Cpfp bitcoin sending - Arbeiten online von zuhause

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

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

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

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

How is the speed of confirmations determined in bitcoin?

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

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

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

Helpful tools to estimate fees for future transactions:

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

Bitcoin Price Prediction 2020

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

Bitcoin statistics

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

Bitcoin achievements and future plans

Bitcoin in 2019:

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

Bitcoin in 2020:

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

Bitcoin Technical Analysis

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

Bitcoin Price Prediction 2020

TradingBeasts BTC price prediction

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

Wallet investor Bitcoin price prediction

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

DigitalCoinPrice Bitcoin forecast

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

Crypto-Rating BTC price forecast

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

Buy Bitcoin at StealthEX

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

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

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

THANKYOUBITCOINCOMMUNITY

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

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

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

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

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

Discussion: optimization of mempool fee levels

I'd like to discuss a possible change to the bitcoin core wallet that does not impact consensus rules.
Right now bitcoin core nodes are still the vast majority and over 60% are recent versions of bitcoin core (>16.3)
Say the mempool is like this:
mempool 2 weeks ago
What we can see from this visualisation of the mempool is that there are 5.3 MB of transactions that span from 1 sat per byte to 40 satoshi per byte (we will leave extremely expensive transactions (red color) aside for a second).
That means that we could compress all those transactions into just 6 fee levels:
5 MB with fees from 1 to 5 satoshi per byte
0.3 MB with fees of 6 satoshi per byte.
Instead of 40 satoshy per byte!!
We can achieve this by having bitcoin full nodes not creating or including in their mempool:
transactions that pay more than 1 extra sat/b when compared to the other transactions in the node mempool unless there are already enough tx to fill at least 1block (4000 KWU)
When including transactions in their mempool the nodes would basically start from those paying 1 sat per byte and include those, then move to those paying 2 sat per byte.
After that the nodes would check if there are enough transactions that pay 2 sat/b to fill 1 block (4000KWU). If true then it starts to include the transactions that pay 3 sat/b, if not it stop until there are.
In general I think this would make sure that the mempool grows in a gradual way, without any holes in it like those you can see in the image at 8 sat per bytes where there are very very few transactions.
One possible downside of this is if you have to create an expensive cpfp TX. For this situations you can unlock in your wallet the option to do this, but the default option should be to have this possibility disabled.
The power of a default setting and the incentive that, if the majority of wallets implement this “best practice”, the prices of the mining fees become rational and optimized should hopefully enough to push people to implement something like this in any wallet.
I know and understand that mining fees need to exist and I think that it is right to develop a fee market. But at the same time we should encourage the users of the wallets to not overpay for their tx to get fast confirmations because, not only do they not gain anything personally by doing that, but they also could create a spiral in the price of the mining fees that can damage Bitcoin.
In some ways it is similar to batching. No one can stop a big exchange if they want to send millions of single transactions to each of their customers when they buy or sell. Coinbase did that for quite some time.
But eventually it should become a best practice to batch transactions to minimize the footprint on the bitcoin ecosystem.
Exactly the same for this proposal.
No one can stop you to use your own wallet that let you create a tx that pays double the fees of everyone else and get into the next block. But you could’ve been included anyways by paying just 1 more sat/b than the highest fee level. And by doing that you also don’t make it more expensive for everyone else.
submitted by S3ton to u/S3ton [link] [comments]

