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    Bitcoin Daily Discussion, May 04, 2020

    May 04, 2020

    Bitcoin Daily Discussion, May 04, 2020

    Daily Discussion, May 04, 2020

    Posted: 04 May 2020 12:01 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.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    The Epic Bitcoin Dump of 2020

    Posted: 03 May 2020 09:58 AM PDT

    Guess I didn't miss much...

    Posted: 03 May 2020 03:44 PM PDT

    Billions kicks off with Bitcoin.

    Posted: 04 May 2020 02:25 AM PDT

    The Mississippi Company Bubble - A tale from the 1600 about currency collapse. They devalued their currency until it collapsed. (thier stock market mooned until it collasped too)

    Posted: 03 May 2020 09:30 PM PDT

    TV show ‘Billions’ season premier centered around Bitcoin.

    Posted: 03 May 2020 07:07 PM PDT

    Anyone see it?

    submitted by /u/InMyDayTVwasBooks
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    I am pretty bullish, are you pretty bullish?

    Posted: 03 May 2020 05:23 AM PDT

    You Never Know Whats Comming Next.

    Posted: 04 May 2020 04:08 AM PDT

    I am Not Spending These Until They Buy Me A Entire Island. What About You?

    Posted: 04 May 2020 02:16 AM PDT

    Donald Trump And The Fed Could Be About To Destroy The U.S. Banking System

    Posted: 03 May 2020 05:03 PM PDT

    Podcast Notes | Bitcoin Halving: Bullish for Competitive Miners | Matt D’Souza on the Stephan Livera Podcast

    Posted: 04 May 2020 03:55 AM PDT

    Iran has licensed for the first time a BTC mining farm with 6,000 machines

    Posted: 04 May 2020 03:52 AM PDT

    It is almost 8 days before Bitcoin is halved again

    Posted: 04 May 2020 03:52 AM PDT

    What To Buy?

    Posted: 04 May 2020 03:51 AM PDT

    Chief Morgan Stanley economist: The Fed's Balance Sheet Will Expand By 38% Of GDP, More Than Double QE1, 2 And 3 Combined

    Posted: 03 May 2020 06:57 PM PDT

    IN-Q - Sound the Alarm

    Posted: 03 May 2020 10:59 PM PDT

    Whats a good way to pass bitcoin after death?

    Posted: 03 May 2020 08:41 PM PDT

    In the unlikely event I pass away. I would like to have my bitcoin transferred to my children.

    How do I this without exposing them to my private keys so they have zero deniability for their safety/security until my death and/or they are if age to properly defend themselves

    I would prefer a zero trust solution

    submitted by /u/lib3rty47
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    Mentor Monday, May 04, 2020: Ask all your bitcoin questions!

    Posted: 04 May 2020 04:01 AM PDT

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    Jameson Lopp on Bitcoin Privacy & OpSec | Podcast Notes from What Bitcoin Did Podcast

    Posted: 04 May 2020 03:56 AM PDT

    Getting interest on BTC.

    Posted: 04 May 2020 02:21 AM PDT

    I know that the proper way to keep BTC is in your own wallet and obviously cold storage is the king.

    This being said I have seen a lot of sites advertising for anything from 3% to 12% yearly interest on your BTC. Is this worth it? Has anyone tried using one of these sites? Can they be trusted?

    submitted by /u/IIIlllIlllIIIIlIIlll
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    [Idea] Bech32 encoding of private keys

    Posted: 04 May 2020 12:53 AM PDT

    Ever since I saw BIP-173 I was excited to see the encoding used anywhere other than addresses. I've done some search but apart from some comments here and there I haven't been able to find any major work done (please let me know if you know of any proposals).
    Here is my idea of addressing some of the problems with current encoding of private keys:

    Using Bech32 encoding instead of Base58

    While writing a private key recovery tool I've felt how hard it is to come up with an optimized algorithm to recover a key that is missing a couple of characters (eg. a damaged paper wallet). That is not true with Bech32 being a multiply of base-2 algorithm is inherently faster, and the checksum is not a bottleneck since it is not a hash algorithm. Bech32 also has the benefit of having error detection.

    Script (address) type

    Currently when a user imports/sweeps a private key in a wallet client, that client either has to explicitly ask user for the script type (like Electrum) which means user is exposed to complications and has to be familiar with script types; or the wallet has to construct all script types and scan the blockchain for all of them (like bitcoin core) which adds more burden on the client.
    If the encoding included a script type that becomes so much easier.

    Locktime!

    Another burden on both clients and users (specially full node users) is the time consuming need for a re-scan of the entire blockchain to find the historical transactions that belong to an imported key.
    A timestamp can make that process a lot shorter.
    Using locktime (similar to last 4 bytes of any transaction) the key string (aka WIF) could include either a block height or a date-time value of when the key was created.

    This idea was added to Bitcoin.Net library as an "experimental" class. Direct link to the code

    Here is an example with a random key from Bitcoin.Net KeyHelper class: 

    Original WIF (Base-58): L28Peud5cQcijrtMthAdUS8FynpM8PKZtnoUZb1VAio9WxKoebHt Key bytes (Base-16): 92734fe879f662ff8ee4eb87dd019425e2ee73ff3edd0c4dc3def2f71e1a6a69 Version byte (ie. the script type): 0x02 or P2WPKH Date UTC: 5/4/2020 7:11:05 AM H.R.P.: bprv New encoding (versioned Bech-32): bprv1zjfe5l6re7e30lrhyawra6qv5yh3wuull8mwscnwrmme0w8s6df5sns90tcqqzyen4e

    Note that key is encoded the same way an address would be encoded (version byte is added separately as a 5-bit value instead of 8-bit).

    submitted by /u/Coding_Enthusiast
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    Bitcoin miners build inventory by 1,174 BTC over the last 7 days

    Posted: 04 May 2020 02:50 AM PDT

    How do you choose to store your human time?

    Posted: 03 May 2020 06:12 AM PDT

    BitHost – Cloud hosting starting from less than $0.01/ho paid in crypto

    Posted: 04 May 2020 12:48 AM PDT

    Pay for DigitalOcean, Linode, and Hetzner cloud servers with Bitcoin (BTC) and other cryptocurrencies.

    Our features include:

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    All the features you would expect from DigitalOcean, Linode, and Hetzner. Snapshots, backups, rebuilding, resizing, 1-click installs, and more.

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    submitted by /u/gsamokovarov
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    Read more
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