Bitcoin Mining in Space: An Interview With Miner One’s CEO ...

07-20 12:02 - 'GB Miners (2.78%) have started signaling BIP91' (xbt.eu) by /u/rorymalone removed from /r/Bitcoin within 34-44min

GB Miners (2.78%) have started signaling BIP91
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Transcript of how Philip the tyrant admin of the Bitcoin Cash Telegram group called Spoice stupid, an idiot, a parrot among other insults then banned her instead of discussing Bitcoin Cash. That Telegram group is hostile, ABC/IFP shills run and follows the rBitcoin toxic censorship modus operandi.

David B., [18.10.20 01:46]
https://www.reddit.com/btc/comments/jdagi3/whats_up_with_the_bchn_hypocrisy/

David B., [18.10.20 01:47]
Wut x2

J Stodd, [18.10.20 01:49]
[In reply to David B.]
Their words are meaningless. They have no principles. Wish i could comment but bitcoinxio banned me from rbtc and never told me why

David B., [18.10.20 01:59]
These comments are so toxic

Spoice, [18.10.20 01:59]
In reality, the real continuation of Bitcoin as we all know it is what is carried on by BCHN, BU, BCHD and others

Spoice, [18.10.20 02:00]
ABC is changing the rules to something that is not Bitcoin

Spoice, [18.10.20 02:00]
anyone denying those facts is selling you snake oil

Spoice, [18.10.20 02:00]
If Blockstream tried to take some % to their own benefit, we would have never needed BCH in the first place

Spoice, [18.10.20 02:00]
everyone would have rejected them in a second

J Stodd, [18.10.20 02:01]
[In reply to Spoice]
Bitcoin Cash is not Bitcoin to start with, so who cares?

David B., [18.10.20 02:01]
[ Album ]

Spoice, [18.10.20 02:01]
yet we have ABC trying to pull this theft and all those puppets think it's ok

Spoice, [18.10.20 02:01]
JSTodd that's bullshit

David B., [18.10.20 02:01]
Like trying to talk to a core maxi about altcoins

Spoice, [18.10.20 02:01]
Bitcoin Cash is the most Bitcoin out of all Bitcoins

Spoice, [18.10.20 02:01]
it is the continuation of what Satoshi started

David B., [18.10.20 02:02]
Tbh they aren't even toxic

Michael Nunzio, [18.10.20 02:02]
[In reply to Spoice]
If the hash follows then it is Bitcoin Cash. Only if it doesn't is your claim true

J Stodd, [18.10.20 02:03]
[In reply to Spoice]
Bitcoin is Bitcoin. Bitcoin failed to be Peer to Peer Cash, so Bitcoin Cash attempted to fix this by forking Bitcoin and attacking the root of the problem. This does not mean Bitcoin Cash is literally Bitcoin. Adopt a different argument. Sorry if you bought into that bc of Rogers rantings

J Stodd, [18.10.20 02:05]
Bitcoin Cash can replace Bitcoin, and if Bitcoin dies and BCH wins then sure maybe it can take its name from its grave, but they are different products, trying to say Bitcoin stopped being "Bitcoin" and became BCH is a self contradiction.

Jingles, [18.10.20 02:08]
Jstodd's got some good points.

Jingles, [18.10.20 02:08]
He's learnt so much in the last year ☺️

Spoice, [18.10.20 02:08]
"Bitcoin is Bitcoin" is a false statement. BTC is just an instance of Bitcoin. Bitcoin is the set of rules defined in the whitepaper first and foremost, it is peer to peer electronic cash. BTC no longer fits that criteria. Bitcoin Cash meets them. The fork proposed by ABC also fails to meet that criteria. Therefore the continuation of Bitcoin is in whatever BU, BCHN, Flowee and others will continue.

Jingles, [18.10.20 02:09]
What rules were defined in the WP?

Spoice, [18.10.20 02:10]
Let's see which rules aren't: 1) No coinbase tax going to any centralized entity such as ABC 2) No throttling of TX throughput such as BTC

Spoice, [18.10.20 02:10]
therefore they both fail the simple "Is this Bitcoin?" test

Spoice, [18.10.20 02:11]
Finally, Michael, if you think Hash rate defines what Bitcoin is, you should stick to BTC

Jingles, [18.10.20 02:11]
21 million coins isn't in the WP

Jingles, [18.10.20 02:11]
I asked what rules did the WP define.

Spoice, [18.10.20 02:12]
Because BCH failed that criteria since it forked, therefore your point is wrong

Spoice, [18.10.20 02:12]
https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html

Spoice, [18.10.20 02:12]
The announcement of the white paper included the 21 million limit, close enough

Jingles, [18.10.20 02:12]
HIs announcement isn't the WP

Spoice, [18.10.20 02:12]
show me where Satoshi said that Amaury shoudl tax the chain?

Spoice, [18.10.20 02:12]
Doesn't matter- close enough

Jingles, [18.10.20 02:12]
Bitcoin is the set of rules defined in the whitepaper first and foremost - You

Jingles, [18.10.20 02:13]
My ears pricked up on that comment, so I'm asking you what you meant.

Spoice, [18.10.20 02:13]
Correct. Changing the 21 million hard limit is still more Bitcoin than taxing the Coinbase, yet both will never ever happen. Not to Bitcoin anyway

Jingles, [18.10.20 02:13]
If you meant Satoj's writings pre and post WP then you should be clear about it

Spoice, [18.10.20 02:13]
some bastardized chain might, just not Bitcoin

Jingles, [18.10.20 02:14]
The closest we have to anything to indicate what is "Bitcoiness" is general things like "the longest chain"

Spoice, [18.10.20 02:14]
No, it is never a single thing

David B., [18.10.20 02:15]
REEEE

Jingles, [18.10.20 02:15]
trustless, no single trusted third parties, and rules can change due to incentives via consensus

Spoice, [18.10.20 02:15]
it is a set of common sense and experiment driven and historical relevance and initial parameters and "peer to peer electronic cash" definition indicators

Spoice, [18.10.20 02:15]
never a single thing

Jingles, [18.10.20 02:16]
[In reply to Spoice]
This is like the exact opposite of what you said earlier

Jingles, [18.10.20 02:16]
Bitcoin is defined by the rules in the WP, I mean common sense.

Jingles, [18.10.20 02:16]
🤷‍♂️

Spoice, [18.10.20 02:16]
Nope, the rule set is defined in the white paper should never change, but I never said all rules are defined in the white paper

Jingles, [18.10.20 02:16]
What rules?

Spoice, [18.10.20 02:16]
It is a union

Jingles, [18.10.20 02:17]
What rules are there?

Spoice, [18.10.20 02:17]
Rules in the white paper + what continued to define Bitcoin thereafter

J Stodd, [18.10.20 02:17]
[In reply to Spoice]
> "Bitcoin is Bitcoin is a false statement."
Alas, if we cannot agree on the law of identity, aka A=A, then i dont understand how to hold a conversation with you using logic.
> BTC is an instance of Bitcoin
No, BTC is a ticker used optionally by exchanges. Other common tickers for bitcoin include XBC, XBT, BC (correct me if im wrong on any of these)
> "Bitcoin is a set of rules in the whitepaper"
Super hard to defend this. Theres no mention of a 21M supply cap, no blocksize limit *at all*, and it also says additional rules and incentives can be enforced (implying maybe they should).

Jingles, [18.10.20 02:17]
I go through this with BSVers all the time. We have no spec sheet of rules defining what Bitcoin is from Satoshi.

Spoice, [18.10.20 02:18]
Rules such as what defines a correct block, miners receiving the full incentive of mining it, etc

Jingles, [18.10.20 02:18]
The WP is a highlevel document

Spoice, [18.10.20 02:18]
The WP is a description of a scientific experiment

Spoice, [18.10.20 02:18]
if you want to start your own experiment, be my guest

Jingles, [18.10.20 02:18]
[In reply to Spoice]
Valid tx rules aren't defined in the WP

Spoice, [18.10.20 02:18]
just don't try to call it Bitcoin

Jingles, [18.10.20 02:19]
The word majority is in the WP an awful lot wouldn't you say?

Spoice, [18.10.20 02:19]
Not valid TX rules, but what a proof of work block is and how it diverts the reward to the miner, etc

Jingles, [18.10.20 02:20]
[In reply to Spoice]
and? what about BTC doesn't apply?

