Tuesday, January 21, 2020

Billionaire Investor Sees Major Flaw In Bitcoin Investment Thesis (current BTC/USD price is $8,735.31)

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Billionaire Investor Sees Major Flaw In Bitcoin Investment Thesis

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Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


The good news and the bad news about Bitcoins halving event

https://i.redd.it/hzh8l7633ac41.jpg

Diversify Into Hard Assets, but Not Bitcoin, Says Billionaire Investor (current BTC/USD price is $8,730.99)

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Diversify Into Hard Assets, but Not Bitcoin, Says Billionaire Investor

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Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


[Daily Discussion] Wednesday, January 22, 2020

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[Altcoin Discussion] Wednesday, January 22, 2020

Thread topics include, but are not limited to:

  • Discussion related to recent events
  • Technical analysis, trading ideas & strategies
  • General questions about altcoins

Thread guidelines:

  • Be excellent to each other.
  • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
  • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
  • No discussion about specific ICOs. Established coins only.

If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

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Israeli Counter-Terrorism Institute Reports Hamas Using Bitcoin As A Funding Source (current BTC/USD price is $8,733.03)

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Israeli Counter-Terrorism Institute Reports Hamas Using Bitcoin As A Funding Source

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Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


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How Bitcoins On-chain Activity and the Iran Crisis Correlate? (current BTC/USD price is $8,667.15)

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How Bitcoins On-chain Activity and the Iran Crisis Correlate?

Other Related Bitcoin Topics:

Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


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My Trezor (MEW?) account got compremised, funds were stolen

Hello ladies and gentleman,

I hope you can help me out somehow. I put it in bitcoin as well despite its ethereum but its about trezor and the btc part is involved. In mid september all my ethereum and ethereum based stuff was cleared from my MEW accounts for roughly 38k USD. Trezor couldnt help me at all and we went through all the topics and questions they had which lead to nothing exept an basic answer “your seeds got compromised in the past“, which doesn’t make any sense and I will explain why.

Lets say, Im a person with some basic tech knowledge and worked as admin and I use common sense to handle my crypto stuff which is part of my business and daily task since 2 years.I check all things again before sending. Adress, amount etc and never had any problems before.I never was on a fake page where I had to give my seed or passphrases inI dont open spam mails nor use my new laptop for something else then work, like visiting porn sites or shady stuff or use cracks etc. I didnt even found a malitous cookie after checking everything. The laptop I used was 3 months old and set up on my own with windows, firwall, antivir and anti malware stuff. Things I am doing form me and my friends since year 2000. No cracks used for programms, everything legal. I use a trezor one since then which is updated accordingly when the tool or page prompts me. I used to use chrome as my default browser (which i learned, over the past months trying to figure out what might have happened, is one oft the worst browsers).

No one has my seedsno one knows my pin to entert the trezorI dont store any of this information onlineI dont know my private keys from trezor

So what happened was that september 9 in the evening, a few hours after I sent some usdt deposit to my adress, I want to check if everything is there, login to my MEW account (online, not offline and url was correct. no addon used, just the shortcut in my browser which i safed there and always used and later checked i fit was linked to something else which wasnt), and the account was empty. Three ethereum adresses where i stored some coins, eth and usdt.

I realised that every transaction below happened while i was standing infront of my laptop (checked time happening), trezor connected cause i did some btc transaction before and chatted to customers on different chat tools like telegram or skype. Obvsly without signing any transaction at all everything was sent to other adresses. It seemed someone got the keys to those adresses before. Now, I dont even know my private keys to those adresses which are stored in trezor right? I wasnt logged into MEW before this incident for about 1.5 days. The btc part on my trezor is MUCH more valuable, but still there. After trezor couldnt help me about what happened and MEW treated me like the standard idiot who gets highjacked and then wonders why his money is gone, I went trough so many possibilities. For the most time I thought some kind of KRACK attack happened.

The only problem is trezor says they dont extract the private keys. Some gurus in this topic ( i read on reddit here) say its possible to get them from the network. Even parts are enough to encrypt the whole key after a while which would underline the timeline that it took 6 days from working in this hotel and having the unusual situation with the sending (down explained) till the accs got cleared.

