If there was a period of time with no transactions, what would miners have to do?

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Read our first The DAO Heist FAQ here.

Summary: all Ether is temporarily locked in waiting periods in DAO contracts. A hard fork will likely be implemented and put all of The DAO’s Ether into a simple withdraw contract.

What is the current situation?
Currently all ETH in The DAO ecosystem is stuck in child DAOs that are now in the creation period. This means that currently no ETH can move.

What will happen next?
There are two main options: do nothing or implement a hard fork. The previous third option of a soft fork had some problems that made it dangerous to execute.

[caption id=”attachment_1776" align=”alignright” width=”480"]

Miner support for the soft fork tumbled after the DoS attack vector was discovered.[/caption]

What was the proposal for a soft fork and what happened to it?
The idea behind the soft fork proposal was to block all...

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Hi Marioxcc,

As I said above, saving time is a rational incentive. You spare the time to manipulate the client software when you behave cooperatively. Even if there was no cost involved (say a manipulated software was readily available online from a trusted source), there is lots of scientific evidence, that under certain circumstances, people cooperate, when cooperative behaviour is expected. Why do roughly 50-70% of people go to vote in national elections when there are millions of voters? The chance that your own vote is the one that decides the election is minmal. Voting is no rational behaviour.

Also, you do not really seem to seriously consider Chronos' argument about the stake that minters have in the network. There are individuals with >100.000 PPC, and even two addresses with >1.000.000 PPC. The higher the stake, the more rational it is to forward transactions to support the network. Even for somebody with lets say "only" 2.500 PPC, which currently is around...

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As announced in #bitcoin-assets, BitBet was attacked earlier today through a transaction withholding mechanism. The attack unfolded as follows :

A BitBet bet (Jeb Bush will be Republicans' 2016 Presidential Nominee) was closed and resolved on 21 February. This created a list of winners with a reasonable expectation to be paid their winnings. A first transaction was broadcast, to satisfy the claims of the winners, spending some inputs, and offering a fee of 0. This transaction was, as you'd expect, neither mined nor included in the mempools of most Bitcoin nodes. A second transaction was broadcast, spending the same inputs as A1, including a fee of 0.0001, call it A2. For a ~1.5kb transaction, this fee is on the low side, so it perhaps could be argued that it not being mined would be expected. Nevertheless, transaction A2 was also not included in the mempools of most Bitcoin nodes. As neither transaction A1 or A2 were mined after 54 (48) hours, a further transaction was...
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Buying hashing power at NiceHash is very simple. We offer you two types of hashing power orders:

Standard bidding type: this type of order will allow you to bid for a price as low as possible, however if some other out-bids your order then your order might be paused and you may have to increase price to sustain speed. That said you have to monitor your orders to make sure you maintain desired speed. Fixed type: this type of order will allow you to place an order with fixed price and will guarantee you the desired hashing speed through order's lifetime, even if there are other bidding orders with higher price submitted later on. You will have to pay a bit higher price in relation to current fixed orders demand.

Please keep reading and

see below

for detailed explanation of each type of order.

You are also welcome to try automatic order management by using NiceHashBot, take a look at FAQ Are there any automation tools for orders and account management? for...

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Getting Started

In order to start mining you need just three things,
create an account with our site,
create a new rig on your My Rigs page,
setup your miner to connect to MiningRigRentals.

1. Sign up with MiningRigRentals

2. Create your Rig on MiningRigRentals

Your second step should be to setup your Rig on MiningRigRentals. You can begin by going to the My Rigs page. Begin by clicking Create new Rig.
Fill in the requested information,
You're welcome to name your rig however you want. Keep in mind this is the first thing your potential renter sees in the rig list.
Set the hashrate of your rig, choose the appropriate mining algorithm (sha256 and scrypt are the most common)
Choose a MiningRigRentals server based on your rigs geographical location.

Once your rig is created, browse to your rig by clicking on it in your rig list.
Here you can configure additional information. You can set a long rig...

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If you have sent a bitcoin payment in the last couple of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.

We have received your emails.

Since, like the Bitcoin network, we are currently working through a backlog, we want to thank you for your patience. With the high volume of questions we're getting about delayed payments, we decided it would be best to write a short explanation about what's happening with many bitcoin transactions right now.

Transactions on the Bitcoin network itself aren't controlled or confirmed by BitPay, but by the bitcoin miners which group transactions into "blocks" and add those blocks to the Bitcoin "blockchain" – the shared historical record of all transactions. When a transaction has been added to a block six blocks ago, it's considered a done deal.

Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are...

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With sidechains, altcoins are obsolete, Bitcoin smart contracts are possible, Bitcoin Core and BitcoinXT can coexist, and all hard forks can become soft forks. Cool upgrades to Bitcoin are on the way!



Explain the principles of the sidechain-concept, and what problem must be solved to make sidechains possible. Explain how an SPV proof works. Propose my own SPV proof (“Drivechain” - skip there now), and explain the relevant economic and technical tradeoffs. FAQ at the end, for those who read minimally (including comparison to Blockstream’s Appendix B).


Sidechains allow Bitcoin to be fully programmable. Unlike the ‘smart contracts’ of a general environment like Rootstock/Ethereum, each individual sidechain is completely “opt-in”: by default, users won’t be affected at all by any new programming.

Existing Work

In Appendix B of the sidechains whitepaper, the authors declined to provide a full design, and...

