Topic: A simple bitcoin Q/A. Learn new and interesting stuff about bitcoin. - page 14. (Read 27362 times)
February 17, 2018, 05:34:44 PM
Great idea, but wouldn't this fit better in Beginners & Help? Either way, can you guys make sure to update either the top post or second post with the questions and answers that are posted throughout this topic? It will be much easier to track that way, and when this topic has multiple pages, newbies won't have to go through pages and pages of Q/A. Just my $0.02! Great job!
February 17, 2018, 04:45:05 PM
Sorry I am late, but I just wanted to verify that I will also be handing out merits, picking winners, helping pugman dig through the thread in anyway that I can help. We will be formulating questions together, selecting answers and we will be taking suggestions together.
We thought this up in QuestionAuthority's merit upgrade thread, so shout out to them and QA also gave us our first question. Pugman and I discussed this a little bit after that through PM and thought this would be a solid service/thread/discussion.
We're all trying to learn more about Bitcoin, so if you can suggest a question that will make pugman or I think we may give you merit for that as well, or even may include it as one of our questions (of course, you wouldn't be allowed to answer that one and we better not find anyone giving out answers to their own questions!). Anyways, I won't ramble on too much, have at it, hope we all learn a lot, get merits to the people that deserve them and enjoy ourselves while doing it.
P.S. I have to catch up on my sMerit review thread, so my Merit might be a bit scarce for a bit, but all will be rewarded that deserve it and have patience!
We thought this up in QuestionAuthority's merit upgrade thread, so shout out to them and QA also gave us our first question. Pugman and I discussed this a little bit after that through PM and thought this would be a solid service/thread/discussion.
We're all trying to learn more about Bitcoin, so if you can suggest a question that will make pugman or I think we may give you merit for that as well, or even may include it as one of our questions (of course, you wouldn't be allowed to answer that one and we better not find anyone giving out answers to their own questions!). Anyways, I won't ramble on too much, have at it, hope we all learn a lot, get merits to the people that deserve them and enjoy ourselves while doing it.
P.S. I have to catch up on my sMerit review thread, so my Merit might be a bit scarce for a bit, but all will be rewarded that deserve it and have patience!
February 17, 2018, 04:44:18 PM
Question #2: What is a legacy address? What is segwit address? What is the difference between these two addresses?
This question may seem too easy but yet most of the users don't know the answer to it. May the best reply win. Do note that posting random stuff won't help you win. Your grammar must be legible and must make sense. Good luck.
This question may seem too easy but yet most of the users don't know the answer to it. May the best reply win. Do note that posting random stuff won't help you win. Your grammar must be legible and must make sense. Good luck.
February 17, 2018, 04:37:17 PM
Memory Pool is a place when Bitcoin transaction being inside After it passes node verification until a miner picks it up in the next block "higher fee go first and lower gets long time [unconfirmed transactions]". it’s a node holding awaiting transaction.
Looks like you have some idea at least on what Mempool is and your post quality ain't that bad. You have made some edits and this is the first and last warning for any body, the OP has been updated and editing posts would result in disqualification of the answer. The bitcoin mempool is where unconfirmed transactions are stored.
It's a set of all the transactions that have been broadcast but have not yet been added to a block by a miner.
Every node has its own transaction relay policy so there is no definite mempool, but different mempools for different nodes.
Good, very good. This is what I expect members to post. Keep up the good work bud. Keep posting good quality posts and you shall never be short of merits. It's a set of all the transactions that have been broadcast but have not yet been added to a block by a miner.
Every node has its own transaction relay policy so there is no definite mempool, but different mempools for different nodes.
Both of you have been awarded a merit each due to good post quality.
February 17, 2018, 04:02:05 PM
Alright here is the first question.
Since QuestionAuthority motivated us to create this thread, here is the first question guided by him.
Question : What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
May the best answer win, remember it is first come first serve.
The bitcoin mempool is where unconfirmed transactions are stored.Since QuestionAuthority motivated us to create this thread, here is the first question guided by him.
Question : What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
May the best answer win, remember it is first come first serve.
It's a set of all the transactions that have been broadcast but have not yet been added to a block by a miner.
