Donald Dearie, CFP® Joins Seventy2 Capital Continuing a ...

Do we need new concepts extending CPFP? /r/Bitcoin

Do we need new concepts extending CPFP? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Danger: Be Careful with Samourai Wallet

The BIP39 derivation key from some versions looks like to be wrong. Previously, I had used the same paper backup to recover it (18 months ago) from an old phone that broke the screen.
Recently I migrated my phone (which bricked) to a new one. Both the backup and the BIP 39 did provide the same set of addresses.
I asked the Support, and for the second time (the first time I payed more than 300$ in fees due to a Replace by Fee order was called as a CPFP without my previous consensus), I had a terrible experience with them, they did not even reply explaining possible solutions.
The aforementioned explanation is what I suggest that happened due to some experience I have as developer.
Another thing I asked them was to provide to me the releases of the previous versions and they said they would not provide that on email. They suggest me to look at their github release (I believe I would be able to compile their project and try to create the Android Apk, but I did not try because it would surely consume time, and luckily I had the option to try with the old screen broken phone).
The repaired old phone had the software installed and configured, then, with the pin I was able to rescue the bitcoins.
In summary, from now on, I do not plan to use none of the softwares developed by them anymore. The communication is terrible and lost my credibility.
I understand that the software is not Beta but some core features should already be stable.
In this sense, it is surely hard to me to keep trusting in their team.
Use hardware or paper wallets (generate public keys offline and save them) if you want to hold as a reserve. If you have recommendation for a trustable Android one it would be good to hear.
submitted by vncoelho to Bitcoin [link] [comments]

"My transaction is stuck, what to do?" - an explainer [DRAFT]

In the last days we have been experiencing a sharp rise in price, which is historically correlated with many people transacting over the Bitcoin network. Many people transacting over the Bitcoin network implies that the blockspace is in popular demand, meaning that when you send a transaction, it has to compete with other transactions for the inclusion in one of the blocks in the future. Miners are motivated by profits and transactions that pay more than other transactions are preferred when mining a new block. Although the network is working as intended (blockspace is a scarce good, subject to supply/demand dynamics, regulated purely by fees), people who are unfamiliar with it might feel worried that their transaction is “stuck” or otherwise somehow lost or “in limbo”. This post attempts to explain how the mempool works, how to optimize fees and that one does not need to worry about their funds.

TL;DR: Your funds are safe. Just be patient* and it'll be confirmed at some point. A transaction either will be confirmed or it never leaves your wallet, so there is nothing to worry about in regards to the safety of your coins.

You can see how the mempool "ebbs and flows", and lower fee tx's get confirmed in the "ebb" times (weekends, nights): https://jochen-hoenicke.de/queue/#0,30d
* if you are in hurry there are things like RBF (Replace By Fee) and CPFC (Child Pays For Parent), which you can use to boost your transaction fees; you will need an advanced wallet like Bitcoin Core or Electrum for that though. Keep also in mind that this is not possible with any transaction (RBF requires opt in before sending, f.ex). If nothing else works and your transaction really needs a soon confirmation, you can try and contact a mining pool to ask them if they would include your transaction. Some mining pools even offer a web-interface for this: 1, 2.
Here’s how Andreas Antonopoulos describes it:
In bitcoin there is no "in transit". Transactions are atomic meaning they either happen all at once or don't happen at all. There is no situation where they "leave" one wallet and are not simultaneously and instantaneously in the destination address. Either the transaction happened or it didn't. The only time you can't see the funds is if your wallet is hiding them because it is tracking a pending transaction and doesn't want you to try and spend funds that are already being spent in another transaction. It doesn't mean the money is in limbo, it's just your wallet waiting to see the outcome. If that is the case, you just wait. Eventually the transaction will either happen or will be deleted by the network.
tl;dr: your funds are safe

How is the speed of confirmations determined in bitcoin?

Open this site: https://jochen-hoenicke.de/queue/#0,2w
Here you see how many transactions are currently (and were historically) waiting to be confirmed, i.e how many transactions are currently competing with your transaction for blockspace (=confirmation).
You can see two important things: the differently coloured layers, each layer representing a different fee (higher layer = higher fees). You can point at a layer and see which fees (expressed in sat/byte) are represented in this layer. You can then deduct which layer your own transaction is currently at, and how far away from the top your position is (miners work through the mempool always from the top, simply because the tx's on top pay them more). You can estimate that each newly mined block removes roughly 1.xMB from the top (see the third graph which shows the mempool size in MB). On average, a new block is produced every ten minutes. But keep in mind that over time more transactions come into the mempool, so there can be periods where transactions are coming faster than transactions being “processed” by miners.
The second important observation is that the mempool "ebbs and flows", so even the lower paid transactions are periodically being confirmed at some point.
In short: what determines the speed of a confirmation is A) how high you set the fees (in sat/byte), B) how many other transactions with same or higher fees are currently competing with yours and C) how many transactions with higher paid fees will be broadcast after yours.
A) you can influence directly, B) you can observe in real time, but C) is difficult to predict. So it's always a little tricky to tell when the first confirmation happens if you set your fees low. But it's quite certain that at some point even the cheap transactions will come through.

So what happens if my transaction stays unconfirmed for days or even weeks?

Transactions are being broadcast by the full nodes on the network. Each node can adjust their settings for how long they keep unconfirmed transactions in their mempool. That’s why there is not a fixed amount of time after which a transaction is dropped from the mempool, but most nodes drop unconfirmed tx’s after two weeks [IS THIS CORRECT?]. This means that in the absolute worst case the unconfirmed transaction will simply disappear from the network, as if it never happened. Keep in mind that in those two weeks the coins never actually leave your wallet. It’s just that your wallet doesn’t show them as “available”, but you still have options like RBF and CPFP to get your transaction confirmed with higher fees, or to “cancel” your transaction by spending the same coins onto another address with a higher fee.

Helpful tools to estimate fees for future transactions:

Here are some resources that can help you estimate fees when sending a bitcoin transaction, so you don't end up overpaying (or underpaying) unnecessarily. Keep in mind that in order to take advantage of this, you need a proper bitcoin wallet which allows for custom fee setting. A selection of such wallets you can find here or here.
The order here is roughly from advanced to easy.
1) https://jochen-hoenicke.de/queue/#0,24h
Here you can see a visualization of how many unconfirmed transactions are currently on the network, as well as how many were there in the past. Each coloured layer represents a different fee amount. F.ex the deep blue (lowest layer) are the 1sat/byte transactions, slightly brighter level above are the 2sat/byte transactions and so on.
The most interesting graph is the third one, which shows you the size of the current mempool in MB and the amount of transactions with different fee levels, which would compete with your transaction if you were to send it right now. This should help you estimating how high you need to set the fee (in sat/byte) in order to have it confirmed "soon". But this also should help you to see that even the 1sat/byte transactions get confirmed very regularly, especially on weekends and in the night periods, and that the spikes in the mempool are always temporary. For that you can switch to higher timeframes in the upper right corner, f.ex here is a 30 days view: https://jochen-hoenicke.de/queue/#0,30d. You clearly can see that the mempool is cyclical and you can set a very low fee if you are not in hurry.
2) https://mempool.space
This is also an overview of the current mempool status, although less visual than the previous one. It shows you some important stats, like the mempool size, some basic stats of the recent blocks (tx fees, size etc). Most importantly, it makes a projection of how large you need to set your fees in sat/byte if you want your transaction to be included in the next block, or within the next two/three/four blocks. You can see this projection in the left upper corner (the blocks coloured in brown).
3) https://whatthefee.io
This is a simple estimation tool. It shows you the likelihood (in %) of a particular fee size (in sat/byte) to be confirmed within a particular timeframe (measured in hours). It is very simple to use, but the disadvantage is that it shows you estimates only for the next 24 hours. You probably will overpay by this method if your transaction is less time sensitive than that.
4) https://twitter.com/CoreFeeHelper
This is a very simple bot that tweets out fees projections every hour or so. It tells you how you need to set the fees in order to be confirmed within 1hou6hours/12hours/1day/3days/1week. Very simple to use.
Hopefully one of these tools will help you save fees for your next bitcoin transaction. Or at least help you understand that even with a very low fee setting your transaction will be confirmed sooner or later. Furthermore, I hope it makes you understand how important it is to use a wallet that allows you to set your own fees.
submitted by TheGreatMuffin to u/TheGreatMuffin [link] [comments]

Bitcoin SV Node software upgrade to v1.0.5

Disclaimer **No consensus changes**.
Here is a full list of v1.0.5 changes:
https://bitcoinsv.io/2020/09/16/bitcoin-sv-node-software-important-upgrade-to-v1-0-5/
submitted by eatmybitcorn to bsv [link] [comments]

Interesting change allowing for "Reciever pays" TXN fees.

