Does anybody has a link to that old Bitcoin Magazine article (I believe by Vitalik) commenting on how 20 years in the future people would likely be running nodes on mobile devices?
It was a nice article that basically explained how technological progress happens exponentially, with no cap anywhere near in the future (we're way too far from the limits of physics), while Bitcoin growth can only grow exponentially up until it hits the "cap" of pretty much every person on the planet using it for all their currency transactions. From that point on, storage demands grow linearly, and bandwidth demands stops growing at all, while tech keeps improving exponentially. If my memory doesn't fail me that article was written by Vitalik, but I'm not really sure about that. Has any digital version of it ever been made available?
The Block Cafe : Considering Lisbon for the Tax Shelter? You'll Stay for the Community!
Lisbon is quite hype since the Bitcoin Magazine article. Nothing really changed but it's more clear now that here in Portugal : No capital gains Tax and no VAT. If you consider moving in lisbon, you are more than welcome at The Block Cafe -Located in central Lisbon near to the 3 main subway lines -Meetups twice a week, We hosted the ecosystem main actors (From the EF to Consensys) -Crypto-only venue, we are one of the first venue supporting xDAI and the Burner Wallet that we translated in Portuguese -Opened in August 2017. -Not maximalists, Bitcoiners and Etherians builds together (I managed to have a BTC-maximalist do a PR on the burner Wallet) Join us and Build in Lisbon! Hello[at]theblock.cafe
What risks do a stolen private key mean to the rest of a BIP39 Ethereum keychain?
Update: I found the resources to this from 4 years ago, linked them below. The vulnerability is that if an attacker knows one of the child private keys and the master public key, they can calculate the master private key easily and thus get access to all the addresses in the key chain. This applies to key chains created with the version of Electrum at the time and all BIP32 key chains. Not sure if it still applies to Electrum -- u/ghost43_ ? -- but most tools I know have long transitioned to BIP44. Bitcoin magazine article (fun fact: written by none other than Vitalik, who publicized this before anyone else) Bitcointalk thread Bitcoin post *Obviously BIP32, not 39. Sorry. Assume a properly seeded BIP32 key chain of Ethereum keys. The private key belonging to one (only one) of the Ethereum addresses becomes compromised by an attacker. Scenario A: the attacker doesn't know anything else. Scenario B: the attacker knows some of the other addresses (but only the addresses). In each scenario, how endangered is the master private key or other private keys in the key chain? A long time ago there was a discussion about this in Bitcoin, and the take-away was (if my memory is not too foggy) that the leaking of one private key makes it easier to guess the master private key. I wonder if this is the case for Ethereum BIP32 key chains as well.
Pay with Dogecoin at your local brick and mortar merchant (Making dogecoin ubiquitous - Important)
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The LTC Pump, Dump and ? A Post-Mortem For Both Bulls And Bears
Our analysis on the recent market activities - http://shitco.in/2015/07/14/the-ltc-pump-dump-and-a-post-mortem-for-both-bulls-and-bears/ Text below (visit the article for images): In our last post, we outlined some of the shenanigans that were occurring in the LTC marketplace (specifically on BFX). A week and a half later, both bulls and bears are in tears, after some of the most extreme volatility the LTC market has seen in years. We don’t expect this volatility to die down any time soon (a gift for traders), but we feel that the community at large should have a more thorough understanding of the underlying fundamentals of the price action that we have been seeing. We have been performing a thorough analysis of the different market forces acting on the LTC (and to a lesser extent BTC) markets over the last few weeks, and are attempting to assemble the pieces so that traders can make an educated decision on what their next trades should be. There is a worrisome element to all of this (outlined in 1, below), and the last thing that the crypto community needs at a time when it is finally going mainstream is more traders/investors to get burned and have disdain for the crypto community because of a malicious actor.
The Chinese LTC ponzi (surprising, eh?)