Every node has its own transaction relay policy so there is no definite mempool, but different mempools for different nodes.
February 17, 2018, 04:01:54 PM
Alright here is the first question.
Since QuestionAuthority motivated us to create this thread, here is the first question guided by him.
Question : What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
May the best answer win, remember it is first come first serve.
Memory Pool is a place when Bitcoin transaction being inside After it passes node verification until a miner picks it up in the next block "higher fee go first and lower gets long time [unconfirmed transactions]". it’s a node holding awaiting transaction. Since QuestionAuthority motivated us to create this thread, here is the first question guided by him.
Question : What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
May the best answer win, remember it is first come first serve.
February 17, 2018, 03:51:10 PM
Alright here is the first question.
Since QuestionAuthority motivated us to create this thread, here is the first question guided by him.
Question : What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
May the best answer win, remember it is first come first serve.
Since QuestionAuthority motivated us to create this thread, here is the first question guided by him.
Question : What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
May the best answer win, remember it is first come first serve.
February 17, 2018, 03:49:51 PM
Question #1: What is bitcoin’s Mempool? What does it do, what is held there and where is it’s physical location on the network?
Answer:
Winner:- Xynerise and hugeblack
Question #2: What is a legacy address? What is segwit address? What is the difference between these two addresses?
Answer:
Source: Legacy vs Segwit wallets. Whats the difference ?
Winner:- Eddie13
Question #3:
When a node receives a block, what does it check for to verify the validity of transactions within it?
What are these checked against?
Answer:
Winner:- Fazlurkhan.kz
Question #4:
Does Bitcoin have an adaquete solution to the Byzantine Generals problem?
Why not or what is it?
Answer:
Winner:- Betwrong
Question #5:
Did Satoshi write the Bitcoin Whitepaper or write the code for Bitcoin first?
Why did he choose the one he did to do first?
Answer:
Winner:- buwaytress
Question #6:
In Satoshi's old e-mails they imply that handling as many transactions as Visa should not be a problem.
What does this imply about the development of Bitcoin?
Specifically, what is one parameter that would need to be changed and to what value to accommodate such heavy transaction flow?
Answer:
Winner: Wheelige
Question #7:
What is the Difference Between a Blockchain and a Database?
Answer:
Winner: ridertiger
Question #8:
How exactly does a 51% attack work?
Answer:
Source: How exactly would a 51% attack work?
Winner:bitmover
Question #9:
A bitcoin transaction with 6 confirmations is usually considered to be secure. Why is it so?
Answer:
Winner: nalinpuri
Question #10:
What are bitcoin days destroyed?
Answer:
Winner: bitmover
Question #11:
What does double spend mean?
Answer:
Winner: Oulay
Answer:
Code:
The bitcoin mempool is where unconfirmed transactions are stored.
It's a set of all the transactions that have been broadcast but have not yet been added to a block by a miner.
Every node has its own transaction relay policy so there is no definite mempool, but different mempools for different nodes.
It's a set of all the transactions that have been broadcast but have not yet been added to a block by a miner.
Every node has its own transaction relay policy so there is no definite mempool, but different mempools for different nodes.
Winner:- Xynerise and hugeblack
Question #2: What is a legacy address? What is segwit address? What is the difference between these two addresses?
Answer:
Code:
Legacy means that you will be using addresses of the form 1...
Segwit means that you will be using addresses of the form 3... or bc1... (one is for P2SH nested segwit and the other is for native segwit).
Note that 3... addresses are for P2SH addresses in general and are not just for segwit.
bc1... addresses are for segwit specifically but not all wallets support it yet.*
*Credit: achow101Segwit means that you will be using addresses of the form 3... or bc1... (one is for P2SH nested segwit and the other is for native segwit).
Note that 3... addresses are for P2SH addresses in general and are not just for segwit.
bc1... addresses are for segwit specifically but not all wallets support it yet.*
Source: Legacy vs Segwit wallets. Whats the difference ?
Winner:- Eddie13
Question #3:
When a node receives a block, what does it check for to verify the validity of transactions within it?
What are these checked against?
Answer:
Code:
It checks the signatures of the transaction against previous blocks.
