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    Thursday, June 7, 2018

    Home Unlabelled BTC Even with 11,000 full (secure) nodes, Zencash was 51% attacked for a mere $20,000 worth of hashrate last week. Just goes to show that full nodes don't secure the network, miners do.

    BTC Even with 11,000 full (secure) nodes, Zencash was 51% attacked for a mere $20,000 worth of hashrate last week. Just goes to show that full nodes don't secure the network, miners do.

    June 07, 2018

    BTC Even with 11,000 full (secure) nodes, Zencash was 51% attacked for a mere $20,000 worth of hashrate last week. Just goes to show that full nodes don't secure the network, miners do.

    Even with 11,000 full (secure) nodes, Zencash was 51% attacked for a mere $20,000 worth of hashrate last week. Just goes to show that full nodes don't secure the network, miners do.

    Posted: 06 Jun 2018 04:37 PM PDT

    100+ Coders Gather in China to Build Apps Tied to the Bitcoin Cash Network

    Posted: 06 Jun 2018 10:08 PM PDT

    Peter Rizun: "Payment processors, exchanges, developers, university labs and hobbyists need to run nodes too. Don't confuse big-blockers with Craig Wright cultists."

    Posted: 06 Jun 2018 04:02 PM PDT

    Tomorrow I'm interviewing @jimmysong and @ChrisPacia about BCH, let me know if you have any questions for them!

    Posted: 06 Jun 2018 04:04 PM PDT

    Its been 9 months now since the awkward moment at the "Breaking Bitcoin" Conference where they said Lightning Network would be ready in 6 - 18 months. I am sure its right around the corner to solve all our problems though.

    Posted: 06 Jun 2018 11:25 PM PDT

    Bitcoin.com, ViaBTC join ‘Miner’s Choice’ initiative for Bitcoin Cash miners. ...a move that will eliminate the current dust limit and begin processing a number of zero-free transactions in every Bitcoin BCH block.

    Posted: 06 Jun 2018 10:00 AM PDT

    Which should you buy – bitcoin or bitcoin cash?

    Posted: 06 Jun 2018 08:27 PM PDT

    Love this explanation that appears at the bottom of every single CoinGeek.com news article! :)

    Posted: 06 Jun 2018 10:59 AM PDT

    Final update on my missing USD 34,000 with CEX.io

    Posted: 06 Jun 2018 07:39 PM PDT

    Previous post

    I didn't want to update my dealings with cex.io but u/cex_io had the audacity to ask me to update my post, so I will.

    Since my previous post, cex.io has reverted the monies back into my account and this is the only positive about this post.

    It took them 44 days from taking the money (USD 34,000+) out from my account to putting the money back into my account. During which, when I asked for answers, I was ignored and then claimed the monies was sent. After I sent my statutory demand letter, of which they have 21 days to reply otherwise they will be deemed insolvent, only then do I get my money back.

    What's more appalling is the reason for their failure and how irresponsible they continue to act. They claimed that

    "we would like to emphasize that we do not hold your funds, CEX.IO does not use its own bank accounts for sending transfers to the clients. Instead, we are using the services of licensed financial institutions to transfer your funds. Currently, our partnering company is overloaded with requests. Therefore, we had to revert your funds back to your CEX.IO account, otherwise it would take a lot of time for your funds to reach your bank account. We fully understand that it will cause certain inconvenience, but we do take care of the safety of your funds and cannot support inadequate processing timeframes."

    and "Unfortunately, at a certain moment, we are experiencing significant difficulties with translations in US dollars due to unsatisfactory provision of payment provider services, which violated both its terms of cooperation and its guarantees. In connection with the above, kindly ask you to provide us with other opportunities for the implementation of your transfer - for example, using the SEPA system, or return of your transfers to the CEX account. We are also bound by the terms of confidentiality, so we can not provide you with the payment provider's contacts for the moment. On our part payment has been processed properly."

    and then "as I repeatedly wrote to you - we are not responsible for the actions of third parties - payment providers. Taking into account this fact and the fact that we have processed all your instructions on time, there are no legal grounds for compensation to you."

    They straight out denied taking any responsibility for all that happened and refused any form of compensation.

    but wait there's more!

    You know those money that was reverted back to my account? I ended up transferring most of it via credit card. Afaik, the commission was over 1.2% on CEX.io's end. And since my credit card is not denominated in USD, I was charged a further commission and fx rate by my bank to convert it to my local currency. Overall, I estimate I lost over 3% in commission by using credit card withdrawal.

    By the end of everything, I was so exhausted having to deal with such an company that I didn't want to say anything more. This is a company that makes you jump through hoops to get anything done. u/CEX_io, I've updated my post as per your request, if I misrepresented you or cex.io in any way in my post, you can reply here or PM me and I'll amend my post accordingly. To my fellow crypto-enthusiasts, caveat emptor.

    submitted by /u/fiercebitcoin
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    SPV debate. Why are BCore suddenly concerned about trust? They have a defective product (Lightning Network) that requires a trusted service (Watchtower) to protect your funds. How they launched LN without this feature available is scandalous, and they try and make some nonsense SPV narrative?

