Saturday, January 12, 2019

I'm writing a series about blockchain tech and possible future security risks. This is the fourth part of the series explaining the special quality of going quantum resistant from genesis block.

In part 4 I describe the advantages of going quantum resistant from genesis block. Genesis block is the first block of a blockchain. Being quantum resistant from genesis block means that a project launches from the very first beginning while using a quantum resistant signature scheme. This has several advantages I like to discuss in this part of the series.

Part 1 here Part 2 here Part 3 here

Quantum resistance (QR) from genesis block. Why is it a special quality?

Content:

A (Posted here)

What are the challenges of upgrading an existing blockchain to a quantum resistant one?

What you see is what you get: the performance of other blockchains that upgrade later, could be different after the upgrade.

The whole architecture can be designed around post-quantum cryptography.

B (posting tomorrow)

Lost addresses and the human factor: a partly protected circulating supply after a quantum resistant upgrade

The time factor

The case of a black swan event where unexpectedly fast, an entity will appear to have a quantum computer of critical level.

The fourth part is divided into two sub parts: 4A and 4B due to the size of the content. This should be fun and readable so part 4B will follow tomorrow.

What are the challenges of upgrading an existing blockchain to a quantum resistant one?

If a special quality doesn’t solve a certain issue, it would be of no value, so let’s first dig a bit deeper in the future issues for current running blockchains. It is important to start with mentioning the simple fact that a launched, working blockchain isn’t something that can be adjusted with the flip of a switch. Upgrading a blockchain to a post-quantum signature scheme is no small undertaking. Changing a signature scheme is not just copy paste and change some lines of code. It’s actually a decent amount of coding that needs to be done.

We are not simply talking about a core framework upgrade. Rather, all aspects of the project will end up needing an upgrade. The supporting systems that allow the blockchain to operate will also need to be upgraded. Software wallets, hardware wallets, block explorers, mining operations, pools... anything connected to an API and more will also need a brush up of code to be compliant with the new changes. Then exchanges will also need to adapt to the new chain. And for example, for a blockchain like Bitcoin and Ethereum this is going to be extra complex, as they need to fully disable their old signature scheme.

The second challenge is that you need consensus, you need the majority of the nodes to upgrade. If you want to change the signature scheme and make sure the old, vulnerable scheme is rejected, you need to upgrade at least the majority of nodes, or you will end up with the old, vulnerable signature scheme or two different blockchains where the main chain will still be using the old signature scheme and thus will not be quantum resistant. As explained in the previous part, we can’t have the old signature scheme to be valid because that would mean that the blockchain would still allow the use of vulnerable old public and private keys and thus the old vulnerable signatures for transactions, so at least the majority of the nodes need to upgrade to make sure that blocks which are constructed using the old rules and thus the old vulnerable signature scheme, are rejected by the network. This will eventually result in a fully upgraded network which only accepts the new post quantum signature scheme in transactions. So, consensus is needed.

The past has proven that reaching consensus in a decentralized system as blockchain, is not a fast, fluent process. You need the nodes to update to your new version. The nodes have the choice to do so or refuse. That makes it, so to speak, a democratic system which makes any change a slow process. The past has proven that a simple change to improve speed and transaction costs couldn’t be realized because miners couldn’t agree on to which of the working solutions would be implemented. There are several solutions to a serious problem, but none is implemented (at least not in the original chain). If you compare this to changing a signature scheme, it’s not going to be any easier. There will be different schemes available, different choices to make how to implement them, and thus there will be different options on the table. The need for QR might be a huge incentive to implement as soon as possible, but that doesn’t mean there won’t be different interests for the people running nodes. One option might mean better performance, but 60% of the people running nodes, will need to buy new equipment. The other option might mean lesser investments for equipment, but also slower transactions and the risk of losing users and market share. These discussions and differences in interest and view point, will not help to reach consensus fast.

Another challenge is that post-quantum is a specialized kind of cryptography. Post-quantum cryptography is a real specialty. Choosing the right scheme and implementing it without the right knowledge, might backfire. So implementing post-quantum cryptography without consulting a post-quantum cryptographer and commissioning an external audit is a serious risk. What will you use? Will you use XMSS? How you make sure your blockchain can handle stateful signatures? You use WOTS+? How you make sure this is user-friendly? How will you make sure there is no old debtor who will sent funds to an old address? You use SPHINCS? How you going to handle 41KB signatures? You use BLISS B? How you prevent side channel attacks? You waiting for a NIST outcome? There is no guarantee that will be a magic scheme. Might still take a lot of work to implement.

Just an example: If you will use WOTS+, you will need to find a solution for the fact that you can't reuse addresses. The most well known example is IOTA. They had some unexpected issues where people actually lost money. The problem went a bit deeper than just not reusing addresses: http://blog.lekkertech.net/blog/2018/03/07/iota-signatures/ This is fixed from the user perspective in the Trinity wallet. The remaining issue to solve now is the fact that constantly changing addresses, excludes IOTA from being used by companies. Any company needs a standard address to pay to for the obvious reasons. (qr-code stickers meaning the quick response code not to be confused with the abbreviation for quantum resistance, invoicing and the random order of customers paying invoices, etc.) Propositions for a solution have been made so this is still an ongoing process for IOTA.

XMSS is even more complex to implement compared to WOTS+.

So it’s quite a time-consuming and challenging project to implement and upgrade an existing project. As an existing fully quantum resistant blockchain, having your security in check in advance, gives the certainty you’re in time, and all is checked, audited and working properly. Which obviously is a plus.

What you see is what you get: the performance of other blockchains that upgrade later, could be different after the upgrade.

The majority of NIST’s suggested post-quantum signature schemes will drastically increase the block size and take more resources to compute. This may in turn slow down the transactions per second a lot of projects aim to reduce. Quantum resistant signature schemes will mean bigger signatures. That has consequences for the performance of a blockchain, unless big innovative changes are made. So at the moment where quantum resistance becomes a must, something unexpected will happen. Projects that have postponed an implementation of quantum resistant signature schemes will be set back. The upgrade to a safer signature scheme will actually be partly a downgrade for pretty much all existing projects. There are only two blockchains who use quantum resistant signature schemes right now: QRL (XMSS) and Mochimo (WOTS+). The only reason for them to change signature schemes, is if a better, more efficient post-quantum signature scheme will be developed compared to the post-quantum signature scheme they use right now. NIST has initiated the research and review of post-quantum cryptography. https://www.nist.gov/news-events/news/2016/04/nist-kicks-effort-defend-encrypted-data-quantum-computer-threat So there might be something better available in the future. If this is indeed better, going from XMSS to something better, will be an over all upgrade. (NIST will either come up with something better, more efficient, or there will be nothing new to recommend at all). So while all other projects will partly downgrade performance wise, quantum resistant blockchains will either stay the same or upgrade and perform better.

