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    Bitcoin Eleven!

    December 02, 2017

    Bitcoin Eleven!

    Eleven!

    Posted: 01 Dec 2017 05:34 PM PST

    I just paid off my student loans.

    Posted: 01 Dec 2017 11:16 PM PST

    This was a difficult decision. I bought back in 2013 and these returns are more than I could have hoped for back then. The prospect of freeing myself from educational debt was simply too great to pass up and I can now start my career debt-free.

    I'm still in it with 0.4 BTC leftover, but I just felt compelled to add my story to the mix we've seen on the sub so far. If you're in a similar situation to me, just remember that in some circumstances it takes as many guts to sell as it does to hold.

    submitted by /u/nickelot
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    Lightning Network progress: 72 out of 75 tests pass!

    Posted: 02 Dec 2017 01:52 AM PST

    https://cdecker.github.io/lightning-integration/

    I'm so excited, we are so close to a massive technological leap that will make Bitcoin fast and cheap, and render a lot of altcoins obsoletes, mostly the copy paste altcoins that try to be Bitcoin cheaper and faster.

    It should also centralize capital into the few coins that actually solve different problems with different implementations.

    Finally it should put the final nail into the coffin of the scaling debate.

    Who's excited with me?!

    submitted by /u/amorpisseur
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    People actually listen now when I talk about Bitcoin

    Posted: 01 Dec 2017 08:36 AM PST

    This Bitcoin chart is insane! Oh, wait… that’s actually a chart of US dollar money printing.

    Posted: 01 Dec 2017 03:43 AM PST

    Aaaaand we're back at 11K.

    Posted: 01 Dec 2017 05:30 PM PST

    So much for the "Correction"

    submitted by /u/Stegton
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    The IRS Violates the Tax Bill of Rights with Coinbase Order

    Posted: 01 Dec 2017 06:28 PM PST

    Hey CoinMarketCap.com it's time to call it BCash

    Posted: 01 Dec 2017 08:55 PM PST

    Join the club... It's what it's called.

    submitted by /u/stevev916
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    Ladies, never have sex with a bitcoiner. Their pullout game is horrible.

    Posted: 01 Dec 2017 06:52 PM PST

    Sick of the price threads? - [bitcoin-dev] Two Drivechain BIPs

    Posted: 01 Dec 2017 03:07 PM PST

    This was already submitted but amidst the price posts it may have never received proper attention.

    Direct Link.

    Modified:

    Hello,

    First, Drivechain has vaguely escaped vaporware status. If you've ever thought "I'd like to take a look into Drivechain when there is code", then now is a pretty good time. (Unfinished items include M1, and M8_V2.)

    https://github.com/drivechain-project/bitcoin/tree/mainchainBMM

    Also,

    Site: http://www.drivechain.info/

    Blank sidechain: https://github.com/drivechain-project/bitcoin/tree/sidechainBMM

    Second, I think drivechain's documentation / BIP-Drafts are tolerably readable.

    Here they are:

    1. https://github.com/drivechain-project/docs/blob/master/bip1-hashrate-escrow.md
    2. https://github.com/drivechain-project/docs/blob/master/bip2-blind-merged-mining.md

    cc: /u/luke-jr , I think they are ready to be assigned formal BIP Numbers.

    This is also a request for code review. The most helpful review will probably take place on GitHub.

    Regular review is also welcome. Although, please read our recently-updated FAQ, at: http://www.drivechain.info/faq .

    And also see major earlier discussions:

    https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-May/014364.html

    https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-June/014559.html

    Have a nice weekend everyone,

    Paul

    Hashrate Escrow

    Abstract

    A "Hashrate Escrow" is a clearer term for the concept of "locked to an SPV Proof", which is itself a restatement of the phrase "within a sidechain" as described in a famous Oct 2014 paper written partially by some Blockstream co-founders.

    The concept resembles a 2-of-3 multisig escrow, where the 3rd party (who will arbitrate any disputes) is the set of Bitcoin Miners. However, miners do not sign the transaction with a private key. Instead, they sign it by directing hashpower over it for a period of time.

    This project has a website which includes a FAQ.

    Motivation

    In practice these escrows are likely to be "asymmetric sidechains" of Bitcoin (such as Rootstock) or "virtual chains" within Bitcoin (such as proposed by Blockstack in mid-2016).

    Sidechains have potential benefits, including:

    1. Protect Bitcoin from competition from altcoins and spinoffs. Safely allow competing implementations (of sidechains).
    2. Protect Bitcoin from hard fork campaigns. (Such campaigns represent an existential threat to Bitcoin, as well as an avenue for developer corruption.)
    3. Help with review, by making it must easier for reviewers to ignore bad ideas.
    4. Provide an avenue for good-but-confusing ideas to prove their value safely.

    Blind Merged Mining

    Abstract

    Blind Merged Mining (BMM) is a way of mining special extension blocks, ie "sidechains". It produces strong guarantees that the block is valid, for any arbitrary set of rules; and yet it does so without requiring miners to actually do any validation on the block whatsoever.

    BMM actually is a process that spans two or more chains. For an explanation of the "whole picture", please see this post. Here we focus on the modifications to mainchain Bitcoin.

    To support BMM, the mainchain is asked to accomplish two goals:

    1. Track a set of ordered hashes (the merged-mining).
    2. Allow miners to "sell" the act of finding a sidechain block (through the use of a new extended serialization transaction type). These goals are accomplished by forcing nodes to validate two new messages (M7, M8), and track data in one new database (D3).