History Lesson for new VIA Viacoin Investors

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

Rebatable fees & incentive-safe fee markets | Mark Friedenbach | Sep 29 2017

Mark Friedenbach on Sep 29 2017:
This article by Ron Lavi, Or Sattath, and Aviv Zohar was forwarded to
me and is of interest to this group:
"Redesigning Bitcoin's fee market" https://arxiv.org/abs/1709.08881 
I'll briefly summarize before providing some commentary of my own,
including transformation of the proposed mechanism into a relatively
simple soft-fork. The article points out that bitcoin's auction
model for transaction fees / inclusion in a block is broken in the
sense that it does not achieve maximum clearing price* and to prevent
strategic bidding behavior.
(* Maximum clearing price meaning highest fee the user is willing to
pay for the amount of time they had to wait. In other words, miner
income. While this is a common requirement of academic work on
auction protocols, it's not obvious that it provides intrinsic
benefit to bitcoin for miners to extract from users the maximum
amount of fee the market is willing to support. However strategic
bidding behavior (e.g. RBF and CPFP) does have real network and
usability costs, which a more "correct" auction model would reduce
in some use cases.)
Bitcoin is a "pay your bid" auction, where the user makes strategic
calculations to determine what bid (=fee) is likely to get accepted
within the window of time in which they want confirmation. This bid
can then be adjusted through some combination of RBF or CPFP.
The authors suggest moving to a "pay lowest winning bid" model where
all transactions pay only the smallest fee rate paid by any
transaction in the block, for which the winning strategy is to bid the
maximum amount you are willing to pay to get the transaction
confirmed:
Users can then simply set their bids truthfully to exactly the
amount they are willing to pay to transact, and do not need to
utilize fee estimate mechanisms, do not resort to bid shading and do
not need to adjust transaction fees (via replace-by-fee mechanisms)
if the mempool grows.
Unlike other proposed fixes to the fee model, this is not trivially
broken by paying the miner out of band. If you pay out of band fee
instead of regular fee, then your transaction cannot be included with
other regular fee paying transactions without the miner giving up all
regular fee income. Any transaction paying less fee in-band than the
otherwise minimum fee rate needs to also provide ~1Mvbyte * fee rate
difference fee to make up for that lost income. So out of band fee is
only realistically considered when it pays on top of a regular feerate
paying transaction that would have been included in the block anyway.
And what would be the point of that?
As an original contribution, I would like to note that something
strongly resembling this proposal could be soft-forked in very easily.
The shortest explanation is:
For scriptPubKey outputs of the form "", where the pushed data evaluates as true, a consensus rule is added that the coinbase must pay any fee in excess of the minimum fee rate for the block to the push value, which is a scriptPubKey. 
Beyond fixing the perceived problems of bitcoin's fee auction model
leading to costly strategic behavior (whether that is a problem is a
topic open to debate!), this would have the additional benefits of:
1. Allowing pre-signed transactions, of payment channel close-out for example, to provide sufficient fee for confirmation without knowledge of future rates or overpaying or trusting a wallet to be online to provide CPFP fee updates. 2. Allowing explicit fees in multi-party transaction creation protocols where final transaction sizes are not known prior to signing by one or more of the parties, while again not overpaying or trusting on CPFP, etc. 3. Allowing applications with expensive network access to pay reasonable fees for quick confirmation, without overpaying or querying a trusted fee estimator. Blockstream Satellite helps here, but rebateable fees provides an alternative option when full block feeds are not available for whatever reason. 
Using a fee rebate would carry a marginal cost of 70-100 vbytes per
instance. This makes it a rather expensive feature, and therefore in
my own estimation not something that is likely to be used by most
transactions today. However the cost is less than CPFP, and so I
expect that it would be a heavily used feature in things like payment
channel refund and uncooperative close-out transactions.
