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    Bitcoin Daily Discussion, May 17, 2020

    May 17, 2020

    Bitcoin Daily Discussion, May 17, 2020

    Daily Discussion, May 17, 2020

    Posted: 17 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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    One of my favorite quotes from Hayek

    Posted: 16 May 2020 02:48 PM PDT

    Added a BTC ticker to the battlestation!

    Posted: 16 May 2020 08:11 PM PDT

    Adam Back: “The Snow Crash strategy is basically the last hope standing between humanity and Idiocracy. Buy bitcoin. Opt out. Self reliance. Vote with feet.”

    Posted: 17 May 2020 12:12 AM PDT

    RIP Nipsey Hussle ��������

    Posted: 17 May 2020 03:54 AM PDT

    A call for bitcoin?

    Posted: 16 May 2020 07:44 PM PDT

    Vulnerability discovered on bitcoinpaperwallet[.]com - DO NOT USE IT

    Posted: 16 May 2020 06:44 PM PDT

    CEO of Coinbase unable to identify JK Rowling twitter account as a fake. Damnit, Brian!

    Posted: 16 May 2020 01:41 PM PDT

    Isn't Centralized Cryptocurrencies the same Problem we have with Banks in Digital Form?

    Posted: 16 May 2020 09:37 PM PDT

    The whole point of this post is primarily for an open discussion. Decentralization should be a core aspect of what makes a cryptocurrency meaningful in my opinion. If a cryptocurrency is made with centralization in mind and someone could just change the cap or quantity, is in bigger control of distribution, etc., isn't that the same problem in which banks have a monopoly on fiat? Isn't hyper-inflation, centralized control, and currently existing problems in this market centered around why decentralization became such a popular alternative? I see lots of banks and institutional investors still starting to get more interested in centralized forms of tech or these so called central blockchain authorities, but can't help but feel this is opposite to the philosophy of the core technologies that makes the crpyto community thrive? I feel like Satoshi didn't create Bitcoin and talk about decentralization so that a bunch of people could go create centralized digital money many years later. I know it sounds bias, but I feel for a crypto to be good or actually have the opportunity cost worth it, it should be decentralized by nature. What are the Reddit's community thoughts?

    submitted by /u/LoneroLNR
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    no matter when you bought bitcoin, your 5 year return on investment is no worse than 235%

    Posted: 16 May 2020 08:10 AM PDT

    This has to be a first

    Posted: 16 May 2020 09:20 AM PDT

    We are setting up our own Bitcoin node!

    Posted: 16 May 2020 10:21 PM PDT

    Since September, the Fed has grown its balance sheet by roughly $3.16 trillion, nearly as much as all prior QE programs combined (~$3.5 trillion) - (balance sheet to da moon!)

    Posted: 16 May 2020 04:45 AM PDT

    Bitcoin is not ready for primetime yet

    Posted: 16 May 2020 06:15 AM PDT

    So I'm a 4 year veteran of BTC. Every chance I get, I try to use btc instead of usd. Yet nearly every time, it's a huge hassle of jumping through hoops trying to use it. The support services for merchants are simply not there yet. Today I fucked around for 5 minutes trying to send payment to a merchant who was using bitpay. First, I had to disable some securty settings on my phone because bitpay required 3rd party cookies & scripts enabled. Then it still refused to load. I tried the non-script link & the qr code only showed a broken link. All the time, the countdown clock is ticking down. So I gave up & used paypal, which took all of 10 seconds.

    Until bitcoin is as easy to use as Paypal or a CC, we will never see widespread adoption. I love BTC and want to see it become ubiquitous, yet even after several years, it's not ready.

    submitted by /u/Heph333
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    My country has banned Crypto. What do i do ?

    Posted: 16 May 2020 05:31 PM PDT

    I am a crypto newbie but heard about them since 2015.

    Now my country has banned crypto and will be punished people for having / buying / selling by fine and jail time.

    i wanna be in the crypto market as i have put a considerable time and research into it.

    What can i do ?

    Country is in South East Asian.

    I cant mention the name so excuse me for that.

    edit: i dont own any crypto at the moment.


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    Game Theory of fees may cause artificial manipulation by miners?

    Posted: 17 May 2020 12:31 AM PDT

    Given the recent spike in fees, I've been thinking about it and now I believe that the incentives with mining allow for cheap or even profitable attacks on the BTC user base (this is not an attack on BTC itself, but manipulation of fees, therefore on BTC users).
    In general, if someone wants to spam high fee transactions, the cost is well, the fees. That's the protection. But if the spammer is also a miner, he can reduce his cost by winning his own fee back when mining a block.
    So an imaginary miner with a large amount of hash rate could reduce his cost by the amount percentage of hash rate he owns (if he owns one third of the hash rate this attack costs him only two thirds of what it nominally costs). It's important to note that unlike other miners actions, this one can be done in a completely anonymous and undetectable way, since his transactions can be indistinguishable from legitimate ones.

