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    Friday, October 11, 2019

    Home Unlabelled BTC Factory reset my phone and it backed up from the cloud. My bitcoin.com wallet was restored with all funds while my other wallets had to restore from seed. Is the bitcoin.com wallet being backed up to the cloud unencrypted in clear text?

    BTC Factory reset my phone and it backed up from the cloud. My bitcoin.com wallet was restored with all funds while my other wallets had to restore from seed. Is the bitcoin.com wallet being backed up to the cloud unencrypted in clear text?

    October 11, 2019

    BTC Factory reset my phone and it backed up from the cloud. My bitcoin.com wallet was restored with all funds while my other wallets had to restore from seed. Is the bitcoin.com wallet being backed up to the cloud unencrypted in clear text?

    Factory reset my phone and it backed up from the cloud. My bitcoin.com wallet was restored with all funds while my other wallets had to restore from seed. Is the bitcoin.com wallet being backed up to the cloud unencrypted in clear text?

    Posted: 10 Oct 2019 02:23 PM PDT

    Anyone who has access to the cloud (government) could easily access/view/steal my bitcoin. Is there something I'm missing?

    EDIT with further details: This is an Android Samsung Galaxy device, using the default backup and restore function (which is enabled by default). As far as I know, Samsung backs up apps, phone settings and other stuff like notes if you use those, but not appdata (individual app settings). Google backs up the appdata so that your apps will restore with all the same settings you had before.

    All of my other crypto apps came back with me having to restore from seed. Even my banking apps and any other app that requires a login & password, I had to log back in to get access.

    But my bitcoin.com wallet came back with all my previous settings, as well as funds being available. This tells me that the bitcoin.com wallet is storing the seed words in plain text, and then the phone is automatically backing that into the cloud along with the app's appdata / settings.

    That isn't right. It should be keeping the seed words encrypted and unable to access unless you have the same device. Any other device (including the cloud) should have that information stored in encrypted form and unable to access unless you have seed words or a password to decrypt.

    IMO this is a pretty bad security decision by the bitcoin.com wallet developers. Definitely shouldn't be keeping more than like $20 in it, or anything you're okay with having stolen by hackers or seized by governments.

    submitted by /u/jbrev01
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    Bitcoin Unlimited 1.7.0 has just been released

    Posted: 11 Oct 2019 01:41 AM PDT

    Download the latest Bitcoin Cash compatible release of Bitcoin Unlimited (1.7.0, October 11th, 2019) from:

     

    https://www.bitcoinunlimited.info/download

    https://github.com/BitcoinUnlimited/BitcoinUnlimited/releases/tag/bucash1.7.0.0

     

    This is a major release of Bitcoin Unlimited compatible with the upcoming protocol upgrade of the Bitcoin Cash network. You could find November 15th, 2019 upgrade specifications here:

    This is list of the main changes that have been merged in this release:

    • Mempool synchronization via Graphene primitives
    • Intelligent unconfirmed transaction forwarding
    • Child-Pay-For-Parent implementation based on Ancestor Grouped Transactions (AGT)
    • Graphene ver 2.1 and IBLT specifications
    • New dead-lock detection mechanism
    • New getblockstats rpc call
    • ElectrsCash v1.0 (release notes)
    • QA improvements
    • Schnorr multisignature (Nov 15th' 2019 upgrade)
    • Enforce minimal data push at the consensus layer (Nov 15th' 2019 upgrade).
    • Transaction index database improvements
    • Add transaction rate trend graph in Qt debug dialog

     

    Release notes: https://github.com/BitcoinUnlimited/BitcoinUnlimited/blob/dev/doc/release-notes/release-notes-bucash1.7.0.md

     

    PS Ubuntu PPA repository is currently being updated to serve for 1.7.0

    submitted by /u/s1ckpig
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    Realmx Video Game Officially Launches on Bitcoin Cash

    Posted: 10 Oct 2019 07:54 PM PDT

    Hong Kong Free Press Ditches BitPay After Bitcoin Donation Block

    Posted: 10 Oct 2019 08:09 AM PDT

    Nexinter Launches Exchange Offering Using SLP

    Posted: 10 Oct 2019 09:49 PM PDT

    Bitcoin Cash Acceptance Grows in Southeast Asia via Alchemy's PoS System - Bitcoin News

    Posted: 10 Oct 2019 02:51 PM PDT

    Chinese Bitcoin Miner Maker Canaan Will be Listed in U.S. This November

    Posted: 10 Oct 2019 09:32 PM PDT

    On the recent IRS tax ruling:

    Posted: 10 Oct 2019 10:27 AM PDT

    PODCAST BCH Dev Amaury Séchet Gets Spicy: Roger Ver, Being French, Funding Rejection

    Posted: 10 Oct 2019 12:25 PM PDT

    Turn lifx lightbulb on / off, using Bitcoin Cash

    Posted: 10 Oct 2019 11:50 AM PDT

    Hi guys I recently made a little webpage that will trigger a LIFX lightbulb (like this) to go on or off if you send money to a BCH address.

    Please find the code here thanks!

    Just download the webpage, get your LIFX authcode-> plug it in on line 13.