Here is a more worked out proposal, suitable for critiquing:
  1. A transaction is allowed to specify an Implicit Fee, as usual, as
    well as one or more explicit Rebateable Fees. A rebateable fee
    is an ouput with a scriptPubKey that consists of a single, minimal,
    nonzero push of up to 42 bytes. Note that this is an always-true
    script that requires no signature to spend.
  2. The Fee Rate of a transaction is a fractional number equal to the
    combined implicit and rebateable fee divided by the size/weight of
    the transaction.
    (A nontrivial complication of this, which I will punt on for the
    moment, is how to group transactions for fee rate calculation such
    that CPFP doesn't bring down the minimum fee rate of the block,
    but to do so with rules that are both simple, because this is
    consensus code; and fair, so as to prevent unintended use of a
    rebate fee by children or siblings.)
  3. The smallest fee rate of any non-coinbase transaction (or
    transaction group) is the Marginal Fee Rate for the block and is
    included in the witness for the block.
  4. The verifier checks that each transaction or transaction grouping
    provides a fee greater than or equal to the threshold fee rate, and
    at least one is exactly equal to the marginal rate (which proves
    the marginal rate is the minimum for the block).
This establishes the marginal fee rate, which alternatively expressed
is epsilon less than the fee rate that would have been required to get
into the block, assuming there was sufficient space.
  1. A per-block Dust Threshold is calculated using the marginal fee
    rate and reasonable assumptions about transaction size.
  2. For each transaction (or transaction group), the Required Fee is
    calculated to be the marginal fee rate times the size/weight of the
    transaction. Implicit fee is applied towards this required fee and
    added to the Miner's Fee Tally. Any excess implicit fee
    remaining is added to the Implicit Fee Tally.
  3. For each transaction (group), the rebateable fees contribute
    proportionally towards towards meeting the remaining marginal fee
    requirement, if the implicit fee failed to do so. Of what's left,
    one of two things can happen based on how much is remaining:
    A. If greater than or equal to the dust threshold is remaining in
    a specific rebateable fee, a requirement is added that an output be provided in the coinbase paying the remaining fee to a scriptPubKey equal to the push value (see #1 above). (With due consideration for what happens if a script is reused in multiple explicit fees, of course.) 
    B. Otherwise, add remaining dust to the implicit fee tally.
  4. For the very last transaction in the block, the miner builds a
    transaction claiming ALL of these explicit fees, and with a single
    zero-valued null/data output, thereby forwarding the fees on to the
    coinbase, as far as old clients are concerned. This is only
    concerns consensus in that this final transaction does not change
    any of the previously mentioned tallies.
    (Aside: the zero-valued output is merely required because all
    transactions must have at least one output. It does however make a
    great location to put commitments for extensions to the block
    header, as being on the right-most path of the Merkle tree can
    mean shorter proofs.)
  5. The miner is allowed to claim subsidy + the miner's fee tally + the
    explicit fee tally for themselves in the coinbase. The coinbase is
    also required to contain all rebated fees above the dust threshold.
In summary, all transactions have the same actual fee rate equal to
the minimum fee rate that went into the creation of the block, which
is basically the marginal fee rate for transaction inclusion.
A variant of this proposal is that instead of giving the implicit fee
tally to the miner (the excess non-rebateable fees beyond the required
minimum), it is carried forward from block to block in the final
transaction and the miner is allowed to claim some average of past
fees, thereby smoothing out fees or providing some other incentive.
-------------- next part --------------
A non-text attachment was scrubbed...
Name: signature.asc
Type: application/pgp-signature
Size: 659 bytes
Desc: Message signed with OpenPGP
URL: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20170928/8d6e3b63/attachment.sig
original: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-Septembe015093.html
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