    This is an issue on itself, since we know that lots of the BTC hash rate is owned by people who actively supports Bcash, who (theoretically) benefit from BTC having high fees.

    But even without that, I think that miners can use the lingering effect of a spike in fees to actually make a profit with this strategy, hear me out.
    Lingering high fees is a tough subject since it obviously depends on the fee chosen by the legitimate users. So better fee choosing algorithm means less lingering time.
    But we know that once a transaction is sent to the mempool it cannot be removed and it's fee cannot be reduced. So there will always be SOME lingering effect, no matter how smart the protocol for choosing a fee.

    So the cost for a miner to do this attack on the BTC user base (cause fees to spike) is gonna be:

    (Nominal cost x (1 - %hash rate) - Extra revenue from lingering fees.

    From experience watching the mempool behavior I believe that that once fees spike, it takes on average a few hours, so for the sake of example, I'll say the lingering effect causes fees to an average stay at one half of the high for 4 hours. That means only average, of course the actual behavior will be different. But let's do the calculation just get an idea of what happens:

    So miner hash rate: 33.33...%
    Fee he will provoke: 5 USD (to use recent values)

    So cost of maintaining fees at $5 for 6 blocks is ($66,000 x 0.6666...) = $44,000.

    Now, the lingering effect will cause fees to stay high for a while, causing an extra revenue after the attack is over of:
    ($5,500 x 24) x 0.333333... = $44,000 also, causing the net cost for the bump in fees to be 0.

    Of course this is all very sensitive on hash rate and size of the lingering effect. Higher hash rate and/or longer lingering effect cause the miner to make a profit, while lower values cause the "attack" cost to increase.

    Now, this is all a simplification and the reality is tougher, but I think my example values are realistic, but even more importantly, the game theory incentives are such that it promotes collusion from miners to increase fees.

    First of all, the higher hash rate the smaller the cost of the attack (recapture by mining blocks with own transactions), but also the action can be disguised in a way to be indistinguishable from legitimate transactions (so no accountability), and while this hurts BTC, the attack can always be adjusted, so that you take as much as possible without causing people to abandon the network. So miners can't bump fees to $1,000 and profit, that would cause people to stop using BTC, but they could find the point that maximizes their profits while maintaining BTC usability. It's like trying to make as much as possible out of a deal without causing the deal to break apart.

    submitted by /u/slevemcdiachel
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    How does invalidation of old off-chain transactions work?

    Posted: 16 May 2020 11:26 PM PDT

    I'm reading through the lightning network paper and I have a question.

    How does invalidation of old off-chain transactions work? What exactly happens when someone broadcasts an invalidated off-chain transaction into the network?

    Providing me the resources for me to understand how all this occurs (and the prerequisite concepts) will be enough. Thank you in advance!

    submitted by /u/evanlinjin
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    Tit for tat

    Posted: 16 May 2020 08:25 AM PDT

    [HELP] Newcomer Bitcoin fan

    Posted: 17 May 2020 04:17 AM PDT

    So, I just found this crypto platform called "crypto.com", I find it great because I can buy BTC with credit card. Although I don't want to buy it at its current price, I might want to wait just a bit until it reaches a bit lower. So I found out about this USDT, if I buy USDT now, and then, if price of BTC gets a bit lower, change USDT for BTC, would it be the same as buying BTC with credit card by that time? Or I'm missing something?

    Thank you Greetings from Peru!

    submitted by /u/inchanes
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    Yet another terrible take on Bitcoin by Mr. Joakim Book--There Will Be No New Bitcoin Man

    Posted: 17 May 2020 04:17 AM PDT

    This format isn't working in electrum for a compressed address with corresponding wif key compressed

    Posted: 17 May 2020 01:53 AM PDT

    ​

    ​

    Tried to get this to work in electrum, but it does not, corresponding with the wif key compressed / perhaps a different format could work here ,

    privkey="yourprivatkeyhere"
    orig_format,secret,compressed=bitcoin.deserialize_privkey( privkey )
    bitcoin.serialize_privkey(secret,False,orig_format)

    trying to get the compressed version, somehow in electrum or other wallet format

    submitted by /u/braonmyheadformask
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    Robert Kiyosaki continues to support BTC and predicts a price of $ 75,000 in 3 years

    Posted: 17 May 2020 04:00 AM PDT
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