwards. I had to
write all the code before I could convince myself that I could solve every
problem, then I wrote the paper. I think
James A. Donald wrote:
> It is not sufficient that everyone knows X. We also
> need everyone to know that everyone knows X, and that
> everyone knows that everyone knows that everyone knows X
> - which, as in the Byzantine Generals problem, is the
> classic hard problem of distributed data processi
Satoshi Nakamoto wrote:
> Fortunately, it's only necessary to keep a
> pending-transaction pool for the current best branch.
This requires that we know, that is to say an honest
well behaved peer whose communications and data storage
is working well knows, what the current best bran
James A. Donald writes:
> Satoshi Nakamoto wrote:
> > When there are multiple double-spent versions of the
> > same transaction, one and only one will become valid.
>
> That is not the question I am asking.
>
> It is not trust that worries me, it is how it is
>
of them equally honest legitimate
>> single spends, and both proofs are generated at about
>> the same time.
>>
>> What happens then?
Satoshi Nakamoto wrote:
> They both broadcast their blocks. All nodes receive
> them and keep both, but only work on the one they
>
Satoshi Nakamoto wrote:
> When there are multiple double-spent versions of the
> same transaction, one and only one will become valid.
That is not the question I am asking.
It is not trust that worries me, it is how it is
possible to have a a globally shared view even if
everyone i
transactions that
> > occurred recently. If hundreds of millions of people
> > are doing transactions, that is a lot of bandwidth -
> > each must know all, or a substantial part thereof.
Satoshi Nakamoto wrote:
> Long before the network gets anywhere near as large as
> that,
On Sat, 2008-11-15 at 12:43 +0800, Satoshi Nakamoto wrote:
> I'll try and hurry up and release the sourcecode as soon as possible
> to serve as a reference to help clear up all these implementation
> questions.
> Ray Dillinger (Bear) wrote:
> > When a coin is spen
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