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    Bitcoin Daily Discussion, December 12, 2018

    December 12, 2018

    Bitcoin Daily Discussion, December 12, 2018

    Daily Discussion, December 12, 2018

    Posted: 11 Dec 2018 11:00 PM 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!

    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!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    People need to zoom out.

    Posted: 11 Dec 2018 07:36 AM PST

    Spotted in the wild.

    Posted: 11 Dec 2018 06:38 PM PST

    Holidays are coming

    Posted: 11 Dec 2018 05:55 PM PST

    Trying to pick which beer to buy.... This one seems appropriate!

    Posted: 11 Dec 2018 07:23 PM PST

    Swiss Bitcoin ETP Sees Record Volume as Institutional Investors Buy the Dip

    Posted: 12 Dec 2018 01:32 AM PST

    Chatting to a taxi driver last night who tells me he has to pay £120 per week to be able to take card payments in his taxi. We then had to spend a couple of minutes manually typing the numbers into the machine. If only there were a quicker means of payment with lower costs of transacting ��

    Posted: 11 Dec 2018 12:28 PM PST

    World's Very first BTC Lightning to ERC20 Atomic Swap

    Posted: 12 Dec 2018 02:37 AM PST

    Interesting graph comparing bear and bull markets

    Posted: 11 Dec 2018 05:17 PM PST

    Bitcoin tops the UK's most googled "What is..." terms in 2018.

    Posted: 12 Dec 2018 01:38 AM PST

    HTC Exodus 1 Review Blockchain Phone in under 5 minutes! Bitcoin Hardware Wallet and light node

    Posted: 11 Dec 2018 10:44 PM PST

    10-Year Jail Term Sought for Former Mt Gox CEO Mark Karpeles - Karpeles used customers’ funds for his own personal use

    Posted: 12 Dec 2018 02:48 AM PST

    The Bitcoin Standard — a book review

    Posted: 11 Dec 2018 10:57 PM PST

    How secure is 256 bit security? (explained in a brief, entertaining video)

    Posted: 11 Dec 2018 02:33 PM PST

    Member Of Parliament Wants Citizens To Be Able To Pay Taxes Through Bitcoin - Cxihub

    Posted: 12 Dec 2018 02:02 AM PST

    Member Of Parliament Wants Citizens To Be Able To Pay Taxes Through Bitcoin - Cxihub

    ​

    https://i.redd.it/kkiz98sult321.jpg

    Everywhere in the world politicians and major businessmen have been debating about the position of cryptocurrency regulation and how it should be implemented. There is a huge "two sides of a coin" perspective as to how it should be managed and controlled.

    The UK is no exception and recently a Member of Parliament of the UK has said that there should be a way for local residents to make payments to local authorities and utility providers through Bitcoin. Eddie Hughes, conservative MP for the Walsall North constituency said that he is a "crypto enthusiast with amateur knowledge." He believes that it is important for the members of parliament to understand blockchain and how by paying through Bitcoin would lead to a huge step towards the adoption of cryptocurrency.

    ​

    Hughes believes that the main reason as to why cryptocurrencies are not being adopted to its highest capacity is because people do not completely understand it and are unfamiliar with the concept of cryptocurrency. "People not understanding how the transaction works is holding us back in terms of mass adoption," he said.He went on to say that it's time for other members of Parliament to get know what cryptocurrencies and blockchain is because of the rapid technological advancements which are occurring and are not going away. "It gets talked about a lot wherever you go in the UK, and as MPs we have a duty to understand it." read more...

    submitted by /u/cxihub
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    What happens to your bitcoins when you die?

    Posted: 12 Dec 2018 12:04 AM PST

    Announcing the winners of my "Bitcoin Galore!" 1,000,000 satoshi giveaway!

    Posted: 12 Dec 2018 01:40 AM PST

    Seeing that we only had one original entry in the BITCOIN GALORE! contest, I have no choice but to choose /u/BankBailout and his "Regretful nocoiner" entry as the winner of this contest. Congratulations on winning 500,000 satoshis!

    For the other ten entries, I decided to just split the rest of the pot equally among all of you, basically giving 50,000 satoshis for each entry.

    You are all going to have to comment here with your BTC addresses so I can send them over.

    Thanks for playing everyone! Happy holidays!

    submitted by /u/Godfreee
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    Cheap Power Is Luring Battered Bitcoin Miners to Iran -- $0.006 per kilowatt-hour!

    Posted: 12 Dec 2018 02:52 AM PST

    Bitcoin NanoLeaf Lights.