Mempool Filling, Lower Fee Transaction Rebroadcasting Attack = Frozen Bitcoin?

According to https://www.reddit.com/Bitcoin/comments/69jywp/a_practical_guide_to_accidental_low_fee/ ,
When you send a transaction with too low fees, it stays in the mempool of most full nodes (1) until it either expires, (2) until a miner picks it up and confirms in a block.
The default -mempoolexpiry setting in Bitcoin 0.14 is now apparently 336 hours (two weeks). Two weeks is already a long time to wait for a transaction to expire.
However, it sounds like valid unconfirmed transactions, one broadcast, can be rebroadcast again and returned back to a node's mempool indefinitely, as long as they remain valid and unconfirmed and fall within the node's mempool settings:
...anyone can rebroadcast that transaction, and so bypass this expiration. I wonder if an attack would work when you setup a node and keep rebroadcasting all low-fee transactions until the end of times.
If new transaction demand continually exceeds block space at the prevailing fee level, then many transactions paying an originally reasonable fee will get stuck in unconfirmed status as the fee gets steadily bid up.
Under such conditions, it would seem cheap to constantly rebroadcast the unconfirmed transactions as an "attack", such that the mempool of a typical node could be constantly filled up to capacity with a kind of "sedimentary deposit" of old, rebroadcast transactions, putting a permanently rising floor under the fees.
Worse yet, the unconfirmed transactions in that "sedimentary deposit" would seemingly keep the associated Bitcoin in limbo, since any new attempted transaction with the same funds would be seen as a "double spend".
This last part seems like a potential serious problem, because it would tie up many Bitcoin users' funds for indeterminate periods of time. Especially less experienced Bitcoin users like me who are unfamiliar with techniques like RBF or CPFP, or stuck with transactions that are fundamentally unable to make use of those methods. Having funds tied up for an indeterminate period of time and being powerless to do anything about it is a terrible user experience and will probably drive many people away from Bitcoin.
Is there any chance that such an attack is taking place right now? The https://blockchain.info/charts/mempool-size chart seems to have started looking strange and spiky starting around May 11th, and there have been posts with people complaining about their old expiring lower fee transactions getting rebroadcast.
Also, as the fees get higher and higher, does this mean that more and more smaller outputs become effectively like "dust" / not practical to spend? Could the combination of constant rebroadcasting old transactions, plus more and more small outputs becoming too impractical to be worth spending, result in a significant proportion of Bitcoin getting "frozen" or effectively out of circulation? Could this result in a positive feedback look where the price of liquid, circulating Bitcoin keeps rising, causing the fees to become more onerous, causing more Bitcoin to get frozen out of circulation, causing the price of the remaining circulating Bitcoin to keep rising yet more? Taken to the logical conclusion, this would result in a Bitcoin system that effectively freezes up into a static, gold-reserve like state, with proportionally very little circulation or velocity of coins?
If such an attack was happening, or were to happen, what could be done about it? Or, is this type of mostly "frozen" main layer actually the expected / intended outcome, and all the transaction activity will shift to Layer 2? If so, where are the Layer 2 solutions, will they be ready in time if Segwit is not pushed through?
submitted by vdoel to Bitcoin [link] [comments]

The Balance of Power in the bitcoin ecosystem. Feedback appreciated!

