sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
<SrPx>
How can I generate an address with some string on it (say, FOOBAR) that will check as correct?
<mryandao>
#bitcoin is a better suited for this type of questions, and you can search it up online, they are called "vanity addresses"
<SrPx>
ok, thanks (they weren't very happy with this question there)
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<waxwing>
private public blockchains? :)
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<fluffypony>
hah hah
<fluffypony>
waxwing: sponsored by the Center for Decentralisation
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<sipa>
LOL
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<fibonacci>
I feel that the satoshi is too finite to support and sustain even a small portion of the growing world economy given it's greatly deflationary nature. Im curious what the currently prevailing opinions on a long term solution are, and how they compare to current strategies employed by the prevailing government controlled currencies.
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<sipa>
fibonacci: and yet in the chain today it is very uneconomical to send amounts remotely close to 1 satoshi
<sipa>
but that is not a concern; for example, the lightning protocol (which builds on top of bitcoin, and uses the same currency, but settles transactions differently) supports values as low as 1/1000th of a satoshi
<Eliel_>
how does that work?
<sipa>
at settlement time, i believe it is rounded
<sipa>
but that doesn't matter if settlement only happens once per week or even less frequently
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<Eliel_>
ah ok, so the extra accuracy can be had it the parties cooperate, but no enforcement for that is available on-chain.
<sipa>
nor is there a need
<sipa>
the fees are orders of magnitude larger than that
<sipa>
and payments are always between cooperating parties :)
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<fibonacci>
Thanks sipa.. so the lightning network supports 3 additional decimal spaces? It seems like some of the concepts i have been hypothesizing have come to fruition in bitcoin which is encouraging. I was glad to hear about the lightning network. clever marketing term too.
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<fibonacci>
I think utilizing the extra decimal places on exchanges would propel the value of bitcoin forward while increasing usage and utility for exchanging other currencies goods and services if that i assume is the desired result for bitcoin.