Bitcoin Crypto Currency Invest

Litecoin mining!

Since the litecoin community is growing, I've decided to introduce /litecoinmining, a place for all discussion revolving mining litecoins!

Call for action: there are only 23 BTC ATM's in the OpenStreetMap database...

Take a look at current state of BTC ATM's in OpenStreetMap: (see EDIT, this is incorrect filter, it should be XBT)
Or run query yourself: (please don't do "Reddit hug of death):
(see EDIT, this is incorrect filter, it should be XBT).
OpenStreetMap being open platform for mapping the world (from countries to streets to hiking roads to benches or even trash cans) seems in the same open nature like Bitcoin is.
So, please consider contributing Bitcoin ATM's to OpenStreetMap database!
You can do that using editor (create account and press Edit), or install mobile editing app like Vespucci (or others), or full-powered JOSM (for desktop).
Check OpenStreetMap wiki page about ATM. Basically it's "amenity=atm" with "currency:BTC=yes" (see EDIT) "currency:XBT=yes". Add other appropriate tags too, like operator, other currencies and others.
Yes, I know we have (and maybe others), but these closed/proprietary sites might go "out of business" any time and we will lose all the data. Meanwhile, you can host your own OSM server if you will!
EDIT: actually it should be currecny:XBT=yes as of this note:
For Bitcoin, please use currency:XBT=* instead of currency:BTC=*. In fact "XBT" is ISO 4217 compliant.
Still, shows 386 ATM's if I filter for XBT, which is much less (order of magnitude) than of total atms.
So first we have to fix currencty:BTC to currencty:XBT.
submitted by Talkless to Bitcoin [link] [comments]

Standardization of Bitcoin Cash acceptance tags on OpenStreetMap

According to the OSM wiki, there are two common tag notations for Bitcoin acceptance, payment:bitcoin and currency:XBT. The former is used much more frequently than the latter (7574 vs. 389). The equivalent Bitcoin Cash tags are payment:bitcoincash and currency:BCH. Of those, the latter is used more commonly (83 vs. 45 occurrences). However, only the former seems to be used by aggregator apps, such as Marco Coino. Using both on the same point is considered redundant and is therefore discouraged by the OSM community.
This inconsistency is an obstacle, that has to be resolved.The following steps need to be taken:
  1. Community discussion and voting on the "official" tag to represent Bitcoin Cash acceptance;
  2. Creating a wiki page to indicate the accepted tagging notation, likely at;
  3. Updating every tag in the OSM database to use the accepted "official" tag notation;
  4. Publishing the "official" tagging notation on relevant community portals.
This is an attempt to start with point 1. I could, in theory, just go ahead and perform point 3 and, maybe, even 2, but i'm not comfortable making decisions on behalf of the community without prior discussion.
Personally, i prefer "payment:bitcoincash", for the following reasons:
  1. It matches the tag notation for Bitcoin, and Bitcoin Cash is, well, you know;
  2. It is the same as the payment URI prefix;
  3. "BCH" is not an ISO currency code, and the "currency:" tag strongly prefers those;
  4. Bitcoin is a payment system more than it is "just" a currency;
  5. A tag search for "payment:bitcoin" also matches "payment:bitcoincash", which should be considered good (see point 1).
submitted by simon-v to btc [link] [comments]

So you want in on bitcoin?

Guide for Noobs

Simple and Not A Lot of Money

Guide for Not Noobs

Less Simple

-setup an account on, move dollars into your account, setup an account on (same company, same login), move your cash from coinbase to gdax, buy your coins on GDAX at Market, fees are cheaper 0.25% versus 1.5%
-consider buying alternative coins supported by coinbase

No Fees

-all of the above but use GDAX's Limit/Buy, zero fees, but you have to wait for the market to dip below your buy price

More Money Available

-setup several Limit/Buy orders at different price points to capture dips when you are away

More Control but More Complex

-it's possible coinbase could go out of business, move some or most of your coins to a personal hardware wallet like a Trezor or Ledger Nano S, made in Czech Republic and France respectively
-consider using other exchanges with different fees and coin support
-consider buying other alternative coins supported by other exchanges

You Are Very Responsible

-create a paper wallet, put it in a safe, be warned it's like a visual bearer instrument, if you lose it or someone takes a picture of's gone, but you have complete control over your money/asset


-buy more than you can lose, it's early wild west days, the market could easily come crashing down
-panic sell, the market fluctuates regularly by 20%, thus far it has ALWAYS recovered, people that try to sell during a fall/dip and buy at the bottom usually miss time it and lose
-store your keys on your computer or phone unless its small amount, these are the two most vulnerable routes to hacking and simple hardware failure resulting in loss
-attempt to daytrade and time the best prices unless your real life job is day trading
-get addicted to watching the market, pay attention watch for dips, but don't let it crowd out your work or free time
-keep a LOT of cash or coin in an exchange, it is very easy to mistype and buy or sell far more than you meant to, exchanges can disappear with your coins
-buy a hardware wallet from anyone other than the company who makes it, i.e. do not buy one on Amazon, it is possible some third person hacked it and could steal your coin


-limit sells until the far future when market volatility is down, flash crashes have happened and recovered, if you had all your coin in limit sells it would be gone
-margin trade unless your real life job is day trading
-stop buys or stop sells unless your real life job is day trading


-hold your coins, your coin may be worth x10 or more in value in the future, e.g. if bitcoin replaced gold, bitcoin would be worth ~x70 the current value
-buy small amounts over time DCA, this might not seem intuitive but it spreads your risk out, reduces risk of buying at all time highs (ATH) and more likely to catch lows (dips), a fluctuation of $100 in price is small if the eventual value is worth x10 or more in the future
-keep a small amount of cash on an exchange always, when there is a lot of traffic/trading which happens during dips, you are much more likely to be able to make trades on an exchange rather than with your own wallet


-if you don't have your coin in your own wallet, it's not your coin. this is not a problem until you have a lot of value and you want to keep it safe from a bankruptcy, unscrupulous people/exchanges, or unforeseen acts. if it's a small amount compared to your income it's an acceptable risk, if not then move it to a wallet
-in the days of fake news not everything you read is true, in fact there are armies of people shilling for 'pick a random coin'; some are malicious, some uninformed, and some willfully uninformed
-if your value starts to become large, dig deep into how your asset/currencies work just like you would for any other purchase, understanding how it works helps you understand if it will be a success, e.g. understand the difference between PoW vs PoS or what a hard fork is
-some coins especially newer ones are scams, a good indication of if it is not a scam is how long the coin has been around
-most bitcoin hard forks so far have not been successful with some exceptions
-btc is the accepted short-name for bitcoin on most (but not all) exchanges, xbt is also common in EUR-land

Other Risks

-holding your own coin requires personal responsibility, it is easy to lose and not be able to recover it if you are not careful
-again, do not buy more coin than you can lose
-transaction speeds which are slow are a serious problem in bitcoin scaling
-there is less innovation and more argument going on in bitcoin than some other coins, bitcoin is large enough that consensus is difficult, future change is less likely than with some other coins, there are other side solutions to bitcoins problems that may not require bitcoin to change much IS the generally accepted bitcoin website, NOT
-important other risks compiled by themetalfriend
-coinbase has insurance up to $250k USD for you USD Wallet which DOES NOT cover your bitcoins or other crypto currencies, they claim to have separate insurance for your crypto currency but it is unclear how much


there are a lot of memes
-hodl, GameKyuubi mistyped hold and it spread
-to the moon, where everyone hopes the price will go
-coin on a rollercoaster, it is highly volitile market you will see this during fluctuations
-this is gentlemen, via Liquid_child , here
-lambo/roadster, a car people want to buy when they get rich
-the cost of pizza, early days someone bought a pizza for 10,000btc which is worth over ~80million USD today
-tesla/vehicle with a bitcoin chart, cytranic posted a picture that spread
-intersting guide by stos313 , here. I do not agree with everything but it has a lot of useful information.


Edit: Adding in user comments.
Edit: Crosslinking to a more Beginner Version.
Edit: Note in an earlier edit of this guide I said.
note that most of the development on bitcoin is by employees of one company, it is open source but their priorities may not align with the community
This is not true. Blockstream appears to have a high representation but not an overwhelming amount. You can compare blockstream's employee page and bitcoin's commits in the last year. Thank you to lclc_ , trilli0nn , and Holographiks for pointing this out. See this for a detailed break down.
Edit: Clarification that FDIC insurance does NOT cover crypto currency/assets.
Edit: Clarity on who owns

Good Luck and Hodl.

Please comment if your experience is different. Or call out things I missed.
submitted by cryptocurrencypeople to Bitcoin [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase,, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a laptop (secure non-specialized hardware).
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, may have millions of page views but I am more interested in EBITDA.
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "( could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

Reminder this is r/stock and not a crypto sub; feedback welcomed.

The reason why we have a rule against crypto discussions is because this is stocks where we discuss stocks.
Last year we had a surge of comments that were literally "buy bitcoin" in almost every single post on stocks, and it wasn't just a single comment, sometimes you would find 10 users stating the exact same thing, "buy bitcoin" or going into details on how to mine bitcoins; this is spam & off topic.
Also Bitcoin is not a stock, just like discussing buying & reselling sneakers is not a stock, these discussions are off topic and that reason alone was enough to remove posts & comments. Unfortunately this wasn't enough, so we created a rule (see sidebar) against discussing crypto with a link to a sub where you could; we also made an automod rule to deal with this.
If you want to discuss investing in general, you can go to investing, which is mentioned in the sidebar (on mobile by tapping "about this community"). If you want to discuss crypto & mining you can go to CryptoCurrency.
Below is the automod message I wrote, please give me your criticism & feedback on this. I made it informative to deal with some misconceptions & misinformation (including GPU mining).
You can also see that when a stock is related to crypto, I've whitelisted that stock (including this post) so you can discuss crypto as long as that discussion is related to the stock (or this post), so it's not 100% removal; it also only affects top level comments:
Sorry your comment (link to comment) in /stocks was automatically removed as per rule 6: Bitcoins & cryptocurrenies should be discussed in CryptoCurrency.
This probably only affects your comment if it was a top level suggestion. Keep in mind this is stocks and people come here for stock suggestions.
We've whitelisted some discussions on crypto, but not all such as bitcoin & crypto holding ETFs and futures (explanation below). However we allow crypto discussions on the following: Coinbase IPO, Square INC, Overstock, XNET, MARA, GCAP, NVDA, AMD, and Kodak; this list will always be updated (see below to what won't be included).
A list of the rules can be found here, and if you're new to stocks please see the wiki and/or read this post.
If you're just wondering if cryptocoins are an investment, read here.
Please note:
Thanks for understanding.
Again this post is whitelisted so you can mention any crypto related keyword (as long as it deals with this post), and please provide your feedback which will help me whitelist more stocks/keywords; again keep in mind this is stocks.
Update: Based on feedback I updated the bullet point regarding the size of crypto market vs stock market, thanks u/yourslice
Update2: Based on information provided by u/mike_996, I'm whitelisting NVDA & AMD against crypto related keywords. However I'll be making a 2nd rule that'll remove "how to mine" type questions w/ a message that contains links to sub reddits on mining.
submitted by provoko to stocks [link] [comments]

Bitmex Options Shenanigans

This post is a look at the recently released Bitmex Up and Down contracts and the lack of clarity around them and the issues that has caused. There will be a little bit of maths and options terminology, but I'll do my best to try to keep it simple.