Introduction:
Miners are the rulers of Bitcoin... At least, this is what people seem to believe.. After all, miners are the ones who create our beloved magic money…
But what happens if, let’s say 75%, of the miners (by hash-power) decides to change the rules of the protocol?
It turns out that miners are not the sole decision makers in bitcoin.
...There is a certain Balance of Power in the bitcoin ecosystem…
In this post I will focus on the following participants:
Miners (including Hashers and Pool-operators) Developers Merchants Users (including HODLers and traders) Exchanges Node Operators Wallet providers
This balance of power becomes particularly interesting in the event of a hard fork.
As we have learned from Ethereum; A hard fork that is not supported by everyone; can result a network split. Effectively creating two different blockchains / networks with two different coins.
This can also be categorized as a “Coin-Split” (the total amount of units will double)
Both coins are likely to have its own supporters, and both sides will likely claim to be “the real bitcoin”
Miners (including Hashers and Pool-operators):
Miners are thermodynamically securing the network with proof of work. They are rewarded with new coins in addition to transaction fees. But high operational costs are forcing the miners to sell off the majority of this reward.
Miners produce blocks that are mathematically linked in a blockchain. These blocks contain transactions between the bitcoin users. The blockchain represents the history of all transactions.
Miners are on the supply side in the market, and are therefore putting downward pressure on the price of bitcoin due to inflation.
Pool-operators construct blocks. Hashers are payed by Pool-operators to perform PoW on these blocks.
Hashers can leave or join any pool at any time. A misbehaving Pool-operator risk that Hashers will leave the pool.
Let’s say that a miner successfully finds block X: The miner will be rewarded with newly created bitcoin in addition to all transaction fees that are included in block X. However, this money does not become spendable until the blockchain have been extended with an additional 100 more blocks that must be build on top of block X.
If other miners don’t agree that block X is valid, then they will reject the block by not building on top of it.
But what if a majority, let’s say 75% of miners (by hash power) have decided to change the existing consensus rules? They may now see block X as valid, even if the remaining minority (25%) of miners disagree.
The minority miners (the ones who does not want to change the rules) are only going to build on top of what they see as the “most work VALID chain” A new and otherwise valid block, will also become invalid (in the eyes of this minority) if it is build on top of block X.
This is where the blockchain will split into two different chains / networks.
Developers:
Developers write the code that makes bitcoin work. New code only serve as suggestions for improvements. Developers cannot force anyone to run new code.
Different types of suggestions are:
Soft Forks: Suggestions to add new consensus rules.
Hard Forks: Suggestions to remove (or replace) existing consensus rules.
Changes that do not affect consensus: Suggestions to add functionality that will effect how the network handles transactions that are not yet mined into a block (transactions that are held in the mem-pool while waiting for a confirmation) Replace By Fee (RBF) and Child Pays For Parent (CPFP) are examples of this kind.
Merchants:
Are amplifying the perception (amongst users) that bitcoin is valuable. They do this by accepting bitcoin as payment for goods and services.
In the event of a coin-split; The different merchants must decide whether to accept both coins as payment, or to only accept the coin that he/she like the most.
Users (including HODLers and traders):
Users give bitcoin its value by; A) Perceiving it as money, and using it as money. B) Being willing to exchange their hard earned fiat money for the return of bitcoin. C) Acting (for the most part) as the “demand side” in the market, and are therefore putting upwards pressure on the price of bitcoin. D) Ultimately decides what the value of bitcoin should be, as a product of how much fiat money they are willing to pay per bitcoin. E) Having confidence that bitcoin will continue to be a good store of value.
If other participants act against the interest of users: Users have the power to strike back on everyone in the ecosystem; simply by loosing confidence in bitcoin as money. Loss of confidence by users will put downward pressure on the price of bitcoin, and therefore directly harm the profitability of miners.
In the event of a 75% Hard Fork: Users will now suddenly own 2X the amount of units/coins. An equal amount of coins will be held on each side of the fork.
Let’s distinguish between the two coins by calling them b1 and b2:
Users will collectively decide the value of b1 and b2.
They can choose to: Save both b1 and b2 Sell both b1 and b2 Sell b1 and save b2 Sell b2 and save b1
Selling will put downward pressure on the price of the coin being sold. Buying will put upward pressure on the price of the coin being bought.
Users will establish an exchange rate between the two different coins. This means that users can buy b1 with b2, and vice versa.
Users are likely to first spend the coin they perceive as least valuable. And they are likely to save the coin they perceive as being the best “store of value”
Ultimately, users are going to give more value to one side of the fork compared to the other.
These actions made by users, will directly affect the incentive structures of miners. As the coin with the highest market value will be more profitable to mine. Economically rational miners will migrate to the coin with the highest value.
Theoretically there may be variations during time on which of the coins (b1 or b2) that holds the highest market value.
Exchanges:
Provide platforms for price discovery where people can buy and sell bitcoin. In the event of a coin-split an exchange can decide whether or not to allow trading of both coin-types, or to only allow trading of the coin they like the most. The latter may be risky, since users might be able to sue the exchange. Many users hold coins on exchanges, and this users are likely to demand access to both types of their coins.
Despite the risk of lawsuit, an exchange could technically just confiscating one type of coin, while claiming that this coin is a “fake bitcoin” They could then choose to dump the coin into the market, thereby crashing the price of the coin they don't like.
Some exchanges may have written into their “terms and conditions” that they can decide what coin its users can access.
There may also be some delay before exchanges can offer the new coin after a coin split. Since the exchanges must adapt their infrastructure to allow trading of a new coin.
When both types of coin are traded on the same exchange, this will quickly result in an exchange rate between the two different coins.
Node Operators:
Nodes are independently validating transactions and blocks in accordance with the current consensus rules. When a node considers a block to be valid, it will forward the block to other nodes, and the other nodes will repeat the same behavior. Nodes can be seen as accountants who validate the transactions created by users and the blocks constructed by miners.
Node Operators may download new software if they want to support a change of the current rules (hard fork)
Nodes that do not want support a hard fork; will simply ignore all blocks that do not comply to its current ruleset.
Even if these blocks represents the “most work chain” they will still be ignored (seen as invalid) by all nodes who have not download the software that constitutes the rule-change.
Wallet providers:
Let’s say that a hard fork leads to a permanent coin-split (similar to ETH/ETC)… Users will now own coins on both sides of the fork (on both blockchains / both networks)
Users are in need of new software that can handle the two different coins.
Wallet providers decides if they want to develop the needed software.
Wallet providers also decide how they want to display the two different coins in the a wallet. Depending on which coin they like best, they may decide to display the coins as primary and secondary. This may influence the perception among some users.
Users who fail to upgrade their wallet-software are likely to loose money. This is because they lack the tool to handle both sides of the fork (both coins) When spending money; the transactions are likely to be valid on both sides, so the risk is to loose money on the opposite side of the fork.
FINAL NOTE TO READER: Thank you for reading! I’m hoping for feedback to improve this post. Please tell me if I missed something or got something wrong.. The final product will be posted on Medium. This is the same technique that I used when I was working on my Lightning FAQ. The final result of that project may be found here: https://medium.com/@AudunGulbrands1
submitted by ABrandsen to Bitcoin [link] [comments]