    Change the address on line 30, and run this webpage in the background. It will send a request to blockchair every 12 seconds and check if there's a new transaction, which will trigger the light to go on or off

    submitted by /u/arldyalrdy
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    Bitcoin Cash’s Roger Ver vows to be “lightning rod” for Web3 rule-breakers - Yahoo Finance

    Posted: 10 Oct 2019 08:51 PM PDT

    How the IRS should revise its guidance on tax liabilities after a cryptocurrency hard fork or airdrop.

    Posted: 10 Oct 2019 12:51 PM PDT

    By my calculations, the BCH fork created no income

    Posted: 10 Oct 2019 07:27 AM PDT

    This is not tax/legal advice, just my personal opinion.

    Although the IRS guidelines aren't clear, it seems that when BCH was born as a hard fork, the fair market value was about $300 per BCH, but BTC also dropped by $300 at the same exact time. Therefore, no income was created.

    https://i.imgur.com/EzR8xSh.png

    submitted by /u/jonald_fyookball
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    21% Of Bitcoin Cash Whales Accumulate BCH (adds $120 million in the last 30d)

    Posted: 11 Oct 2019 01:17 AM PDT

    Chinese Payment Giant Alipay Reiterates Ban On Bitcoin-related Trades in Response to Binance’s P2P Feature, but OTC can hardly be banned

    Posted: 11 Oct 2019 01:08 AM PDT

    'It's a nightmare': Zimbabwe struggles with hyperinflation

    Posted: 10 Oct 2019 05:22 AM PDT

    IRS Releases First Cryptocurrency Tax Guidance Since 2014 - Lexology

    Posted: 11 Oct 2019 12:51 AM PDT

    Seems legit

    Posted: 11 Oct 2019 12:36 AM PDT

    Any companies, startups or ICOs out there paying in BTC/BCH for development?

    Posted: 10 Oct 2019 11:24 AM PDT

    I have experience developing native mobile apps, web dApps, graphql & REST servers and golang microservices. I'm looking for projects willing to pay back in BTC/BCH to apply crypto to my skill set.

    submitted by /u/superander
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    These BTC people have gone full retard. Now making videos just to disparage other coins, what crazy people.

    Posted: 10 Oct 2019 06:10 PM PDT

    Damn! Has anyone tried out AnyPay?

    Posted: 10 Oct 2019 07:40 AM PDT

    This is a fantastic register app IMO. What are your thoughts?

    submitted by /u/throwawayo12345
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    IRS Tries, Fails to Explain Your Crypto Tax Liabilities After a Hard Fork

    Posted: 10 Oct 2019 05:35 AM PDT

    Why the risk of mining centralization does not exist

    Posted: 10 Oct 2019 03:57 PM PDT

    In the free market, a cartel's attempt to increase profit by reducing output is doomed to fail; it improves profit for those outside the cartel and those inside the cartel who want to cheat.

    A cartel can work -- but only if it is supported by regulation (often instigated by large actors themselves in a struggling submarket) and the coercive power of the state.

    In bitcoin we have none of that, and can not have due to the mechanics of proof of work. It means anyone can mine, anywhere, in any jurisdiction.

    It means if the mining industry is attacked in one nation state, or an attempt to organize a cartel in that nation state, it will immediately be outcompeted by miners some other place. If it is shut down in one country, it will be replaced somewhere else, and if that can not physically be accomplished immediately, the price per hash will increase, reducing the rate of hashing to equilibrium with the coin price. And bitcoin will continue as if nothing had happened.

    In fact, any intervention into mining can only decrease the profitability of the mining outfits attacked, or taken over. Any purpose other than striving for the best mining economy, will leave that miner in the cold.

    The key is the global aspect of the system, and the low barrier to entry, mining does not have to be spread evenly, and need not be located where the users are. We can absolutely have mining in china, no users, no mining in europe, but all the users.

    My evaluation of the opec oil producers cartel -- since oil production is international, there is no jurisdiction that can support the cartel with coercion. Crazy evil action from enemy states can distort production some place, if so it will pop up another place, and the production quota is obviously never heeded by anyone. Here, as in all cartels, for any actor it is profitable that the other actors reduce production to raise the price, then to increase production for himself under the higher prices. Opec is just a club of big talkers.

    In another submarket, downstream oil: From a story about Standard Oil, https://ari.aynrand.org/issues/government-and-business/capitalism/Vindicating-Capitalism-The-Real-History-of-the-Standard-Oil-Company/

    "The failing refiners were neither the first nor the last businesses to be in such a situation. And, like many before and after them, they tried to solve their problems via cartels: agreements among producers to artificially reduce their production in order to artificially raise their prices. Rockefeller, hoping for stability in prices and an end to the irrationality of others refining beyond their means, joined and supported two cartels. This move was disastrous — the worst of Rockefeller's career."

    "Cartels are generally viewed as evil, destructive schemes because they are overt attempts by a group of businesses to increase revenues by raising consumers' prices across an industry. In and of itself, however, seeking higher prices for one's products is not evil; it is good. The problem with cartels is not that they seek higher profits, but that they shortsightedly attempt to generate them by non-productive means. So long as the economic freedom to offer competing or substitute products exists — as should be the case — such a scheme is bound to fail."

    Another read covering the same: https://mises.org/library/antitrust-policy-both-harmful-and-useless

    So, no centralization risk

    submitted by /u/ErdoganTalk
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    Bitcoin Cash Online Game RealmX Officially Releases Highly Anticipated Google Play Version

    Posted: 10 Oct 2019 06:10 AM PDT
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