I'm excited about a new change in bitcoin-qt v20.0 (unreleased) allowing for the propagation of zero fee (0 sat/b) TXNs. Previously this was nerfed by the minRelayTxFee requirement. This would allow the receiver to set the fees (indirectly) by simply chaining a CPFP TXN to the end of it. Might work something like this.
  1. You place a bet at a BTC betting site.
  2. If you win, the payout is a raw TXN hex string.
  3. You broadcast the raw TXN along with a second "child" that pays the fee.
  4. Betting site is now no longer paying fees on winning bets.
Could offer a lot of solutions to exchanges that require a "withdraw fee" claiming that they need to pay the miners. This would allow users to request a zero-fee raw-hex withdraw transaction allowing the user to pay the fees themselves.
For the more technical user this would offer up a lot of neat possiblities.
submitted by brianddk to Bitcoin [link] [comments]

Bitcoin Unlimited 1.7.0 has just been released

Download the latest Bitcoin Cash compatible release of Bitcoin Unlimited (1.7.0, October 11th, 2019) from:
 
https://www.bitcoinunlimited.info/download
https://github.com/BitcoinUnlimited/BitcoinUnlimited/releases/tag/bucash1.7.0.0
 
This is a major release of Bitcoin Unlimited compatible with the upcoming protocol upgrade of the Bitcoin Cash network. You could find November 15th, 2019 upgrade specifications here:
This is list of the main changes that have been merged in this release:
 
Release notes: https://github.com/BitcoinUnlimited/BitcoinUnlimited/blob/dev/doc/release-notes/release-notes-bucash1.7.0.md
 
PS Ubuntu PPA repository is currently being updated to serve for 1.7.0
(*) if you were using BU with -txindex, after the fist session after the upgrade the database where the index are stored will be upgraded to a new format. During this migration RPC command will return an error message saying the txindex is syncing. The lasting of the migration process depends on the machine where BU is installed.
submitted by s1ckpig to btc [link] [comments]

Bitcoin Price Prediction 2020

Bitcoin Price Prediction 2020
Bitcoin is a digital and fully decentralized currency. Decentralization of the network is the main goal of the Bitcoin. The fundamental achievement of bitcoin is its genuine peer-to-peer payment system; no person or even institution was “in charge” of bitcoin.
by StealthEX
Three main ideas were embedded in the Bitcoin code:
• Bitcoin should not be regulated by anyone.
• Its emission should not be infinite.
• The cost of a coin depends on its demand.
The maximum number of bitcoins – 21 million, and the possibility of their extraction were laid in the bitcoin algorithm.
Bitcoin “halving” occurred on 11 May 2020. This means that its miners’ remuneration was halved.

Bitcoin statistics

Source: CoinMarketCap, Data was taken on 19 May 2020.
Current Price $9,672.54
ROI since launch 7,048.96%
Market Cap $177,790,148,642
Market Rank #1
Circulating Supply 18,380,918 BTC
Total Supply 18,380,918 BTC

Bitcoin achievements and future plans

Bitcoin in 2019:

Bitcoin Core released:
• Improved Partially Signed Bitcoin Transaction (PSBT) support and added support for output script descriptors. This allowed it to be used with the first released version of the Hardware Wallet Interface (HWI).
• Implemented the new CPFP carve-out mempool policy, added initial support for BIP158-style compact block filters (currently RPC only), improved security by disabling protocols such as BIP37 bloom filters and BIP70 payment requests by default. It also switches GUI users to bech32 addresses by default.
LND released:
• Support for Static Channel Backups (SCBs) that help users recover any funds settled in their LN channels even if they’ve lost their recent channel state.
• Improved autopilot to help users open new channels, plus built-in compatibility with Lightning Loop for moving funds onchain without closing a channel or using a custodian.
• Added support for using a watchtower to guard your channels when you’re offline.
• Added support for a more extensible onion format, improved backup safety, and improved the watchtower support.
Other:
• Its price has more than doubled.
• For the first time in history Bitcoin was assigned a rating of “A”.
• British court recognized Bitcoin as property.
• The second largest in Germany and ninth in Europe, the Stuttgart Stock Exchange launched Bitcoin spot trading.
• In Russia, for the first time, Bitcoin was added to the authorized capital of a company.
• Bitcoin Named the Best Asset of the Decade by Bank of America Merrill Lynch.

Bitcoin in 2020:

• Focus on the Lightning Network. The continuation of work on c-lightning (Blockstream), Eclair (ACINQ), LND (Lightning Labs) and Rust Lightning to develop the protocol.
• Expectation of the SchnorTaproot softfork in 2020 or 2021 that is improvement in fungibility, privacy, scalability and functionality.
Bitcoin “halving” occurred on 11 May 2020.
• Amid the general crisis caused by coronavirus pandemic (COVID-19) and the depreciation of money, the Bitcoin value is growing.

Bitcoin Technical Analysis

Source: TradingView, Data was taken on 19 May 2020.

Bitcoin Price Prediction 2020

TradingBeasts BTC price prediction

The Bitcoin price is forecasted to reach $8,681 (-10.25%) by the beginning of June 2020. At the end of 2020 BTC price will be $8,345 (-13.72%).

Wallet investor Bitcoin price prediction

Bitcoin price prediction: maximum price by the end of December 2020 $13,559 (+40.19%), a minimum price $7,886 (-18.47%).

DigitalCoinPrice Bitcoin forecast

There will be a positive trend in the future and the BTC might be good for investing. BTC price will be equal to $22,501 at the end of 2020 (+132.63%).

Crypto-Rating BTC price forecast

Based on historical data Bitcoin price will be at $12,272 (+26.87%) in 1 week and $13,338 (+37.90%) in 1 month. Analysis of the cryptocurrency market shows that Bitcoin price may reach $18,679 (+93.11%) by the 1st of January 2021 driven by the potential interest from large institutional investors and more regulation expected in the field of digital currencies.

Buy Bitcoin at StealthEX

Bitcoin (BTC) is available for exchange on StealthEX with a low fee. Follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BTC.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/05/19/bitcoin-price-prediction-2020/
submitted by Stealthex_io to u/Stealthex_io [link] [comments]

v5.3.7 is out on iOS and Android

v5.3.7 is out on iOS and Android
NEW
  • Electrum seed for Segwit and Legacy
  • Improved Entropy generation module
  • Support for Deeplinks (:bluewallet)
  • Missing Localizations
  • Improved Storage delete/not-delete
  • Improved RBF/CPFP screen
FIXED
  • Fee suggestion selection
  • Electrum seed recovery bug
  • Allow RBF/CPFP view to be scrolled on small devices
  • Biometrics switch value
  • Prevent possible crash on LN invoice screen

This release feature contributions from the fantastic: junderwood4649 / tankredhase / bordalix / marcosrdz / overtorment / nvcoelho
With fees getting high we improved our RBF/CPFP screens, that allow you to bump or cancel transactions. We also improved our fee calculations algorithm. Try them out, it is an empowering feature on times like this.
replace by fee

Still with us?! Building a Bitcoin wallet is hard, specially when you want to fight against blockchain/info and bitcoincom.
How can you help? Leave us a review on the app stores. It really helps! Is that simple :)

Onboarding one user a day. Keep building! 💙👊
bluewallet.io
submitted by ncoelho to bluewallet [link] [comments]

Bitcoin Unlimited 1.7.0 has just been released

Download the latest Bitcoin Cash compatible release of Bitcoin Unlimited (1.7.0, October 11th, 2019) from:
 
https://www.bitcoinunlimited.info/download
https://github.com/BitcoinUnlimited/BitcoinUnlimited/releases/tag/bucash1.7.0.0
 
This is a major release of Bitcoin Unlimited compatible with the upcoming protocol upgrade of the Bitcoin Cash network. You could find November 15th, 2019 upgrade specifications here:
This is list of the main changes that have been merged in this release:
 
Release notes: https://github.com/BitcoinUnlimited/BitcoinUnlimited/blob/dev/doc/release-notes/release-notes-bucash1.7.0.md
 
PS Ubuntu PPA repository is currently being updated to serve for BUcash 1.7.0
submitted by s1ckpig to Bitcoincash [link] [comments]

Andreas Antonopoulos' depiction of the day he became aware of the donations that made him a millionaire

