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The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May
May 25, 2020
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Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%.
Meanwhile, Network Demand Score which is a metric incorporating network velocity, transaction value, fees, and miner’s rolling inventory, climbed to 6/6 following the bitcoin halving meaning the network is growing stronger which could also be a sign that “we’re in a longer-term bull market.”
Since March 12th, just before the massive sell-off, this score has remained above a 3/6 reflecting growing strength in network activity and instilling confidence in the ongoing uptrend for the bitcoin price.
3 Reasons why fees skyrocketed
One component of this indicator, bitcoin on-chain fees has been surging like crazy.
Last week, Bitcoin average transaction fee climbed to $7, last seen in February 2018. This has the miner revenues from fees rising to the levels not seen for more than 2 years. But this week, it also dropped 55% to $3.13.
The increase in transaction fees, which is increasingly becoming more important for Bitcoin network security, has been because of the unconfirmed transactions piling on in mempool.
A decline in hash rate following halving caused fewer blocks to be found and will continue until the next difficulty adjustment has been one of the reasons behind this jump in fees.
The other reason is the large fluctuations in bitcoin price which has traders sending coins between exchanges.
Ather reason is a “mysterious entity which has been consolidating outputs at the highest fee rates, driving up fees for everyone,” pointed out Serrrgej Kotliar, CEO Bitrefill.
Who is this “Crazy1o1”?
Over the weekend Kotliar shared how, for the past 14 days, this mysterious entity has consolidated a lower-bound of 720 thousand outputs, 5 MB per day, more than BitMEX.
Since May 1st, this entity named “Crazy1o1” has spent around 804k UTXOs and has paid more than 104BTC in mining fees during this time, noted Laurent.
“On some days, these fees are equivalent to 10-12% of all the fees received by miners,” he said.
Laurent along with others suspect this entity to be the cryptocurrency exchange Coinbase.
Earlier this month, it was also found that crypto derivatives exchange BitMEX is making the bitcoin network expensive for everyone and its own users are paying 6.8% of total daily transaction fees.
Prepare for the next bull market
All of this a “decent fire drill for what might happen if we see another bull market,” said Kotliar. Grubles from Blockstream said,
“ON-CHAIN FEES AND BTC PRICE MOVEMENTS CHART. YOU CAN SEE THAT BIG MOVEMENTS RESULT IN PEOPLE RUSHING TO TRANSACT (ALMOST CERTAINLY TO/FROM EXCHANGES), PUSHING FEES UP FOR OTHER NON-TRADER USERS WHO NEED UNCENSORABLE / IRREVERSIBLE TRANSACTIONS.”
The fees reached its all-time high at over $55 during the peak of the bull market in December 2017. As such in the next bull market, a 5x growth in on-chain transactions should be expected.
But given that batching, one of the many ways the network has been scaled is here, it will prevent the pressure on the network from getting worse than 2017. But exchanges will need to be prepared for this.
submitted by kealenz to BitcoinMarkets [link] [comments]

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%.
Meanwhile, Network Demand Score which is a metric incorporating network velocity, transaction value, fees, and miner’s rolling inventory, climbed to 6/6 following the bitcoin halving meaning the network is growing stronger which could also be a sign that “we’re in a longer-term bull market.”
Since March 12th, just before the massive sell-off, this score has remained above a 3/6 reflecting growing strength in network activity and instilling confidence in the ongoing uptrend for the bitcoin price.
3 Reasons why fees skyrocketed
One component of this indicator, bitcoin on-chain fees has been surging like crazy.
Last week, Bitcoin average transaction fee climbed to $7, last seen in February 2018. This has the miner revenues from fees rising to the levels not seen for more than 2 years. But this week, it also dropped 55% to $3.13.
The increase in transaction fees, which is increasingly becoming more important for Bitcoin network security, has been because of the unconfirmed transactions piling on in mempool.
A decline in hash rate following halving caused fewer blocks to be found and will continue until the next difficulty adjustment has been one of the reasons behind this jump in fees.
The other reason is the large fluctuations in bitcoin price which has traders sending coins between exchanges.
Ather reason is a “mysterious entity which has been consolidating outputs at the highest fee rates, driving up fees for everyone,” pointed out Serrrgej Kotliar, CEO Bitrefill.
Who is this “Crazy1o1”?
Over the weekend Kotliar shared how, for the past 14 days, this mysterious entity has consolidated a lower-bound of 720 thousand outputs, 5 MB per day, more than BitMEX.
Since May 1st, this entity named “Crazy1o1” has spent around 804k UTXOs and has paid more than 104BTC in mining fees during this time, noted Laurent.
“On some days, these fees are equivalent to 10-12% of all the fees received by miners,” he said.
Laurent along with others suspect this entity to be the cryptocurrency exchange Coinbase.
Earlier this month, it was also found that crypto derivatives exchange BitMEX is making the bitcoin network expensive for everyone and its own users are paying 6.8% of total daily transaction fees.
Prepare for the next bull market
All of this a “decent fire drill for what might happen if we see another bull market,” said Kotliar. Grubles from Blockstream said,
“ON-CHAIN FEES AND BTC PRICE MOVEMENTS CHART. YOU CAN SEE THAT BIG MOVEMENTS RESULT IN PEOPLE RUSHING TO TRANSACT (ALMOST CERTAINLY TO/FROM EXCHANGES), PUSHING FEES UP FOR OTHER NON-TRADER USERS WHO NEED UNCENSORABLE / IRREVERSIBLE TRANSACTIONS.”
The fees reached its all-time high at over $55 during the peak of the bull market in December 2017. As such in the next bull market, a 5x growth in on-chain transactions should be expected.
But given that batching, one of the many ways the network has been scaled is here, it will prevent the pressure on the network from getting worse than 2017. But exchanges will need to be prepared for this.
submitted by kealenz to btc [link] [comments]

the year 2020 in Bitcoin Cash so far: a detailed history

the year 2020 in Bitcoin Cash so far: a detailed history
What follows at the bottom is a four page long chronological overview of what happened in BCH in 2020 so far. To make it more digestable and fun to read I start with my narrating of the story.
My attempt was to remain as objective as possible and "let the facts speak for themselve" with everything sourced. I also link to many read.cash articles, the decision of which are the important ones to include is certainly not easy, I count on the rest of the community if I overlooked anything important.

summary & my narrating of the story:
The year started out relatively calm, with cashfusion in "the news" and an older ongoing controversy between Amaury and Roger Ver being worked out. Starting Jan 22nd all debate broke loose with the announcement of “Infrastructure Funding Plan for Bitcoin Cash” by Jiang Zhuoer of BTC.TOP. To illustrate this point 2 days later coinspice ran the title " Roger Ver Praises Vigorous Debate, [...]" and 6 days, less than a week, later Chris Pacia made a read.cash post titled "The 253rd "Thoughts on developer funding" Article" which might have been only a slight exaggeration or he might have been counting. Part of the reason of the tsunami was the lack of worked out details. By the time of Pacia's post a lot had changed: Both BU, Bitcoin Verde and a group of miners had made announcements not to go along with "the plan".
On feb 1st, the second version of the IFP was announced by Jiang Zhuoer in a post “BCH miner donation plan update”. Two weeks later on Feb 15th, the third iteration was announced by Bitcoin ABC which was to be activated by hashrate voting and on the same day Flipstarter was introduced, a sign of the search for alternative solutions. After a few more days and a few more people coming out more against the IFP (including Jonald Fyookball, Mark Lundeberg & Josh Ellithorpe), BCHN was announced on feb 20th with a formal release a week later. Also feb 27th, the DAA was brought back into the conversation by Jonathan Toomim with his " The BCH difficulty adjustment algorithm is broken. Here's how to fix it." video. By early march the IFP was effectively dead with its author Jiang Zhuoer vowing to vote against it. This became clear to everyone when ABC, a day later sudddenly shifted gears towards non-protocol, donation based funding: the IFP was dead. End march ABCs 2020 Business Plan was announced as a way to raise $3.3 million. Mid april to mid may was the high time for voluntary funding with four node implementations and General Protocols, a BCH DeFi Startup successfully raising funds.
By May 15th, the 6th HF network upgrade things had pretty much cooled down. The upgraded included nothing controversial and even saw an unexpected doubling in the unconfirmed transaction chain. June 15th a month later things started to heat up again with the BCHN announcement to remove the "poison pill" or "automatic replay protection". 8th Jul Jonathan Toomim posted "BCH protocol upgrade proposal: Use ASERT as the new DAA" which promised the solution to the long dragging DAA problem. Jul 23th however an unexpected twist occurred when Amaury Séchet posted "Announcing the Grasberg DAA" an incompatible, alternative solution. This, again, sparked a ton of debate and discussion. Grasberg lasted just two weeks from Jul 23th to Aug 6th when ABC announced its plans for the november 2020 upgrade but it had successfully united the opposition in the meanwhile. ABCs plan for november included dropping grasberg in favour of aserti3–2d and introducing IFPv4. Now we're here August 8th, the IFP which was declared dead after just over a month (Jan 22-Mar 5) is now back in full force. The rest of the history is still being written but if p2p electronic cash is to succeed in any big regard it's very thinkable that these events will get into history books.

Important resources: coinspice IFP timeline & Compiled list of BCH Miner Dev Fund posts, articles, discussions

History
Jan 13th : “Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion” article by BitcoinMagazine [source]
Jan 13th : “Clearing the Way for Cooperation” Read.cash article by Amaury Séchet [source] on the controversy with Roger Ver about the amount of donations over the years
Jan 22nd : “Infrastructure Funding Plan for Bitcoin Cash” IFPv1 announced by Jiang Zhuoer of BTC.TOP [source] IFPv1: 12.5% of BCH coinbase rewards which will last for 6 months through a Hong Kong-based corporation & to be activated on May 15th
Jan 22nd : ”Bitcoin Cash Developers React to Infrastructure Fund Announcement: Cautiously Optimistic” coinspice article including Amaury Séchet, Antony Zegers, Jonald Fyookball & Josh Ellithorpe [source]
Jan 23rd : Jiang Zhuoer reddit AMA [source] [coinspice article]
Jan 23rd : Vitalik weighs in with his take on twitter [source]
Jan 23rd :” On the infrastructure funding plan for Bitcoin Cash” article by Amaury Séchet [source] [coinspice article] in which he proposed to place control of the IFP key in his hands together with Jonald Fyookball and Antony Zegers. . A group of 7 to 12 miners, developers, and businessmen in total would get an advisory function.
Jan 24th : “Bitcoin.com's Clarifications on the Miner Development Fund“ which emphasizes, among other things, the temporary and reversible nature of the proposal [source] [coinspice article]
Jan 24th : “Little Known (But Important!) Facts About the Mining Plan” Read.cash article by Jonald Fyookball in which he defended the IFP and stressed its necessity and temporary nature.
Jan 25th : massive amounts of public debate as documented by coinspice [coinspice article] with Justin Bons, Tobias Ruck and Antony Zegers explaining their take on it.
Jan 26th : public debate continues: “Assessment and proposal re: the Bitcoin Cash infrastructure funding situation” Read.cash article by imaginary_username [source] which was noteworthy in part because the post earned over Earns $1,000+ in BCH [coinspice article] and “The Best Of Intentions: The Dev Tax Is Intended to Benefit Investors But Will Corrupt Us Instead” by Peter Rizun [source]
Jan 27th : “We are a group of miners opposing the BTC.TOP proposal, here's why” article on Read.cash [source] [reddit announcement]
Jan 27th : Bitcoin Unlimited's BUIP 143: Refuse the Coinbase Tax [source][reddit announcement]
Jan 28th : “Bitcoin Verde's Response to the Miner Sponsored Development Fund” read.cash article by Josh Green in which he explains “Bitcoin Verde will not be implementing any node validation that enforces new coinbase rules.” [source]
Jan 28th : “Update on Developer Funding” read.cash article from Bitcoin.com [source] in which they state “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.” And that “any funding proposal must be temporary and reversible.” This announcement from bitcoin.com and their mining pool lead the anonymous opposition miners to stand down. [source]
Jan 28th : The 253rd "Thoughts on developer funding" Article – by Chris Pacia, to tackle the “serious misconceptions in the community about how software development works”. He ends on a note of support for the IFP because of lack of realistic alternatives. [source]
Feb 1st: “BCH miner donation plan update” IFPv2 announced by Jiang Zhuoer of BTC.TOP [source] Which changes the donation mechanism so miners directly send part of their coinbase to the projects they wants to donate to. It would be activated with hashrate voting over a 3-month period with a 2/3 in favour requirement. The proposal also introduces a pilot period and a no donation option, Jiang Zhuoer also says he regards 12.% as too much.
Feb 7th: Group of BCH miners led by AsicSeer voice scepticism about the IFP during a reddit AMA [source]
Feb 15th: “On the Miner Infrastructure Funding Plan” article by Bitcoin ABC [source] In which they announce they will implement IFPv3 in their upcoming 0.21.0 release. This version has amount reduced to 5% of block reward and will go in effect with BIP 9 hashratevoting and a whitelist with different projects.
Feb 15th : “Introducing Flipstarter” [source]
Feb 16th :” Bitcoin.com’s stance on the recent block reward diversion proposals” video by Roger Ver on the Bitcoin.com Official Channel. [source] > Ver called Zhuoer’s IFP “clever” but ultimately “problematic.” [coinspice article]
Feb 16th :” BCH miner donation plan update again” read.cash article by Jiang Zhuoer of BTC.TOP [source] In which he briefly outlines the details of IFPv3
Feb 17th : “Latest Thoughts On Infrastructure Mining Plan” post by Jonald Fyookball [source]
Feb 17th : “Regarding the Bitcoin Cash Infrastructure Funding Plan, I am certain now that it should be scrapped immediately.” tweet by Mark Lundeberg [source]
Feb 19th : “Thoughts on the IFP - A Dev Perspective“ read.cash article by Josh Ellithorpe [source]
Feb 20th : “Bitcoin Cash Node” post announcing the new node implementation [source]
Feb 20th : First “Bitcoin Cash Developer Meeting” After IFP Proposal [source]
Feb 24th : “Flipstarter 500k, 6 independent campaigns” post announcing the goal to “fund the BCH ecosystem with 6 independent campaigns and an overall 500,000 USD target” [source]
Feb 27th : BCHN Formally Released [source]
Feb 27th : “The BCH difficulty adjustment algorithm is broken. Here's how to fix it.” Video by Jonathan Toomim [source]
Mar 3th :” Bitcoin Cash Node 2020: plans for May upgrade and beyond” post by BCHN [source]
Mar 4th :”Author of the Bitcoin Cash IFP [Jiang Zhuoer] Vows to Vote Against It, Using Personal Hash in Opposition” [source]
Mar 5th :Bitcoin ABC announces their 2020 Business Plan Fundraising for later in march [source]
Mar 15th : “EatBCH campaign funded! Next: node campaigns.” campaign funded after 11 hours [source]
Mar 30th : Bitcoin ABC 2020 Business Plan [source] $3.3 Million Fundraiser [source]
Apr 17th : Five flipstarter node campaign launched. [source]
Apr 26th : BCHN flipstarter campaign successfully funded. [source]
Apr 27th : VERDE flipstarter campaign successfully funded. [source]
May 4th : KNUTH flipstarter campaign successfully funded. [source]
May 7th : “BCH DeFi Startup General Protocols Raises Over $1 mil“ [source]
May 8th : BCHD flipstarter campaign successfully funded. [source]
May 9th : Deadline for node campaigns, ABC flipstarter campaign not funded. [source]
May 14th : “With IFP Defeated, Bitcoin ABC, ViaBTC & CoinEX CEO Publicly Consider a Bitcoin Cash Foundation” [source]
May 15th : deadline for ABC fundraiser campaign, ends at 55% completed. [source]
May 15th : 6th HF network upgrade -> new opcode op_Reversebytes, increased of the chained transaction limit from 25 to 50, and the improved counting of signature operations using the new “Sigchecks” implementation [source] with the “Controversial Funding Plan Rejected by Miners” [source]
May 25th : “Announcing the SLP Foundation” [source]
Jun 15st : “BCHN lead maintainer report 2020-06-15” announcement to remove the Automatic Replay Protection (a.k.a. the Poison Pill) from BCHN in november [source]
Jun 16st : “So [BCHN] is going to fork off from BCH at the next upgrade. Same old story. […]” tweeted Vin Armani [source]
Jun 21st : “Why Automatic Replay Protection Exists” post by Shammah Chancellor [source]
Jul 7th : “The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network” [source]
Jul 8th : “BCH protocol upgrade proposal: Use ASERT as the new DAA” post by Jonathan Toomim [source]
Jul 18th : “$6M Worth of Tether on the Bitcoin Cash Chain Highlights the Benefits of SLP Tokens” [source]
Jul 23th : “Announcing the Grasberg DAA” post by Amaury Séchet[source]
Jul 24th : “Thoughts on Grasberg DAA” post by Mark Lundeberg [source]
Jul 29th : CashFusion security audit has been completed [source]
Jul 31st : Electron Cash 4.1.0 release with CashFusion support [source]
4th year, august 2020 – 2021
Aug 1st : “Bitcoin Cash: Scaling the Globe“ Online conference for ForkDay Celebration [source]
Aug 2nd : >“Is there going to be a fork between ABC and BCHN?” > “IMO it is very likely. If not in November, then next May.” – Amaury Séchet
Aug 3rd : “Dark secrets of the Grasberg DAA” post by Jonathan Toomim [source]
Aug 3rd : “Joint Statement On aserti3-2d Algorithm“ post by General Protocols, including Cryptophyl, Read.cash, Software Verde & SpinBCH [source]
Aug 3rd : Knuth announces they will be implementing aserti3-2d as DAA for november. [source]
Aug 3rd : Amaury rage quit from the developer call [source]
Aug 4th : “But why do people care about compensating for historical drift? Seems like a tiny problem and if it's causing this much social discord it seems not even worth bothering to try to fix.” Tweet by Vitalik [source]
Aug 5th : “Bitcoin Cash (BCH) November 2020 Upgrade statement” signed by BCHD, electron cash, VERDE, BU members, BCHN developers, Jonathan Toomim, Mark B. Lundeberg and many others [source]
Aug 5th : “BCHN FAQ on November 2020 Bitcoin Cash network upgrade” [source]
Aug 6th : “Bitcoin ABC’s plan for the November 2020 upgrade” [source] the announcement that they will drop Grasberg in favour of aserti3–2d (ASERT) and will also include FPv4 in which 8% of the blockreward goes to ABC as development funding.
Aug 7th : “Joint Statement from BCH Miners regarding Bitcoin ABC and the November 2020 BCH Upgrade.” Read.cash article by asicseer [source] stating “Over recent months, most miners and pools have switched to BCHN, and presently operate a majority of BCH hashrate.”
Aug 7th : “Simple Ledger Protocol's Joint Statement Regarding Bitcoin ABC on BCH's November 2020 Upgrade” read.cash post by the SLP-Foundation [source]
submitted by Mr-Zwets to btc [link] [comments]

