Author Topic: Bitcoin currency (merged topics)  (Read 194659 times)

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #600 on: June 25, 2018, 08:34:57 AM »
There are all kinds of dangers, known and unknown, but mining difficulty adjusts as needed to average ten minutes between each new block on the chain, thus predictably producing 6 blocks of transactions every hour.  This process lowers the amount of electricity consumed by the hashing rigs used by the remaining miners as others stop competing for the rewards of finding new blocks. So if $5000 is unprofitable this week, it doesn’t mean it won’t be profitable to mine at $3000 next month as the difficulty decreases.

Offline CharlesH

  • Survivalist Mentor
  • *****
  • Posts: 872
  • Karma: 20
  • Hope is a method...
Re: Bitcoin currency (merged topics)
« Reply #601 on: June 25, 2018, 10:31:29 AM »
Very cool information.  Thanks!

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #602 on: June 28, 2018, 07:17:33 PM »
3 Tips to relieve anxiety during the BTC bear market:  https://youtu.be/EPmgwfLiroE


In my opinion, Jimmy Song is a close second, after Andreas Antonopoulos, as a trusted voice in this space.  Both have the technical skills to understand the underlying code and explain to a layperson, but most importantly, they're honest about the risks involved.

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #603 on: July 05, 2018, 02:21:56 AM »
6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?

So, instead of 17 million bitcoin, there's only 11 million available for trade now, and the maximum limit of 21 million bitcoin by the year 2140 will really be only 15 million. 

Such is the harsh reality of a truly decentralized ledger of account, there's no central authority who can refund coins.  It's not like ethereum, where Vitalik could hardfork it to get investors' stolen money back.

Offline fratermus

  • Survivalist Mentor
  • *****
  • Posts: 568
  • Karma: 21
  • off-grid BOV
    • boondock plan
Re: Bitcoin currency (merged topics)
« Reply #604 on: July 06, 2018, 06:17:23 AM »
So, instead of 17 million bitcoin, there's only 11 million available for trade now, and the maximum limit of 21 million bitcoin by the year 2140 will really be only 15 million. 

They are theoretically recoverable, so IMO the total will still be 21M.


Quote
Such is the harsh reality of a truly decentralized ledger of account, there's no central authority who can refund coins.

That's a bug, not a feature.  ::)

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #605 on: July 12, 2018, 04:18:54 PM »
Andreas Antonopoulos on the security of private keys cryptology and the overblown threat posed by quantum computing:  https://youtu.be/xxfUpIV9wRI


Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #606 on: July 13, 2018, 06:06:13 PM »
Russians Indicted for US Election Hacks Used Bitcoin to Fund Operations

Quote
"In an effort to pay for their efforts around the world ... the defendants paid for it with cryptocurrency," deputy U.S. Attorney General Rod Rosenstein said during a press briefing.

While the defendants allegedly used other currencies, including the U.S. dollar, "they principally used bitcoin when purchasing servers, registering domains, and otherwise making payments in furtherance of hacking activity."

Payments are said to have been made to companies in the U.S., with some of those funds being traced to a bitcoin mining operation.

The indictment explains:

"In addition to mining bitcoin, the Conspirators acquired bitcoin through a variety of means designed to obscure the origin of the funds. This included purchasing bitcoin through exchanges, moving funds through other digital currencies, and using pre-paid cards. They also enlisted the assistance of one or more third-party exchanges who facilitated layered transactions through digital currency exchange platforms providing heightened anonymity."


If these Russian cyberwarriors can't hide bitcoin transactions from a motivated adversary, nobody can.

Better pay your capital gains taxes!

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #607 on: July 24, 2018, 08:08:57 PM »
As bitcoin is heading back up again, it might be a good time to read this article linked on Bruce Schneier's blog today about cryptocurrency risk.

Quote
Cryptocurrencies, although a seemingly interesting idea, are simply not fit for purpose. They do not work as currencies, they are grossly inefficient, and they are not meaningfully distributed in terms of trust. Risks involving cryptocurrencies occur in four major areas: technical risks to participants, economic risks to participants, systemic risks to the cryptocurrency ecosystem, and societal risks. Fortunately, for all but the last case, there is little risk to anyone not directly participating.

I certainly agree about the technical risks to participants, that's what keeps me up at night.

I didn't know Schneier was a cryptocurrency skeptic, but I guess it's not too surprising.