    Posted: 06 Jun 2018 06:22 PM PDT

    "The single most important difference between Bitcoin Cash and Bitcoin Core is that Bitcoin Cash is not controlled by Bitcoin Core developers. It can be upgraded . . . and [that] has hardly even begun to make a difference." -- My first post on Yours, published 6 months ago

    Posted: 06 Jun 2018 07:46 PM PDT

    Bitcoin.com news and Coingeek should add BCH tipping for their contributors

    Posted: 06 Jun 2018 11:25 PM PDT

    Adding the "Money Button" by yours.org and a BCH QR code next to every article would allow users to tip contributors for great content. It would also provide an obvious use case for visitors to Bitcoin.com who don't know much about Bitcoin Cash. A 20 cent tip is something you just can't do on Bitcoin Core, so it would serve to illustrate the difference between the two very well.

    Thoughts?

    submitted by /u/Wadis10
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    "Matter" is a decentralized blogging and social media platform and community that is powered by the Bitcoin Cash (BCH) blockchain.

    Posted: 06 Jun 2018 09:10 PM PDT

    Currency competition is probably the biggest thing to happen in our generation

    Posted: 06 Jun 2018 01:31 PM PDT

    I heard Trezor had cashaddr ready to implement 2 months ago....well where is it, or are they even going to implement cashaddr for Bitcoin-BCH?

    Posted: 06 Jun 2018 12:51 PM PDT

    Bitcoin Cash vs. Bitcoin Core modes of transportation

    Posted: 06 Jun 2018 07:32 PM PDT

    BitcoinCash for Africa!!

    Posted: 06 Jun 2018 12:04 PM PDT

    At CoinPesa we have recently built an online exchange(coinpesa.co) making use of BitcoinCash to mobilemoney transfers and vice-versa for the local African market. We are currently the only exchange doing so for most of EastAfrica/Africa with BCH.

    However trading float for the CoinPesa exchange has been a challenge and hence not able to serve most countries throughout the continent. CoinPesa has put in place proper KYC and AML policies on the platform to mitigate risky financial behavior.

    Most of Sub-Saharan Africa leapfrogged Banking to mobilemoney financial applications over the phone. This was so because it never made business sense for Banks to reach out to the rural areas which gap the Telecom companies took advantage of through mobilemoney.

    Currently in Kenya and Uganda the transactional volume through the mobilemoney networks (mpesa, MTN/Airtel mobilemoney) is close to half the GDP in those countries. In Nigeria the Banks were quick enough to fill this gap and have adopted mobile banking. Whereas in SouthAfrica mobilemoney wasn't that much of a success considering deeper banking penetration levels.

    Now with the rise of the Cryptocurrencies, adoption in most of Africa has been so slow for so many reasons; i)A large percentage of the African population has little or no access to the Internet which keeps them away from lots of technological advancements happening in the rest of the world. ii)Smart phone usage still low as the biggest percentage of mobile phones are basic et al. We recently took part in organizing a successful conference (https://africanblockchain.org) in Kampala, Uganda where President Museveni acknowledged the benefits of Blockchain technology and promised to nurture the technology through the ICT Ministry. We believe some of the BCH projects like CoinText will make the greatest impact in Africa because of the high numbers of the unbanked and low smart phone usage.

    For any out here kind enough to support our cause, find below our BCH address: qpgdxv6z6wtpj26ervy3jz47lydlhrz4r57ytzfg78

    submitted by /u/coinpesa
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    Can somebody post a comprehensive profiling of how some of the crypto-influencers became "influencers"?

    Posted: 06 Jun 2018 02:01 PM PDT

    I've held Bitcoin for a long time but never really followed the drama surrounding the community until last year.

    So I'm totally out of the loop on how many of "influencers" on Twitter became influencers in the first place. This is not easy because most of these people have no external links that describe who they are, so the only way you know they're "influencers" is that:

    1. They get retweeted a lot
    2. They have a lot of followers
    3. They are promoted by so-called "cryptocurrency news sites" as "Top X crypto influencers to follow on Twitter"

    When I decided to jump into crypto space I decided to follow as many people as possible regardless of their position or political bias, but now I'm starting to wonder why these people are famous in the first place. At first sight, their "fame" seems to come from the self-perpetuating fame engine I described above in 3 items.

    I'm sure there are reasons why these people are famous, but I think this is really unhealthy for everyone who's not "in the know" (which probably means 99% of the people on Twitter who are following these people) because you might be following someone just because someone else said this person is worth following, and so on and so on.