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%.
Meanwhile, Network Demand Score which is a metric incorporating network velocity, transaction value, fees, and miner’s rolling inventory, climbed to 6/6 following the bitcoin halving meaning the network is growing stronger which could also be a sign that “we’re in a longer-term bull market.”
Since March 12th, just before the massive sell-off, this score has remained above a 3/6 reflecting growing strength in network activity and instilling confidence in the ongoing uptrend for the bitcoin price.
3 Reasons why fees skyrocketed
One component of this indicator, bitcoin on-chain fees has been surging like crazy.
Last week, Bitcoin average transaction fee climbed to $7, last seen in February 2018. This has the miner revenues from fees rising to the levels not seen for more than 2 years. But this week, it also dropped 55% to $3.13.
The increase in transaction fees, which is increasingly becoming more important for Bitcoin network security, has been because of the unconfirmed transactions piling on in mempool.
A decline in hash rate following halving caused fewer blocks to be found and will continue until the next difficulty adjustment has been one of the reasons behind this jump in fees.
The other reason is the large fluctuations in bitcoin price which has traders sending coins between exchanges.
Ather reason is a “mysterious entity which has been consolidating outputs at the highest fee rates, driving up fees for everyone,” pointed out Serrrgej Kotliar, CEO Bitrefill.
Who is this “Crazy1o1”?
Over the weekend Kotliar shared how, for the past 14 days, this mysterious entity has consolidated a lower-bound of 720 thousand outputs, 5 MB per day, more than BitMEX.
Since May 1st, this entity named “Crazy1o1” has spent around 804k UTXOs and has paid more than 104BTC in mining fees during this time, noted Laurent.
“On some days, these fees are equivalent to 10-12% of all the fees received by miners,” he said.
Laurent along with others suspect this entity to be the cryptocurrency exchange Coinbase.
Earlier this month, it was also found that crypto derivatives exchange BitMEX is making the bitcoin network expensive for everyone and its own users are paying 6.8% of total daily transaction fees.
Prepare for the next bull market
All of this a “decent fire drill for what might happen if we see another bull market,” said Kotliar. Grubles from Blockstream said,
“ON-CHAIN FEES AND BTC PRICE MOVEMENTS CHART. YOU CAN SEE THAT BIG MOVEMENTS RESULT IN PEOPLE RUSHING TO TRANSACT (ALMOST CERTAINLY TO/FROM EXCHANGES), PUSHING FEES UP FOR OTHER NON-TRADER USERS WHO NEED UNCENSORABLE / IRREVERSIBLE TRANSACTIONS.”
The fees reached its all-time high at over $55 during the peak of the bull market in December 2017. As such in the next bull market, a 5x growth in on-chain transactions should be expected.
But given that batching, one of the many ways the network has been scaled is here, it will prevent the pressure on the network from getting worse than 2017. But exchanges will need to be prepared for this.
submitted by kealenz to Buttcoin [link] [comments]

5 new "features" added to the roadmap. 3 new under discussion. When will this end?

While comparing the roadmap from the last time i posted it (curiously downvoted to hell btw. I wonder why), a few new item popped up... The "update" time suggest these features aren't new however; so please correct me if i'm wrong.
Under Development:
new updated: feature: dev
1 week Bobtail Bitcoin Unlimited
3 months Increase unconfirmed ancestor limit Bitcoin Unlimited / Bitcoin ABC
* 4 months Reusable Payment Addresses Bitcoin Unlimited / Bitcoin ABC / BCHD / Electron Cash
5 months Double spend proof creation and forwarding Bitcoin Unlimited / Flowee
* 5 months CashFusion Bitcoin ABC / BCHD / Electron Cash
* 5 months Storm Bitcoin Unlimited
* 6 months Modified fee structure Bitcoin ABC
6 months Graphene v2 Bitcoin Unlimited
7 months Bitcore API server (proxy) Flowee
8 months Xthinner Independent
10 months OpenCAP alias protocol Independent
* 11 months Restore OP Codes Bitcoin Unlimited / Bitcoin ABC
11 months Allow <100 byte txs except those of 64 bytes Bitcoin ABC
1 year CashDB Lokad SAS
1 year Maxblocksize Based on Median Block Size Bitcoin Unlimited
1 year BUIP087 nomenclature for 1/1,000,000 BCH Bitcoin Unlimited
1 year UTXO commitments Bitcoin ABC / bitCrust
Under Discussion
new updated: feature: dev
* 1 month Allow fee-free spending of old UTXOs Bitcoin ABC
1 month Zero-Knowledge Contingent Payments Bitcoin ABC / BCHD
* 1 month Avalanche Bitcoin ABC / BCHD
2 months OP_PUSHSTATE Independent
3 months Taproot Bitcoin ABC
* 5 months Deep Link Payment Protocol Bitcoin ABC / BCHD
7 months Mandatory CashAddr for P2SH Electron Cash / Independent
7 months Cash Intents Independent
9 months Revised DAA (w/ PID control) Bitcoin ABC
10 months Blocktorrent Independent
1 year Metadata Subtree Bitcoin ABC / Lokad SAS
1 year Merklix Trees Bitcoin ABC / Lokad SAS
1 year Time Delay Penalty Based on Multiple Blocks
1 year One Way Aggregate Signatures Electron Cash
1 year Improved 0-conf via security deposits Bitcoin Unlimited
1 year Switch standard denomination to 'bits'
source: https://cash.coin.dance/development
newsletter #10: https://cash.coin.dance/development/newslettedevnewsletter10.pdf
submitted by ChaosElephant to btc [link] [comments]

IOTA Definition

IOTA Definition
History of IOTA
The blockchain was announced in October 2015 through. The roots of IOTA go back to the Jinn project. That project aimed to develop ternary hardware or low-cost and energy-efficient hardware, primarily general-purpose processors, for use in the IoT ecosystem. Jinn held a crowd sale for its tokens in September 2014. The Jinn tokens were soon in hot water because they marketed as profit-sharing tokens.. In 2015, Jinn was rebranded as IOTA, and another token sale was held. This time around, the tokens were marketed as utility tokens, and Jinn token holders could exchange their tokens at equivalency with the new blockchain. According to David Sønstebø, IOTA was “spawned” due to the Jinn project. But reports state that a snapshot of the genesis transaction is yet to be found online. These tokens were dispersed to other “founder” addresses. The total number of mIOTAs planned to be in existence is 27 quadrillion. According to IOTA’s founders, the total number of mIOTAs fits in “nicely” with the maximum allowable integer value in Javascript, a programming language.
Understanding IOTA
According to research firm Gartner, there will be 20.4 billion devices connected to the Internet by 2020. Within this ecosystem, each device will exchange data and payment information with multiple, other devices in transactions conducted throughout the day. IOTA intends to become the standard mode of conducting transactions on devices. Its founders have described the ledger as a “public permission-less backbone for the Internet of Things that enables interoperability between multiple devices.” In simple words, this means that it will enable transactions between connected devices, and anyone will be able to access it. Those problems are primarily caused due to a backlog of transactions on Bitcoin’s blockchain. The backlog itself is because of a variety of reasons, from small block sizes to the difficulty of puzzles that miners must solve to earn the cryptocurrency as a reward. IOTA solves these problems by reconfiguring blockchain's architecture into Tangle, a new way of organizing data and confirming transactions.
How Does IOTA Solve Bitcoin’s Scalability Problems?
IOTA’s solution to Bitcoin’s problems is to do away with several key concepts and topographical constraints of a blockchain. mIOTA, IOTA’s cryptocurrency, is pre-mined and consensus of transactions occurs differently as compared to a blockchain. IOTA developers have proposed a new data structure. Tangle is a Decentralized Acyclic Graph, a system of nodes which is not sequential. Thus, each node can be connected to multiple other nodes in a Tangle. But they are connected only in a particular direction, meaning that a node cannot refer back to itself. A standard blockchain is also a DAG because it is a sequential linked set. In Bitcoin, a group of systems running full nodes that contain the entire history of transactions for a ledger are required for confirmations and consensus. Full node miners are not required in Tangle. Each new transaction is confirmed by referencing two previous transactions, reducing the amount of time and memory required to confirm a transaction. Related to the concept of a “confidence” is a transaction’s weight. As it moves through Tangle, a transaction gathers weight. A transaction’s weight increases with the number of approvals. Once a transaction is confirmed, it is broadcast to the entire network, and another unconfirmed transaction can choose the newly-confirmed transaction as one of the tips to confirm itself.
Governance Protocol
IOTA has not outlined a governance structure for its blockchain. The IOTA Foundation is primarily responsible for funding and leading development of IOTA. In a previous post, John Licciardello, former managing director of IOTA's Ecosystem Development Fund (EDF), that would allow members of the IOTA community to vote on proposals regarding its future direction. But there are no updates on the initiative yet.
Concerns About IOTA
Criticism of IOTA has mainly centered around its technical flaws. As with most cryptocurrencies, IOTA’s system is nascent and unproven. A phishing attack on its network resulted in the theft of mIOTA worth $3.94 million. In other words, they created their encryption scheme from scratch, forgoing the widely-used SHA-256 hash function used in Bitcoin. The team at MIT’s Digital Currency Initiative found serious vulnerabilities with IOTA’s hash function, which is called Curl. This property is known as Collision and denotes a broken hash function. In their analysis of the vulnerability, the MIT team stated that a bad actor could have destroyed or stolen user funds from Tangle with their technique. IOTA’s team has corrected the vulnerability. The foundation announced a new partnership with Ledger, one of the leading producers of hardware wallets. IOTA technology will be integrated into the hardware wallets, giving users the ability to store the private key information in a device that adds another layer of protection from hackers.
https://preview.redd.it/ex768bb74gw31.jpg?width=777&format=pjpg&auto=webp&s=4e89f0875410274a85b76227c17d321b5c3d29ed
“The collaboration between the teams created an immediate synergy concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices. 

The IOTA (MIOTA) digital asset suffered from a lack of adequate wallets for months, even at the peak of the market. The asset, which commanded prices above $5, was not spared by the bear market. Despite the launch of the long-awaited Trinity wallet, MIOTA lost positions. Given that mIOTA, the crypto used in IOTA, is still to gain mainstream traction, its claims to eliminate scalability problems for blockchains through the use of DAGs are also still to be proven. Vitalik Buterin, the co-founder of Ethereum, has cast doubt on the ability of hashgraphs to solve scalability issues.
Another problem with IOTA currently is the small size of its network. Researchers have found that hackers need only gain control of 33% of the total hashing power required to bring it down. In Bitcoin, control of 51% of a network is required to bring its blockchain down. To ensure security, IOTA’s network currently uses a central server known as a Coordinator to process transactions. This practice has diluted its claims of being a decentralized system since the introduction of a Coordinator has resulted in the introduction of a single point of failure.
The consensus system is described in a new white paper. In the past, IOTA has been criticized for its hidden centralization, as well as for the loss of coins sometimes happening when a user’s wallet was unable to receive its previous balances from the state of the Tangle.
But despite the innovation, IOTA lags behind digital assets that are receiving the most significant inflows of investment and trading liquidity.
submitted by Avra11 to u/Avra11 [link] [comments]

MiningPoolHub/AwesomeMiner/MultiMinningPool FAQ

Hello everyone,
As some of you have probably noticed I have been taking the time to try my best to help some of you answer some questions.
 
However there has been a lot of repeat questions lately so hopefully this will help. I will continue to update this as we go, please check back if you have any questions as I will try to update this frequently
 
 
If you have a question you do not see covered please feel free to comment and I'll add it and try to answer it. I have added a unresolved to the beginning of this FAQ. I will number them below. Please comment below with the answer, to help me identify which question you are answering please add. UR#(x) to your comment as well, with x being the number of the unresolved question.
 
