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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Do hacks, scams, drug dealings, and other illegal activies create a subsection of dirty coins that will never make it back to bitcoin exchanges and thus will never influence the price of bitcoin once removed from the clean bitcoin pool?
In stocks, there are restricted shares and free trading shares. Exactly how it sounds restricted shares can not be sold. My question is once a bitcoin becomes used for criminal activity does the bitcoin become similar to restricted share and removed from the free trading basket? Example John buys $100 of bitcoin from a exchange and send them to drug dealer. The drug dealer cashes them out via non-exchange method such as cash by mail or cash in person. These cash transaction would not effect the price on the exchange and would likely be bought by someone who values privacy. In this example $100 of free trading bitcoin would become restricted coins...... Or do somehow these coins eventually make their way back to the trading exchanges? tl;dr once bitcoins enter the black market economy they are removed from the free trading float and become restricted, right? bullish
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So, if I understand it correctly, right now the 3 largest bitcoin mining pools have more than 50% hash power. Does it mean that hacking all 3 of them could collapse the integrity of the network? How does it work? Is there any protection in place?
F2Pool, largest bitcoin pool on 20mb blocks (revisiting old news here).
I was just reading back over this mailing list thread where a F2Pool representative explained to Gavin why 20MB blocks wouldn't work for them.
If someone propagate a 20MB block, it will take at best 6 seconds for us to receive to verify it at current configuration, result of one percent orphan rate increase. Or, we can mine the next block only on the previous block's header, in this case, the network would see many more transaction-less blocks. Our orphan rate is about 0.5% over the past few months. If the network floods 20MB blocks, it can be well above 2%. Besides bandwidth, A 20MB block could contain an average of 50000 transactions, hundred of thousands of sigops, Do you have an estimate how long it takes on the submitblock rpccall? For references, our 30Mbps bandwidth in Beijing costs us 1350 dollars per month. We also use Aliyun and Linode cloud services for block propagation. As of May 2015, the price is 0.13 U.S. dollars per GB for 100Mbps connectivity at Aliyun. For a single cross-border TCP connection, it would be certainly far slower than 12.5 MB/s. I think we can accept 5MB block at most.
When people talk about low bandwidth miners being vulnerable to attack by large blocks, that remark by F2Pool I believe is what spawned the concern. It didn't seem like that big of a deal to me, 6 seconds? And then I realized, F2Pool, in addition to being the largest bitcoin pool, is also the largest litecoin and dogecoin mining pool. Litecoin has 2.5min blocks, bandwidth equivalent to 4MB max block size in bitcoin, and dogecoin has 1min blocks, equivalent to 10MB max block size. I just wonder if they might have been taking into account block flooding by those two networks in their bandwidth concern for this attack vector as well. If someone wanted to attack them by flooding big blocks they could do it extra effectively (and cheaply) by using those two coins, they already have potentially 14MB worth of block and transaction spam every 10min to worry about. Just something I hadn't considered before, thought I'd share.
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