I'm not sure if this already has been posted here, but I just came across this post from A. Antonopoulos' Patreon page (it's a public entry posted on 16th of December. The readability and formatting is better there btw):
Edit: direct link to the post: https://www.patreon.com/posts/emotional-15912702
On December 6th, my life changed trajectory... again. I went to sleep on a wave of positive messages and support from the bitcoin community, in response to a letter I had posted on Patreon titled “In defense of optimism” that had leaked to Reddit. I had spent the day reading messages of support pouring in on Twitter, Patreon, and email, literally thousands of them. It was a life-affirming experience. Like everyone else on social media, the messages I receive are not always kind and supportive. Often the critical messages and trolls are far louder than the supporters. Our brains don't evaluate praise and criticism in equal measure - it's easy to believe the criticism and see the praise as undeserved. That’s why each little message of support makes a difference, each one helps me ignore the critics and see the impact of my work. In addition to all of the written messages, people were signing up to support me on Patreon and some were even sending bitcoin to my donation address. By the time I went to sleep, I was filled with gratitude, humbled by the overwhelmingly positive, viral response of the community.
Here’s what happened next...
I wake up on December 7th, the notifications list on my phone was too long to scroll. Hundreds more messages of support had come in while I was asleep.
Then my phone rings and I recognize the number of a dear friend. "Strange," I think. I’m not expecting a call. "Don't open your laptop yet," she says. "You got some big bitcoin donations overnight. Are you sitting down?" I sit down. I open my laptop, I look at the balance in my 1andreas bitcoin donation address.
Surprise, gratitude, fear, shock, joy, elation, anxiety. My emotions achieved a level of volatility that mirrored that of the bitcoin exchange rate. Good thing I was sitting down.
You're probably thinking that between the supportive messages and the large donations, I’d have been celebrating without a care in the world. But I'm a security professional who works in bitcoin. Could I come up with a doomsday scenario to taint this experience? Hold my beer.
I'm in a taxi on the way to the airport. I’m cycling through emotions again, a bit faster now.
Joy, Terror, Tears, Gratitude, Fear, Elation, Dread, Cold Sweat. It's a good thing I'm sitting down. I can't feel my fingers.
Anxiety
Wouldn't it be ironic if I get hacked and this massive donation is stolen the same day it was given? Shudder. That was a real possibility. Funds were sent to a vanity address, posted on my website, which was mainly used to support my habit of giving small amounts of bitcoin to strangers at meetups and conferences. Before December 6th, the address typically received small gifts each month and I emptied it every now and then in a spree of small donations.
Gratitude
I still can’t believe how many people have responded. I had no idea how many people could identify with the feelings expressed “In defense of optimism” and would want to show their support. I’m grateful to be a part of this community.
Fear
This vanity address is secured with a single private key which was stored on my phone in a “hot” wallet, so that I can give away bitcoin at meetups. The address has maximum public visibility and no Segwit (segregated witness) support. My security model just tipped over and I'm freaking out.
Happiness
I’m so happy! This is incredible, unimaginable. My fingers are numb, in a good way. Is this really happening?!?
Cold Sweats
I have to move the funds out. Now. Right now. But I only have this key on a wallet that doesn't handle RBF (replace-by-fee), CPFP (child-pays-for-parent), and it's not a Segwit address. I'm traveling; I’m about to get on two long flights and the mempool is slammed with transactions. Of all the days!
Joy
I’m crying. Tears of joy. This is something most people never get to experience in the most meaningful of careers, a loud acknowledgement from an entire community and financial security. I’m thinking about my family members and close friends who are struggling and overjoyed at the opportunity I now have to help them.
Terror
Then it dawns on me: a perfect nightmare scenario. What if this is considered "income" in the US and I have to pay taxes at a 39.6% rate? Those taxes would be evaluated on the USD value of the donation at the time it was made, at an all-time-high price of bitcoin. If bitcoin's bubble bursts by 50% today, I will owe more taxes than the donation is worth. I will be bankrupt but will owe the IRS and those debts can't be discharged in bankruptcy. I'm going to be in debt for a decade!
Elation
I can HODL! I don’t have to keep selling to pay bills. Patreon has grown too, so I should be able to cover my expenses and build the business with their support. I can really HODL!
[Alarm buzzes on my phone]
“Boarding on Gate D15”. Pack everything back up, run to the gate. Find my seat. Unpack all my electronics. Re-establish connections. No Wifi yet. 3G if I hold my phone just so against the window. We're taking off. No Wifi at all on this flight. 4 hours, offline, me and my thoughts. What is the opposite of a state of mindfulness? Head spinning.
Fear
What if the price crashes. Should I sell some?
Silliness
I'm buying a lambo (I laugh out loud at the thought of that. No, I'd never waste money on something so silly).
Dread
What if the donations had zero fees and will never confirm? What if this was all a cruel joke?
Joy
My dad will be so proud!
[Landed]
Turn on smartphone. Too many notifications. Turn on VPN, Tor. Sync wallet. Too slow. Too slow.
Run to the lounge. Get on Wifi. Fire up VPN, Tor. Start electrum. Import keys. Child-pays-for-parent the stuck transactions, Replace-by-fee new transactions. Careful coin selection. Send to cold storage (so glad I keep an unused cold storage address handy). Overpay fees more than ever before. 2000 satoshi per byte? Fuck yeah. This is the highest priority transaction of my life. 8 agonizing minutes. 1st block. Confirmations ripple down my screen. Exhaling... I hadn't noticed I was holding my breath.
“Boarding gate C51”. Pack everything, run to the gate. Board the plane. Unpack everything. This flight has Wifi. Bet it doesn't work. Yup, it doesn't work. 6.5 hour flight. I'll just read a book. I've read the same paragraph 8 times and don't know what it says. I'll sleep. Nope. Ok fine, I'll fret - seems I'm good at that and nothing else right now.
[Landed]
That was the longest flight ever. Boot up, 4G, VPN, Tor. Sync.... slow, too slow.
ANOTHER GIANT DONATION. WTF! Is this really happening? Is my wallet counting the balance incorrectly? This isn't possible. WTF IS GOING ON?
Joy, Terror, Tears, Gratitude, Fear, Elation, Dread. I’m cycling faster now.
I just emptied my wallet into cold storage and now it's carrying a ridiculous amount again. Boot up, VPN, Tor, Electrum, CPFP, RBF, cold sweat, 1 confirmation. Phew.
I realize that I just conducted the 4 biggest transactions of my life. I'm shaking. Hope I didn't screw anything up.
Finally I get to my hotel. “Long day” doesn’t even begin to describe it. I am grateful, giddy, jetlagged and exhausted, so sleep should come easy, right? Not happening. Two hours of tossing and turning while my mind is racing. In the end I just pass out from exhaustion. I wake up in a state of anxiety.
I open my inbox. I have a dozen interview requests from newspapers, TV, radio. They don’t want to talk about bitcoin. They want to talk about “my story.” It’s never been about “my story” and I’m not about to change that. Denied, denied, denied. That’s it. I’m going offline for a few days. I need time to process everything that has happened over the past couple of days and strategize about what to do next.
There are no words to adequately convey my appreciation, my gratitude.
These are life-changing gifts, but I don’t intend to change my life. I’m highly suspicious and careful about “lifestyle inflation”: I resist any urges to increase my spending as my income increases because as a self-employed entrepreneur I know my income can decrease significantly at any moment.
First, the practical side: For legal and tax reasons the gifts should remain mostly untouched for at least three years. This is a new situation and no one knows for sure how the authorities will characterize it. I wanted to HODL anyway, so that’s fine with me.
Second, and the much more important side, I love what I do. I’m obviously not going to “retire” or slow down. Receiving your messages and support has energized me and I’m excited to do more, much more.
The number of people supporting me on Patreon has grown significantly and with that support I’ll actually be able to do a lot more. And there are many things I want to do: a new website with more materials, in as many formats and languages as possible; more books; an epic tour; and that’s just the beginning! I also plan to grow my team, which serves two goals: I can get help for the things that need to be done, but I can also bring more people success and security with a steady paycheck.
While I’m excited about all of these new projects, I want you to know that the ultimate goal remains the same: to educate as many people as possible about this transformational technology and remain an independent voice, working directly for the community.
A week has passed. The one feeling that keeps returning, among the barrage of feelings, is gratitude. After taking time to process and calm down, the fear and stress is gone and all that is left is gratitude. I am so thankful for all the messages of support. I am so touched to hear stories of how my work has affected others in a positive way. I am thankful for all the donors who rallied behind me to help me in my advocacy and education.