The hotel incident happened the week before my accounts got cleared. I was visitting friends and coworking agents in Vietnam and stayed in a red doorz hotel in Ho Chi Minh. Using the Hotel Wifi and a nvpn.net VPN I sent some usdt funds via MEW to a befriended customer and something very stranged happened, which I never had before.I sent 4k usdt to a customer and the transaction took 13 min working working working and then failed. I’ve never had something like that. We thought it might be because of eth network or so but we never had that before, me and him sending a lot transactions every day.

Then i copied all details in again and send another 4k and somehow he recieved both!

check the screen. The one transaction processed nearly 13 min then failed. 2min later i sent a new one and without any evidence in this screen he recieved both.

https://s19.directupload.net/images/200121/27e8uyd3.jpg

later

https://s19.directupload.net/images/200121/3todak3u.png

So he sent me back the additional 4k and I shut down everything not thinking about this much anymore. Only when the accounts got cleared I was searching for any unusual happenings which could have let to this because pretty much all other “typical“ mistakes people normally do we could exclude. If somehow my seeds got compromised why only the ETH stuff? The btc parts on the trezor had much much more value. I never searched for trezor page on the web and used a link to access my wallets or to do updates. I always used the trezor bridge and made a shortcut to my wallet in my browser. For MEW i always used the same shortcut in my browser which worked pretty fine for the past years an everytime when setting the browser or pc new i checked it all before.

Because of the unusual thing which happened in Vietnam I flew back there (from philippines) prepared with tools and checking because I couldnt let go and I didnt find any other plausible cause. I even got back my old room. In this hotel there are three hotel wifi network and I remeber 100% that I used the 2nd one before cause it had the strongest signal. Anyway. I switched on wireshark and later on Fiddler, repeated all steps I used to do before. Checking if some rerouting, dns poisening or readressing or so is happening. Nothing unusual happened in the first when entering MEW (I sent some bait funds there).

In the 2nd network I used in september the trezor basically totally freaked out. He didnt let me enter MEW, I had to reenter my pin up to 5 times sometimes, It gave me error messages in MEW or it took 30 fucking seconds to enter it. Trezor writes about this:

“When you enter an invalid PIN a few times, the Trezor adds a forced waiting time between attempts.You can see this feature on the photo where the Trezor is making you wait for 15 seconds before another attempt.This countdown is then multiplied by the factor of two until you reach the 16th invalid PIN entry. After that, the device automatically wipes its memory - deleting all data from it.

The behavior of your Trezor at MEW is undoubtedly not standard or in any form pleasantly functional. Nevertheless, it also isn't anything superbly unusual or unexpected, taking poor internet connection into account.“

The thing is, the pin is 6 digits but pretty basic and I never ever entered it wrong. And I used the strongest wifi and could open webpages very easily .

As well as: “Sadly, this does not tell us anything about how your funds could be compromised. None of this could have ever exposed your private keys or made your device vulnerable in any way.

The Reddit thread you linked discusses cracking BIP-39 passphrases, which is irrelevant to your case. Cracking such passphrases assumes the person trying to break the wallet already has full possession of the recovery seed (recovery words). See, a passphrase is not your recovery seed or some additional password on your device. It is an extension of the seed, and it is also 100% useless without controlling the full seed.

The only threat you are exposed to when using Chrome is using Google itself. When googling "trezor" or "trezor wallet", you might stumble upon a phishing site which will present itself as a genuine Trezor website and force you to go through a fake "recovery" process. There you'd give out your recovery seed, which subsequently grants full access to your wallet and funds.

It's reasonable to assume that malware could guide you to such a website. To this day, we are not aware of any such incident ever happening, and even then, there are protections in place to defend you against phishing attempts.“

Basically, something I never did and all funds would haven been gone then.

I checked the 3rd network as well, and like the 1st nothing special happened. Only in the 2nd.

These are the funds and how the got cleared off the wallets.