 
Before we start I will get my disclaimer out of the way.
I do not work with/for any of the developers of these programs. I do not have all the answers. Some of these are my best guess, others may be wrong or may have a better solution than the one I give. Please feel free to correct me if this is the case and I will edit as we go.
 
 
Set-up
We have two text guides here by waffleflops one for awesome miner and one for multi mining pool.
We also have a YouTube video guide by razorseal
 
YouTube Video Guide: Here
Awesome Miner(AM): Text Tutorial
MultiPoolMiner(MPM): Text Tutorial
 
 
So which one should I use?
It seems like it depends on what you want from the program, Awesome Miner is more like Nicehash in the way it looks but can be a little more complicated. MPM is pretty simple but it has less customization for those not familiar with programming.
 
NX18: "I find MPM to be better. No stability issues, no funky windows service always running in the background, and it checks MPH for best coin to mine whereas AM checks whattomine.com and they differ significantly sometimes."
 
MPM also has a minimum dev fee of 10 minutes per day (even if you set donate to 0) whereas AM does not seem to have dev fees. Both I believe have fees included that go to the devs of the miner programs themselves. However these fees for the miner devs will be attached whether you use MPM/AM or solo miner with the miner dev programs anyway.
 
 
Unresolved Questions
 
1. Anyone have solutions on crashing or very low Hashrates in sgminers with AMD GPU's in Awesome Miner?
2. Why is Lyra2Z using only 40% power from my GPU (GTX980ti)? Where/how can it tweak the settings?
I believe this is having to do with Awesome Miner 3.I did not see it asked or posted but I am curious if there's a way to bench all gpus. Instead of selecting gpu 0 and benching, waiting until its done and moving on to gpu 1 and so on. I have 8 nvidia gpus, just wondering if there's a way to auto bench all of them in a row so I can walk away and go to bed, be done I'm the middle of the night.
 
 
General MPH Questions
 
1.Hashrate is not the same on my miner as it is on the dashboard?
From MPH: "Hashrate showing on site is just an estimated value. Pool doesn't know about miner very much. It just collects certain "shares" which is some piece of hash that satisfies certain conditions. So don't worry, it's all about probability thing. Your hashrate on site can go up and down time to time."
There is some luck involved when mining in pools it is like playing the lottery. NiceHash paid at a certain rate because you were not mining coins and getting paid you were getting paid for the hash you are providing.
 
2. Balances on MPH what are the brackets?
The brackets are coins that have not yet been confirmed enough times on the blockchain. Any coins not in brackets have been confirmed.
 
3. How long will it take for my coins to show up, transfer to and from the exchange, be credited to my auto exchange coin?
 
I have been seeing a lot of questions about this so I made a flowchart which you can view Here
 
Short Answer: It depends could be minutes could be days
Long Answer: It has to be exchanged first and then placed in auto-exchange balance balance.
So you mine coin
Coin credited but unconfirmed (this can take time depending on coin)
Coin is confirmed and credited for auto exchange.
Coin is then placed on exchange. So again has to be transferred and again has to be confirmed but on exchange side.
Coin is most likely converted into btc then into auto-exchange coin at exchange.
Then auto-exchange coin is sent back to your balance on mph. So again has to be confirmed before appearing.
Depending on how fast a coin is confirmed will depend on how fast it appears in your balance.
If you stopped mining today it your balance most likely continue to grow over time.
However if you continue to mine it should in theory catch up and you will see you balance grow at a semi if not expected rate.
 
Supplemental:Forgive me if I'm misunderstanding, but this should mean it changes column, not disappears from balance entirely, no?
You will not know exact balance until it is sent back over from the exchange. This is because of the fact that you are exchanging the coins against one another. If one coin is up and one is down you could be losing or gaining value depending on the situation. This is why it seems that coins on the exchange disappear without your auto-exchange coins balance going up right away. Reference question 8 for more info
 
4. What is the best coin to auto-exchange?
This depends, just remember BTC has high transaction fees and can take some time to confirm. You will want to have a good amount of BTC before moving to your wallet to minimize the amount you lose to transaction fees.
I personally use LTC, it is quick and transaction fees are low compared to BTC but can still be exchanged for fiat on coinbase.
At the time of writing this, if you move BTC from MPH you will be charged a $4.96 fee, if you move LTC the fee to move to your wallet is $0.19
 
5. Can I hold on to certain coins instead of auto-exchanging them?
Yes, just go to auto exchange on MPH and switch off the coin you do not want to auto exchange.
 
6. This dashboard sucks! Why do they not have a one page dashboard?
Good news it is in the works, improvements are on the way so no need to keep posting about it!
 
7. Why is my coin not being exchanged?
Two possible reasons A)On balances page it says "coins that don't have enough volume on exchange for a certain amount of time will not be auto exchanged to desired coin. These coins may be sent back as original coin or btc."
B)On auto-exchange page. Mph accumulates coins so that they can be efficiently converted at the exchange. If a coins pool has not mined a certain amount it will not be sent over until it reaches the set number. It seems like it is transferred over to the exchange as one large amount instead of small amounts.
 
8. AwesomeMiner said I was going to make $X.XX dollars and when auto-exchange coins came in I made less than it said!
Couple things, do not take to heart the exact number it gives you. It is not exact remember it is like a lottery.
Remember your coins at first will trickle in over time but the longer you mine it will begin to average out.
Remember you are exchanging coins for you auto-exchange coin this means if there is a decrease or increase between them you could gain more or less.
Example if you mine VTC and auto-exchange into LTC.
You send VTC to auto-exchange it will most likely be converted into BTC first. If BTC is having a good day that day and has increased in price by 30% and VTC has not grown well that day you will be trading your VTC at a loss.
Then this same situation will happen again when converting the BTC to LTC.
So again a bit of a lottery you may gain or lose some of your mined coins value depending on the exchange rate between the coins at the time.
 
9. Add more Cryptonight coins please.
They are apparently working on adding new coins like Electroneum.
 
10. Why can't I auto-exchange BTC?
My theory is that it is because BTC is not mined on MPH, remember the coins are sent to the exchange when they hit a certain amount in order to make it efficient. Because BTC is not mined on MPH it would not be efficient to exchange BTC to other coins once it has been credited to your account.
 
11. Do I need a wallet for each coin I mine? How do I set-up a wallet?
No, only the coin(s) you want to get paid in. Click on coins pool on MPH and you will see a wallet option Add the correct address for each coin you want to be paid in, note you cannot use another coins address or you risk losing your coins. For example you should not put your Bitcoin address into your Litecoin wallet address section.
 
12. My wallet address keeps on changing, do I need to keep updating my wallet address?
Take from Coinbase: This is done to protect your privacy, so that a third-party can not view all other transactions associated with your account simply by using a blockchain explorer to look-up an address they know to be yours.
All addresses that have been generated for your account will remain associated with your account forever. They are safe to re-use to receive future payments, but for the prior stated reasons, we recommend using a unique address for all transactions.
 
13.Is there a easy way I can track my Profits/Hashrate/Workers?
Yes credit to JaymZZZ Click Here
 
14. I click on manage wallet from the balances menu and enter my account number, I get the error saying Failed to update your account: Invalid coin address.
Make sure you are adding the address to the correct coin. A bitcoin address for example should only be added to the bitcoin wallet, it should not be added to any other wallet. (Reference question 11)
 
15. Is there a fee for auto-exchange?
Yes 0.2%
 
 
Awesome Miner
 
1. I do not want to mine that algo, I turn it off but it still mines it!
Go to online services, edit, change profit switching from yes to no
 
2. Why is it mining something less profitable?
Make sure you go to tools and then benchmark Make sure you right click and save hashrate occasionally it will improve your profit switching over time.
 
3. I can't get the miner to run?
Did you exclude it from anti-virus?
You may need to reinstall.
Uninstall
then in search bar type in %localappdata%\awesomeminer (delete this folder)
Type in %appdata% go to awesome miner folder and delete this one as well
Reinstall awesomeminer
Do not run aweseomminer
Go to anti-virus and exclude all folders with awesomeminer (including the ones in the local and appdata folders)
 
4. How do i delete a Miner?
samualsmash: https://i.imgur.com/SSr1rnH.png
 
5. Can I do anything to make improvements?
puch0021:You can use VertMiner (which is what is used by OCM) to increase your hash rate compared to AwesomeMiner's default CCminer. You have to choose it for Lyra instead of CC miner. See: http://www.awesomeminer.com/help/managedsoftware.aspx Download Vertminer and extract software. Go to awesomeminer's options -> managed software -> add new user defined mining software: Type in VertMiner for description, full compatibility mode, and compatible software as CCminer. Everything in the algorithm should be disabled expect Lyra2ReV2 which should be enabled. Double click in under defined command line argument and add lyra2v2 as text. Click ok. Go to profit profiles in awesome miner. Select nvidia GPU and edit. In the mining software list there should be a new VertMiner entry. Check this box to enable it. Then click configure and then under path click browse. Click local. Select the Vertminer folder you previously made. Now whenever lyra is called for, vertminer should be used. If you try to bench mark with this enabled, it will fail but it works for mining. You can then use your mining results to manually edit your profit profile value for Lyra2REv2 (that was otherwise has the old value for ccminer.) On my 1060 it went from 21 to 22.8. Keep in mind vertminer takes 2% dev fees but it still works out to be faster than cc miner. let me know if this was any help!
I used one click miners vertminer since it was already installed.
 
6. Whenever Awesome Miner starts on a new algo and opens new instances of the CLI miner application/s, the window steal the focus from whatever you're doing. Anyone else super annoyed by this? Anyone know of a way to prevent this?
Stop mining, click more, properties, environment, console window mode, hide window, start mining again.
 
 
MultiPoolMiner (MPM)
 
1. I see a yellow stripe wich says multipoolminer is between 7% and 17% more profitable, which is nice. under this strip I see 2 lines with miner, BTC and Euro. (in my case) which of those btc values end up on your miningpoolhub balance? or both?
NX18:" Neither. Those values are best guesses by that script, hence why beside the dollar figure it shows the +/- variance which sometimes is really high like 25%, meaning that scripts best guess could be wrong by that much"
It is showing the 2nd best, If it is not the best at the time it will not show that text and just give you the comparison.
 
2. It keeps say NiceHash API failed what should I do? You can ignore it or as chillfisch points out that you can just delete the nicehash folder to get rid of this warning.
 
 
Tips
Gator-Empire
BTC: 16pVcKVFRJnCpR3hohMZtSTuiFiYy8MuCY LTC: LagCM9kiRHSbfx7ycCdrsae3QxqyycrFEr ETH: 0x6bbfe42dadc1894a19ad448b8296E7e7da383D2d
 
Waffleflops (MPM and Awesome Miner tutorial creator)
BTC: 17zd54AxSZekcPkVyEiX6TrcJkUe2qja51 LTC: LeyvTNrQfrhHK8TgtB8qWzKTMmNSaRif5m ETH: 0xaE19a33f3f9568e8775A05A92DF2fca4f3a5405b
 
JaymZZZ (Profit/Hashrate/Worker tracker creator)
BTC: 17ZjS6ZJTCNWrd17kkZpgRHYZJjkq5qT5A LTC: LdGQgurUKH2J7iBBPcXWyLKUb8uUgXCfFF ETH: 0x6e259a08a1596653cbf66b2ae2c36c46ca123523
 
razorseal (YouTube video guide creator)
BTC: 13UtW3vN4DKmmjV45dL5LHwcV8svu9tuzz LTC: Lh2DiirhVhFdX9VwWS5cY9dxyRGKV9JDGs ETH:0x260fAdC32972ca102C5CA3fAF3996C609C6C0311
submitted by Gator-Empire to MiningPoolHub [link] [comments]

The best crypto and blockchain podcasts of 2019

For anyone who it interested in learning more about investing, crypto, finance, blockchain, and entrepreneurship can checkout this list I made of the top podcasts to follow in 2019 with some selected episodes chosen from each one:

Off The Chain With Anthony Pompliano
Host Anthony Pompliano talks to some of the most respected names in crypto and Wall Street to find out how intelligent investors from the new and old financial system are thinking about digital assets.
Top Episodes:
CZ, Founder and CEO of Binance: Binance and the Future of Global Crypto Regulation
Murad Mahmudov: The Ultimate Bitcoin Argument
Travis Kling: The Secrets of A Crypto Trader

Unchained: Your No-Hype Resource for All Things Crypto
This weekly, hour-long podcast with host Laura Shin dives deep into the people building the decentralized internet, the details of this technology that could underpin our future, and some of the thorniest topics in crypto, such as regulation, security and privacy.
Top Episodes:
Vitalik Buterin, Creator of Ethereum, On The Big Guy vs. The Little Guy
Naval Ravikant On How Crypto Is Squeezing VCs, Hindering Regulators, and Bringing Users Choice
Blockchain 101 with Andreas Antonoloulos

What Grinds My Gears
From Meltem Demirors and Jill Carlson, What Grinds My Gears is a podcast about the bizarre and buzzworthy happenings in the world of cryptocurrency. Each week, they delve into one key theme in crypto, and examine this theme through a broader financial, political, and cultural lens to learn from the past, understand the present, and explore the future.
Top Episodes:
An Unfetted Orgy Of Capitalism
It’s All About The DEX, Baby!
Tarred & Tethered

What Bitcoin Did
Since the birth of Bitcoin in 2009, a new class of Crypto assets built using the innovative design of the blockchain is disrupting technology and financial markets. In this podcast you will hear host Peter McCormack speak with crypto traders, miners, venture capitalist, investors, technical developers, CEOs, journalist and other people driving forward the growth of Bitcoin and other cryptocurrencies.
Link To Listen
Top Episodes:
Andreas Antonopoulos: What Happens When Bitcoin Takes Over?
Peter Van Valkenburg on Lightning & The Law
Tuur Demeester on Why Bitcoin Is In Heavy Accumulation

Untold Stories with Charlie Shrem
Host Charlie Shrem dives deep into the lives and personal histories of some of crypto’s most influential leaders. A focus on personal stories weaves together a nuanced, untold narrative of how the crypto movement truly came to be.
Top Episodes:
J. Maurice “Wiz” — The Real Story of Mt. Gox & How to Become a Self-Sovereign Bitcoin Miner
Arianna Simpson — Why Founders Shouldn’t Think About an Exit & Becoming BitGo’s 3rd Employee
Steven Nerayoff — Crypto as a Disruptive Technology & Governments Debasing Their Own Currencies

Tales From The Crypt
Tales from the Crypt is a podcast hosted by Marty Bent about Bitcoin. Join Marty, Editor in Chief of “the best newsletter in crypto”, as he sits down to discuss Bitcoin with interesting people.
Top Episodes:
Tales from the Crypt: Pierre Rochard Pt. I
Tales from the Crypt #3: Santiago Siri
Tales from the Crypt Ep1: The History of Bitcoin Pt. 1

The Token Daily with Soona Amhaz
Host soona amhaz sits down with the movers and shakers of the crypto industry to discuss the big ideas they spend their days thinking about. Soona and her guests examine everything from industry trends, to what books they’re reading, to human psychology and investing.
Top Episodes:
Taylor Pearson, Author of The End of Jobs: Markets Are Eating the World
Dani Grant, Analyst at Union Square Ventures: The VC Outlook on Crypto’s Trends and Future
Tony Sheng, Independent Analyst: A Writer’s Take on Bitcoin Lore

