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Ledger Live adds Coin control: Here's why that matters.

Ledger Live adds Coin control: Here's why that matters.
Ledger Live version 2.11.1 (download link) adds Coin control for power users.
The coin control feature gives advanced users more granular control over their wallets. It enables them to change how and which coins are selected when making transactions. This increases their ability to manage their privacy and the network fees they will have to pay to spend their account balance.
More control over your coins

How does it work?

The account balance for Bitcoin and its derivatives consists of all the unspent transaction outputs (UTXOs) in the account. You can think of UTXOs as the coins in a regular wallet. When you receive money, you collect coins in your wallet. Then, when you want to make a payment, you get to choose which coins you pick from your wallet. Do you pick the largest coins first? Or do you want to spend all the smaller value coins to lighten up your wallet? Similar considerations can be made when creating a Bitcoin or Bitcoin derivative (altcoin) transaction.
Before the Coin Control feature was released, all transactions involving Bitcoin (and altcoins) automatically selected their coins using the First-In-First-Out (FIFO) algorithm. This strategy includes the oldest coin in the account, and when the amount is not sufficient the second-oldest coin is added, and so forth.
As of Ledger Live version 2.11.1, users are able to make use of a dedicated Coin Control tool to choose the coin selection strategy and the coins that may be spent.

Using Coin control in Ledger Live

Coin control is available in Advanced options in the Send flow
  1. Click on Send, choose an account to debit, and enter a recipient address. Click on Continue.
  2. Enter an amount and click on Advanced options. You will then see: - The currently selected, default coin selection strategy: Oldest coins first (FIFO). - A toggle to enable Replace-By-Fee (RBF). - A toggle to include coins from unconfirmed, replaceable transactions.
  3. Click on Coin control. The coin control modal opens.
  4. Select a Coin selection strategy from the dropdown menu: - Oldest coins first (FIFO). This is the default strategy that spends the oldest coins first. - Minimize fees (optimize size). This strategy tries to minimize the byte size of the transaction by spending the lowest number of UTXOs. This results in a low network fee. - Minimize future fees (merge coins), This strategy includes the maximum number of inputs so that a potential future price rise does not make smaller UTXOs economically unspendable. If the price of a crypto asset increases too much, small UTXOs may become worth less than the cost of the network fees to spend them.
  5. Select which coins may not be included in the selection by unticking their checkbox. The SELECTED indicator shows which coins will be included in the transaction. By changing the selection strategy and/or coins to include, the user has precise control over which coins end up being spent. The Coins to spend and Change to return indicators show how much is spent from and returned to the account.
  6. Click on Done to return to the Send flow to verify and send the transaction.
The coin control window lets you select the strategy as well as pick the coins. Coins marked SELECTED will be included in the transaction.

Coin status

The following statuses can be displayed for a coin:
  • Coins received in a transaction with 0 confirmations without RBF enabled: PENDING
  • Coins received in a transaction with 0 confirmations with RBF enabled: REPLACEABLE
  • Coins received in a transaction with 1337 confirmations: 1337 CONFIRMATIONS
By enabling the toggle Include coins from unconfirmed, replaceable transactions, replaceable transactions can be selected in the Coin control screen.

The Privacy use case

One of the main use cases for Coin control is to protect one’s privacy. UTXOs are, unfortunately, not perfectly fungible due to their unique history on the blockchain. Therefore, users may want to spend coins from different sources without mixing them together, because this would indicate to an outside observer of the blockchain that these addresses belong to the same account. For instance, if one were to spend coins bought on a KYC exchange, which are associated with the user’s identity, together with coins bought anonymously using cash, the anonymous coins could be linked to the user’s identity.
Another example would be that you would like to prevent spending a high-value coin for smaller purchases because this would unnecessarily show the person you’re paying how much you have. This is similar to not showing the boulanger how much is on your bank account when buying a baguette.

Let us know what you think!

We are excited to release this new feature because we think it will fulfill real needs of an important part of our users. This version of Ledger Live marks an important milestone, but we will continue working on more features that our community wants.
So, we invite you to try out Coin control in Ledger Live and let us know what you think! All feedback is welcome on this thread, on ledgerwallet, and you can send suggestions or get help through our official contact form.
We'd like to close out by underlining our commitment to the Bitcoin community, and our willingness to build the best wallet ecosystem for newbies as well as for power users.
submitted by fabnormal to Bitcoin [link] [comments]

"My transaction is stuck, what to do?" - an explainer [DRAFT]

In the last days we have been experiencing a sharp rise in price, which is historically correlated with many people transacting over the Bitcoin network. Many people transacting over the Bitcoin network implies that the blockspace is in popular demand, meaning that when you send a transaction, it has to compete with other transactions for the inclusion in one of the blocks in the future. Miners are motivated by profits and transactions that pay more than other transactions are preferred when mining a new block. Although the network is working as intended (blockspace is a scarce good, subject to supply/demand dynamics, regulated purely by fees), people who are unfamiliar with it might feel worried that their transaction is “stuck” or otherwise somehow lost or “in limbo”. This post attempts to explain how the mempool works, how to optimize fees and that one does not need to worry about their funds.

TL;DR: Your funds are safe. Just be patient* and it'll be confirmed at some point. A transaction either will be confirmed or it never leaves your wallet, so there is nothing to worry about in regards to the safety of your coins.

You can see how the mempool "ebbs and flows", and lower fee tx's get confirmed in the "ebb" times (weekends, nights): https://jochen-hoenicke.de/queue/#0,30d
* if you are in hurry there are things like RBF (Replace By Fee) and CPFC (Child Pays For Parent), which you can use to boost your transaction fees; you will need an advanced wallet like Bitcoin Core or Electrum for that though. Keep also in mind that this is not possible with any transaction (RBF requires opt in before sending, f.ex). If nothing else works and your transaction really needs a soon confirmation, you can try and contact a mining pool to ask them if they would include your transaction. Some mining pools even offer a web-interface for this: 1, 2.
Here’s how Andreas Antonopoulos describes it:
In bitcoin there is no "in transit". Transactions are atomic meaning they either happen all at once or don't happen at all. There is no situation where they "leave" one wallet and are not simultaneously and instantaneously in the destination address. Either the transaction happened or it didn't. The only time you can't see the funds is if your wallet is hiding them because it is tracking a pending transaction and doesn't want you to try and spend funds that are already being spent in another transaction. It doesn't mean the money is in limbo, it's just your wallet waiting to see the outcome. If that is the case, you just wait. Eventually the transaction will either happen or will be deleted by the network.
tl;dr: your funds are safe

How is the speed of confirmations determined in bitcoin?