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #608 on: July 31, 2018, 02:10:04 AM »
Most cryptocurrency wallets these days utilize a backup method consisting of a random 24-word mnemonic seed phrase that is generated at the time the wallet is initialized.  Entering this phrase into another compatible wallet regenerates all the keys generated with that seed allowing funds to be spent in the event the original wallet is lost or broken.  Hardware wallets come with a small card with 24 blank spaces for copying down the seed words from the device at initialization with the admonition to store the card somewhere safe and never digitally where it could be hacked online.  Some wallets periodically remind you to verify that you still have possession of the card by prompting entry of a certain number of words for verification.

This new technology now makes safeguarding the seed phrase more important that the actual wallet, with many not willing to trust those words to a piece of paper that could be destroyed from fire or flood.  One of the solutions has been to record the words onto corrosion resistant metals with a high melting temp.  Here's an article from a prominent crypto security guy with the results of a torture test he dished out on several of the more popular market solutions.


Metal Bitcoin Seed Storage Stress Test





Offline Carl

  • Mr HamTastic!
  • Forum Veteran
  • *********
  • Posts: 13014
  • Karma: 705
  • COW?...No ,I haven't seen your cow.
Re: Bitcoin currency (merged topics)
« Reply #609 on: July 31, 2018, 06:23:42 AM »
  It will still all be waste with EMP

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #610 on: July 31, 2018, 04:24:01 PM »
Maybe...

https://en.bitcoin.it/wiki/Nuclear_war_and_Bitcoin

Quote
Many nuclear scenarios could damage cables and backbone routers, segmenting parts of the Internet. In this case, it would be necessary for people wishing to transact to find some way of communicating with the single segment containing the most mining power, such as by using satellite communication, dial-up connections, or even by writing transactions down on paper and moving them physically. This would make Bitcoin more cumbersome to use -- perhaps too cumbersome to be realistic during or immediately after a nuclear war --, but still usable.

Quote
A likely scenario is that Bitcoin would become frozen and practically unusable - but not destroyed - until the Internet was restored to roughly its former capabilities.

Quote
Even if the entire world was affected, Bitcoin would be frozen with its pre-EMP ledger, not destroyed.

Quote
The Bitcoin block chain is so widely distributed that someone will undoubtedly have a safe copy of it somewhere.

Offline Carl

  • Mr HamTastic!
  • Forum Veteran
  • *********
  • Posts: 13014
  • Karma: 705
  • COW?...No ,I haven't seen your cow.
Re: Bitcoin currency (merged topics)
« Reply #611 on: July 31, 2018, 06:05:13 PM »
  If records of BTC are kept OFF the internet and not dependent of the 'life' of the internet.  I do understand that MOST all economy is now digital anyway...BUT...will Block Chain SURVIVE a non living internet??

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #612 on: July 31, 2018, 06:51:12 PM »
The ability to actively process transactions requires a sufficient number of mining computers linked via low latency connections, but as long as there's enough in operation somewhere on the planet, the blockchain will stay alive until the damaged internet infrastructure can be repaired and rejoin the network.  Even if everything went dark across the globe, there's a complete history of every prior transaction and balance status of each bitcoin address that is permanently recorded and synchronized on the copy of the blockchain of every participating active node at the time of the catastrophe.  With this record intact, even after a period of dormancy to rebuild, the network could restart where it left off.

There must be a fair number of EMP-hardened nodes spread around the world that would preserve the blockchain until it could be brought back online, if there's sufficient will and resources available after such an extinction level event.  Most EMP events, short of the ELE variety, will not result in a global blackout, so having the ability to regenerate one's keys after the infrastructure comes back will prevent a total loss of funds.  The ability to relay transactions wirelessly has been demonstrated, via amateur radio, as well as mesh networks like the Gotenna.  I'm not sure how the pen and paper transactions work, but might be good thing to learn.

Offline Carl

  • Mr HamTastic!
  • Forum Veteran
  • *********
  • Posts: 13014
  • Karma: 705
  • COW?...No ,I haven't seen your cow.
Re: Bitcoin currency (merged topics)
« Reply #613 on: July 31, 2018, 08:02:46 PM »
The ability to actively process transactions requires a sufficient number of mining computers linked via low latency connections, but as long as there's enough in operation somewhere on the planet, the blockchain will stay alive until the damaged internet infrastructure can be repaired and rejoin the network.  Even if everything went dark across the globe, there's a complete history of every prior transaction and balance status of each bitcoin address that is permanently recorded and synchronized on the copy of the blockchain of every participating active node at the time of the catastrophe.  With this record intact, even after a period of dormancy to rebuild, the network could restart where it left off.

