Edit: warning, rant Has anyone else had the experience that running/maintaining a Monero node is much easier than Bitcoin? I've been dorking around since July, doing everything in the terminal on a Qubes VM. Monero comes with simple monerod status and monerod sync_info commands to give you a range of useful info and overview of the current state of your node. Bitcoin has a bunch of individual commands you can aggregate to partially deduce progress, which I have arranged into my own little script. But I didn't find the target block until parsing through the log file. And you have to use other terminal commands like du - ahmd 1 | grep .bitcoin and then run a timer, just to see what your dl speed is, whereas Monero tells you outright. This is important for monitoring your connection over multiple days of download. I had a hard time finding a BTC wallet that could remotely connect to my own damn node without installing additional software (such as electrum server). I had the silly idea that I could just point a mobile SPV wallet to my own remote node. Hell, the BTC core wallet didn't even have code separation between the node and wallet until just a few months ago. And now I'm restoring an old Bisq wallet which I only have the seed for. While Bisq was scanning my node, it got hung up at corrupt blk01234.dat file, which actually crashes my Bitcoin node when it receives the data request. So my node had a corruption for 2 months without it knowing, which I only found caz Bisq (I think occurred during a hiccup in transfer from 512GB SD card to SSD). I tried to drop/replace the blk and rev files, then reindex. But once again, stupid reindex doesnt show progress with any obvious terminal commands. Monitoring disk space, it seemed to be progressing abysmally slow with most my CPU/RAM dedicated to it. I was close to done until a power outage overnight and not enough battery to complete. And even though Bitcoin Core stores everything as individual files, seems it lacks the ability to detect corruption/discard corrupt files and go backwards to the last good file. So I get to start over. At this point Im actually syncing from scratch in a separate VM while simultaneously reindexing just in case reindex doesnt fix the problem. I give it 50/50. I know this is kind of a rant. But I wanted to share my experience with some people who can relate or at least understand. It's weird that for a project like Bitcoin, that the core software and UI would be so rudimentary, non-versatile, and even fragile. Given the ease to configure Monero (including using Qubes qrexec to isolate the wallet in an offline VM), it's straightforward UI and documentation, that it was designed to have separate node and wallet functions, I'm guessing that these problems are much more rare, and easily fixed. That's just an educated wild ass guess of course, since I haven't had any problems. At any rate, props to the Monero devs for making software that is straightforward and easy to use.
Link to our website:https://block.co/blockchain-in-the-public-sector-webcast-qa/ Block.co fourth webcast titled "Digital Transformation of the Public Sector & The Upcoming Legislation of Blockchain Technology in Cyprus” was an immense success. We gathered some of the best experts in the field, Deputy Minister Kyriacos Kokkinos, Jeff Bandman, Steve Tendon, and Christiana Aristidou to share their experience and discuss with us the latest updates regarding Blockchain in the Public Sector. In its fourth series of webcasts, Block.co gathered 281 people watching the event from 41 different countries, for a two-hour webcast where guests answered participants’ questions. Following the impressive outcome and response we received from the audience, Block.co’s team has done its best to address all the questions for which public information is available. Below is a list of the questions that were made and were not answered due to time constraints during the webcast. For the remaining questions from our audience, the team will reach out to our distinguished guests to receive their comments and feedback. Please note, that the below information is only for informational purposes! Question 1: How can asset tracing be accomplished with bitcoins and cryptocurrency? And how can this be regulated? Block.co Team Answer: Digital Asset tracing may be accomplished with cryptocurrency intelligence solutions such as Cipher Trace and the ICE cryptocurrency intelligence program. FATF (Financial Action Task Force) embarked on a program of work from summer 2018 to June 2019 to strengthen and update the provisions dealing with virtual assets and virtual asset service providers. FATF updated Recommendations in October 2018 and Guidance in June 2019 include several new obligations that apply to VASPs. The so-called “Travel Rule” FATF announced in October 2019 agreed on the assessment criteria for how it will assess countries’ compliance with the new global standards. Under the Travel Rule, the transmitter’s financial institutions must include and send information in the transmittal order such as Information about the identity, name, address, and account number of the sender and its financial institution Information about the identity, name, address and account number of the recipient. The ”Travel Rule” is effectively being applied to cryptoasset transfers when there is a virtual asset service provider (VASP) involved. The scope of focus has broadened from “convertible” virtual assets to any virtual asset. Countries should make sure businesses can freeze crypto wallet or exchange accounts for sanctioned individuals. Question 2: Which kind of software or technical knowledge is required to develop cryptocurrency? Block.co Team Answer: It depends on the type of cryptocurrency you wish to create, as well as the preferred functionality and features, and characteristics of the token or coin (i.e. will it be pre-mined, what type of hashing or cryptographic algorithm will be used (i.e. proof of work (POW) or proof of stake (POS) or a hybrid of both), etc. Likewise, it is useful to utilize a programming language that is broadly used and supported by a vast and active development community; more data could be found here: more information could be found here: top programming languages in 2015/2016, published by IEEE here, and TIOBE. Hypothetically, you can utilize any programming language to make cryptocurrency digital money, however, the most widely recognized are C, C++, Java, Python, Perl. The beauty of cryptocurrencies is that you can literally have access to the entire Bitcoin and Ethereum open-source programming scripts, and create your alternate coin (altcoin). Question 3: Hello all, I want to know about the current status of the European Union Blockchain initiative in currency or public identity. Block.co Team Answer: Please refer to the European Services Blockchain Infrastructure (EBSI) website. Question 4: Mining is also the process of confirmation of transactions in the Bitcoin Blockchain. What is the process of confirmation of transactions in the Blockchain of an Organization? How do we call it? Block.co Team Answer: That would depend on the specific consensus algorithm used for the confirmation of transactions. The consensus algorithm is part of the blockchain protocol that defines the rules on how consensus is reached on that blockchain. In order to participate, entities on the blockchain must obey and follow the same consensus algorithm. Make sure to check our glossary for more information. Question 5: How does a small business implement blockchain into its current non-blockchain software systems? Who do they hire to install it? Block.co Team Answer: It is easy when there are APIs to connect the various software. For more information, you can check Block.co API. Question 6: What is your opinion on digitizing developing economies like India by using AI and blockchain? Block.co Team Answer: Watch a very interesting webinar on the matter by Mr. Prasanna: Question 7: Blockchain technologies have been around since 2008. What would you say has been the biggest obstacle in widespread adoption? Block.co Team Answer: In our opinion, the biggest obstacles are volatile cryptoasset prices, complicated UIs, undefined blockchain technology standards. Moreover, the legislation around the technologies is still now being developed and does not offer legal certainty for broader adoption. Question 8: Limitations to Blockchain Usability in the Public Sector? Block.co Team Answer: Blockchain in the Public Sector, like any other innovative concept with big potential, cannot be a solution to every problem. Users and developers are still figuring out technological and managerial challenges. From a technological perspective, some aspects such as platform scalability, validation methods, data standardization, and systems integration must still be addressed. From a managerial point of view, the questions include business model transformation, incentive structure, and transaction scale, and maturity. Read more here. Question 9: How can these blockchain initiatives be practical for the African context Block.co Team Answer: As long as the internet infrastructure is in place, these blockchain initiatives may have the same benefits for the African region. Question 10: What are some compelling use cases you’ve seen lately, and how do they serve to further legitimize blockchain as a solution? Block.co Team Answer: You can see the global trends from all around the world when it comes to further legitimization as a solution, with China leading the way. Read more here. Question 11: How does digital currency manage the issue of money laundering? Block.co Team Answer: Depends under which context you are looking at the term digital currency. A digital currency usually refers to a balance or a record stored in a distributed database, in an electronic computer database, within digital files or a stored-value card. Some examples of digital currencies are cryptocurrencies, virtual currencies, central bank digital currencies (CBDCs), and e-Cash. The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 on the initiative of the G7 to develop policies to fight money laundering. Since 2001 FATF is also looking into terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through “peer reviews” (“mutual evaluations”) of member countries. It is the global watchdog for anti-money laundering & counter-terrorist finance. In June 2019, it updated its guidance paper for Virtual Assets Service Providers (VASPs) regarding the transfer of digital assets. There was an insertion of a new interpretive note that sets out the application of the FATF Standards to virtual asset activities and service providers. To apply FATF Recommendations, countries should consider virtual assets as “property,” “proceeds,” “funds,” “funds or other assets,” or other “corresponding value.” Countries should apply the relevant measures under the FATF Recommendations to virtual assets and virtual asset service providers (VASPs). Read more about the FATF recommendations here). https://preview.redd.it/58tt7mt1pld51.png?width=1920&format=png&auto=webp&s=d24811c4864ebf02cb9aacc8d6b877a1fbc3756b Question 12: To what extent can blockchain be used to improve the privacy of healthcare? Block.co team Answer: Please refer to our previous webcast, blog, and articles for more information. Question 13: What is Blockchain technology in Shipping? Block.co team Answer: The shipping sector has been in the hold of phony maritime institutes charging exorbitant fees via agents, issuing certificates to candidates who do not have the imperative attendance, or those candidates who just pay the fees for the course and ask for the certificate. In view of these fake accreditations, the possibility exists that someone could be harmed or killed, and we could face any number of potential ecological disasters. Having the option to easily verify the genuine origin of a certificate by an approved maritime center is foremost for shipping companies to fast-track their operation and streamline their labor. Question 14: Different uses of blockchain other than cryptocurrency? Block.co team Answer: Please refer to our blog and glossary. Question 15: Upcoming trends in Blockchain concerning Advertising, Marketing, and Public Relations in the Public and Private sectors. Block.co Team Answer: Regarding the application of blockchain technology to media copyrights, please see Block.co use case proposal during the Bloomen Ideathon. https://preview.redd.it/48zc8j38pld51.png?width=3622&format=png&auto=webp&s=79987d1dc7eb8d0c8e32dbce8680b17801d0d244 Question 16: How to create a decentralized blockchain? Block.co Team Answer: An excessive number of individuals feel that blockchain is some supernatural innovation that makes up a decentralized system. In truth, this innovation only enables decentralization. Which means, it permits cryptocurrency to work in a decentralized way. Yet, it doesn’t give any guarantees that it will work that way. Along these lines, it’s really, some outer variables that decide genuine decentralization. Technology, itself never really guarantees it. That is the reason it’s a mistake to expect that if it’s a blockchain — it’s decentralized. From a technical perspective, both blockchains, centralized, and decentralized are comparative, as they take work on distributed peer to peer to network. This implies every node is individually responsible