Winner:- Fazlurkhan.kz
Question #4:
Does Bitcoin have an adaquete solution to the Byzantine Generals problem?
Why not or what is it?
Answer:
Code:
Yes, Bitcoin does have a solution and it is called the proof-of-work algorithm.
So to alter "the message" (a block of transactions in our case) as in the classic Byzantine Generals problem and to make it look authentic by guessing a new nonce, one would need to use more Hash Power than the entire network.
Since the current Hash Rate is around 23 million TH/s, to achieve that they would need to buy 1.5 million of Antminer S9.
So to alter "the message" (a block of transactions in our case) as in the classic Byzantine Generals problem and to make it look authentic by guessing a new nonce, one would need to use more Hash Power than the entire network.
Since the current Hash Rate is around 23 million TH/s, to achieve that they would need to buy 1.5 million of Antminer S9.
Winner:- Betwrong
Question #5:
Did Satoshi write the Bitcoin Whitepaper or write the code for Bitcoin first?
Why did he choose the one he did to do first?
Answer:
Code:
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 I will be able to release the code
sooner than I could write a detailed spec. [i]-Satoshi[/i]
write all the code before I could convince myself that I could solve every
problem, then I wrote the paper. I think I will be able to release the code
sooner than I could write a detailed spec. [i]-Satoshi[/i]
Winner:- buwaytress
Question #6:
In Satoshi's old e-mails they imply that handling as many transactions as Visa should not be a problem.
What does this imply about the development of Bitcoin?
Specifically, what is one parameter that would need to be changed and to what value to accommodate such heavy transaction flow?
Answer:
Code:
Satoshi implies that handling the amount of transactions that Visa processes should not be a problem in time because it was expected that computing power would keep pace with network and transaction growth.
There were concerns with blocksize limits at the time because the bigger they got the more power that would be required with both upload steams (to broadcast to the network) and computing power (to process the transactions).
The blocklimit was set so that mining operations could not out-power single person operations.
Satoshi's emails re transaction processing imply that higher block limits were anticipated and were an expected development of bitcoin.
This is controversial as a number of people see off chain scaling as a better method instead of increasing block size.
At 150,000,000 transactions a day that makes 1,041,667 per block (given it can be mined in 10m), and with a transcation size of around 1kb it would need to be just over 1gb.
My understanding is that upload/download speeds should be able to keep pace with this size.
There were concerns with blocksize limits at the time because the bigger they got the more power that would be required with both upload steams (to broadcast to the network) and computing power (to process the transactions).
The blocklimit was set so that mining operations could not out-power single person operations.
Satoshi's emails re transaction processing imply that higher block limits were anticipated and were an expected development of bitcoin.
This is controversial as a number of people see off chain scaling as a better method instead of increasing block size.
At 150,000,000 transactions a day that makes 1,041,667 per block (given it can be mined in 10m), and with a transcation size of around 1kb it would need to be just over 1gb.
My understanding is that upload/download speeds should be able to keep pace with this size.
Winner: Wheelige
Question #7:
What is the Difference Between a Blockchain and a Database?
Answer:
Code:
A database is online, but it is kept there by a server computer, so it is centralized by definition.
If I have a database, I control it and I can manipulate it as I see fit. It can be hacked or changed by others.
A blockchain is decentralized, and it is on hundreds or thousands of computers, based on the popularity of the blockchain.
Some, such as bitcoin blockchain is very popular due to the high price, and some others are not so.
Blockchain is an immutable public ledger and it cannot be hacked, modified, stolen or manipulated.
If you own 51 percent of the blockchain though, then it could be a problem as they can all pool and do something nasty with that.
If I have a database, I control it and I can manipulate it as I see fit. It can be hacked or changed by others.
A blockchain is decentralized, and it is on hundreds or thousands of computers, based on the popularity of the blockchain.
Some, such as bitcoin blockchain is very popular due to the high price, and some others are not so.
Blockchain is an immutable public ledger and it cannot be hacked, modified, stolen or manipulated.
If you own 51 percent of the blockchain though, then it could be a problem as they can all pool and do something nasty with that.
Winner: ridertiger
Question #8:
How exactly does a 51% attack work?
