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    Bitcoin Daily Discussion, January 13, 2018

    January 13, 2018

    Bitcoin Daily Discussion, January 13, 2018

    Daily Discussion, January 13, 2018

    Posted: 13 Jan 2018 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.

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    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
    [link] [comments]

    The Colonel of KFC weighs in on alt-coins

    Posted: 12 Jan 2018 01:30 PM PST

    Coinbase

    Posted: 12 Jan 2018 07:14 PM PST

    Twitch accepts Bitcoin!!! Biggest videogame streaming service worldwide, owned by Amazon

    Posted: 12 Jan 2018 11:55 AM PST

    I just transferred out my funds. I can no longer respect you. Goodbye Coinbase.

    Posted: 12 Jan 2018 09:12 AM PST

    I really can not stand how they are handling Bitcoin. It is clear they do not want a truly decentralized system to flourish, despite what their framework says.

    I am not a fan of secret agendas and greedy hands. It is possible to make money and be respectable, but Coinbase has chosen a different path.

    It saddens me because Coinbase was my entry point into crypto, and now I feel they've aligned themselves against what the entire system should stand for.

    Goodbye Coinbase. For your sake, I hope you can redeem yourself. But for now, you are losing a customer for a company with standards and values that actually reflect in their actions.

    Edit: For anyone wanting to do the same. https://support.coinbase.com/customer/portal/articles/2063066-how-can-i-close-my-account-

    A Few reasons: The way they handled the release of Bcash (Roger Ver defended the Insider Trading), The CEO Brian Armstrong is clearly against Bitcoin, They have yet to implement segwit in a timely manner. It is clear to me they would like to make money over sticking to their standards and values. As stated above, it is possible to do both.

    Another: Spamming the network

    Edit: While I have some attention. Please consider donating to Coin Center. They are a non profit focused on educating governments about cryptocurrencies. I think they do good work. https://coincenter.org/donate

    submitted by /u/Thisisonlyagame
    [link] [comments]

    Why is nobody talking about Kraken being down for 3 days?

    Posted: 12 Jan 2018 08:15 PM PST

    Kraken has been down since Wednesday night. I suspect lots of people will have lost trust in them and they'll pull out all their assets if it ever comes online again.

    submitted by /u/BillBoarder
    [link] [comments]

    Coinbase represents 58% of all on-chain bitcoin transactions because of their incompetence and failure to adopt new tech.

    Posted: 12 Jan 2018 08:31 AM PST

    Before Coinbase outage: 2.66 on-chain tx/s

    After Coinbase outage: 1.11 on-chain tx/s

    Link: https://twitter.com/ziggamon/status/951700118830432257

    See it here: https://tradeblock.com/bitcoin/

    submitted by /u/AxiomBTC
    [link] [comments]

    Moon Math Update: Core and the acceptance of the first practical scaling solution

    Posted: 12 Jan 2018 06:35 PM PST

    Looking at yesterday's post again, it's apparent that clarification is needed.

    We have Lightning. We have Segwit. We have the best development team with the most experience implementing their own vision.

    This is not a political debate.

    This is a discussion about software engineering that everyone can participate in. You can talk about it, and you can vote with your dollars. How you decide to participate in it will have financial implications no matter what you do.

    Even though this is a conversation that you are forced to participate in, it does still have a lot of nuance and complication. Segwit and Lightning aren't understood. Motivations for their creation don't seem to be understood. Their actual implementations aren't understood at all. The distinctions between Core's implementations and Altcoin implementations isn't understood. Adoption rates of Segwit aren't understood. Leaving Segwit out of the Core wallet GUI isn't understood. The rate of Segwit adoption isn't understood. The implications of doubling the rate of growth of the blockchain with a single change aren't understood... Lots of things are not understood and Core is busier solving issues than they are explaining them to people who don't understand the issues they are solving.

    That's too much to research: I don't care

    I'm trying to get people engaged in the conversation so they can find motivation to understand. I, we, need communicate with people who disagree with us to do that. I, we, want and need to hear complete and sensible arguments that make us rethink our positions and complete our perspectives. It doesn't make you right to be that person. It also doesn't make you wrong. However, we do need faith that Core knows what the hell they are doing. If we don't have that faith, then we need a good explanation, because all of them are at the very top of their field and doing the very best work.

    How do you know that Core is best in class

    I read the commit history and the commit logs, and you can too. I read the source code, and you can too. I see the bug reports, and you can too. I review the conversations they have, and you can too.