Open this site: https://jochen-hoenicke.de/queue/#0,2w
Here you see how many transactions are currently (and were historically) waiting to be confirmed, i.e how many transactions are currently competing with your transaction for blockspace (=confirmation).
You can see two important things: the differently coloured layers, each layer representing a different fee (higher layer = higher fees). You can point at a layer and see which fees (expressed in sat/byte) are represented in this layer. You can then deduct which layer your own transaction is currently at, and how far away from the top your position is (miners work through the mempool always from the top, simply because the tx's on top pay them more). You can estimate that each newly mined block removes roughly 1.xMB from the top (see the third graph which shows the mempool size in MB). On average, a new block is produced every ten minutes. But keep in mind that over time more transactions come into the mempool, so there can be periods where transactions are coming faster than transactions being “processed” by miners.
The second important observation is that the mempool "ebbs and flows", so even the lower paid transactions are periodically being confirmed at some point.
In short: what determines the speed of a confirmation is A) how high you set the fees (in sat/byte), B) how many other transactions with same or higher fees are currently competing with yours and C) how many transactions with higher paid fees will be broadcast after yours.
A) you can influence directly, B) you can observe in real time, but C) is difficult to predict. So it's always a little tricky to tell when the first confirmation happens if you set your fees low. But it's quite certain that at some point even the cheap transactions will come through.

So what happens if my transaction stays unconfirmed for days or even weeks?

Transactions are being broadcast by the full nodes on the network. Each node can adjust their settings for how long they keep unconfirmed transactions in their mempool. That’s why there is not a fixed amount of time after which a transaction is dropped from the mempool, but most nodes drop unconfirmed tx’s after two weeks [IS THIS CORRECT?]. This means that in the absolute worst case the unconfirmed transaction will simply disappear from the network, as if it never happened. Keep in mind that in those two weeks the coins never actually leave your wallet. It’s just that your wallet doesn’t show them as “available”, but you still have options like RBF and CPFP to get your transaction confirmed with higher fees, or to “cancel” your transaction by spending the same coins onto another address with a higher fee.

Helpful tools to estimate fees for future transactions:

Here are some resources that can help you estimate fees when sending a bitcoin transaction, so you don't end up overpaying (or underpaying) unnecessarily. Keep in mind that in order to take advantage of this, you need a proper bitcoin wallet which allows for custom fee setting. A selection of such wallets you can find here or here.
The order here is roughly from advanced to easy.
1) https://jochen-hoenicke.de/queue/#0,24h
Here you can see a visualization of how many unconfirmed transactions are currently on the network, as well as how many were there in the past. Each coloured layer represents a different fee amount. F.ex the deep blue (lowest layer) are the 1sat/byte transactions, slightly brighter level above are the 2sat/byte transactions and so on.
The most interesting graph is the third one, which shows you the size of the current mempool in MB and the amount of transactions with different fee levels, which would compete with your transaction if you were to send it right now. This should help you estimating how high you need to set the fee (in sat/byte) in order to have it confirmed "soon". But this also should help you to see that even the 1sat/byte transactions get confirmed very regularly, especially on weekends and in the night periods, and that the spikes in the mempool are always temporary. For that you can switch to higher timeframes in the upper right corner, f.ex here is a 30 days view: https://jochen-hoenicke.de/queue/#0,30d. You clearly can see that the mempool is cyclical and you can set a very low fee if you are not in hurry.
2) https://mempool.space
This is also an overview of the current mempool status, although less visual than the previous one. It shows you some important stats, like the mempool size, some basic stats of the recent blocks (tx fees, size etc). Most importantly, it makes a projection of how large you need to set your fees in sat/byte if you want your transaction to be included in the next block, or within the next two/three/four blocks. You can see this projection in the left upper corner (the blocks coloured in brown).
3) https://whatthefee.io
This is a simple estimation tool. It shows you the likelihood (in %) of a particular fee size (in sat/byte) to be confirmed within a particular timeframe (measured in hours). It is very simple to use, but the disadvantage is that it shows you estimates only for the next 24 hours. You probably will overpay by this method if your transaction is less time sensitive than that.
4) https://twitter.com/CoreFeeHelper
This is a very simple bot that tweets out fees projections every hour or so. It tells you how you need to set the fees in order to be confirmed within 1hou6hours/12hours/1day/3days/1week. Very simple to use.
Hopefully one of these tools will help you save fees for your next bitcoin transaction. Or at least help you understand that even with a very low fee setting your transaction will be confirmed sooner or later. Furthermore, I hope it makes you understand how important it is to use a wallet that allows you to set your own fees.
submitted by TheGreatMuffin to u/TheGreatMuffin [link] [comments]

v5.5.8 is out on iOS, android and macOS

v5.5.8 is out on iOS, android and macOS
Monster release 🔥
NEW
  • Support for big wallets (>3k txs) 🐳
  • Side wallet navigation (tablet/desktop) 🏝
  • Slovenian language 🇸🇮
  • Hebrew language 🇮🇱
  • Arabic language 🇪🇬🇸🇦🇶🇦🇱🇧💙
  • KES/NGN/TWD currencies 🇰🇪 🇳🇬 🇹🇼

FIXED
  • Wrong value on tx broadcast
  • Transaction time when using EPS
  • Some EPS txs stay unconfirmed
  • Dark/light theme switch
  • Create-ln-invoice button is not blocked
  • On approved notifications send hash from watch
  • If Camera not authorized, show Alert
  • Only show direct export
  • Better errors from Local Trader
  • Safello buy-bitcoin flow
  • Request location for Local Trader
  • Input fails for leading/trailing blank
  • Show Import file option
  • Wrong color during loading
  • Speedup wallet creation