Jingles, [18.10.20 02:20]
I'm not arguing for any fork of BCH here.

Spoice, [18.10.20 02:20]
It no longer meets the very title of the white paper experiment, "Peer to peer electronic cash"

Spoice, [18.10.20 02:20]
The BTC instance of the experiment is destined to move away from the very title of the white paper

Jingles, [18.10.20 02:20]
It's electronic, and I use it like cash.

Spoice, [18.10.20 02:20]
that the maintainers even wanted to edit the white paper (Cobra and co) because of this fact

J Stodd, [18.10.20 02:20]
u/Spoice When did BTC stop being Bitcoin in your view? The day Amaury decided to launch the fork, before Segwit happened?
If someone else launched a fork first, they would have been "the real bitcoin"?
This is a game of whoever forks first becomes the real Bitcoin?
What if two people launched a fork at the exact same time, maybe even with identical specs?

Jingles, [18.10.20 02:21]
Where did I go wrong?

Jingles, [18.10.20 02:21]
[In reply to Spoice]
Did they?

Spoice, [18.10.20 02:21]
Doesn't matter if you use it today, its very technical fabric will have to move your transactions to 2nd layers and it will no longer be peer to peer electronic cash on chain

Jingles, [18.10.20 02:21]
peer to peer electronic cash on chain - Not in the wp

Jingles, [18.10.20 02:22]
We have satoj talking about HFT with sidechannels.

Jingles, [18.10.20 02:22]
So what?

Jingles, [18.10.20 02:23]
I think this is a good discussion Phil, nothing disrespectful is being said. I hope this is ok?

Spoice, [18.10.20 02:23]
Doesn't matter, the rule of common sense, which is closer to that title? Increasing a simple variable (Blocksize) to stay on track of the title and experiment, or introduce IOUs and Watchtowers and channels and locked BTC and that whole LN Bastardization? Which is close to the title?

Jingles, [18.10.20 02:23]
No one said that can't happen

Michael Nunzio, [18.10.20 02:24]
[In reply to Spoice]
Congratulations you've made an argument which isn't an argument.

Jingles, [18.10.20 02:25]
The whole thing that was said was the system is based on majority rules, and incentives can be changed. Majority breaks any deadlock.

David B., [18.10.20 02:25]
How to kill a coin 101

Spoice, [18.10.20 02:25]
Logic fails anyone who tries to claim BTC, ABC, BSV or any similar standalone experiments as Bitcoin, because of simple sanity checks and logic checks, often stemming out of common sense - If what you have moves you a single step away from what is otherwise the same old experiment which Satoshi wrote about and unleashed, you're not Bitcoin. If what you have moves you a step closer, it is Bitcoin. and so on and so forth.

Phlip - Not giving away coins, [18.10.20 02:25]
Wow, really fanatical almost religious statements. I guess its Sunday morning.

Jingles, [18.10.20 02:27]
[In reply to Spoice]
There's nothing common about common sense. You point to the WP to make a point, and your point isn't in there.

Spoice, [18.10.20 02:27]
Throttled and you need off-chain IOUs and always-on services to function (BTC) ? Not Bitcoin. Requires permission to be used and could be centrally confiscated on the whim of the organization behind it (BSV)? Not Bitcoin. Premined (Bitcoin Gold, Diamond)? Not Bitcoin. Taxing the miners through Coinbase and changing the incentives which were at play since day 0 (ABC)? Not Bitcoin

Spoice, [18.10.20 02:27]
simple checks really, yet those who are set to benefit will of course be oblivious to these

Phlip - Not giving away coins, [18.10.20 02:28]
This whole “Bitcoin Cash is the true Bitcoin - see whitepaper” is really stupid. It also ignores the history of how Bitcoin Cash came into existence

Jingles, [18.10.20 02:28]
Phillip, remove anyone here that has said Bitcoin Gold was the original Bitcoin immediately

Jingles, [18.10.20 02:28]
^^^^

Jingles, [18.10.20 02:29]
[In reply to Phlip - Not giving away coins]
It falls to pieces the moment it's questioned.

Spoice, [18.10.20 02:29]
It is not about "True" Bitcoin

Spoice, [18.10.20 02:30]
It is about the Bitcoin closest to the experiment which always was

Spoice, [18.10.20 02:30]
I don't care about "True" or not, they all are true

Phlip - Not giving away coins, [18.10.20 02:30]
[In reply to Jingles]
Sorry, I hve stopped reading all the sillyness above. Will reread later

Jingles, [18.10.20 02:30]
[In reply to Phlip - Not giving away coins]
I'm joking around 😂

Spoice, [18.10.20 02:30]
but the rule of entropy says I shouldn't place my money nor effort in experiments which are set to fade eventually, because they have skewed incentives

Phlip - Not giving away coins, [18.10.20 02:31]
[In reply to Spoice]
You get to chose that for yourself but you do not get to dictate it for others

David B., [18.10.20 02:31]
[In reply to Phlip - Not giving away coins]
Don't read it. You will have no braincells left

Spoice, [18.10.20 02:31]
Bitcoin as we know it has a long track record of incentives which work

Spoice, [18.10.20 02:31]
I won't ever dictate it for others

Spoice, [18.10.20 02:31]
I only would dictate it for myself, just like how I never use BTC or BSV today, I won't use ABC tomorrow

Spoice, [18.10.20 02:32]
only because they're new experiments

Spoice, [18.10.20 02:32]
interesting, and I wish them luck

Jingles, [18.10.20 02:32]
"Bitcoin is Bitcoin" is a false statement - Spoice 2020

Spoice, [18.10.20 02:32]
but I would rather stick to the Bitcoin I know

Spoice, [18.10.20 02:32]
that's all

Jingles, [18.10.20 02:32]
I won't ever dictate it for others - Also Spoice
Phlip - Not giving away coins, [18.10.20 02:32]
Bitcoin Cash came with a plan snd goals. They were clearly presented in two presentations that happened before viabtc announced they would mine with ABC software and create a coin and chain named Bitcoin Cash

Spoice, [18.10.20 02:32]
Yes, because he means BTC is Bitcoin, and that's a false statement

Jingles, [18.10.20 02:32]
How is it false?

Spoice, [18.10.20 02:32]
It is an instance of Bitcoin

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:33]
[In reply to Michael Nunzio]
you're looking intimidatingly handsome in your new profile picture

Phlip - Not giving away coins, [18.10.20 02:33]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
Lol

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:33]
[In reply to J Stodd]
actually a good question

Spoice, [18.10.20 02:34]
Anyway, those are my two cents

Spoice, [18.10.20 02:34]
Everyone is free to choose which experiments to pour their effort on and their money in

Phlip - Not giving away coins, [18.10.20 02:34]
[In reply to Spoice]
You are entitled to your opinion.

Spoice, [18.10.20 02:34]
Andreas is publishing Lightning Network books, I mean

Spoice, [18.10.20 02:34]
So to each his own

Phlip - Not giving away coins, [18.10.20 02:35]
[In reply to Spoice]
Lets leave it at that

Spoice, [18.10.20 02:35]
but Bitcoin as I know it continues with no Tax, and that in my opinion is BCH with no tax

Phlip - Not giving away coins, [18.10.20 02:35]
Ah you had to continue

Phlip - Not giving away coins, [18.10.20 02:36]
Good thing no tax is proposed by anyone
Spoice, [18.10.20 02:35]
Isn't this the Bitcoin Cash telegram?

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:35]
😅

Spoice, [18.10.20 02:36]
If I don't discuss Bitcoin Cash here, where should I?

Spoice, [18.10.20 02:36]
Tax, IFP, call it what you will

Spoice, [18.10.20 02:36]
from my perspective as a user, it's one the same

J Stodd, [18.10.20 02:36]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
I bet nobody will answer it, either

Phlip - Not giving away coins, [18.10.20 02:37]
[In reply to Spoice]
Apparently btc /s

David B., [18.10.20 02:37]
[In reply to Spoice]
As a user what do you care?

Jingles, [18.10.20 02:37]
Ooh, can I shill the Bitcoin room in here?