How bigger signatures influence the speed with which transactions are sent and confirmed on a blockchain: first a quick summary of the way transactions are handled: All miners, collect all transactions that people are sending in a transaction pool. There, transactions wait until a miner puts a number of these collected transaction in a block. This is where a block is constructed. After he has constructed a block, he has to solve a hash puzzle applied on his list of transactions that he registered on his block. The miner who has solved his hash puzzle, is allowed to put his block on the network. If this block will eventually be part of the longest chain, the transaction will be confirmed and validated. Either the size of the block will be influenced by bigger signatures, or if the block size is fixed, the amount of transactions that fit in a block will be influenced.

Now there are two types of speed that are influenced and are both important for the performance of the blockchain:

  • Capacity, so the amount of transactions a blockchain can confirm in a second at maximum capacity. So if BTC for example can confirm 7 transactions a second (it’s max capacity), then as soon as more than 7 transactions per second are added to the network, BTC has reached its maximum capacity. In that case, the individual transactions will need to wait in line and the individual transaction speed is slowed down. (Unless you increase your fee, then your transaction will be prioritized and you might make the standard individual transaction speed. Of course depending on the height of other fees.)
  • Individual transaction speed. This is the time within which you send a transaction and your transaction is confirmed on the network. This is the speed that applies for the moment where the blockchain is operating under its maximum capacity. So that means a transaction is added to a block almost as soon as it arrives at a node and gets processed right away.

The capacity depends on the block time (the amount of time it takes for a block to be mined) and the amount of transactions that fit in a block. The bigger the signature, the bigger and “heavier” the transaction, which results in either fewer transactions fitting in one block or bigger block size. Which in turn then results in less transactions confirmed per block or bigger block times which both leads to less transactions per second.

Now there could be solutions for the big signature size issue. Solutions being developed right now for scaling, could solve the problem for quantum resistant blockchains. But this is ongoing research to be looked into more in depth.

To overcome the shortfalls of post-quantum signature schemes some developers may decide to roll their own crypto, which has majorly failed in the past with other projects. Cryptography is difficult to understand and implement, much less post-quantum cryptography. Besides that it has to be tested and checked, preferably by external, professional parties to be proven secure. To this end there are only a handful of researchers worldwide even qualified in this specialty field.

The whole architecture can be designed around post-quantum cryptography.

Besides the fact a blockchain is from the start designed around post-quantum signature schemes, one of the key points in the architecture would be a flexible signature space for addresses and having a chain that's already designed to handle, for example stateful signatures. The handling of stateful signatures would come naturally if the chain is already using a post-quantum scheme like that, but should another come along that's better, the whole architecture is build and ready to switch. This is compared to one that has a small signature space and can't define them, as well as the lack of capability of handling state in chain (for example Bitcoin).

Take QRL for example: https://docs.theqrl.org/developers/address/#descriptor QRL already implemented a quantum resistant signature scheme: XMSS. But at the same time their chain architecture is build to switch signature schemes: When you form a QRL address, First 3 bytes of your address forms the Descriptor. In Descriptor bit number 4 to 7 are used to specify signature scheme. These 4 bits are used to specify if we have any other signature scheme.

In part 4B I dive deeper in the issue of lost addresses for existing blockchains like for example the ~1 milion BTC in Satoshi's wallet. Also I will get into the time issue and a possible black swan event.


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[Daily Discussion] Sunday, January 13, 2019

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ABL $2K Main Event Closed Qualifier #1 Top 16 starts in 11 hours!

After a long day of matches, 16 players have survived to the Top 16 bracket. The competition was great, with exactly half of the top 16 consisting of qualifier players. Many of the matches were close and most series went 2-1. It was a great field of players along with a great casting team.

Top 16 Players: Purge - Groza - aev - nemphy - Damorquis - Colt 45 and Two Zigzags - Liam - zara - KG. 传说中的白石 (The White Rock of Legend) - Tomas - Hikaru198 - KG. 清浅 QingQian - FreddyBabes - DotACapitalist - Rayzo_陈大胖 - KG. Jinlin

Coverage continues on the Artifact Bitcoin League Twitch channel so say hello and drop a follow! The ABL Discord is the best place to get into our 40+ tournaments a month.

Watch Casted Coverage: twitch.tv/artifactbitcoinleague

Join the Community: discord.gg/6PUdk58

Follow on Twitter: twitter.com/artifactbitcoin

Full Information: artifactbitcoinleague.com

Top 16 Starts at 1800 UTC / 1000 PST Sunday Jan 13

Round of 32, 16, and 8 played concurrently

All Top 4 Games Casted

Format: Bracket, Draft, Bo3, Single Elimination

Casters: skybook123 - Auspicious - aquin - debord - Grey Mao - Opsy

Tales from the group stage:

Hikaru198’s deck had a Lion and no other black cards.

Redrame was refused connection to server for both his matches and issued two auto losses - ATC_70344_1965661970 - This and other bugs will continue to be a game breaking issue for draft tournaments until admins can roll back matches. This was a 4 person group. How can I ensure this won’t happen at the $2K Main Event?

The more direct instruction I gave on how to join, the less likely that person was to ultimately play. This is my fault and I will reconsider my communication methods. 4 alternates had to be found, which is much higher than anticipated.

Three out of eight groups had to have their decider matches done in remakes. As an admin I could not swap matchups. I think there is a way around this but I was surprised when I suddenly couldn’t swap players when normally I can. If anyone knows how to properly set up a 4 person swiss group stage for GSL format, please let me know. This would save me a bunch of time testing things with 3 other people.

-Opsy

Artifact Bitcoin League

Join the Community: discord.gg/6PUdk58


[uncensored-r/BitcoinMarkets] [Altcoin Discussion] Friday, January 11, 2019

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[uncensored-r/BitcoinMarkets] [Daily Discussion] Thursday, January 10, 2019

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[uncensored-r/CryptoCurrency] Pure PoW is DEAD

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When I was 16, camping out in an airport waiting to board my first International flight to England I began chatting with a U.S. Airforce pilot who had camped up beside my group. Asking him what it was like to fly at mach speeds he replied in a very sober expression, “you have to be alert at all times. You see a mountain or some obstacle appear on the horizon, you better adjust now or you’re going to slam into it.” Maybe he was adding dramatic effect, I’ve never flown at mach speeds at low altitudes, but I never forgot it and the analogy it carries...especially so fitting for technology and progress.