Rebuilding another MtGox

Several years after the >first< and second MtGox disaster, I think we can all agree that these events were bad for the Bitcoin economy, but also necessary to pave the way for a better exchange ecosystem.
If I remember correctly, the first time MtGox showed signs of weakness and technical stress was in early 2013. What happened back then was that the only significant Fiat exchange broke down under heavy load by its user trying to sell their coins after a decent buying spree. The first users tried to quickly cash in, followed by more, followed by huge lags, followed price tank, followed by downtime, followed by selling panic, ... you name it.
So we all want to avoid something like this. Do we?
Fact is that the blocksize limit has been hit, the blocks are now full. We have a certain fee market (which I find desirable by the way). But with the fixed limitation still in place all we need now is more or less the same as back in 2013:
So what are we waiting for? The described above is a plausible scenario/attack vector that was already observed in a similar form at MtGox 2013. It should have been fixed FREAKIN YEARS AGO. It almost seems to me that its not fixed by intention.
submitted by willsteel to btc [link] [comments]

[uncensored-r/Bitcoin] Andreas Antonopoulos' depiction of the day he became aware of the donations that made him a milli...

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

How long until Electrum, unconfirmed, low fee transactions cancel?

Hello everyone. A few quick questions for you.
Broadcast a transaction with Electrum, version 2.7, roughly week ago, and apparently, I set too low a transaction fee. Now there an exclamation icon with “Low fee” next to my transaction, and it is unconfirmed on the blockchain. So, my bad.
Since then, I've updated to versions 2.8.2. I checked off "dynamic fee" and set "Replace-By-Fee" to the "always" option. I understand that I could use the CPFP option or ViaBTC accelerator to push the transaction through, and have also educated myself about how to avoid a low fee conundrum in the future.
Since placing my transaction, however, bitcoin prices have gone up several hundred dollars/coin. Therefore, I would actually prefer if the transaction cancels and the money re-appears in my wallet, rather than try to push it through with CPFP, replace-by-fee, ViaBTC, etc.
My question are: with Electrum, how long does it take until an unconfirmed transaction cancels and the funds reappear in my wallet? I've seen everything from "72 hours" to "several weeks." No clear answer exists on the matter. Is there any way I can try to prevent my transaction from being re-broadcasted so that the transaction is dropped by the mempool sooner than later?
Thank you!
submitted by strawberrygoo to Electrum [link] [comments]

The Balance of Power in the bitcoin ecosystem. Feedback appreciated!