    No other blockchain project I'm aware of is operating at this high of a level. If you disagree with that, I need to see you reference these sources. Otherwise, your disagreement is just your opinion. Opinions are like assholes, everyone has one. Do your homework. Point at the specific problems you're observing. It's not enough to have an opinion; you need to have a reason why.

    Why is Core leveraging economic pressure onto the community adopt their scaling solutions?

    The central premise of the blockchain as a solution for the Byzantine General's Problem is that the collective we can continue forcing future generations to store and re-record the transactions of the past. There are mathematically proven realities that force design choices onto software developers who are aware of this. One rule is that you cannot have or imply a rate of storage that grows at a logarithmic rate.

    You can argue that the rate of growth for the blockchain is irrelevant because storage density increases with Moore's Law, Logarithmically or exponentially. That argument does negate the above first rule. However, Bitcoin Core devs are following the implications that they see when they make design choices, and not just what is shown when they write out the implications of their choices using Big O notation.

    What does it mean or imply when you say that Core is looking at more than just the Big O notation?

    Doubling the rate of growth of the blockchain implies a logarithmic increase in the size of the blockchain through an analysis using Big O notation against the source code. Big O notation only shows a linear change. Objectively, the blockchain will only grow at a linear rate.

    However, we see that a logarithmic change is implied. The logarithmic rate of growth is observed outside of the source code. We can see pieces of it in the issues that are filed in GitHub and the conversations devs have about the changes they want to make. What we see when we're observing the software from the outside is a singe change that doubles the rate of growth of the blockchain.

    Big O says it's linear change, but we observe an exponential change. Why?

    If we accept that the only way to increase the transaction limit is to increase the required size of the storage medium, that's what we'll do. After some period the blocks will fill up again and we'll be back to where we started. Economic pressure will again force developers to increase the block size. So, to meaningfully change it they double the block size again. This scaling problem will increase at some regular interval. That shows exponential growth in the size of the block chain.

    The block size proposal is not a solution to the scaling problem, it's capitulation to the problem. That's the solution you see implemented by most blockchains today, and it's why they'll all eventually fail.

    So, if you can't safely solve the problem by increasing the block size then how do you solve it?

    You solve it by sharing the responsibility with other block chains and optimizing the way you store information in the block space you already have. That's Segwit and Lightning. There may be, and probably will be, more solutions that don't require increasing the block size in the future.

    Why is everyone bitching about it, then?

    The problem with these solutions are that they require the community to participate in the process. It forces people who are economically rewarded by their participation, to make changes in how they interact with Bitcoin.

    I must pay to transfer my coins to a Segwit wallet that utilizes lightning if I want free transactions. That's going to cost money and be a pain in the ass.

    Coinbase must hire developers to implement these solutions. Then it must pay people to maintain them. Obviously, they'd rather not do that. So, they tried to pass that responsibility off to everyone else. Finally, today, they capitulated. They were successfully forced to participate by contributing directly to the Bitcoin ecosystem instead of relentlessly and freely profiting from it.

    Conclusion

    The economic pressure Core is placing on vendors is part of the software solution to the scaling problem, and it's working. Today, Brain Armstrong, CEO of Coinbase, announced that Coinbase is working on Segwit, and possibly Lightning.

    https://twitter.com/brian_armstrong/status/951869357931425792

    The implications are clear. When Coinbase implements Segwit the transaction backlog will be substantially reduced.

    I keep saying that the realization that Core was always right will come in waves. This is wave one. The following waves will negatively impact all alts, save maybe one or two.

    Mainstream acceptance isn't just allowing Bitcoin to exist, buy, and hodl. Mainstream acceptance is integrating directly into a single established backbone via software and networks. Bitcoin is establishing a long-term presence as a financial backbone. That's lightning, and Coinbase, along with others, who will implement a viable business model on top of a single tool that outcompetes all banks and institutions that are trying to implement this, badly, for themselves.

    How many alts are going to have Segwit and lightning, and then have Coinbase integrate their business model into that? Not a lot. How many banks will do that? None, today. The question, rather, is which one, and which open blockchain will they choose to do that with?

    Good hunting.