Spoice, [18.10.20 02:37]
Nah, I prefer quick responses and chats

Spoice, [18.10.20 02:37]
Reddit is broken

Phlip - Not giving away coins, [18.10.20 02:37]
[In reply to Jingles]
Lol

J Stodd, [18.10.20 02:37]
[In reply to Spoice]
Nobody even pays it, it just comes out of the block reward. The block reward is not sentient, it cannot be stolen from or wronged

Phlip - Not giving away coins, [18.10.20 02:37]
Dont push your luck 😉

Jingles, [18.10.20 02:37]
[ 😀 Sticker ]

Michael Nunzio, [18.10.20 02:38]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
You too brother. 🙏

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38]
[In reply to Michael Nunzio]
but mine is the same....i need new ones everyone always calls me fat because of this one

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38]
literally if i say 1 thing to any troll anywhere first thing they say is "ok fatass"

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38]
i blame this dumb photographer

Michael Nunzio, [18.10.20 02:38]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
Don't listen.

Phlip - Not giving away coins, [18.10.20 02:39]
u/spoice maybe write a read.cash article if you really feel you need to educate people

Spoice, [18.10.20 02:39]
David, as a user I believe that each new experiment carries risk with it, why should I take part in a new fork of Bitcoin which has a new set of game-theory rules which doesn't even benefit me, rather it benefits some other entity which will take 5% of any effort or economic activity I produce on this chain? They're also off-loading the risk to me as a usebuildebusiness who choose to join their experiment.

Spoice, [18.10.20 02:40]
Why should I take that risk while the Bitcoin I know and have known for over 10 years worked perfectly for me thus far? (BCH, that is)

Jingles, [18.10.20 02:40]
small fees and empty blocks?

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:41]
It will insure that a centralized group has control over development and they are by decree in the code, it's a literal take over.

Phlip - Not giving away coins, [18.10.20 02:41]
[In reply to Spoice]
“BSV-freeze the protocol - true Bitcoin” sounds like more your thing

David B., [18.10.20 02:41]
[In reply to Spoice]
Better run bitcoin core 0.1

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:41]
Imagine if satoshi keyd his address in the code to be paid out of every block, but instead of paying himself started a company "Bitcoin Dev Co"

Spoice, [18.10.20 02:42]
Not really, BSV kills the incentives I am discussing too

Phlip - Not giving away coins, [18.10.20 02:42]
[In reply to Jingles]
Please stay nice now

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:42]
No one would ever be able to say Bitcoin was Decentralized, Bitcoin Dev Co would get paid directly from the reward.

Jingles, [18.10.20 02:42]
[In reply to Phlip - Not giving away coins]
"BSV: We have all the Bad Idea. On chain"

Spoice, [18.10.20 02:42]
The Nash equilibrium we have tested for the past 10 years will be changed with ABC, it changed with BTC and BSV too

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:42]
"Bad Solutions Verified"

Spoice, [18.10.20 02:42]
that game-theory set of incentives

Spoice, [18.10.20 02:43]
why would I want to take a risk with any of those experiments when I gain 0?

David B., [18.10.20 02:43]
Better run bitcoin core 0.1

Spoice, [18.10.20 02:43]
Nope, you're talking technical freezing of development, that's not what I am addressing

Jingles, [18.10.20 02:43]
[In reply to David B.]
Thats the BTC chain though

Phlip - Not giving away coins, [18.10.20 02:43]
[In reply to Spoice]
O please share with us your background in the subject. Or are you now just parroting others

Spoice, [18.10.20 02:44]
BSV wants to freeze the technical development and they want a stable protocol from an API/development perspective

Spoice, [18.10.20 02:44]
but from an incentive ruleset perspective, they already butchered the equilibrium Bitcoin had

Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:44]
[In reply to Phlip - Not giving away coins]
That's one of those phrases, when you hear it you know they are just a parrot of someones propaganda. "MUH NASH EQUILIBRIUM!"

David B., [18.10.20 02:44]
Stable = bad?

Jingles, [18.10.20 02:45]
[In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]]
I love you

Spoice, [18.10.20 02:45]
Philip, for an admin you are ought to be nicer, if you think I am parroting others you're free to think that, but to state it so bluntly in your position is just... wrong

Spoice, [18.10.20 02:46]
If you think the point I made is wrong, discuss it

Phlip - Not giving away coins, [18.10.20 02:46]
[In reply to Jingles]
Maybe talk to him in DM about that?😉

Spoice, [18.10.20 02:46]
not me

Jingles, [18.10.20 02:46]
[In reply to Phlip - Not giving away coins]
working on it.

Phlip - Not giving away coins, [18.10.20 02:46]
[In reply to Spoice]
I ought to be nicer...😂😂😂

Spoice, [18.10.20 02:47]
Also, anyone who studied Bitcoin at length and its set of incentives and game-theory ruleset should know what a Nash Equilibrium is and who the players are in the Bitcoin game

Phlip - Not giving away coins, [18.10.20 02:47]
[In reply to Spoice]
You state as fact. You get to dhow why your statements or opinions are even relevant.

Spoice, [18.10.20 02:48]
If it's not a fact, highlight how

Spoice, [18.10.20 02:48]
don't attack me

Spoice, [18.10.20 02:48]
prove me wrong

Spoice, [18.10.20 02:48]
if you fail that simple debate test

David B., [18.10.20 02:48]
How's that breakfast helping?

Spoice, [18.10.20 02:48]
you should rename from Janitor to Tyrant

Jingles, [18.10.20 02:48]
I'm still waiting to see the defined rules as per the wp

Michael Nunzio, [18.10.20 02:49]
[In reply to Spoice]
Didn't know this was stand up comedy night in here.

Michael Nunzio, [18.10.20 02:49]
I missed the memo

Phlip - Not giving away coins, [18.10.20 02:49]
If I have to prove all idiots on the internet wrong I would have a hard time. You are starting to really waste everybody’s time. You state, you prove. Or you are just generating noise

Phlip - Not giving away coins, [18.10.20 02:50]
[In reply to Spoice]
Be careful now.

Michael Nunzio, [18.10.20 02:50]
Noisy bugger.

Phlip - Not giving away coins, [18.10.20 02:52]
Getting close to just do some cleaning up.

Spoice, [18.10.20 02:52]
If you can't debate technical points I am making about Bitcoin Cash on a Bitcoin Cash Telegram, and within the span of 10 minutes you called me stupid, idiot, noisy and a parrot, you absolutely are a tyrant and I stand by my point: You should not be an admin here, nor anywhere actually. If you think I should be careful for the fear of you banning me, go ahead. You still fail to debate the simplest technical point and yet claim you can "but can't be bothered to". You remind me of that Thermos guy.

Spoice, [18.10.20 02:53]
How do people with 0 technical know how end up in these admin positions is beyond me

Jingles, [18.10.20 02:53]
I challenged your comments and you just changed the goal posts.

Phlip - Not giving away coins, [18.10.20 02:53]
[In reply to Spoice]
Ok. You are not paying me and you are free to create noise elsewhere
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Just getting started: XBT or BTC?

Hi all, Just starting with this journey. Really struggling to find a ’simple to open’ exchange to buy BTC. But through my standard online stock platform, I can easily buy XBT. Trying to understand the main differences? Background: Currently live in Sweden, citizen in Austalia and UK. I want to buy and hold long, versus trade/use. Any support on a ’simple’ exchange recommendation and main differences would be apprecaited. Cheers, Scott
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$SLB - Solar Bankers - 180k market cap - p2p energy trading, solar panel producers & cloud storage providers

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Tokenomics:

Hey guys,
I wanted to show you a project, that I have been following for the last two years and that hasn't stopped developing although the project hasn't seen much interest from the crypto community lately. We are talking about Solar Bankers.

What is Solar Bankers?
Solar Bankers was founded in 2008. Prior to its initial coin offering in late 2017, the company spent multiple years on the research and development of photovoltaic (solar) modules. They have developed an innovative photovoltaic solution, on which they hold international patents for. They also aim to pair this technology with smart meters, to enable customers to produce and consume energy in a decentralized fashion through an energy trading app, which will use their token SLB as their application currency.