This past week in cryptocurrency shined an important (and hopefully sobering) light on a “mountain” that appeared on our industries horizon...and has actually been visible to us for far too long already: Pure Proof of Work’s inevitable fate.

By pure, I mean consensus algorithms that use nothing but the original Bitcoin proof of work consensus model without updates or algorithm changes to address its weaknesses relative to the ever expanding technology used to hash it. This means Bitcoin, today’s Ethereum, Zcash, Ethereum Classic, and other coins that comprise most of the value in the top 100 cryptocurrencies. The original, unmodified form of basic PoW that most of these coins use is dead. This demise may not be fully appreciated today, but as sure as a mach-speed plane, unable to turn in time is doomed to collide with a mountain in its path, these blockchains must soon either accept their lack of security in today’s world or fork and upgrade to more effective solutions, some of which have been pioneered by smaller projects that don’t command as much hash power and therefore already had to face and address their need for extra security.

I believe it’s actually irresponsible to deny it and assume economics, hash power, market, sentiment or even self-preservation of network participants will be protection enough.

Because Bitcoin is the biggest (by market cap) of the pure PoW cryptocurrencies in existence today, I’ll establish my arguments using BTC, but the same goes for all pure PoW cryptos.

1 - Economics
Bitcoin is often defended because it has the largest market cap of all cryptocurrencies and commands most of the capable hash worldwide that might be used to attack it. It is a “store of value” with proponents of this argument relying on few factors, limited supply combined with sentiment being one of the most prominent. They believe that this limited supply will inevitably drive the price up and, somehow, bitcoin will remain unequivocally secured and established.

Bitcoin has serious limitations in its adherence to the pure PoW model, and though the realities of competition has kept it free from major 51% attacks, I predict that it’s only a matter of time before it cannot command the majority of hash power that may be used to attack it. Lack of acceptance that consensus must use more than just PoW, even when checkpoints are an already accepted as necessary augmentation, leaves Bitcoin open to a catastrophic failure at some point in the future, which would affect the short term value of every cryptocurrency, even those that have addressed and solved the most glaring security challenges of a pure PoW model. Some projects have developed and are now using more advanced, more secure technology than pure PoW, and still remain fully decentralized. This is now an area where altcoins are leading, as they fill the security vacuum. With altcoins also having smart contracts and advanced currency capabilities and being potential stores of value as well, the landscape visible on the horizon in front of us looks quite different from the smooth sailing we have seen behind us with respect to projects relying on PoW and PoW alone. I’m not suggesting that Bitcoin should try to be everything that every other altcoin is becoming, but to rely on its single function as an argument of it’s security and sustainability while refraining from important technical advancements to secure its future, is foolish. The calculator is an important, valuable, and useful tool, yet people understood that it should be part of a more multifunction solution and now carry one around inside their smartphone.

The argument supporting Bitcoin’s status quo as a pure PoW blockchain and claiming it is perfect as is for whatever particular reason, is often combined with the following and includes an argument resting on self-preservation. In other words, why would anyone be nefarious and ruin their own wealth and store of value given the enormous hash power and cost it would take to attack Bitcoin? Bitcoin, then, relies on theoretical protection with idealistic boundaries.

2 - Hash Power and Hardware Capabilities
This is sort of a 2 in 1 argument. Bitcoin is considered by many, the most secure blockchain in terms of pure hash power. In other words, more hash power is directed at Bitcoin than any other cryptocurrency and, there are limits to sha256d hashing speeds, economically and in hardware capabilities therefore it would be too expensive to attack Bitcoin and by the same token, make no sense to the attacker to do any wrong in this case (self preservation).

To assume technology, A: is limited to what we know now and B: will remain within these bounds for long, is just ignorant. What happens when sha256d can be hashed faster, when hardware innovations change the cost and capabilities involved? How do we know it isn’t possible now? What’s more, will Bitcoin always hold its position as the “special” coin due to its leading network hashpower that simply will never experience a world where there is enough available hash power from other sources to use for a 51% attack? The argument that Bitcoin will remain special is not an argument that its technology can protect it, especially with its roots as a project that grew from a figurative David with its sights set on the Goliath of the banking industry.

Look at the enormous hash power presently directed at Bitcoin and ask, what happens if that hash power is suddenly directed at another, less special coin, as part of a 51% attack? Is that other coin ready to defend in some way against that event? And how does this then impact Bitcoin? I would submit that at the end of the analysis, if the only thing protecting Bitcoin and its current technology from being doublespent to death is the fact that it is uniquely “special” because it is biggest, then as it unarguably becomes centralized among the largest Bitcoin participants and/or institutions, in an ironic way, refusal to improve technology could create exactly the systemic centralization that Satoshi was trying to prevent.

Even so, the idea that Bitcoin can always and forever remain the largest cryptocurrency and “special” as such, ignores historical realities that teach us differently. Remember “alta-vista”, the pre-Google winner of the search engine wars? Remember AOL? MySpace? The economics of bitcoin as people understand them today, the economics involved in mining pure PoW, the sentiment and value assigned to bitcoin and any coin now, can change as rapidly as Bitcoin emerged, even unexpectedly to the masses.

The ETC attack of only a few days ago just put the entire Cryptocurrency industry on notice. Any project without an active solution in place of immunity or at least a defense against a 51% hash attack is in trouble. I would argue that even though it will likely still take some time for market dynamics to enable an attacker to reasonably mount a 51% attack on the largest pure PoW cryptocurrency, Bitcoin, without new defense against such an attack, it is a question of when, not if.

The other day I identified a small handful of projects that have developed and are using defenses against 51% hash attacks, only one of which has a provable solution of hash attack immunity in place.

It’s important to note, any solution that can be seen as real progress over the Bitcoin protocol must be one that is decentralized. While some cryptocurrencies solve the 51% hash attack problem with a fully centralized approach, that truly misses the point of the original Bitcoin paper. Centralized databases are a different technology altogether, and implementing a centralized solution to a decentralized technology changes it entirely, in which case it’s more akin to just trying to brand your centralized database with the latest catch phrases to gain attention, support or funding.