to verify and store the shared ledger. Both Blockchains utilize either a proof-of-work or proof-of-stake mechanisms to make a solitary record and they have to give upper and lower limits on the security and productivity of the system. For more information please refer to our infographic. Question 17: Dubai government Blockchain implementation progress? Block.co Team Answer: You can see more information here. Question 18: How Blockchain and IoT can be integrated to secure data being transmitted through IoT devices. Block.co Team Answer: You can read more about it here. Question 19: How can the Nigerian government use Blockchain to effectively implement its existing launched eGovernment master plan? Block.co Team Answer: Perhaps it can draw its attention to the initiatives of Dubai, Estonia, and Malta to prepare an implementation framework. Question 20: What impact is blockchain going to have in today world of business especially in the financial sector Block.co Team Answer: Please refer to our recent article titled Benefits of Blockchain Technology in the Banking Industry. Question 21: Is Blockchain Technology affect individuals? Block.co Team Answer: The social effect of blockchain innovation has just started to be acknowledged and this may simply be a hint of something larger. Cryptocurrencies have raised questions over financial services through digital wallets, and while considering that there are in excess of 3,5 billion individuals on the planet today without access to banking, such a move is surely impactful. Maybe the move for cryptocurrencies will be simpler for developing nations than the process of fiat cash and credit cards. It is like the transformation that developing nations had with mobile phones. It was simpler to acquire mass amounts of mobile phones than to supply another infrastructure for landlines telephones. In addition to giving the underprivileged access to banking services, greater transparency could also raise the profile and effectiveness of charities working in developing countries that fall under corrupt or manipulative governments. An expanded degree of trust in where the cash goes and whose advantages would without a doubt lead to expanded commitments and backing for the poor in parts of the world that are in urgent need of help. Blockchain technology is well placed to remove the possibility of vote-apparatus and the entirety of different negatives related to the current democratic procedure. Obviously, with new innovation, there are new obstacles and issues that will arise, yet the cycle goes on and those new issues will be comprehended with progressively modern arrangements. A decentralized record would give the entirety of the fundamental information to precisely record votes on an anonymous basis, and check the exactness and whether there had been any manipulation of the voting procedure. Question 22: As Andreas Antonopoulos often says in his MOOC: ”is a blockchain even needed?” Ie. Are there better methods? Block.co Team Answer: In combination with nascent technologies, IoT, distributed computing, and distributed ledger technologies, governments can provide inventive services and answers for the citizens and local municipalities. Blockchain can provide the component to create a safe framework to deal with these functions. In particular, it can provide a safe interoperable infrastructure that permits all smart city services and capacities to work past presently imagined levels. On the off chance that there were better techniques, they would be researched. Question 23: Would any of this be also applicable to the educational sector (as part of the general public sector), and if so in which way? Block.co Team Answer: Yes, please refer to our Webcast on Education and our blog post. Question 24: Will we be able to get a hold of this recording upon completion of the meeting? Block.co Team Answer: Yes, here is a link to the recording of our webcast Blockchain in the Public Sector. Question 25: Was wondering if there are any existing universal framework in governing the blockchain technology? Block.co Team Answer: The short answer is NO, as this framework is currently being prepared in collaboration with the various Member States. We would like to thank everyone for attending our webcast and hoping to interact with you in future webinars. If you would like to watch the webinar again, then click here! For more info, contactBlock.codirectly or email at [[email protected]](mailto:[email protected]). Tel +357 70007828 Get the latest from Block.co, like and follow us on social media: ✔️Facebook ✔️LinkedIn ✔️Twitter ✔️YouTube ✔️Medium ✔️Instagram ✔️Telegram ✔️Reddit ✔️GitHub
I've been engaged with the cryptosphere since almost the very beginning: immediately seeing bitcoin for what it was, a way to securely store wealth outside of the banking system, freed from relying on a middleman who, it became clear over time, was more interested in policing my (and everyone else) actions to make sure their ass was covered with the increasingly noisy regulators, and due to their financial irresponsibility, always coming up with new and progressively more ridiculous fees. I was fed up with the old system already, having explored the black magic of infinite inflationable monies, centralized, communist-style administration of entire economies, and all the suffering, surveillance, corruption, and centralization of power that such things necessarily entail. Some Rothschild or Rockefeller said it best, "give me control of a nations money supply and I care not who makes the laws" - or something to that extent. Anyway, the allure for the very early adopters was being able to sidestep the massive fiat scam, put personal financial destiny squarely in our own hands, and not rely on third parties as much as possible. In the beginning Bitcoin was almost completely ignored. Only some ubernerds and a few drug dealers and drug users (who would like nothing more than peacefully transact between each other and mutually benefit from the exchange by the way, but are forced into dark corners of the internet because of arcane, politically-motivated, outdated drug laws that FINALLY appear to be crumbling to pieces after DECADES of propaganda and lies organized by major world governments and their lackeys) knew about it. Unfortunately most people lack imagination and, the nerds being mostly quiet and the drug-related activity soon being used as a justification to slam bitcoin with the "only for crime" label, most people thought nothing else of it. They could not see, and to this day still don't see, the immense potential that cryptocurrency can bring the world. There are more of you out there now who can, this is self-evident. Although frankly too many of you are here for gains mostly/only, and fail to see what cryptocurrency is really all about. Much like how so many people think the Internet is facebook and instagram and twitter. Which is so shockingly ignorant it almost makes my blood boil. Look, gains are nice, and of course we all want to make some money. I won't even fault you for taking profits, to me this seems like a sensible hedge, even a full decade into the cryptocurrency experiment, nothing is guaranteed, nothing is certain. So it makes sense to diversify, even - gasp - into fiat money that we can - hopefully - put to good use, today, in the "real" world. But to get back to the story - quickly then, from a very underground thing that almost nobody knew about, Bitcoin was attacked as being "only for criminals", and there was a palpable sense of apprehension and fear from international organizations and governments. Here was this thing that entirely sidestepped the financial system that keeps their funny monies going, and people were using the technology to emancipate themselves from arbitrary limitations and appalling mass-surveillance. And once a state gets used to mass-surveillance, it is very hard to get it to stop. The power is simply immense. Can you imagine? A database with the social connections of every citizen, what they like reading, the sites they like visiting, their physical location logged nonstop, painting very detailed pictures of peoples' lives. All of their posts online, neatly tucked away in some searchable massive database. Almost no one protested. "Well, I have nothing to hide", they said. And thus the surveillance state grew and grew, almost entirely unchallenged. In the name of "fighting terrorism", "catching pedos" and "removing drugs from society" (I could write volumes on this last one alone but this is not the time or the place) we saw our liberties and privacy being steadily eroded, particularly after the perfect excuse happened on September 11 2001. Boy oh boy did we see a destruction of civil liberties since then. Another part of this mass-surveillance was, and is, the banking system. Put simply, every transaction you make is under surveillance, recorded indefinitely. The reasoning? It could be related to financing terrorism. That appears to be the great corrosive thought behind all of this. You could be making a transaction to fund terrorism. You could be spewing "hate speech" (who gets to define it? apparently these days it means expressing right-leaning opinions - tomorrow, who knows?) on social media, so better record everything you write. You could be visiting "extremist" sites online, and because clearly this means you must be an extremist-in-training and not just some curious human trying to understand why on earth someone would have such wicked ideas, your internet activity is logged and analyzed. You use Tor or a VPN? Oh dear, now it's really clear that you must be a potential criminal. Otherwise you would have nothing to hide. Right ? Do you see the pattern? To bring it back to cryptocurrency, Bitcoin users, it is known, were also targeted for increased attention by certain intelligence agencies. Same logic - you were not happy with using the mass-surveilled financial system of yesterdecade? Probably a criminal in the making. Eventually though, that air of fear and apprehension more or less vanished. Regulators actually begun to realize that bitcoin is entirely transparent! All you have to do is require KYC at strategic points. People thought you were crazy for saying KYC would come to crypto. But it was so obvious. And you know what else is obvious? Once exchanges are keeping KYC, global regulators will require that they exchange information with them. This, recent news tell us, is already set in motion and will soon be a reality. Given the transparent nature of most blockchain projects, the implications are so obvious that the fact that almost no one sees what's coming next is almost enough for me to lose hope in humanity. Once there is a centralized record of who owns which addresses, several things become possible. You can now put people under surveillance in real time while they do their transparent chain business (.. shocking, right). You can tell who they transact with, and how often. You can censor their transactions, if not at the network level, at the merchant and exchange levels. And you can do something else too, which is to automatically treat any and all bitcoin addresses not associated with a known real identity as potential money laundering (remember the pattern?). All of this information being available will inevitably create a reality where you will be asked questions about what you do with your money. And this time it isn't the bank, it comes straight from higher up. Because every transaction is fucking PUBLIC!. Who did you send 0.5 BTC to on day X ? This address is not known to us. Please explain (or else). Why did you attempt to mix your coins? Have you got something to hide? Do you enjoy swapping coins in accountless sites like morphtoken ? Well, enjoy while it lasts, because it is a certainty that they will soon be forced to force you to put your identity at risk of being stolen, or else - you guessed it - they are helping with laundering funds. You think tools like wasabi wallet will help? On a transparent chain? If by now you cannot tell that the only thing this will accomplish is an automated blacklist of your coins because you must be trying to hide something but not allowing the State to track your every financial transaction on the chain, there is not much hope left for you. That is simply a massive failure of the imagination, and I lack the words to make the consequences of your ignorance any more obvious. I'm one of those "privacy nuts" you sometimes hear about. 