THANKYOUBITCOINCOMMUNITY

Thank you for being so generous, so kind, so supportive; I’ll never forget this experience. Now, back to work!
submitted by TheGreatMuffin to Bitcoin [link] [comments]

Do Bitcoin transactions ever expire?

Transaction expiration is a common myth/misconception. Once a Bitcoin transaction is created, it never automatically expires. In theory, a transaction could be created, get stuck at 0 confirmations for some years, and then all of a sudden confirm.
Several wallets have the behavior of deleting outgoing transactions from their transaction list after a few days of being unconfirmed. This is insane, and could lead to losses. Consider the following example
  1. You send a transaction. It gets stuck due to having a too-low fee.
  2. Your wallet deletes the transaction after a number of days.
  3. You still want to send the transaction, so you create a new transaction with the same value but a higher fee. This confirms.
  4. The recipient uses child-pays-for-parent (CPFP) to get the first transaction to also confirm. You have now paid twice, losing BTC, even though the first transaction "expired".
It is possible to create two transactions that are mutually exclusive. For example, the proper way of increasing the fee in the above example would be to send another transaction that uses exactly the same coins as the first transaction. Since a single coin can't be spent more than once, only one of the transactions will ever confirm. Actual losses due to the insane expiration behavior of certain wallets are rare because wallets often accidentally use the same coins when recreating an "expired" transaction, but it is very reckless to rely on this.
This myth may have been started by Bitcoin Core's default behavior of removing transactions from its memory pool after 72 hours (later changed to 2 weeks). Due to this behavior, it became likely in most cases that a transaction would never confirm after it went 72 hours unconfirmed. However, just because most nodes will forget about a transaction doesn't mean that everyone must or will do so. You have to plan for the worst case, not the typical case.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Bitcoin Unlimited 1.7.0 has just been released

Download the latest Bitcoin Cash compatible release of Bitcoin Unlimited (1.7.0, October 11th, 2019) from:
 
https://www.bitcoinunlimited.info/download
https://github.com/BitcoinUnlimited/BitcoinUnlimited/releases/tag/bucash1.7.0.0
 
This is a major release of Bitcoin Unlimited compatible with the upcoming protocol upgrade of the Bitcoin Cash network. You could find November 15th, 2019 upgrade specifications here:
This is list of the main changes that have been merged in this release:
 
Release notes: https://github.com/BitcoinUnlimited/BitcoinUnlimited/blob/dev/doc/release-notes/release-notes-bucash1.7.0.md
 
PS Ubuntu PPA repository is currently being updated to serve for 1.7.0
submitted by s1ckpig to bitcoin_unlimited [link] [comments]

Fueling unrelated transactions

Is it possible within the Bitcoin scrip primitives, to achieve a mechanism, in which any given unconfirmed transaction can be payed for by an arbitrary 3rd party?
Example:
Alice sends from her very hard to access cold storage 10m sats to Bob with a fee of 5 sats/byte into his equally hard to access cold storage.
She realizes, that in order to get confirmed within a time span she deems appropriate, the fee was set too low.
Neither Alice nor Bob want to use mechanisms like CPFP or re-sending with a higher fee, due to the complexity involved in accessing their respective cold storage wallets.
What would be cool is, if Bob or Alice could use their hot spending wallets, for example from their smartphones, to issue a transaction to themselves, that has the condition, that a certain amount of the fee from this new transaction is claimable, if the aforementioned transaction is confirmed too.
submitted by Thanatos_1 to Bitcoin [link] [comments]

Groestlcoin June Development Update & Release!

Another Quarter, Another Release! The Groestlcoin production factory has been working overtime as always in order to deliver even more tech to push Groestlcoin mainstream when the time comes.
There have been many new fantastic wallets and exchanges added to Groestlcoins repertoire over the past 3 months so we will re-cap these before moving on to what is new today.

Recap

What's New

Re-forged: Groestlcoin Samourai

Groestlcoin Samourai is a wallet for the streets. A modern Groestlcoin wallet hand-forged to keep your transactions private, your identity masked, and your funds secure. Its main advantages are its extreme portability and is the most secure Groestlcoin mobile HD wallet.
We've built a wallet that Groestlcoin deserves. If you are looking for a wallet that Silicon Valley will never build, the regulators will never allow, and the VC's will never invest in, this is the perfect wallet for you.
![Groestlcoin Samourai Release Video](http://img.youtube.com/vi/i3WU8Tde8XQ/0.jpg)

Head over to the Groestlcoin Samourai Release Page here for the full release announcement.

New: GroestlImage

Groestlimage turns any file into a mnemonic phrase allowing users to generate Groestlcoin private keys and addresses based on the data URI of the provided file. A picture is worth a thousand Groestls.

Features:

Link

https://groestlcoin.org/groestlimage/

Source Code

https://github.com/Groestlcoin/groestlimage

New: Groestlcoin Core Config Generator

Groestlcoin Core Config Generator is a simple GUI to configure the groestlcoin.conf file – A developers dream tool!
Each configuration option is available via the user interface, grouped by what attributes they affect. For ease of getting started with a new configuration, a variety of preset "node classes" are available on the right-hand-side of the screen. Selecting a preset will load our recommended base configuration for a node fitting that description, at which point you can then tune the configuration at the single option level.

Features

Link

https://config.groestlcoin.org/

Source Code

https://github.com/Groestlcoin/groestlcoin-core-config-generator

New: Groestlcoin Dumb Block Explorer

Dumb Block Explorer is a trivial block explorer written in a single PHP file. Now everybody can run their own block explorer.

Features

Link

https://www.groestlcoin.org/explore

Source Code

https://github.com/Groestlcoin/dumb-block-explorer

New: Groestlcoin SMS Push TX

Groestlcoin Simple Push TX is a server to push Groestlcoin transactions via SMS. Now everybody can send new transactions via SMS if the Internet is not usable (i.e. blocked by government entities or becomes otherwise unavailable).

Features

Source Code

https://github.com/Groestlcoin/smspushtx

Update: Electrum-GRS 3.3.6

Electrum-GRS is Groestlcoins #1 thin-client for Windows, MacOS, Linux and Android, based on a client-server protocol. Supporting multi-sig wallets without the bloat of downloading the entire blockchain.

New Features (Universal)

New Features (Windows, MacOS, Linux)

New Features (Android)

Link

https://github.com/Groestlcoin/electrum-grs/releases/download
https://play.google.com/store/apps/details?id=org.groestlcoin.electrumgrs

Source Code

https://github.com/Groestlcoin/electrum-grs
submitted by Yokomoko_Saleen to groestlcoin [link] [comments]