Background and Contract Specification

Bitmex released the Weekly Up Contract (XBT7D_U110) for live trading on the 30th Apr, with the Weekly Down contract (XBT7D_D90) coming later, on the 14th May. Both contracts are essentially European style options contracts (with the addition of a knock out price for the Down Contract), which settle weekly on Fridays.
This was an interesting development on the part of Bitmex. They made 2 posts on their blog (1, 2) explaining the situation. Although, the blog posts weren't posted on the website announcement feed nor (to my knowledge) on their twitter, so many people (including myself) missed them.
While the contracts came with the usual Bitmex explanation of specification and example, what struck me was the fact that:
  1. Throughout the whole contract guide there wasn't a single reference to "Options", despite that being the nature of the contacts.
  2. Traders aren't allowed to short them - "Only the BitMEX anchor market maker can be net short".
(Full screen shots of the guides as of 15th May 2018 can be found at the bottom of the article)
We now have the issue of a contract that many traders will have no idea how to price, that is consequently trading over 10x higher than fair value, and only the market makers are allowed to short.

Options pricing and Fair Value

The Up contract is equivalent to a European style options call, while the Down contract is a slightly modified European options put. Options contracts give the buyer the right (but not obligation) to buy (call) or sell (put) at the given strike price on the settlement time (European style).
European style options contracts are generally prices using the Black-Scholes model, which is used to calculate the fair price of a contract along with measures of its sensitivity to various factors such as underlying price and volatility (known as Greeks).
Options Fair Pricing vs Current Pricing
At time of writing the Up contract (XBT7D_U110) last trade price is 0.00300 BTC (~$25.57), with 2.89 days until expiry. The Bitmex historical volatility index is currently 54.15%, strike price is $9500 and Bitcoin is $8530.
The black-scholes calculator suggests that the fair price is actually $1.916. And that is the calculation for a 1 Bitcoin contract. Where as the Bitmex contracts represent 0.1 XBT each. Making the fair value $0.1916, rather than the current $25.57. Which is a bit insane.
What if we use a higher value of volatility for our calculations, will the price be a bit more reasonable? Similar contracts trading on a different exchange have an implied volatility of ~75% annualised. This gives a fair value of $1.351 for each Up contract.
I've also occasionally seen Bitcoin volatility reach up to 120% or higher. This value still gives a fair value of $7.870.
In other words, even by the craziest stretch, the Bitmex contracts are trading way higher than their fair value - and only the Bitmex designated market makers are allowed to short.

Options profit outlook

Now, what if the contracts were trading at fair value, what is the probability that the options would actually expire "In the money" (payout not zero).
One of the "Greeks" calculated under the black-scholes model, Delta, is generally used as a measure of exposure to the underlying asset, but can also be used as a probability that the option will expire in the money.
The absolute of Delta (non negative value) gives said probability. A call contract with Delta 0.75 has a 75% chance of expiring ITM. A put contract with a delta of -0.3 has a 30% chance of expiring ITM.
Probability of expiring In the Money
So, what are the chances of our Up and Down contracts expiring ITM? The Up contract's ticker is "XBT7D_U110", meaning that it expires every 7 days and its strike is placed at 110% of the trading price at the start of the trading period.
Again looking at the Bitmex volatility index at 54.15%, the Delta of this contract over 7 days comes to 0.1087, only an 11% chance of expiring in the money. 75% volatility gives Delta at 0.1933 and 120% gives Delta 0.3119. Not the best bet however you look at it.
For the Down contracts its even worse, with Delta being -0.07458 (7.458%), -0.1431 and -0.2367 for 54.15%, 75% and 120% volatility respectively.
The likelihood that any of these contracts actually pays out any money is rather stacked against the trader. And, as I've mentioned before, only the designated market makers are allowed to short these contracts to collect the price premium.

Are Options ever worth it?

Options trading is a wide and very mathematical discipline to master. When contracts are traded fairly (with reasonable pricing and without restrictions) options trading can be very profitable and allow all sorts of novel trades, such as betting on volatility.
However, in its current state, I personally wouldn't touch the Bitmex Up and Down contracts with a 10 foot pole. They are over priced and restricted from the ability to short. I have seen Bitmex as a generally reputable exchange in the past, however situations like this make be question that assessment.

Contract Guide Screenshot

I tried to archive the Bitmex contract guides with both and, however neither worked, so I used for screenshots instead. The full screen shots can be found here: Up Contracts, Down Contracts.


This does not constitute professional financial investment advice.

Reddit Notes

My original blog post with nicer formatting can be found here.
I'm also happy to take constructive criticism and amend the post if necessary.
edit: Thanks to happy__hippo for pointing out the Bitmex posts about the contracts. I've amended the article to reflect this.
submitted by matt2048 to BitcoinMarkets [link] [comments]

Bloomberg: Bitcoin Coverage Nov. 13

Hey all, I was watching bloomberg in the background as usual and bitcoin has been on a lot recently. I've always liked bloomberg as the last respectable major news source (no CNN/Fox/etc) for political coverage, and always good market and macro news to track. Anyway, they did a short special with bitcoin today, so I was interested to hear the coverage. Here's my transcription:
[Hosted by Julie Hyman and Mark Barton]
Mark: A steep slide in bitcoin seems to be over today, since last week the community opting not to increase blocksize which speeds up transactions, which sent some investors to a bigger block alternative (XBT 1 wk $7.8k - $5.6k chart) with bitcoin dropping 29% from its peak on Wednesday morning, it's been climbing back up.
[introducing Ed robinson, European tech reporter]
Mark: It's not for the faint hearted - trading bitcoin, is it?
Ed: No indeed, and we've known that for some time, but these last few days have been hyper volatile.
Mark: And it's been hyper volatile with bitcoin cash. So tell us just what bitcoin cash is, and why it's taken center stage in the last week or so.
Ed: Bitcoin Cash is a new entrant that forked off the original bitcoin in August, and what the bitcoin community is trying to do right now is to solve this problem of scalability. They need bitcoin to process transactions faster, they need them to process more volume in transactions, and this is key to its growth. So there is a community that created bigger block sizes, and by that i mean it can process more transactions faster than the traditional bitcoin, and they hived off and formed this new entity called bitcoin cash.
Julie: so uh.. wh... hahaha. I'm just trying to wrap my head around all this. But bitcoin cash is still bitcoin right? It's just... a different way of trading it? Is it an entirely new cryptocurrency?
Ed: Well right, it's - they're two sides of the same coin. Bitcoin cash is processing (that's the blockchain, the underlying database software) that's processing transactions in a different way than the original bitcoin. So that's why we've had what's called a fork - that's the separation between the two, but by and large between the two - i mean they're now traded as separate coins (you can buy each separately), but they really amount to the same thing.
Julie: Uh, all of this gets to the same thing which really gets to one of the central challenges with bitcoin which Lionel Leblanc points out in his column today, that it's governance by committee. you have this community that decided to hive off, and the decisions for bitcoin are made by community. How does this work for example if there were to be a split of bitcoin, i mean who makes these decisions?
Ed: It's unprecedented. It is governance by community. It reminds me of "The Well" - "The Well" was this ancient chatroom that was set up in northern California before the internet took hold. It's a very organic, community-driven style of decision making. As you can imagine, debate flourishes in this kind of format. But ultimately what we see is that the science wins out. Bitcoin has established itself as a viable currency or entity (cf note below), so they're working with something that is functional, but there's all manner of different opinions and debates taking place.
Mark: Which is reflected in this chart since June. We've has 3 sizable declines, 39%, 39%, and 29% as of this morning. But every time, it seems to be viewed as a buying opportunity?
Ed: That's what it's shown so far - if you look at the middle one, that's when china outlawed initial coin offerings, a lot of investors freaked out and said "OMG there's gonna be this massive crackdown," there was a lot of selling... it didn't last very long did it? The next leg up was very fast, 80% over 6 days off the September lows.
Mark: That's it for now, thanks...
interview ends and they move on
Note: Fast forward 20 minutes as I type this, bitcoin is indeed being mentioned along with the USD-JPY trade and high-yield bonds as a legitimate asset transmitting market information (risk appetite in this case).
submitted by jeanduluoz to BitcoinMarkets [link] [comments]

Do you remember the Bitcoin Scarlett vs Naniwa Showmatch?

Liquipedia for anyone who dont.
There was a prizepool of 14 BTC in total. The Exchange on December 21, 2013: 1 BTC (XBT) = 636.99206 USD, today on October 16 2017: 1 BTC (XBT) = 5,591.18 USD. In total 78,228.37USD.
I know there was same sharing shit going on, but i'm curious if Naniwa and Scarlett kept their Bitcoins.
submitted by xchamper to starcraft [link] [comments]

Hướng dẫn đầu tư bitcoin hiệu quả nhất

Hướng dẫn đầu tư bitcoin hiệu quả nhất

Bitcoin là gì ?

Bitcoin (ký hiệu: BTC, XBT) thường được ghi nhận là tiền điện tử trước tiên trên toàn cầu và được định nghĩa thấp nhất là 1 loại tiền khoa học số chỉ còn đó dưới dạng điện tử. Nó được phát minh bởi Satoshi Nakamoto dưới dạng phần mềm mã nguồn mở từ năm 2009. Bitcoin với thể được trao đổi trực tiếp bằng thiết bị kết nối Internet mà không cần phê chuẩn một tổ chức tài chính trung gian nào.
Bitcoin sở hữu tức là những thứ khác nhau với các người khác nhau. Đối với 1 số người, đấy là 1 tương lai của tiền tệ tự do chuyển động đến bất kỳ nhà băng trung ương nào. Đối sở hữu những người khác, nó là 1 thực thể khoa học số thuần túy với giá trị nghi vấn và nguồn cội đáng ngờ. Đa dạng người còn gọi Bitcoin có mẫu tên thân mật là vàng công nghệ số.