15 years ago I was telling people that it was a really bad idea to be donating so much personal information to some company, but nobody would listen. Already too hooked on getting attention and feeling validated. What's sacrificing a little privacy to feel good - who cares if the tech company is making millions selling your every weakness, your private thoughts, your tastes and opinions, to third parties who somehow, for some reason, are very very keen in acquiring this data. Baffling how people could not see how valuable this data would become. Today it seems they are beginning to wake up. Meanwhile, the entire Internet has been boobytrapped, and in the unending fight to get rid of pedos, drugs and terrorists, we all live under mass-surveillance and almost everyone pretty much accepts it without questioning things too much. After all, there don't seem to be many consequences. But that's just a failure of the imagination. By accepting, uncritically, that transparent chains are a good foundation with which to build the new financial system, you are all voting for more surveillance, the automatic criminalization of privacy, suspicion by default, and subjecting yourselves to 24/7, algorithmic mass-surveillance. Physical cash is already on the way out in some parts of the world, and this is no accident. It is much harder to trace cash, and at this point the fourth excuse to do away with that pesky stuff - civil liberties - comes into play. The digitization of everything financial, the accompanying mass-surveillance and mass-ingestion of the data is necessary, you see, to catch tax evaders. After all (and you will remember the pattern for sure), if you desire some financial privacy, if you would prefer to keep your economic activity to yourself, you are a potential tax evader. It should go without saying, and even including this paragraph I suspect there will be many comments by people with short attention spans who will accuse me of encouraging tax evasion. Ah, how deep the brainwash goes. To that I would say, just think about the fact that up to until only a few decades ago (in thousands of years of history) it was not even possible to do financial mass-surveillance. And somehow roads were built, civilizations thrived, and there's a direct ancestry right to us. And yet we are told that only by stripping everyone of privacy could the state ever hope to collect tax. Bullshit. Look, you have to ask yourself, is this really what you want ? A world of mass-surveillance where all aspects of our life are neatly categorized and searchable in some state-controlled database (that will never be hacked, right ? hint: shadowbrokers) Can't you see it? Have you been anesthetized? Are you too numb to see? This is totalitarianism. Pure and simple. It's happened so gradually that somehow it seems the world has failed to notice. It is not right for things to be this way. If you would stop distracting yourself with social media, tv series and porn (and whatever else young people distract themselves with these days) you would come to develop this notion. Cryptocurrency was all about personal freedom. I am sorry to say that the technology has been almost entirely successfully adapted to do the exact opposite. Rather than offer us freedom, it serves as perfect, immutable evidence of all of our economic activity, whatever little privacy it offered crushed by off-chain measures like KYC and guilty-until-proven-innocent techniques that would have made the STASI proud. But not all is lost, yet. Fortunately we already have the technology to make on-chain privacy a reality. It's called Monero and it works today. I'm not going to babysit you through this and I'm not going to tell you to just trust my word for it, but I am going to tell you that if you care about a future where financial privacy is a reality, a future where the state and powerful corporations don't keep tabs on every transaction you make, every cent you receive, from whom and how often, with perfect accuracy, where automatically they know where you spend your money.. if you care about a future where you are not a slave to some financial master who insists on its right to observe to the most minute detail every aspect of your financial life (and as we have seen, many other aspects of life too - financial mass-surveillance is after all a subset of mass-surveillance itself).. Then you owe it to yourself to read about Monero. Transactions cost less than a cent, and on-chain privacy is a reality. Today. Will it be the ultimate financial privacy project? This I cannot know. I can tell you that it is the best chance we got today. Ultimately it does not matter to me which project makes financial privacy a staple. All I care about is that we, the peoples of the world, are able to transact with each other freely, without the assumption of wrongdoing, without being asked questions about or dealings and who we decide to do business with, before there is any evidence of foul play. That is what is happening today, and it is a very palpable thing that outside of certain niches like VPN providers, Monero adoption is very lackluster. They are afraid. People hear "privacy-preserving money" and think "headaches from the state". This is a shame. This cowardice will, unless reversed, soon enough plunge us into a world where our masters know everything about us, and can with the press of a button blacklist, deplatform, defund, and otherwise shut us up. Applied knowledge is power, and so is information. If you know everything about everyone, you have tremendous power over everyone. This reality must be stopped at all costs, if we want freedom and individual liberty to survive. Surveillance coins (99.999% of them) are not the answer to this most concerning of trends. Stand up for your rights. Use Tor, use VPNs, encrypt your email, encrypt your communications, and use privacy preserving cryptocurrency such as Monero. Don't be afraid. There's strength in numbers. Never forget who ultimately gives legitimacy to laws. If enough people come to think that weed ought to be legal, then in countries where the government is still somewhat under the control of the people, it will be so. You are probably sitting at home reading this. In the privacy of your home. That should be sacred. And yet, if you decide to visit certain sites like torproject.org or getmonero.org after you read this, automated actions behind your back will be taken. Increased scrutiny will be placed on you - "who is this person, that wants to protect their privacy? It is hard to convey in words just how evil, misguided and stifling this is. You may say I'm exaggerating, in which case only one word for you: SNOWDEN. And by the way, it was pretty damn obvious before his revelations that something of the sort was happening. Like it is obvious now with surveillance coins (transparent blockchains). Today it's KYC, tomorrow is automated chain analysis, the day after it's endless questions about who you're transacting with (updating the central registry based on the answers), and when your debt-ridden, socialist-leaning state finally pulls a Venezuela on you, it's open season. Let's try to put a stop to this while we can, shall we? The beast will not grow tamer if we keep ceding ground. The beast sometimes needs to be reminded of who's really in control. Privacy is not a crime. It is our birthright. We have the right and the basic dignity to transact with one another, without the Eye of Staton gazing upon us.
No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honour and reputation. Everyone has the right to the protection of the law against such interference or attacks. https://www.un.org/en/universal-declaration-human-rights/
It is on us, and future generations will hold us accountable, if privacy falls worldwide and the state controls every aspect of our life, and comes uninvited to ask questions under threat of force if we refuse on principle to comply. Stop getting distracted. Educate yourself, never stop learning, and do what you can to make this world a better place. More state control ain't the way.
A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment. To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space. Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex. As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous. About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now. The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC. https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404 The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’. https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/ When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents. https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1 https://imgur.com/a/aANAsL3) If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient. Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well. LinkedIn - https://archive.is/Q66Gl https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation. In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”. https://imgur.com/urJbe10 Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes. Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime. His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such. This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money? https://archive.fo/lk1lH#selection-3671.46-3671.55 Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
With the large number of new readers coming to this sub we need to make information easy to access so those readers can make informed decisions. We all know there is an unusually large amount of Fear, Uncertainty and Doubt (FUD) surrounding EOS. Frankly, when clear evidence is provided it’s not that difficult to see EOS for the extremely valuable project it is. This post hopes to begin to put an end to all the misinformation by doing the following:
Giving a clear and concise answer to the most frequently asked questions in regards to EOS.
Giving a more in-depth answer for those who want to read more.
Allowing readers to make informed decisions by making credible information easy to access.
As EOS climbs the ranks we need to recognise there are going to be a lot of skeptical readers coming over and posting their questions. Sometimes they will be irrational, hostile and often just looking for a reaction. We should make it our responsibility to welcome everyone and refrain from responding emotionally to provocative posts, instead providing factual and rational answers. I will add to this post as and when I can, if you have any ideas or spot any mistakes let me know and I'll get them fixed ASAP. Im planning to add a bit on the team, centralisation and DPOS, governance and EOS VC shortly but please let me hear your suggestions!
1. How do you registeclaim your EOS tokens before June 2018?
Select Metamask, MyEtherWallet, or Ethereum Wallet
Follow the guide.
Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
There are a lot of submissions about this in /eos, so rather than making a new one please reply to this thread with any questions you may have. Don't forget to join the EOS mailing list: https://eos.io/#subscribe and join the EOS community on your platform(s) of choice: Telegram, Discord and/or Facebook. And remember, if anyone instructs you to transfer ETH to an EOS contract address that doesn't match the address found on https://eos.io you are being scammed.
2. How will the token the ERC-20 EOS tokens be transferred to the native blockchain?
There isn't one! Read the long answer then read it again, registering your Ethereum wallet is mandatory!
Within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain. In order to ensure your tokens are transferred over to the native blockchain you must register your Ethereum address with an EOS public key, if you do not you will lose all your tokens! I am not going to link any tutorials as there are many that can be found by searching Google and YouTube. block.one is helping with the development of snapshot software that can be used to capture the EOS token balance and registered EOS public key of wallets on the Ethereum blockchain. It is then down to the community to create the snapshot. This snapshot can be used when generating a genesis block for a blockchain implementing eos.io software. block.one will not be launching EOS blockchains or operating any of their nodes.
Exchange Support Some exchanges have announced that they will support the token swap. Although using this method will undoubtedly be much simpler than registering the tokens yourself it also comes with its pitfalls.
It is highly likely there are going to be multiple networks running on the eos.io software that use the snapshot. It is highly unlikely that exchanges will support them all.
It is highly likely that exchanges will not support airdrops that use the snapshot.
Exchanges that have announced support for the token swap include:
EOS.IO software is aiming to provide a decentralized operating system which can support thousands of industrial scale DApps by enabling vertical and horizontal scaling.
EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
CEO Brendan Blumer - Founder of ii5 (1group) and okay.com. He has been in the blockchain industry since 2014 and started selling virtual assets at the age of 15. Brenden can be found on the Forbes Cypto Rich List. Brendan can be found on Twitter.
CTO Dan Larimer - Dan's the visionary industry leader who built BitShares, Graphene and Steemit as well as the increasingly popular Proof of Stake Governance and Decentralised Autonomous Organization Concept. He states his mission in life is “to find free market solutions to secure life, liberty, and property for all.”. Dan can also be found on the Forbes Cypto Rich List. Dan can be found on Twitter and Medium.
Partner Ian Grigg - Financial cryptographer who's been building cryptographic ledger platforms for 2+ decades. Inventor of the Ricardian Contract and Triple-Entry Accounting.
6. Which consensus mechanism does EOS use and what are Block Producers?
Delegated Proof of Stake (DPOS) with Byzantine Fault Tolerance. Block Producers (BPs) produce the blocks of the blockchain and are elected by token holders that vote for them. BPs will earn block rewards for their service, these block rewards come in the form of EOS tokens produced by token inflation.