The Flippening
Flippening is for cryptocurrency investors. Each week host Clay Collins discusses the cryptocurrency economy, new investment strategies for maximizing returns, and stories from the front lines of financial disruption. Flippening is for a new class of investors that were not part of the financial services world before bitcoin, but got into the finance because of their passion for cryptoassets, blockchain, altcoins, and distributed ledger technology.
Top Episodes:
Strategies for Accumulating BTC (Instead of USD) w/ Tuur Demeester from Adamant Capital
The Economics of Cryptoasset Markets w/ Professor Stephen McKeon
Bootstrapping A Crypto Nation State From Scratch, w/ Eric Meltzer of INBlockchain

The Chain Reaction Podcast
Host Tom Shaughnessy of Delphi Digital converses with the top names in crypto and blockchain.
Top Episodes:
ConsenSys’ Joe Lubin: Ethereum’s Competition Isn’t Even Close
Delphi Digital’s March Analyst Call — Ethereum, Enjin and Our Short Term Bitcoin Outlook
Vision Hill Group’s Scott Army: Digital Asset Management of the Future

a16z Podcast
The a16z Podcast discusses tech and culture trends, news, and the future — especially as ‘software eats the world’. It features industry experts, business leaders, and other interesting thinkers and voices from around the world. This podcast is produced by Andreessen Horowitz (aka “a16z”), a Silicon Valley-based venture capital firm.
Top Episodes:
What Time Is It? From Technical to Product to Sales CEO
Principles and Algorithms for Work and Life
Five Open Problems Toward Building a Blockchain Computer

Unconfirmed: Insights and Analysis From the Top Minds in Crypto
Events in crypto take place at warp speed. This weekly crypto podcast reveals how the marquee names in crypto are reacting to the week’s top headlines. With host Laura Shin, the guests also discuss what they’re thinking about these days and reveal what they believe is on the horizon in crypto. Disclosure: Laura is a nocoiner.
Top Episodes:
To the Moon and Back With Polychain’s Olaf Carlson-Wee
Don Wilson of DRW Holdings on What’s Been Driving 2018’s Crypto Downturn
Hu Liang of Omniex on What Institutional Players Are Planning to Do in Crypto

The Unhashed Podcast
Unhashed breaks down the latest in Bitcoin news and developments and puts them into terms everyone can understand. Expect to be both entertained and educated about cryptocurrencies and blockchain. How do hardware wallets work and do they really keep you safe? Which crypto exchanges pose the greatest risk to the bitcoin ecosystem? Does Litecoin help or hinder bitcoin development? Expect the answers to these and many other questions from the Unhashed professionals offering different perspectives to all the blockchain issues you care about!
Top Episodes:
The Very Rich, Very Patient Binance Hacker
Bitcoin Goes High Fidelity
Initiating Unhash

The Scoop
The Block’s team, led by Frank Chaparro, draw out the freshest and deepest insights about digital assets from traditional Wall Street, crypto native, Fortune 500 and many other crypto ecosystem leaders. It’s light, fun and informative brain food!
Top Episodes:
A Conversation with Mark Yusko, CEO and CIO of Morgan Creek Capital Management
A Conversation with Stephen Palley, Partner at Anderson Kill
A Conversation with Emilie Choi, VP Business and Data, Coinbase

Base Layer
Base Layer with host David Nage will be providing insights from founders and investors in the base layer of cryptoassets. Simplifying complex projects and the technology being developed, from interoperability to relayers and more — who is building the future, why are they and how are they doing it.
Top Episodes:
Base Layer Episode 028 — Zaki Manian (SkuChain, Cosmos, Tendermint)
Base Layer Episode 026 — Diogo Monica (Co — Founder, Anchorage)
Base Layer Episode 032 — Alexander Skidanov (NEAR)

Blockchain Innovation: Interviewing The Brightest Minds In Blockchain
Blockchain Innovation is where host Frederick Munawa interviews the brightest minds in Blockchain and cryptocurrency — entrepreneurs, executives, and top academics — to discuss present and future applications of Blockchain Technology. Why? To determine how Blockchain can be used to increase profits, cut costs, and disrupt traditional industries and business models — so you can borrow their strategies, tools, and tactics for your own success. Join Frederick every Tuesday to learn how the brightest minds in Blockchain are pushing the envelope with Initial Coin Offerings (ICOs) and token sales, public blockchains, private blockchains, Bitcoin, Ethereum, Hyperledger, smart contracts, and much more.
Top Episodes:
Why Bitcoin Should Hard Fork With Roger Ver
How Blockchain Assets Are Changing The World With Erik Voorhees
Blockchain Meets Artificial Intelligence with Dr. Ben Goertzel

Blockchain Insider
Blockchain Insider, hosted by Simon Taylor and Colin Platt is a dedicated podcast specializing in Bitcoin, Blockchain and distributed ledger technology (DLT). Simon and Colin break down the week’s news with expertise and enthusiasm for the blockchain and digital currency sector. Since the price of Bitcoin has rocketed, and Bitcoin, Ethereum and Litecoin have become household names, Blockchain Insider has charted their rise in a way that’s accessible to new listeners.
Top Episodes:
Ep. 42. Santander Makes Ripples and Charles Hoskinson Shares His Vision of Cardano
Ep. 27. XRP’s Ripple effect and Blockchain use cases
Ep. 43. Sexism in Crypto, Pornhub takes Verge, and Binance Denies the Dollar

Let’s Talk Crypto
Have you ever heard of digital currencies like bitcoin, ethereum, and buzzwords like blockchain, cryptocurrencies and mining? Don’t know what it all means or how to get started? Let’s Talk Crypto with Barry Moore and Tom Galeski breaks it all down in easy to understand terms and helps you “learn and earn” in the age of cryptocurrencies.
Top Episodes:
006: Altcoins
017: Fiat & Crypto
010: Proof of Work vs. Proof of Stake

Blockchain 2025
Blockchain is a technology that will disrupt nearly every industry. Host Matt Aaron and Blake Moore explore one industry in every episode. How will blockchain change art, music, or online advertising? What projects are already underway? Listen & find out.
Top Episodes:
Online Ads — Publishers and Advertisers vs. Centralized Platforms
Music Biz — Can Artists Have More Money + Freedom?
Crypto Debit Cards — A Bridge to the Future? TenX, Monaco, Comit

IBM Blockchain Pulse
Host and blockchain-evangelist Matt Hooper engages with the planet’s most dynamic blockchain thought-leaders, explorers and innovators to discover the countless new ways blockchain is leaping from theory to reality: From entertainment to identity, from payments to secure supply-chain transparency.
Top Episodes:
Making Cross-Border Payments Seamless — IBM Blockchain and Stellar’s Collaboration That is Bringing Commercial Payments to the Financial World
A Blockchain Origin Story and Enabling Complete Ownership With Blockchain
The Future of Protecting Your Wallet and Identity: Blockchain Identity and Digital Credentials, with Adam Gunther and Drummond Reed

Messari’s Unqualified Opinions
Unqualified Opinions is a podcast hosted by Messari’s CEO Ryan Selkis featuring candid, fast-paced interviews with crypto’s top builders and investors.
Top Episodes:
Bill Barhydt, CEO & Founder of Abra
Anthony Pompliano, Founder at Morgan Creek Digital
Unlock Protocol CEO Julien Genestoux
submitted by RndmWrdCombntn to podcasts [link] [comments]

So you bought some Bitcoin on Coinbase, now what? (A short guide for Canadians)

Okay, you have some coins from Coinbase. You discovered that, as a Canadian, you can't trade or sell them! So what now? Well first you will have to decide what you are planning to do with them!
If you are looking to HODL your coins, this is slang for holding long term, you should move them to a wallet. It is recommended that you use a cold storage wallet, a wallet that has no connection to the internet, but a software wallet on your computer or phone will work too. (Please do a some research on wallets and be careful not to get scammed!)
If you are looking to trade your coins then QuadrigaCX is a good place for Canadians to buy and sell, go ahead and create an account here. You don't need to be verified to send/receive coins or to make a withdraw to your bank, but since the verification process can take a few days, it is a good idea to get verified now if you are planning to deposit in the future.
Now that you have a plan for your coins you will need to transfer your coins from Coinbase!
A little background; Whenever you transfer Bitcoin from one wallet to another there will be a small fee attached to the transfer. This fee is variable and it depends on networks traffic as well as how fast you want it your coins to be transferred.
Now Coinbase assumes that you want to send your coins as fast as possible so they op for the higher transfer fee. QuadrigaCX, on the other hand, actually pays the transfer fees for you. This means that you can move your coins with no fees!
But don't worry, there is a workaround to the Coinbase transfer fee. All you have to do is transfer your coins from Coinbase to the exchange GDAX first! GDAX and Coinbase are the same company and they share the same systems/backend. So all they are actually doing when you transfer between the two is moving a marker on your account (Also, If you signed up for Coinbase you already have a GDAX account). There is however one little wrinkle, as a Canadian you will need to be verified before you can use GDAX and his will require submitting two forms of government ID.
So why move to GDAX first? GDAX, like QuadrigaCX, also pays for your transfer fees! You can now transfer your coins to QuadrigaCX or your wallet for free!
Next you will need to actually transfer your coins. I'm not going to go to much into private vs public addresses, but, as the name implies, the private address is yours to know and only for you to know, DON'T GIVE IT OUT. The public address is the one that you are looking for and the one you will use to receive coins. You can find your public addresses for GDAX or QuadrigaCX on there website.
To transfer funds from Coinbase (Note: Moving to GDAX is a bit different, see next paragraph) simply go to the account page and click the send button under the type of coin you are sending. Now go to QuadrigaCX or your wallet and find your public address. Next you will need to copy that address into the box provided on Coinbase and select the amount you want to send. Finally, double and then triple check that the address is copied correct, you don't want to send your coins to the wrong person!
If you are sending to GDAX from Coinbase simply click on the deposit button, if you don't see the button try switching to ETH/BTC or LTC/BTC, and then navigate to the Coinbase tab. Under this tab you can select the Coinbase wallet you what to use to transfer to GDAX.
The process for transferring from GDAX to QuadrigaCX, or your wallet, will be almost the same as transferring out of Coinbase. Just find the withdraw button on GDAX and use the public address from QuadrigaCX , or your wallet.
So to Recap:
From Coinbase -> only free to GDAX.
From GDAX or Quadriga -> free to anywhere.
Best flow, from Coinbase -> GDAX -> Wallet or QuadrigaCX
Coinbase send link:
https://www.coinbase.com/accounts
QuadrigaCX receive links:
https://www.quadrigacx.com/fund/bitcoin
https://www.quadrigacx.com/fund/ether
https://www.quadrigacx.com/fund/litecoin
GDAX send/receive links:
(I'm not fully signed up for GDAX so I can't provide links)
Example public address (They are mine):
39w6sffRvrzFsKE9HrVgtCcPTjes3LyqMN (Bitcoin)
0x07ba631ce51fbeb386b920b48c75d35ff20057f1 (Ethereum)
LeTpwHQsnHkS5pnWURBZyFxd7U3JkuCh8b (Litecoin)
Network status links:
Because of the high volume levels on the network moving coins around right now can be slow, really slow. Don't panic if the transfer takes 12, 24, or even 48 hours!
https://blockchain.info/unconfirmed-transactions
https://status.coinbase.com
https://status.gdax.com
I wrote this because I'm seeing a lot of new users who are getting into Bitcoin (Myself included) and their first experience it with Coinbase. I went through this not too long ago and I would like to share and hopefully this helps someone out.
Feel free to suggest edits, thanks, and enjoy!
Edit: I'm going to keep editing this... deal with it. ;)
submitted by natemartin to BitcoinCA [link] [comments]

SecureSigs; PowerBlocks / FlexBlocks ...? Now that we've forked, we no longer have to focus on writing NEGATIVE posts imploring Core & Blockstream to stop adding INFERIOR "anti-features" to Bitcoin. Now we can finally focus on writing POSITIVE posts highlighting the SUPERIOR features of Bitcoin Cash

[[DRAFT / WORK-IN-PROGRESS PROPOSAL FOR USER-ORIENTED COMMUNICATIONS STRATEGY FOR BITCOIN CASH]]

Bitcoin Cash (ticker: BCC, or BCH)

Bitcoin Cash is the original Bitcoin as designed by Satoshi.
Bitcoin Cash simply continues with Satoshi's original design and roadmap, whose success has always has been and always will be based on two essential features:
This means that Bitcoin Cash is the only version of Bitcoin which maintains support for:
[[To distinguish from modified versions of Bitcoin which do not support this, u/HolyBits proposed the new name "PowerBlocks" - while u/PilgrimDouglas proposed the new name "FlexBlocks" to highlight this (existing, but previously unnamed) essential feature - exclusive to Bitcoin Cash.]]
[[To distinguish from modified versions of Bitcoin which do not enforce this, u/PilgrimDouglas proposed the new name "SecureSigs", and u/FatalErrorSystemRoot proposed the new name "SecureChain" to distinguish and highlight this (existing, but previously unnamed) essential feature - exclusive to Bitcoin Cash.]]
Only Bitcoin Cash offers PowerBlocks // FlexBlocks // BigBlocks - already supporting maximum blocksizes up to 8MB
Continuing the growth of the past 8 years, Bitcoin Cash supports PowerBlocks // FlexBlocks // BigBlocks - following Satoshi's roadmap for gradually increasing, market-based blocksizes, in line with ongoing advances in computing infrastructure and network bandwidth around the world. This means that Bitcoin Cash has higher transaction capacity - now supporting blocksizes up to 8MB, making optimal use of available network infrastructure in accordance with studies such as the Cornell study.
With PowerBlocks // FlexBlocks // BigBlocks, Bitcoin Cash users can enjoy faster confirmations and lower fees - while miners earn higher fees based on more transactions per block - and everyone in the Bitcoin Cash community can benefit from rising market cap, as adoption and use continue to increase worldwide.
Only Bitcoin Cash uses 100% SecureSigs // SecureChain // StrongSigs technology - continuing to enforce mandatory on-chain signature validation for all Bitcoin transactions
Maintaining Satoshi's original 100% safe on-chain signature validation approach, SecureSigs // SecureChain // StrongSigs continues the important mandatory requirement for all miners to always download, validate, and permanently save all transaction signatures directly in the blockchain. With SecureSigs // SecureChain // StrongSigs, Bitcoin Cash users will continue to enjoy the same perfect track record of security that they have for the preceding 8 years.
The other version of Bitcoin (ticker: BTC) has lower capacity and weaker security
There is another version Bitcoin being developed by the Core and Blockstream dev teams, who reject Satoshi's original roadmap for high on-chain capacity and strong on-chain security. Instead, they propose moving these two essential aspects partially off their fork of the Bitcoin blockchain.
The Blockstream dev team has received tens of millions of dollars in venture capital from several leading banking, insurance and accounting firms in the "legacy" financial industry - entering untested waters by modifying Bitcoin's code in their attempt to move much of Bitcoin's transactions and security off-chain.
Although these devs have managed to claim the original name "Bitcoin" (ticker: BTC) - also sometimes known as Bitcoin-Core, or Bitcoin-SegWit - their version of Bitcoin actually uses heavily modified code which differs sharply from Satoshi's original Bitcoin in two significant ways:
Based on the higher on-chain capacity and stronger on-chain security of Bitcoin Cash - as well as its more open, transparent, and decentralized community - observers and analysts are confident that Bitcoin Cash will continue to enjoy significant support from investors, miners and transactors.
In fact, on the first day of mining and trading, Bitcoin Cash is already the #4 coin by market cap, indicating that there is strong support in the community for higher on-chain capacity and stronger on-chain security of Bitcoin Cash. (UPDATE: Bitcoin Cash has now already moved up to be the #3 coin by market cap.)
[[Probably more text needed here to provide a nice conclusion / summing-up.]]

