[ANN][FAIR] FairCoin - for a fair economy, featuring proof-of-cooperation - page 95.

matthewh3

legendary

Activity: 1372

Merit: 1003

Quote from: Anduril_FotW on May 06, 2015, 11:10:10 AM

Quote from: matthewh3 on May 06, 2015, 09:12:03 AM

Quote from: matthewh3 on May 06, 2015, 09:08:02 AM

Quote from: Anduril_FotW on May 06, 2015, 08:18:50 AM

Quote from: matthewh3 on May 06, 2015, 06:26:38 AM

The following Bitcoin wiki page helps explain transaction change addresses more -

Quote

https://en.bitcoin.it/wiki/Change - The wallet file contains the private keys for change addresses, and they can receive and send coins normally. However, the GUI in the default client does not display them in the address book, therefore a recommendation is to backup wallet.dat every 50 transactions.

Aha, ok, I understand ! Thank you for explaining Cheesy

So every transaction/ minting action will cause my wallet to create a new adress from an initial pool of 100 adresses.
Once these are all used, the wallet creates 100 new ones and these will need to be included in the backup by creating a new backup at that time.
So for for all my wallet.dat files of coins that I hardly ever use, I am luckily still save Cool

Thanks for notifying us of this ! Cool

I'm not sure if the minting transactions count towards the total fifty transactions. As they are incoming transactions only so new change addresses should never need to be created in your wallet. AFAIK, it's only after every fifty outgoing transactions that you need to make a fresh copy of your wallet.dat

Jack Liver

legendary

Activity: 1981

Merit: 1039

in coin control features you can set a custom change address and use always that one, this isn't ideal for security but allows to not worry about backups.

deterministic wallets like electrum can be a solution for security and carefree backups

Anduril_FotW

sr. member

Activity: 413

Merit: 250

Quote from: matthewh3 on May 06, 2015, 09:12:03 AM

Quote from: matthewh3 on May 06, 2015, 09:08:02 AM

Quote from: Anduril_FotW on May 06, 2015, 08:18:50 AM

Quote from: matthewh3 on May 06, 2015, 06:26:38 AM

Also alfmad, you will need to make a new copy of the wallet.dat after using the wallet a few times even if you don't create any new wallet addresses yourself. And by using the wallet I mean sending funds plus also yes every time you create a new wallet address. As if FairCoin wallet is the same as Bitcoin one it creates a new change address after every 100 outgoing transactions iirc. You could also back your wallet.dat up in the cloud once you have encrypted your wallet. Like in a free Dropbox, Google Drive or SpiderOak account. In case your USB stick is ever lost or damaged.

Uhhh, what ?? Is this true Huh

if yes then this is completely new to me.
I was under the impression that a backup of the wallet.dat file is a backup that can ALWAYS be restored.
But now I understand that you have to make regular copies ( Huh

)
Can you please explain why this is so ? And if I just have my initial backup, what will happen if I restore after I've done alot of transactions ?

A wallet.dat can always be restored. Although I think for Bitcoin and most clones the wallet creates a new change address for transactions. At least every 100 transactions. As when you make a TX all of the coin at an address that is not needed to fulfill the transaction is returned to you as part of the same transaction. So you only need to do new backups of your wallet.dat when creating new wallet addresses. Or if the wallet gets used for sending lots of transactions.

The following Bitcoin wiki page helps explain transaction change addresses more -

Quote

https://en.bitcoin.it/wiki/Change - The wallet file contains the private keys for change addresses, and they can receive and send coins normally. However, the GUI in the default client does not display them in the address book, therefore a recommendation is to backup wallet.dat every 50 transactions.

Aha, ok, I understand ! Thank you for explaining Cheesy

So every transaction/ minting action will cause my wallet to create a new adress from an initial pool of 100 adresses.
Once these are all used, the wallet creates 100 new ones and these will need to be included in the backup by creating a new backup at that time.
So for for all my wallet.dat files of coins that I hardly ever use, I am luckily still save Cool

Thanks for notifying us of this ! Cool

thokon00

full member

Activity: 187

Merit: 100

FairCoin Core Developer

Quote from: matthewh3 on May 06, 2015, 09:12:03 AM

Quote from: matthewh3 on May 06, 2015, 09:08:02 AM

Quote from: Anduril_FotW on May 06, 2015, 08:18:50 AM

Quote from: matthewh3 on May 06, 2015, 06:26:38 AM

Also alfmad, you will need to make a new copy of the wallet.dat after using the wallet a few times even if you don't create any new wallet addresses yourself. And by using the wallet I mean sending funds plus also yes every time you create a new wallet address. As if FairCoin wallet is the same as Bitcoin one it creates a new change address after every 100 outgoing transactions iirc. You could also back your wallet.dat up in the cloud once you have encrypted your wallet. Like in a free Dropbox, Google Drive or SpiderOak account. In case your USB stick is ever lost or damaged.