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them. The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain. Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers. Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
7. How does the voting process work?
The voting process will begin once the Block Producer community releases a joint statement ensuring that it is safe to import private keys and vote. Broadly speaking there will be two methods of voting:
Command Line Interface (CLI) tools
EOS Canada has created eosc, a CLI tool that supports Block Producer voting. Other Block Producer candidates such as LibertyBlock are a releasing web portal that will be ready for main net launch. There will be many more options over the coming weeks, please make sure you are always using a service from a trusted entity. Remember: Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so. Ignoring this warning could result in tokens lost.
8. What makes EOS a good investment?
Team - EOS is spearheaded by the visionary that brought us the hugely successful Bitshares and Steem - arguably with two projects already under his belt there is no one more accomplished in the space.
Funding - EOS is one of the best funded projects in the space. The block.one team has committed $1B to investing in funds that grow the EOS echo system. EOS VC funds are managed by venture leaders distributed around the world to insure founders in all markets have the ability to work directly with local investors. Incentives such as the EOS hackathon are also in place with $1,500,000 USD in Prizes Across 4 Events.
Community Focus - The team is aware that the a projects success depends almost entirely on its adoption. For this reason there has been a huge push to develop a strong world wide community. There is already a surplus number of block producers that have registered their interest and started to ready themselves for the launch and incentives the EOS hackathon are being used to grow the community. A index of projects using EOS can be found at https://eosindex.io/posts.
Technical Advantages - See point 9!
9. What are the unique selling points of EOS?
Potential to scale to millions of transactions per second
This depends entirely on your definition of working product. If a fully featured developer release meets your definition then yes!. Otherwise the public release will be June 2018.
EOS differs from other projects in that it aims to deliver a fully featured version of the software on launch. The Dawn 3.0 RC1 feature complete pre-release became available on April 5th. This version has all the features of the final release that is due June 2018. Further development will involve preparing the final system contract which implements all of the staking, voting, and governance mechanics. The common notion that there is no viewable code published is wrong and the initial Dawn 1.0 release has been available from September 14th 2017.
11. EOS is an ERC-20 token, how can it possibly be a competitor to other platforms?
The ERC-20 token is used only for raising funds during the token distribution; all tokens will be transferred to the native blockchain once launched.
EOS team has clearly stated their reason for choosing the Ethereum network when they described the rationale behind the ICO model. Specifically, the ICO should be a fair and auditable process, with as little trust required as possible. If you believe that an ICO should be fair, auditable, and trustless, you have no choice but to use a decentralized smart contract blockchain to run the ICO, the largest, and by-far most popular of which is Ethereum. Since EOS is intended to be a major competitor for Ethereum, some have seen this as a hypocritical choice. - Stolen from trogdor on Steam (I couldn’t word it any better myself).
12. Why do the eos.io T&C’s say the ERC-20 token has no value?
The EOS T&C’s famously state:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
This is legal wording to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Most notably Tezos (links below).
This all comes down to legal issues. Anyone who’s been into crypto for 5 minuets knows that government bodies such as the Securities and Exchange Commission (SEC) are now paying attention to crypto in a big way. This legal wording is to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Many token creators that launched ICOs are now in deep water for selling unregistered securities.
A filing from the Tezos lawsuit:
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."
To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”
It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
It is also worth noting that block.one had no knowledge how much the the token distribution would raise as it is determined by the free market and the length of the token distribution is coded into the Ethereum smart contract, which cannot be changed.
14. Where is the money going from the token distribution?
Funding for the project was raised before EOS was announced, the additional money raised from the token distribution is largely going to fund projects on EOS.
A large portion of the money raised is getting put back into the community to incentivise projects using eos.io software. block.one raised all the money they needed to develop the software before the ERC-20 tokens went on sale. There are some conspiracies that block.one are pumping the price of EOS using the funds raised. The good thing about blockchain is you can trace all the transactions, which show nothing of the sort. Not only this but the EOS team are going to have an independent audit after the funding is complete for piece of mind.
From eos.io FAQ:
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
A more complete list of EOS projects can be found at eosindex.io.
16. Dan left his previous projects, will he leave EOS?
When EOS has been created Dan will move onto creating projects for EOS with block.one.
When a blockchain project has gained momentum and a strong community has formed the project takes on a life of its own and the communities often have ideas that differ from the creators. As we have seen with the Bitcoin and Ethereum hark forks you cant pivot a community too much in a different direction, especially if its changing the fundamentals of the blockchain. Instead of acting like a tyrant Dan has let the communities do what they want and gone a different way. Both the Bitshares and Steem were left in a great position and with Dans help turned out to be two of the most successful blockchain projects to date. Some would argue the most successful projects that are actually useable and have a real use case. What Dan does best is build the architecture and show whats possible. Anyone can then go on to do the upgrades. He is creating EOS to build his future projects upon it. He has stated he loves working at block.one with Brendan and the team and there is far too much momentum behind EOS for him to possibly leave.
No one could have better knowledge on this subject than our Block Producer candidates, I have chosen to look to EOS New York for this answer:
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
18. If block producers can alter code how do we know they will not do so maliciously?
Block producers are voted in by stake holders.
Changes to the protocol, constitution or other updates are proposed to the community by block producers.
Changes takes 2 to 3 months due to the fact block producers must maintain 15/21 approval for a set amount of time while for changes to be processed.
To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
For this question we must understand the following.
Governance and why it is used.
The process of upgrading the protocol, constitution & other updates.
Dan’s view on open-entry systems built around anonymous participation.
Governance Cryptography can only be used to prove logical consistency. It cannot be used to make subjective judgment calls, determine right or wrong, or even identify truth or falsehood (outside of consistency). We need humans to perform these tasks and therefore we need governance! Governance is the process by which people in a community:
Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms;
Carry out the decisions they reach; and
Alter the governance rules themselves via Constitutional amendments.
Embedded into the EOS.IO software is the election of block producers. Before any change can be made to the blockchain these block producers must approve it. If the block producers refuse to make changes desired by the token holders then they can be voted out. If the block producers make changes without permission of the token holders then all other non-producing full-node validators (exchanges, etc) will reject the change.
Upgrade process The EOS.IO software defines the following process by which the protocol, as defined by the canonical source code and its constitution, can be updated:
Block producers propose a change to the constitution and obtains 15/21 approval.
Block producers maintain 15/21 approval of the new constitution for 30 consecutive days.
All users are required to indicate acceptance of the new constitution as a condition of future transactions being processed.
Block producers adopt changes to the source code to reflect the change in the constitution and propose it to the blockchain using the hash of the new constitution.
Block producers maintain 15/21 approval of the new code for 30 consecutive days.
Changes to the code take effect 7 days later, giving all non-producing full nodes 1 week to upgrade after ratification of the source code.
All nodes that do not upgrade to the new code shut down automatically.
By default, configuration of the EOS.IO software, the process of updating the blockchain to add new features takes 2 to 3 months, while updates to fix non-critical bugs that do not require changes to the constitution can take 1 to 2 months.
Open-entry systems built around anonymous participation To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation. Dan's quote:
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad. The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
19. What is the most secure way to generate EOS key pairs?
Block producer candidates EOS Cafe and EOS New York have come forward to help the community with this topic. The block producer candidate eosnewyork has kindly posted a tutorial on steemit detailing the steps that need to be taken to generate key pairs using the official code on the EOS.IO Github. The block producer candidate eoscafe has gone a step further and released an Offline EOS Key Generator application complete with GUI for Windows, Linux & Mac. Not only can this application generate key pairs but it can also validate key pairs and resolve public keys from private keys. This application has also been vouched for by EOS New York
We Need A New Way For Our Intel Agencies To Classify Information With Both Greater Transparency And Greater Secrecy. A Proposal That May Work For Both Them and Us--DeClassification-coin that Intel Pre-Pays to Classify Documents of > 5 yr secrecy
I want to remind everyone that they will do themselves a great service by reading what I find to be (and many agree) one of the greatest speeches in history, JFK's speech to the press at Waldorf Astoria, and for the purposes of this post, the following part
I want to talk about our common responsibilities in the face of a common danger. The events of recent weeks may have helped to illuminate that challenge for some; but the dimensions of its threat have loomed large on the horizon for many years. Whatever our hopes may be for the future--for reducing this threat or living with it--there is no escaping either the gravity or the totality of its challenge to our survival and to our security--a challenge that confronts us in unaccustomed ways in every sphere of human activity. This deadly challenge imposes upon our society two requirements of direct concern both to the press and to the President--two requirements that may seem almost contradictory in tone, but which must be reconciled and fulfilled if we are to meet this national peril. I refer, first, to the need fora far greater public information; and, second, to the need for far greater official secrecy.
The second part is important. Not many people talk about that. But he's saying the intel community has to be able to do their job in utmost secrecy. Trump believes this, because Trump thinks it has been stupid and self-defeating for the press to telegraph military moves, and he is correct. You can't defeat someone if your press is telling opposition that you are coming--it gives the enemy the field advantage for ambush, tactics and strategy.
The very word "secrecy" is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths and to secret proceedings. We decided long ago that the dangers of excessive and unwarranted concealment of pertinent facts far outweighed the dangers which are cited to justify it. Even today, there is little value in opposing the threat of a closed society by imitating its arbitrary restrictions. Even today, there is little value in insuring the survival of our nation if our traditions do not survive with it. And there is very grave danger that an announced need for increased security will be seized upon by those anxious to expand its meaning to the very limits of official censorship and concealment. That I do not intend to permit to the extent that it is in my control. And no official of my Administration, whether his rank is high or low, civilian or military, should interpret my words here tonight as an excuse to censor the news, to stifle dissent, to cover up our mistakes or to withhold from the press and the public the facts they deserve to know.
