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    February 25, 2018

    BTC Winning!

    Winning!

    Posted: 24 Feb 2018 07:14 PM PST

    Luke Dashjr: "A change of PoW is needed because SHA2 is no longer a decentralised PoW, but has become merely assigned-by-Bitmain."

    Posted: 24 Feb 2018 01:42 PM PST

    Blockstream blocked me on Twitter

    Posted: 24 Feb 2018 02:28 PM PST

    600 miners theft in Iceland’s biggest data centre! Value of over 2 Million USD stolen - Adavania data centre and genesis - security guard arrested with 2 other Icelandic citizens - all miners still lost

    Posted: 24 Feb 2018 10:38 PM PST

    Coinbase Informs 13K Affected Customers Of Imminent Data Handover To IRS

    Posted: 24 Feb 2018 03:03 PM PST

    P2Pool development thread moved to Bitcoin.com forums after bitcointalk moderator shuts down technical discussion

    Posted: 24 Feb 2018 01:25 PM PST

    For those who aren't aware, the discussion regarding P2Pool development has shifted from the bitcointalk forums to the bitcoin.com forums here:

    https://forum.bitcoin.com/pools/p2pool-decentralized-dos-resistant-trustless-censorship-resistant-pool-t69932.html?sid=f038c6d9241c4a3bd86f13508c6b2fa7

    A little background. P2pool was first written and developed by forrestv, way back in 2011. Over the years, it was expanded with new features, including altcoin support. A few years back, forrestv went inactive and stopped supporting P2pool beyond the most critical of fixes. Jtoomim stepped up and forked P2pool, fixing a few bugs and adding performance enhancements and more altcoin support.

    The jtoomim fork of bitcoin P2pool now has way more hashpower (and better performance for miners) than the default branch. It now supports more altcoins and coin forks, including Bitcoin Cash. Support has been lively, and jtoomim does plan to merge his code back into the main P2pool git eventually.

    Recently, a moderator on the bitcointalk forums decided that the altcoin talk was no longer welcome there, and effectively shut down all discussion of jtoomim's fork. This was a rather abrupt change, as altcoin support has been an integral feature of P2pool for ages. In response, jtoomim started a new thread at the bitcoin.com forums (linked above), and the discussion has continued there.

    submitted by /u/ClassicClassicist
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    Can someone from the townsville BCH group who is doing such an awesome job please reach out to me? I'd like to see if we can work together on a QLD wide initiative.

    Posted: 24 Feb 2018 09:26 PM PST

    If anyone knows who they are or how to get in touch, please either respond below or PM me for more info

    submitted by /u/The_Beer_Engineer
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    Why a "flippening" may not be so unlikely, or sooner than you expect

    Posted: 24 Feb 2018 10:41 AM PST

    Introduction

    https://imgur.com/a/5dQ6b http://www.misplaceditems.com/rs_tools/graph/

    This graph depicts the shift in active players from the online MMORPG Runescape. An MMO which has a Guinness world record for "the greatest aggregate time playing an MMO or MMORPG videogame."

    I am going to try to paint an analogy, and obviously, analogies aren't always great. So take it for whatever it's worth to you, perhaps even nothing at all. But it's an interesting comparison I think, and it's at least worth contrasting with forks of BTC in general, this is not meant to shill BCH by any means, but BCH will be used as a reference sheerly due to it being the most adopted fork.

    Background

    Runescape had its first public beta launch in January 2001, it was quite primitive and underwent engine re-writes along its life, notably in March 2004 when it was overhauled from a 2D game into 3D (Runescape 2), then Runescape 3 in November 2012 (Commonly called EOC for 'evolution of combat' which is the yellow line in the reference image). It had many controversial updates over its course, with some major updates causing a large amount of players to quit. Runescape 3/EOC was the major tipping point that radically changed how players fight monsters and each other, as well as a whole new interface system, graphics, etc. This caused a large majority of players from the beginning to quit entirely, and it only worsened when the company introduced micro-transactions later on, something that was never in the game before, and was sworn by the developers to never be allowed to happen.