    Principle:

    • Trust capable, motivated, and well compensated people
    • Do not participate in demagoguery

    Go to http://moonmath.win for the full update and rainbow charts

    Label 7-day Performance 30-day Performance 60-day Performance 90-day Performance 2017 - Present Performance 2016 - Present Performance 2015 - Present Performance 2014 - Present Performance 2013 - Present Performance 2012 - Present Performance 2011 - Present Performance July 2010 - Present Performance
    From Date 43105 43082 43052 43022 42736 42370 42005 41640 41275 40909 40544 40377
    % Change $(0.18) $(0.16) $1.12 $1.38 $12.84 $30.79 $43.00 $16.93 $1,037.23 $2,621.15 $46,041.38 $160,986.35
    Daily Periodic Rate -2.64% -0.53% 1.87% 1.53% 3.42% 4.15% 3.88% 1.15% 56.46% 118.98% 1792.89% 5886.16%
    Over $25,190.00 on Never!!! Never!!! 2018-02-28 2018-03-14 2018-04-06 2018-05-18 2018-07-04 2018-11-12 2018-06-16 2018-06-24 2018-05-30 2018-05-22
    Over $56,234.13 on Never!!! Never!!! 2018-05-03 2018-06-05 2018-07-29 2018-11-06 2019-02-24 2019-12-26 2019-01-14 2019-02-04 2018-12-07 2018-11-21
    Over $1,000,000.00 on Never!!! Never!!! 2018-12-17 2019-03-30 2019-09-13 2020-07-14 2021-06-13 2024-01-01 2021-02-12 2021-04-18 2020-10-24 2020-09-06
    /u/nannal 's A+ on NEVER!!! NEVER!!! 2018-08-04 2018-10-20 2019-03-16 2020-03-19 NEVER!!! NEVER!!! NEVER!!! NEVER!!! 2020-09-08 2020-06-19

    http://moonmath.win

    submitted by /u/jarederaj
    [link] [comments]

    It's True.

    Posted: 12 Jan 2018 12:52 PM PST

    Armstrong: Coinbase is working on batching transactions, SegWit, and a number of other strategies to improve transaction backlog. Thx for bearing with us!

    Posted: 12 Jan 2018 09:35 AM PST

    Anonymous Bitcoin philanthropist will match $4m in donations to research mental health benefits of MDMA

    Posted: 12 Jan 2018 09:54 PM PST

    Parabolic Trav on Twitter: "Coinbase has realized they only kicked the can down the road when they supported alt bitcoin. The ONLY way out is implementing SegWit and batching txs, and it'll cause BTC to spike! The flippening didn't happen, so they now have no choice but to implement"

    Posted: 12 Jan 2018 10:46 AM PST

    ⚡ Lightning Network Megathread ⚡

    Posted: 12 Jan 2018 05:44 AM PST

    This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information.

    There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!

    ⚡What is the Lightning Network? ⚡

    Explanations:

    Image Explanations:

    Specifications / White Papers

    Videos

    Lightning Network Experts on Reddit

    Lightning Network Experts on Twitter

    • @starkness - (Elizabeth Stark - Lightning Labs)
    • @roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
    • @stile65 - (Alex Akselrod - Lightning Labs)
    • @bitconner - (Conner Fromknecht - Lightning Labs)
    • @johanth - (Johan Halseth - Lightning Labs)
    • @bvu - (Bryan Vu - Lightning Labs)
    • @rusty_twit - (Rusty Russell - Blockstream)
    • @snyke - (Christian Decker - Blockstream)
    • @JackMallers - (Jack Mallers - Zap)
    • @tdryja - (Tadge Dryja - Digital Currency Initiative)
    • @jcp - (Joseph Poon)
    • @alexbosworth - (Alex Bosworth - yalls.org)

    Medium Posts

    Learning Resources

    Books

    Desktop Interfaces

    Web Interfaces

    Tutorials and resources

    Lightning on Testnet

    Lightning Wallets

    Place a testnet transaction

    Altcoin Trading using Lightning

    • ZigZag - Disclaimer You must trust ZigZag to send to Target Address

    Lightning on Mainnet

    Atomic Swaps

    Developer Documentation and Resources

    Lightning implementations

    • LND - Lightning Network Daemon (Golang)
    • eclair - A Scala implementation of the Lightning Network (Scala)
    • c-lightning - A Lightning Network implementation in C
    • lit - Lightning Network node software (Golang)
    • lightning-onion - Onion Routed Micropayments for the Lightning Network (Golang)
    • lightning-integration - Lightning Integration Testing Framework
    • ptarmigan - C++ BOLT-Compliant Lightning Network Implementation [Incomplete]

    Libraries

    Lightning Network Visualizer (Testnet)

    Community

    Slack

    IRC

    Slack Channel

    Miscellaneous

    ⚡ Lightning FAQs ⚡

    If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible

    Is Lightning Bitcoin?

    Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it'll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.