Pump Team 6
Return of old players
New interest in Crypto/media coverage/Greece = new money
Irrational exuberance and margin trading
Of what we outlined above, we only consider point 1, the ponzi scheme, to be a malicious actor. The others are viewed as forces in the free market. More details on each below:
The Chinese LTC Ponzi – Our friends over at BitMEX published an excellent blog post two days ago outlining the ongoing LTC ponzi scheme in China. This is the address which is being used for the scheme, it has now received over 8.5 million LTC. Bitcoin Magazine goes a bit more in depth on the scheme, and the statements different exchanges have made in response.
An analysis of the wallet address shows that the deposits and withdraws are still increasing dramatically, so the scheme is still ongoing. 687cbd1b-db5c-4645-9074-78eb93461120h/t: @Legion for the data, you can view it for yourself here As stated in the Bitcoin Magazine article, some of the more customer oriented exchanges have taken steps to mitigate any damage from the ponzi, and have reached out to traders/investors to warn them of the unusual trading activity. Huobi posted the attached. While we believe that the LTC ponzi group has contributed partially to the dramatic LTC price and volatility explosion, we believe that the other market forces acting in parallel have amplified both the upward and downward moves of LTC, creating a potentially hazardous trading environment for those who are ill-informed. It is our belief that the LTC ponzi masters are the least sophisticated of the actors involved in the market gyrations.
Pump Team 6 – Starting on May 22, 2015, it started to become clear that LTC was beginning to undergo a somewhat sophisticated crypto pump. The coin had been beaten down during the bear market, and was primed for some upward movement. Subsequent pumps in PPC and NMC seem to exhibit similar characteristics, which may be a coincidence or may be totally unrelated.
The pump team seems to be extremely sophisticated and precise with their actions, utilizing a variety of strategies across multiple exchanges in order to achieve their goals. It is our belief that the primary goal of the pump team is to accumulate BTC, with USD gains coming secondary. Between May 22 and July 9, 2015, we saw the btc price (on bfx) rise from $240, to ~$296. This is a roughly 23% increase. Screen Shot 2015-07-13 at 2.41.00 PMDuring the same time period, LTC saw a substantially more dramatic rise from $1.50 to ~$8.90, a roughly 493% rise. Screen Shot 2015-07-13 at 2.40.38 PMTraders have been talking about the “decoupling” of ltc and btc over the last few weeks, but is it coincidence? Our take is, no. Watching the market action over the last few weeks during the ltc pump, it became clear that an actor was cashing out cheap ltc that they had purchased for btc, with 1k – 5k ask walls on ltc/btc strategically placed the entire way up. Similar size ask walls were chewed through on ltc/usd, providing some small breathers in the bull market. At the same time, iceberg btc asks were being thrown on okc and hidden btc asks on bfx during periods of significant upward ltc price movement. What would the purpose of this be? If the pump team was able to successfully hold down the bitcoin market while pumping ltc, their btc earnings from the pump (via the ltc/btc pair) would be significantly greater than if btc were to pump at a somewhat steady rate during the same time period. One advantage of using leverage and/or futures to suppress the bitcoin market is that a player can have a significant impact with a small number of coins (this is why market manipulation in most markets ie: precious metals, is through futures). As long as the number of coins the pump team was accumulating through their ltc pump and subsequent ltc/btc sells was significantly more than what they were throwing at the market, it would be worth their while to perform this tactic even if their “shorts” were to be margin called later. Around the time of OKC futures settlement last week, the speed of the ltc pump began to die down, and traders started to wonder when it would end. News of the Chinese ponzi was leaking out, and mysteriously, exchanges began to be DDOSed. It was clear that the pump team had made their exit, and margin traders high on hopeium started to sober up to reality, and realize that they were going to be fucked when they couldn’t close their FOMO long in time to escape. As we believe that it was the ultimate goal of Pump Team 6 to acquire as many btc as possible, this is where we believe the second part of their plan came into play. Like we saw with their earlier ltc actions (reserving all swaps then pumping), these guys are experts. It is our belief, that at this time, they begun closing all of their btc “shorts”, while simultaneously pumping btc with the usd that they had earned during the ltc pump. You can see a large number of shorts which were closed at the time. Screen Shot 2015-07-14 at 1.00.38 AMThis generated a large amount of btc buy volume across all exchanges, which coincided with DDOS attacks and the situation we are all too familiar with regarding OKC’s margin calls. Our question is, did someone else realize what the pump team was up to, understand that they may be in a position to incur massive losses, and orchestrate some events in an attempt to mitigate getting rekt? New money is clearing coming into bfx, which has been leading the market as shady Chinese exchanges fade into obscurity. As victims (oops, we mean “traders”) migrate to other platforms, what lengths might actors in the bitcoin eco-system go to in order to attempt to save themselves? These questions may go unanswered for the time being, but as more information leaks in, it is beginning to seem as if some of the tin foil theories might not be too far off.
