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Topics - abdmuiz

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46
A Japanese national cryptocurrency will allow its finance sector to “use data to create new value” not possible with traditional setups.

This is according to comments from Mitsubishi UFJ Financial Group (MUFG) CEO Nobuyuki Hirano, who is also chairman of the Japanese Bankers Association.

Speaking at a news conference Thursday, Hirano said the possibilities offered by (presumably centralized) cryptocurrencies would also Japan’s finances to “reap the benefits,” Reuters reports. He explained:

“We would be able to capture kinds of financial behavior that cannot be collected as data in cash transactions.”

Japan has rapidly turned on to the phenomenon of decentralized cryptocurrency such as Bitcoin and its controllable alternatives.

A major consumer drive to increase propagation, along with formal regulations for exchanges has increased public confidence in what was previously regarded as a highly niche concept.

While the government oversees its nationwide J-Coin digital currency project, Hirano is also overseeing MUFG’s own cryptocurrency, MUFG Coin, pegged to the yen and currently under trial with company employees.

A cagey statement from the bank read last month:

“...We can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a Blockchain technology.”

47
This week, $534 mln worth of XEM, the native cryptocurrency of NEM, was stolen from a major Japanese cryptocurrency exchange Coincheck. On January 27, merely hours after the hacking attack was announced, developers behind NEM created an automated tagging system to track down the funds stolen by hackers.

Stolen funds will be traced
As Cointelegraph reported on January 26, $534 million worth of XEM were stolen from low security hot wallet that lacked multi-signature security measures. During a press conference covered by Cointelegraph, Coincheck executives stated that all of the funds were stored in a hot wallet or an online wallet, which left user funds vulnerable to the security breach.

Shortly after the press conference, NEM representatives and its open-source development community firmly opposed the idea of conducting a hard fork to prevent user funds on a centralized cryptocurrency exchange from being recovered.

A hard fork could have been executed if $534 million in NEM were stolen due to the fault of the NEM blockchain. But, because the security breach was caused by the lack of strong security measures of Coincheck, the NEM #DevelopmentTeam  rightfully refused to conduct a hard fork.

Instead, the NEM #DevelopmentTeam  created an automated tagging system to ensure that all funds stolen from Coincheck are traced. By tagging stolen funds as tainted funds, cryptocurrency exchanges can now easily verify if stolen NEM funds are withdrawn or deposited to regulated trading platforms.

“Hack update: NEM is creating an automated tagging system that will be ready in 24-48 hours. This automated system will follow the money and tag any account that receives tainted money. NEM has already shown exchanges how to check if an account has been tagged. So the good news is that the money that was hacked via exchanges can't leave,” said a NEM spokesperson.

During an interview, NEM Foundation vice president Jeff McDonald confirmed the development of the tagging system and the work NEM Foundation will lead in the next few weeks to prevent stolen funds from being cashed out or converted to other cryptocurrencies through trading platforms.

As of now, the hackers behind the Coincheck NEM security breach are out of options. It is not possible for the hackers to convert the stolen NEM to other major cryptocurrencies like bitcoin and Ethereum because the automated tagging system will immediately alert exchanges about the tainted funds.

Due to the sheer size of the stolen funds, it is also not likely that the hackers will go through small-scale cryptocurrency exchanges to convert or launder the stolen funds.

At this stage, the only safe option for the hackers is to hold onto the stolen NEM. Because of the technology NEM has developed in light of the recent Coincheck hack, it has become significantly difficult for the hackers to do anything with the funds. It is not possible to cash out the stolen NEM to fiat currencies like the US dollar and it is also not possible to convert the stolen funds to other cryptocurrencies.

Important favor
NEM, its open-source development community, and the NEM Foundation did not have to develop the tagging system for the benefit of Coincheck, specifically because stolen funds on the NEM blockchain network would still have circulated around the network even if they are not recovered. But, NEM developers have done Coincheck and investors that lost millions of dollars in the hacking attack a tremendous favor by voluntarily creating a solution to a serious problem.

48
Danish finance and workers’ rights figures have threatened legal action against major bank Nordea after it announced this week that it will ban its employees from owning Bitcoin by Feb. 28.

Speaking to local radio station Danmarks Radio (DK), Danish Financial Federation chairman Kent Petersen joined DJØF Union consultant Niels Mosegaard in condemning Nordea’s move, which came to light Monday.

Nordea is Scandinavia’s largest bank, meaning the legislation will cause 31,500 people to divest themselves of any Bitcoin holdings or exposure as soon as Feb. 28.

“We would consider it a legal offense against the individual,” Petersen told DK about the possibility of challenging the violation of employees’ rights in court. “After all, in Denmark there is still a degree of freedom to invest if it is not a risk for the company you are employed in.”

He added legal action would be considered if a member of either organization was fired as a result of owning Bitcoin after March 1. The majority of Nordea’s employees are members of either one of the two unions, according to The Next Web.