Here’s a short list I identified of projects who have developed a defense or a complete solution to 51% hash attacks. To my knowledge, all of these solutions are now active on the respective project main networks, with the exception of Litecoin Cash, which is running on testnet at this time.:

  • Komodo with dPoW defense
  • Litecoin Cash with its "Hive" algo defense
  • Zencash with Horizon as a defense
  • Verus Coin, the only project I know of with provable immunity using a decentralized new “Proof of Power” consensus

As an industry, we need to face the fact that pure PoW is an incomplete solution to decentralized blockchain security in this age of cheap, fungible compute power. Pure PoW-only systems must evolve, and it’s time we look beyond to understand what are the best solutions that have evolved to address that fact. If you are part of a crypto project, no matter how large, you ignore the notice provided by the ETC attack at your own peril and the peril of your network participants.

My request is this… if you kn...


[Daily Discussion] Sunday, January 13, 2019

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[uncensored-r/BitcoinMarkets] [Daily Discussion] Friday, January 11, 2019

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[Daily Discussion] Sunday, January 13, 2019

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[Daily Discussion] Sunday, January 13, 2019

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[Altcoin Discussion] Sunday, January 13, 2019

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[Daily Discussion] Sunday, January 13, 2019

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[Daily Discussion] Sunday, January 13, 2019

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[Daily Discussion] Sunday, January 13, 2019

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[uncensored-r/BitcoinMarkets] [Daily Discussion] Saturday, January 12, 2019

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Pure PoW is DEAD

When I was 16, camping out in an airport waiting to board my first International flight to England I began chatting with a U.S. Airforce pilot who had camped up beside my group. Asking him what it was like to fly at mach speeds he replied in a very sober expression, “you have to be alert at all times. You see a mountain or some obstacle appear on the horizon, you better adjust now or you’re going to slam into it.” Maybe he was adding dramatic effect, I’ve never flown at mach speeds at low altitudes, but I never forgot it and the analogy it carries...especially so fitting for technology and progress.

This past week in cryptocurrency shined an important (and hopefully sobering) light on a “mountain” that appeared on our industries horizon...and has actually been visible to us for far too long already: Pure Proof of Work’s inevitable fate.

By pure, I mean consensus algorithms that use nothing but the original Bitcoin proof of work consensus model without updates or algorithm changes to address its weaknesses relative to the ever expanding technology used to hash it. This means Bitcoin, today’s Ethereum, Zcash, Ethereum Classic, and other coins that comprise most of the value in the top 100 cryptocurrencies. The original, unmodified form of basic PoW that most of these coins use is dead. This demise may not be fully appreciated today, but as sure as a mach-speed plane, unable to turn in time is doomed to collide with a mountain in its path, these blockchains must soon either accept their lack of security in today’s world or fork and upgrade to more effective solutions, some of which have been pioneered by smaller projects that don’t command as much hash power and therefore already had to face and address their need for extra security.

I believe it’s actually irresponsible to deny it and assume economics, hash power, market, sentiment or even self-preservation of network participants will be protection enough.

Because Bitcoin is the biggest (by market cap) of the pure PoW cryptocurrencies in existence today, I’ll establish my arguments using BTC, but the same goes for all pure PoW cryptos.

1 - Economics
Bitcoin is often defended because it has the largest market cap of all cryptocurrencies and commands most of the capable hash worldwide that might be used to attack it. It is a “store of value” with proponents of this argument relying on few factors, limited supply combined with sentiment being one of the most prominent. They believe that this limited supply will inevitably drive the price up and, somehow, bitcoin will remain unequivocally secured and established.

Bitcoin has serious limitations in its adherence to the pure PoW model, and though the realities of competition has kept it free from major 51% attacks, I predict that it’s only a matter of time before it cannot command the majority of hash power that may be used to attack it. Lack of acceptance that consensus must use more than just PoW, even when checkpoints are an already accepted as necessary augmentation, leaves Bitcoin open to a catastrophic failure at some point in the future, which would affect the short term value of every cryptocurrency, even those that have addressed and solved the most glaring security challenges of a pure PoW model. Some projects have developed and are now using more advanced, more secure technology than pure PoW, and still remain fully decentralized. This is now an area where altcoins are leading, as they fill the security vacuum. With altcoins also having smart contracts and advanced currency capabilities and being potential stores of value as well, the landscape visible on the horizon in front of us looks quite different from the smooth sailing we have seen behind us with respect to projects relying on PoW and PoW alone. I’m not suggesting that Bitcoin should try to be everything that every other altcoin is becoming, but to rely on its single function as an argument of it’s security and sustainability while refraining from important technical advancements to secure its future, is foolish. The calculator is an important, valuable, and useful tool, yet people understood that it should be part of a more multifunction solution and now carry one around inside their smartphone.

The argument supporting Bitcoin’s status quo as a pure PoW blockchain and claiming it is perfect as is for whatever particular reason, is often combined with the following and includes an argument resting on self-preservation. In other words, why would anyone be nefarious and ruin their own wealth and store of value given the enormous hash power and cost it would take to attack Bitcoin? Bitcoin, then, relies on theoretical protection with idealistic boundaries.

2 - Hash Power and Hardware Capabilities
This is sort of a 2 in 1 argument. Bitcoin is considered by many, the most secure blockchain in terms of pure hash power. In other words, more hash power is directed at Bitcoin than any other cryptocurrency and, there are limits to sha256d hashing speeds, economically and in hardware capabilities therefore it would be too expensive to attack Bitcoin and by the same token, make no sense to the attacker to do any wrong in this case (self preservation).

To assume technology, A: is limited to what we know now and B: will remain within these bounds for long, is just ignorant. What happens when sha256d can be hashed faster, when hardware innovations change the cost and capabilities involved? How do we know it isn’t possible now? What’s more, will Bitcoin always hold its position as the “special” coin due to its leading network hashpower that simply will never experience a world where there is enough available hash power from other sources to use for a 51% attack? The argument that Bitcoin will remain special is not an argument that its technology can protect it, especially with its roots as a project that grew from a figurative David with its sights set on the Goliath of the banking industry.

Look at the enormous hash power presently directed at Bitcoin and ask, what happens if that hash power is suddenly directed at another, less special coin, as part of a 51% attack? Is that other coin ready to defend in some way against that event? And how does this then impact Bitcoin? I would submit that at the end of the analysis, if the only thing protecting Bitcoin and its current technology from being doublespent to death is the fact that it is uniquely “special” because it is biggest, then as it unarguably becomes centralized among the largest Bitcoin participants and/or institutions, in an ironic way, refusal to improve technology could create exactly the systemic centralization that Satoshi was trying to prevent.