Uhhh, what ?? Is this true Huh

if yes then this is completely new to me.
I was under the impression that a backup of the wallet.dat file is a backup that can ALWAYS be restored.
But now I understand that you have to make regular copies ( Huh

)
Can you please explain why this is so ? And if I just have my initial backup, what will happen if I restore after I've done alot of transactions ?

A wallet.dat can always be restored. Although I think for Bitcoin and most clones the wallet creates a new change address for transactions. At least every 100 transactions. As when you make a TX all of the coin at an address that is not needed to fulfill the transaction is returned to you as part of the same transaction. So you only need to do new backups of your wallet.dat when creating new wallet addresses. Or if the wallet gets used for sending lots of transactions.

The following Bitcoin wiki page helps explain transaction change addresses more -

Quote

https://en.bitcoin.it/wiki/Change - The wallet file contains the private keys for change addresses, and they can receive and send coins normally. However, the GUI in the default client does not display them in the address book, therefore a recommendation is to backup wallet.dat every 50 transactions.

hi,

Just wanted to add that if you're using our Android wallet (https://fair.to/androidwallet) or the forthcoming Electrum wallet one backup is enough because these are both HD wallets (https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki)

regs
Thomas

matthewh3

legendary

Activity: 1372

Merit: 1003

Quote from: matthewh3 on May 06, 2015, 09:08:02 AM

Quote from: Anduril_FotW on May 06, 2015, 08:18:50 AM

Quote from: matthewh3 on May 06, 2015, 06:26:38 AM

Also alfmad, you will need to make a new copy of the wallet.dat after using the wallet a few times even if you don't create any new wallet addresses yourself. And by using the wallet I mean sending funds plus also yes every time you create a new wallet address. As if FairCoin wallet is the same as Bitcoin one it creates a new change address after every 100 outgoing transactions iirc. You could also back your wallet.dat up in the cloud once you have encrypted your wallet. Like in a free Dropbox, Google Drive or SpiderOak account. In case your USB stick is ever lost or damaged.

Uhhh, what ?? Is this true Huh

if yes then this is completely new to me.
I was under the impression that a backup of the wallet.dat file is a backup that can ALWAYS be restored.
But now I understand that you have to make regular copies ( Huh

)
Can you please explain why this is so ? And if I just have my initial backup, what will happen if I restore after I've done alot of transactions ?

A wallet.dat can always be restored. Although I think for Bitcoin and most clones the wallet creates a new change address for transactions. At least every 100 transactions. As when you make a TX all of the coin at an address that is not needed to fulfill the transaction is returned to you as part of the same transaction. So you only need to do new backups of your wallet.dat when creating new wallet addresses. Or if the wallet gets used for sending lots of transactions.

The following Bitcoin wiki page helps explain transaction change addresses more -

Quote

https://en.bitcoin.it/wiki/Change - The wallet file contains the private keys for change addresses, and they can receive and send coins normally. However, the GUI in the default client does not display them in the address book, therefore a recommendation is to backup wallet.dat every 50 transactions.

matthewh3

legendary

Activity: 1372

Merit: 1003

Quote from: Anduril_FotW on May 06, 2015, 08:18:50 AM

Quote from: matthewh3 on May 06, 2015, 06:26:38 AM

Also alfmad, you will need to make a new copy of the wallet.dat after using the wallet a few times even if you don't create any new wallet addresses yourself. And by using the wallet I mean sending funds plus also yes every time you create a new wallet address. As if FairCoin wallet is the same as Bitcoin one it creates a new change address after every 100 outgoing transactions iirc. You could also back your wallet.dat up in the cloud once you have encrypted your wallet. Like in a free Dropbox, Google Drive or SpiderOak account. In case your USB stick is ever lost or damaged.