Nordea had defended its decision as prevention of employee participation of “criminal” or “unethical” participation in an “unregulated market.”

Director of media Stine Green Paulsen further agreed with a conclusion put to him by Finans.dk that they could technically “buy as many bitcoins as they liked” before the deadline, adding, however, that this was “not a recommendation.”

As a major Nordea operating area, Denmark has seen increasing hostility towards Bitcoin from regulatory circles recently.

Last month, Denmark’s Central Bank chief warned users to “stay away” from the cryptocurrency, going as far as to describe it as “deadly.”

At the same time, Bitcoin Suisse’s takeover of a major Danish sports team means the country now has a ‘Bitcoin Arena,’ while its players could become the first sports professionals to receive their salary in BTC.

49
South Korean Bitcoin “investors” allegedly launched the DDoS attack that shut down Weiss Ratings’ website after the agency gave the cryptocurrency a ‘C+’ rating.

According to a press release citing “numerous mentions on social media” about plans to attack Weiss, staff were “up all night” attempting to restore normal service after the release of ratings for Bitcoin and other cryptocurrencies Thursday.

“Earlier commentary on social media expressed considerable fear we were about to release negative ratings on their preferred currencies,” founder Martin D. Weiss commented, “so this may be an attempt to thwart our release today.”

No cryptocurrency managed to gather an ‘A’ on Weiss’ list, while the rating agency’s other conclusions also drew criticism from commentators.

Bitcoin Cash fared only slightly worse than Bitcoin itself with C-, while Ethereum scored a B and Dogecoin C, placing it similarly just below Bitcoin in terms of providence.

“All else being equal, as a cryptocurrency overcomes its individual challenges, it's likely to be upgraded promptly,” Weiss himself nonetheless added adopting a somewhat more bullish tone.

In the week of the 2018 World Economic Forum in Davos, legacy finance entities are delivering curious appraisals of cryptocurrency as it faces its most mainstream year yet.

Former US Secretary of State John Kerry told Cointelegraph that crypto “has value” at the event, while JPMorgan CEO Jamie Dimon privately denied he was a “skeptic” when it came to Bitcoin

50
It has been a depressing fortnight for anybody reading various mainstream headlines touting the ‘end of Bitcoin’ and the arrival of the ‘crypto bubble’ crash. Unsurprisingly, the most recent cryptocurrency market slump has led to naysayers stepping onto their soapboxes, crying out messages of ‘I told you so’.

Their rhetoric is not unfounded, given that the overall cryptocurrency markets have suffered two dramatic corrections in under a month, one just before Christmas and the most recent last week. So-called industry experts have been voicing their opinions in interviews with mainstream media, speculating on the burst crypto bubble without any real evidence to show that the markets are irreversibly damaged.

What we know
A wave of uncertainty in South Korea led to massive sell-off of cryptocurrencies last week, as traders unloaded amid fears of regulatory clamp downs from the government. Those fears were led by misleading reports of an all out cryptocurrency trading ban in a country which accounts for 20 percent of global trades.

It is now understood that South Korea will only ban anonymous trading - meaning people wishing to trade cryptocurrencies need to do so through authorised exchanges using a registered bank account. Furthermore, foreigners and minors in the country are now prohibited from cryptocurrency trading, while the government will tax exchanges in line with existing policies.

This was coupled with murmurs of further regulatory moves in China, which has already banned cryptocurrency exchanges in the country. Unsurprisingly, the markets reacted as they would with any hint of bad news, which has led to bearish attitude.

Banks, financial institutions still wary
Financial service giant UBS is particularly bearish towards Bitcoin. Speaking at the World Economic forum this week, chairman Axel Weber said the company had advised clients to steer clear of investing in Bitcoin. In an interview with CNBC, Weber said:

“Retail clients, who don’t fully understand these products, should be protected from going into these products, because if there is a retail client affected in the future, the question will be again who was the bank that sold them these products and then banks will be blamed again for what has happened.”

Weber went on to say that the growing interest in cryptocurrencies around the world will inevitably lead to further regulation. Regulations, as he told Bloomberg in another interview, could lead to further market corrections.

Earlier this week, Wall Street analyst Peter Boockvar suggested that Bitcoin could drop as low as $1000 in 2018. He also attributed the rise in popularity of cryptocurrencies to their inflation-proof nature and scarcity.

Governments hold the future of cryptos
One theme that is becoming increasingly clear is that mainstream investment institutions are still worried about regulations crippling the future of cryptocurrencies. As Weber noted in his interview with Bloomberg, investors’ interest is always piqued by growth in value of any asset. He admits that cryptocurrencies have not gone unnoticed, but the uncertainty of their future is too risky for institutional investors to go in 100 percent.

