• Breaking News

    Wednesday, June 12, 2019

    Home Unlabelled Bitcoin Daily Discussion, June 12, 2019

    Bitcoin Daily Discussion, June 12, 2019

    June 12, 2019

    Bitcoin Daily Discussion, June 12, 2019

    Daily Discussion, June 12, 2019

    Posted: 12 Jun 2019 12:00 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!

    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
    [link] [comments]

    Isn't This The Reason It was Created In The First Place

    Posted: 11 Jun 2019 08:06 PM PDT

    Bitcoin Halving is coming - in about 345 days, are you ready?

    Posted: 11 Jun 2019 08:22 PM PDT

    Bitcoin NEW perspective ��

    Posted: 11 Jun 2019 10:38 PM PDT

    Spotted this on arrival to Zurich

    Posted: 11 Jun 2019 08:21 AM PDT

    Love the detail

    Posted: 12 Jun 2019 01:50 AM PDT

    A short summary of solutions for UTXO scaling

    Posted: 11 Jun 2019 11:10 PM PDT

    Currently the UTXO set is about 3 or 4 GB stored on disk, and is bigger in memory so usually can't be stored entirely in memory and so relies on caching. At the moment, the UTXO set is bounded only by the blocksize limit - the UTXO set can grow at maximum nearly as fast as the blockchain does (if every transaction creates many outputs from a minimal number of inputs. The UTXO set shrank a bit recently (possibly in part due to incentives introduced for segwit), but in general its been growing around 50% per year (while memory cost effectiveness has been improving at only 15%/year). Without finding a solution to this, the UTXO set can be expected to grow to over 20 GB in 5 years. That's a major problem for running a full node.

    Luckily people have been thinking about the problem for a while now and there are a number of ideas that could massively improve the situation. Here's a list of the major ones I know about:

    UTXO Hash Set (UHS)

    This method seems to be able to reduce the size of the representation of the UTXO set by almost half, at the cost of about 5% additional network traffic. That sounds great, but honestly pales in comparison to using Accumulators (full disclosure, I'm not actually 100% sure UHS is not also an accumulator).

    Dynamic Accumulators

    Dynamic accumulators are representations of set inclusion (ie accumulators) for which elements can be dynamically added or removed efficiently. Particularly interesting are universal accumulators, which can prove not only inclusion in the set, but also non-membership which can be super useful for things like SPV fraud proofs.

    Merkle Accumulators

    Merkle accumulators use a merkle tree to represent the UTXO set. Similar to UHS, this can lead to massive space savings at the cost of higher network traffic. Utreexo is one such proposal that can represent the entire UTXO set in a few kilobytes. The tradeoff is that transactions must include merkle proofs of inclusion which would require at least 25% more data being downloaded.

    RSA Accumulators

    RSA Accumulators are interesting because they can produce inclusion proofs of constant size (not dependent on the number of UTXOs). This is as opposed to Merkle based accumulators that scale logarithmicly with the number of UTXOs. They also have other interesting properties like universality, allowing non-membership proofs, and potential privacy improvements like delinking inputs from their corresponding outputs.

    Eliptic Curve Accumulators

    Eliptic curve cryptography is really interesting because keys and other cryptographic artifacts are much smaller than equivalents in RSA, since RSA relies on exponentiation while ECC basically relies on multiplication. I haven't found quite as much information on these as RSA accumulators, but it sounds like an area of active research.

    More Papers

    https://eprint.iacr.org/2005/123.pdf

    Other thoughts

    What's really interesting to me is the idea of stateless full nodes, where a full node doesn't really need to store any state at all and thus running one would require much lower computer resources. Theoretically, no node would have to store the entire data set (blockchain or UTXO set) and instead nodes could share data in a truly distributed way where each node could choose to store say 1/1000th of the total data and share that data on demand to nodes that needed it. As long as each piece of data can be verified from a tiny aggregation of it, no trustlessness would be sacrificed.