Vậy Bitcoin là gì? Sau đây chúng ta sẽ Nhận định chi tiết hơn về nó.

Trong phần lớn những cuộc chuyện trò bình thường, bạn mang thể thoát khỏi việc biết rằng bitcoin về căn bản là 1 cái tiền công nghệ số. Nhưng tất nhiên, nó phức tạp hơn thế đa dạng. Trong thực tế, ấy là hai điều phức tạp hơn phổ thông.
Bitcoin đã đi cùng cùng chúng ta trong khoảng năm 2009, lúc một người (hoặc nhóm) dưới bút danh Satoshi Nakamoto giới thiệu một nền móng (Bitcoin, chữ hoa) lưu trữ một loại tiền khoa học số (bitcoin, chữ thường).

Blockchain Bitcoin

nền móng này được xây dựng dựa trên khái niệm về bằng cớ công việc (proof of work), dữ liệu rất tốn kém và tốn thời kì để cung cấp nhưng với thể dễ dàng xác minh. Trên mạng Bitcoin, chứng cớ công việc được tạo ra ưng chuẩn thời kỳ khai thác trên mạng. Để khai thác bitcoin, một máy tính phải hoàn thành một thuật toán phức tạp, về căn bản là duyệt y công việc tính toán mở mang để đổi lấy 1 số mẫu tiền mới được đúc. Đấy là đồng bạc khoa học số mang giá trị bất cứ điều gì thị trường quyết định duyệt y cung và cầu.

Ví Bitcoin

những đàm phán được kết nối mang 1 địa điểm ví BTC của các bạn, được lưu trữ trên sổ cái chung của nó, được gọi là blockchain. Ví như địa chỉ đó được liên kết có một tính danh thực, các giao dịch có thể được truy tìm trở lại cho người dùng; nếu chẳng hề là Haiti, họ với thể. Tính ẩn danh khá này khiến cho nền tảng phát triển thành quyến rũ đối với các thứ như mua hàng ẩn danh qua internet.
Để giữ Bitcoin an toàn hơn, bạn hãy tham khảo về bài viết về Ví Bitcoin. Và biết cách thức chọn lọc ví phù thống nhất.

Sổ cái

một thành phần quan yếu của blockchain Bitcoin là thực tế rằng nó là 1 sổ cái phân tán, mở. Những người nắm giữ Bitcoin có thể chuyển bitcoin chuẩn y mạng peer-to-peer. Các giao chuyển dịch tiền này được theo dõi trên blockchain Bitcoin, thường được gọi là một sổ mẫu đồ sộ . Sổ mẫu này ghi lại mọi giao dịch bitcoin từng được thực hiện.
phê chuẩn thuộc tính phân tán của sổ loại, các thương lượng trên blockchain được xác minh bằng sự đồng thuận của mọi thành viên, cung cấp bảo mật và niềm tin mà không cần người giám sát bên thứ ba.
1 trong các điều quan yếu nhất cần ghi nhớ khi nghĩ về Bitcoin (hay bitcoin) là gì: không sở hữu câu giải đáp độc nhất. Bitcoin là một nền tảng lưu trữ một sổ mẫu công nghệ số mà mọi người sở hữu thể khai thác, lưu trữ và đàm phán đồng bitcoin, 1 dạng tiền tệ kỹ thuật số kiếm được duyệt y những thuật toán máy tính, và nó không bị kiểm soát bởi bất kỳ ngân hàng trung ương nào.
Xem tất cả thông tin về đồng bitcoin tại:

Bitcoin hoạt động như thế nào?

một trong các tính năng cuốn hút nhất của Bitcoin là trật tự xác minh tàn ác của nó, giúp tránh tối đa rủi ro bị lừa đảo. Nhắc tính từ lúc Bitcoin được phân cấp, các tình nguyện viên được gọi là những người khai thác đồng bạc này, mang nhiệm vụ xử lý những giao dịch trên Blockchain Bitcoin. Lúc 1 lượng mua bán cụ thể được xác minh, một khối khác sẽ được thêm vào blockchain và cứ thế những khối mới sẽ tiếp diễn được tạo ra.

nhầm lẫn về Bitcoin

Để vượt qua một số lầm lẫn tiếp giáp với bitcoin, chúng ta cần tách nó thành hai thành phần. Một mặt, bạn với bitcoin-token, 1 đoạn mã đại diện cho quyền với 1 định nghĩa kỹ thuật số – giống như 1 IOU ảo. Mặt khác, bạn có bitcoin-the-Protocol, một mạng lưới phân tán duy trì một sổ loại về số dư của bitcoin-to-token. Cả 2 đều được gọi là Bitcoin
Hệ thống cho phép thanh toán được gửi giữa những các bạn mà không cần thông qua cơ quan trung ương, chả hạn như nhà băng hoặc cổng trả tiền. Nó được tạo ra và doanh nghiệp điện tử. Bitcoin được in ra, như đô la hoặc euro – chúng được sản xuất bởi những máy tính trên toàn thế giới, sử dụng phần mềm miễn phí.
đấy là thí dụ trước nhất về dòng mà hiện giờ chúng ta gọi là tiền điện tử, 1 chiếc tài sản đang lớn mạnh sở hữu chung 1 số đặc điểm của tiền tệ truyền thống, mang xác minh dựa trên mật mã.

ai tạo ra Bitcoin?

1 nhà tăng trưởng phần mềm với bút danh Satoshi Nakamoto đã buộc phải bitcoin vào năm 2008, như 1 hệ thống thanh toán điện tử dựa trên bằng chứng toán học. Ý tưởng là phân phối 1 công cụ đàm đạo, độc lập có bất kỳ cơ quan trung ương nào, với thể được chuyển giao điện tử theo phương pháp an toàn, với thể kiểm chứng và không đổi thay.

Sự dị biệt của Bitcoin mang tiền tệ truyền thống?

Bitcoin mang thể được tiêu dùng để thanh toán cho mọi thứ bằng điện tử, giả dụ cả hai bên đều sẵn sàng. Theo nghĩa đấy, nó giống như USD, euro hoặc VND bình thường, cũng được thương lượng kỹ thuật số.
Nhưng nó khác sở hữu các cái tiền fiat (tiền định danh ,ví dụ: USD,VND) theo một số phương pháp quan trọng:

1– Decentralization ( Phi tụ họp )

Đặc điểm quan trọng nhất của Bitcoin là nó được phân cấp. Không với tổ chức duy nhất kiểm soát mạng bitcoin. Nó được duy trì bởi một lực lượng những lập trình viên tình nguyện, và được điều hành bởi 1 màng lưới các máy tính chuyên dụng mở mang khắp thế giới. Điều này thu hút các tư nhân và nhóm không tha hồ mang sự kiểm soát mà những ngân hàng hoặc đơn vị chính phủ sở hữu đối sở hữu tiền của họ.
Bitcoin khắc phục vấn đề chi tiêu gấp đôi trên mạng của các cái tiền điện tử (trong đấy tài sản kỹ thuật số với thể tiện lợi được sao chép và sử dụng lại) duyệt sự hài hòa khéo léo giữa mật mã và khuyến khích kinh tế. Trong các loại tiền tệ điện tử, chức năng này được những nhà băng đáp ứng, cho phép họ kiểm soát hệ thống truyền thống. Sở hữu bitcoin, tính vẹn toàn của những giao dịch được duy trì bởi một mạng lưới phân tán và mở, thuộc sở hữu của không ai.

2 – Limited supply ( Nguồn cung giảm thiểu )

Tiền tệ Fiat (đô la, euro, yên ổn, VND v.v.) với nguồn cung không giới hạn, những ngân hàng trung ương có thể phát hành bao lăm tùy thích, và với thể quyết tâm thao túng trị giá tiền tệ so sở hữu các cái tiền tệ khác. Các người nắm giữ tiền tệ (đặc biệt là người dân) gánh chịu chi phí (giá thành lạm phát). Giả dụ bạn nắm 100 đồng, một năm bị lạm phát 10%, tức thị một năm sau bạn sở hữu 10 đồng sở hữu giá trị tương đương 9 đồng năm ngoái.
Mặt khác, với bitcoin, nguồn cung được kiểm soát chặt chẽ bởi thuật toán cơ bản. Một số lượng nhỏ bitcoin mới xuất hiện mỗi giờ và sẽ tiếp diễn làm tương tự mang tốc độ giảm dần cho đến lúc đạt được tối đa 21 triệu. Điều này khiến cho bitcoin hấp dẫn hơn như 1 tài sản – theo lý thuyết, giả dụ nhu cầu nâng cao và nguồn cung vẫn giữ nguyên, trị giá sẽ nâng cao lên.

3 – Pseudonymity (Bút danh)

mặc dù người gửi thanh toán điện tử truyền thống thường được xác định (cho mục đích xác minh và tuân thủ chống rửa tiền và các luật khác), về mặt lý thuyết, người dùng bitcoin hoạt động dưới dạng ẩn danh. Vì không có trình xác nhận trọng điểm, nên quý khách không cần phải tự nhận dạng lúc gửi bitcoin cho các bạn khác. Lúc một bắt buộc giao dịch được gửi, giao thức sẽ rà soát phần đông những đàm phán trước đó để công nhận rằng người gửi sở hữu bitcoin thiết yếu cũng như quyền hạn để gửi chúng. Hệ thống không cần biết tính danh của người ấy.

thực tại

Mỗi các bạn được xác định bằng địa chỉ ví của mình. Giao dịch có thể, có 1 số nỗ lực, được theo dõi theo bí quyết này. Bên cạnh đó, thực thi luật pháp đã tăng trưởng các phương pháp để xác định khách hàng nếu cần thiết.
Hơn nữa, hầu hết những sàn giao dịch đều được luật pháp buộc phải thực hành rà soát tính danh đối mang khách hàng của họ trước lúc họ được phép mua hoặc bán bitcoin, giúp cho một cách thức khác mà việc sử dụng bitcoin sở hữu thể được theo dõi. Vì mạng là minh bạch, nên số đông các tiến trình của 1 thương lượng cụ thể đều hiển thị.
Điều này làm bitcoin không hề là 1 mẫu tiền tệ hoàn hảo cho tù, khủng bố hoặc rửa tiền.
4 – Immutability (Tính bất biến )
giao dịch bitcoin không thể đảo ngược, không giống như thương lượng fiat điện tử.
Điều này là do không có người điều tra trọng điểm nào với thể nhắc là ok, trả lại tiền. Ví như một giao dịch được ghi lại trên mạng và giả dụ hơn 1 giờ trôi qua, không thể sửa đổi.
dù rằng điều này với thể làm cho mất một số, nhưng điều ấy có nghĩa là bất kỳ đàm phán nào trên mạng bitcoin đều không thể bị can thiệp.