Well, sorry JFK. Not only did they murder you in broad daylight, they had decades to abuse our systems to create more ability for 'official censorship and concealment'. We are seeing the full fruition of the abuse of secrecy today. As in, this very weekend, as google --which the literate person knows is a public-private partnership with the intel community from which it was funded--is now in the activity of intimidating voters and silencing politically oppositional voices through increasingly disproportionate, hostile, draconian and byzantine restrictions and behavioral control and punishments, alienating people from their platform and essentially blowing up their financials in the process. At any rate, the point is this: we have only seen that in the last decades since Allen Dulles et al on behalf of the american ruling class (ie the deepstate) exploded JFK's braincase in Texas, that the intel agencies have been abusing secrecy in order to traffick in contraband and commit the most repugant acts that we created these very agencies to inhibit! And they continue to abuse secrecy by redacting information that is embarrassing, or would reveal their OWN crimes, intrigues, conspiracies, abuses, corruption and scandals. This is not the only thing they redact, but when we the people (as in investigative journalists or interested parties such as street or amateur journalists / internet sleuths) want to know something, it takes years of stonewalling and FOIA lawsuits in order to get that information. There has been some information, for example, that conservative watchdog org Judicial Watch, has been trying to retrieve via the court system, for YEARS. That is unacceptable, but the gov in this case is acting like a mafia or a banana republic / despot and will not honor the spirit of the FOIA law, or the spirit of JFK or the American spirit of freedom and transparency generally--and this wildly disappointing and shameful. What we need is to AUTOMATE We're doing it for everything else--why not with information? We need to automate classification and declassification, and take it out of the hands of the people classifying. They get ONE SHOT at designating something as 1 or 5 yr expiry, or MORE (it will cost ya), and then it's out of their hands and the timer is set for declassification. They get a deadline, just like the rest of us non-government slobs, to GET ER DONE. If they fail, well. Welcome to real world, shampoo sofa spyflake We really need a system whereby classification is automatically expired and those redactions come off. Like a document system where the redactions are programmatically added and the moment they are they are given 1 yr or 5 yr expire time, and no more, and if they have a permanent seal, then a carbon copy goes to the US president, the Sargeant-at-arms of the Congress and One special member of the Supreme court, unredacted and classified at the highest level, with their discretion to declassify after holding a required quorum of all 3. And then this information is published openly as redacted by encryption, but at the US Government cost of a cryptocoin per page That way if the public really wants to know, they will be willing to spend the resources to (mine-)crack it, perhaps en-masse using their own computers working in unison (declassification miner app in the tray), and when they succeed, they recover that cryptocoin used to seal it. This way, they get paid back for their resources, and a very small profit, which disincentivizes gov abuse of documents. Make them pay to redact things. Implementation
It's important to have a system whereby secreted information can be disbursed to public in response to a greater and more urgent public interest, escalating said information from casual to critical. In other words, if the public demands to know, such as in the case of widespread corrutption within the government itself, they should be able to know, or find out.
After all, we are paying these intel people and if they have the power to keep something from us forever, then we really aren't a "democracy" or even a "republic" (given that republic have representatives that ostensibly represent the public...keeping information secret forever creates an 'untouchable class' of rulers to which only the representatives answer and NOT the public) Here is a technical suggestion to implement a public-driven mechanism for discovery that doesn't allow "individual humans" or even ai agents from making capricious decisions on what the public should know or not know: US Intel Documents under any kind of classification need to be a mixture of text and ciphertext, which represents the redacted portions of the document. The ciphertext should be encapsulated in a tag (as in the whole document is xml) that makes any viewer aware of the fact that it's redacted ciphertext that is largely ignored for natural language text processors or lexers, and which is presented as a black bar represnting the length of the text as an attribute of the tag, created at the time of document's creation This ciphertext also has an ID associated with it, which ties to the database, but the ciphertext is also contained within the tag, and is ALWAYS kept with the document itself (as in it's always present, not simply referenced. This way if the database is blown up, the text will ALWAYS be with the document, no matter what, just hidden as metadata within the tag itself). This redundancy also acts as a parity check for both the database contents AND the document itself as they are reciprocally validating datastores. A paper wallet is an offline bitcoin storage mechanism of the public and private keys needed to access stored bitcoin in that offline wallet (bitcoins sent to that wallet public address). Included at the bottom of the document is a bitcoin paper wallet address tag representing the total number of bitcoins the redactions are worth. Inside of this tag is ciphertext of the bitcoin paper wallet and all details, encrypted, as well as information needed to decrypt the redacted portions, whose decryption otherwise would give meaningless noise information. In other words, unredacting individual portions of the document gives you something meaningless, the declassification-coin software must focus on this decrypting this one block of ciphertext only, and when the decryption succeeds, the document is unredacted ALL-AT-ONCE and the paper wallet and its bitcoin are accessible and shared among those clients that particpated in breaking the encryption, and given portions proportionate to the amount of effort they used in cracking it. Now I'm saying "encryption" but people smarter than myself know that what I'm actually really talking about is a declassification-coin, a unique type of service oriented crypto system that I'm describing, since crypto coin IS this type of group cracking I'm just using a language that I personally understand, and I'm sorry to you more advanced computer and crypto people for using hamhanded or half understood concepts. I believe I understand bitcoin to a point, maybe better than some (ie: it's based on a pki type system) but what I'm driving at is how this system should work generally, and the cryptocoin aspects are something others smarter than myself would have to figure out. It's important to have the 'all at one' aspect of it, so that people get recompense for their cracking efforts And it's important that the intel agency have to PAY much more in order to classify something stronger than 1 or 5 yr expiry. This is to discourage them from hiding stuff from us that simply embarrasses them. It forces them to use legitimate reasons for keeping things secret.
I am a CTO of a "blockchain technology" startup, AMA
I've seen a lot of confusion regarding 'private blockchains' (aka permissioned ledgers, distributed ledger technology, ...) lately, and I think I'm in a good position to clarify what this technology is about, and what does it mean for Bitcoin. First I'd like to introduce myself via facts of biography and projects I've been involved in:
I've read the Bitcoin paper in 2010, but was rather skeptical due to scalability concerns.
I started by first Bitcoin project in 2011, it was a futures exchange. I've launched an alpha version but then shut it down because I was concerned about custodial wallet security.
In 2012 I've made the first colored coins implementation.
I also did research on proof-of-stake and proof-of-activity (PoS+PoW combo), contributing to two academic papers
In 2014 I founded a startup called ChromaWay, which is supposed to commercialize colored coins and other blockchain technology
First bank-issued fiat currency on the Bitcoin blockchain: in 2015 LHV bank (Estonia) released Cuber wallet, a mobile wallet which transacts in euro-denominated colored coins. All software used in this project was developed by ChromaWay.
In 2016 ChromaWay implemented a demo for Swedish Land Registry, illustrating how a blockchain might streamline real estate transactions in future. We used an imaginary blockchain for this demo (a message chain, actually).
Through the years I mostly worked with the Bitcoin blockchain, but I also researched private blockchains and talked with potential customers who might want to use a private blockchain or something like that. So I'd like to address some common questions and misconceptions I've seen on /bitcoin. Rhetoric question: Isn't a private blockchain just a database? Can't banks just use SQL as usual? Answer: It certainly can be classified as a database, of a special kind. The Bitcoin blockchain is actually also a database of a special kind. They can certainly use SQL, but SQL, by itself, doesn't provide means of sharing a database between multiple parties in a secure way. Use of SQL and use of blockchains isn't mutually exclusive. SQL is being used by a number of Bitcoin projects, for example: blockchain.info, Coinbase's Toshi, Abe block explorer, and Chromanode. There is at least one Bitcoin full node implementation which uses SQL: bits of proof supernode. Question: Can't banks just use a distributed database or a shared ledger? Answer: Modern distributed databases are designed with an assumption that all computers in a cluster are trusted. If an attacker can hijack a single computer of a cluster, he can compromise the whole clustedatabase. Thus this software products aren't suitable for a case when a database needs to be shared between multiple parties which do not unconditionally trust each other. E.g. suppose banks A, B, C decided to share some database between themselves. If C's IT team fucks up, whole database might get corrupt. Byzantine fault tolerance is an old concept, but it's rarely used in enterprise software. So there are no secure shared database products banks could use. Bitcoin sparked new interest in secure distributed technology by demonstrating that it's actually possible & feasible. Now banks want it. Products which are inspired by Bitcoin and its block chain approach, and so they are often called "blockchains". Misconception: A blockchain without proof-of-work makes no sense. Answer: It was demonstrated that proof-of-stake can be quite good, both in theory and in practice. PoW and PoS have different security characteristics, which one is better is a matter of an opinion. Other BFT consensus algorithms can be combined with a blockchain approach, e.g. Ripple/Stellar consensus, or PBFT-style three phase commit. They have well-understood security properties which differ from PoW and PoS. In my opinion, if something has a chain of blocks, it can be called a blockchain. But if you want to understand a blockchain in a very narrow sense I don't mind, there are other terms like 'distributed ledger' which can be used instead. Misconception: Banks use permissioned ledgers to implement "bankcoins", which are going to fail. Answer: As someone who talked with many people from many banks, I can tell you they have very little interest for 'bankcoins', i.e. things which resemble Bitcoin. They might experiment with things like that just for shits and giggles, but there are no plans to launch it for real. Banks plan to use permissioned ledger either to improve processes which are currently inefficient or non-secure; or to enable new business models. Misconception: Banks should just use Bitcoin instead of this permissioned ledger mumbo-jumbo. Answer: Bitcoin isn't suitable for things which permissioned ledgers aim to solve. It's, like, not related. It would certainly be nice if banks provided Bitcoin services, but for them it's too much PITA with little to no benefits, as Bitcoin market is too small. Privatbank in Ukraine provides a Bitcoin payment service to merchant, kinda like Coinbase. So it's possible, just not common now. So I think that Bitcoin can peacefully co-exist with private/permissioned blockchain/ledger technology: they aim to solve different problems, in different ways. There is some risk of a "bankcoin" competing with Bitcoin in future, but it's very small. On contrary, I think adoption of crypto-based tech by banks is actually good for Bitcoin, as e.g. irreversible crypto money can be used for secure fiat <-> Bitcoin exchanges, which is good for Bitcoin, as it might reduce a hassle of buying Bitcoin, and thus increase userbase. Devices used to keep crypto bank money might also be used as secure Bitcoin wallets, etc. I'll be happy to answer questions related to projects I've been involved in or blockchains in general.