Even so, the idea that Bitcoin can always and forever remain the largest cryptocurrency and “special” as such, ignores historical realities that teach us differently. Remember “alta-vista”, the pre-Google winner of the search engine wars? Remember AOL? MySpace? The economics of bitcoin as people understand them today, the economics involved in mining pure PoW, the sentiment and value assigned to bitcoin and any coin now, can change as rapidly as Bitcoin emerged, even unexpectedly to the masses.

The ETC attack of only a few days ago just put the entire Cryptocurrency industry on notice. Any project without an active solution in place of immunity or at least a defense against a 51% hash attack is in trouble. I would argue that even though it will likely still take some time for market dynamics to enable an attacker to reasonably mount a 51% attack on the largest pure PoW cryptocurrency, Bitcoin, without new defense against such an attack, it is a question of when, not if.

The other day I identified a small handful of projects that have developed and are using defenses against 51% hash attacks, only one of which has a provable solution of hash attack immunity in place.

It’s important to note, any solution that can be seen as real progress over the Bitcoin protocol must be one that is decentralized. While some cryptocurrencies solve the 51% hash attack problem with a fully centralized approach, that truly misses the point of the original Bitcoin paper. Centralized databases are a different technology altogether, and implementing a centralized solution to a decentralized technology changes it entirely, in which case it’s more akin to just trying to brand your centralized database with the latest catch phrases to gain attention, support or funding.

Here’s a short list I identified of projects who have developed a defense or a complete solution to 51% hash attacks. To my knowledge, all of these solutions are now active on the respective project main networks, with the exception of Litecoin Cash, which is running on testnet at this time.:

  • Komodo with dPoW defense
  • Litecoin Cash with its "Hive" algo defense
  • Zencash with Horizon as a defense
  • Verus Coin, the only project I know of with provable immunity using a decentralized new “Proof of Power” consensus

As an industry, we need to face the fact that pure PoW is an incomplete solution to decentralized blockchain security in this age of cheap, fungible compute power. Pure PoW-only systems must evolve, and it’s time we look beyond to understand what are the best solutions that have evolved to address that fact. If you are part of a crypto project, no matter how large, you ignore the notice provided by the ETC attack at your own peril and the peril of your network participants.

My request is this… if you know of a project with a 51% hash attack solution, please provide some information below. If you totally disagree with the main point of this post, please provide a reasoned argument to prove me wrong or explain why pure PoW systems will remain viable indefinitely. As an industry, it’s time we see the blunt reality and apply innovation. Those who don’t will be reduced to interesting historical experiments.


[Daily Discussion] Saturday, January 12, 2019

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[Daily Discussion] Sunday, January 13, 2019

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QuarkChain has come to a successful journey, i wish you all the best to your all the future events

QuarkChain has come to a successful journey, i wish you all the best to your all the future events as well. me and my crypto audience always support good projects like this . Strong team with a great project. Love to be a part of this movement and wishing a successful to all team members and developers. #QuarkChain #Blockchain #sharding #Crypto #ether #ethereum #bitcoin #cryptocurrency


[Daily Discussion] Saturday, January 12, 2019

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[Daily Discussion] Saturday, January 12, 2019

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New TradeBlock Statistical Data Shows Crypto Conferences are Still on the Rise Across the Globe - Bitcoin Exchange Guide

https://bitcoinexchangeguide.com/new-tradeblock-statistical-data-shows-crypto-conferences-are-still-on-the-rise-across-the-globe/

Blockchain Double Spending Guide: How Bitcoin Solved the Riddle of the Unique Digital Money

https://bitcoinexchangeguide.com/blockchain-double-spending-guide-how-bitcoin-solved-the-riddle-of-the-unique-digital-money/

Blockfolio Crypto Portfolio Tracking App Reduces Headcount After Series A Cash-Raise - Bitcoin Exchange Guide

https://bitcoinexchangeguide.com/blockfolio-crypto-portfolio-tracking-app-reduces-headcount-after-series-a-cash-raise/

Infamous Bitcoin Price Predicter Tom Lee Forecasts a New Rally for the S&P in 2019 - Bitcoin Exchange Guide

https://bitcoinexchangeguide.com/infamous-bitcoin-price-predicter-tom-lee-forecasts-a-new-rally-for-the-sp-in-2019/

[Daily Discussion] Saturday, January 12, 2019

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[Daily Discussion] Saturday, January 12, 2019

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Remembering two security incidents related with npm from 2018

If you are a JS developer one of the tools you probably use the most is npm. You also probably read this article that reminded us that things could go wrong in many ways. And they actually did. Here I will talk a bit about two incidents that happened in 2018.

I am not writing this to bash npm of the JS ecosystem, not at all! If that was the case I would go to /r/programming and post something like "DAE think JS bad? lolol Edit: thanks for the gold stranger!". Just kidding, I understand (and share) many of the frustrations that a lot of people have when working with JS, but that is not the point. I think that every problem or incident is a learning opportunity so it would be a waste if these events were simply forgotten.


Package: eslint-scope@3.7 and eslint-config-eslint@5.0 (July)

What happened?

The two packages (with eslint-scope being very popular with million of downloads) were shipped with a script that downloads a text from pastebin and eval it, sending the npm tokens of the victim to the attacker.

Interestingly, in some cases the script doesn't wait for the whole attack code to be loaded, resulting in a syntax error, which is how the vulnerability was found. The QA for this attack probably didn't account for slower internet speed SMH.

How the incident developed?

The attacker gained access to the credentials of a maintainer of the affected packages and added a postinstall script. This script downloads the code that will actually do the hard work.

Read more

https://eslint.org/blog/2018/07/postmortem-for-malicious-package-publishes

https://blog.npmjs.org/post/175824896885/incident-report-npm-inc-operations-incident-of

https://blog.npmjs.org/post/176488970320/community-questions-following-the-eslint-security


event-stream@3.3.6 (Sep - November)

What happened?

The highly downloaded package event-stream (it was used by many other packages, including nodemon and popular cli tools) was shipped with the malicious dependency flatmap-stream. This package had a very specific target, a Bitcoin wallet platform called Copey. If some conditions were met the malicious code would send the victim's private account data to the attacker.

How the incident developed?

Despite its popularity event-stream was not being actively maintained anymore, with the last actual changes in the code merged more than two years ago. The attacker approached the package owner asking to be made a maintainer, then receiving write and publish rights to the package.