    I'm not questioning people who actually are building stuff on Bitcoin. Most of these people have links to their business or organization linked on their profile. I'm talking about people who have tons of followers but there's no information on their profile, nor can I find much information Googling.

    Are these people developers? Are they qualified to talk about economics? Have they built a business? (Outside of writing blogs and doing podcasts) I'm curious about these things.

    Here's why I'm asking: Imagine you're trying to get business advice online. I think I would very much like to listen to people like Peter Thiel, Bill Gates, Steve Jobs, but I probably won't take business advice from journalists seriously, no matter how reputable they are. A lot of these crypto-celebrities make extremely assertive comments about technical stuff and business stuff, and from my experience these are things you NEVER understand unless you have actually done it (instead of just learning theory)

    So, here are some examples: alpacasw,‏ Kevin_Pham, Beautyon, pierre_rochard, jratcliff, etc. (These are their twitter handles) but feel free to add more, I am genuinely curious about these people because I still follow them on Twitter and try to be open.

    Where did they come from, and why are these people famous? Are they famous because they are loud? Or are they famous because they actually did something? If they talk a lot about business, do they have experience running a business? If they talk about economics, do they have experience actually dealing with economic policies in the real world? If they talk about technology, do they actually know how to code, and have they actually built something in this space that we can acknowledge?

    Note that I'm not being sarcastic or cynical here, nor am I trying to "out" someone. I am only interested in learning WHY I am following these people in the first place, and if they are actually qualified to talk about things they are assertive about. I genuinely don't know what these people are and would like to know.

    submitted by /u/edoera
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    International Monetary Fund Suggests Cryptocurrency Could Replace Fiat Currencies

    Posted: 07 Jun 2018 12:20 AM PDT

    Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives

    Posted: 07 Jun 2018 12:12 AM PDT

    Cryptocurrencies & E-Commerce: Crypto Payment Providers

    Posted: 07 Jun 2018 12:09 AM PDT

    The nightmare of using BTC

    Posted: 06 Jun 2018 04:29 PM PDT

    BitFund.Cash BETA Launched! The 'Self-Hosted Fundraisers' Showcase

    Posted: 06 Jun 2018 02:05 PM PDT

    Debunked: "Fast transactions using 0-conf were never safe in Bitcoin. Satoshi added Replace-by-Fee himself and said we shouldn't use unconfirmed transactions."

    Posted: 06 Jun 2018 09:08 AM PDT

    In the Bitcoin design — today implemented in the form of Bitcoin Cash — the blockchain is used to "confirm" or "timestamp" whichever transaction sent by the same party came first. This prevents cheating, which can otherwise be done by replacing a transaction going to a merchant with one going to another or back to yourself.

    The incentives model is derived from Proof-of-Work, which in combination with protocol and client settings creates the positive pull needed to ensure that it is always more likely that nodes will only accept the first transaction that they saw and record it in a block as soon as possible. Like everything in Bitcoin it can never be fully guaranteed, but it can be considered "reasonable certain", which is also what we see in practice.

    Sources 1, 2

    Replace-by-Fee being enabled by default in Bitcoin Core clients made 0-conf in particular much less secure on its chain, because the change of expectations that it brought in practice changed the "first seen" rule to a "highest-bid-until-it-gets-into-a-block" rule.

    Some have claimed Satoshi invented this form of RBF and that it was present in Bitcoin from the start. These are actually complete lies. Satoshi never supported such a feature. He had something vaguely similar in mind, but removed it to improve security. In a forum post he also explained that a replacement transaction must be the exact same as the original transaction except with a higher fee, which would of course not in any significant way allow tempering with the actual transaction order.

    Sources 1, 2

    Bitcoin always had 0-conf. The first seen rule is essential to Bitcoin and the only way to have fast transaction speeds and immediately re-spendable coins; the security of which can then be improved on with a payment processor if one wants to or by waiting for the "confirmation" which will be "computationally hard" to reverse.

    Source

    Satoshi himeself was a big proponent of 0-conf payments and expected them to work fine for paying many if not most merchants. He just went out of his way to explain their drawbacks in a rather immature network and how they could be used more safely. He also did serious work to make them function as well as they could.

    Sources 1,2,3

    0-conf transactions on Bitcoin Cash are safe enough for most use cases today, including commercial transactions. You can pay for digital goods online and have them delivered without having to wait for your transaction to confirm. With a high degree of certainty, it will eventually. In order to have close to zero risk, businesses can wait for 1 confirmation if they so choose. Earlier in Bitcoins history it would have been more than one and over time the risk will tend to decrease as the strength of the network and the stakes of the nodes in the network itself increases. This is all Satoshi stuff.

    It should be noted that Satoshi did temporarily limit the spending of unconfirmed transactions received from a different wallet in the reference client itself, since these — especially back then — were less secure by not yet being included in a block and passing them on too quickly risked breaking your wallet.

    Source

    submitted by /u/fruitsofknowledge
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