Introduction:
Miners are the rulers of Bitcoin... At least, this is what people seem to believe.. After all, miners are the ones who create our beloved magic money…
But what happens if, let’s say 75%, of the miners (by hash-power) decides to change the rules of the protocol?
It turns out that miners are not the sole decision makers in bitcoin.
...There is a certain Balance of Power in the bitcoin ecosystem…
In this post I will focus on the following participants:
Miners (including Hashers and Pool-operators) Developers Merchants Users (including HODLers and traders) Exchanges Node Operators Wallet providers
This balance of power becomes particularly interesting in the event of a hard fork.
As we have learned from Ethereum; A hard fork that is not supported by everyone; can result a network split. Effectively creating two different blockchains / networks with two different coins.
This can also be categorized as a “Coin-Split” (the total amount of units will double)
Both coins are likely to have its own supporters, and both sides will likely claim to be “the real bitcoin”
Miners (including Hashers and Pool-operators):
Miners are thermodynamically securing the network with proof of work. They are rewarded with new coins in addition to transaction fees. But high operational costs are forcing the miners to sell off the majority of this reward.
Miners produce blocks that are mathematically linked in a blockchain. These blocks contain transactions between the bitcoin users. The blockchain represents the history of all transactions.
Miners are on the supply side in the market, and are therefore putting downward pressure on the price of bitcoin due to inflation.
Pool-operators construct blocks. Hashers are payed by Pool-operators to perform PoW on these blocks.
Hashers can leave or join any pool at any time. A misbehaving Pool-operator risk that Hashers will leave the pool.
Let’s say that a miner successfully finds block X: The miner will be rewarded with newly created bitcoin in addition to all transaction fees that are included in block X. However, this money does not become spendable until the blockchain have been extended with an additional 100 more blocks that must be build on top of block X.
If other miners don’t agree that block X is valid, then they will reject the block by not building on top of it.
But what if a majority, let’s say 75% of miners (by hash power) have decided to change the existing consensus rules? They may now see block X as valid, even if the remaining minority (25%) of miners disagree.
The minority miners (the ones who does not want to change the rules) are only going to build on top of what they see as the “most work VALID chain” A new and otherwise valid block, will also become invalid (in the eyes of this minority) if it is build on top of block X.
This is where the blockchain will split into two different chains / networks.
Developers:
Developers write the code that makes bitcoin work. New code only serve as suggestions for improvements. Developers cannot force anyone to run new code.
Different types of suggestions are:
Soft Forks: Suggestions to add new consensus rules.
Hard Forks: Suggestions to remove (or replace) existing consensus rules.
Changes that do not affect consensus: Suggestions to add functionality that will effect how the network handles transactions that are not yet mined into a block (transactions that are held in the mem-pool while waiting for a confirmation) Replace By Fee (RBF) and Child Pays For Parent (CPFP) are examples of this kind.
Merchants:
Are amplifying the perception (amongst users) that bitcoin is valuable. They do this by accepting bitcoin as payment for goods and services.
In the event of a coin-split; The different merchants must decide whether to accept both coins as payment, or to only accept the coin that he/she like the most.
Users (including HODLers and traders):
Users give bitcoin its value by; A) Perceiving it as money, and using it as money. B) Being willing to exchange their hard earned fiat money for the return of bitcoin. C) Acting (for the most part) as the “demand side” in the market, and are therefore putting upwards pressure on the price of bitcoin. D) Ultimately decides what the value of bitcoin should be, as a product of how much fiat money they are willing to pay per bitcoin. E) Having confidence that bitcoin will continue to be a good store of value.
If other participants act against the interest of users: Users have the power to strike back on everyone in the ecosystem; simply by loosing confidence in bitcoin as money. Loss of confidence by users will put downward pressure on the price of bitcoin, and therefore directly harm the profitability of miners.
In the event of a 75% Hard Fork: Users will now suddenly own 2X the amount of units/coins. An equal amount of coins will be held on each side of the fork.
Let’s distinguish between the two coins by calling them b1 and b2:
Users will collectively decide the value of b1 and b2.
They can choose to: Save both b1 and b2 Sell both b1 and b2 Sell b1 and save b2 Sell b2 and save b1
Selling will put downward pressure on the price of the coin being sold. Buying will put upward pressure on the price of the coin being bought.
Users will establish an exchange rate between the two different coins. This means that users can buy b1 with b2, and vice versa.
Users are likely to first spend the coin they perceive as least valuable. And they are likely to save the coin they perceive as being the best “store of value”
Ultimately, users are going to give more value to one side of the fork compared to the other.
These actions made by users, will directly affect the incentive structures of miners. As the coin with the highest market value will be more profitable to mine. Economically rational miners will migrate to the coin with the highest value.
Theoretically there may be variations during time on which of the coins (b1 or b2) that holds the highest market value.
Exchanges:
Provide platforms for price discovery where people can buy and sell bitcoin. In the event of a coin-split an exchange can decide whether or not to allow trading of both coin-types, or to only allow trading of the coin they like the most. The latter may be risky, since users might be able to sue the exchange. Many users hold coins on exchanges, and this users are likely to demand access to both types of their coins.
Despite the risk of lawsuit, an exchange could technically just confiscating one type of coin, while claiming that this coin is a “fake bitcoin” They could then choose to dump the coin into the market, thereby crashing the price of the coin they don't like.
Some exchanges may have written into their “terms and conditions” that they can decide what coin its users can access.
There may also be some delay before exchanges can offer the new coin after a coin split. Since the exchanges must adapt their infrastructure to allow trading of a new coin.
When both types of coin are traded on the same exchange, this will quickly result in an exchange rate between the two different coins.
Node Operators:
Nodes are independently validating transactions and blocks in accordance with the current consensus rules. When a node considers a block to be valid, it will forward the block to other nodes, and the other nodes will repeat the same behavior. Nodes can be seen as accountants who validate the transactions created by users and the blocks constructed by miners.
Node Operators may download new software if they want to support a change of the current rules (hard fork)
Nodes that do not want support a hard fork; will simply ignore all blocks that do not comply to its current ruleset.
Even if these blocks represents the “most work chain” they will still be ignored (seen as invalid) by all nodes who have not download the software that constitutes the rule-change.
Wallet providers:
Let’s say that a hard fork leads to a permanent coin-split (similar to ETH/ETC)… Users will now own coins on both sides of the fork (on both blockchains / both networks)
Users are in need of new software that can handle the two different coins.
Wallet providers decides if they want to develop the needed software.
Wallet providers also decide how they want to display the two different coins in the a wallet. Depending on which coin they like best, they may decide to display the coins as primary and secondary. This may influence the perception among some users.
Users who fail to upgrade their wallet-software are likely to loose money. This is because they lack the tool to handle both sides of the fork (both coins) When spending money; the transactions are likely to be valid on both sides, so the risk is to loose money on the opposite side of the fork.
FINAL NOTE TO READER: Thank you for reading! I’m hoping for feedback to improve this post. Please tell me if I missed something or got something wrong.. The final product will be posted on Medium. This is the same technique that I used when I was working on my Lightning FAQ. The final result of that project may be found here: https://medium.com/@AudunGulbrands1
submitted by ABrandsen to btc [link] [comments]