5 – Divisibility (Chia nhỏ)

doanh nghiệp nhỏ nhất của bitcoin được gọi là satoshi. Nó là một trăm triệu của 1 bitcoin (0,00000001) – với giá bữa nay, khoảng 1 % của 1 xu. Điều này sở hữu thể mường tượng cho phép những đàm phán vi mô mà tiền điện tử truyền thống chẳng thể.

Ý nghĩa về sự ra đời của Bitcoin

Bitcoin ra đời được xem là 1 cột mốc sở hữu tầm cỡ quốc tế. Tiền Bitcoin ra đời hầu như đã đáp ứng được những vấn đề can hệ đến đàm phán. Nó mang đến 1 luồng gió mới về cách thức thương lượng sáng tạo mà không chịu bất cứ sự điều hành của tư nhân hay tổ chức nào. Bạn có thể hiểu đơn giản như sau:
” giả dụ bạn muốn chuyển tiền cho người nhà bên nước ngoài, cố định bạn phải ra nhà băng để thương lượng hoặc tiêu dùng nhà cung cấp internet banking hay một đàm phán nào đó mà khăng khăng phải qua trung gian và trả phí thương lượng. Nhưng đối với Bitcoin thì không. Bạn có thể tiến hành gửi tiền mà không hề phê chuẩn bất cứ trung gian nào hết, thời gian thương lượng rất nhanh sau lúc bạn đã kết nối internet. Xem thêm các cách đầu tư, chơi bitcoin phổ biến nhất tại đây .
submitted by namnguyen1998 to u/namnguyen1998 [link] [comments]

How about embracing the term "BCash"?

"The term "Obamacare" was first used by opponents, then reappropriated by supporters, and eventually used by President Obama himself." - Wikipedia
Couldn't we do the same thing for BCash? Bitcoin Cash would be the full name, and BCash would be the shorthand. Bitcoin Cash would be the term you use in emails and BCash would be what you use in texts.
Teach people that Bitcoin Cash and BCash is the same, just as Bitcoin is listed as BTC in some places and XBT in others.
submitted by janaagaard to btc [link] [comments]

BECH32 Bitcoin Adress Support?

would be nice to have BECH32 Bitcoin Adress Support for PrimeXBT … i.e. for @wasabiwallet or when using @LedgerHQ with @ElectrumWallet
submitted by K0b0L to PrimeXBT [link] [comments]

Bitcoin DoS Vulnerability Explained in Full

Bitcoin Denial of Service Vulnerability Found in Core Code (Patched)
Today, on September, 18th, 2018, there was a ‘vulnerability’ in the Bitcoin client (specifically versions 0.14.0 and 0.16.2) that were identified by an anonymous reporter via Bitcoin Core’s main repository.
There has since been a fix that was released formally by Pierre Rochard, a developer (?) on the Core team.
According to the documentation of the fix, posted in the GitHub cited above,
“A denial-of-service vulnerability (CVE-2018–17144) exploitable by miners has been discovered in Bitcoin Core versions 0.14.0 up to 0.16.2. It is recommended to upgrade any of the vulnerable versions to 0.16.3 as soon as possible.”

Description of the Issue

The issue, which was exposed to a greater audience via a Reddit post, appears be borne from a flaw in the compilation of transaction data on the protocol.
Specifically, this mailchimp newsletter, referenced in the Pierre Rochard pull request, covers the issue in greater depth.
In the newsletter, it states:
Upgrade to Bitcoin Core 0.16.3 to fix denial-of-service vulnerability: a bug introduced in Bitcoin Core 0.14.0 and affecting all subsequent versions through to 0.16.2 will cause Bitcoin Core to crash when attempting to validate a block containing a transaction that attempts to spend the same input twice. Such blocks would be invalid and so can only be created by miners willing to lose the allowed income from having created a block (at least 12.5 XBT or $80,000 USD).”
Herein lies the vulnerability, as described above.
While it may seem insignificant at face value, it could actually cause considerable issues on the network.
Before explaining some of the issues that it could cause, its best to first make sure that we’re caught up to speed on what a Denial of Service attack is and what it means in the context of blockchain, specifically Bitcoin.

What is a Denial of Service Attack?

According to,
“ A denial-of-service (DoS) attack occurs when legitimate users are unable to access information systems, devices, or other network resources due to the actions of a malicious cyber threat actor. Services affected may include email, websites, online accounts (e.g., banking), or other services that rely on the affected computer or network. A denial-of-service is accomplished by flooding the targeted host or network with traffic until the target cannot respond or simply crashes, preventing access for legitimate users. DoS attacks can cost an organization both time and money while their resources and services are inaccessible.”
What’s stated above is a bit of a mouthful, but it does accurately describe what a Denial of Service tends to be.
Now, in the context of blockchain, since it is a decentralized protocol, a denial of service attack is not the exact equivalent in this case (typically, it renders a network inaccessible), but the fundamental principle is the same.

One of Satoshi’s Main Concerns was Preventing DoS Attacks on Bitcoin

In order to assess the impact of a DoS attack on Bitcoin, we need not look any further than at the forum posts posted by Satoshi Nakamoto himself.
Where is the separate discussion devoted to possible Bitcoin weaknesses. Where is the separate discussion devoted to possible Bitcoin
In the conversation cited above, Satoshi admitted that he/she/they were musing the possibility of adding a PoW operation to transactions in order to ensure their validity and prevent a DoS attack via a flood of inaccurate transactions.
The greater alternative that was decided upon by Satoshi was to just create a fee market while giving miners the option to only mine transactions that contained the greatest fees.
The logic behind this decision was that, if the mempool became clogged with illicit/fraudulent transactions, then users would be able to ‘bid’ with other users to have their transactions mined by applying a fee to the network (which miners would receive for successfully mining a block that included said transactions).
By doing so, Satoshi reasoned that this would undermine a DoS attack by simply allowing the legitimate actors (on the user-facing end) to get their transactions confirmed without delay by simply offering a higher fee to the miners for mining their transaction. In such a situation, an attacker would need to outbid the majority of legitimate actors on the protocol in order to ensure that they accomplished their mission, because their transactions would be reviewed first before the others, thus creating a lull in the chain.

Assessing Satoshi’s Fee Model Method for Preventing DoS Attacks

While Satoshi’s method of preventing DoS attacks is not bullet proof and there were tertiary consequences to its implementation that were not felt until years later (i.e., the 1 MB block limit being hit, resulting in an excess amount of TXs in the mempool, which spiked the fee rate on the protocol exponentially), it still proves to be the most effective and least invasive means of preventing a DoS attack. And, the core philosophy (pun intended), mirrors Satoshi’s to the extent that security has been considered paramount to the efficiency of the chain itself.
Here are some of the implementations of DoS-prevention measures on Bitcoin:

Potential Threats in the [Patched] DoS Susceptibility in Older Bitcoin Client Versions (0.16.2 & 0.14)

Based on what we know, the obvious threat comes from the fact that invalid transactions being mined would result in the failure of nodes on the above listed clients.
This means that the attack vector inherent in this incident would stem from a miner mining an invalid block purposefully, which would be a waste of the resources that are necessary to fulfill the Proof of Work as well as the forfeited block reward (12.5 BTC at the time of writing). However, they would succeed in knocking out a number of nodes on the network, which could then open the network up to more nefarious attacks.
A full node is not necessary for mining, but it is rare that any mining operations would be running on the protocol without one, since it is helpful to know when a block has been propagated to the network. It is also not entirely uncommon that an incorrect block could be propagated to the network.


After review of the issue and the subsequent fix, it appears that the issue itself is under control.
As to how the issue itself manifested in the code of Bitcoin Core is a question that remains unanswered at this point in time, but the important thing for Bitcoin users is that it has been fixed.
Again, more information can be found in the links posted throughout this piece.
submitted by Randomshortdude to CryptoCurrency [link] [comments]

[uncensored-r/BitcoinMarkets] Bloomberg: Bitcoin Coverage Nov. 13

The following post by jeanduluoz is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link: BitcoinMarkets/comments/7co95l
The original post's content was as follows:
Hey all, I was watching bloomberg in the background as usual and bitcoin has been on a lot recently. I've always liked bloomberg as the last respectable major news source (no CNN/Fox/etc) for political coverage, and always good market and macro news to track. Anyway, they did a short special with bitcoin today, so I was interested to hear the coverage. Here's my transcription:
[Hosted by Julie Hyman and Mark Barton]
Mark: A steep slide in bitcoin seems to be over today, since last week the community opting not to increase blocksize which speeds up transactions, which sent some investors to a bigger block alternative (XBT 1 wk $7.8k - $5.6k chart) with bitcoin dropping 29% from its peak on Wednesday morning, it's been climbing back up.
[introducing Ed robinson, European tech reporter]
Mark: It's not for the faint hearted - trading bitcoin, is it?
Ed: No indeed, and we've known that for some time, but these last few days have been hyper volatile.
Mark: And it's been hyper volatile with bitcoin cash. So tell us just what bitcoin cash is, and why it's taken center stage in the last week or so.
Ed: Bitcoin Cash is a new entrant that forked off the original bitcoin in August, and what the bitcoin community is trying to do right now is to solve this problem of scalability. They need bitcoin to process transactions faster, they need them to process more volume in transactions, and this is key to its growth. So there is a community that created bigger block sizes, and by that i mean it can process more transactions faster than the traditional bitcoin, and they hived off and formed this new entity called bitcoin cash.
Julie: so uh.. wh... hahaha. I'm just trying to wrap my head around all this. But bitcoin cash is still bitcoin right? It's just... a different way of trading it? Is it an entirely new cryptocurrency?
Ed: Well right, it's - they're two sides of the same coin. Bitcoin cash is processing (that's the blockchain, the underlying database software) that's processing transactions in a different way than the original bitcoin. So that's why we've had what's called a fork - that's the separation between the two, but by and large between the two - i mean they're now traded as separate coins (you can buy each separately), but they really amount to the same thing.
Julie: Uh, all of this gets to the same thing which really gets to one of the central challenges with bitcoin which Lionel Leblanc points out in his column today, that it's governance by committee. you have this community that decided to hive off, and the decisions for bitcoin are made by community. How does this work for example if there were to be a split of bitcoin, i mean who makes these decisions?
Ed: It's unprecedented. It is governance by community. It reminds me of "The Well" - "The Well" was this ancient chatroom that was set up in northern California before the internet took hold. It's a very organic, community-driven style of decision making. As you can imagine, debate flourishes in this kind of format. But ultimately what we see is that the science wins out. Bitcoin has established itself as a viable currency or entity (cf note below), so they're working with something that is functional, but there's all manner of different opinions and debates taking place.
Mark: Which is reflected in this chart since June. We've has 3 sizable declines, 39%, 39%, and 29% as of this morning. But every time, it seems to be viewed as a buying opportunity?
Ed: That's what it's shown so far - if you look at the middle one, that's when china outlawed initial coin offerings, a lot of investors freaked out and said "OMG there's gonna be this massive crackdown," there was a lot of selling... it didn't last very long did it? The next leg up was very fast, 80% over 6 days off the September lows.
Mark: That's it for now, thanks...
interview ends and they move on
Note: Fast forward 20 minutes as I type this, bitcoin is indeed being mentioned along with the USD-JPY trade and high-yield bonds as a legitimate asset transmitting market information (risk appetite in this case).
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Bits, bitcoin, and SI units. Can I make a humble suggestion? (Long text trying to find peace.)