Solar Module:
Their flagship product is their solar panel DPV (Deflecting Photovoltaic), which is using a holographic foil in combination with the use of a significantly lower amount of silicon than in regular solar modules. In a pilot project in Dubai in 2018, the modules were tested to produce up to 60% more energy than standard installations. The technology has been patented in 2016, but is still in development. If you want to read more about the module and look into the patent:
https://solarbankers.com/module.html

Solar Nodes/Miners:
Another product, that is not in development anymore, but has been manufactured and shipped since 2018 is their solar node. It consists of a solar panel, a battery and a Raspberry Pi, enabling the device to run on solar power only. These nodes can be bought from Solar Bankers and are used to confirm transactions on the blockchain.
https://solarbankers.com/solar_node.html

Cloud Storage Solution:
They also developed a cloud storage solution, where users can store their data (videos, documents, pictures, etc.) and access their files from wherever they want. The cloud storage solution utilizes their token $SLB.
https://solarbankers.com/get_started.html

Blockchain technology:
The project operates on its own blockchain based on Skycoin's blockchain technology. Therefore, transactions are nearly instant and tokenholders are incentivized with a parallel currency called SLB hours (each SLB receives 1 SLB hour per hour). These SLB hours can be used to pay transaction fees, which makes transactions on the Solar Bankers network basically free.

Exchanges/Liquidity:
Not being an ERC-20 token but operating on its own blockchain made it harder to get listed on exchanges, so the exchange situation sucks. The token is currently listed on only one decentralized exchange called XBTS, that is not tracked by Coingecko or CoinMarketCap. Therefore, the project is also not listed on those sites. Another point worth mentioning is, that the project has been offering to sell tokens over the counter for 25 cents per token, which is currently way above market price, but could limit the price from shooting up, although I think they might change the rate of OTC deals if that happens. This is the most liquid exchange pair, where SLB is traded against Bitcoin:
https://ex.xbts.io/market/XBTSX.SLB_XBTSX.BTC

Partnerships:
The team has announced many partnerships over the last four years, of which I think the ones in Dubai and Turkey are the most significant. In July 2017, the team kicked off a pilot project in Dubai together with the Dubai Electricity and Water Authority (DEWA) to do performance testing of their devices in a high temperature environment. Their installation was measured to produce 60% more energy than standard solar panel installations. They formed another partnership in Turkey in 2018, where they received a grant from the Turkish government to develop a pilot of their p2p energy solution in Izmir, where they want to form a micro-grid system.
Dubai: https://www.youtube.com/watch?v=4Gzq79T67tM
Turkey: https://medium.com/@solar_bankers/update-from-turkey-421242e42958

Recent update:
Solar Bankers published an update last week, where they announced that they have finalized a major restructuring. The team now consists of 11 members and is mostly based in Turkey. The work surrounding the energy trading platform has been accelerated since the beginning of 2020 and the team received another grant from the Turkish government. The blog post includes pictures of the smart meter and IoT installations and pictures of an alpha version of their p2p trading platform, so it is definitely worth checking out:
https://medium.com/@solar_bankers/solar-bankers-update-e4ee3e9800bf

Wrap-up:
If that all sounds interesting to you, I would really recommend you to join the Telegram chat and talk with everybody there if you have any questions. The CTO is also very active in the chat and usually responds to questions. So, come join the chat:
Telegram: https://t.me/solarbankersICO
submitted by Footballelixir to CryptoMoonShots [link] [comments]

Three Unlimited Blockchain Technology Platforms For Making Money

Three Unlimited Blockchain Technology Platforms For Making Money

https://preview.redd.it/oey0uen5dpy41.jpg?width=2400&format=pjpg&auto=webp&s=61e7cf74e850d2a29a569837837fc327af146540
Ever since Blockchain came into existence, we have seen it create a lot of fervor in the market. There have been a number of changes across the different industries. Not only has it become an integral part of a business network, but at the same time, Blockchain has also become one of the best career options. Undoubtedly, Blockchain is one of the platforms to make money. There are various Blockchain platforms that can help you make money; we will be exploring the same in this blog.
Blockchain Platform For Making Money:
Big corporations are now plunging in the pool of Blockchain technology. They have been positively disrupted by this technology, but it’s not just them, there are various new ventures that are entering the business. Let’s explore how can we make money using Blockchain:
A Platform For Earning Bitcoin :
XBT Freelancer- Well, Bitcoin is the granddaddy of cryptocurrency and is to set the fervor of the digital currency revolution. So, the first platform that we are taking into account is the platform to earn Bitcoin. XBT freelancer is a great way to earn Bitcoin and is designed for freelancers. It includes some big names in Blockchain like Coinbase and Shapeshifts in addition to other blogging, SEO jobs, and marketing companies present out there.
USP: This platform allows the freelancers to set milestones of set pricing with the employers. It helps the freelancers get money when they achieve their milestones, and the employer can give constant feedback on the work done by the freelancer.
Earn in: Bitcoin
Fee: The listing of jobs on this platform is free of cost. However, there is a 0.0005 XBT (USD 60 cents) miner fee for each Bitcoin withdrawal. Freelances pay 10% of the total amount of the milestone that they perform.
A Platform For Earning Ether:
Ethlance: Our second consideration is earning Ether. Earning via Ethlance is very easy. There are a number of jobs listed on the portal, and it is the only platform offering earning in Ether.
USP: It is the first marketplace built on the Blockchain. While other portals are regular ones, Ethlance offers benefits that come with Blockchain. It also offers a series of tutorials on YouTube. The code is open source.
Earn in: Ether
Fee: There is no fee; however, you will have to pay the gas fee while submitting the transaction on the Ethereum network. Since there no fee, the platform doesn’t offer any dispute settlement.
Upcoming Platform
eDev.one- It is an upcoming platform that will be built on the OpenLedger Blockchain. This platform will have its own currency JOYY. The contract will be paid in USD or crypt.
Earn in: USD, BTC, ETH, BTS
Fee: the platform will charge up to 12.5% — 2.5% client, up to 10% for the freelancer based on the milestone. The platform will also offer full admin service and also support in the case of a dispute.
These are some of the common platforms which freelancers can explore. Blockchain offers a wide number of options, and these platforms are just one of the many ways via which Blockchain can help in making life simpler. To make the best use of any Blockchain platform, it is important that one must have knowledge about this technology. Going for Blockchain certification offered by Blockchain Council is a great way to make money. So, don’t wait for any Blockchain, the technology is evolving every day, and you must take the early bird advantage.
submitted by Blockchain_org to BlockchainStartups [link] [comments]

As defined in the Satoshi Nakamoto Bitcoin Whitepaper, Segwit coins are not Bitcoins.

As defined in the Satoshi Nakamoto Bitcoin Whitepaper, Segwit coins are not Bitcoins. submitted by MemoryDealers to btc [link] [comments]

Relative hash rate seems to be trending upwards (source: fork.lol)

Relative hash rate seems to be trending upwards (source: fork.lol) submitted by chavwithtache to btc [link] [comments]