I always show last transaction from me to the adress as well on the screens. So adress:

0x253ABB6d747a9404A007f57AaDEc1cA2b80694a1

They withdrew this:

1k USDT and the small amount ETH to send stuff

https://s19.directupload.net/images/200121/sg2lumg8.png

adress:

0x01fd43a713D8F46FF9a7Ed108da2FF74884D8400

They withdrew this:Majority of USDT and small eth for sending stuff

https://s19.directupload.net/images/200121/arycubto.png

adress:

0xf73c8C30072488d932011696436B46005504A7aeThey withdrew this:

Majority of ETh, then all coins from valueable to worthless and then some rest eth

https://s19.directupload.net/images/200121/urbgm2y5.png

https://s19.directupload.net/images/200121/rdkod59h.jpg

So this is what happened at 12th september between 16:49 and 17:15. Sick to see that all happened between 16:49 and 17:00 and its like someone came back checking and saw the 0.014 eth and withdrew it 17:15. Around 10pm i discovered what happened.

So, do you have any ideas? Questions? Feel free to guess or ask Im glad for everything which might lead to what might have happened. I somehow can’t let go off the feeling something inbetween the network, MEW and trezor ist he cause, but what do I know.



Hopefully helpful for some of you - The Beginners Guide to Bitcoin

https://www.whatbitcoindid.com/the-beginners-guide-to-bitcoin

[uncensored-r/BitcoinMarkets] [Daily Discussion] Tuesday, January 21, 2020

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Thread topics include, but are not limited to:

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The Beginner’s Guide to Bitcoin Part 6: How Bitcoin Works with Shinobi — What Bitcoin Did

https://www.whatbitcoindid.com/podcast/the-beginners-guide-to-bitcoin-part-6-how-bitcoin-works-with-shinobi

Best cryptocurrency exchanges in India

Hoping to purchase bitcoin in India? or on the other hand scanning for best crypto trade in India? Here is the rundown of some operational cryptographic money trades as yet working where clients can purchase and sell bitcoin (+ Altcoin) in India. In the event that you are searching for the best digital money trade in India to purchase Bitcoin then there are just a couple of trades permitting store and withdrawal in Rupee also through distributed model.

These days, exchanging bitcoins and purchasing or selling them is developing in India. Different sites are offering these kind of bitcoin and altcoins exchanging administrations however just certain sites are sorted under the most-confided in classification concerning their simple use and fame. There are numerous Websites and Mobile applications to purchase bitcoin in India. Here is the finished rundown of Best Cryptocurrency Exchange In India (Bitcoin + Altcoins)

LIST OF SOME BEST EXCHANGES

  1. WazirX (Acquired recently by Binance)
  2. Paxful
  3. Bitbns
  4. Coindcx etc…

    WazirX is a newly launched cryptocurrency exchange, started trading from 8th March, aims to become the most trusted cryptocurrency exchange operating in India. It plans to launch a fully functional crypto exchange that will support different cryptocurrency pairs, WazirX has also introduced its own token, the WRX Coin, you can earn 100 Free WRX by joining this exchange. Recently, WazirX has been aquired by worlds largest exchange Binance. It offered a huge list of supported coins.

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2.Paxful Founded in 2015, Paxful is a peer-to-peer exchange operating in India as well. It offers 300+ payment options to buy and sell cryptocurrency including Western Union, gift cards (Amazon, iTunes, Google Play), debit/credit cards and Paypal. It provides even local payments means such as PayTM and PhonePe for India. peer-to-peer.


Bitcoin Price Indicator Eyes First Bullish Turn Since August (current BTC/USD price is $8,662.00)

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Bitcoin Price Indicator Eyes First Bullish Turn Since August

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Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


Staking — The New Way to Earn Crypto for Free

https://preview.redd.it/jpadsinyz3c41.png?width=616&format=png&auto=webp&s=c0dc410484430b863b0488727f92135f218edff2

Airdrops are so 2017, free money was fun while it lasted but now when someone says free money in crypto, the first thoughts are scams and ponzi schemes. But in 2020, there is a way to earn free money, in a legitimate, common practice, and logical manner — staking.

Staking is the core concept behind the Proof-of-Stake (PoS) consensus protocol that is quickly becoming an industry standard throughout blockchain projects. PoS allows blockchains to scale effectively without compromising on security and resource efficiency. Projects that incorporate staking include aelf, Dash, EOS, Cosmos, Cardano, Dfinity and many others.

https://preview.redd.it/luczupo004c41.png?width=616&format=png&auto=webp&s=2a2aba11c35c9962e42d1ea56b9e4f33532750ef

PoW — Why change

First, let’s look at some of the issues facing Proof-of-Work (PoW) consensus that led to the development of PoS.