###

  • Note 1: The text above proposes introducing some totally new terminology such as "SecureSigs // SecureChain // StrongSigs" (= "No SegWit) or "PowerBlocks" // "FlexBlocks // BigBlocks" (= 8MB blocksize). Fortune favors the bold! Users want features - and features have to have names! So we should feel free to be creative here. (A lot of people on r\bitcoin probably want SegWit simply because it sounds kind of disappointing to say "XYZ-Coin doesn't support PQR-Feature". So we should put on our thinking caps and figure out a positive, user-oriented word that explains how Bitcoin Cash makes it mandatory for miners to always download, validate, and save all signatures on-chain. That's a "feature" too - but we've always had it this whole time, so we never noticed it or gave it a name. Let's give this feature a name now!)
  • Note 2: The texts above don't yet introduce any terminology to express "No RBF". You can help contribute to developing this communication strategy by suggesting your ideas - regarding positive ways to express "No RBF" - or regarding any other areas which you think could be improved!
  • Note 3: Some comments within the text above have been inserted using [[double-square brackets]]. More work needs to be done on the text above to refine it into a powerful message supporting an effective communication strategy for Bitcoin Cash. If you're good at communication, post your ideas here in the comments!
  • Note 4: Some alternative proposed options for new terminology have been shown in the text above using double-slashes:
    • FlexBlocks // PowerBlocks // BigBlocks
    • SecureSigs // SecureChain // StrongSigs

What is this about?

If you're good at communications, we all need to work together developing the "message" about Bitcoin Cash!
As everyone here knows, we've wasted several years in a divided, toxic community - fighting with idiots and assholes and losers and trolls, imploring incompetent, corrupt, out-of-touch devs to stop adding inferior, broken "anti-features" to our coin.
But now it's a new day: those inferior, broken anti-features are only in their coin, not in our coin.
So we no longer have to waste all our time ranting and raving against those anti-features anymore (although we still might want to occasionally mention them in passing - when we want to emphasize how Bitcoin Cash avoids those mistakes =).
Now we can shift gears - and shift our attention, our creativity, and our communication strategies - away from the negative, inferior, crippled anti-features they have in their coin - and onto the superior, positive, beneficial features that we have in our coin.
So, to get started in this direction, the other day I started a different kind of post - encouraging redditors on btc to come together to develop some positive, user-oriented terminology (or "framing") to communicate the important benefits and advantages offered by Bitcoin Cash (BCC, or BCH) - focusing on the fact that Bitcoin Cash is the only version of Bitcoin which continues along Satoshi's original design and roadmap based around the two essential features of high on-chain capacity and strong on-chain security.
Here's that previous post:
Blockstream's Bitcoin has 2 weaknesses / anti-features. But people get seduced by official-sounding names: "Lightning Network" and "SegWit". Bitcoin Cash has 2 strengths / features - but we never named them. Could we call our features something like "FlexBlocks" and "SafeSigs"? Looking for ideas!
https://np.reddit.com/btc/comments/6qrlyn/blockstreams_bitcoin_has_2_weaknesses/
So above, at the start of the current post, is a draft or work-in-progress incorporating many of these ideas which people have been suggesting we can use as part of our communications strategy to help investors, miners and users understand the important features / benefits / advantages which they can enjoy when they use Bitcoin Cash.
Basically, the goal is to simply follow some of the "best practices" already being successfully used by communications experts - so that we can start developing user-oriented, positive phrasing or "framing" to highlight the important features / benefits / advantages that people can enjoy by using Bitcoin Cash.
What are the existing names for these features / benefits / advantages?
Currently people have identified at least three major features which it would be important to highlight:
  • Bitcoin Cash already supports bigger blocks - up to 8MB.
  • Bitcoin Cash will never support SegWit.
  • Bitcoin Cash also removes Replace-By-Fee (RBF).
Notice that the first item above is already expressed in positive terms: "bigger blocks".
But the other two items are expressed in negative terms: "no SegWit", "no RBF".
Now, as we know from the study of framing (as shown by counter-examples such as communication expert George Lakoff's "Don't think of an elephant" - or the American President Nixon saying "I'm not a crook"), effective communication generally involves choosing terminology which highlights your positive points.
So, one of the challenges right now is to think of positive terminology for expressing these two aspects of Bitcoin Cash - which up until this time have only been expressed using negative terminology:
  • Bitcoin Cash will never support SegWit.
  • Bitcoin Cash also removes Replace-By-Fee (RBF).
In other words, we need to figure out ways to say this which don't involve using the word "no" (or "removes" or "doesn't support", etc).
  • We need to say what Bitcoin Cash does do.
  • We no longer need say what Bitcoin Cash doesn't do.
So, the proposed or work-in-progress text could be used as a starting point for developing some positive terminology to communicate the superior features / benefits / advantages of Bitcoin Cash to investors, miners and transactors.
References:
Blockstream's Bitcoin has 3 weaknesses / anti-features / bugs. But people get seduced by official-sounding names: "Lightning Network" and "SegWit". Bitcoin Cash has 2 strengths / features - but we never named them. Could we call our features something like "FlexBlocks" and "SafeSigs"? Looking for ideas!
https://np.reddit.com/btc/comments/6qrlyn/blockstreams_bitcoin_has_2_weaknesses/
REMINDER: People are contributing excellent suggestions for positive-sounding, user-oriented names for the 3 main features / benefits of Bitcoin Cash - including (1) "PowerBlocks" or "FlexBlocks" or "BigBlocks" (= 8MB blocksize); (2) "SecureSigs" or "SafeSigs" or "StrongSigs" (= no SegWit).
We still need suggestions for: (3) "???" (= No RBF / Replace-By-Fee)
https://np.reddit.com/btc/comments/6r0rpu/reminder_people_are_contributing_excellent/
UPDATE: Some possible names for "No RBF" could be "SingleSpend" or "FirstPay"
Final mini-rant: Those dumb-fucks at Core / Blockstream are going to regret the day they decided to cripple their on-chain capacity with small-blocks and weaken their on-chain security with SegWit. Now that we've finally forked, it's a whole new ball game. We no longer have to implore them to not these anti-features in our coin. Let them add all the anti-features they want to their low-capacity, weak-security shit-coin. ... But OK, no more negativity, right?!? There's a new honey badger in town now - and its name is Bitcoin Cash!
submitted by ydtm to btc [link] [comments]

r/Bitcoin recap - February 2018

Hi Bitcoiners!
I’m back with the fourteenth monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in February 2018
submitted by SamWouters to Bitcoin [link] [comments]

Daily analysis of cryptocurrencies 20190908(Market index 43 — Fear state)

Daily analysis of cryptocurrencies 20190908(Market index 43 — Fear state)

https://preview.redd.it/b3fynnsawrl31.png?width=450&format=png&auto=webp&s=1e138f62c093eee2799420d5a563d7b6d190aa9c

Chinese Ambassador to Kazakhstan Zhang Wei: China and Kazakhstan have broad prospects for cooperation in technical fields such as blockchain According to Chinanews.com news on September 8th, Chinese Ambassador to Kazakhstan Zhang Wei said in the joint interview with more than ten media outlets such as Habar TV in the Sudan on the eve of Kazakh President Tokayev’s visit to Tokaye. President Hu’s visit to China is of great significance to promoting cooperation between the two countries. Zhang Wei revealed that not long ago, President Tokayev expressed his willingness to increase cooperation in communications, big data, artificial intelligence and blockchain in the two countries. China has obvious advantages in these industries, and the prospects for high-tech cooperation between the two countries are broad.
Bitcoin has not confirmed the number of transactions reached 4,427 According to BTC.com data, the current BTC network computing power is 82.43EH/s, the whole network difficulty is 10.77T, the per-T revenue is 0.00002334 BTC/T/day, and the next difficulty is predicted (+6.84%) 11.51 T, distance adjustment With 5 days and 15 hours left, the number of unconfirmed transactions on the whole network reached 4,427. The 24-hour transaction rate was 2.80 transactions/second. The current best handling fee is 0.00062 BTC/kVB (virtual).
Positive encryption regulations can reinvigorate the Indian economy and create billions of dollars in additional revenue for the country The analysis article pointed out that the encryption ban that the Bank of India took effect in the first quarter of 2018 caused the country’s encryption industry to be paralyzed. Positive encryption regulations can revive the troubled Indian economy. If Indian encryption is legalized, according to a rough estimate of the direct revenue generated by the country’s encryption companies, exchanges and individuals, encryption technology can bring in billions of dollars worth of extra income. Nischal Shetty, CEO of WazirX, one of the only cryptographic exchanges still in operation, recently cited the benefits of implementing aggressive cryptographic measures from an economic perspective, in addition to providing new venture capital investments to Indian start-ups, encryption technology. Development can also promote employment and provide banking services to India’s 300 million people without bank accounts. ICO can become a new global financing mechanism for Indian start-ups. He said, “We are a technology-centric country. Technology brings a lot of foreign exchange and is one of the largest employment creators in India. Encryption technology is the next technology frontier. If India bans the circulation of encrypted assets, India will not be able to Produce any relevant talents, not only will the employment opportunities be reduced, but also the investment of foreign capital will be lost.”

Encrypted project calendar(September 08, 2019)

NPXS/Pundi X: Pundi X (NPXS) Binance DEX’s latest NPXS competition will end on September 8th, when participants will receive a total of 50 million NPXS awards. KCS/Kucoin exchange: The Ecocuum launched by Kucoin Shares (KCS)’s latest KuCoinPlay trading contest will end on September 8th, when 50K ENQ will be presented to 800 participants.

Encrypted project calendar(September 09, 2019)

MTL/Metal: Metal (MTL)’s latest fee structure will be implemented from September 9th. The fee reduction is at least 50 MTLs. The account transaction with 10,000 MTL or above is zero, but only for Metal Pay. ETP/Metaverse ETP: Metaverse (ETP) ETP holders can get 10 million DNA airdrops on the RightBTC exchange, and the event will end on September 9.

Encrypted project calendar(September 10, 2019)

BTC/Bitcoin: The DeFi Summit (London) will be held at Imperial College London from September 10th to 11th. TNS/Transcodium: Transcodium (TNS) WirePurse will be available on September 10th for AT tokens and will air-drop $3,000 worth of AT tokens to all WirePurse users. KICK/KickCoin: KickCoin (KICK) The KICK team extended the SWAP bonus event deadline to September 10 and added additional bonuses to encourage trading.

Encrypted project calendar(September 11, 2019)

BTC/Bitcoin: Invest: Asia 2019 Summit will be held in Singapore from September 11th to 12th. CLOAK/CloakCoin: CloakCoin (CLOAK) CloakCoin ENIGMA trading competition will end on September 11th, the second round will continue, with a prize of US$10,000 for CLOAK. PHPhore: The Phore (PHR) community needs to vote for the September core development budget proposal for Phore and the Marketplace and Synapse proposals by September 11.

Encrypted project calendar(September 12, 2019)

BNB/Binance Coin: Coin Security will stop providing services to US users on Binance.com on September 12th BCN/Bytecoin: Bytecoin (BCN) will release Copper v3.6.0 on September 12t HBT/Hubii Network: Hubii Network (HBT) hubii’s “Blockchain in Practice” campaign with Microsoft will be held on September 12th at the Microsoft office in Oslo.

Encrypted project calendar(September 13, 2019)

ETC/Ethereum Classic: ETC or will perform Atlantis hard fork on September 13th

Encrypted project calendar(September 14, 2019)

BTC/Bitcoin: The European Union will launch its name, Payment Services Directive 2 (PSD2), which will take effect on September 14. The new law includes banks implementing “strong customer certification”. In addition, according to previous news, PSD2 can obtain some of the functions of the banking industry, providing new payment solutions for encryption products.

Encrypted project calendar(September 15, 2019)

TRX/TRON: Wave field TRON launches side chain plan Sun Network network three-phase release WAN/Wanchain: Wanchain (WAN) will hold a 3Q community conference call in mid-September

Encrypted project calendar(September 16, 2019)

LINK/ChainLink: Chainlink (LINK) Oracle will host the Oracle Code One conference from September 16th to September 19th, at which it will announce the launch of 50 startups with Chainlink. MANA/Decentraland: The Decentraland (MANA) community will host the SDK hackathon on September 16.

Encrypted project calendar(September 20, 2019)

NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019. AE/Aeternity: Aeternity (AE) will hold “Cosmos One” conference in Prague, Czech Republic on September 20th

BTC is currently reporting $10,386, an increase of 0.11% during the day. In view of the current trend, as in the previous several times, BTC broke through the final pressure of the K-line of 10,500 days. When there was no pressure to rise, there was no support at the time of the decline. Next, it is recommended to maintain a bullish pre-judgment in the mid-rail of the Bollinger Band of $10,150. Need to pay attention to the rest of the mainstream currency, has begun to fall less and more, and gradually rise. Explain that the main force has begun to withdraw from the remaining mainstream currencies of BTC funds. From this point of view, the spring of the altcoin is not far away, and there is a possibility that the funds will be pulled up. Therefore, the recommended altcoin currency also needs to hold the currency to rise!
Review previous articles: https://medium.com/@to.liuwen
https://preview.redd.it/j24gnbogwrl31.png?width=567&format=png&auto=webp&s=bcd7e7c0636da68460951e019f173879a2843dc2
Telegram: https://t.me/Lay126
Twitter:https://twitter.com/mianhuai8
Facebook:https://www.facebook.com/profile.php?id=100022246432745
Reddi:https://www.reddit.com/useliuidaxmn
LinkedIn:https://www.linkedin.com/in/liu-wei-294a12176/
submitted by liuidaxmn to u/liuidaxmn [link] [comments]

Bitcoin Cash is great. Satoshi nailed it.