Personally, I'm undecided on the question of whether we should switch to "bits". Also, I believe, it's not my decision to make. New words come up when people use things. (The word for device I'm typing on changes once per year: workstation, computer, laptop, notebook, netbook, ultrabook. It's a thin 12" quad-core running linux, so the words all more or less correct.)
I'll offer a few points for discussion to see whether we can agree:
  1. There exists both technical language and colloquial day-to-day language. Technical language aims to be accurate, non-ambiguous, and standardized. SI units (those in the actual SI documents) are good examples. Everyone agrees what they mean (up to 7 digits of precision). Also, they have the same meaning independent of context. I can travel, talk to people from different disciplines and a metre is still a metre. When in doubt, there are established procedures to check who is right. Technical units also mean the same thing in every language (to the degree possible, Americans may prefer to spell "meter", which can also be a device to measure things).
  2. Everyday language develops from practical use and differs based on context. Sometimes, everyday language is derived from technical language (a "10k" run). Sometimes, it is not (a "marathon"). Whether you understand what a "10k" is depends on context. All European countries and languages use units derived from SI. However, different groups use a different subset of SI and different linguistic shortcuts. In Austria, you buy "10 Deka" of minced meat (meaning 10 deca gram, a valid SI unit). In Germany (same language, next door, open borders, a lot of cross-border trade), you will be starred at like an alien using this term.
  3. Bitcoin, according to the official-looking wiki has to many confusing units already to be practically useful. I never got the significance of tonal bitcoin. Also the "SI-like" (powers of ten based) ones are to much.
  4. When, it comes to bitcoin, we need both a technical language and a colloquial language. The latter will develop, depend on context, and change over time. (It is totally likely that we, satoshi millionaires, will use a different language than satoshi peasants colloquially.) The technical language's aim is to be precise, logical and stable (= must never change). For technical purposes, I believe 1 BTC (or XBT or bitcoin or ฿) is the best bed for the base unit with power-of-1000 SI prefixes as quantifiers: MBTC (not m), kBTC (not K), BTC, mBTC, µBTC (uBTC if you have to). It doesn't get simpler than that. Personally, I want my bank statement or invoice written in technically language (but YMMV). Colloquially, I can live with millis (meaning mBTC), but I can't see any variation of µBTC working in practice (although 1 micron = 1µm is commonly used spoken language e.g. for the wavelength of light (slightly less then 1 micron)).
  5. I live and breath SI, but one down-side of SI is that you cannot add SI prefixed to units with SI prefixes. (kg is a SI base unit. So it's tempting to write "1k kg" or "1Mg" (both are non-standard and never used) while "1 t" (metric tonne) is correct, but not logical.) We have the same problem with mBTC (or bits): We cannot say "I have 1k millis" (or "1M bits" or "1m bits") without breaking the system that defines mBTC in the first place. This is not a small nuisance, this is a huge problem, because, here, trying to invent colloquial terms breaks the technical language. With the technical language broken, we fail to define what those colloquial terms mean. Thus, everything will always be confusing for everyone with no clear path to recovery.
  6. 1 bits seems to be the most likely consensus for a colloquially-used term. This is perfect, as long as we, the bitcoin "experts", understand:
I like prices that look like 1.99 bits. I can live with 1999 bits, but I need to be damn sure what 1 bit exactly is.
 Technical Colloquial Definition 1 MBTC ? 1 000 000 BTC 1 BTC 1 bitcoin 1 BTC 1 mBTC ? 0.001 BTC 1 µBTC 1 bit 0.000001 BTC ? 1 satoshi 0.00000001 BTC 
Does this make sense?
submitted by arbeitslos to Bitcoin [link] [comments]

Why is the bitcoin reward not an integer number?

Hi all,
I've noticed that the rewards generated for mining a new block are actually some floating point or double value rather than an integer. Why is this?
The bitcoin wiki says the following: The calculation is done as a right bitwise shift of a 64-bit signed integer, which means it is divided by 2 and rounded down. The integer is equal to the value in XBT * 100,000,000. This is how all Bitcoin balances/values are stored internally.
Yet, for example, the reward for mining block 358997 is: 24.98983201 Why isn't it just set to "25"?
submitted by redmage123 to Bitcoin [link] [comments]

New Bitcoin Derivative: BitcoinETI

Another bitcoin product has launched, the BitcoinETI (ticker: BTCETI). I tend to prefer fundamental trading and analysis to TA, so here's my meta-contribution that has no analysis.
Regulatory Framework
The ETI is incorporated in Gibraltar and will trade on GSX, the Gibraltar stock exchange. It is also cross-listed on the Frankfurt Stock Exchange (owned by Deutsche Borse Group) and will trade under the same ticker. Interestingly, the Frankfurt exchange is ranked the 10th largest equity exchange by market cap, at $1.75B. As a side note, Deutsche Borse is merging with The London Stock Exchange group, which is the 3rd largest stock exchange at $6.1B and only trailing the NYSE and Nasdaq. Either way, this is the largest market that a bitcoin product has traded on yet.
Listing the ETI on the Gibraltar Stock Exchange enables sales of the instrument across all 33 countries of the European Economic Area (EEA).
iStructure PCC PLC issued the BitcoinETI, following a partnership between a number of stakeholders that includes the Gibraltar government and companies including regional Fintech firm and sponsor Revoltura Limited. The Financial Services Commission, Gibraltar’s financial regulator is also among the partners resulting in the issuance of the Bitcoin-based ETI.
Now for some editorialization and clarification:
  1. ETI - Exchange traded instrument
  2. ETP - Exchange traded Product (synonymous with ETI)
  3. ETF - Exchange traded Fund
  4. ETN - Exchange traded note
I haven't quite seen the structure of this product, but I assume it will be an ETN (exchange traded note). If it was an ETF, it would be much bigger news. We already have an ETN or two, but no ETFs. They function similarly, but an ETN is debt (a note), whereas an ETF is equity in the actual, underlying asset. As a result, an ETN is still subject to credit risk; the ETN's operator basically generates assets, to which you have claim to with the company's debt you own (the ETN). So if they go bankrupt, you are a creditor. By contrast, an ETF is actual equity in the platform.
Market Snapshot of Bitcoin Products
GBTC: Over-The-Counter, open-fund share of bitcoin trading on OTCQX issued by Grayscale. This is not an exchange, but a private facilitator of peer-to-peer exchanges. Functionally, it is an exchange, but not as far as regulatory bodies are concerned, leading to lower costs for listing companies. It is also not an exchange product, but more like a public hedge fund or mutual fund. 174,530 BTC under management, 2% annual fee.
Swedish ETNs: Shares issued by XBT Provider (swedish company), publicly traded on Nasdaq OMX, the nordic exchange group purchased by Nasdaq in 2007. There are actually 2 bitcoin products here, not 1: Bitcoin tracker one and bitcoin tracker Euro. Recently, Jersey-based Global Advisors (asset management firm, run by Daniel Masters, ex-husband of Blythe) acquired XBT Provider. it has a crazy fee structure. Not clear how many BTC under management - Global Advisors buys more BTC as they sell more ETN shares. Someone could calculate it, but i'm supposed to be working right now. The shares continue to trade on OMX. 2.5% annual fee.
Gibraltar ETI: See Above
Winklevoss ETF: Recently moved to BATS exchange, a huge commodity exchange. Pending approval.
SolidX ETF: Recently filed for NYSE exchange.
Gibraltar Announcement:
submitted by jeanduluoz to btc [link] [comments]

SI prefixes for Bitcoin, space separated. Bitcoin nomenclature, once and for all?

I recently replied in someone's thread about changing the decimal point a la Turkey to make the currency more usable, which I think is the wrong approach.
The currency represents a new paradigm in money but it can be explained very well using numbers we already use in science, technology, engineering and mathematics.
The range of Bitcoin fits neatly into using the SI prefixes for milli(bit) and micro(bit). Satoshi is an anomaly as it represents ten nanobits.
If you think milli- sounds stupid I don't know what to tell you. It's been around a while (long before -vanilli).
Think of how we see normal currency represented: 
£52,345.99 reads as Fifty-two thousand, three hundred and forty-five pounds and ninety-nine pence.
Note we don't say Fifty-two thousand pounds, three hundred pounds and forty five pounds and ninety-nine pence. This will allow us naturally to avoid having to say 'bit' after every magnitude grouping.
Now for Bitcoin 
1.02311191 reads as One-point-zerotwothreeoneoneonenineone Bitcoin. This is a load of crap to say, and you know it
If I rewrite this with spaces to represent the prefixes like this:
1.023 111 91 I can easily see where the groupings of orders of magnitude fit.
Now I can say One Bitcoin, twenty-three milli, one-hundred and eleven micro and ninety-one Satoshi.
Realistically things will be mostly pegged to a fiat currency for things like coffee, groceries and restaurants. Many things will be in the range of tens of milli with a few hundred micro. I used XE to do these and preserved the amount of sig figs from the fiat amount by rounding.
A £1.70 coffee: 0.006 670 Six milli, six-seventy microbit. Or six point six-seven milli.
Fuel fill-up for £45.52: 0.178 500 Hundred and seventy-eight point five milli.
The point is, rather than renaming EVERYTHING to suit, there needs to be flexibility to parse the entire range of possible decimal places into something easy to say. There is no need to 'work in millibitcoin' since by working in Bitcoin we already are.
By adding spaces you are reminding yourself where the decimal would be for each prefix. One hundred micro is 'point one' milli. There's no need for Thousand Micro since that is one milli. Trying to 'work in milli' gives us the same problem since ten thousand milli is better expressed succinctly as ten Bitcoin!
Some people have suggested a similar thing with semicolons but that makes the numbers look unrelated and ungainly.
Try it yourself, see if you like it.
Edit: I understand different countries use commas and decimals for different things but this should work pretty well anywhere. To solve the problem of potentially wrapping the number across lines if a space is used, an apostrophe looks neat. sue-dough-nim/ mentioned it and abdada/ kindly tipped this post and said: Tossed you 0.001'180'78. Neat and mirror-symmetrical with the comma. 
TL;DR We can use a space to separate groups of three behind the decimal, even if some are wasted zeros. We write wasteful zeros all the time with currency eg £5.00.
0.001 200 reads like One milli two hundred micro OR one point two milli.
submitted by rumplefistbump to Bitcoin [link] [comments]