    More Discussion

    See more discussion about this on r/BitcoinDiscussion

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

    TIL: During the 3 year crash of 1929, the DOW lost 89% of its value - falling from 381.1 to 41.2 points. We all know how it ends though:

    Posted: 11 Jun 2019 03:51 PM PDT

    Then, sadly, the stock market was declared "a failed experiment", and the DOW went to $0, where it remains today. /end

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

    Good thoughts of Andreas as to why Facebook coin is not a threat to Bitcoin. Banks should worry ;)

    Posted: 11 Jun 2019 05:41 PM PDT

    Saw this today on an NYC cab

    Posted: 11 Jun 2019 03:44 PM PDT

    Thought this was interesting. Facebook didn't want to allow this post on our Facebook page. They censored it. �� Wonder why? AND FACEBOOK'S GLOBAL COIN IS STILL NOT A CRYPTOCURRENCY, IT CANNOT RIVAL BITCOIN WHICH IS A CRYPTOCURRENCY.

    Posted: 12 Jun 2019 01:49 AM PDT

    The Seven Myths of Bitcoin -- by George Kikvadze (Executive Vice Chairman, Bitfury)

    Posted: 12 Jun 2019 02:18 AM PDT

    goTenna releases whitepaper for mobile mesh network bitcoin payments

    Posted: 11 Jun 2019 02:03 PM PDT

    In a really small town in Croatia, a local dairy business posted on facebook that they have made a first sell of their product via BTC. It made me really joyful since maybe 5% of the town population have heard about bitcoin.

    Posted: 12 Jun 2019 01:12 AM PDT

    Bitcoin Open Mic Night -- 50% off beer when purchased with Bitcoin Lightning Network payments

    Posted: 11 Jun 2019 04:03 PM PDT

    You guys ever see anything like this?

    Posted: 11 Jun 2019 08:04 PM PDT

    Bitcoin Has Dwarfed Warren Buffet's Berkshire Hathaway in ROI

    Posted: 12 Jun 2019 01:29 AM PDT

    Bitcoin is Smokin’ hot right now!

    Posted: 11 Jun 2019 04:17 PM PDT

    Google Trends Show Bitcoin More Popular Than Donald Trump, Tesla, and Kim Kardashian

    Posted: 11 Jun 2019 01:13 PM PDT

    Bitpay fuckery

    Posted: 11 Jun 2019 07:13 AM PDT

    I renewed a VPS service today using Bitcoin. The provider uses BitPay to accept payment. The landing page show a "network fee" for bitcoin, shows no fee for bitcoin cash, recommended the fee and then chastised me for using such a low fee (68 sat/b or 16,836 sats) that my transaction may not get processed for 48 - 72 hours. Guess how long my "low fee" transaction took to confirm. Go ahead. Guess. Next block? BINGO. Fuck you BitPay, you are a bad actor in this space.

    ​

    I am aware I could have paid less for the transaction. No need for further criticism on that point. Just wanted to vent. Thank you.

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

    random story ive never told

    Posted: 11 Jun 2019 12:56 PM PDT

    In college I got 1 C that ruined my 4.0. I wrote a paper for the final about Bitcoin and it's potential, and my economics professor put a giant red X and the letters "No" on the paper and gave me a 0. This was worth so much of the class that the best I could salvage, even with extra credit, was a C.

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

    JPMorgan Chase CEO Jamie Dimon has gone from famously hating on cryptocurrency to pushing his company headfirst into the crypto space. https://www.aliantpayments.com/jamie-dimon-hated-cryptocurrency-but-he-had-a-master-plan-all-along/

    Posted: 11 Jun 2019 07:31 AM PDT

    Let's Talk Bitcoin podcast #400 - with Pieter Wuille and Jonas Nick on Schnorr signatures, Taproot, Tapscript (+ bitcoin usage in Iran with Ziya Sadr)

    Posted: 11 Jun 2019 10:48 AM PDT

    RBF in bitcoin core sucks.

    Posted: 12 Jun 2019 01:19 AM PDT

    Am I missing something here/not doing it right? I want to increase the fee i paid for a transaction so i right click the transaction and choose the "inrease fee" option. After this, bitcoin core QT asks if I want to increase my fee to 700 sat/b, and that seems to be my only option. Is it not possible to RBF to any fee size you want?

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

    Report Shows Bitcoin Negatively Correlated With Traditional Markets

    Posted: 11 Jun 2019 09:55 PM PDT
    Read more
    at

    No comments:

    Post a Comment