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submitted by /u/Solodeji [link] [comments] |
source https://www.reddit.com/r/btc/comments/gc374z/funding_secured_im_taking_bitcoin_btc_private_at/
Saturday, 2 May 2020
Funding Secured, I’m Taking Bitcoin (BTC) Private at $420,000 –BitMEX’s Arthur Hayes
source https://www.reddit.com/r/btc/comments/gc374z/funding_secured_im_taking_bitcoin_btc_private_at/
Building Ergo: SPV security
There’s often a tension in the crypto world between security and convenience. That trade-off is unacceptable if we want these technologies to be widely used. Here’s how Ergo addresses one common and very important issue.
We all know that the most secure way to use Bitcoin, or any crypto, is to download a copy of the blockchain and run a full node yourself. That way, every time you or anyone else makes a transaction, your client checks the blockchain to ensure it’s valid. You don’t have to trust anyone else.
A full Bitcoin node checks all the blocks in the blockchain (using headers) and makes sure there are no fraudulent transactions. It’s a very secure way of using crypto – but there’s a problem. It requires significant bandwidth, storage and processing power. That kind of commodity hardware is expensive, and using a full node to validate and make transactions is in any case unsuitable for mobile devices. This is particularly true for Bitcoin, where the blockchain is over 270 GB and counting.
SPV
Simplified Payment Verification (SPV) is designed to address this problem, as described in the Bitcoin white paper:
- It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he's convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it's timestamped in. He can't check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it.
Satoshi notes that this is not a perfect solution, and is vulnerable to an attacker overpowering the network and fooling SPV users.
Moreover, while SPV mode is intended for resource-limited devices, even this ‘lite’ approach is not always feasible. Ethereum’s headers alone total around 5 GB to download. Thus Ethereum mobile clients do not validate chain validity and so blindly have to trust third parties.
There are proposals to reduce the requirements for SPV mode by checking just a few random headers, instead of all of them. But it’s hard to do that securely.
Efficient SPV
Several years have been spent researching and developing secure protocols that allow for efficient SPV clients. The two best-known and most reliable protocols are NiPoPoWs and FlyClient.
Ergo implements NiPoPoWs, or Non-interactive Proof-of-Proof-of-Work. This technology can be explored in full on this dedicated website: https://nipopows.com:
- Non-Interactive Proofs of Proof-of-Work (NIPoPoWs) are short stand-alone strings that a computer program can inspect to verify that an event happened on a proof-of-work-based blockchain without connecting to the blockchain network and without downloading all block headers. For example, these proofs can illustrate that a cryptocurrency payment was made.
- NIPoPoWs allow very efficient mobile wallets to be created. SPV wallets are already very lightweight compared to full nodes because they only require the download of block headers, not the whole blockchain. NIPoPoW wallets need to download only a small sample of block headers, around 250, when SPV clients need to download half a million block headers. The sample needed changes but doesn't grow much in size as the blockchain grows larger by the years, even after decades of data has been accumulated.
This enables us to build a mobile SPV client that requires around just 100KB of block headers to be downloaded.
A super-efficient Ergo wallet with SPV security is in development, so stay tuned for more updates!
[link] [comments]
source https://www.reddit.com/r/btc/comments/gc2pwe/building_ergo_spv_security/
Take a step back and realise how big a deal bitcoin actually is...
5000 years ago the world converged on using gold as our chosen form of money, then we used gold backed currency, then we were duped into fiat for a while. But now after 5000 years of using gold as our chosen monetary medium we are moving to a new form of money.
What we are living through now has not happened in 5000 years, It's a watershed moment in history.
It's not a once in a generation opportunity or a once in a lifetime opportunity, it is literally a once in a civilization opportunity.
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What happened to sideshift.ai's BTC2 token ?
so sideshift had a SLP stabletoken tied to BTC called BTC2. but now it seems nowhere to be seen ...
what happened ?
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbso6p/what_happened_to_sideshiftais_btc2_token/
Bitcoin Merchandise?
I’ve seen a few websites selling things such as flags, such as Amazon. But I’d like to support a website that accepts bitcoin, even if I have to pay a bit more. Does anyone know about smaller businesses to buy bitcoin merch?
Thank you
[link] [comments]
source https://www.reddit.com/r/btc/comments/gc0nl5/bitcoin_merchandise/
irrefutable proof the market is rigged
Mega-report compiles every off limits piece of dirty laundry on Wall Street into one short write-up. Highlights trillion dollar lawsuit
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbz35s/irrefutable_proof_the_market_is_rigged/
It looks like miners are upgrading for the hardfork.
Almost 20% now and rising quickly. Quite exciting!
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbxrln/it_looks_like_miners_are_upgrading_for_the/
SCAM ALERT -- DO NOT SEND YOUR CRYPTO TO ELON MUSK
There is a blatant scam making its rounds on Twitter.
Someone made a fake Elon Musk account and replied this to one of his tweets: https://twitter.com/rollyhoyt/status/1256240079397421062
Notice that the name and profile pic is the same, but the handle is different.
The scammers even set up a fake Medium page and made it look legit: https://elongivesbtc.com/
IT IS NOT A MEDIUM POST, AND HE IS NOT GIVING AWAY FREE CRYPTO
Please share and warn everyone
[link] [comments]
Friday, 1 May 2020
Your keys, not your fiat
BTC slogan
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbcp3a/your_keys_not_your_fiat/
Genuinely curious as to why there are so many posts about BCH's low fees on r/btc
I'm not new to crypto, but I am new to reddit. It seems like the multiple daily posts about how low BCH's fees are compared to BTC within r/btc should all be banned based on the offtopic rule about altcoin discussions. Can someone enlighten me? I like both BTC and BCH, so I'm just trying to understand how this works. Thanks
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbconq/genuinely_curious_as_to_why_there_are_so_many/
WOW- over 18% blocks are Bitcoin Cash Node, and rising fast!