After a few small and harmless commits the attacker sneaked in flatmap-stream as a dependency and made a new minor release. Only after two months this came to light.

Read more

https://blog.npmjs.org/post/180565383195/details-about-the-event-stream-incident

https://snyk.io/blog/malicious-code-found-in-npm-package-event-stream/

https://github.com/dominictarr/event-stream/issues/116


General recommendations

How to prevent that? A lot of debate has been occurring about that, specially in the JS community, but in my opinion some things that we can (and should) do right now are: - If you are a package maintainer, limit the number of users with publish right to npm; - Use 2FA for your npm account and anywhere else where you have important data, actually; - Be very careful with tokens or credentials, never publish them. Remember that they could be inside PRs or commit history; - Use npm audit or Snyk to check if you are using a package with known vulnerabilities;

I think the general advice is: take care of your dependencies. Even if it is too much to check all of the hundreds of packages in your node_modules, if we all take care of at least the modules that we directly import, then we all also can feel safer.

Of course, this is easier said than done, so, what you guys think? How do you decide when adding a dependency? How to say if it is trustworth or not? Should you remove a package that has not been active for years? What should npm change to improve the security?


[Daily Discussion] Saturday, January 12, 2019

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DAY 12

January 12th 2019

Day 12

Life in general seems to be going better. I don't know exactly what is causing these changes. NoFap is definitely part of it, along with changes in diet and exercise and going to church. Socially Ive been just way more comfortable in places I am usually not. Also, women that Ive known for months have been more touchy and interactive/social with me. Again, Ive made a decent amount of changes to my life, so its difficult to pinpoint what is the cause. It could also partly be the mindset in my head that Im going to make changes and Im actually following through. It also could just be a lucky streak of events, so we'll see if it continues. However, these benefits definitely add a motivating factor for when Ill eventually be faced with a massive urge somewhere down the line

-TheBitcoinCarnivore


[Daily Discussion] Saturday, January 12, 2019

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[Daily Discussion] Saturday, January 12, 2019

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The North American Bitcoin Conference, January 16-18

The North American Bitcoin Conference (TNABC) will offer industry insider speakers a packed agenda of special sessions and presentations, plus networking opportunities throughout the event. The annual conference, to be held in downtown Miami’s James L. Knight Center, will offer a lineup of knowledgeable speakers and presentations of ICOs and STOs.

Learn more at the TNABC website, www.BTCMiami.com, and reserve now at www.BTCMiami.com/Tickets. The North American Bitcoin Conference is the longest running conference in the blockchain space


[Daily Discussion] Saturday, January 12, 2019

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[Daily Discussion] Saturday, January 12, 2019

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Day 12

January 12th, 2019

Day 12

Life in general seems to be going better. I don't know exactly what is causing these changes. NoFap is definitely part of it, along with changes in diet and exercise and going to church. Socially Ive been just way more comfortable in places I am usually not. Also, women that Ive known for months have been more touchy and interactive/social with me. Again, Ive made a decent amount of changes to my life, so its difficult to pinpoint what is the cause. It could also partly be the mindset in my head that Im going to make changes and Im actually following through. It also could just be a lucky streak of events, so we'll see if it continues. However, these benefits definitely add a motivating factor for when Ill eventually be faced with a massive urge somewhere down the line

-TheBitcoinCarnivore


[Daily Discussion] Saturday, January 12, 2019

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[Daily Discussion] Saturday, January 12, 2019

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ABL $2K Main Event Closed Qualifier #1 starts in 6 hours!

The first Closed Qualifier for the Artifact Bitcoin League $2K BTC Main Event is upon us! After 3 ABL qualifiers and 4 community qualifiers, 32 players are ready to battle it out for 4 main event invites and $100 BTC. There will be casted coverage on the Artifact Bitcoin League Twitch channel so stop by and say hello. Your favorite player might be streaming as well!

And before you ask - YES! Regularly scheduled Latte and Pizza League tournaments will be running all weekend! (Free $5/$20 BTC Prize Pool) You can still get to the top of the leaderboard and earn a direct invite to the main event or three invites to Closed Qualifier #2.

Games start at 1800 UTC / 1000 PST. That is just over six hours from this post.

Watch Casted Coverage: twitch.tv/artifactbitcoinleague

Join the Community: discord.gg/6PUdk58

Follow on Twitter: twitter.com/artifactbitcoin

Full Event Information: artifactbitcoinleague.com

Format

Phase 1:

Jan 12 1800 UTC / 1000 PST

8 Groups of 4, Bo3 Double Elimination (GSL Format)

Phase 2:

Jan 13 1800 UTC / 1000 PST

Top 16, Redraft, Single Elimination Bracket, BO3

Players:

Invited: hotMEOWTH - Purge - KnowMe - KG. 传说中的白石 (The White Rock of Legend) - Sparrow’s Rum - GrappLr - KG. 清浅 QingQian - FreddyBabes - vinkelsier - DotACapitalist - KG. Jinlin - FreddyBabes

Qualified: aev - CONFIRM - Groza - nemphy - Si^imperium - BrusiedByGod - Damorquis - Colt 45 and Two ZigZags - CD_tiho - zara - catoftheyear - Rayzo_陈大胖 - Greensheep - Water - Redrame - Hikaro198 - KaibaCeto

Alternates: Mugibaby - Soey

Casters**: skybook123 - Auspicious - aquin - debord - Grey Mao**

A big thanks to OMG eSports, Naiman, Ironwood Branch, and Bronze Legion for hosting community qualifiers.

I will make new post with information on the top 16 bracket after the group stage.

Morning 1800 UTC / 1000 PST to 2300 UTC / 1500 PST

Group A, B, C & D

1800 UTC aev vs CONFIRM - Mogibaby vs Soey - Si^imperium vs BrusiedByGod - KnowMe vs CD_tiho

1900 UTC hotMEOWTH vs Gorza - Purge vs nemphy - Damorquis vs Colt 45 and Two ZigZags - zara vs catoftheyear

2000 UTC winners

2100 UTC losers

2200 UTC decider

Evening 2300 UTC / 1500 PST to 0400 UTC / 2000 PST

Group E, F, G & H

2300 UTC Water vs Redrame - GrappLr vs KaibaCeto - FreddyBabes vs WEIBO.Ale 阿乐 - Rayzo_陈大胖 vs Greensheep

0000 UTC KG. 传说中的白石 vs Sparrow's Rum - Hikaro198 vs KG. 清浅 QingQian - DotACapitalist vs vinkelsier - Oscar the Grouch vs. KG. Jinlin

0100 UTC winners

0200 UTC losers

0300 UTC decider

Catch you on the River!