However, what goes unspoken by critics is that any positive moves by countries could bring about exponential growth and adoption of virtual currencies. This year undoubtedly holds a lot in store, and it seems far too early in the year for people to be writing off every single cryptocurrency.

51
North American Bitcoin Conference that took place in Miami last week gathered around 4,000 people including entrepreneurs, investors, lawyers and leaders who came together to speak to the crypto community.

Dr. Moe Levin    Dr. Moe Levin receiving the Greatest Showman on the Blockchain Award by Louis Kang from NoLedge productions

The conference has come a long way from the 100 attendee event in 2012. Its founder Dr. Moe Levin hosted this year’s event that informed crypto community of current developments, investment opportunities, and trends and provided a great atmosphere to network.

The conference hallThe conference hall by Louis Kang

Inside of the James L. Knight Convention Center industry speakers such as Overstock CEO Patrick Bryne, the American Institute for Economic Research’s Jeffrey Tucker and BitInstant CEO Charlie Shrem addressed a packed audience. They spoke about Blockchain technology, digital assets and the economic history and future of Blockchain technologies such as Bitcoin.

Overstock CEO Patrick BryneOverstock CEO Patrick Bryne by Louis Kang

Two weeks previous to the opening the conference has stopped accepting cryptocurrency payments for ticket purchases due to “network congestion.” However, the event made it clear that there are benefits to decentralizing some centralized systems.

But...we are in a bubble
Sean Walsh reminded in his “Breaking Down Bitcoin” presentation that the cryptocurrency market has unprecedented characteristics and that it does not get its fundamental value in a conventional way like the stock markets most investors are used to.

Many speakers acknowledged that we are in a bubble. Charlie Shrem said in his Fireside Chat that although it is possible to invest in several different Blockchain related companies, a number of these companies will fail. However, even if just two of the 100 companies you invest in succeed, it could be worth it. Shrem then reminded of the dot-com bubble, where tons of websites like Pets.com flopped. However, we also got websites like Amazon and Google that came out of the dot-com bubble and prospered.

Bruce Fenton, founder and CEO of Chainstone Labs gave participants a tool to analyze digital assets, evaluate and estimate its potential success. Fenton talked about a 100 point investment evaluation tool called Spacesuit X.

Bitcoin

by Louis Kang

Looking for fame and money
The exhibit hall was mostly comprised of companies looking to launch their projects in the upcoming months and companies displaying developing technologies in the Blockchain space such as AI, Bitcoin Automated Teller Machines (ATM) and virtual reality. A number of the companies exhibiting also spoke to the audience in the conference hall regarding the goals of their project in hopes to acquire funding from investors.

Andrew Archer’s Aitheon ProjectAndrew Archer’s Aitheon Project by Louis Kang

Louis Kang from NoLedge Productions using a virtual reality set from VResLouis Kang from NoLedge Productions using a virtual reality set from VRes by Louis Kang

Governance and regulation
With an increasing market capitalization in the cryptocurrency market, the number of crypto investors increases. A regulatory panel concluded that cryptocurrency regulation is on its way on both the criminal prosecution and on the consumer protection policy side of things.

52
Nasdaq is still estimating whether “it is the right thing to” launch its own Bitcoin futures to compete with the futures products of Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME), Bloomberg reports Wednesday, Jan. 24.

Nasdaq is currently looking for the ways to produce something “unique enough” to make it different from its competitors and attractive for users, said CEO Adena Friedman. The statement comes from an interview with Bloomberg TV at the World Economic Forum’s annual meeting in Davos.

“We have been working with the industry ... to look at whether or not [launching our own futures product] is the right thing for us to do,” Friedman said, adding that Nasdaq is “still evaluating that.”

The CEO did not specify when the potential Nasdaq Bitcoin futures are expected to arrive.

The Nasdaq stock exchange first started talking about its plans to launch Bitcoin futures in Nov. 2017. Back then, the potential launch was slated to happen as early as June 2018.

When asked whether Nasdaq would consider launching futures products based on cryptocurrencies other than Bitcoin, such as Ether or Ripple, Friedman noted:

53
Curtis "50 Cent" Jackson menghasilkan banyak uang dengan menjadi orang yang sangat percaya diri di Bitcoin, TMZ.com melaporkan pada hari Selasa. Setelah memberi kesempatan kriptocurrency 4 tahun yang lalu, dia sekarang menuai keuntungan yang jumlahnya mencapai lebih dari $ 7 juta, sesuai dengan nilai tukar saat ini.

50 Cent menjadi rapper pertama yang mulai menerima Bitcoin sebagai pembayaran untuk album kelima "Animal Ambition" yang dirilis pada tahun 2014. Dengan salinan $ 5,50 yang setara dengan 0,0088 BTC pada tahun 2014, "jenius uang" yang tak terduga menghasilkan sekitar 700 bitcoin yang senilai lebih dari $ 400.000 tahun itu.