    So this is where an analogy may be figuratively drawn. In February 2013, many unhappy users banded together in the community to demand a forked older state of the game, before the massive changes. Because of community support, it was taken to a vote offered by the game's company, and overwhelmingly the players passed the met requirements to get a development team and a separate forked older version of the Runescape 2 game, which is now Oldschool Runescape (OSRS/blue line in the graph of the reference image). An important quality that should be known is that OSRS was launched with a different model for updates made to the game, they were to be decided by the community by an in game voting system through polls, whereas RS3/EOC does not, it ships updates according to its own roadmap. Micro-transactions have been sworn against in OSRS, and have yet been introduced.

    Analysis

    In the graph, you can see a very large initial player-base for OSRS more than likely due to the hype and nostalgia, and a steady decrease for a short while, but do take notice that the player-base in RS3 mirrored a similar pattern. It's possible that the community became divided between the games at first, although RS3 had dominance for almost 3 years. An uptrend around October of 2014 can be seen for OSRS, despite it not having anything arguably significant in terms of updates (the only update maybe being possible, the "ironman" mode, although this was launched at the same time in RS3 anyhow, and catered to a niche playerbase). The "flippening" occurred in October 2015, where again, there were no major updates to cause this (again, the only possible reason being the introduction of "Deadman" mode released at the very end of October, in OSRS, but even so, the same mode under the name "Darkscape" was introduced for RS3 actually a month before. And like Ironman, was catering to a niche player base). Since then, the OSRS player base has been steadily increasing while RS3 has been declining.

    Discussion

    As I've said, this is in no way meant to be a definitive model for prediction or an arguement that a video game is comparable to a currency, but the overarching politics and opinions of the community/market and company are worth thinking about.

    • First of all, it's clear that things that aren't broken shouldn't always be fixed. Adding overwhelming complexity in RS3, with the company assuming players will accept or get used to it, is not necessarily wise for long-term health. This is something to consider in bitcoin-core, with segwit, lightning network, etc. BCH is sticking to the roots, keeping solutions simple, and not indicating that it wants to radically transform the core-functionalities. This really doesn't have anything to do with, or at least shouldn't be considered meaningfully as "Satoshi's original vision." It has to do with the collective vision of users who first adopted bitcoin.

    • As degenerative as something like democratic voting can be, at least in the case of Runescape, it seems to indicate a net-benefit for a user base, versus a smaller corporate interest. It's probably clear what this is analogous to, a decentralized development of BCH versus an ever-increasing centralized development of BTC.

    • Image and transparency is important, especially when it comes to future development. It's okay to make mistakes, but the more they're made and the longer it takes to acknowledge them, users will become less faithful and loyal regardless of how much time they have invested. This is much easier for currency, as all it takes is cashing out or exchanging. They're also less likely to believe promises made when they're broken. The danger with bitcoin-core is if these mistakes do happen, people will catch on to the undercurrent of centralization. They will slowly find themselves realizing that they are mad at a small corporation of developers, when what they're currently being led to believe is a huge decentralized community of developers with everyone's interests in mind.

    Conclusions

    12 years after Runescape's release, an unhappy community caused a hard fork in the game. 8 years after Bitcoin's release, an unhappy community caused a hard fork in the blockchain. In less than 3 years, Runescape's forked game overtook the original, and up to now, it has nearly double the daily players. In 7 months, BCH has ~1/8th of the market cap of BTC. In OSRS's first 7 months, it had ~1/3rd of the player base of RS3.

    The most important thing to derive from this exercise, in my opinion, is that people should get over their fork-phobia. The mechanism exists for a perfectly good reason regardless of whether you like BCH or not, and in the case of Runescape, it may have not survived without a fork. Even BCH may have its forks, and I think people should consider that a good thing. It allows a type of financial discourse where the market can decide who the winners are, and it helps us find the best solutions faster than any centralized approach would want you to believe.

    I wrote this primarily as a fun observation, and as I've been stating, it's not meant to be a direct comparison. There are probably even better examples out there I'm sure. I'd love to hear any feedback or thoughts about your own opinions!

    submitted by /u/fotion
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    Bitcoin.org is down.