There must be a fair number of EMP-hardened nodes spread around the world that would preserve the blockchain until it could be brought back online, if there's sufficient will and resources available after such an extinction level event.  Most EMP events, short of the ELE variety, will not result in a global blackout, so having the ability to regenerate one's keys after the infrastructure comes back will prevent a total loss of funds.  The ability to relay transactions wirelessly has been demonstrated, via amateur radio, as well as mesh networks like the Gotenna.  I'm not sure how the pen and paper transactions work, but might be good thing to learn.

THANKS...I had long thought that the net had to remain active (alive) for the survival of BTC and retention of transactions...

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #614 on: July 31, 2018, 09:42:55 PM »
Starting Bitcoin Core as a full node on your own machine requires a couple of weeks to download the entire blockchain, which is approaching 170 gigabytes in size right now, up 30 gigabytes from the beginning of the year.  It's a big chunk of data, but storage is cheap enough that pretty much anyone with an old laptop and a cable modem can have their own synchronized copy of every single bitcoin transaction since Satoshi flipped the switch back on January 10, 2009.


Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #615 on: August 02, 2018, 04:18:13 PM »
Short big-picture vids from Jimmy Song, who tends to lean anarcho-capitalist, discussing decentralized governance and how that feature (not a bug) positions bitcoin as the sound money (ie. digital gold) of cryptocurrencies. 




What is Bitcoin Governance?




Why diversification in cryptoassets isn't as effective

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #616 on: August 15, 2018, 12:32:35 AM »
Xapo exec says extinction level event for 90% of cryptoassets

Half of the top 15 cryptocurrencies are down more than 90% from all time highs.




A few days ago, bitcoin went above 50% market share for the first time in 2018.


Offline Mr. Bill

  • Like a hot cocoa mojito
  • Administrator
  • Forum Veteran
  • *******
  • Posts: 13998
  • Karma: 1848
  • Trained Attack Sheepdog/Troll hunter
    • Website Maintenance and Online Presence Management by Mr. Bill
Re: Bitcoin currency (merged topics)
« Reply #617 on: August 15, 2018, 12:30:07 PM »
Chainstate, 8/15/18: AT&T Sued for $224 Million Over Cryptocurrency Theft

Quote
...[Michael] Terpin, the founder and CEO of Transform Group which has launched a number of high-profile ICOs including Ethereum, Golem and Gnosis, filed a complaint with the US District Court over the theft of three million coins in January 2018. At the time of the theft, the coins were worth over $24 million, and Terpin is looking to sue for an additional $200 million in punitive damages. ...

SIM fraud typically occurs when an attacker pretends to a customer, and contacts a carrier’s support service to have a phone number assigned to their own SIM. ... Hackers have begun to target known crypto holders....

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #618 on: August 15, 2018, 08:29:03 PM »
Chainstate, 8/15/18: AT&T Sued for $224 Million Over Cryptocurrency Theft

Maybe it's the guy's like him that will shell out $10k per year for Casa's Key Storage System.

.......if he's not up for rolling his own 3-of-5 multisig wallet with sufficient physical key separation.


Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #619 on: August 16, 2018, 03:22:34 PM »

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #620 on: August 24, 2018, 09:00:50 PM »
WSJ:  It Was Meant to Be the Better Bitcoin. It’s Down Nearly 90%

Quote
The bear market in cryptocurrencies has punished investors who bought bitcoin at the height of cryptomania last year. But losses have been even more brutal for those who invested in once-promising rivals of bitcoin.

Consider Bitcoin Cash, an offshoot of bitcoin that launched on August 1, 2017, which moves independently of bitcoin itself. While bitcoin has fallen 67% from its record intraday high of $20,089 in December, Bitcoin Cash is down a crushing 88% from its peak of $4,355.62, according to CoinMarketCap.com. Friday evening, it traded at around $533.


Interesting video of Jimmy Song explaining the rumors of BitMain propping up BCH, to protect their million coin stake, by selling BTC and mining at a loss:  What's going on with Bitcoin Cash and Bitmain

Offline FreeLancer

  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5525
  • Karma: 754
Re: Bitcoin currency (merged topics)
« Reply #621 on: September 04, 2018, 04:18:12 PM »
The anonymous Shapeshift.io site will be moving toward required accounts for exchanging, which involves the collection of personal information.  Seems like KYC/AML catches up with everyone in this space, even though they're in Switzerland.

My guess is their Prague based competitor, Changelly, will find they need to do the same, at some point.