SegWit would make it HARDER FOR YOU TO PROVE YOU OWN YOUR BITCOINS. SegWit deletes the "chain of (cryptographic) signatures" - like MERS (Mortgage Electronic Registration Systems) deleted the "chain of (legal) title" for Mortgage-Backed Securities (MBS) in the foreclosure fraud / robo-signing fiasco
SegWit is a "clever innovation" brought to you by clueless / corrupt AXA-owned Blockstream devs;
MERS is a "clever innovation" brought to you by reckless / corrupt Wall Street bankers;
SegWit and MERS both work by simply deleting crucial "ownership data" for transactions.
Of course, the "experts" (on Wall Street, and at AXA-owned Blockstream) present MERS and SegWit as "innovations" - as a way to "optimize" and "streamline" vast chains of transactions reflecting ownership and transfer of valuable items (ie, real-estate mortgages, and bitcoins). But, unfortunately, the "brilliant bat-shit insane approach" devised by the "geniuses" behind MERS and SegWit to do this is to simply delete the data which proved ownership and transfer of these items - information which is essential for legal purposes (in the case of mortgages), or security purposes (in the case of bitcoins).
SegWit allows deleting the "chain of (cryptographic) signatures" for bitcoins - ie, SegWit supports deleting the cryptographic data specifying "who transmitted what bitcoins to whom" (as originally specified in Satoshi's whitepaper defining Bitcoin);
MERS (Mortgage Electronic Registration Systems) allowed deleting the "chain of (legal) title" for real-estate mortgages - ie, MERS supported deleting the legal "notes" specifying "who transmitted what mortgages to whom" (as previously tracked by banks / mortgage lenders / originators / notaries / land registries / "cadasters", etc.)
So, the most pernicious aspect of SegWit may be that it encourages deleting all of Bitcoin's cryptographic security data - destroying the "chain of signatures" which (according to the white paper) are what define what a "bitcoin" actually is. Wow, deleting signatures with SegWit sounds bad. Can I avoid SegWit? Yes you can. To guarantee the long-term cryptographic, legal and financial security of your bitcoins:
You should avoid sending / receiving / holding Bitcoins using the dangerous, new "SegWit" addresses. (As far as I understand, "SegWit" bitcoin addresses all start with a "3".)
You should just use safe, "normal" Bitcoin addresses - and avoid using unsafe "SegWit" addresses. (If I understand correctly, all "normal" Bitcoin addresses still start with a "1", while "SegWit" addresses always start with a "3".)
You can also use Bitcoin implementations which encourage using "normal" Bitcoin addresses. (As far as I understand, implementations such as Bitcoin ABC, Bitcoin Unlimited, Bitcoin Classic are being deployed mainly to support "normal", "non-SegWit" Bitcoin addresses - as well as market-based (bigger) blocksizes and (lower) fees.)
You can avoid Bitcoin implementations which require SegWit. (As far as I understand, SegWit2x, UASF/BIP148 are being deployed mainly to support "SegWit" Bitcoin addresses - as well as centrally-planned (smaller) blocksizes and (higher) fees).
MERS = "The dog ate your mortgage's chain of title". SegWit = "The dog ate your bitcoin's chain of signatures."
By deleting / losing the "chain of title" for mortgages stored in the MERS database (in the name of "innovation" and "efficiency" and "optimization" being pushed by "clever" bankers on Wall Street), MERS caused a legal and financial catastrophe for mortgages - by making it impossible to (legally) prove who owns which properties.
By deleting / losing the "chain of signatures" for Bitcoins stored in SegWit addresses (in the name of "innovation" and "efficiency" and "optimization" being pushed by "clever" devs at AXA-owned Blockstream), SegWit could end up causing a financial (and possibly also legal) catastrophe for Bitcoin - by making it impossible (or at least more complicated in many cases) to (cryptographically) prove who owns which bitcoins.
Wall Street-backed MERS = AXA-backed SegWit It is probably no coincidence that:
Clueless, corrupt bankers from Wall Street used MERS to recklessly delete the "chain of (legal) title" for people's mortgages;
And now clueless, corrupt devs from AXA-owned Blockstream want to recklessly use SegWit to delete the "chain of (cryptographic) signatures" for people's bitcoins.
by supporting the most ignorant developers and "leaders" (lying Blockstream CTO Greg Maxwell and CEO Adam Back, drooling authoritarian idiot Luke-Jr, vandal Peter Todd, etc);
by supporting a massive campaign of propaganda, censorship, and lies (on forums like r\bitcoin and sites like bitcointalk.org - both controlled by the corrupt censor u/Theymos) to try to force SegWit on the Bitcoin community.
Do any Core / Blockstream devs and supporters know about MERS - and recognize its dangerous parallels with SegWit? It would be interesting to hear from some of the "prominent" Core / Blockstream devs and supporters listed below to find out if they are aware of the dangerous similarities between SegWit and MERS:
Luke-Jr u/luke-jr - co-founder of and occasional contractor for Blockstream, in charge of Core's "BIP" numbering process, known for his [delusions] and authoritarianism - and for the messy SegWit-as-a-soft-fork kludge - now leading the brainwashed lemmings and sybils of r\bitcoin off the cliff, with his doomed UASF/BIP148;
Core / Blockstream devs might not know about MERS - but AXAdefinitely does While it is likely that most or all Core / Blockstream devs do not know about the MERS fiasco... ...it is 100% certain that people at AXA (the main owners of Blockstream) do know about MERS. This is because the global financial crisis which started in 2008 was caused by:
CDOs - collateralized debt obligations
MBSs - mortgage-backed securities
MERS - the company / database Mortgage Electronic Registration Systems which "lost" (deleted) millions of people's mortgage notes - leading to "clouded titles" which made possible the wave of foreclosure fraud and robo-signing, which eventually cost the "clever" banks tens of billions of dollars in losses.
Loans originated with MERS as the original mortgagee purport to separate the borrower’s promissory note, which is made payable to the originating lender, from the borrower’s conveyance of a mortgage, which purportedly is granted to MERS. If this separation is legally incorrect - as every state supreme court looking at the issue has agreed - then the security agreements do not name an actual mortgagee or beneficiary. The mortgage industry, however, has premised its proxy recording strategy on this separation, despite the U.S. Supreme Court’s holding that “the note and mortgage are inseparable.” [Compare with the language from Satoshi's whitepaper: "We define an electronic coin as a chain of digital signatures."] If today’s courts take the Carpenter decision at its word, then what do we make of a document purporting to create a mortgage entirely independent of an obligation to pay? If the Supreme Court is right that a “mortgage can have no separate existence” from a promissory note, then a security agreement that purports to grant a mortgage independent of the promissory note attempts to convey something that cannot exist. [...] Many courts have held that a document attempting to convey an interest in realty fails to convey that interest if the document does not name an eligible grantee. Courts around the country have long held that “there must be, in every grant, a grantor, a grantee and a thing granted, and a deed wanting in either essential is absolutely void.”
The parallels between MERS and SegWit are obvious and inescapable.
MERS separated (and eventually deleted) the legal information regarding the "conveyance" (transfer) of ownership of "realty" (real estate)
SegWit segregates (and allows eventually deleting) the cryptographic information regarding the sending and receiving of bitcoins.
Note that I am not arguing here that SegWit could be vulnerable to attacks from a strictly legal perspective. (Although that may be possible to.) I am simply arguing that SegWit, because it encourages deleting the (cryptographic) signature data which defines "bitcoins", could eventually be vulnerable to attacks from a cryptographic perspective. But I heard that SegWit is safe and tested! Yeah, we've heard a lot of lies from Blockstream, for years - and meanwhile, they've only succeeded in destroying Bitcoin's market cap, due to unnecessarily high fees and unnecessarily slow transactions. Now, in response to those legal-based criticisms of SegWit in the article from nChain, several so-called "Bitcoin legal experts" have tried to rebut that those arguments from nChain were somehow "flawed". But if you read the rebuttals of these "Bitcoin legal experts", they sound a lot like the clueless "experts" who were cheerleading MERS for its "efficiency" - and who ended up costing tens billions of dollars in losses when the "chain of title" for mortgages held in the MERS database became "clouded" after all the crucial "ownership data" got deleted in the name of "efficiency" and "optimization". In their attempt to rebut the article by nChain, these so-called "Bitcoin legal experts" use soothing language like "optimization" and "pragmatic" to try to lull you into believing that deleting the "chain of (cryptographic) signatures" for your bitcoins will be just as safe as deleting the "chain of (legal) notes" for mortgages: http://www.coindesk.com/bitcoin-legal-experts-nchain-segwit-criticisms-flawed/ The (unsigned!) article on CoinDesk attempting to rebut Nguyen's article on nChain starts by stating:
Nguyen's criticisms fly in the face of what has emerged as broad support for the network optimization, which has been largely embraced by the network's developers, miners and startups as a pragmatic step forward.
Then it goes on to quote "Bitcoin legal experts" who claim that using SegWit to delete Bitcoin's cryptographic signatures will be just fine:
Marco Santori, a fintech lawyer who leads the blockchain tech team at Cooley LLP, for example, took issue with what he argued was the confused framing of the allegation. Santori told CoinDesk:
"It took the concept of what is a legal contract, and took the position that if you have a blockchain signature it has something to do with a legal contract."
Stephen Palley, counsel at Washington, DC, law firm Anderson Kill, remarked similarly that the argument perhaps put too much weight on the idea that the "signatures" involved in executing transactions on the bitcoin blockchain were or should be equivalent to signatures used in digital documents.
"It elides the distinction between signature and witness data and a digital signature, and they're two different things," Palley said.
"There are other ways to cryptographically prove a transaction is correctly signed other than having a full node," said BitGo engineer Jameson Lopp. "The assumption that if a transaction is in the blockchain, it's probably valid, is a fairly good guarantee." Legal experts asserted that, because of this design, it's possible to prove that the transaction occurred between parties, even if those involved did not store signatures. For this reason, Coin Center director Jerry Brito argued that nChain is overstating the issues that would arise from the absence of this data. "If you have one-time proof that you have the bitcoin, if you don't have it and I have it, logically it was signed over to me. As long as somebody in the world keeps the signature data and it's accessible, it's fine," he said.