    Posted: 11 Dec 2018 01:02 PM PST

    Bitcoin is freedom from enslavement.

    Posted: 11 Dec 2018 01:18 PM PST

    Proof of Keys - A guide

    Posted: 11 Dec 2018 06:35 AM PST

    On January 3rd 2019 we'll be taking back control!

    This is a guide aimed at newcomers or for anyone who has never had their bitcoin under their own control and wishes to stop relying on exchanges or other people keeping their BTC safe.

    While it is in some ways safer to leave the security of your precious BTC up to the huge and more reputable companies in the space, having responsibility over your own money is a key principle in Bitcoin - for very good reason.

    Not your keys? Not your bitcoin!

    You might also be in a position where someone in your family takes care of your bitcoin for you, off exchange but still out of your control. This is the perfect time to become literate about how to store your BTC yourself and take some pressure off that person. What would happen if they were to pass away? If they have left a guide for you explaining what to do in the event of their death, what happens if someone were to find that guide while they are still alive? Conversely what if there is no guide and the coins are just gone forever?

    This guide won't go in to high level solutions like Glacier Protocol, which are so extreme as to (in my opinion) actually do a disservice to the overall goal of getting people to keep their funds under their own control by being so intimidatingly, insanely over the top that people become discouraged. You can break free of the custodial norms of money without going to these levels and still be sleeping comfortably at night.

    Finally, we're not trying to bank the unbanked, we're trying to unbank everybody!

    With that said, let's go over some of the standard ways you can own bitcoin without third party help.

    Hardware Wallets

    Firstly, I will suggest a hardware wallet such as trezor or ledger.

    There is still time to get one in time for the event should that be your aim, but I'd also like to stress that you should take as long as necessary to know exactly what you are doing before moving any bitcoin.

    Should you choose this option, while not the best it is far from the worst and it is the route that I will be recommending in this guide.

    When it arrives, check that it hasn't been messed with. Trezor packages come glued together with a seal that must be in tact. There are risks in using hardware wallets, but remember that there is no such thing as perfect security. The wallet will come with a fairly comprehensive guide but there are a few things to say here.

    You will be tasked with writing down 24 words as a seed. Here is where the most caution will be needed.

    Write down these words on a piece of paper away from anything with an exposed camera such as a cell phone or laptop webcam, away from any prying eyes or windows and even, for the paranoid, without leaving a mark on the surface underneath the paper that you are writing on.

    Do not take a photo of these words. And never, ever, ever write them down on anything electronic. Use. Paper.

    These words will be used by the hardware wallet to generate the private keys that ultimately need to be used to to tell the bitcoin network where you want the coins at the addresses they correspond to to go. - Sorry mouthful but that's literally the essence of how all this works.

    So if you don't have these words and you lose access to your device, or forget the PIN (see further down) then you can't spend your coins - they're gone, or rather, they are stuck at the same address. Forever. Lost bitcoins don't disappear, they just stay at whatever address they were at.

    If you do have these words then you can spend the coins. i.e They are yours. However so can anyone else who finds these words (unless you have a secret extra word which I will go into in just a moment).

    In bitcoin, knowledge is possession. This is the truest form of intellectual property that has ever existed.

    Once you have written down your 24 words, laminate them. (I can't find the link sadly, but I'll never forget the story of a drunk guy on bitcointalk.org taking his paper wallet out of a safe and spilling his drink on them making them unreadable. Don't be that guy).

    Laminated? Definitely not exposed to any cameras, people or windows? Good. Find somewhere safe to store them. Ideally an actual fire-proof safe. But first, put it in an evidence bag. This adds additional security (admittedly not much, but IMO it's worth doing).

    PIN

    Now, once you have followed the instructions on your hardware wallet you should reach the point where it wants a pin. This pin is specific to the device and only protects the device - it does not have anything to do with the bitcoin on the device. It merely protects the device itself, so in the event that it gets stolen, the thief (providing he only has the device, not your 24 words) will not be able to do anything with it. However, if the attacker finds the device and pin, they have your coins they do not need your 24 words. So bare this in mind.

    Having the device and the pin means you can spend the bitcoins on this device - even without the 24 words.

    Device and nothing else? Useless. Pin and nothing else? Useless. Pin and device even without the 24 words? Control over your bitcoin. Just the 24 words and nothing else? Control over your bitcoin.

    ....unless:

    Secret extra words

    You will be given the option to add a 25th word (or even 26th, 27th...you can add as many as you would like.) This is not the same as a pin. This will cause different private keys to be generated. This is becoming standard practice as a thief will look for 24 words, but it changes the scope of any attack they would pull insisting on trying extra words and checking each wallet that gets generated for any bitcoin.

