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    Bitcoin PoW is Efficient – Dan Held

    September 15, 2018

    Bitcoin PoW is Efficient – Dan Held

    PoW is Efficient – Dan Held

    Posted: 14 Sep 2018 09:01 AM PDT

    Daily Discussion, September 15, 2018

    Posted: 15 Sep 2018 02:00 AM PDT

    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.

    We have a couple chat rooms now. Come say hello.

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Trading on BitMEX

    Posted: 15 Sep 2018 12:09 AM PDT

    Just HODL.

    Posted: 14 Sep 2018 05:08 AM PDT

    Today's Reason to Use Bitcoin: It can't be eaten by the family pet

    Posted: 15 Sep 2018 12:34 AM PDT

    Mining Gold Requires 20x the Energy of Bitcoin Mining

    Posted: 14 Sep 2018 10:47 PM PDT

    ⚡️Announcing lnd v0.5-beta! ⚡️

    Posted: 14 Sep 2018 12:26 PM PDT

    A few concerns with the security of using a Ledger hardware wallet...Requires too much trust in third parties.

    Posted: 14 Sep 2018 08:29 PM PDT

    I have a few concerns about the Ledger hardware wallets and am hoping to generate some discussion about these, being that a huge percentage of the Bitcoin community relies on these devices to store their coins. I think this is extremely important and should be addressed and fleshed out thoroughly, once and for all.

    1) The Ledger company admits that part of their device is not open source and that the code of the closed-sourced tech cannot be published due to non-disclosure agreements with the manufacturing company protecting the proprietary and secret technology. Huge security flaw. Seems like they could publish the code if they wanted and simply scramble the proprietary info. But even if they did, the hardware itself would still need to be audited.

    2) To my knowledge, there has never been an independent audit performed on the Ledger's code or hardware by a third party. Is anyone aware of such an audit?

    3) The Ledger CTO has said that using their device inherently requires the user to place some degree of trust in the Ledger team. So, not only does a user need to trust the Ledger team, but a user must trust the unnamed manufacturer of Ledger's closed-sourced chip, and trust that it is not compromised during the manufacturing stage, via a backdoor or covert transmitting mechanism, etc. Being that it is closed-sourced, it's also impossible for security professionals to verify with certainty whether there is an unintentional security flaw in the code.

    4) It is impossible to be sure that the private keys and seed words generated by the Ledger are actually 100% randomized. Meaning, the Ledger team could have a database of pre-generated keys and seeds that the wallet pulls from. Ledger does allow you to generate your own seeds or important your own, which is great, but it's impossible to verify that your seeds or private keys are not being transmitted to a third party via the proprietary hardware.

    As I said, being that so many people use Ledger's products, I think this is an extremely important issue that should be discussed thoroughly, from a technical aspect.

    Should we really be placing trust in Ledger and its unnamed manufacturer (which is likely a Chinese company), being that they are using propriety closed-soured hardware and code to allegedly protect our coins? If so, why? Explain the pros/cons of trusting the Ledger team and another anonymous company.

    To me, it seems that using a completely open-sourced wallet such as Electrum or Mycelium, which have been thoroughly vetted and independently tested and are completely trustless (aside from trusting the general consensus of the community that has vetted the code), would be more secure than using a Ledger.

    What are your thoughts?

    submitted by /u/Untranslatable_Nergy
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    MIT is offering a $3,500 course in Blockchain. Credit card only; no Cryptocurrencies are accepted as payment, which I think is kind of odd.

    Posted: 14 Sep 2018 11:27 PM PDT

    Why Bitcoin Will Become the Global Reserve Currency

    Posted: 14 Sep 2018 04:53 PM PDT

    C-Lightning v0.6.1 has been released!

    Posted: 14 Sep 2018 10:59 AM PDT

    My Raspberry pi bitcoin node running 24/7 for the last 6 months.

    Posted: 14 Sep 2018 08:24 PM PDT

    Bitcoin Mining 20 times more Energy Efficient than Gold Mining

    Posted: 14 Sep 2018 09:50 PM PDT

    Bitmain on brink of bankruptcy?

    Posted: 14 Sep 2018 03:58 PM PDT

    Please stop buying Tesla stock, you're making Bitcoin fall.

    Posted: 14 Sep 2018 02:18 PM PDT

    Huobi Acquires BitTrade As It Looks To Penetrate Japanese Crypto Market

    Posted: 14 Sep 2018 08:53 PM PDT

    Economists who predicted the 2008 global meltdown tell Sky News the world economy is in danger once again.

    Posted: 14 Sep 2018 05:27 PM PDT

    Lightning lnd v0.5-beta has been released!

    Posted: 14 Sep 2018 06:39 AM PDT

    Video: Perspective # 5 - A discussion with Aaron van Wirdum about new Bitcoin privacy tech

    Posted: 15 Sep 2018 01:53 AM PDT

    Overstock To Sell Bitcoin Through Its Website In 2019 Through Bitsy Wallet

    Posted: 14 Sep 2018 07:16 AM PDT

    Beware of clipboard-hijacking!

    Posted: 14 Sep 2018 10:58 AM PDT

    Bware of clipboard hijacking when you are visiting untrusted websites!

    I wanted to print out an image of a bitcoin public key, and googled "bitcoin qr code":

    https://i.imgur.com/hgFMTU2.png

    The second hit pretends to create a QR-code for you, but simply visiting the pages adds their own public address to your clipboard (probably overwriting the one you wanted to use). If you do not notice and somebody later pays you using the QR-code, your money is lost.

    submitted by /u/improbitas
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    Josh Garza is going to prison

    Posted: 14 Sep 2018 12:00 PM PDT

    RSK Bitcoin Sidechain could mean the end of other blockchain's smart contracts dominance

    Posted: 14 Sep 2018 07:41 AM PDT

    Mayer Multiple lowest since 2015

    Posted: 14 Sep 2018 06:19 PM PDT

    Death treat

    Posted: 14 Sep 2018 03:15 PM PDT

    BTC$ breaking down action over the last 12 months

    Posted: 14 Sep 2018 12:58 PM PDT
    Read more
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