<unnamed>

Public Key

npub1k9ajtzw275c34txkcf3frjrvgez6rjvhlqqvh6uwmjucekafds0q5kwv59

Profile Code

nprofile1qqstz7e938902vg64ntvyc53epkyv3dpextlsqxtaw8dewvvmw5kc8spzpmhxue69uhkummnw3ezuamfdejssnxgdx

Publishing to

nostr.wine

Last Notes

2023-06-07 15:34:01 UTC

- reply

📅 Original date posted:2015-05-10
📝 Original message:> How much will that cost me?
> The network is hashing at 310PetaHash/sec right now.
> Takes 600 seconds to find a block, so 186,000PH per block
> 186,000 * 0.00038 = 70 extra PH
>
> If it takes 186,000 PH to find a block, and a block is worth 25.13 BTC
> (reward plus fees), that 70 PH costs:
> (25.13 BTC/block / 186,000 PH/block) * 70 PH = 0.00945 BTC
> or at $240 / BTC: $2.27
>
> ... so average transaction fee will have to be about ten cents ($2.27
> spread across 23 average-sized transactions) for miners to decide to
> stay at 600K blocks
Surely that's an *extra* $2.27 as you've already included .13BTC
($31.20) in fees in the calculation ?
Rob

2023-06-07 15:18:53 UTC

- reply

📅 Original date posted:2014-04-20
📝 Original message:> The average person is not going to be confident that the prefix they
> are using is the correct one,
The use of any 'prefix' is one of choice and entirely unnecessary, and there
are already established 'divisions' in u/mBTC for those that feel they need
to use such things.
> people WILL send 1000x more or less than
> intended if we go down this road,
Exceptionally unlikely - I deal every day with currencies with 0, 2 and 3
dp's in amount ranging from 'under 1 whole unit' to tens of thousands - Not
once in 20 years has anyone ever 'sent' more or less than intended - oh,
they've 'intended' to underpay just fine, but never *unintended*.
> I propose that users are offered a preference to denominate the
> Bitcoin currency in a unit called a bit. Where one bitcoin (BTC)
> equals one million bits (bits) and one bit equals 100 satoshis.
I propose that for people unable to understand what a bitcoin is, they can
just use satoshi's and drop this entire proposal.
Rob