  1. Excessive energy consumption — In 2017, many concerns were raised over the amount of electricity used by the bitcoin network (Largest PoW blockchain). Since then the energy consumption has increased by over 400%, to the point where 1 single transaction on this network has the same carbon footprint of 736,722 Visa transactions or consumes the same amount of electricity as over 20 U.S. households.
  2. Varying Electricity Costs — The profit of any miner on the network is tied to two costs, the initial startup cost to obtain the hardware and infrastructure, and more critically, the running cost of said equipment in relation to electricity usage. Electricity costs can vary from fractions of a cent per kWh to over 50 cents (USD) and in some cases it is free. When a user may only be earning $0.40 USD per hour then this will clearly rule out certain demographics based purely on electricity costs, reducing the potential for complete decentralization.
  3. Reduced decentralization — Due to the high cost of the mining equipment, those with large financial bases setup mining farms, either for others to rent out individual miners or entirely for personal gains. This results in large demographic hotspots on the network reducing the decentralized aspect to a point where it no longer accomplishes this aspect.
  4. Conflicted interests — The requirements of running miners on the network are purely based on having possession of the hardware, electricity and internet connection. There are no limits to the amount a miner can earn, nor do they need to hold any stake in the network, and thus there is very little incentive for them to vote on upgrades that may benefit the network but reduce their rewards.

I want to take this moment to mention a potential benefit to PoW that I have not seen anyone mention previously. It is a very loose argument so don’t take this to heart too strongly.

Consistent Fiat Injection — The majority of miners will be paying for their electricity in fiat currency. At a conservative rate of $0.1 USD per kWh, the network currently uses 73.12 TWh per year. This equates to an average daily cost of over $20 million USD. This means every day around $20 million of fiat currency is effectively being injected into the bitcoin network. Although this concept is somewhat flawed in the sense that the same amount of bitcoin will be released each day regardless of how much is spent on electricity, I’m looking at this from the eyes of the miners, they are reducing their fiat bags and increasing their bitcoin bags. This change of bags is the essence of this point which will inevitably encourage crypto spending. If the bitcoin bags were increased but fiat bags did not decrease, then there would be less incentive to spend the bitcoin, as would see in a staking ecosystem.

https://preview.redd.it/8dtqt6e204c41.png?width=631&format=png&auto=webp&s=065aedde87b55f0768968307e59e62a35eac949d

PoS Variations

Different approaches have been taken to tackle different issues the PoS protocol faces. Will Little has an excellent article explaining this and more in PoS, but let me take an excerpt from his piece to go through them:

  • Coin-age selection — Blockchains like Peercoin (the first PoS chain), start out with PoW to distribute the coins, use coin age to help prevent monopolization and 51% attacks (by setting a time range when the probability of being selected as a node is greatest), and implement checkpoints initially to prevent NoS problems.
  • Randomized block selection — Chains like NXT and Blackcoin also use checkpoints, but believe that coin-age discourages staking. After an initial distribution period (either via PoW or otherwise), these chains use algorithms to randomly select nodes that can create blocks.
  • Ethereum’s Casper protocol(s) — Being already widely distributed, Ethereum doesn’t have to worry about the initial distribution problem when/if it switches to PoS. Casper takes a more Byzantine Fault Tolerant (BFT) approach and will punish nodes by taking away (“slashing”) their stake if they do devious things. In addition, consensus is formed by a multi-round process where every randomly assigned node votes for a specific block during a round.
  • Delegated Proof-of-Stake (DPoS) — Invented by Dan Larimer and first used in Bitshares (and then in [aelf,] Steem, EOS, and many others), DPoS tackles potential PoS problems by having the community “elect” delegates that will run nodes to create and validate blocks. Bad behavior is then punished by the community simply out-voting the delegated nodes.
  • Delegated Byzantine Fault Tolerance (DBFT) — Similar to DPoS, the NEO community votes for (delegates) nodes, but instead of each node producing blocks and agreeing on consensus, only 2 out of 3 nodes need to agree on what goes in every block (acting more like bookkeepers than validators).
  • Tendermint — As a more sophisticated form of DBFT and a precursor to Casper, Jae Kwon introduced tendermint in 2014, which leverages dynamic validator sets, rotating leader elections, and voting power (i.e. weight) that is proportional to the self-funding and community allocation of tokens to a node (i.e. a “validator”).
  • Masternodes — First introduced by DASH, a masternode PoS system requires nodes to stake a minimum threshold of coins in order to qualify as a node. Often this comes with requirements to provide “service” to a network in the form of governance, special payment protocols, etc…
  • Proof of Importance (POI)NEM takes a slightly different approach by granting an “importance calculation” to masternodes staking at least 10,000 XEM. This POI system then rewards active nodes that act in a positive way over time to impact the community.
  • “Proof-of-X” — And finally, there is no lack of activity in the PoS world to come up with clever approaches and variants of staking (some are more elaborate than others). In addition to BFT protocols such as Honeybadger, Ouroboros, and Tezos, for further reading, also check out “Proof-of-”: Stake Anonymous, Storage, Stake Time, Stake Velocity, Activity, Burn, and Capacity.