Answer:
Code:
If I had 51%, I could mine a chain of blocks in which I transfer all my coins to my personal wallet.
I'd mine this chain about 10 long, but not tell the rest of the network.
At the same time, I convert all my coins to dollars on the exchange and withdraw them. This happens on the normal blockchain.
After my withdrawal has gone through. the normal blockchain is about 9 long, while my blockchain is 10 long.
I announce all my blocks to the network, and lo and behold, the network confirms I am right.
But dollars can't be reverted! So the exchange takes a loss.
Instead of the exchange, I could do this with buying anything for bitcoins.
If this happens a few times, it will probably kill bitcoin, or at least hurt the trust in the system severely.*
*Credit: BTCuriousI'd mine this chain about 10 long, but not tell the rest of the network.
At the same time, I convert all my coins to dollars on the exchange and withdraw them. This happens on the normal blockchain.
After my withdrawal has gone through. the normal blockchain is about 9 long, while my blockchain is 10 long.
I announce all my blocks to the network, and lo and behold, the network confirms I am right.
But dollars can't be reverted! So the exchange takes a loss.
Instead of the exchange, I could do this with buying anything for bitcoins.
If this happens a few times, it will probably kill bitcoin, or at least hurt the trust in the system severely.*
Source: How exactly would a 51% attack work?
Winner:bitmover
Question #9:
A bitcoin transaction with 6 confirmations is usually considered to be secure. Why is it so?
Answer:
Code:
With one confirmation you are vulnerable to the 51% attack. There could also be a miner with a lot of hashing power who could get a couple blocks in a row, so three confirmations removes most of them.
With six confirmations it is essentially mathematically impossible for an attacker with less than 51% of all mining capacity to get six blocks in a row. and still surpass the longest block chain. With 51% or a lot more than 51% the attacker can get six confirmations by creating a parallel blockchain in which only transactions approved by the attacker get included in blocks.
Therefore 6 confirmations are needed to prevent the attack from attacker.
With six confirmations it is essentially mathematically impossible for an attacker with less than 51% of all mining capacity to get six blocks in a row. and still surpass the longest block chain. With 51% or a lot more than 51% the attacker can get six confirmations by creating a parallel blockchain in which only transactions approved by the attacker get included in blocks.
Therefore 6 confirmations are needed to prevent the attack from attacker.
Winner: nalinpuri
Question #10:
What are bitcoin days destroyed?
Answer:
Code:
Bitcoin days destroyed is another way to measure bitcoin trading volume, in a more significant way.
This idea was created because 1 bitcoin could be sent thousand times a day, to create a false high volume.
The idea behind Bitcoin days destroyed is to consider in the trading volume equation the number of days each bitcoin has not moved from that address.
So if you have 1 bitcoin that has not moved in the last 100 days, when it move to another address it would have the same weight in the volume as 100 bitcoin that were transferred yesterday.
This equation would give a more precise value for bitcoin volume and economic activity as it cannot be manipulated by whales.
This idea was created because 1 bitcoin could be sent thousand times a day, to create a false high volume.
The idea behind Bitcoin days destroyed is to consider in the trading volume equation the number of days each bitcoin has not moved from that address.
So if you have 1 bitcoin that has not moved in the last 100 days, when it move to another address it would have the same weight in the volume as 100 bitcoin that were transferred yesterday.
This equation would give a more precise value for bitcoin volume and economic activity as it cannot be manipulated by whales.
Winner: bitmover
Question #11:
What does double spend mean?
Answer:
Code:
Double spend is to spend the same coins in 2 different transactions. It's mostly attempted when the 1st transaction doesn't have any confirmations yet, because it becomes much harder to successfully do a double spend after each confirmation.
Double spend is usually attempted when someone makes a transaction by mistake, when a transaction gets stuck because of a low fee, or of course for fraud.
There are several ways to attempt a double spend, what I know of them:
Including a higher fee in the 2nd transaction (the one you want to get it confirmed faster), asking a miner to include your transaction in the next block, these two methods work for unconfirmed transactions.
Double spend can also happen in 51% attacks or similar attacks where the attacker has high hash power. In this case the 1st transaction could have a couple of confirmations and still get reversed. Though this kind of double spend is not worth it unless the amount of transaction is so high.