Uhhh, what ?? Is this true Huh

if yes then this is completely new to me.
I was under the impression that a backup of the wallet.dat file is a backup that can ALWAYS be restored.
But now I understand that you have to make regular copies ( Huh

)
Can you please explain why this is so ? And if I just have my initial backup, what will happen if I restore after I've done alot of transactions ?

A wallet.dat can always be restored. Although I think for Bitcoin and most clones the wallet creates a new change address for transactions. At least every 100 transactions. As when you make a TX all of the coin at an address that is not needed to fulfill the transaction is returned to you as part of the same transaction. So you only need to do new backups of your wallet.dat when creating new wallet addresses. Or if the wallet gets used for sending lots of transactions.

Anduril_FotW

sr. member

Activity: 413

Merit: 250

Quote from: matthewh3 on May 06, 2015, 06:26:38 AM

Also alfmad, you will need to make a new copy of the wallet.dat after using the wallet a few times even if you don't create any new wallet addresses yourself. And by using the wallet I mean sending funds plus also yes every time you create a new wallet address. As if FairCoin wallet is the same as Bitcoin one it creates a new change address after every 100 outgoing transactions iirc. You could also back your wallet.dat up in the cloud once you have encrypted your wallet. Like in a free Dropbox, Google Drive or SpiderOak account. In case your USB stick is ever lost or damaged.

Uhhh, what ?? Is this true Huh

if yes then this is completely new to me.
I was under the impression that a backup of the wallet.dat file is a backup that can ALWAYS be restored.
But now I understand that you have to make regular copies ( Huh

)
Can you please explain why this is so ? And if I just have my initial backup, what will happen if I restore after I've done alot of transactions ?

smartaction

legendary

Activity: 1918

Merit: 1122

Leading Crypto Sports Betting & Casino Platform

5000 shops in mexico are available to buy bitcoin today. with chip chap
https://twitter.com/annlionne/status/595921633677856768

In some days this shops will be available also to buy faircoin Grin

alfmad

brand new

Activity: 0

Merit: 0

Just found a 13 pages MEGA article about Faircoin and Faircoop in Vice Magazine UK, you can find the online version here:

http://www.vice.com/en_uk/read/be-the-bank-you-want-to-see-in-the-world-0000626-v22n4

matthewh3

legendary

Activity: 1372

Merit: 1003

Quote from: thokon00 on May 06, 2015, 03:13:22 AM

Quote from: alfmad on May 06, 2015, 02:58:06 AM

Just bought a few thousands of Faircoin and I am a bit worried about security since this is my first wallet and first time I ever buy a virtual coin. The main problem I see, cause I use a wallet to keep my coins if I lose the data in my computer by any reason.

I am saving the wallet.data file in an external USB storage and I am just wondering if I lose my computer files, it will be enough to keep this .data file to recover my wallet with a new Faircoin software installation? Do I need to keep anything else?

Regards & congratulations for your work

Welcome alfmad,

if you keep a backup of your wallet.dat file you are safe. This file contains all you private data. But make sure have it encrypted!
If you haven't done so, you can encrypt it by opening your wallet and go to the menu and choose Settings -> Encrypt wallet...

Choose a good password with at least 8 better 10 characters.

For more information see here: https://fair-coin.org/#backup

regs
Thomas

Also alfmad, you will need to make a new copy of the wallet.dat after using the wallet a few times even if you don't create any new wallet addresses yourself. And by using the wallet I mean sending funds plus also yes every time you create a new wallet address. As if FairCoin wallet is the same as Bitcoin one it creates a new change address after every 100 outgoing transactions iirc. You could also back your wallet.dat up in the cloud once you have encrypted your wallet. Like in a free Dropbox, Google Drive or SpiderOak account. In case your USB stick is ever lost or damaged.

smartaction

legendary

Activity: 1918

Merit: 1122

Leading Crypto Sports Betting & Casino Platform

Quote from: alfmad on May 06, 2015, 05:37:04 AM

Just found a 13 pages MEGA article about Faircoin and Faircoop in Vice Magazine UK, you can find the online version here:

http://www.vice.com/en_uk/read/be-the-bank-you-want-to-see-in-the-world-0000626-v22n4

Yeah, i know well this article Cheesy

it was firstly published in the US section april 7

Also you can get spanish, portuguese, french and catalan translation here
https://www.oximity.com/article/A-la-fuga-con-el-ladr%C3%B3n-de-bancos-1

alfmad

brand new

Activity: 0

Merit: 0

Just bought a few thousands of Faircoin and I am a bit worried about security since this is my first wallet and first time I ever buy a virtual coin. The main problem I see, cause I use a wallet to keep my coins if I lose the data in my computer by any reason.

