Oh crap, I got your sourceforge usernames mixed up, sorry about that. I clicked on the wrong e-mail when I was looking for your username. You now have access. Your FAQ looks good so far! You can create whatever you want on bitcoin.sourceforge.net. Something to get new users up to speed on what Bitcoin is and how to use it and why, and clean and professional looking would help make it look well established. The site at bitcoin.org was designed in a more professorial style when I was presenting the design paper on the Cryptography list, but we're moving on from that phase. You should probably change the part about "distribute them under several keys". When the paper says that it means for the software to do it, and it does. For privacy reasons, the software already uses a different key for every transaction, so every piece of money in your wallet is already on a different key. The exception is when using a bitcoin address, everything sent to the same bitcoin address is on the same key, which is a privacy risk if you're trying to be anonymous. The EC-DSA key size is very strong (sized for the future), we don't practically have to worry about a key getting broken, but if we did there's the advantage that someone expending the massive computing resources would only break one single transaction's worth of money, not someone's whole account. The details about how to backup your wallet files is in the Q&A dump and also it's explained in readme.txt and definitely belongs in the FAQ. Oh I see, you're trying to address byronm's concern on freedomainradio. I see what you mean about the password feature being useful to address that argument. Banks let anyone who has your name and account number drain your account, and you're not going to get it back from Nigeria. If someone installs a keylogger on your computer, they could just as easily get your bank password and transfer money out of your account. Once we password encrypt the wallet, we'll be able to make a clearer case that we're much more secure than banks. We use strong encryption, while banks still let anyone who has your account info draw money from your account. mmalmi@cc.hut.fi wrote: > Quoting Satoshi Nakamoto : > >> That would be great! I added you (dmp1ce) as a dev to the sourceforge >> project and gave you access to edit the web space and everything. > > Oh, that's not me but another guy who wanted to help. I've seen him on > the Freedomain Radio forum. My name is Martti Malmi and my Sourceforge > account is sirius-m. No problem! > > Thanks for your answered questions, I'll add them to the faq. Here's > what I've done so far: > > **** Bitcoin FAQ **** > > General Questions > > 1 What is bitcoin? > > Bitcoin is a peer-to-peer network based anonymous digital > currency. Peer-to-peer (P2P) means that there is no central > authority to issue new money or to keep track of the > transactions. Instead, those tasks are managed collectively by > the nodes of the network. Anonymity means that the real world > identity of the parties of a transaction can be kept hidden from > the public or even from the parties themselves. > > 2 How does bitcoin work? > > Bitcoin utilizes public/private key cryptography. When a coin is > transfered from user A to user B, A adds B's public key to the > coin and signs it with his own private key. Now B owns the coin > and can transfer it further. To prevent A from transfering the > already used coin to another user C, a public list of all the > previous transactions is collectively maintained by the network > of bitcoin nodes, and before each transaction the coin's > unusedness will be checked. > > For details, see chapter Advanced Questions. > > 3 What is bitcoin's value backed by? > > Bitcoin is valued for the things it can be exchanged to, just > like all the traditional paper currencies are. > > When the first user publicly announces that he will make a pizza > for anyone who gives him a hundred bitcoins, then he can use > bitcoins as payment to some extent - as much as people want pizza > and trust his announcement. A pizza-eating hairdresser who trusts > him as a friend might then announce that she starts accepting > bitcoins as payment for fancy haircuts, and the value of the > bitcoin would be higher - now you could buy pizzas and haircuts > with them. When bitcoins have become accepted widely enough, he > could retire from his pizza business and still be able to use his > bitcoin-savings. > > 4 How are new bitcoins created? > > New coins are generated by a network node each time it finds the > solution to a certain calculational problem. In the first 4 years > of the bitcoin network, amount X of coins will be created. The > amount is halved each 4 years, so it will be X/2 after 4 years, > X/4 after 8 years and so on. Thus the total number of coins will > approach 2X. > > 5 Is bitcoin safe? > > Yes, as long as you make backups of your coin keys, protect them > with strong passwords and keep keyloggers away from your > computer. If you lose your key or if some unknown attacker > manages to unlock it, there's no way to get your coins back. If > you have a large amount of coins, it is recommended to distribute > them under several keys. You propably wouldn't either keep all > your dollars or euros as paper in a single wallet and leave it > unguarded. > > 6 Why should I use bitcoin? > > • Transfer money easily through the internet, without having to > trust third parties. > > • Third parties can't prevent or control your transactions. > > • Be safe from the unfair monetary policies of the monopolistic > central banks and the other risks of centralized power over a > money supply. The limited inflation of the bitcoin system's > money supply is distributed evenly (by CPU power) throughout > the network, not monopolized to a banking elite. > > • Bitcoin's value is likely to increase as the growth of the > bitcoin economy exceeds the inflation rate - consider bitcoin > an investment and start running a node today! > > 7 Where can I get bitcoins? > > Find a bitcoin owner and sell her something - MMORPG equipement, > IT support, lawn mowing, dollars or whatever you can trade with > her. You can also generate new bitcoins for yourself by running a > bitcoin network node. >