Today I consolidated a bunch of alt-coins into BCH before sending them to my Ledger Nano S. Everything worked so smoothly.
Having multiple accounts within my wallet I could disperse BCH easily and quickly, with transactions (albeit unconfirmed) showing instantly for cents. I cannot see how anyone would tolerate anything else.
I look forward to Bitcoin Cash gaining more and more adoption. Especially in New Zealand where I don’t know of anywhere that accepts BCH.
I enjoy following all the news on btc and bitcoincash, thank you to everyone that posts and makes this community great.
That’s all - just wanted to share my experience with everyone.
submitted by nahbroyes to btc [link] [comments]

BITCOIN DIVORCE – BITCOIN CORE VS BITCOIN CASH EXPLAINED

Bitcoin and Bitcoin Cash are confusing, especially to newbies. They are likely unaware of the history and reasoning for the existence of these two coins. This ignorance is likely persisted by the censorship practised at bitcoin and Bitcointalk.org for several years. (rbitcoinbanned includes examples of the censoring.)
Most of the following is an explanation of the history of Bitcoin, when there was only one Bitcoin. Then it explains the in-fighting and why it forked into two Bitcoins: 1) Bitcoin Legacy and 2) Bitcoin Cash, which happens in the last section (THE DIVORCE). Feel free to suggest edits or corrections. Later, I will publish this on Medium as well.
BITCOIN WAS AN INSTRUMENT OF WAR
For Satoshi Nakamoto, the creator, and the initial supporters, Bitcoin was more than just a new currency. It was an instrument of war.
Who are they fighting against?
The government and central banks.
There is an abundance of evidence of this, starting with Satoshi Nakamoto’s original software.
BATTLE FOR ONLINE GAMBLING
Governments around the world ban online gambling by banning their currency from being used as payment. The original Bitcoin software included code for Poker. Yes, Poker.
Here is the original code: https://github.com/trottieoriginal-bitcoin/blob/mastesrc/uibase.cpp
Search for “Poker”, “Deal Me Out”, “Deal Hand”, “Fold”, “Call”, “Raise”, “Leave Table”, “DitchPlayer”.
Bitcoin gave the middle finger to the government and found a way to get around their ban. In the initial years, it was mainly gambling operators that used Bitcoin, such as SatoshiDice. Was this a coincidence? Gambling is one of the best, if not, the best application for Bitcoin. It was no wonder that gambling operators embraced Bitcoin, including gambling mogul Calvin Ayre.
Bitcoin enabled people to rebel against the government in other ways as well, such as Silk Road, which enabled people to buy and sell drugs.
ANTI-GOVERNMENT LIBERTARIANS AND CYPHERPUNKS
Libertarians seek to maximize political freedom and autonomy. They are against authority and state power. Cypherpunks are activists advocating widespread use of cryptography as a route to social and political change. Their common thread is their dislike for the government.
Bitcoin was created by libertarians and cypherpunks.
Satoshi Nakamoto used cryptography mailing lists to communicate with other cypherpunks such as Wei Dai. Satoshi Nakamoto wrote:
“It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though.”
Satoshi Nakamoto was rebellious to government control. Someone argued with Satoshi by stating: “You will not find a solution to political problems in cryptography.” Satoshi replied:
"Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years.
Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.”
Nakamoto was critical of the central bank. He wrote:
"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.”
It is no wonder that the first supporters of Bitcoin were libertarians as well, who agreed with Satoshi’s ideology and saw the potential of Bitcoin to fulfill their ideology.
One of the biggest benefits that Bitcoin supporters want, is “censorship resistance”. What does this mean? It means: to be able to spend your money any way you want. It means: how to get around government regulations and bans. It means: how to do something despite the government.
Roger Ver, an early Bitcoin supporter, heavily criticizes the government for engaging in wars around the world that kills civilians and children. When he ran as a Libertarian candidate in an election against the Republicans and Democrats, he criticized the ATF and FBI for murdering children in their raid in Waco, Texas. At the time, Ver and many other merchants were selling fireworks on eBay without a license. The ATF charged Ver and sent him to prison, but did not charge any of the other merchants. (https://youtu.be/N6NscwzbMvI?t=47m50s) This must have angered Ver a lot.
Since then, Ver has been on a mission to weaken and shrink the government. When he learned about Bitcoin in February 2011, he saw it as his weapon to accomplish his goal…his instrument of war.
Ver was already a multi-millionaire entrepreneur. He sold his company, bought Bitcoins and was the first to invest in Bitcoin startups, such as Bitpay, Blockchain.info, Kraken, Bitcoin.com, Bitcoinstore.com and others. Then he worked full-time to promote Bitcoin. Bitpay became the largest Bitcoin payment processor. Blockchain.info became the largest provider of Bitcoin wallets. Much of the growth of Bitcoin since 2011 can be attributed to Ver's companies.
More evidence of Ver’s anti-government sentiment emerged when he recently announced that he is working to create a society with no government at all (FreeSociety.com).
HOW TO WIN THE WAR
To win the war, Bitcoin must be adopted and widely used by the masses. When people use Bitcoin instead of their national fiat currency, the government becomes weaker. The government can no longer do the following:
It is not only important to get the masses to adopt Bitcoin, but it is also important to get them to adopt it quickly. If it takes a long time, governments will have more time to think twice about allowing Bitcoin to exist and will have more justifications to ban it. They can claim that Bitcoin is used for ransomware, terrorism, etc. If Bitcoin is adopted by the masses to buy everyday goods, such as food and clothing, then it will be harder for them to stop it.
IS BITCOIN WINNING?
Yes and no.
Bitcoin has definitely become more popular over the years. But, it is not achieving Satoshi Nakamoto’s goals.
Satoshi defined Bitcoin and his goal. The title of his white paper is:
“Bitcoin: A Peer-to-Peer Electronic Cash System”
Is Bitcoin being used as cash? Unfortunately, it is not. It is being used as a store of value. However, the title of Satoshi’s white paper was not:
“Bitcoin: A Store of Value”
There is utility in having a store of value, of course. People need it and Bitcoin has superior features to gold. Therefore, it is likely that Bitcoin can continue gaining in popularity and price as it continues to compete and take market share away from gold.
However, both gold and Bitcoin are not being used as currency.
If Bitcoin does not replace fiat currencies, will it weaken governments? No, because no matter how many people buy gold or Bitcoin (as a store of value), they do not weaken governments. To do so, Bitcoin must replace fiat currencies.
BITCOIN LOSING TO FIAT
In the initial years, Bitcoin was taking market share from fiat currencies. But, in the past year, it is losing market share. Dell, Wikipedia and airlines have stopped accepting bitcoin. SatoshiDice and Yours switched to Bitcoin Cash. According to Businessinsider:
"Out of the leading 500 internet sellers, just three accept bitcoin, down from five last year.”
Why is Bitcoin losing market share to fiat? According to Businessinsider:
“when they do try to spend it, it often comes with high fees, which eliminates the utility for small purchases, or it takes a long time to complete the transaction, which could be a turn-off.”
Why are there high fees and long completion times?
Because of small blocks.
SCALING DEBATE – THE BIG MARITAL FIGHT
Why isn't the block size increased?
Because Core/Blockstream believes that big blocks lead to centralization to fewer people who can run the nodes. They also believe that off-chain solutions will provide faster and cheaper transactions. There are advocates for bigger blocks, but because Core/Blockstream control the software, Bitcoin still has the original, one megabyte block since 8 years ago. (Core developers control Bitcoin’s software and several of the key Core developers are employed by Blockstream, a private, for-profit company.)
Businesses, users and miners have asked for four years for the block size to be increased. They point out that Satoshi has always planned to scale Bitcoin by increasing the block size. For four years, Core/Blockstream has refused.
The Bitcoin community split into two factions:
This scaling debate and in-fighting went on for several years. You can read more about it at: https://np.reddit.com/BitcoinMarkets/comments/6rxw7k/informative_btc_vs_bch_articles/dl8v4lp/?st=jaotbt8m&sh=222ce783
SMALL BLOCKERS VS BIG BLOCKERS
Why has Blockstream refused to increase block size? There are a few possible reasons:
  1. They truly believe that big blocks means that fewer people would be able to run full nodes, which would lead to centralization and that the best roadmap is with off-chain solutions. (However, since 2009, hard disk space has exploded. A 4TB disk costs $100 and can store 10 years of blocks. This price is the equivalent to a handful of Bitcoin transaction fees. Also, Satoshi never planned on having every user run full nodes. He envisioned server farms. Decentralization is needed to achieve censorship-resistance and to make the blockchain immutable. This is already accomplished with the thousands of nodes. Having millions or billions of nodes does not increase the censorship-resistance and does not make the blockchain more immutable.)
  2. Blockstream wants small blocks, high fees and slow confirmations to justify the need for their off-chain products, such as Liquid. Blockstream sells Liquid to exchanges to move Bitcoin quickly on a side-chain. Lightning Network will create liquidity hubs, such as exchanges, which will generate traffic and fees for exchanges. With this, exchanges will have a higher need for Liquid. This is the only way that Blockstream will be able to repay the $76 million to their investors.
  3. They propose moving the transactions off the blockchain onto the Lightning Network, an off-chain solution. By doing so, there is a possibility of being regulated by the government (see https://np.reddit.com/btc/comments/7gxkvj/lightning_hubs_will_need_to_report_to_irs/). One of Blockstream’s investors/owners is AXA. AXA’s CEO and Chairman until 2016 was also the Chairman of Bilderberg Group. The Bilderberg Group is run by politicians and bankers. According to GlobalResearch, Bilderberg Group wants “a One World Government (World Company) with a single, global marketplace…and financially regulated by one ‘World (Central) Bank’ using one global currency.” Does Bilderberg see Bitcoin as one component of their master plan?
  4. They do not like the fact that most of the miners are in China. In this power-struggle, they would like to take away control and future revenues from China, by scaling off-chain.
Richard Heart gives his reasons why block size should not be increased, in this video: https://www.youtube.com/watch?time_continue=2941&v=iFJ2MZ3KciQ
He cites latency as a limitation and the reason for doing off-chain scaling. However, latency has been dramatically reduced since 2009 when Bitcoin started with 1MB blocks. Back then, most residential users had 5-10 Mbps internet speed. Now, they have up to 400 Mbps up to 1 Gbps. That’s a 40 to 200X increase. Back in 2009, nobody would’ve thought that you can stream 4k videos.
He implies that 10 minute intervals between block creations are needed in order for the blocks to sync. If internet speed has increased by 40-200X, why can’t the block size be increased?
He claims that bigger blocks make it more difficult for miners to mine the blocks, which increases the chances of orphaned blocks. However, both speeds and the number of mining machines have increased dramatically, causing hashing power on the network to exponentially increase since 2009. This will likely continue increasing in the future.
Richard says that blocks will never be big enough to do 2,000 transactions per second (tps). He says that all of the forks in the world is only going to get 9 tps. Since his statement, Peter Rizun and Andrew Stone have shown that a 1 core CPU machine with 3 Mbps internet speed can do 100 tps. (https://youtu.be/5SJm2ep3X_M) Rizun thinks that visa level (2,000 tps) can be achieved with nodes running on 4-core/16GB machines, bigger blocks and parallel processing to take advantage of the multiple CPU cores.
Even though Rizun and Stone are showing signifiant increases in tps with bigger blocks, the big blockers have never been against a 2nd layer. They’ve always said that you can add a 2nd layer later.
CORE/BLOCKSTREAM VS MINERS
According to Satoshi, Bitcoin should be governed by those with the most hashing power. One hash, one vote. However, Core/Blockstream does not agree with this. Due to refusals for four years to increase block size, it would seem that Core/Blockstream has been able to wrestle control away from miners. Is this because they want control? Is this because they don’t want the Chinese to have so much, or any, control of Bitcoin? Is this because they prefer to eventually move the revenue to the West, by moving most of the transactions off chain?
DIFFERENT AGENDAS
It would seem that Businesses/Users and Core/Blockstream have very different agendas.
Businesses/Users want cheap and fast transactions and see this as an immediate need. Core/Blockstream do not. Here are some quotes from Core/Blockstream:
Greg Maxwell: "I don't think that transaction fees mattering is a failing-- it's success!”
Greg Maxwell: "fee pressure is an intentional part of the system design and to the best of the current understanding essential for the system's long term survial. So, uh, yes. It's good."
Greg Maxwell: "There is a consistent fee backlog, which is the required criteria for stability.”
Peter Wuille: "we - as a community - should indeed let a fee market develop, and rather sooner than later”
Luke-jr: "It is no longer possible to keep fees low.”
Luke-jr: "Just pay a $5 fee and it'll go through every time unless you're doing something stupid.”
Jorge Timón: "higher fees may be just what is needed”
Jorge Timón: "Confirmation times are fine for those who pay high fees.”
Jorge Timón: “I think Adam and I agree that hitting the limit wouldn't be bad, but actually good for an young and immature market like bitcoin fees.”
Mark Friedenbach: "Slow confirmation, high fees will be the norm in any safe outcome."
Wladimir J. van der Laan: “A mounting fee pressure, resulting in a true fee market where transactions compete to get into blocks, results in urgency to develop decentralized off-chain solutions.”
Greg Maxwell: “There is nothing wrong with full blocks, and blocks have been “full” relative to what miners would produce for years. Full blocks is the natural state of the system”
Wladimir J. van der Laan: “A mounting fee pressure, resulting in a true fee market where transactions compete to get into blocks, results in urgency to develop decentralized off-chain solutions. I'm afraid increasing the block size will kick this can down the road and let people (and the large Bitcoin companies) relax”
Why don’t Core/Blockstream care about cheap and fast transactions? One possible reason is that they do not use Bitcoin. They might own some, but they do not spend it to buy coffee and they do not use it to pay employees. They aren’t making hundreds of transactions per day. They do not feel the pain. As engineers, they want a technical utopia.
Businesses/Users on the other hand, feel the pain and want business solutions.
An analogy of this scaling debate is this:
You have a car that is going 50 kph. The passengers (Bitcoin users) want to go 100 kph today, but eventually in the future, they want to go 200 kph. The car is capable of going 100 kph but not 200 kph. Big blockers are saying: Step on the accelerator and go 100 kph. Small blockers are saying: Wait until we build a new car, which will go 200 kph. Meanwhile, the passengers are stuck at 50 kph.
Not only do Big blockers think that the car can simply go faster by stepping on the accelerator, they have already shown that the car can go even faster by adding a turbocharger (even bigger blocks) and making sure that every cylinder is firing (parallel process on multiple CPU cores). In addition, they are willing to use the new car if and when it gets built.
CORE/BLOCKSTREAM VS USERS
If you watch this debate from 2017-02-27 (https://youtu.be/JarEszFY1WY), an analogy can be made. Core/Blockstream is like the IT department and Bitcoin.com (Roger Ver and Jake Smith) is like the Sales/Marketing department (users). Core/Blockstream developers hold, but do not use Bitcoin. Blockstream does not own nor use Bitcoin.
Roger Ver's companies used to use or still use Bitcoin every day. Ver’s MemoryDealers was the first company to accept Bitcoin. Johnny seems to think that he knows what users want, but he rarely uses Bitcoin and he is debating one of the biggest users sitting across the table.
In all companies, Marketing (and all other departments) are IT’s customer. IT must do what Marketing wants, not the other way around. If Core/Blockstream and Roger Ver worked in the same company, the CEO would tell Core/Blockstream to give Roger what he wants or the CEO would fire Core/Blockstream.
But they don’t work for the same company. Roger and other businesses/users cannot fire Core/Blockstream.
Core/Blockstream wants to shoot for the best technology possible. They are not interested in solving short term problems, because they do not see high fees and long confirmation times as problems.
BLOCKSTREAM VS LIBERTARIANS
There are leaders in each camp. One can argue that Blockstream is the leader of the Small Blockers and Roger Ver (supported by Gavin Andresen, Calvin Ayre, businesses and some miners) is the leader of the Big Blockers.
Blockstream has openly called for full blocks and higher fees and they are preparing to scale with Lightning Network. As mentioned before, there is a possibility that Lightning hubs will be regulated by the government. Luke-jr tweeted “But State has authority from God” (https://twitter.com/LukeDashjstatus/934611236695789568?s=08)
Roger Ver wants Bitcoin to regulate the government, not the other way around. He wants to weaken and shrink the government. In addition to separation of church and state, he wants to see separation of money and state. He felt that Bitcoin can no longer do this. He pushed for solutions such as Bitcoin Unlimited.
THE DIVORCE
To prepare for off-chain scaling, Core/Blockstream forked Bitcoin by adding Segwit, which I will refer to as Bitcoin Legacy. This is still referred to by the mainstream as Bitcoin, and it has the symbol BTC.
After four years of refusal by Blockstream, the big blockers, out of frustration, restored Bitcoin through a fork, by removing Segwit from Bitcoin Legacy and increased the block size. This is currently called Bitcoin Cash and has the symbol BCH.
Bitcoin Legacy has transformed from cash to store-of-value. It had a 8 year head start in building brand awareness and infrastructure. It’s likely that it will continue growing in popularity and price for a while.
Bitcoin Cash most resembles Satoshi’s “peer-to-peer cash”. It will be interesting to see if it will pick up from where Bitcoin Legacy left off and take market share in the fiat currency space. Libertarians and cypherpunks will be able to resume their mission of weakening and shrinking the government by promoting Bitcoin Cash.
Currently, Bitcoin Cash can fulfill the role of money, which includes medium of exchange (cash) and store-of-value functions. It will be interesting to see if off-chain scaling (with lower fees and faster confirmations) will enable Bitcoin Legacy to be used as a currency as well and fulfill the role of money.
This is an example of the free market and open competition. New companies divest or get created all the time, to satisfy different needs. Bitcoin is no different.
Small blockers and big blockers no longer need to fight and bicker in the same house. They have gone their separate ways.
Both parties have want they want. Blockstream can store value and generate revenue from their off-chain products to repay their investors. Libertarians (and gambling operators) can rejoice and re-arm with Bitcoin Cash to take on the government. They can continue with their mission to get freedom and autonomy.
submitted by curt00 to btc [link] [comments]

DAG (Directed Acyclic Graph) - A competitor to Blockchain!

