Bitcoin Daily Discussion, December 15, 2017 |
- Daily Discussion, December 15, 2017
- Little Bit
- Danish Bitcoin billionaire new sponsor of professional Danish ice hockey team. Stadium to be renamed "Bitcoin Arena" and get a huge Bitcoin logo in the middle of the ice!
- Bitcoin is the real Occupy Wall Street.
- Coinbase, the reason Segwit wasn't a "Top 5" feature request was because no one could have imagined you were stupid enough NOT to work on it. YOU were the ones crying about high fees and transaction limits, and given the tools to scale you've done jackshit
- #CoinbaseGoSegwit - Request SegWit, Show Coinbase that we need it now
- And here it is folks, Roger Ver openly admitting he plans to Promote Bcash(Bitcoin Cash) as Bitcoin.
- Wikileaks now supports Bitcoin SegWit adresses
- Bank of Canada Governor said: "Bitcoin keeps me from sleeping at night."
- Here we go...
- One of the last posts made by Hal Finney on bitcointalk.org. For the uninitiated, Hal received the first ever transaction of bitcoin. 10 coins from Satoshi.
- GDAX sell wall is GONE
- After 5 years of being a staunch supporter, I am officially directing people away from Coinbase. I think they are deliberately using their position to suppress network growth. SegWit or shut up about fees.
- Roger Ver Gets Mad When People Call His Alt-coin Bcash, When he is always calling calling Bitcoin, Bitcoin core. How Can Anyone Take This Man Serious?
- Ledger expected to make 30,000 Nano S's this year. They're on track to ship a million.
- We really need to start pushing for SegWit support. Stop waiting for the Lightning Network to fix everything.
- Watch the GDAX sell wall get obliterated.
- Israel Prime Minister Says Bitcoin can replace banks and it has the potential to revolutionise the financial world
- This is what the Kraken homepage should actually say...
- When you don’t know what HODL is:
- Thank you Coinbase, blockchain.info & BitPay! Thanks for refusing to implement segwit and clogging up the network!
- Noob question, don't upvote pls
- Napkin-math on how long it'll take before it becomes economically feasible to crack a private key for it's funds
- Let's politely ask Coinbase to implement segwit
- These kids from MIT propose a technique for sub-satoshi transactions with probabilistic payments in the Lightning Network
- How much longer are we going to pretend we don't have an issue?
| Daily Discussion, December 15, 2017 Posted: 15 Dec 2017 02:00 AM PST Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you! Daily threads are fast paced! If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow. Suggested Topics
Your price screenshots and repetitive submissions are being removed, so please stop submitting them! Please check the previous discussion thread for unanswered questions. [link] [comments]  | ||
| Posted: 14 Dec 2017 01:11 PM PST
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| Posted: 14 Dec 2017 05:17 AM PST
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| Bitcoin is the real Occupy Wall Street. Posted: 15 Dec 2017 02:08 AM PST
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| Posted: 14 Dec 2017 01:42 PM PST | ||
| #CoinbaseGoSegwit - Request SegWit, Show Coinbase that we need it now Posted: 14 Dec 2017 02:50 PM PST
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| And here it is folks, Roger Ver openly admitting he plans to Promote Bcash(Bitcoin Cash) as Bitcoin. Posted: 15 Dec 2017 02:10 AM PST https://np.reddit.com/r/btc/comments/7jg265/1000000_bitcoin_cash_wallets_have_now_been/dr6qf17/ I'm sorry Roger, but your forked altcoin is not Bitcoin and never will be. If Bitcoin was not an open source platform you would be up to your eyeballs in copyright infringements. Your lack of ethics for own personal gain is astounding. [link] [comments]  | ||
| Wikileaks now supports Bitcoin SegWit adresses Posted: 14 Dec 2017 06:58 PM PST
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| Bank of Canada Governor said: "Bitcoin keeps me from sleeping at night." Posted: 14 Dec 2017 09:10 PM PST
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| Posted: 15 Dec 2017 02:01 AM PST
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| Posted: 14 Dec 2017 08:32 AM PST I thought I'd write about the last four years, an eventful time for Bitcoin and me. For those who don't know me, I'm Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement. At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities. Fast forward to late 2008 and the announcement of Bitcoin. I've noticed that cryptographic graybeards (I was in my mid 50's) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it. When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction. I was more positive. I had long been interested in cryptographic payment schemes. Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin. I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating. When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them. Today, Satoshi's true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs. After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things. The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value. I dusted off my old wallet, and was relieved to discover that my bitcoins were still there. As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they'll be worth something to my heirs. Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I'd lost a lot of weight and taken up distance running. I'd run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That's when everything went wrong. My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover. In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig's disease, after the famous baseball player who got it. ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years. My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression. Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair's position using my eyes. It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It's very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals. Currently I'm working on something Mike Hearn suggested, using the security features of modern processors, designed to support "Trusted Computing", to harden Bitcoin wallets. It's almost ready to release. I just have to do the documentation. And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go. That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy. [link] [comments]  | ||
| Posted: 14 Dec 2017 06:33 PM PST Prices soared within seconds! This is amazing! we're back on track [link] [comments]  | ||
| Posted: 14 Dec 2017 11:01 AM PST This is my email to them:
I truly wanted to believe that this wasn't on purpose. I have been a Coinbase apologist for a long time, as they have always been a great service in my experience. But at this point, and after months of their statements and feet dragging, It makes absolutely zero sense why they haven't done the very thing that would double the network capacity as the largest platform for buying and selling Bitcoin. Not only do I think they have no interest in doing so. I think they are deliberately avoiding it to support their investment and change of focus toward ETH and other alts. Then using their large market share to prevent Bitcoin from gaining the capacity that they screamed for so long was a network killing requirement. This is gross negligence and just outright being a stubborn ass at this point. There is no testing being done, there is no work being done. He dodges questions, every Twitter post is followed by a list of 100+ replies asking about SegWit, then he absurdly claims no one is asking for it. I have recently discovered how easy it is to use Localbitcoins to buy and sell bitcoins. I was always supportive of, but never needed the platform, as Coinbase was always a trusted and reliable option for me. Now, I will be doing everything I can to remove my reliance on an obviously adversarial company and CEO. This goes beyond negligence at this point. It is clearly deliberate and based on an astounding level of belligerence. • Coinbase does not contribute anything to development. • Coinbase complains and argues about development, high fees, and low capacity constantly. • Coinbase has promoted and pushed alternatives. Perfectly acceptable IF they are not simultaneously and deliberately preventing upgrades to Bitcoin... which they clearly are. • Coinbase has deliberately ignored the tens of thousands of requests to implement SegWit and done so in an insultingly dismissive way. • Coinbase has gone from a great platform and introduction into the cryptocurrency ecosystem, to being the biggest obstacle to Bitcoin's growth and success. I will never recommend Coinbase again. And of the 40-50 people I have directed toward them over my 6 year involvement in the Bitcoin space, I will be encouraging them to leave their platform and directing to the next best alternatives. (Square cant get here fast enough) Any suggestions on other services to try in the US would be greatly appreciated. I intend to try them all so I have the best place to direct the people that come to me on a regular basis, asking about Bitcoin and crypto. I encourage everyone to do the same. [link] [comments]  | ||
| Posted: 15 Dec 2017 01:17 AM PST
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| Ledger expected to make 30,000 Nano S's this year. They're on track to ship a million. Posted: 14 Dec 2017 05:44 PM PST
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| Posted: 14 Dec 2017 10:02 AM PST What is SegWit ? The formal title "Segregated Witness (Consensus layer)" had Bitcoin Improvement Proposals number BIP141. It is intended to solve a blockchain size limitation problem that reduces Bitcoin transaction speed. It does this by splitting the transaction into two segments, removing the unlocking signature ("witness" data) from the original portion and appending it as a separate structure at the end. (https://en.wikipedia.org/wiki/SegWit) What's the problem? It has been more than 3 months since SegWit was activated. The current level of support for Segwit is abysmal at only 13% of all transactions using SegWit (http://segwit.party/charts/). If everyone right now switched to a SegWit supported wallet, the mempool would likely be empty again allowing for instant transactions once again. While we're all looking at the Lightning Network to solve the congestion issues, the is a much easier and faster fix right