    Motivation

    Regular "Merged-Mining" (MM) allows miners to reuse their hashing work to secure other chains (for example, as in Namecoin). However, traditional MM has two drawbacks:

    1. Miners must run a full node of the other chain. (This is because [while miners can effortlessly create the block] miners will not create a valid payment to themselves, unless the block that they MM is a valid one. Therefore, miners must assemble a valid block first, then MM it.)
    2. Miners are paid on the other chain, not on the regular BTC mainchain. For example, miners who MM Namecoin will earn NMC (and they will need to sell the NMC for BTC, before selling the BTC in order to pay for electricity). Blind Merged-Mining (BMM) attempts to address those shortcomings.
    submitted by /u/StopAndDecrypt
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    In 3 months of Bitcoin my Bitcoin wallet is now more valuable than my stock account of the past several years

    Posted: 01 Dec 2017 06:52 PM PST

    In the start of stock trading about 10 years ago, I was pretty bad at it, so I didn't grow a huge stock account. Only this year did I pull myself out of that rut, and begin to turn a profit at stock trading at all, I thought I was doing pretty epically good for my first profitable year in the market at around 30% profit over last year.

    Despite the initial large losses, it was a rather good, albeit expensive way to learn about investing.

    In June of this year, my dad knew I had about $4,000 rotting in a poker account for years. He said I have to "spend it on SOMETHING". I said I wanted to buy a single Bitcoin, which were $2,600 back then. He gave me the ok and I did that.

    I eventually built it up to 1.78 bitcoins, and then this huge market crash happened in September, Bitcoin lost 30% of it's value in like 5 days. I cashed out at a low and a small loss on a lot of my additional investments, but for the original amount I put in.

    I still held after the August 1st fork so I still got my Bcash as well.

    As soon as I cashed out, bitcoin immediately began recovering. I hated not having ONE SINGLE BITCOIN. So at $4,000 in mid september, I hadn't spent what I had cashed out which was nothing compared to what it was, I again, bought 1 BTC.

    It was stable at $4,xxx for a week or two, and I generally ignored it. Then it broke into the $5,xxx's. I bought more.

    The $6,xxx's, I bought a little bit more. Bought a lot more in the $7,xxx's, and finally pulled some money out of my stock account that was sitting around doing nothing at that moment (no really good deals in the market going on right now IMO), and put my last $1,400 in Bitcoin on November 23rd, at just ever so slightly over $8,000. Right after I made that purchase, Bitcoin went on this epic run up since that time.

    I finally got that bitcoin today, and now the bitcoin I hodl is worth more than my entire stock account.

    I'm still not even at my original 1.78 before I sold, but I've now been through 2 crashes since I sold that, and learned my lesson, don't sell your bitcoin during a crash.

    submitted by /u/SuperJew113
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    Coinbase finally responds to "Where is SegWit": "We are hiring senior backend engineers in SF, NY and London to work on our bitcoin infrastructure."

    Posted: 01 Dec 2017 06:27 PM PST

    Hyper-bull Mike Novogratz Promotes Bitcoin To The Entire CNBC Fast Money Audience

    Posted: 01 Dec 2017 10:08 AM PST

    Convinced my brother to accept Bitcoin at his Seafood & MD Crab home delivery company

    Posted: 01 Dec 2017 02:12 PM PST

    Senate bill will criminalize "concealed" ownership of cryptocurrency

    Posted: 01 Dec 2017 02:12 PM PST

    Nightly Business Report did a 4 min segment on how students are demanding business schools provide Bitcoin and blockchain courses!

    Posted: 01 Dec 2017 04:44 PM PST

    JPMorgan says that Bitcoin Futures Could ‘Elevate Cryptocurrencies Into an Emerging Asset Class’

    Posted: 01 Dec 2017 04:20 PM PST

    Plan B

    Posted: 01 Dec 2017 12:03 PM PST

    Bitcoin is dangerous

    Posted: 01 Dec 2017 06:53 PM PST

    I think the world is ready for a Bitcoin emoji and I mean like an actual coin, not this one ��.

    Posted: 01 Dec 2017 10:36 AM PST

    Anyone holding till next decade (2020’s) regardless of what happens?

    Posted: 01 Dec 2017 04:39 PM PST

    Bitcoin can be used to pay rent in Thailand

    Posted: 01 Dec 2017 11:11 PM PST

    You know, the speculation talk is all fine and everything...

    But right now, you can pay rent and your phone, and a bunch of other things through bitcoin in countries like Thailand. (You actually need to sign in the website to see those services provided)

    Sometimes we forget what are the real point of cryptocurrencies. In developed economies like EU or the US, they really don't have much weight, thanks to our banking being really developed. But having lived in Thailand, I can assure you that these technologies are already being used to pay for monthly bills.

    submitted by /u/alexrecuenco
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    ‘No Regulation Needed’ - Moscow Stock Exchange Plans to Trade Bitcoin Futures

    Posted: 02 Dec 2017 03:01 AM PST

    $0-1 it’s not real. $1-100 it’s for drugs. $100-1000 it’s a scam. $1000-10,000 it’s a bubble. $10,000-100,000 it’s an investment. $100,000+ Satoshis an everyday currency

    Posted: 01 Dec 2017 01:12 PM PST

    Our kids will have a totally different view of money and banks (I've worked in a few). When I tell them my first job was stamping cheques in a branch of a bank, they will look at me like teenagers do when I tell them I rewound cassettes with a pencil. These are exciting times, 2018 is going to be something special.

    submitted by /u/Wombleshart
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    Its real

    Posted: 01 Dec 2017 10:24 PM PST
    Read more
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