-Opsy

Artifact Bitcoin League


[Daily Discussion] Saturday, January 12, 2019

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/r/Monero Weekly Discussion – January 12, 2019 - Use this thread for general chatter, basic questions, and if you're new to Monero

Index

  1. General questions
  2. Wallet: CLI & GUI
  3. Wallet: Ledger
  4. Nodes

1. General questions

Where can I download the Monero wallet?

There are multiple Monero wallets for a wide range of devices at your disposal. Check the table below for details and download links. All wallets listed below are open source. Attention: for extra security make sure to calculate and compare the checksum of your downloaded files.


Desktop wallets

Wallet Device Description Download link
"Official" GUI / CLI Windows, Mac OS X, Linux The default implementation that is maintained by the core team. Use this one to run a full node and obtain maximum privacy.Has Ledger (hardware wallet) integration. Current version: 0.13.0.4 / 0.13.0.4. GetMonero.org
MyMonero Windows, Mac OS X, Linux MyMonero is a lightweight wallet, which means you don't need to download the blockchain and run a node. MyMonero was developed with the assistance of the core team. They also have web-based and iOS versions. GitHub

Mobile wallets

Wallet Device Description Download link
Monerujo Android Popular Android lightweight wallet that has very cool features, like integration with xmr.to which lets you send payments in BTC using your XMR. It also has Ledger (hardware wallet) integration. Website: https://www.monerujo.io/. Google Play / F-Droid / GitHub
MyMonero iOS iOS version of the MyMonero wallet. All versions have interoperability. App Store
Cake Wallet iOS Popular iOS lightweight wallet that has integration with MorphToken, which means you can instantly exchange your XMR to other coins and tokens. Website: https://cakewallet.io/ App Store
X Wallet iOS Another iOS lightweight wallet. Website: https://xwallet.tech/ App Store
Edge Wallet Android / iOS This is a multi-assets wallet, meaning you can store Monero, Bitcoin, Ethereum and other tokens in one single app. https://edge.app/ ⚠️ Relatively new - use with caution! ⚠️ Google Play / App Store

Web-based wallets

Wallet Description Link
MyMonero Web version of the MyMonero wallet. All versions have interoperability. Web
XMRWallet Web wallet with TOR support. ⚠️ Relatively new - use with caution! ⚠️ Web / Onion URL

How long does it take for my balance to unlock?

Your balance is unlocked after 10 confirmations (which means 10 mined blocks). A block is mined approximately every two minutes on the Monero network, so that would be around 20 minutes.

How can I prove that I sent a payment?

The fastest and most direct way is by using the ExploreMonero blockchain explorer. You will need to recover the transaction key from your wallet (complete guide for GUI / CLI).

How do I buy Monero (XMR) with Bitcoin (BTC)?

There are dozens of exchanges that trade Monero against Bitcoin and other cryptocurrencies. Check out the list on CoinMarketCap and choose the option that suits you best.

How do I buy Monero (XMR) with fiat?

  • Kraken (USD and EUR): old-school, decent exchange. They might require your documents for verification and approval of your account.
  • LocalMonero: peer-to-peer exchange. They have pretty much everything as a payment method and they support hundreds of fiat options.

How do I mine Monero? And other mining questions.

The correct place to ask questions and discuss the Monero mining scene is in the dedicated subreddit r/MoneroMining. That being said, you can find a list of pools and available mining software in the GetMonero.org website.


2. Wallet: CLI & GUI

Why I can't see my balance? Where is my XMR?

Before any action there are two things to check:

  1. Are you using the latest available version of the wallet? A new version is released roughly every 6 months, so make sure you're using the current release (compare the release on GetMonero.org with your wallet's version on Settings, under Debug info).
  2. Is your wallet fully synchronized? If it isn't, wait the sync to complete.

Because Monero is different from Bitcoin, wallet synchronization is not instant. The software needs to synchronize the blockchain and use your private keys to identify your transactions. Check in the lower left corner (GUI) if the wallet is synchronized.

You can't send transactions and your balance might be wrong or unavailable if the wallet is not synced with the network. So please wait.

If this is not a sufficient answer for your case and you're looking for more information, please see this answer on StackExchange.

How do I upgrade my wallet to the newest version?

This question is beautifully answered on StackExchange.

Why does it take so long to sync the wallet [for the first time]?

You have decided to use Monero's wallet and run a local node. Congratulations! You have chosen the safest and most secure option for your privacy, but unfortunately this has an initial cost. The first reason for the slowness is that you will need to download the entire blockchain, which is considerably heavy (+70 GB) and constantly growing. There are technologies being implemented in Monero to slow this growth, however it is inevitable to make this initial download to run a full node. Consider syncing to a device that has an SSD instead of an HDD, as this greatly impacts the speed of synchronization.

Now that the blockchain is on your computer, the next time you run the wallet you only need to download new blocks, which should take seconds or minutes (depending on how often you use the wallet).

I don't want to download the blockchain, how can I skip that?

The way to skip downloading the blockchain is connecting your wallet to a public remote node. You can follow this guide on how to set it up. You can find a list of public remote nodes on MoneroWorld.

Be advised that when using a public remote node you lose some of your privacy. A public remote node is able to identify your IP and opens up a range for certain attacks that further diminish your privacy. A remote node can't see your balance and it can't spend your XMR.

How do I restore my wallet from the mnemonic seed or from the keys?

To restore your wallet with the 25 word mnemonic seed, please see this guide.

To restore your wallet with your keys, please see this guide.


3. Wallet: Ledger

How do I generate a Ledger Monero Wallet with the GUI or CLI?

This question is beautifully answered on StackExchange. Check this page for the GUI instructions, and this page for the CLI instructions.


4. Nodes

How can my local node become a public remote node?

If you want to support other Monero users by making your node public, you can follow the instructions on MoneroWorld, under the section "How To Include Your Node On Moneroworld".

How can I connect my node via Tor?

This question is beautifully answered on StackExchange.



The monetary system for a successful and sustainable future

Kinetically Charged Yield Bearing Asset Based Monetary System of Shared Economic Wealth

In the same way our sun unconditionally delivers an indiscriminate share of energy to planet Earth that stimulates life, we present a comparative energy system to stimulate the movement of money, assets and hence overall commerce and economic activity in a fair, honest and rewarding process. It is an entirely new monetary system, which is based on movement, kinetics and velocity. We name the system Kinesis.