    Is the Lightning Network open source?

    Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)

    Who owns and controls the Lightning Network?

    Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.

    I've heard that Lightning transactions are happening "off-chain"…Does that mean that my bitcoin will be removed from the blockchain?

    No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. "Off-chain" is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.

    Do I need a constant connection to run a lightning node?

    Not necessarily,

    Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source

    What Are Lightning's Advantages?

    Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.

    Does Lightning require Segregated Witness?

    Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.

    Can I Send Funds From Lightning to a Normal Bitcoin Address?

    No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.

    Can I Make Money Running a Lightning Node?

    Not really. Anyone can set up a node, and so it's a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you're going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.

    What is the release date for Lightning on Mainnet?

    Lightning is already being tested on the Mainnet Twitter Link but as for a specific date, Jameson Lopp says it best

    Would there be any KYC/AML issues with certain nodes?

    Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source

    What is the delay time for the recipient of a transaction receiving confirmation?

    Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source

    How does the lightning network prevent centralization?

    Bitcoin Stack Exchange Answer

    What are Channel Factories and how do they work?

    Bitcoin Stack Exchange Answer

    How does the Lightning network work in simple terms?

    Bitcoin Stack Exchange Answer

    How are paths found in Lightning Network?

    Bitcoin Stack Exchange Answer

    How would the lightning network work between exchanges?

    Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges

    Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source

    How do lightning nodes find other lightning nodes?

    Stack Exchange Answer

    Does every user need to store the state of the complete Lightning Network?

    According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source

    Would I need to download the complete state every time I open the App and make a payment?

    No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source

    What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?

    Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above.

    All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source

    Is there anyway for someone who isn't a developer to meaningfully contribute?

    Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source

    Do I need to be a miner to be a Lightning Network node?

    No -- Source

    Do I need to run a full Bitcoin node to run a lightning node?

    lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source

    LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino

    How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?

    Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as /u/rustyreddit puts it :-)

    For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source

    How many times would someone need to open and close their lightning channels?

    You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user.

    Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source

    Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?

    Stack Exchange Answer

    Can the Lightning Network work on any other cryptocurrency? How?

    Stack Exchange Answer

    When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?

    You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source

    Can Lightning routing fees be changed dynamically, without closing channels?

    Yes but it has to be implemented in the Lightning software being used. -- Source

    Unanswered Questions

    How can you make sure that there will be routes with large enough balances to handle transactions?
    How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
    How do on-chain fees work when opening and closing channels? Who pays the fee?
    How does the Lightning Network work for mobile users?
    What are the best practices for securing a lightning node?
    What is a lightning "hub"?
    How does lightning handle cross chain (Atomic) swaps?

    Special Thanks and Notes

    • Many links found from awesome-lightning-network github
    • Everyone who submitted a question or concern!
    • I'm continuing to format for an easier Mobile experience!
    submitted by /u/codedaway
    [link] [comments]

    Skrrraaa

    Posted: 13 Jan 2018 12:33 AM PST

    Sold off $100k of BTC for a house.. Thanks to America and KYC I considered a terrorist/drug dealer/etc and cannot move my money.

    Posted: 12 Jan 2018 05:22 AM PST

    Will keep updated if anyone interested. Have to prove I am not a drug dealer, etc. BUT when the banks sell 700b to cartels it's perfectly fine and just have to pay a 15mill fine.............. I always knew bitcoin existed so I had full control of my money and that is why I got into it.. Now I am experiencing it first hand...

    If you store money under your mattress and cannot prove that you did not get it through Illegal means here is a high chance they will steal it and you will never get it back.. Welcome to the world of freedom....

    edit This is all going on in Canada

    UPDATE #1. I can withdraw the money, they are unsure if they will back my mortgage but say they have a secondary provider that will if they cannot. So for now it seems all good.

    Clarification, I plan 100% to pay my capital gain tax.

    submitted by /u/lightlasertower
    [link] [comments]

    Use Bitstamp instead of Coinbase

    Posted: 12 Jan 2018 07:29 AM PST

    Notice how Coinbase CEO only responds to the batching/SegWit scandal AFTER he gets exposed

    Posted: 12 Jan 2018 09:52 AM PST

    He would've kept doing it had we not exposed him.

    What does that tell you about him? Can we trust this business? I sure don't.

    submitted by /u/wallyjo3
    [link] [comments]

    ⚡ The infant mainnet Lightning Network starts growing

    Posted: 12 Jan 2018 09:59 AM PST

    Forget the lambo, Bugatti is the new thing to buy with BTC. Image inside!