DAG (Directed Acyclic Graph) - A competitor to Blockchain!
DAG:
Directed Acyclic Graph (DAG) is an outline which is more expressive than an absolutely linear model. A DAG is an information or data structure which can be utilized to demonstrate diverse problems. It is an acyclic graph in topological ordering. Each directed edge has a certain order followed by the node. Every DAG starts from a node that has no parents and end with one that has no kids. These graphs are never cyclic. A DAG comprises of a set of nodes and arrows where arrows are directed from one node to another.
In simpler terms, DAG is a graph that flows in one direction and elements cannot refer back to themselves. Hence, DAGs are not cyclic.

https://preview.redd.it/r9esxuna13u11.png?width=574&format=png&auto=webp&s=ab5e8ed3b3bdeed586dfa8d8d94e9b2f93569e89
DAG’s components:
  • Nodes or Vertices. Every node represents some information.
  • Arrows or Directed edges. A coordinated edge starting with one node to another depicts some sort of connection between those two nodes. Arrows in a DAG may not frame a cycle.
  • A root node. One of the nodes will have no predecessor. This is the base of the DAG. It is also called a zero node.
  • Leaf node. Some nodes will have no assessors. These are called leaves or leaf nodes.

https://preview.redd.it/mlcakyrc13u11.png?width=504&format=png&auto=webp&s=141f90075c6b10680e04a49198929df2a595e5b7
DAGs in Cryptos:
Did you hear the term DAG coins and thought it’s a name of a new crypto? If yes, then you are probably close to the idea… Actually all digital coins that make use of DAG (directed acyclic graphs) are called DAG coins.
The basic purpose of blockchain based cryptocurrencies was to provide a decentralized, scalable, robust and a fast replacement for financial transactions across multiple mediums. As a matter of fact, all the credit for such a revolutionary idea goes to blockchain. But, is blockchain efficient enough to provide all of this?
Well, not so far. Blockchain has limitations in speed-TPS and scalability- size of the block, Interoperability, and Sustainability.
Many crypto makers are now looking forward to implement DAG instead of blockchain to achieve a different work structure than that of blockchain. DAGs can enable multiple nodes to exist at the same time for recording transactions while in blockchain only one block is used for recording transactions (two blocks cannot exist simultaneously) at a time and a new block is created about every 10 minutes. The blockchain system based on POW slows down due to the miners competing over mining every next block.
DAG can overcome the single chain issue of blockchain by enable multiple chains to exist on the system simultaneously. It may make block less distributed records another standard in the realm of crypto.
DAG or Blockchain:
Blockchains sequential structure hinders significantly the transaction throughput. If the time of mining remains untouched a DAG of blocks can extend the storage by X times with X blocks on the network at the same time. The blend of blockchain with DAG still originates from side-chains. Distinctive sorts of transactions are running on various chains all at the same time. DAG of blocks still depends on the idea of blocks.
It is different from Blockchain. Blockchain is actually a cryptographically verifiable list of records of things that have happened in the past. It has a linked list data structure and every new entry is linked to the previous one such that you can verify it back to the beginning of history. This is how the blockchain is established. This flat sequential nature is the drawback that is apparent in Bitcoin. That is when the scaling issues arise. Even if you increase the size of the block or increase the speed of the new blocks’ creation making it more rapid, still there are a lot of trade-offs.
DAG based cryptocurrencies actually suggest to turn to a completely new data structure altogether. DAG is a completely different form of data structure. It follows a linked graphic data structure where the links are unidirectional. Acyclic means that the nodes cannot refer back to themselves and hence cannot loop. It simply acts as a flow chart where all information is flowing in one direction. It can have multiple parallel nodes that might join back at a single node. You may also relate it to a file directory structure.
The benefit is that every node and arrow does not need to be sequential by nature.
Differences that exist in DAG are:
  • Due to its block less nature, the transactions run directly into the DAG networks hence the speed of transactions increase.
  • There are no miners on DAG systems. The approval of exchanges goes straight to the exchanges themselves. This implies exchanges occur instantly.
  • As assumed, the DAG network picks an existing later exchange to connect to when new transactions occur. The objective is to keep the system width inside a specific range that can ensure speedy transaction approval.
  • DAG will be utilized for applications that require adaptability for thousands of exchanges every second.
Merits/ Advantages of using DAG:
  • More flexible and communicative.
  • No transaction fee
  • Higher scalability
  • Everyone is responsible for both issuing and validating transactions.
  • Network can easily scale
  • More adoption and usage
  • Valuable in machine-to-machine interactions
  • As the size of the network increases, the speed increases too.
  • Quantum resistant
Detriments/ Disadvantages of using DAG:
  • Needs a lot of traffic for its functioning
  • Decrease in network traffic enhances network’s vulnerability to attacks
  • Transaction propagation latency
  • Accumulation of unconfirmed transactions
  • Centralized nature
  • Unproven at a large scale
Implementation Examples:
  • In Ethereum, a DAG is created in every epoch using a version of the Dagger-Hashimoto Algorithm combining Vitalik Buterin's Dagger algorithm and Thaddeus Dryja's Hashimoto algorithm.
  • The Dagger algorithm works by producing a directed acyclic graph with ten levels including the root and a total of 2^25 - 1 values.
  • Ancestry trees are actually DAGs.
Some major projects implementing DAG are:
  • IOTA:

https://preview.redd.it/z74wdrve13u11.png?width=209&format=png&auto=webp&s=d80850b725a870d72eac8029422c1416765ae381
One of the most commonly known DAG coin is IOTA. They call their DAG Tangle. It removes miners completely from the verification process. For broadcasting every transaction you have to validate two previous transactions in order to get their transactions processed. Everybody is participating in the consensus which makes it even more decentralized. The name itself refers to the term IoT- internet of the things.
MIT disclosed a number of mistakes in this data structure and functioning. IOTA would take only 33% of the network power (number of nodes and some amount of PoW attached to every transaction) in order to generate an attack. In such a small network, that IOTA is currently, it won’t be very hard to achieve. Currently they have a central system to validate all transactions which is claimed to be only for the time being but it eliminates decentralization from the system. Currently people claim that IOTA is slow to use. That’s because they don’t have enough full nodes out there to process all the transactions. The network still needs to grow enough to become effusively decentralized.
  • Byteball:

https://preview.redd.it/8a7i9hog13u11.png?width=269&format=png&auto=webp&s=d7113b126619fac416431d7db0693ab830971ccd
It uses a DAG in the place of a traditional Blockchain. Their main net has been out longer than that of IOTA and is similarly a DAG based coin. It has a native currency called Bytes but it does not completely get rid of transaction fee as IOTA does. They have transactions fees implied to avoid scams. Their data structure is very similar to that of IOTA. Here the difference is that you have to pay a fee which will be awarded to the 12 witnesses who are responsible for verifying all the transactions. It eliminates the need to have everybody involved in the verification process. They allow you to achieve more than what you could achieve with IOTA. It has a conditional payment platform is not very robust. They have their privacy coins on the network as well for those who prefer privacy. They have enabled instant messaging systems in their wallets too. It still lacks decentralization as all the validation will be done by the 12 witnesses who will know the real life identities of people as well. They are trying to achieve too much at once which might end up worse. This implementation of DAG is only of a centralized computerized payment system.
  • Raiblocks:

https://preview.redd.it/p18rrwei13u11.png?width=266&format=png&auto=webp&s=b30536e63e613fd1dc69d26d158623402321c088
It is an almost instant, fee-less and infinitely scalable medium for transactions. It also has no miners hence no transaction fee. It has public non-shared ledgers. Every individual has their own block (similar to blockchain) which they verify themselves. This implements PoS called “Balance of vote”. It is an open source project. They have no pre-miners and no ICOs. They have their network and wallet established. The hashing Algorithm this uses is SHA3/Blake2, ED25519 elliptical curve. It is providing unlimited transaction throughput with zero network fees. The problem is that they have a small team hence it is not well developed. This coin is innovative but implements new technology which could produce its own set of problems as it scales.
  • Fantom Foundation

https://preview.redd.it/p1f3mo0k13u11.png?width=289&format=png&auto=webp&s=e71f90629b4e5eb7f9839c87e692f36f0ad36dac
Fantom claims the world’s first DAG based smart contract. It implements the architecture of DAG in the distributed ledger technology. It resolves the issue of speed and scalability present in today's blockchain based smart contracts. It can enable 300,000 transactions per second with fee less than a cent. The transactions will be made asynchronously with instant confirmations. It is aimed to be infinitely scalable. This system will have a lot of bonuses and transparency for trust. It has broad applications in the current market from food-technology to IoT. They call their DAG Opera Chain. It supports verification of people, community management and financial services etc. They use Fantom Virtual Machine (FVM) which will allow executive smart contract bi-code efficiency across all operating systems. The project aims to improve on newer blockchain platforms that are also DAG-based such as IOTA, Nano, Byteball etc. These platforms improve on current blockchain scalability as nodes are designed to process transactions asynchronously.
Fantom differentiates itself by incorporating smart contract DAPP infrastructure into a DAG-based platform so that it offers instant payment, near zero cost (under $0.01 from one wallet to another), and infinite processing scalability.
We do not have any knowledge of successful implementation of DAG as claimed by many projects though it is promising and looks useful for crypto ecosystem.
submitted by rnssol to AllAboutRNS [link] [comments]

Creating a Headless Staking Node on Ubuntu 18.04

Creating a Headless Staking Node on Ubuntu 18.04
##UPDATE## Step 8 - Option 2, has some bugs in the final build process. i haven't had time to work them out yet!

This guide will take you through building and running a headless x42 Full Node! The OS I am using here is Ubuntu 18.04, this guide picks up from a complete/fresh ubuntu install.
This is meant to setup a staking node and so this guide will run you through building, configuring and setting up staking. It will not cover sending transactions or anything else.
The things we are going to do:
  • Step 1 - Install .net core
  • Step 2 - Download The x42 Node Source & Compile It
  • Step 3 - Setting The x42 Node Up To Run On Boot
  • Step 4 - Setup A New Wallet
  • Step 5 - Configure The x42 Daemon
  • Step 6 - Get Address
  • Step 7 - Check Balance
  • Step 8 - Connect The UI Wallet To A Headless Node
  • Step 8 - [Option 1 - Use Installer] Connect The UI Wallet To A Headless Node
  • Step 8 - [Option 2 - Build/Compile UI Only] Connect The UI Wallet To A Headless Node # BROKEN#

Step 1 - Install .net Core

Here is the reference link:
https://dotnet.microsoft.com/download/linux-package-manageubuntu18-04/sdk-current
Register Microsoft Key’s & Install Their repos:
cd /tmp wget -q https://packages.microsoft.com/config/ubuntu/18.04/packages-microsoft-prod.deb sudo dpkg -i packages-microsoft-prod.deb sudo add-apt-repository universe sudo apt -y install apt-transport-https sudo apt update sudo apt -y install dotnet-sdk-2.2 
Microsoft collect telemetry data by default, if you are part of the “tin foil hat brigade” you can set the following environment variable to turn it off:
echo "DOTNET_CLI_TELEMETRY_OPTOUT=1" >> /etc/environment 
now you should be at a point where .net core is installed on your system… that wasn’t so hard was it! You can check by running the following command:
dotnet--list-sdks 
The output should look like this:
$ dotnet --list-sdks 2.2.103 [/usshare/dotnet/sdk] 

Step 2 - Download & Compile The x42 Node

This part assumes you have GIT installed, if not:
apt -y install git 
Now to pull down the source and compile it!
cd ~/ git clone https://github.com/x42protocol/X42-FullNode.git # “cd” into the source folder cd X42-FullNode/src/ 
Now .net core uses NuGet for package management, before we compile, we need to pull down all of the required packages.. its as simple as running (this will take a couple of minutes) inside of “X42-FullNode/src/”:
dotnet restore 
now we are ready to compile the source, execute (inside of “X42-FullNode/src/”):
dotnet build --configuration Release 
ignore the yellow warnings, this is just the rosyln compiler having a grumble.. if you get red ones then something went wrong! The “--configuration Release” will strip out all debug symbols and slim things down.. only a little, this optional parameter is not mandatory.
Once this is done everything is built/compiled, you can run the daemon directly from the repository, this can be done by going to:
cd ~/X42-FullNode/src/x42.x42D/bin/Release/netcoreapp2.1 dotnet x42.x42D.dll 
this will kick off the node, however if you exit SSH at this time it will kill the process! however I always recommend copying out the binaries to a separate folder. This can be done with the following:
mkdir ~/x42node mv ~/X42-FullNode/src/x42.x42D/bin/Release/netcoreapp2.1/*.* ~/x42node/ 
now we have everything we need to run the node outside the git repository! What we need to do now is run the node and have it create the default x42.conf file.. so
cd ~/x42node dotnet x42.x42D.dll 
feel free to hit “CTRL + C” to exit the application after a couple of seconds, by then the folders/files would have been created at the following path:
~/.x42node/x42/x42Main/ 

Step 3 - Setting The x42 Node Up To Run on Boot

Now we are going to create a service file so our x42 node automatically starts when the system is rebooted.
THINGS TO NOTE ABOUT BELOW.. CHANGE THE ##USER## to the username your currently using as these files are within your home directory!
We need to drop to root for this..
sudo -i cat < /etc/systemd/system/x42node.service [Unit] Description=x42 Node [Service] WorkingDirectory=/home/##USER##/x42node ExecStart=/usbin/dotnet /home/##USER##/x42node/x42.x42D.dll Restart=always # Restart service after 10 seconds if the dotnet service crashes: RestartSec=10 SyslogIdentifier=x42node User=##USER## Environment=ASPNETCORE_ENVIRONMENT=Development [Install] WantedBy=multi-user.target EOF 
To enable the service, run the following (as the root user):
systemctl enable x42node.service 
BOOM.. the node isn’t running yet.. but next time the system restarts it will automatically run!
now lets exit out of root!
exit 
We can now start the node up and begin downloading blocks, by running the following command:
sudo systemctl start x42node.service 
if you want to check its loaded and see some of the output, you can run:
sudo systemctl status x42node.service 
an example of the output:
$ sudo systemctl status x42node.service ● x42node.service - x42 Node Loaded: loaded (/etc/systemd/system/x42node.service; enabled; vendor preset: enabled) Active: active (running) since Thu 2019-01-24 15:47:55 UTC; 14s ago Main PID: 5456 (dotnet) Tasks: 23 (limit: 1112) CGroup: /system.slice/x42node.service └─5456 /usbin/dotnet /home/darthnoodle/x42node/x42.x42D.dll Jan 24 15:48:09 x42staking x42node[5456]: Batch Size: 0 Mb (0 headers) Jan 24 15:48:09 x42staking x42node[5456]: Cache Size: 0/50 MB Jan 24 15:48:09 x42staking x42node[5456]: Jan 24 15:48:09 x42staking x42node[5456]: =======Mempool======= Jan 24 15:48:09 x42staking x42node[5456]: MempoolSize: 0 DynamicSize: 0 kb OrphanSize: 0 Jan 24 15:48:09 x42staking x42node[5456]: Jan 24 15:48:09 x42staking x42node[5456]: info: Stratis.Bitcoin.Connection.ConnectionManagerBehavior[0] Jan 24 15:48:09 x42staking x42node[5456]: Peer '[::ffff:86.184.76.255]:52342' connected (outbound), agent 'x42:1.2.13 (70012)', height 213920 Jan 24 15:48:09 x42staking x42node[5456]: info: Stratis.Bitcoin.Connection.ConnectionManagerBehavior[0] Jan 24 15:48:09 x42staking x42node[5456]: Peer '[::ffff:86.184.76.255]:52342' offline, reason: 'Receiving cancelled.'. All node screen output can be found in the /valog/syslog file. 