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The latest versions of our wallet now use a dynamic fee structure (which you can read about here) to determine appropriate fees for your transactions, so some of the information in this post no longer applies.

If you have a pending transaction that is taking an abnormally long time to confirm, it may be due to network congestion. To find out more about how network congestion can affect your transaction, check out this article in our Support Center.

This is a Blockchain Quick Bit, where we cover the basics of a topic, or product, to help you understand it better. This Quick Bit is intended to help you learn about bitcoin transaction fees. Bitcoin transaction fees are one of the many benefits for consumers and merchants to utilize bitcoin, and is an attractive aspect of the digital currency. Currently bitcoin transaction fees can average to around .04 cents USD (or 0.0001 BTC) per transaction.

Bitcoin transactions are in place as an incentive to miners when...

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If you’re reading this post I assume that like many others, you sent a bitcoin transaction and was kind of confused as to why it’s still listed as “unconfirmed” or “pending” after a few hours or so.

I mean Bitcoin transactions are supposed to be instant right?

In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network.

Here’s what happens when you send Bitcoins to someone

Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. Once the transaction is verified it then “waits” inside the Mempool (i.e. in some sort of a “limbo” state).

It’s basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. Until it is picked...

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No matter what they tell you, Bitcoin is not like normal currency.

Most of us have a good understanding of how government currency works. Money is a physical quantity printed by the government in mints and stored in banks. I can withdraw money at ATMs or branches, and physically give it to other people. When you hold money in your hand you own it.

In order to make good decisions about bitcoin, we have to understand as much about how it operates as we do government currency. So then, what is a bitcoin? Where are they stored? What does it practically mean to say “I own a bitcoin”? When I send bitcoins to someone else, what happens? We’re about to answer all of these questions in a way that’s easy to understand, but doesn’t brush off complex concepts or use analogies that hide deeper truth.

What is Bitcoin?

Bitcoin is a software system that operates over the internet. A close relative is Bittorrent, which is software that allows people to download files...

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Last updated: 22nd December 2014

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other.

How does mining take place?

People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger.

Making a hash of it

This general ledger is a long list of blocks, known as the 'blockchain'. It can be used to explore any transaction made between any bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is...

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What is a UASF?

UASF stands for User Activated Soft Fork. It’s a mechanism where the activation time of a soft fork occurs on a specified date enforced by full nodes, a concept sometimes referred to as the economic majority. A UASF requires a lot of industry support and coordination, which is good practice for eventual hard forks which requires even more industry coordination. In the past, a UASF was successfully carried out to activate the P2SH soft fork (BIP16). The UASF concept was combined with SegWit activation in the BIP148 proposal which can be found here: github.com/bitcoin/bips/blob/master/bip-0148.mediawiki.

UASF Signaling

sourced from uasf.saltylemon.org

What is a MASF?

MASF stands for Miner Activated Soft Fork. It’s a mechanism by which miners trigger activation of soft forks when a majority signals the readiness to upgrade. This allows for a faster activation time for the soft fork, leaving full nodes to upgrade at...

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Bancor just did their Initial Coin Offering (ICO) last week and raised a record $144M within a few hours. They now hold the record for the biggest crowd-funding, ever, in the history of mankind.

We don't want to dwell too much on what this illustrates about the current ICO craze. It's a fact that raising that much cash through a standard VC process would require a credible team, multiple rounds of funding, with much due diligence and milestones along the way. None of that happened here -- Bancor went from appearing on the scene 5 months ago to raising 9-digits cash with no demonstration that their scheme actually works.

In this post, we want to quickly make the case that their approach is flawed. To recap, they propose a scheme to provide liquidity for digital assets, using a smart contract. In essence, they propose a public algorithm by which they can always propose a bid/ask price for other people's coins. Now, a flawed approach doesn't mean that what they have is...

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It might not be official yet but for all intents and purposes, Bitcoin is effectively a third currency, sitting alongside debit cards and traditional money.

It might be totally digital but Bitcoin is becoming more and more popular all the time, with steep rises every year in its usage.

With more and more people using Bitcoin every year the benefits and risks grow alongside it. Bitcoin isn’t quite as simple as going into a shop and handing over some money or scanning your card but it’s not as complex as it might appear either.

But before you go about buying and trading Bitcoins it’s always a good idea to read up on the benefits and risks involved. Even if you’re well-versed in how Bitcoin works a refresher on the main benefits and risks is always a good idea.

So, let’s take a closer look at the benefits and risks of using Bitcoin.

Untraceable – A Benefit and a Risk

The anonymity and un-traceability of Bitcoin as the unusual distinction of...

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GAW Miners' controversial plan to provide market support for the value of its bitcoin competitor has recently come under fire from customers, critics and community members.

At issue is that, in contrast to bitcoin's decentralized network, in which no companies or entities have overarching control of the market, paycoin could arguably be seen as a more centralized alternative.

In addition to managing the development of the decentralized paycoin currency, GAW Miners operates a paycoin brokerage (PayBase), an exchange for the currency (Coin-Swap) and a network of coin-generating wallets – an ecosystem that many suggest counters the decentralized spirit of the cryptocurrency movement.

Opponents claim that GAW Miners and its CEO, Josh Garza, reneged on promises to back the coin at $20 on the open market, as well as a broader commitment to provide a mechanism – the floor – that was meant to shield it from market speculation.

By contrast, GAW Miners...

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