Introduction to Cryptocurrency: BTC, the King of All Tokens

Introduction to Cryptocurrency: BTC, the King of All Tokens
Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!
https://preview.redd.it/d6qqcqnqpsn41.png?width=1638&format=png&auto=webp&s=3e1873bd9f22e159fe5675e1e7314a75eaf61ad4
If you are not in the cryptocurrency field, “BTC” may be a stranger to you, but not the Bitcoin. BTC is the abbreviation for Bitcoin. In addition, it has another name: XBT.
Speaking of BTC, we have to mention one name, Satoshi Nakamoto, father of BTC. His story started from 2008 when a financial crisis broke out across the world, which laid a foundation for the birth of BTC.
On November 1 that year, a person claiming to be Satoshi Nakamoto published the BTC White Paper titled “BTC: A Peer-to-Peer Electronic Cash System” on a P2P foundation website, marking the birth of BTC. Two months later, on January 3, 2009, the BTC genesis block was created. BTC got rid of the constraints of third-party institutions by distributed ledgers, which Nakamoto called the “blockchain.” If users are prepared to dedicate their CPU hashrate to run a special software, they can become a “miner”. While mining new BTC, the miners also set up a network to maintain the blockchain together.
At the time, BTC was considered as a virtual commodity, not a currency, by some countries, banks and government agencies. It wasn’t until one day a man bought two pizzas for the 10,000 BTC he had mined that BTC had its value (What a losing business).
After that, there are ups and downs of the BTC market, but the identity of Nakamoto, has always remained a mystery. Some say he’s from the National Security Agency, and some say he’s a financial expert. But still, he is nowhere to find, and nobody knows anything about him.
The wonderful part of BTC lies in the fact that it is something anyone can mine! But if you think you can mine as many BTC as you want, think twice. To avoid inflation, the upper limit for the number of BTC was set at 21 million. Without relying on the central authority, BTC is issued by the blockchain. Assets and transactions are secured by the digital encryption algorithms and the entire network to resist 51% hashrate attacks. Transaction records are collected and maintained by all computers on the network, and the validity of each transaction must be confirmed by blockchain inspection.
People say, having been widely recognized and used, the BTC technology presents all mankind with an era of blockchain. As the king of cryptocurrency, what makes BTC so special?
1. Decentralization
BTC is the first distributed cryptocurrency. The entire network consists of users and there is no central bank. Decentralization guarantees the security and freedom of BTC.
2.Worldwide circulation
BTC can be managed on any computer connected to the Internet. No matter where you are, you can mine, buy, sell or receive it. That is exactly what makes it a magnet for a lot of miners and users.
3. Exclusive ownership
Controlling your BTC requires your private key, which can be isolated and stored on any storage medium, and no one can get it except yourself. That experience makes you feel so special and secured.
4.Low transaction fees and no hidden costs
The BTC network will charge a certain fee for each transaction to ensure faster transaction execution. In addition, as an A-to-B payment method, BTC does not have tedious procedures or limits, and users only need to provide a BTC address to make payment. How convenient!
5. Cross-platform mining
Bitcoin is definitely a passion for geeks! Miners can discover the hashrate of different hardware on many platforms. BTC mining can be both profitable and fun.
Today the circulating market value of BTC has reached 1.32 trillion, and the reward is halved about every 4 years. In May 2020 we will usher in the third halving of Bitcoin, with a block height of 630,000, and the reward will be directly reduced from 12.5 BTC to 6.25 BTC. By 2140, there will be no more new Bitcoin generated in the world, and the number of Bitcoin in circulation will not exceed 21 million.
If you want to enter the cryptocurrency field, you might as well start by buying BTC. It may present a new door to wealth in front of you, and the key to this door lies in CoinEx. Come on, learn more and trade! https://www.coinex.com/
submitted by CoinExcom to Coinex [link] [comments]

[Megathread] On August 1, 2017 at 6:12pm UTC (block 478559), a new altcoin called Bcash (BCH) has been created using Bitcoin's transaction history. Bitcoin itself continues to function normally.

What is happening?

In what has been touted as the culmination of a multi-year scaling debate, on August 1, 2017 at 6:12pm UTC (block 478559) a new altcoin was created from Bitcoin. The new altcoin is known as "Bcash" (BCH) or "Bitcoin Cash" (BCC) depending on which wallet/exchange you ask. In order to avoid confusion with actual Bitcoin and other altcoins, we recommend readers refer to the new altcoin as "Bcash" (BCH).
As with all altcoins, Bcash is technically off-topic for the /Bitcoin subreddit. However, Bcash was created based on Bitcoin's transaction history, and therefore all Bitcoin owners should be able to retrieve an equal amount of Bcash with some effort. Your Bitcoins are just as safe as they were before the chain split, but you should take care not to compromise your private keys if you wish to retrieve Bcash. This is not urgent unless you wish to trade immediately. If you choose to retrieve your Bcash, please be aware that consolidating your UTXOs will impact your privacy on both chains.
In order to help readers navigate this confusing situation and minimize disruption of relevant content, /Bitcoin has dedicated this sticky thread where readers can ask questions or leave comments pertaining to Bcash. If you are wondering how to retrieve your new altcoin holdings, please read the discussion thoroughly as your questions may already have been answered. If you don't see a similar question, please be sure to mention your wallet method and preferred exchange so that other readers can help address your concerns. You are also invited to submit new threads to the /Bcash subreddit if you so choose.
If you would like to understand the motives behind this new altcoin, please read The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC lead developer Amaury Séchet.
A Beginner’s Guide to Claiming Your “Bitcoin Cash” (and Selling It) is a must-read for anyone feeling particularly lost.

But I thought we avoided a chain split?

For those of you who thought we avoided a chain split with the activation of BIP91 a couple weeks ago, here's a very loose summary of what happened on the Segwit (BIP141, BIP148, BIP91) front:
  1. Bitcoin Core team deployed Segwit (BIP141) last year
  2. Miners refused to activate Segwit via BIP9
  3. Users deployed UASF (BIP148 by shaolinfry) to require Segwit (BIP141) signaling by August 1st
  4. Miners activated BIP91 (by James Hilliard) on July 20th in response to UASF (BIP148)
  5. BIP91 complied with UASF (BIP148) by enforcing Segwit (BIP141) signaling ahead of August 1st
  6. Segwit BIP141 is expected to lock in on Tuesday, August 8th
  7. Segwit BIP141 is expected to activate on Monday, August 21st
  8. BIP148 activated successfully without any chain split
  9. Another altcoin called "SegWit2x" (B2X) may be created later this year, similar to Bcash but with less safety precautions regarding replay protection
Despite all the progress we're making in scaling Bitcoin both on-chain and off-chain, the Bcash crew has decided to part ways with the Bitcoin project by creating a new altcoin. The key differences are that they are attempting to gut Segwit from their forked client, as well as increasing the deprecated max_block_size attribute to 8MB.

Various Announcements:

Electrum 1 - Electrum 2 - Trezor - Ledger - Coinbase - Breadwallet - Bitfinex - Airbitz - Blockchain.info - Exodus - Jaxx - Kraken - Bittrex - Greyscale - Yobit - Bitcoin Core - Bitstamp - [Mycelium]() - [GreenAddress]() - BitcoinTalk - (Reply in comments to add other services)

/Bitcoin wishes Bcash a happy farewell and the best of luck in their new venture!

submitted by BashCo to Bitcoin [link] [comments]

Feeling like BTC is in for a steep downward correction? That 2k-4k jump in BTC/USD exchange (starting ~Aug 2-3) seems to be predicated on the mass belief that BTC is resilient to hard forks...

I sold out over 90% of my BTC position...not feeling it right now.
submitted by djvs9999 to btc [link] [comments]

[Mystery] Where did the bitcoin go? Did I get hacked?

Hi everyone,
I'm creating this post because I'd like to hear what you guys think about what happened to me recently.
Here's the story :
I've been using cryptocurrencies for a little over a year and a half, and I'm pretty familiar with most aspects of it (trading, security, technology, etc).
Last December, I made a transaction to send some bitcoin I had on an exchange called IDAX to my Kraken account.
I logged into my Kraken account, went to deposits > XBT, and created a new deposit address.
Then, I went to IDAX and withdrew 1.06 BTC to this newly created address.
After a couple of hours monitoring Kraken and not seeing the BTC coming in, I went back to IDAX to look at the TX on blockchain.info. To my surprise, I realized the 1.06 BTC weren't sent to my Kraken address, but to another address, unknown to me.
Here's the TX showing my withdrawal from IDAX being sent to an unknown address : 16FFGnvKyBKoWB58mq85eFrou5NCCgqXQi (TX : https://www.blockchain.com/btc/tx/641c62235ea8cdb33da9ca996cbdad8f4fa72320d388fd3950efcf92e40f3fba)
At this point I kinda freaked out, as it's a lot of money, and contacted both Kraken and IDAX client support. Both told me they weren't responsible for what happened, and that the error was mine.
The thing is, I don't own this BTC address, and I had never seen it before. I didn't copy it from anywhere else, and didn't type it myself in IDAX's withdrawal form.
After monitoring the address for a few days to see if the funds would move or just stay dead in this unknown wallet, I saw activity on it. Around a week later, my 1.06 BTC were sent to another address (3QTst4kaqfvzD6qB5HEzyNuA4C2qjjMW7J), then to other addresses through different transactions (https://www.blockchain.com/btc/tx/484717cc40767a343775512b80ce72434d43fbb62aa70e07be289b33c374615f).
Now, I understand that my BTC are more than likely lost for good as IDAX claim they've sent the BTC to the address I provided. I've thought about a hack but I'm finiding it hard to believe as I'm using a Mac, which is brand new from last summer, I don't have any sketchy plugins on my browser and I barely use cracked software (the only ones being the Adobe collection and Sketch, which I've always downloaded on websites I trust). I ran a scan with my antivirus (Sophos) and it didn't find anything besides a bitcoin miner, which was normal since I have a bitcoin wallet on my computer.
What bothers me is not knowing what happened. Was my computer really hacked at some point? Am I in danger of something similar happening again? What do you guys think? I know I'll never see that BTC I've lost again but I'd really like to know what happened. Should I factory reset my computer just in case?
tl;dr : Withdrew 1.06 BTC from IDAX to Kraken. Money was sent to an unknown address while I'm sure I've pasted the right address in the withdrawal form. I'm using a Mac and antivirus didn't find anything suspicious. After 7 days, the funds were moved from that unknown address to other addresses. IDAX and Kraken claim they're not responsible for what happened. What do?
submitted by makdac to AskNetsec [link] [comments]

