14 Feb 10
I'm sure there are lots of chess players who are also avid mathematicians. Have you seen http://www.bitcoin.org/ ? It's an experiment in creating a stable long-term digital currency capable of substituting, potentially, all other currencies. It works on a peer-to-peer basis, with all transactions (including the generation of coins) being verified by the 'cloud' before acceptance; the details (coin id, seller id, buyer id) of all prior transactions is hashed onto a continuously growing chain of data; before accepting a coin in payment, a seller must check against the chain that the coin hasn't already been spent.
Comments please.
14 Feb 10
Originally posted by fergalish.........please excuse my enthusiasm,....... but if you won a lottery, would that constitute a bit torrent?
Have you seen http://www.bitcoin.org/ ? It's an experiment in creating a stable long-term digital currency capable of substituting, potentially, all other currencies. It works on a peer-to-peer basis, with all transactions (including the generation of coins) being verified by the 'cloud' before acceptance;..... all prior transactions is hashed onto a continuously growing chain of data; ........
15 Feb 10
Originally posted by zeeblebotWell, my computer has so far generated a couple of hundred bitcoins - if bitcoins take over the world, that means I'll have at least 0.001% of the world's wealth :-) At the moment, I can't find anything worthwhile to buy with them, though there is an exchange that would pay me about $1 for all my coins, if only I had a paypal account.
the FAQ says to backup my Bitcoin wallet to avoid losing the funds in it.
if something bad happens in between the time i receive a large transaction and the time i back up my wallet, i could be hosed.
I can't say anything about how it works, or about backing up your wallet. I'm not a developer. Though it seems to me that your wallet really only needs to store your public/private keypairs. You should be able to reclaim your lost wealth simply by examining the proof-of-work chain and searching for your public key, right?