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es,.,bitcoin,.,quora,.,bitcoin,.,questions,.,bitcoin,.,qt update,.,bitcoin,.,qt wallet location,.,bitcoin,.,quantum,.,bitcoin,.,q,.,bitcoin,.,q es,.,q son,.,bitcoins,.,q es un,.,bitcoin,.,q son los,.,bitcoins,.,q es el,.,bitcoin,.,q comprar con,.,bitcoins,.,bitcoins que significa,.,bitcoin,.,q significa,.,bitcoin,.,rate,.,bitcoin,.,reddit,.,bitcoin,.,review,.,bitcoin,.,rival,.,bitcoin,.,rate gbp,.,bitcoin,.,rise,.,bitcoin,.,regulation,.,bitcoin,.,rich list,.,bitcoin,.,rate history,.,bitcoin,.,regulation uk,.,r,.,bitcoinmarkets,.,r,.,bitcoin,.,uk,.,r,.,bitcoin,.,canada,.,r,.,bitcoin,.,cash,.,r,.,bitcoin,.,package,.,r,.,bitcointalk,.,r,.,bitcoin,.,mining,.,r,.,bitcoin,.,abc,.,r,.,bitcoin,.,analysis,.,bitcoinxt,.,bitcoin,.,share price,.,bitcoin,.,stock,.,bitcoin,.,split,.,bitcoin,.,segwit,.,bitcoin,.,stock price,.,bitcoin,.,shares,.,bitcoin,.,symbol,.,bitcoin,.,suisse,.,bitcoin,.,scams,.,bitcoin,.,stock market,.,bitcoins value,.,bitcoin,.,s curve,.,bitcoin,.,miners,.,gh/s,.,bitcoin,.,th/s,.,bitcoin,.,th/s,.,bitcoin,.,miner,.,mh/s,.,bitcoin,.,1th/s,.,bitcoin,.,miner,.,10th/s,.,bitcoin,.,miner,.,20th/s,.,bitcoin,.,miner,.,bitcoin,.,trading,.,bitcoin,.,to dollar,.,bitcoin,.,transaction,.,bitcoin,.,to £,.,bitcoin,.,ticker,.,bitcointalk,.,bitcoin,.,transaction fee,.,bitcoin,.,t shirt,.,bitcoin,.,t shirt uk,.,bitcoin,.,t shirt india,.,bitcoin,.,t shirt store,.,alpha-t,.,bitcointalk,.,bb&t,.,bitcoin,.,t-110,.,bitcoin,.,mining system,.,bitcoin,.,miner t720,.,bitcoin,.,usd,.,bitcoin,.,uk,.,bitcoin,.,unlimited,.,bitcoin,.,unconfirmed transaction,.,bitcoin,.,usd price,.,bitcoin,.,uk price,.,bitcoin,.,uasf,.,bitcoin,.,uk tax,.,bitcoin,.,update,.,bitcoin,.,uk exchange,.,why u,.,bitcoin,.,billionaire,.,bitcoin,.,u bosni,.,bitcoin,.,miner.u,.,bitcoin,.,u crnoj gori,.,bitcoin,.,youtube,.,bitcoin,.,u dinarima,.,wii u,.,bitcoin,.,utorrent,.,bitcoin,.,u.s.,.,bitcoin,.,exchange,.,bitcoin,.,u kune,.,bitcoin,.,value,.,,.,bitcoin,.,value chart,.,bitcoin,.,value history,.,bitcoin,.,value gbp,.,bitcoin,.,vs ethereum,.,bitcoin,.,vs usd,.,bitcoin,.,volatility,.,bitcoin,.,vs litecoin,.,bitcoin,.,value 2010,.,bitcoin,.,vs gold,.,bitcoin,.,v litecoin,.,bitcoin,.,v dollar,.,bitcoin,.,v euro,.,bitcoin,.,v gold,.,bitcoin,.,v blockchain,.,bitcoin,.,v onecoin,.,bitcoin,.,hack v.2,.,bitcoin,.,worth,.,bitcoin,.,wiki,.,bitcoin,.,wallet uk,.,bitcoin,.,what is it,.,bitcoinwisdom,.,bitcoin,.,whitepaper,.,bitcoin,.,wallet online,.,bitcoin,.,wallet address,.,bitcoin,.,wallet download,.,bitcoin,.,miner.w,.,bitcoin,.,w polsce,.,bitcoiny w polsce,.,bitcoin,.,w niemczech,.,bitcoin,.,w chmurze,.,bitcoin,.,w żabce,.,bitcoin,.,w polsce legalny,.,bitcoin,.,w chinach,.,bitcoin,.,w prawie polskim,.,bitcoin,.,w górę,.,bitcoin,.,xe,.,bitcoin,.,xbt,.,bitcoin,.,xt,.,bitcoin,.,xbte,.,bitcoin,.,xapo,.,bitcoin,.,xrp,.,bitcoin,.,xt price,.,bitcoin,.,xpub,.,x,.,bitcoin,.,generator,.,bitcoin,.,yahoo finance,.,bitcoin,.,year chart,.,bitcoin,.,year,.,bitcoin,.,yield,.,bitcoin,.,ytd,.,bitcoin,.,yubikey,.,bitcoin,.,yoda,.,bitcoin,.,yahoo finance chart,.,ybitcoin,.,magazine,.,bitcoin,.,y control de cambio,.,y combinator,.,bitcoin,.,ecuador y,.,bitcoin,.,bitcoin,.,by paypal,.,bitcoin,.,y el lavado de dinero,.,bitcoin,.,y deep web,.,bitcoin,.,y lavado de dinero,.,bitcoin,.,y litecoin,.,bitcoin,.,and blockchain,.,bitcoin,.,zebra,.,bitcoin,.,zerohedge,.,bitcoin,.,zimbabwe,.,bitcoin,.,zar,.,bitcoin,.,zcash,.,bitcoin,.,zapwallettxes,.,bitcoin,.,zarabianie,.,bitcoin,.,zug,.,bitcoin,.,zero,.,bitcoin,.,zero confirmations,.,bitcoin,.,z value,.,titan z,.,bitcoin,.,mining,.,titan z,.,bitcoin,.,z cash,.,bitcoin,.,nvidia titan z,.,bitcoin,.,mining,.,nvidia titan z,.,bitcoin,.,nakup zlata z,.,bitcoini,.,sklep z,.,bitcoinami,.,trgovanje z,.,bitcoini,.,co z,.,bitcoinem,.,bitcoin,.,0 confirmations,.,bitcoin,.,0.1,.,bitcoin,.,0.1.0,.,bitcoin,.,0 active connections,.,bitcoin,.,0 transaction fee,.,bitcoin,.,0 fee,.,0.15,.,bitcoins,.,0 25,.,bitcoins,.,0.05,.,bitcoin,.,in euro,.,bitcoin,.,2.0,.,0.1,.,bitcoins,.,0.21,.,bitcoins,.,bitcoin,.,1st august,.,bitcoin,.,1 million,.,bitcoin,.,101,.,bitcoin,.,10 year chart,.,bitcoin,.,10000,.,bitcoin,.,148,.,,.,bitcoin,.,10 year prediction,.,bitcoin,.,100k,.,bitcoin,.,100 dollars,.,bitcoin,.,10 years ago,.,1,.,bitcoin,.,in gbp,.,1,.,bitcoin,.,in pounds,.,1,.,bitcoin,.,in £,.,1,.,bitcoin,.,to dollar,.,1,.,bitcoin,.,in inr,.,1,.,bitcoin,.,to euro,.,1,.,bitcoin,.,in gdp,.,1,.,bitcoin,.,in eur,.,1,.,bitcoin,.,to myr,.,1,.,bitcoin,.,in sterling,.,bitcoin,.,2010,.,bitcoin,.,2017,.,bitcoin,.,2020,.,bitcoin,.,2018,.,bitcoin,.,2009,.,bitcoin,.,2013,.,bitcoin,.,21 million,.,bitcoin,.,2012,.,bitcoin,.,2014,.,2,.,bitcoin,.,to usd,.,2,.,bitcoin,.,price,.,2,.,bitcoin,.,to inr,.,2,.,bitcoin,.,wallets,.,2,.,bitcoins to dollars,.,2,.,bitcoins free,.,2,.,bitcoins a month,.,2,.,bitcoin,.,qt,.,bitcoin,.,2 year chart,.,bitcoin,.,2 paypal,.,bitcoin,.,3000,.,bitcoin,.,31st july,.,bitcoin,.,3 confirmations,.,bitcoin,.,3.0,.,bitcoin,.,3 year chart,.,bitcoin,.,3 month chart,.,bitcoin,.,300,.,bitcoin,.,365 club,.,bitcoin,.,3000 usd,.,bitcoin,.,30 confirmations,.,3,.,bitcoins in gbp,.,3,.,bitcoins,.,3,.,bitcoins to usd,.,3,.,bitcoin,.,in euro,.,3,.,bitcoin,.,to eur,.,bitcoin,.,3 unlimited,.,bitcoin,.,3 day chart,.,bitcoin,.,3 address,.,bitcoin,.,4000,.,bitcoin,.,4chan,.,bitcoin,.,4 billion,.,bitcoin,.,401k,.,bitcoin,.,4 backpage,.,bitcoin,.,43,.,bitcoin,.,40000,.,bitcoin,.,4k,.,bitcoin,.,4 year chart,.,bitcoin,.,48,.,4,.,bitcoins,.,4,.,bitcoins to usd,.,4,.,bitcoins in gbp,.,4,.,bitcoin,.,to eur,.,bitcoins 4 backpage,.,bitcoin,.,4 igaming,.,bitcoin,.,4 u,.,bitcoin,.,4 november,.,bitcoin,.,4 cash,.,bitcoin,.,5 year chart,.,bitcoin,.,51 attack,.,bitcoin,.,500,.,bitcoin,.,5 year,.,bitcoin,.,500 000,.,bitcoin,.,5000,.,bitcoin,.,50000,.,bitcoin,.,5 year price,.,bitcoin,.,5 years ago,.,bitcoin,.,5 year forecast,.,5,.,bitcoins in pounds,.,5,.,bitcoins,.,5,.,bitcoins to usd,.,5,.,bitcoin,.,free,.,5,.,bitcoin,.,in euro,.,bitcoin,.,5 years,.,bitcoin,.,5 minutes,.,bitcoin,.,5 min,.,bitcoin,.,5 unlimited generator,.,bitcoin,.,666,.,bitcoin,.,6 months,.,bitcoin,.,6 confirmations,.,bitcoin,.,6 month chart,.,bitcoin,.,6000,.,bitcoin,.,60 minutes,.,bitcoin,.,6 confirmations time,.,bitcoin,.,6 month price,.,bitcoin,.,6 years ago,.,bitcoin,.,60 day chart,.,6,.,bitcoin,.,network confirmations,.,,.,
submitted by besterse to BestCryptoPlatform [link] [comments]