Updated Translations
  • Portugese Brazilian
  • Portuguese European
  • Spanish European
  • Slovenian
  • German
  • French
  • Czech
  • Japanese
  • Italian
  • Russian

Special thanks for all contributors!
To help on the translations and join the team visit our translations space: https://www.transifex.com/bluewallet/bluewallet/

v5.5.8 introduces support for BIG wallets. Y'all punks, freaks, whales and Bitcoin users can easily load, access and use your wallets with thousands of transactions. Thanks for your patience on this one. 🦸🦹‍♀️🐳

support for big wallets

A new sidebar navigation is now available for Tablets, iPad and Desktop. This navigation brings a better and more native UX to these devices with an always present sidebar. We hope you enjoying it :)
desktop tablets bitcoin wallet
Your help is invaluable in building the best possible bitcoin wallet.
You can help us out with a review on the different app stores, that will be extremely helpful!

Keep building! 💙
bluewallet.io
submitted by ncoelho to bluewallet [link] [comments]

How to Pay with Bitcoin With Very Low Fees

If you pay with Bitcoin, and want to pay with very low fees, you can, as long as you time your transaction correctly.
How can you do this? Very simply, the mempool flows between a lot of unconfirmed transactions and very low numbers of transactions waiting in the queue to be processed by the miners.
Time your payment correctly when there are few transactions waiting to be confirmed and you will only have to pay a few cents to get included in the next block!
Alternatively, if your payment does not need to recipient in a hurry, just pay the lowest fee your wallet allows, which is normally 1 sat/byte, and it will confirm in the next trough of low numbers of unconfirmed transactions.
Bitcoin is capable of handling 100s tx/s, when you take layer 2, Lightning transactions into account. Lightning is the best way to do instant transactions for almost free!
https://jochen-hoenicke.de/queue/#0,24h
submitted by FluidAttitude to btc [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]

To mining pools that are not signaling BU. Be prepared to lose significant hashpower. Users want larger blocks. It's the only way forward.

Segwit has failed. The status-quo is not working. Fees are high, unconfirmed transactions are reaching all-time highs and it will only get worse in days to come.
As millions of new users discover Bitcoin they will be upset to find out that it's being sabotaged by 3-5 stubborn BitcoinCore developers who are paid by a company that wants side-chains to flourish at the expense of basic on-chain usability. New money is flowing into altcoins like never before.
At one time BitcoinCore had great developers: Gavin Andresen, Jeff Garzik, Mike Hearn. These developers made Bitcoin into what it is today.
These developers were pushed out and replaced with newcomers who don't have the multiple decades of systems programming experience to fix problems in advance. If that weren't the case we would have removed the 1mb max-blocksize spam-cap two years ago. The political grid-lock would never have happened.
In fact, Gavin Andresen wrote about increasing the blocksize in May of 2015: http://gavinandresen.ninja/why-increasing-the-max-block-size-is-urgent
The truth is that BitcoinCore no longer represents the community. They are centralized and controlled by just a few who have a different off-chain agenda. We wouldn't have censorship if it weren't for BitcoinCore's collusion with bitcoin and other forums controlled by a single individual. The toxicity has been bad for Bitcoin and years have been wasted.
To mining pools: Individual miners aren't going to risk losing their investments by supporting the vaporware LN scaling solution. They will leave your pools unless you signal and get behind the real people using Bitcoin who want larger blocks.
Please signal and run Bitcoin Unlimited, Bitcoin Classic, Bcoin, Parity-Bitcoin or any other non-core software.
Decentralized development is Bitcoin's next step. It will prove to the world that Bitcoin is ready for prime-time. This is the only way that Bitcoin can grow into peer-to-peer electronic cash as it was envisioned when it was created.
submitted by Annapurna317 to btc [link] [comments]

[uncensored-r/CryptoCurrency] Predictions for 2018 and lessons learned from trends in 2017

The following post by arsonbunny is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7qk781
The original post's content was as follows:
I'd like to take the time to reflect on the crazy year that was 2017 for cryptocurrency investors, and weigh in on what we've learned over the past year, while also making a few predictions for the future.
One year feels like a decade in crypto, and so many various forces finally cumulated together in 2017 that we had an explosion of activity that left me feeling both exhausted and exhilarated. We saw LTC go on Coinbase, we saw an ICO rush with new issues like Bancor raising 150mil in 3 hours, we saw the absurdity that is cryptokitties crushing the ETH network, we saw Bitcoin Cash and the shitshow surrounding that, we saw Segwit and the long awaited Bitcoin futures. I will always remember where I was at the moment I watched Bitcoin pass $10,000 on GDAX. I will never forget the sweat as I watched the Gemini Auction for my BTC and then waiting for the payment to settle. And I will never forget the flurry of questions, advice seeking and inquiries from people in December as the media spotlight made cryptocurrencies a mainstream concern. We've come a long way, from the days of being considered oddball technogeeks to now being the vanguard of early adopters.