The Kinesis system is an evolutionary step beyond any monetary system available in the world today. It enhances money as both a store of value and a medium of exchange, and has been developed for the benefit of all. Core to the mechanics of the system is the perpetual incentive and thus stimulus for money velocity. Outside capital is attracted into Kinesis via a highly attractive risk/return ratio and then put into highly stimulated movement, promoting commerce and economic activity. This is achieved through structuring money to represent 100% allocated title of an asset and then attaching a unique multifaceted yield system that fairly shares the wealth generated by the system according to participation and money velocity.

Aside from offering the greatest store of value and striving to provide the most efficient medium of exchange, Kinesis is a monetary system focused on: minimising risk; maximising return; stimulating velocity and maximising the rate of adoption.

Kinesis defeats Gresham’s Law of Money that asserts “bad money drives out good”, by highly incentivising “good money” to circulate and be utilised as an effective medium of exchange. Someone who values money over other money is inclined to hoard it and not use it as a payment currency, but rather use the less valued currency for payments. This model has been broken in the Kinesis system as the reward for using the valued currency is so tremendously strong.

The primary currency chosen for the Kinesis monetary system is a kinetically charged physical gold based currency. Gold being the greatest store of value, indestructible in every sense, physically rare in quantity and has been appreciated by human civilisation as money for longer than anything else. It is the money created by our universe and not by people. It is created by a rare cosmic event of two neutron stars colliding, so rare that the first time this event was witnessed by humankind was 17 August 2017. Hold gold in your hands and you can feel its energy. It is the colour of stars, it is the money of the universe. Gold is the undisputed champion of fair, honest and sustainable money. Put allocated gold on a kinetically charged decentralised rail system and you have a very special monetary system. We believe this is what we have achieved, and a lot more.

The Kinesis system can be overlaid on top of anything that can be standardised, traded and stored as value. Accordingly, we are developing a kinetically charged digital currency suite with allocated title of bullion, fiat bank notes, cryptocurrencies and other assets that are physically and digitally securely stored in our allocated Kinesis banking and asset management system. By attaching a yield to digital currencies, risk/return ratios can be forecasted and virtually all currency and investment asset markets can be targeted and infiltrated. As such, over time we plan for more currencies and assets to be added, ultimately infiltrating more markets spread across the world.

Kinesis will attract capital from:

Cryptocurrency markets – currently little to no yield The gold and silver markets – currently little to no yield Fiat currency markets – low to negative yield via debt based interest rates Investment asset markets – comparatively low yields for stock market and property investment Ultimately, if someone can get the same asset at the same price, but with significantly lower risk and higher return, it makes little sense for them to not choose the asset with the better risk/return ratio, particularly when significant returns are on offer. As the Kinesis monetary system is one that allocates title directly to the ultimate beneficial owner, where banks conversely hold legal title of their customer deposits and put those deposits at risk, the Kinesis system is in fact much less risky and with much greater return than legacy alternatives. With global low to negative interest rates, bail-in provisions, depositors’ insurance being removed, and with banks holding legal title to their customer deposits, it makes no logical investment sense to choose risk and nil-to-negative return over the alternative Kinesis system with negligible risk and high return. In comparison to legacy fiat money and fractional banking systems, Kinesis seems too good to be true, but it isn’t. Once clearly understood, Kinesis will lead a highly disruptive paradigm shift in money.

Kinesis has taken the very best properties of both old-world money and new-world innovation and combined them together to power banking and commerce in a new fair, inclusive and incentivised way. The result is something extraordinarily powerful that will change the way we all view money forever.

The primary elements of Kinesis are:

Gold & Silver - The primary currencies offering allocated 1:1 title to physical gold & silver – the greatest stable and definable stores of value for use in commercial and private transactions and investment. Yield - A perpetually recurring yield generated from economic activity, not from debt based interest like fiat currency – providing definable value via Net Present Value (NPV) calculations for use in commercial, institutional and retail investment. Cryptocurrency technology – can only be enhanced. Blockchain peer-to-peer decentralised distributed ledger technology – blockchain may become obsolete, but distributed ledger technology can only be enhanced. Kinesis can never be destroyed as these elements will never go away, never be valueless and can only be enhanced. Nothing can take away intrinsic asset value and the value of future cash flows, and technology will only ever be enhanced. Gold and silver have survived the greatest test of all, time, and so too will Kinesis.

Other cryptocurrencies with value determined by the anonymous decentralised blockchain payment capabilities and their controlled supply scarcity are all at risk of losing value as their initial founding value proposition is diluted by others coming into the market with enhanced solutions. This is evidenced by Bitcoins’ dominance continuing to fall and has been witnessed in many other industries and markets throughout history as competitors rise.

A major contributing factor to the volatility in cryptocurrencies is that they are impossible to value. By intrinsically backing a currency, hence back-stopping the value and defining the risk, and then placing a yield on it, hence defining the return and providing superior value, then a currency which is safe, stable and rewarding is created with a highly attractive investment risk/return ratio attached. This form of currency has necessary real-world application in both commerce and private transactions, along with attracting capital from institutional and retail investors and savers.

This is not just a currency, this is a new parallel monetary system to sit alongside but integrated into the legacy problematic centrally controlled fiat and fractional monetary and banking systems. Kinesis is the undeniable superior alternative.

This model is highly revolutionary alone, however to take it the next step further, already in place is a highly disruptive retail and institutional commercialisation strategy with unique distribution and committed adoption from day one of launch. Pre-existing investment commitments are in place for the Kinesis currency suite which will surpass the largest ICO to date by a significant multitude. Kinesis is being developed and being brought to launch by a consortium of industry leading organisations in the precious metal trading, mining, refining, exchange, technology, blockchain, mobile banking, vaulting, postal system and marketing spheres. From launch the system will have extensive institutional and retail distribution, integration, liquidity and adoption. Our liquidity, which will be provided by professional bullion market participants and others, will enable billions of dollars of value to efficiently enter and exit the market. Direct and indirect integrations will provide for immediate adoption into hundreds of millions of users.

With the evolution of blockchain, cryptocurrencies and mobile devices, the people of the world have been presented with a profound opportunity. It’s an opportunity to apply empowering creativity to money and be part of a person-centric revolution. We have now been enabled to adopt and support a system that individually and collectively benefits us all based upon nothing more than participation. This system combines new world decentralised technology with the oldest, fairest and most sustainable form of money, to empower and serve the interests of us all equally and capitalistically.