A compromise between BIP101 and Pieter's proposal | jl2012 at | Jul 31 2015

jl2012 at on Jul 31 2015:
There is a summary of the proposals in my previous mail at
I think there could be a compromise between Gavin's BIP101 and
Pieter's proposal (called "BIP103" here). Below I'm trying to play
with the parameters, which reasons:
  1. Initiation: BIP34 style voting, with support of 750 out of the last
1000 blocks. The "hardfork bit" mechanism might be used:
Rationale: This follows BIP101, to make sure the new chain is secure.
Also, no miner would like to be the first one to mine a large block if
they don't know how many others would accept it.
  1. Starting date: 30 days after 75% miner support, but not before
2016-01-12 00:00 UTC
Rationale: A 30-day grace period is given to make sure everyone has
enough time to follow. This is a compromise between 14 day in BIP101
and 1 year in BIP103. I tend to agree with BIP101. Even 1 year is
given, people will just do it on the 364th day if they opt to
2016-01-12 00:00 UTC is Monday evening in US and Tuesday morning in
China. Most pool operators and devs should be back from new year
holiday and not sleeping. (If the initiation is delayed, we may
require that it must be UTC Tuesday midnight)
  1. The block size at 2016-01-12 will be 1,414,213 bytes, and
multiplied by 1.414213 by every 223 seconds (97 days) until exactly
8MB is reached on 2017-05-11.
Rationale: Instead of jumping to 8MB, I suggest to increase it
gradually to 8MB in 16 months. 8MB should not be particularly painful
to run even with current equipment (you may see my earlier post on
bitctointalk: 8MB
is also agreed by Chinese miners, who control >60% of the network.
  1. After 8MB is reached, the block size will be increased by 6.714%
every 97 days, which is equivalent to exactly octuple (8x) every 8.5
years, or double every 2.9 years, or +27.67% per year. Stop growth at
4096MB on 2042-11-17.
Rationale: This is a compromise between 17.7% p.a. of BIP103 and 41.4%
p.a. of BIP101. This will take us almost 8 years from now just to go
back to the original 32MB size (4 years for BIP101 and 22 years for
SSD price is expected to drop by >50%/year in the coming years. In
2020, we will only need to pay 2% of current price for SSD. 98% price
reduction is enough for 40 years of 27.67% growth.
Global bandwidth is expected to grow by 37%/year until 2021 so 27.67%
should be safe at least for the coming 10 years.
The final cap is a compromise between 8192MB at 2036 of BIP101 and
2048MB at 2063 of BIP103
Generally speaking, I think we need to have a faster growth in the
beginning, just to normalize the block size to a more reasonable one.
After all, the 1MB cap was introduced when Bitcoin was practically
worthless and with inefficient design. We need to decide a new
"optimal" size based on current adoption and technology.
About "fee market": I do agree we need a fee market, but the fee
pressure must not be too high at this moment when block reward is
still miner's main income source. We already have a fee market: miners
will avoid building big blocks with low fee because that will increase
the orphan risk for nothing.
About "secondary layer": I respect everyone building secondary layer
over the blockchain. However, while the SWIFT settlement network is
processing 300tps, Bitcoin's current 7tps is just nothing more than an
experiment. If the underlying settlement system does not have enough
capacity, any secondary layer built on it will also fall apart. For
example, people may DoS attack a Lightening network by provoking a
huge amount of settlement request which some may not be confirmed on
time. Ultimately, this will increase the risk of running a LN service
and increase the tx fee inside LN. After all, the value of secondary
layer primarily comes from instant confirmation, not scarcity of the
block space.
submitted by bitcoin-devlist-bot to bitcoin_devlist [link] [comments]

/r/oBitcoin FAQ - Novatos por favor leiam

Bem vindo ao /oBitcoin FAQ fixada

O texto que se encontra aqui foi desenvolvido por Mtzrkov e outros em e está em domínio público para ser usado livremente por qualquer um.

O que é bitcoin?

Bitcoin (BTC ou XBT) é o primeiro e mais importante dinheiro eletrônico sem autoridade central, baseado numa tecnologia open-source inédita chamada Blockchain, que foi desenvolvida por Satoshi Nakamoto em janeiro de 2009. Essa tecnologia permite a criação de um "banco de dados" confiável P2P (ponto-a-ponto), o que abre caminho para muitos tipos de inovação, sendo uma delas o próprio bitcoin e outras como contratos descentralizados, por exemplo.
Nota: normalmente emprega-se "Bitcoin" em maiúsculo para se referir ao protocolo (baseado na tecnologia Blockchain) e em minúsculo "bitcoin" para se referir a uma unidade da moeda.
O Bitcoin, além de um bem digital, pode ser considerado também um sistema de pagamento, totalmente independente de qualquer sistema já existente, como cartões de crédito, Paypal, bancos e outros. Sua capacidade atual estimada é de 7 transações por segundo, mas essa capacidade pode ser aumentada com o passar do tempo se houver necessidade. Por ser puramente digital e distribuído, o Bitcoin funciona 24/7 e tem alcance mundial, além de ter locais especializados de troca pela moeda local (chamados exchange) nas principais cidades do mundo.
A segurança da rede do Bitcoin, ou seja, o que garante que não existirá um chamado "gasto duplo" do mesmo dinheiro, é o consenso da rede P2P feito pela validação das transações por parte dos mineradores. Para que um minerador consiga incluir um bloco válido na rede, ele precisa utilizar um grande poder computacional. O processo de mineração consiste na realização de cálculos matemáticos para a seleção de quais transações válidas serão incluídas no próximo novo bloco do Blockchain, excluindo aquelas que tiveram uma tentativa de "gasto duplo" naquele período. Cada nó da rede, além dos mineradores, também é capaz de verificar a validade das transações incluídas no bloco. É nesse processo também que aparecem os "bitcoins ainda não descobertos". A distribuição dos bitcoins é feita de forma previsível, tendo uma queda de recompensa pela metade de 4 em 4 anos. Serão encontrados no máximo 21 milhões de unidades da moeda.

Quanto vale um bitcoin?

O preço de mercado de um bitcoin é determinado através da lei da oferta e da procura, portanto estando sujeito a variações de preço por causa de acontecimentos políticos e econômicos (como desvalorização e inflação de moedas estatais, conflitos, maior demanda por Bitcoin etc).
Assim como nas moedas estatais, o preço do bitcoin varia e pode ser diferente dependendo do lugar em que for negociado.
Se você for comprar dólares no Brasil, você terá que procurar uma casa de câmbio que poderá ter a cotação de R$ 3,00 por dólar, por exemplo. Caso vá a outra casa de câmbio, você poderá notar que o preço poderá ser ligeiramente diferente, além das taxas também variarem. Com o Bitcoin não é diferente. Essa variação entre as exchanges (nome comumente usado para se refererir aos locais de compra e venda de bitcoin) são equilibradas pelo mercado através de operações de arbitragem (comprar num lugar mais barato e vender num mais caro).
Para se ter uma ideia do preço médio do bitcoin, você pode dar uma olhada em sites como os que seguem:
Para um gráfico do preço ao longo do tempo, acesse:


Por ser uma moeda ainda muito recente (inventada em jan/2009) e ainda não muito utilizada, seu preço de mercado ainda é muito volátil. Isso faz do bitcoin um investimento de risco atualmente. O preço tende a ficar mais estável ao longo do tempo, quando o mercado puder definir com mais exatidão seu "preço real". As oscilações também tendem a diminuir conforme o seu market cap (quantidade de moedas x preço) aumentar. Hoje (2015) o market cap do bitcoin é de US$ 3 bi, o que pode ser considerado pouco se comparado ao valor de algumas empresas como a Dell (US$ 24 bi) ou ainda de outras commodities como o ouro (US$ 2.600 bi).
Para um gráfico da volatidade ao longo do tempo, acesse:

Como obter bitcoins?

O bitcoin é um bem digital e assim como outros bens, pode ser adquirido de diversas formas:

1. Negociação direta (P2P / pessoa a pessoa)

Uma das maneiras mais baratas de se negociar bitcoins, porque não tem taxas, é comprando diretamente de outras pessoas que já possuem a moeda. As duas partes chegam a um acordo de preço e a troca é feita. Geralmente quem tem menos reputação entrega o bitcoin ou a moeda local primeiro.
Por ser uma maneira relativamente arriscada, pois não há um mediador para casos de descumprimento de uma das partes, a reputação de alguém deve ser muito considerada. Exemplo: prefira negociar com alguém do seu círculo de amizades (rede de confiança), alguém que você confie muito como familiares e amigos, ou por uma indicação (amigo de amigo). Se a outra parte tem uma reputação duvidosa, prefira negociar aos poucos (divida os valores em várias partes menores e vá trocando aos poucos).
Algumas ferramentas auxiliam nesse processo de reputação e rede de confiança, sendo elas:

2. Negociação indireta (com intermediário)

Outra forma de se negociar bitcoins (e essa provavelmente é a maneira mais conveniente, embora não seja a mais barata) é utilizando um intermediário que viabilize a compra e venda de bitcoins entre pessoas interessadas. Esses intermediários são as "corretoras" ou "bolsas" de bitcoins (mais conhecidas por exchanges).
Essas corretoras fornecem um serviço de intermediação entre compradores e vendedores de bitcoin, cobrando uma taxa para tal. Por causa disso o bitcoin nas corretoras tem um preço final um pouco mais alto do que se fosse comprar de outras maneiras, mas devido ao altíssimo volume, uma operação pode ser realizada instantaneamente.
Além de usar exchanges, você também pode encontrar um intermediário na relação P2P, tornando-a mais segura. Exemplo: um amigo em comum, que pode levar uma comissão previamente combinada para intermediar as duas partes.
Você pode conferir uma lista de corretoras no ExchangeWar. Algumas das principais corretoras brasileiras são:

Onde gastar bitcoins?