Rapper tersebut dilaporkan menyimpan semua bitcoin-nya tanpa menjualnya selama bertahun-tahun sampai 2018. Selama masa itu, kripto-kardiak telah berkembang dengan sangat baik - dengan harga saat ini mencapai sekitar $ 11.000, 700 koin Jackson sekarang bernilai lebih dari $ 7 juta.

50 Cent telah mengkonfirmasi berita tentang kesuksesannya 'Hodling' di Twitter:

54
Penyanyi dan selebriti Twitter nomor satu Katy Perry telah bergabung dengan kegilaan kripto dengan mem-posting gambar manikur bertema kripto di Instagram Kamis, 25 Januari.

Kuku Perry sekarang dihiasi dengan gambar 3D dari lima kripto yang ditumpangkan di atas latar belakang uang dolar AS. : mata uangnya adalah Bitcoin, Ethereum, Litecoin, Stellar dan Monero. Penyanyi tersebut tidak mengungkapkan alasan di balik pemilihannya.

"Tagihan" $ -CrYpTo ClAwS- $ "- telah berhasil mengumpulkan lebih dari 150.000 orang menyukainya.

Perry juga telah menandai akun Instagram dari kelima kriptocurrency - ethereum_updates, litecoinofficial, bit, stellarlumens dan moneroofficial.

Semakin banyak selebriti telah mengekspos keterlibatan mereka di kripto akhir-akhir ini.

Awal pekan ini, rapper 50 Cent dilaporkan telah menghasilkan sekitar 700 bitcoin saat ia mulai menerima Bitcoin untuk albumnya yang dirilis pada tahun 2014. Dia hanya ingat tentang simpanan Bitcoin-nya, yang sekarang berjumlah sekitar $ 7 juta, minggu ini.

55
News related to Crypto / Using getrawmempool to estimate fees
« on: January 26, 2018, 01:25:47 PM »
Currently I run a program to estimate the lowest fee rate likely to get into the next block. It connects to my local Bitcoin core bode via RPC and runs getrawmempool. It sorts the transactions by fee rate, then takes off the top 1 MB worth of transactions. The fee rate of the last transaction to get in is, in my mind at least a good estimate of the required fee to get into the next block.

I am aware that this is a fairly naive approach, and I would like to improve it. Currently, it does not account for the SegWit discount and will incorrectly decide how many transactions will fit in the block. Also, I am not sure if looking at the mempool is the best option, maybe a rolling average of the lowest fee included in the past 3 blocks would be better for instance.

If these kinds of fee estimation questions have been asked before, feel free to link me but I wasn't able to find what I was looking for.

tl;dr How can I improve my simple fee estimation to be smarter?
When you look at latest blocks, you should check low-fee transactions for CPFP - they might be included in a block because their children compensated for low fee. Also, mining pools might include in blocks withdrawals of their members with lower fees, or they might include low fee transactions because they were paid through some other channels. So, you probably shouldn't expect that the lowest fee included in a recent block is safe enough to also get included in next few blocks - I'd raise that value by 10-20% to get some safer estimation.

56
News: August 2014
My boring professional life made me stay away from bitcoin for far too long but I'm now back in business
Pywallet won't be fixed anymore except for critical bugs
Instead I'll finish its successor (that still has no name)


News: September 2013
I'm rebuilding pywallet from scratch:

    I need a new name for this project, propose one if you want
    See the progress here: https://bitcointalk.org/index.php?topic=294439



This thread
First of all, I'd like to thank Joric for the first version of pywallet he made, this thread is about my fork.
Pywallet is a python script that deals with wallet.dat. It allows you to do plenty of things inside it.
You can post here whatever you want about pywallet: critics, asking for improvements/changes, telling me it helped you, pointing out errors/bugs, etc.


Pywallet 2: 22nd March 2013
Pywallet has been discontinued for around a year but is now actively developed again.
Look at the end of the 7th page for updates: encrypted wallet support, exporting/importing to/from files, merging wallets, etc.


Instructions (see also here)
Currently you can:

    Dump your wallet, see your pubkeys, privkeys, their labels, etc
        Under "Dump your wallet:"
        Fill version with 0 for bitcoin, 52 for namecoin, 111 for testnets

    Dump your transactions to a json file
        Under "Dump your transactions to a file:"
        Fill Output file with the full path to the file where you want the transactions to be written, this file must not exist

    Import a key/address into your wallet, with a label, or as a reserve key
        Under "Import a key into your wallet:"
        Key is the private key to import, in base58 or in hexadecimal chars
        Label is the name you want to see in the Address Book of the client
        Check Reserve if you want your address NOT to show in the Address Book
        Version = 0 for bitcoin, 52 for namecoin, 111 for testnets
        Format of the private key: Hexadecimal if you see only digits, a, b, c, d, e and f, otherwise chose Regular