Kraken Litecoin withdrawl fee is .02 LTC

Don't recommend them because of this. It's outrageously high. There are plenty of alternatives. Most places are .001 LTC. GDAX is free.
submitted by mypurpletable to litecoin [link] [comments]

Updated FAQs for newcomers

TL:DR: Don't bother mining if you want to get rich yo. You're way too late to the party.
Welcome to the exciting and often stressful world of bitcoin! You are wondering what looks like a once in a lifetime opportunity to get rich quick. Of course you guys probably heard about this "mining" process but what is this?
Simply put, a bitcoin mining machine that performs complicated calculations and when deemed correct by the network, receives a block which contains 25 bitcoins (XBT). This is how bitcoins are generated. So your brain instantly thinks, "Holy shit, how can I get on this gold rush?"
Before you proceed further, I would like to explain the concept of mining further. Bitcoin is limited 21m in circulation. It is coded to release a certain number of blocks at a certain time frame, ie: this year the network will release close to 500,000 bitcoins. What this means is that the more people (or specifically the amount of mining power) mine, the less each person gets. The network tries to keep to this time frame through the process of difficulty adjustments which makes the calculations harder and this happens every 2 weeks. So every 2 weeks, you get less bitcoins with the same hash rate (mining power) based on what the difficulty changes are. Recently, the changes have been pretty staggering, jumping 226% in 2 months. You can see the difficulty changes here.
Now, why are these changes so large?
A bit of a simple history. Bitcoin's algorithm runs on SHA-256. This algorithm can be solved using many hardware, from CPU to GPU and dedicated hardware (Application Specific Integrated Circuits). When bitcoin first started, mining on CPU was a trivial process, you can pretty much earn 50 XBT (the block size then) every few hours between Q1 and Q2 of 2010.
In late 2010, due to the difficulty increase that is reducing the effectiveness of CPU mining, people started to harness GPU mining. Only AMD GPU's architecture design are better optimized for bitcoin mining so this is what the community used. Immediate improvements of more than 10x was not uncommon.
In time of course, GPUs reached their limit and people started to build dedicated. In the same vein as the CPU to GPU transition, similar performance increase was common. These ASICs can only perform SHA-256 calculation so they can be highly optimized. Their performance mainly depends on the die size of the chips exactly like CPU chips.
In general, think of bitcoin mining's technological advancement no different to mining gold. Gold panning (CPUs) vs pickaxes (GPUs) vs machinery (ASICs) and we are still in the ASIC mining race.
ASIC mining started with ASICMiner and Avalon being first to the market, both producing 130nm and 110nm chips. The technology are antiquated in comparison to CPUs and GPUs which are now 22nm with 14nm slated for Q1 next year by Intel but they are cheap to manufacture and with performance gains similar to the CPU to GPU transition, they were highly successful and popular for early adopters. At that point in time since there were less competing manufacturers and the low batch runs of their products, miners became really rich due to the slow increase in difficulty.
The good days came to an end mid August with an unprecedented 35% increase in difficulty. This is due to existing manufacturers selling more hardware and many other players coming onto the market with better hardware (smaller die). Since die shrinking knowledge and manufacturing process are well known along with a large technological gap (110nm vs 22nm), you get an arms race. Current ASIC makers are closing in on our technological limit and until everyone catches up, the difficulty jumps will be high because it is just too easy to get a performance increase. Most newer products run at 28nm and most chips are not well optimized, so it will be around another 6 to 9 months before we see hit a hard plateau with 22nm or 14nm chips. The estimated time frame is because manufacturing chips at 22nm or 14nm is a more difficult and expensive task. In the meantime most manufacturers will probably settle at 28nm and we will reach a soft plateau in about 3 months.
Now, you might ask these questions and should have them answered and if you have not thought about them at all, then you probably should not touch bitcoin until you understand cause you are highly unprepared and probably lose lots of money.
No. If you have to ask, please do not touch bitcoin yet. You will spend more on electricity cost than mining any substantial bitcoin. Seriously. At all. A 7990 would produce a pitiful 0.02879 XBT (USD $14 @ $500/XBT exchange rate) for the next 30 days starting 23 Nov 2013 at 35% difficulty increase.
And if you think you can mine on your laptop either on a CPU or GPU, you are probably going to melt it before you even get 0.01 XBT.
Probably not because you probably forgot that GPUs and CPUs produce a ton of heat and noise. You can try but I see no point earning < $20 bucks per month.
No, because your machine will probably not mine as much as buying bitcoins. This situation is called the opportunity cost. While you can still make money if XBT rise in value, it is a fallacy.
IE: if you start mining on 1 Dec 2013, a KnC Jupiter running at 450Gh/sec (KnC lies as not all chips run at 550Gh/sec) will yield you a total revenue of 9.5189 XBT with a profit of 0.7859 XBT in profit by 30th Jan 2014 at a constant difficulty increase of 35%. The opportunity cost is: 8.5910 XBT @ USD $580/XBT with USD $5,000 which is the cost of a KnC Jupiter. This is the best you can earn and it's a bloody optimistic assumption because:
The only circumstances where you will earn money is when XBT exchange rates is so high that it makes the opportunity cost pales in comparison. Unfortunately this is not the case. If XBT stabilized at 900/XBT today (20 Nov 2013) then we might have a good case.
The risk is just generally not worth it. Unless you have at least a hundred thousand and can make a contract with a manufacturer for a lower cost, do not bother. Just wait until the arms race is over then you can start mining.
Okay, go buy an AsicMiner USB Block Erupter. They are cheap and pretty fun to have.
Sure, just read the answer below on who NOT to go for. You are doing bitcoin a service by securing the network and you have our (the users') gratitude.
You can check out the manufacturers and their products below along with a calculator here.
If you still insist on buying, do not to go for BFL. Their track record is horrid and borderline scammish. KnC fucked up a lot with defective boards and chips. Personally, I think CoinTerra is the best choice.
Alternatively, you can go on the secondary market to buy a delivered product. You can get a better deal there if you know how to do your "return on investment (ROI)" calculation. Personally, I will go for a 45%-50% difficulty increase for the next 3 months for my calculations and a 2% pool fee.
However, most products on ebay are sold at a cost much higher than it should. bitcointalk.org is a cheaper place because everyone knows what are the true value is so you will find less options. If you are unclear or need assistance, please post a question.
I actually do not use any of the pools recommended to the left because I think they lack features.
My favourite is Bitminter (Variable fees based on features used; max 2%). It has all advanced features for a pool, very responsive and helpful owner on IRC. Variable fees is good for those who do not need a large feature set, even with all features turned on, it is still cheap.
Eligius (0% fees) has high value for money but lacks features. It has anonymous mining which might be attractive to certain subset of people but not for others. Many other community member and I disagree highly with the opinions of the owner on the direction of bitcoin. I do use his pool for now but I do so only because I share my miners with a few partners and anonymous mining allows us to monitor the machines without using an account. Bitminter uses only OpenID which is problematic for me.
BTC Guild (3% fees) is another big pool and is fully featured and does charge a premium for their fees. That said, they are the most stable of the lot. I do use them but do so only because my hoster uses them for monitoring. I try not to use them because a pool with a very large hash rate (they are the largest) presents a large vulnerability to bitcoin's network if compromised.
All of them pay out transaction fees.
submitted by Coz131 to BitcoinMining [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

Can the maximum number of bitcoins be changed?