in front of us and that is SegWit. Why isn't everybody using SegWit yet? That is likely due to the fact that some very large exchanges have yet to activate SegWit on their site yet. Once they do activate SegWit , we should see the number of SegWit transactions rise up. This doesn't just benefit the users as the exchanges themselves will also pay less fees. In other words, we need to pressure all big exchanges into activating Segwit. Not next year, not next month but NOW. How can I check if my wallet is Segwit compatible? Good news is, most hardware and software wallets use SegWit. SegWit (P2SH) addresses begin with a "3", like multisig addresses so they are easy to spot. If your wallet address does not begin with a 3, then it's not SegWit compatible. Those are the addresses we need to get changed and updated to SegWit compatible ones. So who hasn't activated SegWit yet? It's time to name and shame the exchanges that haven't activated SegWit yet. You can find a list of all major exchanges and players that have activated SegWit right here: https://bitcoincore.org/en/segwit_adoption/ If your wallet or exchange is NOT highlighted in green, it means it still hasn't activated SegWit yet and needs some serious encouragement from their paying customers. Those will either be marked in yellow as a work in progress or marked in white as planned. Neither of those two statuses are acceptable. It has been more than 3 months now and neglecting to activate Segwit is becoming a serious problem for the whole blockchain and needs to be dealt with right now. You can help speed up SegWit activation! This is where big numbers hold big power. You can all help by first checking if your wallet is SegWit compatible (needs to start with a 3). If it's not SegWit compatible, then please make whoever provided the wallet is aware of this issue you are facing and request them to provide a SegWit wallet as soon as possible. So for example if you have a wallet on Coinbase, you will notice it has not activated SegWit yet. You help the cause greatly by sending the exchange support a message that you want to see SegWit activated on their exchange. If you want to take it one step further, you could move your Bitcoins and other funds away from your non-SegWit wallet and exchange to one that does have SegWit activated. The time for action is now. If you have any questions, please ask them. tl;dr: SegWit adoption is seriously low. If we can increase it we get faster transactions at lower costs. [link] [comments]  | ||
| Watch the GDAX sell wall get obliterated. Posted: 14 Dec 2017 06:57 PM PST
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| Posted: 14 Dec 2017 10:32 PM PST
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| This is what the Kraken homepage should actually say... Posted: 14 Dec 2017 01:14 PM PST
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| When you don’t know what HODL is: Posted: 14 Dec 2017 07:08 AM PST
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| Posted: 14 Dec 2017 09:48 AM PST Thanks to those three companies refusing to adopt segwit, the network gets more and more congested, costing each and everyone of us insane fees! blockchain,info is said to be responsible for the vast majority of bitcoin transactions. Coinbase and BitPay should be a close second and third. All of them tried to force SegWit2x down our throats without ever caring what the community and the market really wanted. They said blocksize and transaction fees are the biggest concern bitcoin has right now. Apparently it was all just lies to gain more power. If it really was a concern for them, why are they refusing to implement segwit? Those 3 companies alone could probably free up 30-60% of blockspace and raise the blocksize above 1.5MB but it seems they want to hurt bitcoin as much as possible, just to pump other altcoins like Ethereum and BCash. Brian Armstrong, the CEO of coinbase publicly stated that he owns more ETH than BTC. Blockchain,info never supported any altcoins but made a 180° earlier this year by supporting Ethereum and BCash as of today. BitPay got bought by Jihan and Bitmain who are pumping BCash. It almost seems as if they are bitter about failing to force the SegWit2x hardfork and are now giving us a big "fuck you" as a revenge! [link] [comments]  | ||
| Noob question, don't upvote pls Posted: 14 Dec 2017 02:54 AM PST I'm just getting into the cryptocurrency game and downloaded Coinbase only to discover that you can't sell with Coinbase in Canada. How do I invest up here? Thanks! [link] [comments]  | ||