    Posted: 12 Jan 2018 03:23 PM PST

    Ask Coinbase customer support to stop spamming Bitcoin blockchain and implement batching and SegWit at +1 (888) 908-7930 (Monday-Friday 0-24h)

    Posted: 12 Jan 2018 03:58 AM PST

    RESOLVED, PLEASE STOP CALLING!!!

    Thanks everybody for helping, calling to support worked, Brian got the message, but now please leave the hotline to people with other problems.

    It seems that Coinbase doesn't notice petitions and emails. You need to talk to Coinbase support at this phone number to make yourself heared.

    submitted by /u/xiphy
    [link] [comments]

    Media about bitcoin today, in one picture

    Posted: 12 Jan 2018 12:43 PM PST

    I just got hacked.

    Posted: 12 Jan 2018 08:55 PM PST

    Okay. This is extremely messed up. I just checked my Binance as a daily routine and noticed i'm missing 1.7 Bitcoin. I live in Orange County, Southern California. This is my life savings.

    According to the IP address, somebody from the UK just withdrew/stole EVERYTHING from my binance.

    The last time I withdrew something was on 1/10 from a bitcoin machine in Corona Orange County out of an Bitcoin ATM machine.Check the pictures attached on imgur.

    How the hell did this happen if - I had 0 verification email sent to me for withdrawal which should be sent. -I use two factor verification.

    1)https://imgur.com/kjNLfD9 2) https://imgur.com/QnOH8n4 3) https://imgur.com/5ibJ2X8

    Edit: Holy fuck. I checked my history it says I visited this site. https://imgur.com/jyyaWAE

    Binance.us.com

    Even though I visited this site, how did I get no email and how did they get past my google authorization?

    Edit #2: Hey guys it seems like this is a lost cause. I dont know what to say at this point I put my lifes savings into this and that is really a dumb mistake. My Life is going to be very difficult starting from now. I hope at least you guys can learn from my mistake. Love you guys thanks for the quick responses.

    submitted by /u/DanielHYoo
    [link] [comments]

    Why Lightning Network (coming this year) threatens the Dollar as the World Reserve Currency

    Posted: 12 Jan 2018 05:31 PM PST

    There is a reason Ver/Wu/Coinbase and their government/corporate bosses are so against Bitcoin/Core/Lightning. They are SO threatened by it because it WILL replace them. THUS, the EXTREME amounts of manipulation in the market, the paid advertising in literally every outlet imaginable (media/social media/websites/sock puppets/etc), the mining, etc.

    So, why are they so threatened and acting in these EXTREME ways that costs them millions if not billions of dollars to fund these manipulations?

    Because Lightning gives back to bitcoin its attributes of being a CURRENCY.

    For perhaps a year now (and these bad actors saw this in advance for a few years, as a lot is at stake with bitcoin replacing the dollar..... hello), transaction fees have gone up so much (esp due to spam from Wu, and Coinbase not batching tx's/not implementing/blocking segwit, promoting centralized 2x), that bitcoin has ceased to be a daily micro transactional currency.

    So, right now, bitcoin is being used as a store of value.

    Now, the dollar has been special for decades now because it's been seen as somewhat of a store of value and currency, thus the world RESERVE CURRENCY status. reserve=store of value, currency=daily micro transactional currency. (yes gold is more store of value but most ppl save in dollars).

    Well, when Lightning rolls out, Bitcoin becomes both a daily micro transactional currency AND a store of value SIMULTANEOUSLY. THUS, giving it the go-ahead to become THE world reserve currency that is superior to the dollar in so many ways (decentralized, peer-to-peer, uncensorable, digital, etc).

    Funny, we saw that image on "The Economist" from the 1980's of the Phoenix Rising picture with a gold necklace that says 2018 and "Get Ready for a World Currency". https://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/05/20170709_econ.jpg

    This is not a coincidence as there are no coincidences in life. Only synchronicities. Winks from God.

    submitted by /u/wallyjo3
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    Backup of unsigned Lightning transactions?

    Posted: 13 Jan 2018 12:06 AM PST

    Recently, while discussing the merits of Lightning, the question of securing all the unsigned Lightning transactions arose.

    As it should be possible to have a SPV Lightning client running on any device (e.g. a mobile phone), how would one recover all these IOUs if the phone was lost or stolen?

    With Bitcoin and HD wallets, as everything is stored on the blockchain, no backup is needed, as long one has the recovery seed. Is there something similar for lightning wallets?

    submitted by /u/Stadicus
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