Hoje é virtualmente possível gastar os bitcoins em qualquer lugar, usando algum intermediário para trocá-los imediatamente sob demanda por alguma moeda local, como numa exchange ou com serviços como Neteller, Xapo ou Gyft.
Alguns locais porém já aceitam a moeda digital diretamente, como é o caso da Microsoft, Dell e Overstock, além de inúmeras outras ao redor do mundo.
Confira uma lista com mais de 100 mil lugares que já aceitam diretamente o bitcoin em SpendBitcoins ou no CoinMap.
Segue algumas listas de locais que aceitam bitcoin no Brasil:

Como minerar bitcoins?

Para minerar bitcoins você precisa executar um software em um computador especializado (ASIC) que possa realizar uma grande quantidade de operações matemáticas demandada pelo sistema de consenso P2P do bitcoin.
Logo após a criação do Bitcoin em 2009, era possível e rentável minerar bitcoins utilizando o processamento de computadores pessoais (através de simples processadores e placas de vídeo), mas com o tempo essa atividade deixou de ser rentável e tornou-se praticamente impossível para tais máquinas. Isso aconteceu pois o interesse no Bitcoin aumentou muito, trazendo assim mais pessoas para a mineração e impulsionando uma corrida por maior quantidade de processamento. Com o avanço da tecnologia e o aumento do interesse por Bitcoin, mais poder de processamento foi adicionado à rede Bitcoin e isso resultou em um aumento da dificuldade para se encontrar novos Blocos.
Essa é uma característica do protocolo Bitcoin: quanto maior o poder de processamento da rede, maior a dificuldade para se minerar bitcoins - ou seja, maior a dificuldade para se descobrir novos Blocos. Um bloco é um arquivo que possui uma identificação (data, hora e informações genéricas) e um registro das transações (movimentação de bitcoins entre endereços) mais recentes. Resumidamente, os mineradores são uma forma de manter a rede Bitcoin segura e operante, algo que demanda muito poder de processamento (o que torna inviável o uso computadores de propósito geral para tal fim) e que, como retribuição por essa tarefa importante, gera uma recompensa em bitcoins pelo trabalho.
Todas as transações, ou seja, as movimentações em bitcoins realizadas entre endereços (carteiras), são anônimas pois se caracterizam como uma transferência de fundos de um endereço Bitcoin para outro, que, embora tenham relação indireta com pessoas reais, não possuem uma relação direta. Ou seja, não é possível dizer com absoluta certeza que determinada pessoa é detentora de um endereço a menos que ela diga isso em algum lugar - o que torna o Bitcoin algo pseudônimo, não anônimo (você é anônimo apenas se quiser e tiver conhecimentos para tal). Todas as transações da história da rede Bitcoin são públicas e podem ser conferidas em sites como o Blockchain Info.
Então...é impossível minerar hoje em dia num PC comum ou notebook? Sim, mas não é lucrativo. Para isso existem os ASICs (Circuitos Integrados de Aplicação Específica, em inglês Application Specific Integrated Circuits), hardwares específicos para mineração. Há uma lista na Bitcoin Wiki, em inglês, onde estão listados todos os ASICs disponíveis no mercado e também placas gráficas e processadores. É importante notar que embora seja possível minerar bitcoins, não é algo recomendado aos brasileiros, uma vez que o equipamento é caro, importado e possui taxas de importação - além da energia elétrica brasileira, que inviabiliza totalmente o processo.
Nota: Em processo de desenvolvimento: Guardando seus bitcoins e Ganhando bitcoins.

Unidades comuns do bitcoin

Unidade Abreviação Quantidade em bitcoin Uso Nome alternativo
Bitcoin BTC 1,00000000 Unidade básica, usada no client padrão. XBT
millibit mBTC 0,00100000 Padrão em diversos serviços. -
bit μBTC 0,00000100 Possível novo padrão a ser adotado. microbit
Satoshi - 0.00000001 Frequentemente usado para negociar altcoins, menor unidade possível. -

Comunidade brasileira

submitted by felipelalli to oBitcoin [link] [comments]

Wrapping up the block size debate with voting | jl2012 at | Aug 04 2015

jl2012 at on Aug 04 2015:
As now we have some concrete proposals
I think we should wrap up the endless debate with voting by different
stakeholder groups.
Candidate proposals
Candidate proposals must be complete BIPs with reference implementation
which are ready to merge immediately. They must first go through the
usual peer review process and get approved by the developers in a
technical standpoint, without political or philosophical considerations.
Any fine tune of a candidate proposal may not become an independent
candidate, unless it introduces some “real” difference. “No change” is
also one of the voting options.
Voter groups
There will be several voter groups and their votes will be counted
independently. (The time frames mentioned below are just for example.)
Miners: miners of blocks with timestamp between 1 to 30 Sept 2015 are
eligible to vote. One block one vote. Miners will cast their votes by
signing with the bitcoin address in coinbase. If there are multiple
coinbase outputs, the vote is discounted by output value / total
coinbase output value.
Many well-known pools are reusing addresses and they may not need to
digitally sign their votes. In case there is any dispute, the digitally
signed vote will be counted.
Bitcoin holders: People with bitcoin in the UTXO at block 372500 (around
early September) are eligible to vote. The total “balance” of each
scriptPubKey is calculated and this is the weight of the vote. People
will cast their votes by digital signature.
Special output types:
Multi-sig: vote must be signed according to the setting of the
P2SH: the serialized script must be provided
Publicly known private key: not eligible to vote
Non-standard script according to latest Bitcoin Core rules: not eligible
to vote in general. May be judged case-by-case
Developers: People with certain amount of contribution in the past year
in Bitcoin Core or other open sources wallet / alternative
implementations. One person one vote.
Exchanges: Centralized exchanges listed on Coindesk Bitcoin Index,
Winkdex, or NYSE Bitcoin index, with 30 days volume >100,000BTC are
invited. This includes Bitfinex, BTC China, BitStamp, BTC-E, itBit,
OKCoin, Huobi, Coinbase. Exchanges operated for at least 1 year with
100,000BTC 30-day volume may also apply to be a voter in this category.
One exchange one vote.
Merchants and service providers: This category includes all bitcoin
accepting business that is not centralized fiat-currency exchange, e.g.
virtual or physical stores, gambling sites, online wallet service,
payment processors like Bitpay, decentralized exchange like
Localbitcoin, ETF operators like Secondmarket Bitcoin Investment Trust.
They must directly process bitcoin without relying on third party. They
should process at least 100BTC in the last 30-days. One merchant one
Full nodes operators: People operating full nodes for at least 168 hours
(1 week) in July 2015 are eligible to vote, determined by the log of
Bitnodes. Time is set in the past to avoid manipulation. One IP address
one vote. Vote must be sent from the node’s IP address.
Voting system
Single transferable vote is applied.
( Voters are
required to rank their preference with “1”, “2”, “3”, etc, or use “N” to
indicate rejection of a candidate.
Vote counting starts with every voter’s first choice. The candidate with
fewest votes is eliminated and those votes are transferred according to
their second choice. This process repeats until only one candidate is
left, which is the most popular candidate. The result is presented as
the approval rate: final votes for the most popular candidate / all
valid votes
After the most popular candidate is determined, the whole counting
process is repeated by eliminating this candidate, which will find the
approval rate for the second most popular candidate. The process repeats
until all proposals are ranked with the approval rate calculated.
Interpretation of results:
It is possible that a candidate with lower ranking to have higher
approval rate. However, ranking is more important than the approval
rate, unless the difference in approval rate is really huge. 90% support
would be excellent; 70% is good; 50% is marginal; <50% is failed.
Technical issues:
Voting by the miners, developers, exchanges, and merchants are probably
the easiest. We need a trusted person to verify the voters’ identity by
email, website, or digital signature. The trusted person will collect
votes and publish the named votes so anyone could verify the results.
For full nodes, we need a trusted person to setup a website as an
interface to vote. The votes with IP address will be published.
For bitcoin holders, the workload could be very high and we may need
some automatic system to collect and count the votes. If people are
worrying about reduced security due to exposed raw public key, they
should move their bitcoin to a new address before voting.
Double voting: people are generally not allowed to change their mind
after voting, especially for anonymous voters like bitcoin holders and
solo miners. A double voting attempt from these classes will invalidate
all related votes.
Multiple identity: People may have multiple roles in the Bitcoin
ecology. I believe they should be allowed to vote in all applicable
categories since they are contributing more than other people.
submitted by bitcoin-devlist-bot to bitcoin_devlist [link] [comments]

Bitcoin Grains and other skeumorphic sub units

Consensus on subunits has thus far followed mathematical prefixes with the exception of satoshi
I think this is a mistake. In fact there is nothing 'coin' about bitcoins, but the word brings a skeumorphic feel which makes it easier to understand than say P2P-crypto-ledger-unit.
I therefore propose the following:
Math geeks might not dig this, but I think it removes the psychological barriers to acquiring sub-units and migrating further down as exchange rate deflation dictates.
Exchanges should migrate to bitcoin grain price units.
I actually emerged from lurking to open my first reddit account just to propose this because I see it as important. So chew on it and give some feedback.
submitted by Grainsofbitcoin to Bitcoin [link] [comments]

Bitcoin Bot Vip - YouTube Bitcoin Live Btc Price Liquidation Watch: July 14 2020 How To Become A Crypto Millionaire - YouTube Bitcoin Liquidation Watch: July 29 2020 Bitcoin Live  Btc Price  Trading Chart Watch: - YouTube

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Bitcoin Bot Vip - YouTube

Bitcoin Live Btc Price Liquidation Watch 24/7 Bull vs Bear Pump or Dump Bitcoin Currency Bitcoin is a cryptocurrency. It is a decentralized digital currency ... ISO 4217 codes: BTC, XBT Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. How To Become A Crypto Millionaire Be an eary adapter, click the link right now! ----- CLI... FREE CRYPTO COURSE VIDEO - $10 of BITCOINS HERE FREE - So do you need bitcoin futures explained to yo... El bitcoin (signo: BitcoinSign.svg ; abr.: BTC, XBT) es una criptomoneda, sistema de pago y mercancía. El término se aplica también al protocolo y a la red P2P que lo sustenta, y de forma ...