    Import a transaction into your wallet
        Under "Import a transaction into your wallet:"
        Txk is the tx_k value you see in the wallet dump
        Txv is the tx_v value you see in the wallet dump

    Import transactions from a json file
        Under "Import a transaction into your wallet:"
        Txk = "file" (without quotes)
        Txv = full path to the transactions dump file

    Delete addresses from your wallet
        Under "Delete a key from your wallet:"
        Key is a Bitcoin address, not a priv key
        Type: Bitcoin Address

    Delete transactions from your wallet
        Under "Delete a key from your wallet:"
        Key is the hash of the transaction you want to delete (type "all" to delete them all)
        Type: Transaction

    Get info about a privkey, i.e. see address, base58 privkey, hexprivkey, pubkey and hash160, using the network you want
        Under "Get some info about one key[and sign/verify messages]:"
        Key is a private key
        Leave Msg, Sig and Pubkey empty
        Version = 0 for bitcoin, 52 for namecoin, 111 for testnets
        Format of the private key: Hexadecimal if you see only digits, a, b, c, d, e and f, otherwise chose Regular

    Sign and verify string, files, and binary string
        Under "Get some info about one key and sign/verify messages:"
        Key is the private key you want to sign the message/file with (only for signing)
        Message is the message you want to sign/verify
            If it is a string, just type it
            If it is a binary string, type "Hex:" just before its hexadecimal representation
            If it is a file, type "File:" just before its full path

        Signature is the signature of your message (only for verifying)
        Pubkey is the pubkey used to sign the message (only for verifying)

    Read a device to find deleted keys (CLI only)
        Assuming that:
            The device you want to read is /dev/sda3
            The size of /dev/sda3 is 30.1Gio
            You want pywallet to write the new wallet containing the found keys in /home/jackjack/recovered_wallets
        Run "sudo ./pywallet.py --recover --recov_device /dev/sda3 --recov_size 30.1Gio --recov_outputdir /home/jackjack/recovered_wallets"
        Then replace your wallet (back it up before) with the recovered wallet and run "bitcoin -rescan"

    Print the balance of a bitcoin address, read from blockexplorer



Installation:

    Linux/OSX: See README file
    Windows:
        Download https://github.com/downloads/jackjack-jj/pywallet/PWI_0.0.3.exe (SHA256: 645a4d092733ad6685de730a38b210c6594e44a15690a87a231859477deca316)
        Run it
        Click about a thousand times on Yes/Next/I Agree/OK
        Go to the directory where you extracted it and run pywallet.bat
        http://localhost:8989


How to run it:
 Download it there: https://github.com/jackjack-jj/pywallet
 Run './pywallet.py --web' then open 'http://localhost:8989' in your brower

Requirements:
 Python 2.5-2.7, with bsddb package
 ÃƒÆ’ƒÆ’Æ’Æ’Æ’ÃÆ’¢â‚¬Å¡ twisted package is necessary if you want to use the web interface
 ÃƒÆ’ƒÆ’Æ’Æ’Æ’ÃÆ’¢â‚¬Å¡ ecdsa package is necessary if you want to sign and verify messages

Confirmed to work on:
 Ubuntu 32bit(me)
 Windows 32bit(me), 64bit(ctoon6)
 OSX(defxor)

Pywallet can be used to:
 Import Vanitygen keys
 Delete 0/unconfirmed transactions
 Recover Namecoins (and testnetcoins) sent to Bitcoin addresses
 Create a deterministic wallet (using a passphrase)
 Create a deterministic wallet (using a file)
 Broadcast offline transactions
 Create a Bitcoin/*coin address from scratch
 Recover a wallet/deleted keys

57
News related to Crypto / Blockchain development
« on: January 26, 2018, 01:23:02 PM »
First off, not having to ask that question. You need to know some programming, C++, java, python. Read this https://bitcoin.org/bitcoin.pdf That should be enough to figure it out. Here is another cool article about it for beginners https://medium.com/@lhartikk/a-blockchain-in-200-lines-of-code-963cc1cc0e54

You need to know how to program, you don't need to know all of the above languages. That's pure overkill. I've never used Python or Java for anything, I do however use C for some things and some other higher level cross platform GUI tools for desktop front ends. Ultimately a lot of languages (at least the ones I use) produce programs which are built with the LLVM backend.

Crypto libraries like mbedTLS and LibSodium are written in C but that doesn't mean you need to write the rest of your programs in C or C++ with the Qt environment like Bitcoin.

The basic libs can be used in combination with various modern and very simple to use languages.

There are higher level languages which allow you to use the exact same cryptography as Bitcoin or similar ECC variations like Ed25519 instead of Secp256k1 for example.