Step 4 - Setup a New Wallet

With the Node running, we now need to setup and/or restore a wallet!
Everything will be performed through the API’s, however by default these API’s are listening on localhost (127.0.0.1), if you are connecting in remotely then this would be a problem since you cant hit that IP. The solution, SSH TUNNEL!
Execute the following command on your local system:
ssh -L 42220:localhost:42220 @ 
This binds the local port (on your system) with 127.0.0.1:42220 on the remote system, once you have executed the command you can type the following address in your laptop/desktop’s web browser and be able to access the API’s:
http://127.0.0.1:42220/swaggeindex.html 
It should look something like this:
https://preview.redd.it/9lzeg3vob8d21.jpg?width=482&format=pjpg&auto=webp&s=b5d574998816056140d5d6de7b03c56772a892fe
To Create a new wallet, first we have to generate some mnemonic works (e.g. the seed), you can do that by going to the following API:
/api/Wallet/mnemonic 
Hit the “Try it out” button which then prompts you for 2 fields:
https://preview.redd.it/dvbdllfrb8d21.jpg?width=722&format=pjpg&auto=webp&s=766d14bafba6facbcd56d31c63c0012748e682e5
Enter “English” and I would recommend 24 words as this greatly increases the seed strength! Once that is done you hit execute and then scroll down to see the “Response Body”, this should contain the mnemonic which you are going to use to create the wallet! This looks something like below:
https://preview.redd.it/6p4q0rsub8d21.jpg?width=603&format=pjpg&auto=webp&s=44b9265626467a43ca670b134c4d28187f475c2e
THIS IS VERY IMPORTANT, BACKUP THIS MNEMONIC TO A SAFE SECURE LOCATION THAT IS ENCRYPTED!!!
So now we have our mnemonic, its time to generate the wallet, for this we need to use the API:
/api/Wallet/create
There are a number of parameters which are required in order to create a wallet:
WalletCreationRequest{ mnemonic string password* string passphrase* string name* string } 
It should be noted that the password and mnemonic are is the most important parts of this request where the “password” will encrypt the wallet and Is required to unlock it.
  • Hit the “Try it out” button
  • input the necessary data
  • Insert the mnemonic
  • Put a password & passphrase
  • “Name” is what your wallet will be called
It should look something like the following:
https://preview.redd.it/958ttfbxb8d21.jpg?width=603&format=pjpg&auto=webp&s=ce48336436ea4b469b5e87513da802de0bf444ee
Hit “Execute”, the “Loading” sign may spin for a few minutes while the wallet is created… once the wallet has been created the “Response Body” will return the mnemonic you have just used.. we now have a wallet!!
HOWEVER IT IS NOT LOADED INTO THE NODE JUST YET!
This is where we will now jump back out and to configure the node to automatically load the wallet and automatically start staking when it first loads.
AGAIN BACKUP YOUR MNEMONIC AND PASSWORD, MAKE SURE THEY ARE ENCRYPTED AND STORED SOMEWHERE SAFE!

Step 5 - Configure The x42 Daemon

Now we are going to modify the x42.conf file in order to automatically load our wallet and start staking 😊
First things first, lets stop our node by running the following command:
sudo systemctl stop x42node.service 
CD to the following folder and view its contents:
~/.x42node/x42/x42Main ls -lah 
within that folder there should be 2 files you are interested in:
-rw-r--r-- 1 darthnoodle darthnoodle 18K Jan 28 16:01 TestWallet.wallet.json -rw-rw-r-- 1 darthnoodle darthnoodle 3.1K Jan 24 15:25 x42.conf 
So TestWallet.wallet.json is our physical wallet that will be loaded, but for right now we want to modify the x42.conf file.. fire up your favourite text editor (if you use VI you’re a masochist)..
nano x42.conf 
The area we are interested in is the following:
####Miner Settings#### #Enable POW mining. #mine=0 #Enable POS. #stake=0 #The address to use for mining (empty string to select an address from the wallet). #mineaddress= #The wallet name to use when staking. #walletname= #Password to unlock the wallet. #walletpassword= #Maximum block size (in bytes) for the miner to generate. #blockmaxsize=1000000 #Maximum block weight (in weight units) for the miner to generate. #blockmaxweight=1000000 #Enable splitting coins when staking. #enablecoinstakesplitting=1 #Minimum size of the coins considered for staking, in satoshis. #minimumstakingcoinvalue=10000000 #Targeted minimum value of staking coins after splitting, in satoshis. #minimumsplitcoinvalue=10000000000 
Uncomment (remove the #) of the following lines and change their value:
stake=1 (changed to 1) walletname=TestWallet (changed to our Wallet Name) walletpassword=password123 (changed to the wallet password) 
save the file and exit back to the command prompt, now we shall restart the node with the following command:
sudo systemctl status x42node.service 
now the wallet is automatically loaded and ready for action!
YES I KNOW YOU HAVE PUT YOUR PASSWORD IN CLEARTEXT, THIS IS WHERE YOU SHOULD HARDEN YOUR BOX. IF THEY CAN GET TO THE POINT WHERE THEY CAN READ YOUR CONF FILE THEY CAN JUST GRAB YOUR WALLET AND BRUTEFORCE THE PASSWORD.
You can check its loaded by going back to the API and executing the following command:
/Dashboard 
Or execute the following command on the NODE:
curl -X GET "http://127.0.0.1:42220/Dashboard" -H "accept: application/json" 
both will produce the same output, if you scroll to the bottom you should see something like this:
======Wallets====== TestWallet/account 0, Confirmed balance: 0.00000000 Unconfirmed balance: 0.00000000 
This means the wallet is loaded and ready for action!!

Step 6 - Get Addresses

Next thing you are probably going to want is a receive address and to check the balance and TX history.. so lets start with getting an address!
Go to the following API:
/api/Wallet/unusedaddress 
Fill in the Wallet name which is “TestWallet” (in this example) and “account 0” (which is the first/default account):
https://preview.redd.it/ayri5jk0c8d21.jpg?width=602&format=pjpg&auto=webp&s=2d16bbb78da49c0125d24d0834c9454d702cb7a1
Hit execute and you should have an x42 address within the “Response Body”:

https://preview.redd.it/tmc495j3c8d21.jpg?width=349&format=pjpg&auto=webp&s=b00177f66a9e24c980d3c6d4e532a33cbf3fb0bc
BOOM… ok now we can receive funds! 😊

Step 7 - Check TX History

Go to the API and the following call:
/api/Wallet/history 
The 2 fields we are most concerned about are:
https://preview.redd.it/lw194af6c8d21.jpg?width=602&format=pjpg&auto=webp&s=27e264bc008879355ff5b9c50a0a5cb06f16e960
Input the name of the wallet and account you want to view the history of, then hit execute. The other fields can be black. This will return a list of TX’s that the wallet has received:
This should look like the following:
https://preview.redd.it/x1hgargac8d21.jpg?width=585&format=pjpg&auto=webp&s=4fd25f22772f4bcec523a6e82b321ae8146a2c75
There is an easier way of doing this, that doesn’t require you to be connected to your node.. especially if your only interested in viewing your staking rewards… THE EXPLORER!
Access the following URL:
https://explorer.x42.tech/address/ 
this will allow you to easily see all TX’s associated with this address, it should look something like below:
https://preview.redd.it/e480grscc8d21.jpg?width=601&format=pjpg&auto=webp&s=0f8a9ebc7944dfcc73f7df659bd839bb983ba90c
… and your done! By this point your node should be running, staking and you have an easy way to view transactions/rewards 😊


Step 8 - Connect The UI Wallet To A Headless Node

The UI utilises a combination of technologies, however the important part is the code attempts to access the x42 Node API on 127.0.0.1:42220.
So you have 2 options here:
  1. Download the Wallet Installers
  2. Compile The UI Yourselves
Pick the option that best suits you given the pros/cons below:
Option 1 - Pro's/Cons
Pro's
  • If you use the installer, its quick and easy.
Cons
  • This also installs an x42 node on your system which runs when the UI loads.
  • If you dont setup an SSH tunnel before running the wallet the local node will bind to the port and the tunnel wont work.. you will be connecting to the local wallet!!
Option 2 - Pro's/Cons
Pro's
  • You only run the UI, the x42 node is not installed
  • you dont have a superfluous node running, downloading blocks on your local system
Cons
  • Time Consuming
  • Have to download dependencies and manually compile the code

Pre-Requirement - Needed For Both Options!!
As previously mentioned, the UI attempts to access the API's on 127.0.0.1:42220, however our node isnt running on our local system. IN ORDER TO GET IT WORKING YOU NEED TO HAVE AN SSH TUNNEL, THIS TUNNEL NEEDS TO REMAIN ACTIVE WHENEVER YOU WANT TO ACCESS THE WALLET.
this can be done by executing the following command:
ssh -L 42220:localhost:42220 @ 


Step 8 - [Option 1 - Use Installer] Connect The UI Wallet To A Headless Node

Download and install the UI/Wallet & Node from:
https://github.com/x42protocol/X42-FullNode-UI/releases

DO NOT RUN THE WALLET YET!
Those of us who dont want to run a local node and just want the UI, execute the following commands (as an administrator):
cd C:\Program Files\x42 Core\resources\daemon\ ren x42.x42D.exe x42.x42D.exe.bak 
The above is with Windows, if your are in *NIX then locate the daemon and rename it (i will update how to do that/where to find it shortly)
Setup the SSH tunnel as outlined above, Execute the wallet and it will load, however you will see an exception:

https://preview.redd.it/9os5h8q7scd21.jpg?width=550&format=pjpg&auto=webp&s=ac45ed7bc987917142075c61fb486e7d71f820d1
dont worry, this is just the wallet trying to execute/start the x42 node which we dont want, if all works according to plan.. after you click "OK" you should now be presented with the wallet UI and have the option to select what wallet you would like to load:

https://preview.redd.it/hnyt0b4mscd21.jpg?width=958&format=pjpg&auto=webp&s=a47df710a804375d8363ffcd77d1ede2862b9b4d
... DONE!

Step 8 - [Option 2 - Build/Compile UI Only] Connect The UI Wallet To A Headless Node ###BROKEN

THIS IS STILL A WORK IN PROGRESS, THE ELECTRON BUILD DOESNT WANT TO COMPILE BECAUSE SOME CODE IS MANGLED SOMEWHERE!!

Ok, this is the fun bit! .. we need to install the following dependencies. these instructions are written for a Windows system but it should be easy enough to perform the same on a *NIX system.
Install Dependencies
In order to build the wallet UI, you need to install the following components:
  • git
  • NodeJS
  • Electron Builder
First thing you need to do is install git, so download and install the package:
https://gitforwindows.org/
Next you need to install NodeJS, download and install the package:
https://nodejs.org/en/download/
Next we need to install the node package manager:
npm install npx –verbose 
next we need to make sure we have Visual Studio build tools and Python (2.7) installed, this can be done by executing the following (AS AN ADMINISTRATOR!):
npm install -g --production windows-build-tools 
this will install the necessary tools to build C#/C++ code and python 2.7, this could take some time! When its done you should have something like the following;

https://preview.redd.it/5ekfy5g1kcd21.jpg?width=490&format=pjpg&auto=webp&s=f65196dee6f78f2ececec5ee8b5df1044d68f635

Build & Install - Windows
Create a temp folder to navigate to a folder where you want to download the GIT repository, execute the following command:
git clone https://github.com/x42protocol/X42-FullNode-UI.git 
This will clone the repository into the folder, it will only clone the wallet and not the Node source! now lets CD into the folder and build the UI:
cd X42-FullNode-UI\FullNode.UI npm install 
This will download and install all dependencies (can take a while), at the end you should see something like..

https://preview.redd.it/0zfbfxa8kcd21.jpg?width=601&format=pjpg&auto=webp&s=438d072a6ab2bc7a3d84a8dfe773968acc762bc7
Now the stock UI has a number of third-party libraries which contain some vulnerabilities, being a security conscious person, ive also run:
npm audit fix 
when this is done, we have fixed most of the package vulnerabilities 😊 We also get a complaint about the typescript library being too new for the version of angular in use, so run the following command to install the additional dependency:
npm install [email protected]">=2.4.2 <2.7.0" 
now its time to build the UI, execute the following:
npm run build:prod 
once complete you should see something like the following..

https://preview.redd.it/56vf9zfckcd21.jpg?width=601&format=pjpg&auto=webp&s=31b72daff9ab5001843cba529a7bd38c76fd099d
Next its time to compile the electron binary, it should be noted that the build/package process utilises AppVoyer which is not installed and if you attempt to build right now you will get the following error:
cannot expand pattern "${productName}-v${version}-setup-${os}-${env.arch}.${ext}": env arch is not defined. 
To fix this we need to modify the build file, this is a quick one liner that can do it:
powershell -Command "(gc electron-builder.json) -replace 'env.arch', 'arch' | Out-File electron-builder.json" 
Essentially the offending line for Windows is..
"artifactName": "${productName}-v${version}-setup-${os}-${env.arch}.${ext}" 
The build cannot resolve “env.arch”, so the above one liner replaces “env.arch” with “arch” which works 😊
execute the following command:
npx electron-builder build --windows --x64 
At present i get the following error, no matter what i do.. and ive ran out of time to go hunting about.. if anyone has any ideas on how to fix then please post in here or message me on discord:

https://preview.redd.it/t66rtuqdtcd21.jpg?width=918&format=pjpg&auto=webp&s=a3f1a5ff682586348909c67645ca7ae9454922ff


Happy staking!

If you found this post helpful, then buy me a beer and send a donation to XQXeqrNFad2Uu7k3E9Dx5t4524fBsnEeSw
submitted by D4rthNoodle to x42 [link] [comments]

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