Return of old players – There has been a recent return of old players to the crypto community. Fontas is a regular on tv, and his return alone has hyped traders up enough to jump on the ltc bandwagon. While we feel that this impact may be minimum, it is important to note because there definitely has been a buzz around buying when he is present. Maybe this is just the newbs that weren’t around for his first rodeo, but either way this element can’t be ignored.
New interest in crypto/media coverage – This one should be obvious. Check out /bitcoin any day and you will see coverage by every major news media outlet. The situation in Greece, possible bail-ins and the msm pushing bitcoin have definitely had an impact on the market place. How much new money is actually flowing in? This is difficult to tell, but we suspect it isn’t a large sum at this time. As the bull market continues, we expect to see more new money flow in, and geo-political/financial events can always have a sudden positive impact in the amount of money flowing into crypto.
Irrational exuberance and margin trading – As with any mania, tears are shed by those left holding bags when we get a 404 buyers not found error. Combine the ease of margin trading in the crypto space with inexperienced traders and you have a recipe for disaster. Many got rekt buying the top, and hopefully will not be turned off to crypto forever from the experience.
So, where do we go from here? What should we expect? The Chinese LTC ponzi doesn’t seem to have slowed down, but we question what their end game is. All ponzi’s must collapse some time, but what is their proposed exit strategy? Were they screwed when everything collapsed? Did they realize that LTC was being pumped at the same time by other actors? The continuation of transactions to their wallet suggests the scheme is ongoing, but the price action in the market place (specifically on exchanges which made statements regarding the ponzi) seems to show that they are struggling with their own scare walls, and less dynamic forces acting on the market. We saw the ltc price continue to dip after the initial shock, suggesting that many traders cut their losses, but how many? Screen Shot 2015-07-14 at 1.23.48 AMWe expect there to be some pretty massive overhead pressure on ltc for the time being, but don’t discount the possibility of a move up as btc continues to gain traction. Our suggestion to new traders is to play the ltc/btc pair, unleveraged for the time being, in order to take advantage of price movement in the market place. For more experienced traders, play the markets as you normally would, but be cautions of the potential forces you may be dealing with. Although we all love making money off of that guy who buys our asks on the ponzi spike, the overall health of the crypto community is more important than making a few dollars. Every trader that is turned off to the space after being absolutely obliterated, is one less player in our daily game of stealing each others money. While we don’t suspect that the pump team planned on this collapsing as hard as it did, we wonder exactly who else knew what was going on? These questions should be answered in the coming days, as more information comes in regarding the “Mouse Group” and how OKC is going to end up settling with their customers. So far, as is clear on Reddit, everyone is getting shafted.
[meta] Hey Dogemarket! Would you be interested in Dogecoin support at Bitrated, a dispute mediation service that uses multi-signature transactions instead of escrow? (I'm a co-founder at Bitrated)
It was asked by harddata a few days ago (has a great explanation on how multi-sig works, check it out if you aren't familiar with it), but I was a little late and didn't notice until it was long gone from the homepage. I thought it might be worth bringing it up again - we've been looking to support more altcoins and dogecoin seems like a great start. If the community is interested, I'll put some effort into making doge the first supported altcoin. So, my question are:
Would you be interested in using it as a buyeseller?