Some major trends in 2017 and lessons learned

  • The Mainstreaming of Cryptocurrencies: This was the year that the "normies" entered crypto in astounding numbers, especially later in the year and cumulating in December. From Ice Tea companies to my hairdresser, everyone wanted to be involved in crypto. New naive money will continue to pump into the market this year, and its important we welcome them while also keeping their expectations grounded in reality. Encouraging new investors with stories of how they can double their investment in a week is not a sustainable method of keeping them interested in crypto.
  • ICO Craze: For many 2017 was the year that the ICO. People made a ton of money by getting into ICOs early before a coin became hyped by the marketing efforts. Sites like ICOBench sprung up and provided people an easy way to find new ICOs to invest in, and those who got in could get a handsome profit by buying the coins for pennies then selling them for dimes a few months later at an exchange, with many ICOs offering pre-sale discounts for early registrations. I suspect that this trend will actually die out in 2018 as there seem to be way too many coins coming out now and they won't all be able to pump, we're already seeing ICOs recently getting dumped hard the moment they start trading on an exchange.
  • The rapid development of altcoin investment: At the beginning of the year the marketcap for altcoins as just $2 billion. By the end of 2017 it grew to over $370 billion. This was the year that investing in cryptos became about more than just Bitcoin. We saw an explosion of new promising altcoins, Binance launched in July, LTC was added to Coinbase and Ethereum really came into its own as a dominant force. I suspect that this focus on altcoins will continue as its now easier than ever to research and obtain them.
  • Resilience in the face of regulation: China banned initial coin offerings and bitcoin exchanges in the first weeks of September. The ban caused a precipitous drop in cryptocurrency flows worldwide and invoked panic within me, with Bitcoin going down to almost $3K. However we recovered surprisingly quick. This is why I wasn't too concerned with the recent news that Korea may crack down on exchanges. Cryptocurrencies are decentralized and distributed, and while government actions certainly can hurt the price in the short term, I think any attempts at increased crackdowns will result in a recovery within a few months. Crypto seems to be a lot more resilient than most people realize to laws trying to destroy it, so don't freak out when you hear a story about increased regulation in the Far East.
  • Institutional money coming in: We saw the speculation of an ETF not come to fruition, but in December the CME Group and CBOE started trading futures on Bitcoin. The lead up to this event and the subsequent decline and relative stabilization of Bitcoin will lead to a cascade of effects. We now have a genuine price discovery mechanism that will put downward pressure on BTC with its futures contracts. McAfees predictions of a million dollar BTC are not going to come to fruition now that you can short it.
  • Chase for the "next bitcoin": Lambo psychosis dominated and continued into the new year with nearly every coin in the top 100 showing a steep parabolic rise. This is actually something a lot of long term investors find deeply troubling, because now people are hungry for crazy x10 gains within a month and that is simply unsustainable.

Some predictions for the year 2018

Decline for Bitcoin
I have a long-standing emotional connection to Bitcoin and really do want it to succeed. But by now even the early adopters have come to accept how far away we are from the original vision of the currency. We are now seeing a decrease in adoption among ecommerce sites, which a sad state of affairs. I'm not so confident that Lighning will be enough at this point. Lightning likely wont be here for at least another 1-2 years and the problem will be user adoption. Segwit gave users a 40% discount on fees, and was a relatively simple upgrade, yet its 2018 and only 8% of transactions come from Segwit addresses. LN is way more difficult to implement, so don't expect it to be useful for at least a year after release. Core developers should have followed through with the New York Agreement and increased the blocksize to 2 MB. It's actually much more practical to scale BTC through miners than users, as most miners abide by the rules of a small set of mining pools and use the same software. Segwit2X was doomed to failure but it had 90% support among miners before the campaign against it started, and even after it had over 70% miner support. I think 70% miner support before a fork is vastly better for initiating a change than 8% user support.
Core team really needs to wake up right away and realize that the continual declines in market dominance are a reflection of Bitcoins failure to find utility, and that the first movers advantage and name brand will not last forever. Unless it solves the problem of insane transaction fees, ballooned mempool size, long transaction times and most of the accounts not even being able to afford to move the balance out I don't see BTC doing anything but declining in market dominance.
Ethereum will become an even more dominant force
I can see the long awaited flipening come in 2018. Ethereum already processes way more transactions than anything else, it already is basically THE platform for new coins and powers so much of the entire cryptocurrency ecosystem. The Constantinople fork and Casper Proof-of-Stake changes should take care of the TPS limitations for the next few years, and I expect to see an explosion of dApps in 2018. Ethereum has tons of developer support behind it and POS means people will want to hold it for the long term. Its already become my #1 core/safe-haven position and I think a 3-5K range in 2018 is completely reasonable.
The emergence of transactable business-oriented blockchains
The last few years were about theory and technological innovation, but I think 2018 will be the year that cryptocurrencies finally start to demonstrate value in solving business problems.
Ultimately a cryptocurrency is pointless if it doesn't solve some transactional problem or alleviate some inefficiency in the value-exchange process. There are several sectors/cases for business users that are ripe for blockchain technology: supply chain, settlement layers between intercurrency transactions, payment processing, offloading processing tasks onto blockchains, identity management...etc.
I expect that transactable coins that actually have functionality will be the big winners. ICX, WTC, VEN, NEO, XLM and others that target enterprise-oriented use cases will likely be the focus over the next year.
The rise of a DAG coin as a standard for transfers between exchanges, most likely Raiblocks (XRB)
Lets be perfectly honest: Right now the vast majority of transactions being conducted on the blockchain is simply moving cryptos around various exchanges. Its quite a nerve-wracking process, watching thousands of dollars sitting unconfirmed on the blockchain explorer for hours is not a pleasant experience. If you move your balances a lot you will end up losing substantial money to transfer fees. This is why I can see a light fast DAG becoming a standard for inter-exchange transfers of funds, specifically XRB after it gets listed on Binance. Being a DAG the process of onboarding isn't as simple as just adding another ERC20 coin, but once the Raiblocks team figures this out on Binance I suspect that adoption will follow quickly to other exchanges. The quick transactions speed and no cost will make it the ideal coin to exploit arbitrage between less liquid and more liquid markets.
The rise of "dividend" coins"
The next year should be one where the stretched valuations are questioned, and those coins that pay out a form of dividend and can thus be easily valued will become a safe harbor. NEO, EOS, ARK, VEN,OMG among others should gain favor. We actually saw NEO do particularly well in this recent downturn. I expect to see a lot more also following this dividend payment model.
**The move away ...
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Hey guys my thoughts on BTC/BCH please read!