Double spend is usually attempted when someone makes a transaction by mistake, when a transaction gets stuck because of a low fee, or of course for fraud.
There are several ways to attempt a double spend, what I know of them:
Including a higher fee in the 2nd transaction (the one you want to get it confirmed faster), asking a miner to include your transaction in the next block, these two methods work for unconfirmed transactions.
Double spend can also happen in 51% attacks or similar attacks where the attacker has high hash power. In this case the 1st transaction could have a couple of confirmations and still get reversed. Though this kind of double spend is not worth it unless the amount of transaction is so high.
Winner: Oulay
February 17, 2018, 03:49:36 PM
Hey everyone,
Bill gator and I decided to start up Q/A contest wherein users can answer the questions we ask about bitcoin. Fair discussions are appreciated. This is only because we want to encourage users to learn more about bitcoin,and encourage them to make quality posts subsequently helping them to receive merits and rank up.
Suggestions appreciated.
How to participate in the contest:
1) Me or Bill gator will ask questions related to bitcoin.
2) Users shall answer the question and they may research and answer if they want.
3) The first correct answer will be counted and that user may receive merit based on how their answer is.
4) The post quality shall be reviewed and if you're a quality poster you may even receive more merits.
NOTE:If either one of us run out of merits,the thread shall be locked temporarily.
Rules:
1. No spamming/posting off-topic replies,otherwise your posts shall be deleted.
2. Users may not enroll with alts,anyone found with using alts,their posts will be deleted and even if the answers are correct,it shall become invalid.
3. Don't pm me or bill gator begging for merits.
4. Wrong answers and repetitive answers shall be deleted. Any means to farm merit shall not be tolerated.
5. If you spam too much you shall be put on ignore and all your posts will be deleted.Not reading the OP and blatantly posting something will get your post deleted.
6. No Bitcoincash shills.
7. If you have any questions that you want us to ask,feel free to PM us.
8. This shall only be related to bitcoin since this is a Bitcoin Forum.
9. If a user answers a question correct or is granted merits in another way from this thread then he will not attempt the next question.
10. No editing your posts after giving your initial answer. Making edits will disqualify your answer.
11.Plagiarizing or copy pasting content from various sources is NOT allowed. Rephrasing such content is also not allowed.
NOTE: I'll take 24-48 hours to update the thread,so don't worry. All users who gave correct answers would get merited soon.
Let's hop right into it then.
Bill gator and I decided to start up Q/A contest wherein users can answer the questions we ask about bitcoin. Fair discussions are appreciated. This is only because we want to encourage users to learn more about bitcoin,and encourage them to make quality posts subsequently helping them to receive merits and rank up.
Suggestions appreciated.
How to participate in the contest:
1) Me or Bill gator will ask questions related to bitcoin.
2) Users shall answer the question and they may research and answer if they want.
3) The first correct answer will be counted and that user may receive merit based on how their answer is.
4) The post quality shall be reviewed and if you're a quality poster you may even receive more merits.
NOTE:
Rules:
1. No spamming/posting off-topic replies,otherwise your posts shall be deleted.
2. Users may not enroll with alts,anyone found with using alts,their posts will be deleted and even if the answers are correct,it shall become invalid.
3. Don't pm me or bill gator begging for merits.
4. Wrong answers and repetitive answers shall be deleted. Any means to farm merit shall not be tolerated.
5. If you spam too much you shall be put on ignore and all your posts will be deleted.Not reading the OP and blatantly posting something will get your post deleted.
6. No Bitcoincash shills.
7. If you have any questions that you want us to ask,feel free to PM us.
8. This shall only be related to bitcoin since this is a Bitcoin Forum.
9. If a user answers a question correct or is granted merits in another way from this thread then he will not attempt the next question.
10. No editing your posts after giving your initial answer. Making edits will disqualify your answer.
11.Plagiarizing or copy pasting content from various sources is NOT allowed. Rephrasing such content is also not allowed.
NOTE: I'll take 24-48 hours to update the thread,so don't worry. All users who gave correct answers would get merited soon.
Let's hop right into it then.
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