You could for example write it in one of the .NET languages or something a bit more cross plaform friendly, there are some quite useful GUI enabled cross platform (Win, Mac and Linux) languages out there if you go looking for them and you can use as much or as little lower level C/C++ stuff as you want.

I would suggest that the first step will be to learn how to use the crypto libraries properly and take it from there.

Writing a blockchain based system is not a small job but it can be done if you're dedicated to the task and have enough time to do so.

What kind of blockchain utilising system did you have in mind ?

I'm interested in a minimalist private blockchain based system for what I'm working on, it doesn't need to be a coin but would use issued tokens to authorise database entries in a distributed manner which is hard to tamper with and is read only for nearly all users apart from those authorised to add blocks. These tokens would have no monetary value and certainly wouldn't be traded anywhere but would serve to enforce fair use of the system and prevent abuse by trusted users.

This is just a pet project of mine but as an emerging and relatively new way of doing things I'm sure there will be many interesting developments in the future so it's an area worth pursuing even if it takes a few years to get up to speed or produce anything worthwhile.

58
1. Obey the overall rules of this forum

2. This section is for BITCOIN MINING and related discussion ONLY. All bitcoin forks and alternate cryptocurrencies and discussion of them should be directed to a dedicated forum for those, or one of the altcoin subforums on this forum. All discussion regarding them will be moved without warning to the altcoin sections. If your topic is related to multiple currencies, then unless it is primarily about bitcoin it will be moved. Even if it is about sha256d mining but not about bitcoin it will be moved. BITCOIN mining is done today ONLY with ASICs, and any discussion of mining with CPU, GPU or FPGAs will be moved to the altcoin mining section.

3. Mining BITCOIN is done exclusively with dedicated BITCOIN mining hardware based on ASICs - https://en.wikipedia.org/wiki/Application-specific_integrated_circuit . You CAN NOT meaningfully mine bitcoin today with CPU, GPU or even FPGAs. Bitcoin difficulty adapts to match the amount of mining done on the network and has reached levels trillions of times too high to mine meaningfully with PCs, laptops, tablets, phones, webpages, javascript, GPUs, and even generalised SHA hardware. You will not find software in this section to help you mine bitcoin in this absurdly inefficient manner in this subforum. It would cost you thousands of dollars in electricity per year to earn only a few cents in bitcoin. Even if you combined all the computers in the world, including all known supercomputer, you would not even approach 0.1% of the bitcoin hashrate today. Any discussion outside of ASIC related mining, except in the interests of academia, will be moved to the altcoin mining section. There isn't any point attempting to mine bitcoin with CPU or GPU even in the interests of learning as it shares almost nothing with how bitcoin is mined with ASICs and will not teach you anything.

TL/DR Summary:
 - You CANNOT meaningfully mine bitcoin with your PC or laptop no matter how powerful it is.
 - You CANNOT meaningfully mine bitcoin with your tablet or phone no matter how powerful it is.
 - Mining apps for your phone or tablet that claim to mine bitcoin are almost certainly scams.
 - You CANNOT find software here to mine bitcoin with your PC by itself.
 - You MIGHT be able to do one of the above with altcoins, but such discussion goes into the altcoin mining section.
 - You CANNOT find or post software here to mine on other peoples' PC without their permission.


4. Use the subforums as much as possible:

Mining support - This is for all questions regarding understanding the process of BITCOIN mining, and any issues with setting up hardware, configuration issues, stability issues, etc. Where hardware has a dedicated support thread by the manufacturer or maintainer of the hardware, there will be a post in the hardware subforum so please use that first. CPU, GPU and FPGA mining support will be moved to the altcoin mining section.

Pools - This is for all questions and discussion regarding BITCOIN pools, their operation, support etc. Where a pool has a dedicated thread from the owner, admin, or support staff of the pool, please use that. If the pool has a self moderated thread, then you are allowed to create your own personal thread to discuss those pools to not be prone to censorship by the pool owner/admin. Altcoin pools will be moved the altcoin pool mining section.

Mining software - This is for all posting of new BITCOIN mining and mining related software, pool software, proxies, controllers, monitors, web page design, apps etc. Discussion of software for education purposes to understand mining related functionality can go here. All altcoin mining related software will be moved to the altcoin mining section. No trojans, botnet, web page miners etc. are acceptable here - threads will be removed without warning and posters banned.

Hardware - This is for dedicated discussion regarding BITCOIN mining hardware ONLY and hardware in development. There should be only one topic per new piece of hardware, preferably started by the creator of the hardware, and they can then provide support for that hardware on that one thread. Where hardware has no manufacturer representative on this forum, the thread can be started by anyone but all discussion should remain in the one thread. If the manufacturer has stared a thread but it is self moderated, then you are free to create your own personal thread to discuss that hardware and avoid the manufacturer's censorship, but discussion of actual support should go in the Mining support subsection.