    So standard practice is to generate a 24 word wallet, store a small amount of bitcoin in there, and then add an extra word where you store the bulk of your bitcoin. Then your thief will hopefully be satisfied that you aren't hiding a larger stash, or decide to cut their losses. If your 24 words generate an empty wallet that will likely signal to any bitcoin savvy thief that you have extra words up your sleeve.

    Rather than describe all this in detail (as each hardware wallet works differently), I will ask the reader to get familiar with their device, set up a few wallets, transfer tiny amounts of bitcoin each time as a test, firstly with just 24 words, then a secret extra word. Get comfortable doing this and make sure you understand what you are doing at every step before moving your actual stash.

    If you break/lose your device

    Simple, buy a new one and enter your 24 words. Added an extra word? No problem, enter your 25 (or however many) words. It's as simple as that. If lost and not broken, someone who finds it won't be able to do anything if they don't have the pin. Typing wrong pins in after 32 attempts or so, they'll be waiting until the end of the universe until the device lets them try another guess. (That's how trezor works at least - doubling the time required between wrong password attempts each time).

    Phone wallets

    For those with a smaller amount that don't want to splash out on a hardware wallet, or just want to do this right away, phones are actually pretty decent security wise (I'd use a phone over a laptop as it's easy for laptops to become infected with malware such as Windows 10).

    Download a wallet such as GreenAddress and follow the exact same protocol as above. It is exactly the same, except a hardware wallet gains the security of having less functionality than a phone - fewer things can go wrong (but they are more likely to be targeted in transit so....again - no such thing as perfect).

    Got an old phone that you don't use any more? It's the perfect use for it. Remember, if it dies on you, you'll still have those 24 words and that's enough to retrieve your coins. (One thing worth mentioning is that secret extra words are not usually possible on phone wallets. They aren't designed for the kind of security that hardware wallets offer).

    Additional security

    Cutting up your 24 words and placing them in different locations doesn't do a lot to increase security while it does however massively increasing the chances that you yourself will become unable to access your own coins. Don't go overboard and end up losing everything.

    Don't make a 500 character pin on your device - as mentioned above a few wrong attempts locks out any thief pretty much until the end of time.

    Keeping your 24 words somewhere other than your primary residence might be a good idea, but another country? That's probably taking it too far.

    Don't mention bitcoin on facebook. If you were going on about this 5 years ago, everyone there now knows whatever wealth that you had back then is now a few orders of magnitude greater. And that will continue to happen. Don't become a target.

    Alternatives

    You can use an airgapped laptop - not recommended if you don't know what you're doing.

    You can generate a paper wallet using bitaddress.org - no one does this anymore as far as I can tell, and I'm told by core devs that it is a horrible method, even if done offline using a dumb printer.

    You can flip a coin 256 times - seriously not recommended unless you are just curious and want to really see under the hood.

    That's pretty much it for this guide. I hope people will tear me to shreds in the comments, thus increasing the overall value of this post.

    Happy bitcoining!

    p.s one thing worth mentioning, "Proof of Keys" is a strange name if you ask me. In Bitcoin, you prove you own coins by signing a message. No one here needs to be doing that. All that January 3rd is about is you, without the aid of any third party, having the full and sole control over your coins.

    p.p.s So much of this knowledge comes from Andreas Antonopolous. It has to be said. (when mastering LN btw?)

    submitted by /u/violencequalsbad
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    The List of Countries Where Bitcoin is Illegal or Restricted

    Posted: 11 Dec 2018 11:05 PM PST

    Someone posted the most clever BTC analysis on Tradingview

    Posted: 11 Dec 2018 08:17 AM PST

    Arbitrary precision rational calculator by Andrew Birrell...using in cryptography...

    Posted: 12 Dec 2018 01:37 AM PST

    Calculator: http://birrell.org/andrew/ratcalc
    Do you think that with this calculator someone can crack cryptography (bitcoin private keys)? That possible or impossible?

    If you send link "RSA" on page...then you can see interesting math thing. See boxes "v" and "z"...

    submitted by /u/bruseyujchbl
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    Bitcoin hash rate and difficulty forecast continue significant decline. Currently half way to next adjustment and diff. decline at 9.71%

    Posted: 11 Dec 2018 09:47 PM PST

    https://bitcoinwisdom.com/bitcoin/difficulty

    Wowza. It will be interesting to see where this starts to level off.

    submitted by /u/gta3uzi
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