I've been in the crypto space since March and wow is this market wild!! Anyways... I would like to express my thoughts on what I have experienced thus far. ( I apologize in advance I am not a techy person) Bitcoin unfortunately is slow and the fees are insane which makes no sense as the tech is advertised much diffrently. Be that as it may I figured hey this is normal right? I did alot of trading with btc pairs and what not through bittrex got my brother into trading as well and have had alot of profitable fun. The fees when moving bitcoin around so much is unbearable and using coinbase as my point of entry doesn't help just for me personally was the most convenient way to bridge my fiat to the "decentralized world." Started getting into ethereum which by the way is amazing so much faster etherscan is great but that's a whole other story. With the recent rise of bitcoincash I have discovered how toxic the crypto community is in general people picking sides C allimg eachother names banning people from speaking ( bitcoin) which is why I posted here pretty much the only place one can have a real discussion it seems like. I'm getting off topic. I started looking into bitcoincash and have found the tech when comparing BTC and BCH that BCH is so much better on many diffrent levels as of now.
A) transaction times are so much faster
B) pretty much no fees I mean take a look at this chart Average fees people are paying for the last 3 hours per block Bch- $69.38 Btc- 27,303.59 (holy shit) Https://fork.lol/reward/fees
C) community is alot friendly and knowledgeable, actually allow discussions here. People say bitcoin is decentralized yet you can't have any debates or conversations without getting kicked out that's called censorship guys.
D) bitcoincash is much more true to satoshis whitepaper than bitcoin core.
Another thing the unconfirmed transactions for bitcoin just keep piling up. Currently at 82k which is better than what it was but still. https://blockchain.info/unconfirmed-transactions
Why does bitcoin core not just utilize bigger blocks? I know it is a temporary fix but still it is working at this stage in the game as bitcoincash has shown. I've read arguments that bigger blocks would require house users to not be able to run there own node and bigger miner corps and what not would have to validate transactions. Which is kind of what's happening now anyways even with 1mb with bitcoin right? Then I have read that without segwit bch can't scale when layer 2 gets added lightening network blah blah but when is lightening network coming? My guess is it will be awhile based on the speed that core operates. Bitcoincash has gotten further in 3 months than bitcoin has in years. I am going off my exp though so maybe not credible. Bitcoincash is scaling now bitcoin is just rising in price because it's well bitcoin the pioneer and where alot of money will flow just for that reason only.
Sorry for the rant and I could definitely keep going butto wrap this up I have came to the conclusion after doing much due diligence, I am going to invest in bitcoincash!
submitted by salamanderjones1 to btc [link] [comments]

Market Sentiment #10

If you plan on sleeping during the next 16-24 hours, I suggest moving all your money into ETH/XMR (although chances are high that even they could crash!) Let me break down the next few hours for you (atleast, my take on them):
So far, I can think of three scenarios that we need to account for:
  1. Miners move away from BTC. Money will flow into other coins - mostly into BCH and partly into ETH, and BTC will tank (atleast for the immediate future). BCH will go up exponentially, upto a maximmum of $3,000. Lots of people lose faith in crypto and pull their money, leading to a 40-50% loss of market capitalization (our biggest crash yet!)
  2. Some miners move away, whereas other miners stay on with BTC. This is a middle-ground situation. The market will crash 15-25% as a whole, but BCH will rise in value to account for the difficulty. We may $2,000 and more from BCH.
  3. All this worry was for no reason, and miners stay on with BTC. This is extremely bullish, and I wouldn't be surprised to see a temporary spike over this weekend for BTC. BCH will crash. Hard. All the way to 800-900. This is not good news from a technical standpoint, however, because that still leaves the scaling concern unaccounted. If unaddressed (and I am not fully convinced that Lightning Networks are the answer) - we will effectively be blowing the balloon even larger, thus making the eventual burst cataclysmic.
So. Strategies?
For the really ballsy out there, the time is perfect for you to trade on 100x leverage. That's how millionaires are made, but that's also how fortunes are lost.
This is the last hurdle to cross for now. After that, it's open pastures for December. On popular demand, I'm considering setting-up a telegram group, but it's not really a good idea unless there's atleast 20-25 people in it. Let me know what you think!
Oh, and if you want a laugh, check Bitcoin Diamond out. It's like adding a little bit of extra flavor into the chaos-soup. Sadly though, in a complete twist of ironic fate, Bitcoin Diamond is exactly what we need right now! Segwit and 8 MB block-sizes!
EDIT 1: Seems like nothing is happening so far. However, BTC blocks are being mined further apart - this may just be a random coincidence. Wait for a few more hours, and if everything looks stable, then consider moving into alts.
Table of Contents
submitted by VikNoob to u/VikNoob [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]

The pitfalls of the Lightning Network

This isn't my work but I found it illuminating, you can give credit to https://bitco.in/forum/threads/gold-collapsing-bitcoin-up.16/page-918#post-35615
submitted by increaseblocks to btc [link] [comments]

Current State of Legacy Blockstream Chain

Price down from $7800 to $6400, clear flow into BCH. BTC withdrawals are suspended on Gemini from network instability.
20+ minute block times: https://data.bitcoinity.org/bitcoin/block_time/24h?f=m10&t=l
Mempool growing out of control and receiving more transactions per second than the old protocol can handle: https://blockchain.info/unconfirmed-transactions
Less profitable to mine: https://fork.lol/
submitted by DataGuyBTC to btc [link] [comments]