History Lesson for new VIA Viacoin Investors

Viacoin is an open source cryptocurrency project, based on the Bitcoin blockchain. Publicly introduced on the crypto market in mid 2014, Viacoin integrates decentralized asset transaction on the blockchain, reaching speeds that have never seen before on cryptocurrencies. This Scrypt based, Proof of Work coin was created to try contrast Bitcoin’s structural problems, mainly the congested blockchain delays that inhibit microtransaction as this currency transitions from digital money to a gold-like, mean of solid value storage. Bitcoin Core developers Peter Todd and Btc have been working on this currency and ameliorated it until they was able to reach a lightning fast speed of 24 second per block. These incredible speeds are just one of the features that come with the implementation of Lightning Network, and and make Bitcoin slow transactions a thing of the past. To achieve such a dramatic improvement in performance, the developers modified Viacoin so that its OP_RETURN has been extended to 80 bytes, reducing tx and bloat sizes, overcoming multi signature hacks; the integration of ECDSA optimized C library allowed this coin to reach significant speedup for raw signature validation, making it perform up to 5 times better. This will mean easy adoption by merchants and vendors, which won’t have to worry anymore with long times between the payment and its approval. Todd role as Chief Scientist and Advisor has been proven the right choice for this coin, thanks to his focus on Tree Chains, a ground breaking feature that will fix the main problems revolving around Bitcoin, such as scalability issues and the troubles for the Viacoin miners to keep a reputation on the blockchain in a decentralized mining environment. Thanks to Todd’s expertise in sidechains, the future of this crypto currency will see the implementation of an alternative blockchain that is not linear. According to the developer, the chains are too unregulated when it comes to trying to establish a strong connection between the operations happening on one chain and what happens elsewhere. Merged mining, scalability and safety are at risk and tackling these problems is mandatory in order to create a new, disruptive crypto technology. Tree Chains are going to be the basis for a broader use and a series of protocols that are going to allow users and developers to use Viacoin’s blockchain not just to mine and store coins, but just like other new crypto currencies to allow the creation of secure, decentralized consensus systems living on the blockchain The commander role on this BIP9 compatible coin’s development team has now been taken by a programmer from the Netherlands called Romano, which has a great fan base in the cryptocurrency community thanks to his progressive views on the future of the world of cryptos. He’s in strong favor of SegWit, and considers soft forks on the chain not to be a problem but an opportunity: according to him it will provide an easy method to enable scripting upgrades and the implementation of other features that the market has been looking for, such as peer to peer layers for compact block relay. Segregation Witness allows increased capacity, ends transactions malleability, makes scripting upgradeable, and reduces UTXO set. Because of these reasons, Viacoin Core 0.13 is already SegWit ready and is awaiting for signaling.
Together with implementation of SegWit, Romano has recently been working on finalizing the implementation of merged mining, something that has never been done with altcoins. Merged mining allows users to mine more than one block chain at the same time, this means that every hash the miner does contributes to the total hash rate of all currencies, and as a result they are all more secure. This release pre-announcement resulted in a market spike, showing how interested the market is in the inclusion of these features in the coin core and blockchain. The developer has been introducing several of these features, ranging from a Hierarchical Deterministic key (HD key) generation that allows all Viacoin users to backup their wallets, to a compact block relay, which decreases block propagation times on the peer to peer network; this creates a healthier network and a better baseline relay security margin. Viacoin’s support for relative locktime allows users and miners to time-lock a transaction, this means that a new transaction will be prevented until a relative time change is achieved with a new OP code, OP_CHECKSEQUENCEVERITY, which allows the execution of a script based on the age of the amount that is being spent. Support for Child-Pays-For-Parent procedures in Viacoin has been successfully enabled, CPFP will alleviate the problem of transactions that stuck for a long period in the unconfirmed limbo, either because of network bottlenecks or lack of funds to pay the fee. Thanks to this method, an algorithm will selects transactions based on federate inclusive unconfirmed ancestor transaction; this means that a low fee transaction will be more likely to get picked up by miners if another transaction with an higher fee that speeds its output gets relayed. Several optimizations have been implemented in the blockchain to allow its scaling to proceed freely, ranging from pruning of the chain itsel to save disk space, to optimizing memory use thanks to mempool transaction filtering. UTXO cache has also been optimization, further allowing for significant faster transaction times. Anonymity of transaction has been ameliorated, thanks to increased TOR support by the development team. This feature will help keep this crypto currency secure and the identity of who works on it safe; this has been proven essential, especially considering how Viacoin’s future is right now focused on segwit and lightning network . Onion technology used in TOR has also been included in the routing of transactions, rapid payments and instant transaction on bi directional payment channels in total anonymity. Payments Viacoin’s anonymity is one of the main items of this year’s roadmap, and by the end of 2017 we’ll be able to see Viacoin’s latest secure payment technology, called Styx, implemented on its blockchain. This unlinkable anonymous atomic payment hub combines off-the-blockchain cryptographic computations, thanks to Viacoin’s scriptin functionalities, and makes use of security RSA assumptions, ROM and Elliptic Curve digital signature Algorithm; this will allow participants to make fast, anonymous transfer funds with zero knowledge contingent payment proof. Wallets already offer strong privacy, thanks to transactions being broadcasted once only; this increases anonymity, since it can’t be used to link IPs and TXs. In the future of this coin we’ll also see hardware wallets support reaching 100%, with Trezor and Nano ledger support. These small, key-chain devices connect to the user’s computer to store their private keys and sign transactions in a safe environment. Including Viacoin in these wallets is a smart move, because they are targeted towards people that are outside of hardcore cryptocurrency users circle and guarantees exposure to this currency. The more casual users hear of this coin, the faster they’re going to adopt it, being sure of it’s safety and reliability. In last October, Viacoin price has seen a strong decline, probably linked to one big online retailer building a decentralized crypto stock exchange based on the Counterparty protocol. As usual with crypto currencties, it’s easy to misunderstand the market fluctuations and assume that a temporary underperforming coin is a sign of lack of strength. The change in the development team certainly helped with Viacoin losing value, but by watching the coin graphs it’s easy to see how this momentary change in price is turning out to be just one of those gentle chart dips that precede a sky rocketing surge in price. Romano is working hard on features and focusing on their implementation, keeping his head low rather than pushing on strong marketing like other alt coins are doing. All this investment on ground breaking properties, most of which are unique to this coin, means that Viacoin is one of those well kept secret in the market. Minimal order books and lack of large investors offering liquidity also help keep this coin in a low-key position, something that is changing as support for larger books is growing. As soon as the market notices this coin and investments go up, we are going to see a rapid surge in the market price, around the 10000 mark by the beginning of January 2018 or late February. Instead of focusing on a public ICO like every altcoin, which means a sudden spike in price followed by inclusion on new exchanges that will dry up volume, this crypto coin is growing slowly under the radar while it’s being well tested and boxes on the roadmap get checked off, one after the other. Romano is constantly working on it and the community around this coin knows, such a strong pack of followers is a feature that no other alt currency has and it’s what will bring it back to the top of the coin market in the near future. His attitude towards miners that are opposed to SegWit is another strong feature to add to Viacoin, especially because of what he thinks of F2Pool and Bitmain’s politics towards soft forks. The Chinese mining groups seem scared that once alternative crypto coins switch to it they’re going to lose leveraging power for what concerns Bitcoin’s future and won’t be able to speculate on the mining and trading market as much as they have been doing in the past, especially for what concerns the marketing market.
It’s refreshing to see such dedication and releases being pushed at a constant manner, the only way to have structural changes in how crypto currencies work can only happen when the accent is put on development and not on just trying to convince the market. This strategy is less flashy and makes sure the road is ready for the inevitable increase in the userbase. It’s always difficult to forecast the future, especially when it concerns alternative coins when Bitcoin is raising so fast. A long term strategy suggestion would be to get around 1BTC worth of this cryptocoin as soon as possible and just hold on it: thanks to the features that are being rolled in as within 6 months there is going to be an easy gain to be made in the order of 5 to 10 times the initial investment. Using the recent market dip will make sure that the returns are maximized. What makes Viacoin an excellent opportunity right now is that the price is low and designed to rise fast, as its Lightning Network features become more mainstream. Lightning Network is secure, instant payment that aren’t going to be held back by confirmation bottlenecks, a blockchain capable to scale to the billions of transactions mark, extremely low fees that do not inhibit micropayments and cross-chain atomic swap that allow transaction across blockchain without the need of a third party custodians. These features mean that the future of this coin is going to be bright, and the the dip in price that started just a while ago is going to end soon as the market prepares for the first of August, when when the SegWit drama will affect all crypto markets. The overall trend of viacoin is bullish with a constant uptrend more media attention is expected , when news about the soft fork will spread beyond the inner circle of crypto aficionados and leak in the mainstream finance news networks. Solid coins like Viacoin, with a clear policy towards SegWit, will offer the guarantees that the market will be looking for in times of doubt. INVESTMENT REVIEW Investment Rating :- A+
https://medium.com/@VerthagOG/viacoin-investment-review-ca0982e979bd
submitted by alex61688 to viacoin [link] [comments]

Unconfirmed transactions and you: What's going on, where are your coins, and what you can do about it

If your transaction isn't being confirmed, and you didn't use replace-by-fee (you almost certainly didn't, very few wallets support this) then you will have to wait for the network nodes to drop your transaction from their mempool before you can attempt to resend your transaction.
After 72 hours of being unconfirmed, most mempools will drop it (nodes with default settings). If volume is particularly high and mempools are completely filled up (beyond 300MB for default settings) then it will be dropped sooner. However there is no way to know if your transaction is being dropped or not, beyond just going to common blockchain explorers and seeing if they have it. Blockchain.info has very liberal node configurations, they keep almost every transaction. Chain.so is an example of one with conservative settings, they are likely to drop your transaction before other explorers and nodes.
However, when your transaction is finally dropped (presuming it isn't confirmed), the coins will not be back in your wallet. Well, technically, they never left your wallet, but your wallet thinks they did and so you cannot make a new transaction with them. Wallets keep their own internal ledger of transactions to and from your addresses - when this ledger doesn't match actual confirmed blockchain data is when you get problems and your coins appear to be in limbo, your wallet says they are spent, the blockchain says they are not. Some wallets allow you to rebuild your transaction history - this should "return" the coins to your wallet and allow them to be spendable again (though again, note the coins never really left your wallet if they were never confirmed, they were always there your wallet just didn't think so).
But some wallets don't have an option to rebuild your transaction history from scratch from the blockchain. Almost all wallets let you export your private keys in some form though, or backup your wallet or seed phrase. If it is a seed phrase, you can usually uninstall and reinstall the wallet software, and use the seed phrase to restore your wallet and this will force it to rebuild transaction history. Most wallets that use a backup file instead of a seed phrase though, will keep the transaction history in the same backup file along with your private keys, so uninstall/reinstalling and restoring your backup won't help.
In that case, it is advised to extract your private keys from your wallet and import them into a different wallet. If you don't know how to do this, google it for your particular wallet software (this is something every bitcoin owner should know how to do anyway).
Now that you've gotten your wallet in a state where it agrees with the blockchain, you should be able to resend a transaction with a higher fee to get confirmed. It happens quite often that your original transaction, while paying a good fee, did not confirm because one of the inputs it used was unconfirmed due to paying too low of a fee. In this case, you may be able to take advantage of a recently merged node policy called Child-pays-for-parent (CPFP) and send your transaction with a much higher fee than it would otherwise require, in order to pay the too-low fee of the unconfirmed input so that it confirms. However, if the unconfirmed input has itself been dropped by most of the network's mempool, then assuming the unconfirmed input is not under your control then there is little you can do other than tell the person who sent you that unconfirmed transaction to follow the above steps, as CPFP will not work if the miners don't have the original unconfirmed input's transaction details.
submitted by peoplma to Bitcoin [link] [comments]