https://preview.redd.it/n28a8n5404c41.png?width=604&format=png&auto=webp&s=0ea8827fd0458e768d4eb3a0a1fa88c984ba0a82

Earning Your Stake

In order to understand how one can earn money from these networks, I’ll break them down into 3 categories: Simple staking, Running nodes, and Voting.

Simple Staking -
This is the simplest of the 3 methods and requires almost no action by the user. Certain networks will reward users by simply holding tokens in a specified wallet. These rewards are generally minimal but are the easiest way to earn.

Running a node -
This method provides the greatest rewards but also requires the greatest action by the user and most likely will require ongoing maintenance. Generally speaking, networks will require nodes to stake a certain amount of tokens often amounting to thousands of dollars. In DPoS systems, these nodes must be voted in by other users on the network and must continue to provide confidence to their supporters. Some companies will setup nodes and allow users to participate by contributing to the minimum staking amount, with a similar concept to PoW mining pools.

Voting -
This mechanism works hand in hand with running nodes in relation to DPoS networks. Users are encouraged to vote for their preferred nodes by staking tokens as votes. Each vote will unlock a small amount of rewards for each voter, the nodes are normally the ones to provide these rewards as a portion of their own reward for running a node.

Aelf’s DPoS system

The aelf consensus protocol utilizes a form of DPoS. There are two versions of nodes on the network, active nodes & backup nodes (official names yet to be announced). Active nodes run the network and produce the blocks, while the backup nodes complete minor tasks and are on standby should any active nodes go offline or act maliciously. These nodes are selected based upon their number of votes received. Initially the top 17 nodes will be selected as active nodes, while the next 100 will stand as the backup ones, each voting period each node may change position should they receive more or less votes than the previous period. In order to be considered as a node, one must stake a minimum amount of ELF tokens (yet to be announced).

https://preview.redd.it/47d3wqe604c41.png?width=618&format=png&auto=webp&s=062a6aa6186b826d400a0015d4c91fd1a4ed0b65

In order to participate as a voter, there is no minimum amount of tokens to be staked. When one stakes, their tokens will be locked for a designated amount of time, selected by the voter from the preset periods. If users pull their tokens out before this locked period has expired no rewards are received, but if they leave them locked for the entire time frame they will receive the set reward, and the tokens will be automatically rolled over into the next locked period. As a result, should a voter decide, once their votes are cast, they can continue to receive rewards without any further action needed.

Many projects have tackled with node rewards in order to make them fair, well incentivized but sustainable for everyone involved. Aelf has come up with a reward structure based on multiple variables with a basic income guaranteed for every node. Variables may include the number of re-elections, number of votes received, or other elements.

As the system matures, the number of active nodes will be increased, resulting in a more diverse and secure network.

Staking as a solution is a win-win-win for network creators, users and investors. It is a much more resource efficient and scalable protocol to secure blockchain networks while reducing the entry point for users to earn from the system.



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After a weekend price fall, Bitcoin Cash sees signs of life (current BTC/USD price is $8,637.79)

Latest Bitcoin News:

After a weekend price fall, Bitcoin Cash sees signs of life

Other Related Bitcoin Topics:

Bitcoin Price | Bitcoin Mining | Blockchain


The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.


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