Miners are preparing for the May hardork, and miners are preparing to VOTE NO with Bitcoin Cash Node!
Vote No on the IFP by upgrading to Bitcoin Cash Node!
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbbang/wow_over_18_blocks_are_bitcoin_cash_node_and/
Balloon launch
Just thinking for the halving, would be cool for crypto supporters to release helium balloons simultaneously.
[link] [comments]
source https://www.reddit.com/r/btc/comments/gbay44/balloon_launch/
Help with claiming BCH
Hi, So someone gave me 20 dollars worth of BCH in here and I’m totally new to cryptocurrency so I have no clue how to get it. I downloaded some app called Greem Wallet but now I hear it doesn’t support BCH. What app should I use to get it? A lot of the apps On the AppStore have bad reviews. I don’t know what to do
[link] [comments]
source https://www.reddit.com/r/btc/comments/gb9ifm/help_with_claiming_bch/
Would you agree Bitcoin can only get more valuable over time?
Hello everybody. New trader here. Trying to get a secondary income just to be more comfortable. Today I bought my first bitcoins. $1200 worth. Albeit maybe a little impulsive as honestly I probably don’t know as much as I should for pumping in that sort of money. Certainly when my annual salary is... average.
Anyway, I have no issue putting into buying more bitcoin monthly if it’s a sound investment. I read today some people are projecting 1 Bitcoin to be worth $288k by 2024. I don’t plan to sell stock anytime soon. But must admit I’m nervous as this is a new environment for me. After struggling financially for most my adult life; only recently getting a grip of it (22 now). I feel I have bad mojo with this sort of stuff.
To cut a long story short. Is it advisable to keep investing more and more, not sell. Wait X amount of years and then sell for the “jackpot” if you will. A viable plan, would you say?
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Thursday, 30 April 2020
FYI: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution.
Let me remind all you old timers, and inform the newbies: There will only be a maximum of 21 million bitcoins. Ever. Approximately 4 million have been permanently LOST, bringing the maximum circulating total to 17 million. This total number won't be reached until 2140 due to Bitcoin's issuance schedule. This is "quantitative hardening."
Total number of millionaires (in USD value) worldwide is around 33 million (source).
The factual math is simple: there is not enough Bitcoin in the world for even HALF of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches 10bn.
Bitcoin is SCARCE. Check out the S2F model for a good explanation of why scarcity and value correlate. Recently updated to the S2FX model for a model that incorporates more data, and is more accurate.
Furthermore: If you are able to acquire even one BTC today: Enjoy the feeling. You are an early adopter. And one of a very select number of humans. Owning just ONE BTC means that you are--at minimum--in the top 0.2% (17M / 8Bn * 100*100&ie=UTF-8&oe=UTF-8)) of the human population in terms of total possible bitcoin wealth distribution. The percentage is much lower than that, of course, given that there are lots of whales out there with 1000+ BTC each.
Edit: And never-mind the idiots that will say something asinine like "my pubic hairs are limited in number too...does that make them valuable?" Your pubic hairs have zero network utility, whereas every day Bitcoin proves it has extraordinary utility as (perhaps) the most perfect form of money humans have yet created.
Stack those sats!
That is all.
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Bitcoin BCH is the future of money - Today, you would have to buy 6 years worth of morning coffees with Lightning just to match the payment efficiency of Bitcoin BCH! You must also lock a minimum $9,720.00 in your LN channel.
Accessible Bitcoin wallet for the blind?
Hello,
I'm totally blind and interested in getting a secure hardware Bitcoin wallet.
The Electrum GUI isn't accessible to my screen reader, but I can use command-line tools if they work with hardware wallets. The more audio feedback the wallet gives (beeps, etc), the better, and I'd prefer physical buttons over a touchscreen (I'd need to memorize menus/on-screen prompts as presumably the wallet wouldn't speak). I also like the idea of the wallet functioning as a u2f key to protect access to exchanges.
Any suggestions?
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the transaction fee is 92 cents right now
that seems a little steep it's not going back to unusable $10 fees is it?
[link] [comments]
source https://www.reddit.com/r/btc/comments/gantqp/the_transaction_fee_is_92_cents_right_now/
Stimulus $$$$
Ok, who bought crypto with stimulus $$$?
[link] [comments]
source https://www.reddit.com/r/btc/comments/ganlke/stimulus/
In the last seven days there have been 161 Bitcoin cash node blocks discovered. Zero blocks in the last seven days are signaling for ifp. Farewell ifp.
In the last seven days there have been 161 Bitcoin cash node blocks discovered. Zero blocks in the last seven days are signaling for ifp. Farewell ifp. IFP has poor support https://cash.coin.dance/blocks/summary
[link] [comments]
source https://www.reddit.com/r/btc/comments/gakovf/in_the_last_seven_days_there_have_been_161/
Bitcoin Halving 2020 Explained And Hacking Crypto Exchanges w/Doug King -- I'm curious to hear everyone's thoughts on Bitcoin Halving this month. Is the intention for halving to create more value?
Wednesday, 29 April 2020
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