RBF consequences I foresee for in-person payments

TL;DR: Replace-by-Fee will cause processing times for some in-person merchant transactions to increase dramatically (~10 minute average), either greatly discouraging retail merchant acceptance or requiring merchants and users to be aware not to use RBF in retail situations.
Let's say RBF is fully implemented into Core and wallets widely begin to support this behavior. Let's assume, just to pull a number out of thin air, that 20% of Bitcoin users who make in-person transactions either begin using a wallet with RBF enabled by default OR activate RBF in the settings of their supporting wallet "just in case" they might need it later. Merchants depending upon quick POS transaction flow will have a new problem:
RBF guarantees that it will be possible to reverse / double-spend an RBF-flagged unconfirmed transaction by changing policy / defeating techniques currently in use for "normal" unconfirmed transactions, by zero-conf payment processors (BitPay, Coinbase) and supporting services (BlockCypher), to largely reduce the risk of double-spends for their clients (mainly in-person merchants). Merchants using regular wallet software for their POS may also be accepting zero-conf without the assistance of a third-party--not advised, but still reasonable for smaller transactions given current network policies / demonstrated behavior.
What about the RBF flag?
No doubt the above mentioned payment processors / services / wallets will upgrade to detect and alert recipients about RBF immediately. Unfortunately, all they can do is warn the merchant not to accept the RBF transaction until confirmation. I can even see BitPay, Coinbase, etc, showing RBF payments as "not received" on the merchant side until confirmation as a further user-friendly abstraction.
The problem is: Under just the 20% usage example above, 1/5th of all future in-person transactions (seemingly at random) will slow down to ~10 minute average processing intervals before the merchant can see that they've been paid. In a typical retail environment, this is unacceptable. BitPay et. al. cannot do anything on their end to speed up transaction confidence for the merchant, so either merchants begin to consider "potentially large transaction times" as a normal drawback to using Bitcoin (greatly discouraging merchant adoption) OR they clearly indicate to their customers that RBF transactions will not be accepted at all. The latter will require training out to the user base that they should not enable RBF for in-person payments, and it likely will require some merchants to experience the delays and/or outright fraud RBF enables before they learn what it is and how to ban it from their operations.
Even a ban on RBF by the recipient is problematic because the transaction is already broadcast before they can detect the RBF flag1 . It could be their policy not to consider it valid, but how would the customer be able to recover the funds they sent? A replacement transaction, of course? Well, they'd have to do that before the first gets confirmed or they'd be stuck in a lengthy refund scenario that is still problematic with Bitcoin today. [1 One idea: Have the transaction setup encoding / URI indicate to the wallet that RBF is not accepted, though this could be overridden by the sender and further complicates the encoding.]
If RBF goes forward, wallet developers will have to be extremely careful how they present this option to users and how they deal with receive transactions in their future releases.
submitted by bits-of-change to Bitcoin [link] [comments]

Market Sentiment #7 (+ BCH v. BTC battle, summarized)

Ok. What a week! So much happened!
Bitcoin v. Bitcoin Cash
I had predicted something big happening with Bitcoin Cash on multiple occasions. But I would have never been able to guess the sheer scale of what happened. Let's summarize what happened (I'll update this later with links so that you don't have to take my word on any of this):
So, my thoughts? I don't think BTC is going anywhere. It's the poster child, and there's no way it can be traded into oblivion overnight. But I also think that BCH addresses a key need of the hour - scalability. Irrespective of the approach, scaling is something we badly need right now. So BCH will grow. It will end up becoming a major force in the crypto sphere because of how easy it is to transact. There's more than enough space at the top for all the cryptos to co-exist!
Market Sentiment
For the coming week, I daresay we can expect atleast 1-2 BTC bull-runs, but there is the small chance of the aforementioned BCH pump over the weekend.
Overall, a good time for trading alts:
Something else that I noticed was how resilient (and profitable, even!) coins like ETH, XMR and OMG have been through everything that has been going on. Conditions seem ideal for ETH to finally get out of the cursed #300Zone, and go back to previous all-time highs.
These markets are ideal for short-term trades and swing trades. Keep compounding your investments by 1-2%. Do it enough times and you'll be a millionaire!
This post was delayed due to a frantic week both at work and in the crypto-sphere!
Table of Contents
submitted by VikNoob to u/VikNoob [link] [comments]

OK. THIS IS HOW WE ARE GOING TO CATCH THEM! Create a new sheepwallet Deposit address NOW

Apologies if this doesn't read well, I've got to write it quick:
Where are the FBI when you need them, eh?
They are the inspiration behind this idea, so they HAVE helped. The answer is the FBI are here:-
https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
or at least, thats where they keep the bitcoins they stole from us. People have been sending hundreds of insults attached to thousandths of a bitcoin, paid in from blockchain info wallets (which allow a message to be attached).
You're all at that shocked and not thinking straight stage I was at 10 days ago when I realized that a one-way money valve had been introduced to sheep market in a software update:-
http://www.reddit.com/SheepMarketplace/comments/1qxfnm/unconfirmed_blockchain_transaction/
The miner's fee just gets automatically paid by every other wallet in the world. They disbled it on purpose on a friday when everyone finalizes and the vendors immediately try to get the bitcoin out of the sheep into a tumbler. The sheep was nearly bled dry,so they needed to delay the withdrawals for a few days until Monday, when customers put bitcoins IN (ready to buy the next weekend's drugs)
This weekly wave of buying and selling is called "the Silkroad tide". Cash becomes bitcoin becomes drugs becomes bitcoin becomes cash for vendors, washing in and out once a week,
Customers only really put money into sheep. Vendors put drugs in, and take money out. Even a few bitcoin are a bugger to turn securely into cash, because that's when you stop being anonymous.
sheep was able to rob us because of bitcoin. Bitcoin is going to catch them for us.
This "tumbler" which never appeared was just an excuse to make the cash flow in but not out. The ONLY cash coming out for a few days is going to the people robbing us VIA BITCOIN FOG, which only allows 6 input addresses and 8 output addresses (I think).
How do I know? It crashed the day they introduced the stupid withdrawal rules. WE didn't overload it. The crooks did. Bitcoin fog have waived their fees now, because they made so much commission out of the Shepherd.
Q. Why are the lights still on in Sheep?
A. People are still depositing money. But only the crooks can take it out.
If we can fire a few airgun pellets into the sheep,we can track its meat across europe.
I've been concocting this plan for 9 days, getting high on my own supply instead of selling it. When i've written this, i'm off to bed!
OK,here's what I propose. Login to your sheep account. Try to withdraw.It says "0 hours" but doesn't work. Go to the deposit page and create a new deposit address (to avoid confusion). It worked!
Copy its address into a text document or something, and send, say, 0.0001BTC into it. That's your airgun pellet!
Follow it on the blockchain. Eventually, it will pop out to another address - it's being laundered by the thieves, eventually to become euros.
Q. How do we follow the bitcoin to catch them ? A. I don't know yet, but we have until 2140 to work it out. You can have a look into every bitcoin wallet in the world, and see every transaction. When the FBI start to sell those bitcoins, we can track every sale because we know it's their wallet.
For instance, here's a wallet I just created:-
19htsjgf7h96khB9rqRLs7KWK3rqUzFwoN
and here it is on the blockchain https://blockchain.info/address/19htsjgf7h96khB9rqRLs7KWK3rqUzFwoN
make a new sheep wallet address every day and send a pellet into the sheep. Hell, you could even create new accounts. Scammers like Crystal Palace can use those hundreds of shill accounts to redeem themselves!
OK. My work here is done. This reddit may sink without trace, or it may catch the sheep rustlers. It will certainly make their life difficult,and maybe stop them from scamming the unwary,because most sheep users still don't know what we know. The bitcoin price is still high.
I'm going to bed. You all work out the detail. We will find their wallets and mark them, making it very hard to turn it into cash. They will have to spend it on heroin and OD.
They've been emptying the sheep piggy bank for 16 or 17 days, since they started talking about limiting withdrawals (on the withdrawal page).
Night night!
submitted by sheeproadreloaded2 to SheepMarketplace [link] [comments]

