can you see it? two spaces after a sentence already. not beetween two words. a habbit of both of them.
Well, difficulty is a real number, its not a referance number
I fully agree that we need a more "human interpretable" form of a difficulty stat, Telling someone that the difficulty is 7,673,000 and that its going to rise up around by 1-2million more Really doesnt mean much to them, its just confusing to hear that "a bitcoin is now 7673000x harder to get than it was when it was first released" it really doesnt tell us much.
Right thats approximately meaningless. Now the original or minimal difficulty is 2^32 so 7,673,000 x 2^32 is approx 2^55. How easy is that in comparison because 7,673,000 ~ 2^23. (I guess I must've mistranslated it before 55 not 52 bits)
And when you see a bitcoin in hex (like with hashcash because that is what the coin is) you can visually *see* those 55 bits. This is the latest hash from the block explorer:
http://blockexplorer.com/block/00000000000000e3d3268e05a9901759c1452590d0838a80aeb8abaea59f1e9fand bingo I can count 0s (14 of them) multiply by 4 (bits per hex nibble) and I know that is a 56bit hashcash collision. (You get lucky and an extra 1 bit half the time, 2 bits 1/2 time etc).
Adam
Hi
Digging myself out of the newbie jail. But a real question - why is difficulty not expressed in bits?
With hashcash I always used eg 20bits. I think bitcoin is currently at 52. As bitcoin mining is hashcash mining plus an extension to allow fractional bits (rather than to find k 0 bits, to find a number < 2^k where can be fractional).
But its hard to be 100% certain if I even correctly converted that because this page is unnecessarily complex for a very simple actual problem:
https://en.bitcoin.it/wiki/Difficultyand bits are very easy to read. If one looks at the hash output in hex just multiply the leading 0s by 4 (and the next nibble figure out if it is >7 = 4 bits, > 3 = 3 bits, > 1 = 2 bits and 1 = 1 bit (and obviously 0 would be another leading 0). QED trivial, human comprehensible difficulty that can be handchecked. That was part of the design aim for hashcash to simplify the computational, programming and human verification.
Adam
additional block chains would each create their own flavor of coins, which would trade with bitcoins on exchanges? These chain-specific coins would be used to reward miners on those chains, and to purchase some kinds of rights or privileges within the domain of that chain?
Right, the exchange rate between domains and bitcoins would float.
A longer interval than 10 minutes would be appropriate for BitDNS.
So far in this discussion there's already a lot of housekeeping data required. It will be much easier if you can freely use all the space you need without worrying about paying fees for expensive space in Bitcoin's chain. Some transactions:
Changing the IP record.
Name change. A domain object could entitle you to one domain, and you could change it at will to any name that isn't taken. This would encourage users to free up names they don't want anymore. Generated domains start out blank and the miner sells it to someone who changes it to what they want.
Renewal. Could be free, or maybe require consuming another domain object to renew. In that case, domain objects (domaincoins?) could represent the right to own a domain for a year. The spent fee goes to the miners in the next block fee.