| Posted: 14 Dec 2017 06:28 PM PST So there are 2256 private keys in Bitcoin which is also equal to 1.16 * 1077. For reference, we think there are about 1078 to 1082 atoms in the known universe. This is a massive key space to search over. In order to essentially guess any Bitcoin address at will, you would have to guess it's private key, and the only efficient method would be to brute force until you find it. Meaning you would have a 50% chance of having found it after doing 2256 / 2 hash operations, but you would certainly find it after doing 2256 rounds of SHA256. The economic magic in Bitcoin is that it is currently, and perhaps always will be, more profitable to use any hashing power for mining, than it would ever be to attempt to crack a private key or to produce a bad block. Currently the ENTIRE Bitcoin network is running at an estimated 14,000,000+ trillion hashes per second (https://blockchain.info/charts/hash-rate). Yes, that is 14 million trillion. So you think, well, surely if everyone focused on taking out ONE private key they could take it and split the loot right? In scientific notation the current network hash rate is 1.47 * 1019. So how many seconds would it take? Probably not that long right? (2256) / (1.471019) = 7.81057. Yeah, that's a massive number. But what if the entire Bitcoin network got 10 orders of magnitude stronger? (2256) / (1.471029) = 7.81047 That's still way, way, too long, the current age of the universe itself is only 4.3*1017 seconds. Okay, what if we increased by 50 orders of magnitude? (2256) / (1.47*1069) = 78,770,128. Finally! In the hundred millions. Okay so it'd take 78,770,128 seconds to crack a private key if the entire hashing power of the Bitcoin network increased by 50 orders of magnitude and you controlled all of it, which is just short of 2.5 years. It will never be economically feasible to crack a private key for the entire history of the universe, especially when you realize that even right now, the wealthiest private key only holds 160,000 Bitcoins. Now there is a silver lining to this. On your way to cracking that single private key, you would also crack every private key in existence, meaning you would technically own all of Bitcoin. Is there a chance that someone could ever have enough computing power to reach a 1.47 * 1069 hash rate, to break the system itself? Well it would be really hard, because we are reaching the physical limits of transistor size and particle stability, and if a new computing process comes around, I'd assume that the Bitcoin network would migrate to that process instead. Also realize that 1.47*1059 hashes per second is an absolutely massive number, with all the atoms on Earth totaling to an estimate of 1050, you would need to have more than every atom on Earth producing a hash, and then one million of those Earths all working together. [link] [comments]  | ||
| Let's politely ask Coinbase to implement segwit Posted: 14 Dec 2017 06:43 AM PST Go to coinbase support page and ask them about getting segwit implemented.
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| Posted: 14 Dec 2017 06:14 PM PST | ||
| How much longer are we going to pretend we don't have an issue? Posted: 14 Dec 2017 02:30 AM PST Hi everyone - huge bitcoin supporter here. I spend a lot of my time debating over in the other subreddit with BCH supporters because I believe BCH is a poor idea that is eventually going to lead to centralization, which Bitcoin can never succumb to. Over the past year, as bitcoin has become mainstream, we have all witnessed the price skyrocket and have all, in my opinion, become blinded by it. Bitcoin's has a MAJOR issue right now. Simply, day by day, wallets that have less than the minimum amount of satoshi/byte fee that will get a confirm in them are essentially useless/worthless. Also, any form of commerce for bitcoin is essentially impractical now. I was absolutely alarmed when in an interview, Jimmy Song was forced to answer what he would use as "currency" if he had to use it for an online transaction, and he said "Visa". I immediately realized just how absurd and hard headed the bitcoin community has become in this blocksize debate. People would rather push others wanting to purchase things online with Visa than to improve bitcoin immediately. My main issue with the current state of affairs in bitcoin is that we have lots of people offering us promises, but no immediately solutions. LN has been talked about for years now. So, what are we supposed to do... sit around and HOPE LN is immediately adopted when it comes out and everyone starts using it for low/no fees? I think.... no I KNOW one day it will be adopted, basically making all other cryptos obsolete. However, how far off is this? 1, 2, 3, 4 years? Nobody knows. But in the immediate/short future, what is the bitcoin community supposed to do? Sit around and pretend that $10 fees to make a simple transaction are OK? What happens if other cryptos decide to fill in that vacuum while we sat around waiting for LN, which by the way is not guaranteed to fix this fee issue. Even with LN, most smart people agree that at some point Bitcoin HAS to increase the blocksize. On LN, you still have to be opening/closing channels, plus people are always going to want to use the main blockchain to do transactions for maximum security. I think it's time the community backs a blocksize increase. We KNOW it has to happen at some point, so why not now? Bitcoin is in a very desperate place. Don't be fooled by this massive price spike. We have to make some serious decisions about what we are gonna do now to fix this. Sit around and wait for LN, or do the inevitable now, and increase the blocksize to 2mb. I'm officially putting my vote in for an immediate blocksize increase to 2mb. Discuss and please keep it civil. [link] [comments]  |
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