uncertain if RBF or CPFP solves my issue

Hi .. i have locked my wallet due to a bug in old MBclassic-wallet .. now i am stuck with 2 "low fee"-trnsctns .. and 1 "unconfirmed parent" (last) .. lately I migrated into Electrum3 ..
now i need a way to get coins flowing again .. i read some good docu ( https://data-dive.com/unconfirmed-bitcoin-transactions-electrum , https://www.youtube.com/watch?v=dUJyfz0QQXw , https://bitzuma.com/posts/how-to-clear-a-stuck-bitcoin-transaction/ ) .. but i am not sure yet if it that really suits my situation a 100% ,
for i would prefer the hung transactions to be repaid to me in the end .. not to reach the merchant (already chanceled in shop)
.. also am not sure in what order to RBForCPFP my hung ones: oldest or youngest transaction first ?
kind regards m-
submitted by mojo3001 to BitcoinBeginners [link] [comments]

WHAT IS CRYPTOCURRENCY?

What is cryptocurrency? 21st-century unicorn – or the money of the future? This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans. Today cryptocurrencies have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance. In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project. But beyond the noise and the press releases the overwhelming majority of people – even bankers, consultants, scientists, and developers – have a very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts. So let‘s walk through the whole story. What are cryptocurrencies? Where did cryptocurrency originate? Why should you learn about cryptocurrency? And what do you need to know about cryptocurrency? What is cryptocurrency and how cryptocurrencies emerged as a side product of digital cash
Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency. In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“ His goal was to invent something; many people failed to create before digital cash. The single most important part of Satoshi‘s invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed. After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer networkfor file sharing. This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do. So, let‘s try to make it as easy as possible: To realize digital cash you need a payment network with accounts, balances, and transaction. That‘s easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances. In a decentralized network, you don‘t have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend. But how can these entities keep a consensus about this records? If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority? Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible. Satoshi proved it was. His major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution – the part that made the solution thrilling, fascinating and helped it to roll over the world. What are cryptocurrencies really? If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency. Take the money on your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take physical coins and notes: What are they else than limited entries in a public physical database that can only be changed if you match the condition than you physically own the coins and notes? Money is all about a verified entry in some kind of database of accounts, balances, and transactions. How miners create coins and confirm transactions Let‘s have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account. A transaction is a file that says, “Bob gives X Bitcoin to Alice“ and is signed by Bob‘s private key. It‘s basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology. Nothing special at all, again.
The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed. Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation. As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain. Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain. For this job, the miners get rewarded with a token of the cryptocurrency, for example with Bitcoins. Since the miner‘s activity is the single most important part of cryptocurrency-system we should stay for a moment and take a deeper look on it. What are miners doing?
Principally everybody can be a miner. Since a decentralized network has no authority to delegate this task, a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. Imagine someone creates thousands of peers and spreads forged transactions. The system would break immediately. So, Satoshi set the rule that the miners need to invest some work of their computers to qualify for this task. In fact, they have to find a hash – a product of a cryptographic function – that connects the new block with its predecessor. This is called the Proof-of-Work. In Bitcoin, it is based on the SHA 256 Hash algorithm.
You don‘t need to understand details about SHA 256. It‘s only important you know that it can be the basis of a cryptologic puzzle the miners compete to solve. After finding a solution, a miner can build a block and add it to the blockchain. As an incentive, he has the right to add a so-called coinbase transaction that gives him a specific number of Bitcoins. This is the only way to create valid Bitcoins. Bitcoins can only be created if miners solve a cryptographic puzzle. Since the difficulty of this puzzle increases the amount of computer power the whole miner’s invest, there is only a specific amount of cryptocurrency token that can be created in a given amount of time. This is part of the consensus no peer in the network can break.
Revolutionary properties If you really think about it, Bitcoin, as a decentralized network of peers which keep a consensus about accounts and balances, is more a currency than the numbers you see in your bank account. What are these numbers more than entries in a database – a database which can be changed by people you don‘t see and by rules you don‘t know? Basically, cryptocurrencies are entries about token in decentralized consensus-databases. They are called CRYPTOcurrencies because the consensus-keeping process is secured by strong cryptography. Cryptocurrencies are built on cryptography. They are not secured by people or by trust, but by math. It is more probable that an asteroid falls on your house than that a bitcoin address is compromised. Describing the properties of cryptocurrencies we need to separate between transactional and monetary properties. While most cryptocurrencies share a common set of properties, they are not carved in stone. Transactional properties:
1.) Irreversible: After confirmation, a transaction can‘t be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net. 2.) Pseudonymous: Neither transactions nor accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses. 3.) Fast and global: Transaction are propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesn‘t matter if I send Bitcoin to my neighbour or to someone on the other side of the world. 4.) Secure: Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox. 5.) Permissionless: You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.
Monetary properties:
1.) Controlled supply: Most cryptocurrencies limit the supply of the tokens. In Bitcoin, the supply decreases in time and will reach its final number somewhere in around 2140. All cryptocurrencies control the supply of the token by a schedule written in the code. This means the monetary supply of a cryptocurrency in every given moment in the future can roughly be calculated today. There is no surprise. 2.) No debt but bearer: The Fiat-money on your bank account is created by debt, and the numbers, you see on your ledger represent nothing but debts. It‘s a system of IOU. Cryptocurrencies don‘t represent debts. They just represent themselves. They are money as hard as coins of gold. To understand the revolutionary impact of cryptocurrencies you need to consider both properties. Bitcoin as a permissionless, irreversible and pseudonymous means of payment is an attack on the control of banks and governments over the monetary transactions of their citizens. You can‘t hinder someone to use Bitcoin, you can‘t prohibit someone to accept a payment, you can‘t undo a transaction. As money with a limited, controlled supply that is not changeable by a government, a bank or any other central institution, cryptocurrencies attack the scope of the monetary policy. They take away the control central banks take on inflation or deflation by manipulating the monetary supply.
submitted by orlaryemy to u/orlaryemy [link] [comments]