Interesting discussion going on right now on Lightning Network and why it maybe has an unexpected and simple attack vector

There is an interesting discussion going on over bitcoinmarkets. Here is the full post that got a lot of attention on an unexpected attack vector:
tl;dr: Bot creates 150,000 LN channels and uses them "normally." Bot closes 150,000 LN channels quickly. Bot profits 3,000,000 with relatively low risk. Lightning Network users lose 6,000,000 or so in 48 hours. Numbers fudged but the concept holds for nearly all cases.
Alright, here I go. This is more like ELI20 than ELI5. For completeness I'm going to use the "penalty" version of the attack. I'm going to assume each block will fit 2,000 transactions, and use an average locktime of 200 to keep the numbers manageable, but bigger doesn't change the problem (much). I'm also going to assume that blocks are normally 75% full, and that 10% of unrelated transactions are willing to outbid almost anything for inclusion in the next block. Lastly, I'm going to assume that the victims respond to the attack very quickly and rationally, using a combination of fee prediction algorithms and human guesswork/panic. In reality it will be much, much worse than this because they won't act so quickly, nor will the algorithms adapt so quickly; Some users may not react at all until it is far too late and the panic is likely to spread beyond the affected users to unrelated users, increasing the damage.
Attacker opens N channels, where N is > 200 * 2000 per the above. Due to lightning's flaws, these channels are all originally balanced 100% on their side, so they have to make it so they can pay themselves, which is remarkably not-easy because it is difficult to get paid at all as a new LN user. The main purpose of this is simply to set things up so they can control the flow back and forth through intermediaries, where the destination and source are both them, and eventually flip every channel's state against their partners. Using these N channels, they transfer money to themselves through the lightning network until each channel has a "full" value historical state and then transfer it back so that the current state is "empty" from their side. Assuming 5% reserve requirement on each side (which makes LN much less efficient the higher this is), that's 5%:95% and 95%:5% (Them : Partner). This means when the attack begins, the channels actually performing the attack are all nearly empty; The actual BTC is sitting on other channels that are well-behaved and have nothing at risk, or else it is already removed from the LN. They sort the channels by size and start with the smallest channels. Starting at T=0, the first block beginning to include their attack transactions. An attacker always rebroadcasts the same number of new channels that were confirmed in the last block, and the attacker attempts to always keep their transactions as the top 1,500 highest fee paying transactions using RBF or CPFP. Victims play nearly optimally in their own self-interest; they broadcast immediately after the attacker confirms. To explain this better, I'm going to post a spreadsheet that tracks all the numbers and explain it as it goes. Here's the sheet: https://docs.google.com/spreadsheets/d/1tSoy3lP8oNtmuxB_dsT--aTrcCKqyyKCyknkacgAh8w/edit?usp=sharing
In this sheet you can ignore the "profitable channels" column for the moment, it is used later, as are the columns near it. The Mempool columns track the number of pending transactions.
To simplify this process, I've made one assumption that wouldn't be true in the real world - That if a victim doesn't get mined in the very next block, they don't use RBF to pop back at the top of the fee markets. This assumption wouldn't be true in the real world, but as we'll see it makes almost no difference for the losses the victims will suffer, though it would theoretically reduce the profits the attacker makes(victims funds go to miners' fees). As we'll see, he has plenty of profits to spare, and unfortunately I can't think of an easy way to approximate this more accurately.
Due to #4 and 5 above, the only numbers that get adjusted in the spreadsheet as events play out is: #1 - The confirms the attacker gets, #2 - The confirms the victims get, and #3 - The percentage of the channel value going towards miners fees in the attacker's scenario.
I've approximated that the fees rise extremely rapidly due to the attack; Within 60 blocks, about 10 hours, the fees are already so high that the channels being attacked are worthless to almost everyone until after the attack ends. If the fees rose slower, the attacker would profit more. For convenient numbers I've used a low average channel value of 0.01 BTC(~80), and am mentally imagining the range of channel values to be in the 50-150 range.
Here are the events:
T=1-10, fees are low and predictable. Attacker is able to capture top 1,500 high fee spots while paying low fees. Victims get few confirms, only 100 per block. T=10-20, fees are rising as the fee estimation algorithms kick in. Attacker captures high fee spots by raising fees quickly. Victims raise fees and get more confirms, 200 per block meaning less "normal" confirms, aka unrelated transactions. T=20-40, fees rising quickly. Victims are capturing all of the remaining fee slots they can, given the 10% high-fee normal transactions. T=41, 42 - 6.7 hours in, the attack has been noticed and word spreads quickly. Humans jump in and start raising fees quickly to try to get confirmed, losing more and more to fees. The attacker tries to keep up but gets mostly outbid for two blocks. T=43-50 - Attacker has raised fees to 60% now and the smallest channels are priced out; Attacker begins to use some larger channels and is paying 60% of the channel value in fees to get confirmed quickly. Attacker resumes majority confirmations. T=50-60 - The attacker begins to exhaust his highest-value channels, giving up more and more of the profit to keep other users priced out. Users still can't get confirmed and realize they are facing a 100% loss if the attack continues. High fees cause a slight decrease in the normal transaction broadcast volume, but they are low value transactions so this doesn't change anything. T=61 - The attacker has exhausted his highest value channels; Fees are now more valuable than every channel he's closed or intends to attack. Any users attempting to close now take a 100% loss or more. The attacker switches to broadcasting zero-profit channels to keep the victims from getting any confirmations, taking a 5% loss on each, and costing each victim 95% in fees if they attempt to counter. T=62-71 - Normal blockspace competition has risen above even the zero-profit level for the attacker, so no broadcasting is done until his highest ones begin confirming again. T=71-100 - A few of the attacker's broadcasts confirm. Almost no victims confirm due to the high fees. T=100-200 - As the normal mempools begin to clear, more and more of the attacker's transactions confirm. He broadcasts new ones to pick up the slack and keep users priced out. A few more victims get confirmed over time as his high-value channels remaining are used up, pricing some victims back in(barely, still over 90% loss). T=201 - The attacker begins to profit due to closed transactions that have timed out. At this point, the attacker has been "punished" 34,875 times at 5% of channel value each for a total of about 17.5 BTC. He makes that back within two blocks.
Stopping to re-explain the "profitable channels" column, that's just used to keep track of how many channels the attacker opened the previous block that victims couldn't close. One block it is negative, meaning the victims closed more than the attacker could open, number 41. That multiplies by the average size to get profit, and then fee % is subtracted from that interval, all computed when those LN channels fail to hit their timelocks. This is the number that would be lower in reality, but I haven't thought of a good way to simulate users using RBF to pop at the top in time, which some(but not many) would do. If they tried to RBF to pop at the top after block 60(10 hours) they would take a >100% loss on the channel.
From 201 to 260 his profit rises rapidly, even after accounting for the high percentages he spent in fees. When he hits block 260, which was 200 blocks after he began the zero-profit broadcasts, he stops the attack. The rest of the penalty transactions need to confirm. I sped up his confirmations and the victim's slightly to get the total without going another 200 blocks to clear the mempools, but you can see how bad the mempools got during this 48 hour attack.
After all is said and done, the attacker has a revenue of 441.5 BTC after fees, and losses of 37.2 BTC in penalties. An even larger amount of BTC was likely lost by users due to miners' fees, as they could not have known the attack would end at block 260, and algorithms would likely overpredict fees for some time.
A tidy profit of 404.3 BTC for screwing with 150,000 80 channels. Or in today's dollars, 3 million profit on 12 million capital put into the attack.
That's so awful I kind of wonder if I screwed up the math. Is it really anywhere near that profitable to attack LN?? I'm sure someone will correct me if I've made a mistake; Apologies in advance.
Edit: A helpful specific example of how this scenario is set up: https://www.reddit.com/btc/comments/84vtru/is_the_lightning_network_even_more_vulnerable/dvsw992/
Edit2: Tried some new settings, still profitable. I'm really interested to see what it takes for this to become unprofitable.
full discussion: https://np.reddit.com/BitcoinMarkets/comments/84n8l0/big_day_for_bitcoin_lightning_goes_live_on_mainnet/dvs4n25/
submitted by Kingkongkhan to nanocurrency [link] [comments]

Sooo SegWit is done, the moon is literally within reach, and Roger Ver has cancelled lift off so he can throw a last minute temper tantrum.