There are several things you can notice here:
These so-called "Bitcoin legal experts" are downplaying the importance of signatures in Bitcoin - just like the "experts" behind MERS downplayed the importance of "notes" for mortgages.
Satoshi said that a bitcoin is a "chain of digital signatures" - but these "Bitcoin legal experts" are now blithely asserting that we can simply throw the "chain of digital signatures" in the trash - and we can be "fairly" certain that everything will "probably" be ok.
The "MERS = SegWit" argument which I'm making is not based on interpreting Bitcoin signatures in any legal sense (although some arguments could be made along those lines).
Instead, I'm just arguing that any "ownership database" which deletes its "ownership data" (whether it's MERS or SegWit) is doomed to end in disaster - whether that segregated-and-eventually-deleted "ownership data" is based on law (with MERS), or cryptography (with SegWit).
Who's right - Satoshi or the new "Bitcoin experts"? You can make up your own mind. Personally, I will never send / receive / store large sums of money using any "SegWit" bitcoin addresses. This, is not because of any legal considerations - but simply because I want the full security of "the chain of (cryptographic) signatures" - which, according to the whitepaper, is the very definition of what a bitcoin "is". Here are the words of Satoshi, from the whitepaper, regarding the "chain of digital signatures": https://www.bitcoin.com/bitcoin.pdf
We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.
Does that "chain of digital signatures" sound like something you'd want to throw in the trash??
The "clever devs" from AXA-owned Blockstream (and a handful of so-called "Bitcoin legal experts) say "Trust us, it is safe to delete the chain of signatures proving ownership and transfer of bitcoins". They're pushing "SegWit" - the most radical change in the history of Bitcoin. As I have repeatedly discussed, SegWit weakens Bitcoin's security model.
The people who support Satoshi's original Bitcoin (and clients which continue to implement it: Bitcoin ABC, Bitcoin Unlimited, Bitcoin, Bitcoin Classic - all supporting "Bitcoin Cash" - ie "Bitcoin" without SegWit) say "Trust no one. You should never delete the chain of signatures proving ownership and transfer of your bitcoins."
We define an electronic coin as a chain of digital signatures.
So, according to Satoshi, a "chain of digital signatures" is the very definition of what a bitcoin is.
Meanwhile according to some ignorant / corrupt devs from AXA-owned Blockstream (and a handful of "Bitcoin legal experts") now suddenly it's "probably" "fairly" safe to just throw Satoshi's "chain of digital signatures" in the trash - all in the name of "innovation" and "efficiency" and "optimization" - because they're so very clever.
Who do you think is right? Finally, here's another blatant lie from SegWit supporters (and small-block supporters) Let's consider this other important quote from Satoshi's whitepaper above:
A payee can verify the signatures to verify the chain of ownership.
Remember, this is what "small blockers" have always been insisting for years. They've constantly been saying that "blocks need to be 1 MB!!1 Waah!1!" - even though several years ago the Cornell study showed that blocks could already be 4 MB, with existing hardware and bandwidth. But small-blockers have always insisted that everyone should store the entire blockchain - so they can verify their own transactions. But hey, wait a minute! Now they turn around and try to get you to use SegWit - which allows deleting the very data which insisted that you should download and save locally to verify your own transactions! So, once again, this exposes the so-called "arguments" of small-blocks supporters as being fake arguments and lies:
On the one hand, they (falsely) claim that small blocks are necessary in order for everyone to be run "full nodes" because (they claim) that's the only way people can personally verify all their own transactions. By the way, there are already several errors here with what they're saying:
Actually "full nodes" is a misnomer (Blockstream propaganda). The correct terminology is "full wallets", because only miners are actually "nodes".
Actually 1 MB "max blocksize" is not necessary for this. The Cornell study showed that we could easily be using 4 MB or 8 MB blocks by now - since, as everyone knows, the average size of most web pages is already over 2 MB, and everyone routinely downloads 2 MB web pages in a matter of seconds, so in 10 minutes you could download - and upload - a lot more than just 2 MB. But whatever.
On the other hand, they support SegWit - and the purpose of SegWit is to allow people to delete the "signature data".
This conflicts with their argument the everyone should personally verify all their own transactions. For example, above, Coin Center director Jerry Brito was saying: "As long as somebody in the world keeps the signature data and it's accessible, it's fine."
So which is it? For years, the "small blockers" told us we needed to all be able to personally verify everything on our own node. And now SegWit supporters are telling us: "Naah - you can just rely on someone else's node."
Plus, while the transactions are still being sent around on the wire, the "signature data" is still there - it's just "segregated" - so you're not getting any savings on bandwidth anyways - you'd only get the savings if you delete the "signature data" from storage.
Storage is cheap and plentiful, it's never been the "bottleneck" in the system. Bandwidth is the main bottleneck - and SegWit doesn't help that at all, because it still transmits all the data.
Conclusion So if you're confused by all the arguments from small-blockers and SegWitters, there's a good reason: their "arguments" are total bullshit and lies. They're attempting to contradict and destroy:
Satoshi's original design of Bitcoin as a "chain of digital signatures":
"We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership."
Satoshi's plan for scaling Bitcoin by simply increasing the goddamn blocksize:
Satoshi Nakamoto, October 04, 2010, 07:48:40 PM "It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit / It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete."
The the notorious mortgage database MERS, pushed by clueless and corrupt Wall Street bankers, deleted the "chain of (legal) title" which had been essential to show who conveyed what mortgages to whom - leading to "clouded titles", foreclosure fraud, and robo-signing.
The notorious SegWit soft fork / kludge, pushed by clueless and corrupt AXA-owned Blockstream devs, allows deleting the "chain of (cryptographic) signatures" which is essential to show who sent how many bitcoins to whom - which could lead to a catastrophe for people who foolishly use SegWit addresses (which can be avoided: unsafe "SegWit" bitcoin addresses start with a "3" - while safe, "normal" Bitcoin addresses start with a "1").
Stay safe and protect your bitcoin investment: Avoid SegWit transactions.
[See the comments from me directly below for links to several articles on MERS, foreclosure fraud, robo-signing, "clouded title", etc.]
Mega FAQ (Or: Please come here for your questions first)
Qbundle Guide (Step by step setup & Bootstrap) https://burstwiki.org/wiki/QBundle 1( I want to mine or activate My account. Where do find the multiple coins? You only need 1, an outgoing transaction or reward reassignment will set the public key. Get them from: https://www.reddit.com/burstcoinmining/comments/7q8zve/initial_burstcoin_requests/ Or (Faucet list) https://faucet.burstpay.net/ (if this is empty, come back later) http://faucet.burst-coin.es Or https://forums.getburst.net/c/new-members-introductions/getting-started-initial-burstcoin-requests 2( I bought coins on Bittrex and want to move to my new wallet, but can't. Why? Bittrex will only send to accounts with a public key (not a Burst requirement) so see number 1 and either set the name on the account (IF you will not mine) or set the reward recipient to the pool. Either action will enable the account and allow for transfers from Bittrex. 3( I sent coins from Poloniex/anywhere to Bittrex and they don’t show up after a considerable time. Why? You need to set an unencrypted message on the transaction, informing Bittrex which account to send the funds to (this is in the directions on Bittrex). Did you do this? Contact Bittrex support with all the details and eventually you will get your funds. 4( How much can I make on Burst? https://explore.burst.cryptoguru.org/tool/calculate Gives you an average over time assuming a few things like: Average luck/100% uptime/no overlapping/fees on pool/good plot scan time (<20 seconds) if you do not have all of these, you may not see that number. 5( If I use SSD’s would I make more money? No, it’s 95% capacity and 5% scan time that determine success. More plot area = better deadlines = better chance of forging a block, or better rates from a pool. 6( What is ‘solo’ and ‘pool’ (wasn’t his name Chewbacca?) Solo is where you attempt to ‘forge’ (mine) a block by yourself; you get 100% of the block reward and fees. But you only receive funds if you forge, no burst for coming in second place. Pools allow a group of miners to ‘pool’ together their resources and when a miner wins, they give the pool the winnings (this is done by the reward assignment you completed earlier), it is then divided according to different percentages and methods and burst is sent out according to pool rules (minimum pay-out, time, etc.) 7( I have been mining for 2 days and my wallet doesn’t show any Burst WHY? Mining solo: it is win-or-lose, nothing in between, and wining is luck and plot size. Pool mining: because it costs 1 burst to send burst, the pools have either a time requirement (every X days) or a minimum amount (100 burst +) so you need to research your pool. Some pools allow for you to set the limit (cryptoGuru and similar) to be met before sending 8( How do I see what I have pending? On CryptoGuru, based pools, it’s the ‘Pending (burst)’ column, other pools, look for the numbers next to your burst ID. One is Paid and the other pending. 9( I’m part of a pool and I forged a block, but I didn’t recieve the total value of the block, why? A pool has 2 basic numbers that denote the pay-out method, in the format ‘XX-XX’ (i.e. 50-50) The first number is the % paid to the block forger (miner) and the second is the retained value, which is paid to historic ‘shares’ (or, past blocks that the pool didn’t win, but had a miner that was ‘close’ to winning with a good submitted deadline) Examples of pools: 0-100 (good for <40TB) 20-80 (30-80TB) 50-50 (60-200TB) 80-20 (150-250) 100-0 (solo mine, 150+ TB) Please note that there is an overlap as this is personal preference and just guidance; a higher historical share value means a smoother pay-out regime, which some people prefer. If fees are not factored in, or are the same on different pools, the pay-out value will be the same over a long enough period. 10( Is XXX model of hard drive good? Which one do you recommend? CHEAP is best. If you have 2 new hard drives, both covered by warranty, get the one with the lowest cost per TB (expressed as $/TB , calculated by dividing the cost by the number of terabytes) because plot size is KING, 11( How many drives can I have on my machine? For best performance, you can have up to 2 drives per thread (3 on a new fast AVX2 CPU). So that quad-core core-2-quad can have up to 8 drives, but a more modern i7 with 4 cores + hyper threading can squeeze 8 * 3 or 24 drives. (Performance while scanning will suffer) 12( Can I game while I mine? Some people have done so, but you cannot have the ‘maximum’ number of drives and play games generally. 