A Look At The 51% Attack And Other Risks On the Bitcoin Network (More Information in the Comments Section)

Synopsis: In this post, we will go over the major risk on the Bitcoin Infrastructure, what kind of solutions have been suggested, and the flaws (if any) of those solutions.
The 51% Attack – The Problem/Risks
The 51% Attack is based on the premise that, as Bitcoin users, we want no one user to hold 51% of the power on the network. I believe everyone can agree that would be quite the pickle if it were to occur. When we refer to power, we are referring to processing power, which, as most people reading this should know, controls the flow of money, the ability to verify transactions, and other things.
Let’s go back a bit and review a few of these basics though. When any machine (which will be henceforth be referred to as a node) applies its processing power to mine, it is doing virtual work, attempting to find a hash which matches up to the algorithm, set at a particular difficulty. As any network grows, the amount of malicious users will too, which is the basis of our problem. If a user (we’re assuming he/she is a neutral entity at this point) controls that much power, we run a few risks.
  1. The user could have found a way in which to maximize the node’s return on investment (ROI), which generally factors in both time and power. This maximization means that the user has found a way to compute multiple hashes at once (thus attempting to take care of multiple transactions at once). This also means that said user wouldn’t receive fees for the transaction though, so the efficiency of this is questionable.
  2. The more malicious route means that the user mines empty blocks, and then refuses to process transactions while mining against only his blocks. I’m assuming (because there seems to be little I could find on the technical side of the attack, for good reason) that this involves a blockchain rewrite, and then the user targeting his/her clients to work on only those blocks which he/she modified, but as for specifics, I do not know. I will research this further and probably post a follow-up that more accurately describe what would happen during this sort of attack. If the user were to mine against just their own blocks though, and not attempt to create any new ones, the Bitcoin network would essentially stop. There is also a variant where a single user can inject a massive amount of hardware into the network quite suddenly, they can bring the production of new blocks to its knees.
  3. This could also be a botnet that does not wish to deal with the hassle of constantly sending all of the current transaction information to its zombies. This would be more for coding simplicity rather than for financial gain. (This point is directly copied from Privacy Online News, as I can’t really think of a simpler way to put it). (List lovingly butchered from Privacy Online News)
The 51% Attack – The Actual Risk/Solutions
An attack of this sort would be questionably efficient, and becomes more difficult by the day, here’s why: users. Other users are constantly battling to be more efficient, as they upgrade their own nodes with new GPUs, CPUs, addons like the ones from Avalon or Butterfly Labs, and modified settings. The efficiency of an attack of this sort is questionable since the Bitcoin’s code places odd restrictions on a user who has pulled off an attack likes this, due to its failsafes, cryptography, and other features. This is a list of such limits, brought to you by the Bitcoin Wiki.
This [51% attack] allows him [the user] to:
Reverse transactions that he sends while he’s in control. This has the potential to double-spend transactions that previously had already been seen in the block chain.
Prevent some or all transactions from gaining any confirmations
Prevent some or all other miners from mining any valid blocks
The attacker can’t:
Reverse other people’s transactions
Prevent transactions from being sent at all (they’ll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
As you can see, there are certainly some risks to a user gaining this kind of control, however the common concerns of them stealing from others, creating coins, and playing with other people’s money simply aren’t possible. It is mentioned later in the article that it is possible to change historical blocks, however the difficulty increases exponentially as you go back, and it becomes impossible past the last checkpoint. Solutions have been mentioned over time, including one (implemented by Solidcoin 2.0) that requires at least one user with a balance of at least a million Solidcoins to be working on every other block. The logic behind this is that a user with that much invested in a system would be very unwise to try to devalue a currency which he/she has so much invested in.
I’m personally not a fan of this one, for one reason in particular. To combat the problem of not having enough coins in the beginning, the SolidCoin 2.0 dev team introduced “…10 accounts of 1.2 million [that] were created in the genesis block. These are special accounts that cannot be spent on the network, effectively making them “Null accounts used for special purposes”, until SolidCoin does have real millionaires.” I understand that these coins are unable to be spent on the network, but who controls these accounts? Who decides when there are enough SolidCoin millionaires? What happens if some of these people lose their money, what then happens to the network? These questions and more are raised in my head, and if a SolidCoin dev wishes to have a statement added in, feel free to contact me.
As put forward by blogger Gavin Anderson of GavinTech, “[The solution is] Something like “ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)” would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they’d pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people’s transactions or have their chain rejected.”
This solution does sound like a fairly good one, although it does leave us still vulnerable to the attack, albeit for a fairly limited amount of time.
User David Schwartz on Stack Exchange mentions this: “…As a longer-term solution, there have been proposals discussed to reject reorganizations that invalidate suspiciously large numbers of blocks such as four or more. The problem with these proposals is that under unusual circumstances (such as if a disaster partitions the Internet for half an hour), the network can permanently split with each side rejecting the other side’s block chain as a suspicious reorganization.
Essentially, the client would have to go to a “lockout” mode if this happened and reject all transactions until some mechanism to find the real block chain could be implemented. (It could submit all transactions to both chains and consider only transactions accepted in both as confirmed!) One proposal uses a central authority to pick the real chain. This is an area where there is room for innovation.”
Schwartz's solution does sound like less of a risk, but a lockout mode sounds like it could very potentially disrupt a lot of the Bitcoin traffic. Also, it mentions a “central authority” which in a decentralized digital currency, is a bit of a foreign concept.
If there are any other major solutions you’d like me to add to this list, let me know.
submitted by totallygeeky to Bitcoin [link] [comments]

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