If things like block size in the algorithm can be change, why can't the maximum number of bitcoins (21 million) be changed at some point?
submitted by bitcoinruss to Bitcoin [link] [comments]

Where did my BTC go? Did I get hacked?

Hi everyone,
I'm creating this post because I'd like to hear what you guys think about what happened to me recently.
Here's the story :
I've been using cryptocurrencies for a little over a year and a half, and I'm pretty familiar with most aspects of it (trading, security, technology, etc).
Last December, I made a transaction to send some bitcoin I had on an exchange called IDAX to my Kraken account.
I logged into my Kraken account, went to deposits > XBT, and created a new deposit address.
Then, I went to IDAX and withdrew 1.06 BTC to this newly created address.
After a couple of hours monitoring Kraken and not seeing the BTC coming in, I went back to IDAX to look at the TX on blockchain.info. To my surprise, I realized the 1.06 BTC weren't sent to my Kraken address, but to another address, unknown to me.
Here's the TX showing my withdrawal from IDAX being sent to an unknown address : 16FFGnvKyBKoWB58mq85eFrou5NCCgqXQi (TX : https://www.blockchain.com/btc/tx/641c62235ea8cdb33da9ca996cbdad8f4fa72320d388fd3950efcf92e40f3fba)
At this point I kinda freaked out, as it's a lot of money, and contacted both Kraken and IDAX client support. Both told me they weren't responsible for what happened, and that the error was mine.
The thing is, I don't own this BTC address, and I had never seen it before. I didn't copy it from anywhere else, and didn't type it myself in IDAX's withdrawal form.
After monitoring the address for a few days to see if the funds would move or just stay dead in this unknown wallet, I saw activity on it. Around a week later, my 1.06 BTC were sent to another address (3QTst4kaqfvzD6qB5HEzyNuA4C2qjjMW7J), then to other addresses through different transactions (https://www.blockchain.com/btc/tx/484717cc40767a343775512b80ce72434d43fbb62aa70e07be289b33c374615f).
Now, I understand that my BTC are more than likely lost for good as IDAX claim they've sent the BTC to the address I provided. I've thought about a hack but I'm finiding it hard to believe as I'm using a Mac, which is brand new from last summer, I don't have any sketchy plugins on my browser and I barely use cracked software (the only ones being the Adobe collection and Sketch, which I've always downloaded on websites I trust). I ran a scan with my antivirus (Sophos) and it didn't find anything besides a bitcoin miner, which was normal since I have a bitcoin wallet on my computer.
What bothers me is not knowing what happened. Was my computer really hacked at some point? Am I in danger of something similar happening again? What do you guys think? I know I'll never see that BTC I've lost again but I'd really like to know what happened. Should I factory reset my computer just in case?
tl;dr : Withdrew 1.06 BTC from IDAX to Kraken. Money was sent to an unknown address while I'm sure I've pasted the right address in the withdrawal form. I'm using a Mac and antivirus didn't find anything suspicious. After 7 days, the funds were moved from that unknown address to other addresses. IDAX and Kraken claim they're not responsible for what happened. What do?
submitted by makdac to CryptoCurrencies [link] [comments]

Time to switch Classic to 90% consensus

Bitcoin Classic is a place holder for political example. It's purpose is to demonstrate that big blockers are willing to compromise extensively. The 75%/28 day activation is the last brick of compromise we could possibly adapt. So we should do it and change the Classic offer to 90%/40 day activation or something irresistible. This gets the last drop of political rep which can be squeezed out of the Classic political apple.
There's no reason to keep Classic the way it is and this new offer is something still useful to be gained through its mission. It will reignite an opportunity to engage with the other side. Doing so should demonstrate to the whole community that we have stretched our compromise to the absolute end. As such if it is rejected or censored that would be a strong political basis upon which to launch a serious hard fork with on chain scaling.
submitted by redmarlen to btc [link] [comments]

Why NYA is an attack on Bitcoin and why it will fail (long)