13( Can I mine Burst and GPU mine other coins? Yes, if you CPU Mine Burst. 14( I’m GPU plotting Burst and GPU mining another coin, my plots are being corrupted, why? My advice is dedicating a GPU to either mining or plotting, don’t try to do both. 15( What is a ‘plot’? A plot is a file that contains Hashes, these hashes are used to mine burst. A plot is tied to an account, but they can be created (with the same account ID) on other machines and connected back to your miner(s). 16( Where can I trade/buy/sell Burst? A list of exchanges is maintained on https://www.reddit.com/burstcoin/ (on the right, ‘Exchanges’ tab) the biggest at the moment are Bittrex and Poloniex, some offer direct Fiat-to-Burst purchase (https://indacoin.com for example) 17( Do I have to store my Burst off the exchange? No, but it’s safer from hackers who target exchanges, if you cannot guarantee the safety or security of your home computer from Trojans etc, then it might be best to leave on an exchange (but enable 2FA security on your account PLEASE!) 18( What security measures can I take to keep my coin safe? When you create an account, sign out and back in to your wallet (to make sure you have copied the pass phrase correctly) and keep multiple copies of the key (at least one physically printed or written down and in a safe place, better in 2 places) do not disclose the passphrase to anyone. Finally use either a local wallet or a trusted web wallet (please research before using any web wallet) 19( How can I help Burst? Run a wallet, which will act as a node (or if you’re a programmer, contact the Dev team Bring attention to burst (without ‘shilling’ or trying to get people to buy) And help translate into your local language Be a productive member of the community and contribute experience and knowledge if you can, or help others get into Burst. 20( Will I get coins on the fork(s) and where will they be? There will be no new coin, and no new coins to be given/air dropped etc, the forks are upgrades to burst and there will not be a ‘classic’ or ‘new’ burst. 21( Will I need to move my Burst off of the exchange for the fork? No, your transactions are on the block chain, which will be used on the fork, they will be visible after the move; nothing will need to be done on your side. 22( Where can I read about the progress of Burst and news in general on the community? There is no finer place than https://www.burstcoin.ist/ 23( What are the communities for Burst and the central website? Main website: https://www.burst-coin.org/ Reddit: https://www.reddit.com/burstcoin and https://www.reddit.com/burstcoinmining/ Burstforum.net: https://www.burstforum.net/ Getburst forum: https://forums.getburst.net/ Official Facebook channel: https://m.facebook.com/groups/398967360565392 (these are the forums that are known to be supporting the current Dev Team) Other ways to talk to the community: Discord: https://discordapp.com/invite/RPhpjVv Telegram (General): https://t.me/burstcoin Telegram (Mining): https://t.me/BurstCoinMining 24( When will Burst partner up with a company? Burst is a currency, the USD does not ‘partner up’ with a company, the DEV team will not partner up and give over to special interests. 25( Why is the DEV team anonymous? They prefer anonymity, as it allows them to work without constant scrutiny and questions unless they wish to engage, plus the aim is for Burst to become a major contender, and this brings issues with security. They will work and produce results, they owe you nothing and if you cannot see the vision they provide then please do not ‘invest’ for short term gain. 26( When moon/Lambo/$100/make me rich? My crystal ball is still broken, come back to the FAQ later for answer (seriously, this is a coin to hold, if you want to day-trade, good luck to you) 27( How can I better educate myself and learn about Dymaxion? Read about the Dymaxion here: https://www.reddit.com/burstcoin/wiki/dymaxion 28( My reads are slow, why? There are many reasons for this, if your computer has a decent spec it’s likely due to USB3 hub issues, or plugging into a USB2 hub, but other reasons can be multiple plots in the same folder, but it’s best to visit the mining subreddit. They can help more than an simple FAQ https://www.reddit.com/burstcoinmining/ 29( I have a great idea for Burst (not proof of stake related)? Awesome! Please discuss with the DEV team on discord https://discordapp.com/invite/RPhpjVv (Please be aware that this is a public forum, you need to find who to ask/tell) 30( I have a great idea for Burst (Proof of stake related)? No. if you want a POS, find a POS coin. On the tangle which is being implemented a POS/POW/POC coin can be created, but BURST will always be POC mined. You are welcome to implement a proof of stake coin on this! 31( Will the Dev team burn any coins? Burst is not an ICO, so any coins will need to be bought to be burnt. You are welcome to donate, but the DEV team have no intention of burning any coins, or increasing the coin cap. 32( When will there be an IOS wallet? IOS wallet is completed; we are waiting for it to go on the app store. Apple is the delaying factor. 33( Why do overlapping plots matter? Plots are like collections of lottery tickets (and if only one ticket could win). Having 2 copies is not useful, and it means that you have less coverage of ‘all’ the possible numbers. It’s not good, avoid. 34( My local wallet used to run, I synchronised it before and now it says ‘stopped’. when I start it, it stops after a few seconds, what should I do? I suggest that you change the database type to portable MariaDB (on Qbundle, at the top, ‘Database’ select, ‘change database’) and then re-import the database from scratch (see 35) 35( Synchronising the block chain is slow and I have the patience of a goldfish. What can I do? On Qbundle , ‘Database’ select ‘Bootstrap chain’ and make sure the CryptoGuru repository is selected, then ‘start Import’ this will download and quickly stuff the local database (I suggest Portable MariaDB, see 34) (lol, loop) 36( What will the block reward be next month/will the block rewards run out in 6 months? https://www.ecomine.earth/burstblockreward/ Rewards will carry on into 2026, but transaction fees will be a bigger % by then, and so profitable mining will continue. 37( How can I get started with Burst (wallet/mining/everything) and I need it in a video https://www.youtube.com/watch?v=LJLhw37Lh_8 Watch and be enlightened. 38( Can I mine on multiple machines with the same account? Yes, if you want to pool mine this can be done (but be prepared for small issues like reported size being incorrect. Just be sure to keep question 33 in mind.) 39( Why do some of my drives take forever to plot? Most likely they are SMR drives, it’s best to plot onto another SSD and then move the finished plot/part of a plot across to the SMR drive as this is much quicker. SMR drives are fine on the read, just random writes that are terrible. So plot an SMR drive quickly, plot to a non SMR or better still SSD drive, in as big a chunk as possible (fewer files better) and move. a version of Xplotter, called Splotter, can do this easily. https://github.com/NoParamedic/SPlotter 40( I have a great idea; why not get listed on more exchanges!! Exchanges list coins because of 2 reasons:
The coin pays (often A LOT, seriously we’ve been asked for 50 BTC)
I suggest you speak with your exchange and ask ‘when will they offer Burst?’ 41( Do you have a roadmap? https://www.burst-coin.org/roadmap 42( Why is the price of Burst going up/down/sideways/looping through time? The price of burst is still quite dependent upon Bitcoin, meaning that if Bitcoin gains, the value of Burst gains, if Bitcoin drops then Burst also drops. If there is news for Burst then we will see something independent of Bitcoin moving. Variations can be because of people buying in bulk or selling in bulk. There are also ‘pump and dump’ schemes that we detest, that can cause spikes in price that have nothing to do with news or Bitcoin, just sad people taking advantage of others. 43( Where is the best place to go with my mining questions? https://www.reddit.com/burstcoinmining/ or https://t.me/BurstCoinMining 44( What hardware do you advise me to buy, is this computer good? See question 43 for specific questions on hardware, it depends on so many variables. The ‘best’ in my opinion is a 36 bay Supermicro storage server, usually they have dual 6-core CPU’s and space for 36 drives. No USB cables, plotting and mining monster, anything else, DYOR. 45( Where do you buy your hard drives? I have bought most from EBay in job lots, and some refurbished drives with short warranties. Everything else I have bought, from Amazon. 46( Can I mine on my Google drive/cloud based storage? In short: no. If you want to try, and get to maybe 1 TB and then find that your local connection isn’t fast enough, or that shortly after, your account is blocked for various reasons. Please be my guest. 47( Can I mine on my NAS? Some you can mine with the NAS (if it can run the miner, it can scan locally) but generally they’re not very fast. good for maybe 16 TB? Having a plot on a NAS and mining from another computer depends on the network speed between the NAS and scanning computer. I believe you can scan about 8 TB (maybe a bit more) and keep the scan times to within acceptable, but YMMV. 48( How can I set up a node? No need to set up a node, just set up a wallet (version 2.0.4) or Qbundle (2.2) and it will do the rest 49( Are the passphrases secured? I’ll leave the effort to a few people to show how secure a 12-word passphrase is: https://burstforum.net/topic/4766/the-canary-burst-early-warning-system Key point: brute forcing it will be around 13,537,856,339,904,134,474,012,675,034 years. 50( I logged into my account (maybe with a different burst ID) and see no balance!! I have dealt with this very issue multiple times, and there are only 3 options:
You have typed in the password incorrectly
You have copy-pasted the password incorrectly
You are trying to log into a ‘local wallet’ which the block chain has not finished updating
I got my database corrupted a few times already. I always recover using bitcoin-qt -reindex. That works fine but takes hours. The last time I paid attention to close the application in a clean way. I did and re-opened the application several times without any issue. Nonetheless, after rebooting, the database is corrupted again. This post discusses the methods for recovering a deleted or corrupt Bitcoin Core Wallet. Many other currencies, such as Bitcoin Cash, Litecoin, Dogecoins and more share Bitcoin Core’s wallet format and can be recovered using the same techniques and tools. "A database can get corrupted. But bitcoin and other blockchains are based on private keys, those are the recovery seeds that allow you to import or generate a set of addresses in a wallet ... Re: Bitcoin - Wallet database always corrupt On Sat, 07 Dec 2013 18:36:01 +0000, thedarpone wrote: > I have bee trying to install bitcoin-qt v8.5, a beta version wallet, on bitcoin-qt version: 0.11.0 DB cache set from GUI: 1024MB (the issue does not happen with DB cache set to 512MB) OS: Win8.1 32bit Scenario: Upgrade from an older 0.9.x version, with latest block about 32 weeks old. After start of the new ...
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