WHYYYYY?
SegWit should be at 95% right now. This is non-sense. Big blocks is a shitty idea. We all considered it 1 year ago, and decided against it.
Did anyone send Roger the memo?
XT died, Classic died, and now BU barely has any support. The market doesn't give a shit about big blocks, nor full blocks.. We've been in full rally mode for the last year and a half, breaking new volume highs, all awhile bouncing off the block size limit. However, people are practically crying about 15 cent fees, at the same time the price is near 2 year highs! What gives?
All the tools for overcoming the primary sticking points of bitcoin are about to be widely available.
Need a high transaction rate?
Lightning networks -- Great for decentralized exchanges, Changetip replacement, coinjoin, digital asset markets, gaming/gambing arcades, etc .
Want to expedite your on-chain payment?
Use RBF or CPFP to jump the spam.
Worried about fungibility and being tracked? HI COINBASE!
Use Coinjoin
Tired of ~10 minute confirmations?
Lock some coin into LN and spend it instantly.
SegWit is ready, wallets are being upgraded, applications are being prototyped, lightning networks are flickering, only piece that's missing, is the miners support.
They'll come around once they see the community demanding it. All exchanges, wallets and businesses that rely on large transaction processing, gain a lot by using SegWit transactions, so it's only a matter of time before everyone is ready, and the ball is sitting in the miners court.
The next 6 months are going to be exciting.
Can you imagine what a LN tipping app will be like? We'll literally be able to throw satoshis at each other, instantly without a trusted 3rd party. It's like @changetip but on steroids. The perfect replacement.
Colu looks amazing too. Trustless Asset exchanges. No more Bitfinex hacks!
And of course RSK. The Etheruem killer.
Happy Thanksgiving /bitcoin!
submitted by pizzaface18 to Bitcoin [link] [comments]

Unconfirmed transactions and you: What's going on, where are your coins, and what you can do about it

If your transaction isn't being confirmed, and you didn't use replace-by-fee (you almost certainly didn't, very few wallets support this) then you will have to wait for the network nodes to drop your transaction from their mempool before you can attempt to resend your transaction.
After 72 hours of being unconfirmed, most mempools will drop it (nodes with default settings). If volume is particularly high and mempools are completely filled up (beyond 300MB for default settings) then it will be dropped sooner. However there is no way to know if your transaction is being dropped or not, beyond just going to common blockchain explorers and seeing if they have it. Blockchain.info has very liberal node configurations, they keep almost every transaction. Chain.so is an example of one with conservative settings, they are likely to drop your transaction before other explorers and nodes.
However, when your transaction is finally dropped (presuming it isn't confirmed), the coins will not be back in your wallet. Well, technically, they never left your wallet, but your wallet thinks they did and so you cannot make a new transaction with them. Wallets keep their own internal ledger of transactions to and from your addresses - when this ledger doesn't match actual confirmed blockchain data is when you get problems and your coins appear to be in limbo, your wallet says they are spent, the blockchain says they are not. Some wallets allow you to rebuild your transaction history - this should "return" the coins to your wallet and allow them to be spendable again (though again, note the coins never really left your wallet if they were never confirmed, they were always there your wallet just didn't think so).
But some wallets don't have an option to rebuild your transaction history from scratch from the blockchain. Almost all wallets let you export your private keys in some form though, or backup your wallet or seed phrase. If it is a seed phrase, you can usually uninstall and reinstall the wallet software, and use the seed phrase to restore your wallet and this will force it to rebuild transaction history. Most wallets that use a backup file instead of a seed phrase though, will keep the transaction history in the same backup file along with your private keys, so uninstall/reinstalling and restoring your backup won't help.
In that case, it is advised to extract your private keys from your wallet and import them into a different wallet. If you don't know how to do this, google it for your particular wallet software (this is something every bitcoin owner should know how to do anyway).
Now that you've gotten your wallet in a state where it agrees with the blockchain, you should be able to resend a transaction with a higher fee to get confirmed. It happens quite often that your original transaction, while paying a good fee, did not confirm because one of the inputs it used was unconfirmed due to paying too low of a fee. In this case, you may be able to take advantage of a recently merged node policy called Child-pays-for-parent (CPFP) and send your transaction with a much higher fee than it would otherwise require, in order to pay the too-low fee of the unconfirmed input so that it confirms. However, if the unconfirmed input has itself been dropped by most of the network's mempool, then assuming the unconfirmed input is not under your control then there is little you can do other than tell the person who sent you that unconfirmed transaction to follow the above steps, as CPFP will not work if the miners don't have the original unconfirmed input's transaction details.
submitted by peoplma to btc [link] [comments]

Extension block proposal by Jeffrey et al | Luke Dashjr | Apr 04 2017

Luke Dashjr on Apr 04 2017:
Recently there has been some discussion of an apparent work-in-progress
extension block proposal by Christopher Jeffrey, Joseph Poon, Fedor Indutny,
and Steven Pair. Since this hasn't been formally posted on the ML yet, perhaps
it is still in pre-draft stages and not quite ready for review, but in light
of public interest, I think it is appropriate to open it to discussion, and
toward this end, I have reviewed the current revision.
For reference, the WIP proposal itself is here:
https://github.com/tothemoon-org/extension-blocks 
==Overall analysis & comparison==
This is a relatively complicated proposal, creating a lot of additional
technical debt and complexity in comparison to both BIP 141 and hardforks. It
offers no actual benefits beyond BIP 141 or hardforks, so seems irrational to
consider at face value. In fact, it fits much better the inaccurate criticisms
made by segwit detractors against BIP 141.
That being said, this proposal is very interesting in construction and is for
the most part technically sound. While ill-fit to merely making blocks larger,
it may be an ideal fit for fundamentally different block designs such as
Rootstock and MimbleWimble in absence of decentralised non-integrated
sidechains (extension blocks are fundamentally sidechains tied into Bitcoin
directly).
==Fundamental problem==
Extension blocks are a risk of creating two classes of "full nodes": those
which verify the full block (and are therefore truly full nodes), and those
which only verify the "base" block. However, because the extension is
consensus-critical, the latter are in fact not full nodes at all, and are left
insecure like pseudo-SPV (not even real SPV) nodes. This technical nature is
of course true of a softfork as well, but softforks are intentionally designed
such that all nodes are capable of trivially upgrading, and there is no
expectation for anyone to run with pre-softfork rules.
In general, hardforks can provide the same benefits of an extension block, but
without the false expectation and pointless complexity.
==Other problems & questions==
These outpoints may not be spent inside the mempool (they must be redeemed
from the next resolution txid in reality).
This breaks the ability to spend unconfirmed funds in the same block (as is
required for CPFP).
The extension block's transaction count is not cryptographically committed-to
anywhere. (This is an outstanding bug in Bitcoin today, but impractical to
exploit in practice; however, exploiting it in an extension block may not be
as impractical, and it should be fixed given the opportunity.)
The merkle root is to be calculated as a merkle tree with all extension
block txids and wtxids as the leaves.
This needs to elaborate how the merkle tree is constructed. Are all the txids
followed by all the wtxids (tx hashes)? Are they alternated? Are txid and
wtxid trees built independently and merged at the tip?
Output script code aside from witness programs, p2pkh or p2sh is considered
invalid in extension blocks.
Why? This prevents extblock users from sending to bare multisig or other
various possible destinations. (While static address forms do not exist for
other types, they can all be used by the payment protocol.)
Additionally, this forbids datacarrier (OP_RETURN), and forces spam to create
unprovably-unspendable UTXOs. Is that intentional?
The maximum extension size should be intentionally high.
This has the same "attacks can do more damage than ordinary benefit" issue as
BIP141, but even more extreme since it is planned to be used for future size
increases.
Witness key hash v0 shall be worth 1 point, multiplied by a factor of 8.
What is a "point"? What does it mean multiplied by a factor of 8? Why not just
say "8 points"?
Witness script hash v0 shall be worth the number of accurately counted
sigops in the redeem script, multiplied by a factor of 8.
Please define "accurately counted" here. Is this using BIP16 static counting,
or accurately counting sigops during execution?
To reduce the chance of having redeem scripts which simply allow for garbage
data in the witness vector, every 73 bytes in the serialized witness vector is
worth 1 additional point.
Is the size rounded up or down? If down, 72-byte scripts will carry 0
points...)
==Trivial & process==
BIPs must be in MediaWiki format, not Markdown. They should be submitted for
discussion to the bitcoin-dev mailing list, not social media and news.
Layer: Consensus (soft-fork)
Extension blocks are more of a hard-fork IMO.
License: Public Domain
BIPs may not be "public domain" due to non-recognition in some jurisdictions.
Can you agree on one or more of these?
https://github.com/bitcoin/bips/blob/mastebip-0002.mediawiki#Recommended_licenses

