David Schwartz
  • Member for 10 years, 4 months
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Is the otherwise promising Ripple set to become a great currency fraud?
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11 votes

Opencoin plans to give away 50 billion XRP. It is actually in Opencoin's best interest to make this distribution as wide as possible as the system will only be successful if it can gain a critical ...

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What is the Ripple equivalent of the "51% attack?"
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11 votes

Ripple solves the double spend problem by consensus. Everyone who wants to run a server on the Ripple network picks a set of validators and tries to reach a consensus with them on which transactions ...

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Who are the core developers behind Ripple?
11 votes

Chris Larsen has been publicly identified as CEO of OpenCoin, the company behind the new Ripple. The core developers have been publicly identified as Jed McCaleb, Arthur Britto, Stefan Thomas, and me (...

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What mathematical property links the Armory chain to the public/private keys?
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11 votes

ECDSA can be thought of as a special form of mathematics where division is, for all practical purposes, impossible. Public keys are formed from private keys by multiplication -- the public key is ...

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How to Call JSON-RPC SendToAddress when the Wallet is Encrypted?
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11 votes

Not in the current code. The way it works now, you have to make two RPC calls -- one to unlock the wallet for a period of time (walletpassphrase) and one to do the transaction (sendtoaddress). You can ...

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Is "bitcoin" a countable noun?
11 votes

Everyone is using it as a countable noun. There's actually a grammatical rule that says this is what should happen. If a new term ends with an existing term and is semantically related to that term, ...

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How many Integer Operations on a GPU are necessary for one Hash?
11 votes

The ALU OP numbers are correct. The numbers vary based on the video card but are basically in the range of 1,300 to 1,700 operations per double-hash. On the x86, you need more instructions (around 3,...

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The End of Mining
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11 votes

A surge in transactions would mean a surge in transaction fees. So it does not follow that there would be a massive decline in mining. In any event, we have about a decade to work out what changes, ...

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String-along, is this possible and is it an attack?
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11 votes

A miner can always lose out if someone else mines a block at approximately the same time as he does. A miner will always continue building on his own block if he finds one before he processes a block ...

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Where do bitcoins come from and what gives them their value?
11 votes

The value comes from their scarcity. To use something as a medium of exchange, it only has to have a certain set of properties. Bitcoins have these properties, so they can be used as a medium of ...

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Why is there "Change" in Bitcoins?
10 votes

There are a lot of good answers, but I want to point out the most obvious answer. Say you have 1 bitcoin and you send 0.2 bitcoin to me and the design leaves it so that you still have 0.8 bitcoin in ...

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How Ripple actually transfer money from one bank to another?
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10 votes

The way Ripple's public ledger system works is that you propose a payment by specifying the source and destination accounts and currencies and then the system gives you a quote based on public offers. ...

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What is the "blockchain"?
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10 votes

The bitcoin block chain is the record of every bitcoin ever generated and every transfer of bitcoins from one party to another. Each crypto-currency that is based on the same type of technology as ...

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How to answer to whether Bitcoin is a Ponzi scheme?
10 votes

Bitcoins are no different from any other commodity in this regard. We say that the price of a car is $45,000, but that doesn't guarantee that you can sell one for $45,000 unless you can find someone ...

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Will deflation destroy Bitcoin?
10 votes

No, for two reasons: First, Bitcoins are very divisible. So it wouldn't create the kinds of problems having a penny be enough to buy a car would create. (How would you buy a candy bar?) Second, ...

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Script - OP_IF etc. clarifications
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10 votes

The statements are not on the stack, they're in the script. They start immediately after the OP_IF. They end at the first OP_ELSE or OP_ENDIF, assuming there isn't a nested OP_IF or OP_NOTIF. So it ...

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How secure is calling bitcoind JSON-RPC?
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10 votes

Yes, they can. Unless you enable RPC-over-SSL, the username and password are send Base64 encoded as a header in the HTTP request, which is easily decoded.

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Is there any way the Bitcoin network could resist a viral tainted-coin tagging system implemented by regulators?
10 votes

I don't think the scenario is realistic because it would only punish innocent people. By the time coins could be marked as tainted, they would already be in the hands of innocent people. Governments ...

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How would interest and fractional reserve banking work in a limited money supply?
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10 votes

It doesn't matter very much because the economy can trivially create substitutes for currency. Anything that has the same capabilities as currency (fungible, easily exchanged, limited supply) can also ...

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What software/hardware is required to mine with an FPGA?
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10 votes

You would need a computer to program the FPGA, obtain the work units, distribute them to the FPGAs, collect the shares, and submit them back. If you're not using a mining pool, you'll also need the ...

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Is there any consensus over specific improvements Bitcoin needs?
10 votes

There is no consensus. I think part of the reason for that is that many people involved in the Bitcoin project have a vested interest in maintaining that there is nothing wrong with Bitcoin. In fact, ...

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Has there ever been a successful double spend attack on the Bitcoin network? If not, is it really necessary to wait for confirmations?
10 votes

This question has been asked several times in several different places, and nobody has yet come forward with evidence of a double-spend attack. It is, of course, possible that nobody is bothering with ...

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What are some of the risks of speculating on bitcoin value?
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10 votes

Volatility: The price of Bitcoins is fairly unpredictable. A speculator is basically trying to predict the future price of Bitcoins. Security: A speculator generally has to trust his Bitcoins and ...

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Bitcoin migrating to a ASIC resistant mining algorithm like RandomX used on Monero
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9 votes

The bitcoin community would have to decide that they don't particularly care about having significant security anymore. ASIC-resistance weakens the security of proof of work chains because it ...

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How can we trust supply won't be increased in 2140 by just a few lines of code?
9 votes

Well, the title is the only question, how can we trust supply wont be increased by just a few lines of code? Just don't make any such changes to your code and you will never see an increased supply. ...

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What prevents a node from receiving a solved solution and claiming it as its own work?
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9 votes

Do you modify the block or do you not modify the block? If you don't modify the block, it still pays the mining reward to the same account. So you've just done what everyone wants you to do. If you ...

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What is the protection against a malicious node with a bad block chain?
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9 votes

Any chain that's not valid according to the agreed rules of Bitcoin is outright rejected. So any chain that created Bitcoins out of nowhere, spent the same Bitcoins twice, or anything like that is ...

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Is there a Bitcoin bank, which gives interest on my deposit?
9 votes

In theory, such a thing could be created. 10 Bitcoins today is worth more than 10 Bitcoins tomorrow. If you don't see why, just ask yourself this: Would I rather have 10 Bitcoins today or 10 Bitcoins ...

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Do bitcoin exchanges own the bitcoins they trade with?
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9 votes

Traditional Bitcoin exchanges hold their customers' funds, both Bitcoins and counter-currencies. So when a trade is actually made, the exchange just adjusts their own balance numbers. Prior to being ...

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How can we be sure that Open Coin would not create more than 100 billion XRP?
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9 votes

Doing so would subject OpenCoin to lawsuits due to promissory estoppel. OpenCoin's statement that they will not do so is effectively a warranty. And, of course, it would be a completely self-...

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