    Posted: 25 Feb 2018 12:29 AM PST

    Low market volumes and finale for Chinese New Year

    Posted: 24 Feb 2018 06:25 PM PST

    This weekend was the end of Chinese New Year celebrations. Big time for families to get together and take off work, vacation, etc, it's comparable to the US during our holiday season. It ended today (Saturday)... anyone think the low volumes and algorithm based bot trading cycle the past 48 hours could be attributed to lack of Chinese influence?

    Also, in past years the market has turned up in March/April post CNY as they re-enter market supposedly. Anyone have thoughts on this?

    I just saw a graph showing how insanely dominant the Chinese truly are in crypto. It's unreal how huge of an impact they play. The US is like a blip on the radar still.

    submitted by /u/slaxaphonic
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    SIGHASH_NOINPUT -- an interesting old idea suitable for BCH?

    Posted: 24 Feb 2018 08:37 PM PST

    I read about an interesting old proposed fix for malleability called SIGHASH_NOINPUT -- basically, a hashtype flag on signatures indicating that the input txids are to be removed from the signed data.

    If you sign something with SIGHASH_NOINPUT, the signature is valid for any script that uses that pubkey, regardless of txid. In other words, it "solves" the malleability problem by allowing you (if you want) to make signatures that are insensitive to the malleation. The downside is you must not reuse addresses (easily avoided), since one such signature could spend any coin on that address.

    History turned out such that the other fork abandoned this hashtype in favour of segwit (which deals with malleability by a very different method: making unmalleable txids). I supposed they wanted to avoid SIGHASH_NOINPUT since it would require hard fork, however, hard forks are not such a big worry for BCH and the idea bears reexamination.

    If SIGHASH_NOINPUT were added in a future BCH HF update, it would be a tiny change and actually allow for L3 Lightning Network one day if someone wanted to add it. More generally it allows for a variety of 'unconfirmed parent' transactions to be secure. Thoughts?

    submitted by /u/markblundeberg
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    Redditor reminded me that I predicted a $10k price four years ago, but had no idea when it would happen. June 2016 I was predicting $4k by 2020, when the price was ~$400. Bitcoin has continued to advance much faster than my best attempt at sober prediction; I think we'll see $100k in our lifetime.

    Posted: 25 Feb 2018 12:38 AM PST

    New Indian crypto exchange 'Kalicoin' to launch with BCH trading pairs.

    Posted: 24 Feb 2018 10:32 AM PST

    Bitcoin nostalgia

    Posted: 24 Feb 2018 08:10 PM PST

    Been waiting 27 hours for a BTC transaction to clear.It's just like the good old days of December 2017.

    BTC needs to die.

    submitted by /u/The_Ruffneck
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    Venezuela’s President Orders State-Owned Companies to Start Transacting in Petro

    Posted: 24 Feb 2018 04:08 AM PST

    Finally banned from r/Bitcoin because....

    Posted: 24 Feb 2018 06:30 AM PST

    ...I (accurately) stated that non-mining nodes can't create consensus, but can only check the consensus created by mining nodes.

    It wasn't rude or incendiary or anything. Just a statement of basic fact. Banned.

    I'm almost surprised it took them so long. What are you in for?

    submitted by /u/fossiltooth
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    I thought only rBitcoin hates bch, but rCryptocurrency is as hostile to bch as rBitcoin if not more

    Posted: 24 Feb 2018 08:56 AM PST

    I don't get it, Bitcoin Cash works faster and cheaper than bitcoin core yet the sentiment is very hostile against it.

    It's baffling really, instead of comparing practicality and tech they point out to Roger and Jihan instead

    I got into crypto thanks to Bitcoin Cash last year, and I still think it's a practical working version of Bitcoin but I don't get why all the hate for a working crypto just because they don't like 1 or 2 persons who support it.

    It's like hating vegetables because Hitler was vegetarian.