Would you be interested in offering arbitration services?
Do you think it should have a separate arbitration marketplace and arbitrators, or should it be shared with Bitcoin?
See some more info here: Bitrated, Bitrated FAQ, the BitcoinMagazine article and a video explaination by Mike Hearn about multi-signature for dispute resolution. TL;DR: Bob buys from Alice, and they both trust Charlie. Bob pays to a deposit that locks the payment until two of Bob, Alice and Charlie agree to release it. If everything ends well, Bob+Alice release the payment to Alice. In case of dispute, both of them contact Charlie and either Bob+Charlie issue a refund to Bob, or Alice+Charlie sends the payment to Alice. This has two main advantages over an escrow: 1) the arbitrator doesn't control the funds (and can't steal them) 2) the buyeseller can release the funds on their own and don't need the arbitrator to do anything when there's no dispute. Added: It should also be noted that Bitrated doesn't provide arbitration services - its a platform that allows others to do this using multi-signature transactions. Bitrated has a marketplace for arbitration services, where people can sign-up and offer their services. Thanks Shibes! P.S. I always wanted to try this: (my first time, hope I'm doing this right!)
Bitcoin Magazine is one of the original news and print magazine publishers specialising in Bitcoin and digital currencies. Bitcoin Magazine began publishing in 2012, and was co-founded by Vitalik Buterin and Mihai Alisie. Bitcoin Magazine. From BitcoinWiki. This is the approved revision of this page, as well as being the most recent. Jump to: navigation, search. Enjoyed the article? Share ... Bitcoin is, according to some, facing its first great test—whether it can perform as a store of value during a wider market crash. Bitcoin has, by this measure, failed spectacularly. The bitcoin ... Bitcoin Magazine NL maakt gebruik van cookies om uw ervaring te verbeteren terwijl u door de website navigeert. Van deze cookies worden de cookies die als noodzakelijk zijn gecategoriseerd in uw browser opgeslagen, omdat ze essentieel zijn voor de werking van de basisfuncties van de website. We gebruiken ook cookies van derden die ons helpen analyseren en begrijpen hoe u deze website gebruikt ... Thib, who works at Bitcoin custody provider Knox, expands on his recent article for Bitcoin Magazine on seigniorage, the long history of money printing and the importance of Plan B. “In this brief essay, we will try to dissect the fundamentally flawed nature of alternative digital currencies, observe bitcoin as a pragmatic monetary evolution in contrast to shitcoinery’s ‘technology ... First, Bitcoin offered a kind of proof that you could create a secure database — the blockchain — scattered across hundreds or thousands of computers, with no single authority controlling and ...
The Bitcoin News Show #105 - Bitcoin over 5k, We're all Hodlnaut, Assange's BTC Donations
📰Just in case you didn’t get your fix of #BitcoinNews & #CryptoNews, try Bitcoin Magazine. With #CryptocurrencyNews, beginners guides to blockchain, beginners guides to Bitcoin, ... “The toughest challenge I’ve faced in my time in cryptocurrency is definitely the perception of what it means to “be in cryptocurrency” – I don’t do technica... The Rothschild owned Economist said to 'Get ready for a world currency' by 2018, in 1988. 30 years later, we have Bitcoin, the first world currency, reaching mainstream awareness. In 2012, The ... Colin, Michael, Cass and Brandon dissect the lone whale market manipulation FUD, discuss the global bitcoin mining market and dive into Tuur Demeester's Bitcoin Reformation article. In this episode of the Van Wirdum Sjorsnado, Sjors explains the "time-warp attack" on Bitcon and Aaron explains the unfolding drama with the bcash difficulty adjustment. Helpful Links: https ...