Abstract

This specification defines a method of increasing bitcoin transaction
throughput without altering any existing consensus rules.
This is inaccurate. Even softforks alter consensus rules.

Motivation

Bitcoin retargetting ensures that the time in between mined blocks will be
roughly 10 minutes. It is not possible to change this rule. There has been
great debate regarding other ways of increasing transaction throughput, with
no proposed consensus-layer solutions that have proven themselves to be
particularly safe.
Block time seems entirely unrelated to this spec. Motivation is unclear.
Extension blocks leverage several features of BIP141, BIP143, and BIP144 for
transaction opt-in, serialization, verification, and network services, and as
such, extension block activation entails BIP141 activation.
As stated in the next paragraph, the rules in BIP 141 are fundamentally
incompatible with this one, so saying BIP 141 is activated is confusingly
incorrect.
This specification should be considered an extension and modification to
these BIPs. Extension blocks are not compatible with BIP141 in its current
form, and will require a few minor additional rules.
Extension blocks should be compatible with BIP 141, there doesn’t appear to be
any justification for not making them compatible.
This specification prescribes a way of fooling non-upgraded nodes into
believing the existing UTXO set is still behaving as they would expect.
The UTXO set behaves fundamentally different to old nodes with this proposal,
albeit in a mostly compatible manner.
Note that canonical blocks containing entering outputs MUST contain an
extension block commitment (all zeroes if nothing is present in the extension
block).
Please explain why in Rationale.
Coinbase outputs MUST NOT contain witness programs, as they cannot be
sweeped by the resolution transaction due to previously existing consensus
rules.
Seems like an annoying technical debt. I wonder if it can be avoided.
The genesis resolution transaction MAY also include a 1-100 byte pushdata in
the first input script, allowing the miner of the genesis resolution to add a
special message. The pushdata MUST be castable to a true boolean.
Why? Unlike the coinbase, this seems to create additional technical debt with
no apparent purpose. Better to just have a consensus rule every input must be
null.
The resolution transaction's version MUST be set to the uint32 max (`232 -
1`).
Transaction versions are signed, so I assume this is actually simply -1.
(While signed transaction versions seemed silly to me, using it for special
cases like this actually makes sense.)

Exiting the extension block

Should specify that spending such an exit must use the resolution txid, not
the extblock's txid.
On the policy layer, transaction fees may be calculated by transaction cost
as well as additional size/legacy-sigops added to the canonical block due to
entering or exiting outputs.
BIPs should not specify policy at all. Perhaps prefix "For the avoidance of
doubt:" to be clear that miners may perform any fee logic they like.
Transactions within the extended transaction vector MAY include a witness
vector using BIP141 transaction serialization.
Since extblock transactions are all required to be segwit, why wouldn't this
be mandatory?
consensus rule.
Note this makes adoption slower: wallets cannot use the extblock until the
economy has updated to support segwit-native addresses.
To reduce the chance of having redeem scripts which simply allow for garbage
data in the witness vector, every 73 bytes in the serialized witness vector is
worth 1 additional point.
Please explain why 73 bytes in Rationale.
This leaves room for 7 future soft-fork upgrades to relax DoS limits.
How so? Please explain.
A consensus dust threshold is now enforced within the extension block.
Why?
If the second highest transaction version bit (30th bit) is set to to 1
within an extension block transaction, an extra 700-bytes is reserved on the
transaction space used up in the block.
Why wouldn't users set this on all transactions?
default_witness_commitment has been renamed to
default_extension_commitment and includes the extension block commitment
script.
default_witness_commitment was never part of the GBT spec. At least describe
what this new key is.
Should be just extblk if backward compatibility is supported (and !extblk
when not).
The "deactivation" deployment'...[message truncated here by reddit bot]...
original: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/013981.html
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

Lightning Network and Payment Channels are unnecessary because there is a really simple on-chain alternative that requires only some minor soft-fork tweaks

  1. Instead of broadcasting the TX to the network you send it P2P to the merchant.
  2. To send 1 satoshi to the merchant you double-spend the original TX in a way that the sent amount gets an increase of 1 satoshi. You then send it P2P to the merchant without broadcasting it to the network.
  3. Merchant validates those P2P TXs and whenever they wish to cash out they broadcast the TX to the network.
  4. Merchant actively monitors the network for any TXs that conflict with the existing payment. In case of conflict, the merchant will immediately broadcast their payment and also a Child-Pays-for-Parent TX that provides a greater fee per byte than the competing TX.
  5. Miners driven by healthy greed will seek to confirm whichever TX chain that pays the greatest fee per byte. Since the merchant can continue double-spending the CPFP TX with an ever-increasing TX fee, they can make it unprofitable for the customer to attempt fraud.
The required soft-fork tweaks include relaying of double-spends and miners to prioritize TXs by fees per byte. Miners need an algorithm similar to the Artificial Intelligence solutions of the Travelling Salesman Problem (TSP).
While the conventional TSP is about finding the shortest possible trajectory through all the cities, in the case of Bitcoin the algorithm must find a set of unconfirmed TXs from the mempool in a way that their combined fee is the greatest and their size does not exceed the maximum block size limit.
Here you have it. Even micropayments can be done on-chain. There is literally no reason to have 2nd layer solutions. This is all a bunch of bullshit devised the way it always is --- create a problem so that you could offer your shitty patented solution to it.
EDIT:
Sending the same bitcoins via 20 channels to 20 different merchants. How to deal with it? Very simple, merchants who wish to receive channel payments need to cooperate. They will need a mempool separate from the Bitcoin network's main mempool. In the cooperated mempool they only store channel payments that have zero fees. Everyone is able to validate those TXs but they will never be included in any blocks because they have ZERO fee. When a payment channel is opened the customer has to first sign the initial payment transaction having provided zero fee. The merchant will broadcast this zero fee TX to the cooperated mempool for other merchants to see. The merchant periodically checks the cooperated mempool for conflicting TXs. Before accepting the new payment channel the merchant also verifies that it does not conflict with the cooperated mempool.
submitted by 1Hyena to btc [link] [comments]

[Discussion] Zero Confirmations

BCH has made a claim of it's ability to accept zero confirmation transactions. With bitcoin RBF (Replace by fee) technically the transaction can be altered before being stored in a block.
How do these differ?
How does BCH mempool know which one is 'really' first if there is no formal on chain mempool timestamp?
Is changing a transaction in the mempool any more or less secure than not being able to? (I would think the ability to bump fees is a feature, if only the fee could be altered and nothing else in the transaction. Is that how it works, or is it even possible to make sure only the fee is changed?)
It occurs to me that if BCH ever has blocks fill up to capacity, they would experience the same thing the people paying 1-10 satoshi/byte for their transactions are currently, except have no way to get their transaction through if they wanted to, and just have to wait. I think I read they plan to turn some op codes back on. I would assume more data would be added to the chain in that case, but its unclear to me if that is a fact.
I guess my real question's are:
Trying to think this though myself I would assume the inputs might have to change if the fee is increased, since the inputs might not have enough available. Do the outputs lock the address or anything?
I realize you still need a PK to send the new RBF, so it's just a sender attacking a receiver.
From what I can tell it would seem a user could try to race attack BCH still? Is this correct?
submitted by LetsSeeNope to BitcoinDiscussion [link] [comments]

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