    Ninja Edit : not comparing anyone to Hitler lol, just wanted to get the idea across

    submitted by /u/PM_ME_UR_ROOM_VIEW
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    A little backstory and context to help understand the Venezuelan situation and the Petro

    Posted: 24 Feb 2018 04:40 PM PST

    Since the ICO for the Petro was announced, there has been a lot of attention in Reddit on the subject, but there has also been too much misinformation and half-truths that without a doubt have muddied the debate.

    So I want to offer a little bit of context on the Venezuelan political scenario, to help explain the current situation.

    I imagine you all remember the oil prices from 2006 until 2014, when they skyrocketed to a peak of almost $160 per barrel, and hovered around $100. During that time, the Venezuelan government not only spent all the income from exports, but also took huge amounts of debt that were squandered. The effect of the Dutch Disease ended up crippling the rest of the industries.

    In addition to this, the government set up a strict Forex control, that in practice was subsidizing imports. To access this cheap Dollars, you needed to jump through government hoops, and in reality, were only given to their cronies (there was for a time a grey market, permuta/swaps, but that was banned also, after that the only option for mere mortals was the black market).

    When the oil prices dropped, in late 2014, the Venezuelan economy was already in shambles. So the crisis wasn't caused by the price drop, but accentuated by it.

    In that context, on 2015, there was a national election for the National Assembly, the Venezuelan Congress. The opposition won the elections by a landslide, over 15% difference in the popular vote, gaining a supermajority.

    Then, the government, through the supreme court, suspended 3 opposition deputies alleging fraud (this seats remain empty today, btw), to break the supermajority.

    After that, Maduro took off his gloves. He called for a scam election for a Constituent National Assembly, tu supersede the legally elected one.

    The trick this time is that they changed the election system, illegally. Now, every single municipality (rough equivalent to American Counties) was going to chose a Deputy for the ANC, no matter the numbers of inhabitants.

    Putting this in an American context, it's like having Los Angeles County with their population of 10,137,915 choosing 1 Congressman, and Yakutat Borough, Alaska with their 601 people choosing also 1. Representation is messed up, and bigger cities where the opposition was going to win easily were gonna be dramatically underrepresented.

    In that scenario, the opposition decided no to go to the election and claim the system was rigged.

    PSUV got 100% of the deputies in the Constituent National Assembly, and started making new laws, bypassing the opposition's National Assembly.

    Even though ANC is meant to draft a new Constitution, they have only focused on doing what Maduro tells them to do.

    According to the constitution, all new debt emissions need to be approved by the National Assembly, that's why the US Government has emitted sanctions on the purchase of any new Venezuelan debt, and this includes the Petro.

    The Petro is just a Hail Mary to try bypass the sanctions

    submitted by /u/JPGarbo
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    Tether: can’t audit, won’t audit

    Posted: 24 Feb 2018 02:58 PM PST

    Putin Fully Endorses Blockchain Techhonology! (turn on CC)

    Posted: 24 Feb 2018 05:54 AM PST

    Turkey, Iran To Release State-Backed Cryptocurrencies On Heels Of Venezuela’s Petro

    Posted: 24 Feb 2018 10:47 PM PST

    Don't let the trolls and sockpuppets make /r/BTC / BCH look bad

    Posted: 24 Feb 2018 05:27 AM PST

    The trolls and sockpuppets are in place. They are trying to make this place bad for newbies so they find this community toxic.

    Fight the trolls / sockpuppets by posting evidence of BTC's problems/the history.

    Counter hate and anti-BCH content with peace and truth.

    submitted by /u/thepaip
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    why bch transaction volume is so low compared to other coins?

    Posted: 24 Feb 2018 08:40 PM PST

    What's the reason that eth got such high volume? Trading and ico? The volume of bch is low even compared to litecoin, what can we do to help improve the transaction ?

    submitted by /u/tyr034
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    FXOpen Launches CFD Trading Pairs on Bitcoin Cash, Ripple, Ethereum Classic, Monero, NEO, IOTA, EOS and OMNI

    Posted: 24 Feb 2018 05:24 PM PST
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