I am saving the wallet.data file in an external USB storage and I am just wondering if I lose my computer files, it will be enough to keep this .data file to recover my wallet with a new Faircoin software installation? Do I need to keep anything else?

Regards & congratulations for your work

thokon00

full member

Activity: 187

Merit: 100

FairCoin Core Developer

Quote from: alfmad on May 06, 2015, 02:58:06 AM

Just bought a few thousands of Faircoin and I am a bit worried about security since this is my first wallet and first time I ever buy a virtual coin. The main problem I see, cause I use a wallet to keep my coins if I lose the data in my computer by any reason.

I am saving the wallet.data file in an external USB storage and I am just wondering if I lose my computer files, it will be enough to keep this .data file to recover my wallet with a new Faircoin software installation? Do I need to keep anything else?

Regards & congratulations for your work

Welcome alfmad,

if you keep a backup of your wallet.dat file you are safe. This file contains all you private data. But make sure have it encrypted!
If you haven't done so, you can encrypt it by opening your wallet and go to the menu and choose Settings -> Encrypt wallet...

Choose a good password with at least 8 better 10 characters.

For more information see here: https://fair-coin.org/#backup

regs
Thomas

smartaction

legendary

Activity: 1918

Merit: 1122

Leading Crypto Sports Betting & Casino Platform

As you see in twitter, faircoin is trending in spanish social media after the news of last days

lots of different tweets today
https://twitter.com/hashtag/faircoin

Frontpage in the famous spanish reddit style www.meneame.net
https://www.meneame.net/story/faircoin-criptomoneda-robin-hood-catalan-expropiaba-bancos/

And the original article http://www.eldiario.es/hojaderouter/internet/Faircoin-criptomoneda-Robin_Hood-Enric_Duran_0_382162478.html
has been shared more than 1300 times in facebook

This is looking really good

suggestions to became so trending in other countries are welcome Wink

Zombie123

legendary

Activity: 868

Merit: 1000

Quote from: deepcreek on May 05, 2015, 02:36:06 PM

Quote from: idandeal on May 04, 2015, 07:07:46 PM

60 week ago, There were 50M coins, and now have 51.5M.
I'm don't understand. at this rate, in 100 years there will be lots and lots of coins, then the value can't grow...
true?

dont worry, if this coin is still relevant in 100 years. even 20 years. I think we can all retire.

We can retire when 1FAC = 1$ and thats not too far away :p

Jamil.Kamil

full member

Activity: 154

Merit: 100

Nothing is completely Fair in this world except FAIR...😊

deepcreek

member

Activity: 79

Merit: 10

Quote from: idandeal on May 04, 2015, 07:07:46 PM

60 week ago, There were 50M coins, and now have 51.5M.
I'm don't understand. at this rate, in 100 years there will be lots and lots of coins, then the value can't grow...
true?

dont worry, if this coin is still relevant in 100 years. even 20 years. I think we can all retire.

Jack Liver

legendary

Activity: 1981

Merit: 1039

i made some calculations if next year every coin stake at 3% there would be approximately 53M for the following 98 years if every coin stake at 1,5% the total will be approximately 230M Grin

i'm more worried about of 0,001 fee Cheesy

smartaction

legendary

Activity: 1918

Merit: 1122

Leading Crypto Sports Betting & Casino Platform

Quote from: idandeal on May 04, 2015, 07:07:46 PM

60 week ago, There were 50M coins, and now have 51.5M.
I'm don't understand. at this rate, in 100 years there will be lots and lots of coins, then the value can't grow...
true?

This is less than 3% by year. Which is very less than the % growing of the bitcoin supply. from the beginning

You have seen what happened with the bitcoin value from the beginning ?

So, conclusion nothing to do... Cheesy

Anyway related the future it will depen of waht we decide as a community, the current configuration could change in benefit of the aims of faircoin and faircoop

Jack Liver

legendary

Activity: 1981

Merit: 1039

first year 6% mean that potentially we could have 53M coins instead of current 51.5M now the PoS is 3% and next year will be 1,5% and so every year, but keep in mind than not all the faircoins stake especially if are used.

Topic: [ANN][FAIR] FairCoin - for a fair economy, featuring proof-of-cooperation - page 95. (Read 376780 times)