  Hardware - Group Buys- This is for coordination of BITCOIN mining hardware group buys ONLY. Threads can be created by the initiator of the group buy or expressions of interest, or discussion of existing group buys if a moderated thread exists elsewhere. It is NOT for selling hardware. All altcoin mining related group buys well be moved to the altcoin section.

 Mining speculation- This is where all BITCOIN mining related opinion discussion goes. Opinion means mining related speculating about new hardware, difficulty, economic effects, profit estimates, requesting opinions, asking for hardware recommendations etc. All altcoin mining related speculation will be moved to the altcoin mining section.

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5. Mining altcoins, even if you get paid in bitcoin, does NOT amount to mining bitcoin. Ethereum is NOT bitcoin. Monero is NOT bitcoin. Litecoin is NOT bitcoin. Bitcoin cash is NOT bitcoin and so on. Any discussion regarding mining anything NOT BITCOIN will be moved to the altcoin mining section.

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59
Since i highly underestimated the amount of work and potential stress of a groupbuy i decided i will create a post for everyone who goes with the thought of starting a groupbuy on its own. I will describe what you have to await so you see this more correctly.

Firstly, i started a groupbuy for avalon asic chips Generation 1. Our groupbuy bought 5.6 batches, totaling 4816BTC. We had exactly 300 members involved.

The first thing i thought is that it wont be much work. The biggest work will be the packaging of the chips. Highly wrong. In fact the packaging is something that can be done in a couple hours. Which is a tiny fraction, not even worth to mention. But a groupbuy will mean to you work of 2-6 hours each day, 7 days a week and for me now unbelievable 4 months long (didnt notice this till now). Very seldom only 1 hour a day. You have to stay in contact with your groupbuyers. Nothing is worse for the situation than a groupbuy organizer that doesnt get back to the members. You can await that very fast rumours appear and fears lead to a doom loop that goes in a direction no one wants. Im sure you saw such groupbuys already since there are groupbuys of all kinds on bitcointalk.

Saying that... support is the biggest part of work. Up to 100 pm's each day are common most of the time, if nothing happens for some days you might only get around 20 a day but its seldom. Luckily i can type machine so im fast writing. If you cant it might take you even more time.

You need to be able to maintain a correct dataset. In my case i used a calc sheet of open office. Calc can greatly lower your work amount with automatic formulas and so on. For example i let calc create automatically forum topic, status text and order tables in bbc-code. It would have been a hell of a lot more work otherwise without this help.
Keep sure this data is protected. Backups is something you need very much since you deal not with your own money, its others people money. Even when you dont make backups for your own, at this point you have to when you dont want to risk real trouble.

Before starting a groupbuy make a set of rules. Its easier for you when you can point to explainations this way and it makes the rules clear for both side. The same goes for the fee you take, shipping cost and so on.

You need to specify refund rules. This topic will appear for sure and you need to be prepared. And according to my experience it might happen that everything stops for a reason you cant change and everyone wants his bitcoins back. Its best you have a rule prepared for that case so that you dont sit on the costs and work you had.
If something goes wrong (miner arent worth much anymore because of difficulty rise, seller did something wrong) and you werent fully in contact then await to be the one that was the reason for the problems. My members didnt say that luckily and i constantly was in contact but there might be others outside of the groupbuy that dont bother if you did it. Be prepared to be the one that lured them into buying and planned everything to scam in order to earn money. They simply search a scapegoat because some people cant simply search the error in their decision. It probably cant be changed since you cant be everywhere in each forum thread. So better stay in touch to prevent the doom loop i mentioned above. You dont want get this developed in a shitstorm without real base.

Important point... dont underestimate the legal problems. If as private groupbuy or as a business, the rules are different but there are possible problems that can really make you trouble in real life. Keep sure you thought everything through. I wont go into detail though. In case you want to start a groupbuy and want to know what i mean ask me via pm.

If youre unlucky you have a seller that isnt communicating. That doesnt only bring you much stress because you are the connection between your members and the seller. You get all the possible anger so you can transfer it to the seller. And what do you do when the seller isnt reacting? You collect this in form of stress. In my case i then started to try every way of contact and had to put a lot of time in it. At the end i had to give up realizing there wont be an answer.
I only want to warn you that this can happen.

It might get even worse. What if all was a scam? When the seller took the money and ran? Im not a lawyer but you better didnt do this as a company but instead as a private person that only ordered with its friends a bigger thing. Otherwise you would be the one taking all the loss. But like i said, im not a lawyer, maybe im wrong.
You might even think of rules regarding the case of scam happening. Its always better you have something to point at in case something unawaited happens.