I wrote a rather lengthy response to a reddit post that I think is worth sharing, especially for newcomers to dispell some false narratives about S2X and Barry Silberts' New-York Agreement aka hostile takeover attempt of Bitcoin that is doomed to fail.
big block hard-liners wanted block size only, no SegWit.
Which doesn't make any logical sense. A lot of fud was actively being spread about how segwit was unsafe (such as the ANYONECANSPEND fud) but segwit is ofcourse working as intended thanks to the world class engineering of the Bitcoin Core developers. This led to the suspicion that BitMain was behind the opposition of segwit. BitMain miners use "covert AsicBoost" which is a technique that allows their rigs to use less electricity than competing mining equipment. However, segwit introduced changes to Bitcoin that made using covert AsicBoost impossible, which would explain their fierce opposition to segwit. We're talking big money here - the AsicBoost advantage is worth US$ 100 million according to estimates of experts.
After segwit was finalized, the Bitcoin software was programmed to activate segwit but not before 95% of the hashpower signalled to be ready. After all, miners are tasked with creating valid blocks and should be given the opportunity to update their software for protocol changes such as segwit. As a courtesy to the miners, the Bitcoin software basically said: "ok, segwit is here, but I'll politely hold off its activation until 95% of you say that you're ready to deal with this protocol change".
Sadly, mining is heavily centralized, and segwit was never getting activated due to the opposition of a few or perhaps even a single person: Jihan Wu of BitMain. As an aside, the centralization of hash power is also a direct result of AsicBoost. How this works: since AsicBoosted rigs are able to mine more efficiently than their competitors, these rigs drive up the difficulty and with that the average amount of hashes required to find a block. This in turn causes less efficient rigs to mine at a loss because they need to expend more energy to find a block. As a result, BitMain competitors got pushed out and BitMain became the dominant self-mining ASIC manufacturer.
After segwit was finalized, it required 95% of the hashpower to activate but it never gained more than around 30%. So 70% of hash power abused the courtesy of the Bitcoin software to wait until they were ready for activation and refused to give the go ahead. This went on for months and worst case it would have taken until August 2018 before segwit would activate.
let's do a compromise- we do SegWit AND we hard fork
In March 2017 a pseudonymous user called Shaolin Fry created BIP148 which is a softfork that invalidates any block that wouldn't signal segwit readiness starting August 1st 2017. This also became known as the UASF (User-Activated Soft Fork, as opposed to the original miner-activated soft fork that didn't work as intended). This patch saw significant adoption and miners would soon be forced to signal segwit or else see their blocks being invalidated by the network, which would cause them significant financial losses.
In May 2017 so after BIP148, the backroom New-York Agreement (NYA) was created by the Digital Currency Group of Barry Silbert together with businesses in the Bitcoin space such as BitPay and almost all miners. The NYA was the beginning of an outright misinformation campaign.
The NYA was trumpeted to be a "compromise". Miners would finally agree to activate segwit. In return, Bitcoin would hardfork and double its capacity on top of the doubling already achieved by segwit. In reality, BIP148 was already going to force miners to signal the activation of segwit. Also, developers and most users were notably absent in this NYA. So, given that segwit was already unstoppable because of BIP148, the parties around the table had to "compromise" to do something that they all wanted: hardfork Bitcoin to increase its capacity.
Or, is it all in fact really about increasing capacity? After all, segwit already achieved this. Bcash was created which doubled block size as well but without segwit. And then there is good old Litecoin having four times the transaction capacity of Bitcoin and segwit. Plenty of working alternatives that obsolete the need for yet another altcoin. So, perhaps transaction capacity is used as an excuse to reach a different goal. Let's explore.
Apparently after not-so-careful study of the Bitcoin whitepaper, the NYA participants came up with an absurd redefinition of what is "Bitcoin". According to this bizarre definition, they started to claim that Bitcoin is being defined as:
  1. Any blockchain that has the most cumulative hashpower behind it (measured from the Genesis block at the inception of Bitcoin):
  2. Using the SHA256 hashing algorithm;
  3. Having the current difficulty adjustment algorithm (resetting difficulty every 2016 blocks).
Ad 1. Note that it starts with "any blockchain". This also includes blockchains that contain invalid blocks, in other words, blocks that Bitcoin nodes would reject.
This is ofcourse bizarre but it is exactly what the NYA participants claim. It effectively puts all power in the hand of miners. Instead of nodes validating blocks, according to this novel and absurd interpretation of Bitcoin it will be miners that call the shots. Whatever block a miner produces will be valid as long as they mine on top of their own block, because that chain will then have the most cumulative hash power. Nodes become mere distributors of blocks and lose all their authority as they can no longer decide over the validity of a block. MinerCoin is born.
The Bitcoin whitepaper actually mentions this scenario where a majority of the hashpower takes over the network and starts producing invalid blocks and refers to it as being an attack. It is worth quoting this section 8, second paragraph in its entirety:
"As such, the verification is reliable as long as honest nodes control the network, but is more vulnerable if the network is overpowered by an attacker. While network nodes can verify transactions for themselves, the simplified method can be fooled by an attacker's fabricated transactions for as long as the attacker can continue to overpower the network. One strategy to protect against this would be to accept alerts from network nodes when they detect an invalid block, prompting the user's software to download the full block and alerted transactions to confirm the inconsistency. Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification." (emphasises mine).
Any doubt left whether "most hashpower wins" is an attack should be removed by a telling remark in the release notes of 0.3.19:
"Safe mode can still be triggered by seeing a longer (greater total PoW) invalid block chain."
As mentioned, miners representing 95% of all hash power participate in the NYA. They are currently expressing their support for the NYA by putting "NYA" inside blocks. The NYA participants intend to remove their hash power from Bitcoin completely and point it towards their altcoin. To double down on their claim that Bitcoin is defined by hashpower, they show some serious audacity by referring to their altcoin as... "Bitcoin". Anyone not part of the NYA refers to their coin as segwit2x, S2X or sometimes 2x.
The NYA participants proceed to proclaim victory. They reason that with all hash power on their blockchain and hardly any left for Bitcoin, "legacy Bitcoin" will be stuck as blocks will be created so slowly that Bitcoin becomes unusable, forcing everyone to switch to the "real" Bitcoin (sic). In other words, it was part of the plan was to remove hash power from Bitcoin to disrupt and force users into their altcoin.
Ofcourse, Bitcoin Core would not just sit idle and let such an attack happen. There are several ways to defend against this attack. As a last resort, an emergency difficulty reset combined with a change in the PoW algorithm can be deployed to get Bitcoin going again.
This is not likely to be necessary however as miners simply can't afford to mine a coin that has a small fraction of the value of Bitcoin. They have large bills to pay which is impossible by mining a coin that has half or even less the value of Bitcoin. In other words, miners would bankrupt themselves unless their altcoin attains the same value as Bitcoin. Given the lack of user, community and developer support it is save to say that this is not going to happen. Their coin will have only a small fraction of the value of Bitcoin and miners have no choice but to continue mine Bitcoin in order to receive the income necessary to pay for their huge operational expenses.
A moment was set for the hardfork: block 494,784 a big block will be produced such that it is invalid for the current Bitcoin network and will discard it.
Ofcourse, some nodes must accept the new, bigger S2X blocks. Therefore, Jeff Garzik (co-founder of a company called Bloq) started out to create btc1 which is a fork of the Bitcoin node software and which is adapted such that it accepts blocks up to twice in size, so that the segwit2x altcoin can exist. Note the 1 in btc1 which refers to their version numbering. Bitcoin Core releases are still 0.x but btc1 is numbered 1.x. This is to send the message that they have released the real Bitcoin that is now no longer a beta 0.x release but a production ready 1.x. This nonwithstanding the fact that btc1 is a copy of Bitcoin 0.14 with some minor changes and without any significant development causing it to quickly fall behind Bitcoin.
The NYA participants go on to claim that when hash power is on the btc1 blockchain, and Bitcoin is dead as a result because no or hardly any new blocks are being created, then the Bitcoin Core developers have no choice but to start contributing to their btc1 github controlled by Jeff Garzik.
In the NYA end state, Bitcoin is a coin of which miners set the consensus rules, and the Core developers sheepishly contribute to software in a repository controlled by Jeff Garzik or whoever pays him.
Needless to say, this is never ever going to happen.
The small block hard-liners are now against 2x and want SegWit only.
There is no such thing as small block hardliners. As is probably clear by now, NYA is not about block size. It is about control over Bitcoin. As a matter of fact, Bitcoin Core has never closed the door on a block size increase. In the scaling roadmap published in December 2015, Bitcoin Core notes:
"Finally--at some point the capacity increases from the above may not be enough. Delivery on relay improvements, segwit fraud proofs, dynamic block size controls, and other advances in technology will reduce the risk and therefore controversy around moderate block size increase proposals (such as 2/4/8 rescaled to respect segwit's increase). Bitcoin will be able to move forward with these increases when improvements and understanding render their risks widely acceptable relative to the risks of not deploying them. In Bitcoin Core we should keep patches ready to implement them as the need and the will arises, to keep the basic software engineering from being the limiting factor."
Bitcoin Core literally says here very clearly that further increases of block size are on the table as an option in the future.
For my personal opinion-
I hope that your personal opinion has changed after taking notes of the above.
submitted by trilli0nn to Bitcoin [link] [comments]

On the new batch of comments to the SEC about the SolidX ETF, some honorable mentions, and some negative comments

The SEC just posted a new batch of 286 comments on the SolidX ETF, bringing the total to 1147. I am skimming through them and posted some of the best already to this sub.
The vast majority are short comments, obviously submitted in response to some mail-in campaign. The names sound very much like the invented ones of spam emails that I have been receiving for years. A telling detail is the lack of a middle initial.
They also mostly repeat the same arguments, and many are obviously written by people who don't understand what is the ETF, only that if that SEC thing approves it then the bitcoin price will go to the moon. I have just seen a dozen that start with the same phrase "I hearby[sic] state my acceptance and full support..."
Some are so sloppy that they submit with one name but sign with a different name.
Here are some honorable mentions:
A few negative comments:
submitted by jstolfi to Buttcoin [link] [comments]

Is there any point in mining?

From everywhere I read they say, that there is no money and point and minning, so then wht is the point, not meant to offend anyone just curious. I wanted to get into mining but everywhere I read all the comments seem like there is no use in mining.
submitted by ditto346 to BitcoinMining [link] [comments]

Bitcoin certificate is a winner on the Stockholm Exchange

Bitcoin certificate is a winner on the Stockholm Exchange submitted by weldinparsley to Bitcoin [link] [comments]

Breadwallet and Segwit2x: questions

Breadwallet and Segwit2x
aaronvoisine, CEO of Breadwallet:
"Breadwallet follows the majority of hashing power on the original PoW algorithm, segwit2x or no, it follows the Nakamoto consensus." (source).
Aaron Lasher, CMO of Breadwallet:
"if a fork were to happen it will automatically follow the longest chain with the most proof of work." (source).
chalash of Breadwallet:
"SegWit2x detractors have an enormous incentive to access their "altcoins" as you put it" (source).
samuraisam, CTO of Breadwallet:
"your money is safe in breadwallet in the event of a fork." (source)
The reply of luke-jr:
"You keep making statements to the effect that you will NOT handle the 2X altcoin "elegantly"." (source).
The launch of segwit2x-coin
In November, a new altcoin is planned to launch that shares the same history as the Bitcoin blockchain similar to BCH. I will be referring to this altcoin as segwit2x-coin for clarity. Currently, about 90% of all hash power is signalling to mine segwit2x after its launch, in accordance with the New-York Agreement ("NYA"), an agreement struck between Bitcoin miners and some companies operating in the Bitcoin space.
Considering the following sequence of events:
Questions
After the above sequence of events:
Clarification is highly welcomed.
submitted by trilli0nn to Bitcoin [link] [comments]

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How to Mine Bitcoin Earning $100K a Year Mining BTC ...

Bitcoin Trading XBT BitEuro De. Loading... Unsubscribe from BitEuro De? ... Noob's Guide To Bitcoin Mining - Super Easy & Simple - Duration: 11:37. UFD Tech 2,273,798 views. 11:37 . How to spot a ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk. Join our community on Discord! We're happy to meet like ... Highlights from the first month of Bitcoin Futures trading at Cboe: intraday high/low, settlement & ADV. Plus other cryptocurrency news. Host Kevin Davitt. 0... Mine Bitcoin on the go Mining on mobile devices has been just a faraway dream for a long time—but now it’s a thing! Use CryptoTab on your smartphone or table...

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