Shipping, like i said, is something that doesnt really cost much time. I didnt ship the actual chips but many shipments with sample chips. Its not much time involved compared to the real time. You might use electronic stamps to speed up the process or similar things.
While we are at shipping. If its special hardware you need to make sure you can provide correct shipment. In my case buying pakets, antistatic bags, antistatic workplace to not hurt the chips, bubble foil and more. Be prepared since most probably time isnt something you will have much when the products were delivered to you.
I had to search a import company to solve some potential problems. To make sure that it will run correctly i travelled to the company and signed a contract to make sure i dont risk the bitcoins of other people because otherwise it would have been my problem.
I only say this to tell that such unawaited things happen too.

Next thing is information collecting. In case you need more infos, for example email, billing address, refund yes or no and so on, you have to collect them to move on. I had to do this several times. If you need that info its not enough to make a post. The response will be very low. You need to create pm. You can send 20 pm with one pm. For example let calc create you ready made lines like "username", "username2", that you can copy into BCC(Blindcopy)-Field so that no other member see the other receivers in case you offered anonymity of some kind. Theres a 120 PM limit per hour at the moment. Only if you do this you can hope to get the needed info in the next days. But even then you will miss 25%. Those remaining infos can come in slowly in weeks or months for mostly good reasons. Sometimes you dont get it at all.
But you will have again much work with it. Especially when you need the info to move on and have to remind often.

My personal result of the groupbuy i did is... my wall to break to do something like that again is huge. The reward is not even close to the stress and work that has to be done. Its really a full time job like someone said before. Luckily i was able to stop my normal work for other reasons, so i found this time. It would have been not be possible for me to do this properly otherwise.
A good result is on the other hand that people learn to know you. After you did this they know if youre trustworthy. Since trust is everything in bitcoin + the Net this is something valuable for sure.

I hope i could help someone with my experiences who thinks about making a groupbuy. Wink

60
Cryptocurrency discussions / Question: Hashgraph
« on: January 25, 2018, 04:29:58 PM »
Is this the correct thread for this topic ? I will give my 5 cents anyway

My understanding of hashgraph is that it will use timestamped "blocks", not really blocks but lets use that for this explanation.
When a node gets a transaction it will tell a few other nodes about the transaction, those nodes in turn would do this too and so on it will propogate throughout the network. Each node tells the other one about it with a timestamp attached. This timestamp is a basis for a transaction to be valid. When a certain amount of time is passed then  that gets set as the "block". This is my understanding of how it works in a basic form.

This uses a legacy protocol called gossip protocol, this was developed in the 1960's or something. It was never really used much. Which brings up concern number one for me, if this legacy protocol is the base of hashgraph then how do we know it has been stress tested and battlehardened. Even today we find exploits with TCP/IP. TCP/IP is the basis for the internet and networks as we know them today.
Let's face it, programmers today know a lot more than the original creators did in those days, applications and protocols are developed with security in mind.

Then onto the way transactions are advertised. This sounds very similar to some more legacy networking technologies (Such as RIP routing protocol), I am unsure of what kind of loop prevention they have. From what I have read about it I don't  see a fool proof loop prevention mechanism in it, I can think that if I recieve a gossip packet  from someone else I can just modify the timestamp in the header before passing it on in my node (this might screw with the whole system). As the network grows the bandwidth requirements will probably start getting quite large which means it wont  be usable on mobiles.
I didn't research this extensively though, so this point might be mute. But the bandwidth requirement will go up as the network scales. Which I think is a bit of a problem, there should be a set limit as to how many confirmations are needed for a transaction to limit the bandwidth requirements.

My biggest problem with this, like others have stated is the fact that this is patented and  developed by one company. I'm sure it will have some uses, but I dont see this replacing blockchain. Blockchain is starting to become really cool, modern blockchain 3.0 products really lay the ground for mass disruption and previously unthinkable innovation. I don't see hashgraph bringing such extensive scalable smart contract technology to the table.
If it's not open source then that means we can't see the code, that means we need to trust the entity who created it. With BTC and others the code is there for anyone to read and check, meaning we don't need to trust anyone, which is the beauty of blockchain.
"Each node in Hashgraph can disseminate sealed information (called events) about transactions created and transactions received from others, to other nodes chosen at random, these nodes will add the received events with the information received from other nodes in a new event, and then They will send to other nodes chosen at random, this process continues until all the nodes know the information created or received at the beginning, and the new information can reach each node of the network in a very fast way.

Fast: 250,000 transactions per second. (7 transactions / second in BItcoin)
More just: Better mathematical configuration (with 2/3 of the network the transaction is validated). For example, a miner could NOT decide which transaction to "make" before due to the higher fee payment.
More secure: It is asynchronous. Nobody can avoid reaching a consensus or trying to interrupt one that has already been reached.
Efficient: No new block can become obsolete.
Less storage: Allows if an event occurs, everyone knows it in minutes, and only the transaction is saved, everything else goes straight to the trash.
Less electricity costs: As they do not rely on PoW (work proof), there are no miners nor would that amount of electricity be consumed. "

This is a bit of the information I found about it.

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