On fee policies and "fee markets"

Consider in abstract how a payment system -- bitcoin, in particular -- should set its fees
(1) From the user's viewpoint, the best policy would be: there is a fixed single minimum fee F. That fee is clearly posted, and mostly constant. Every transaction that pays F will be confirmed as fast as the system can. Transactions that offer less than F are not accepted. Transactions that offer to pay more than F will not get confirmed any faster.
(2) A policy that would be much worse for users, but still perhaps acceptable, woud be: There is a table that gives the expected delay D(F) for transactions that pay each fee F. That table is posted somewhere and relatively constant. Whenever a user needs to make a payment, his client app fetches that table, shows it to the user, and lets him choose the fee.
(3) A policy that is not acceptable is: there is no fixed fee table. Whenever a user needs to make a payment, his client app tries its best to guess the delays D(F) for various fees F, after fetching various system statistics about the recent past. The user chooses the fee F. The transction may be confirmed some time, or maybe not. The actual delay may be hours or days more than the delay D(F) predicted by the app. There is no fee refund, in any case.
Policy (1) can be implemented by setting the gobal minimum fee F to a value that, for every miner, is a bit more than the expected marginal cost of including that transaction into a block (accounting for bandwidth, orphaning risks, whatever). Then, every miner will want to include all transactions that it can in his candidate block. Then every transaction will be confirmed as fast as possible -- usually in the next block, or at most in the next 2-3 blocks. Which is how bitcoin worked until six months ago. Which is how a sane payment system should work.
With policy (1), a user who thinks that the posted fee is too high can use another coin, or a traditional payment system. That would be the legitimate free market version of the "fee market".
Policy (2) can be impleented by letting each miner choose his minimum fee and post it in a standard place. When assembling his candidate block, he will gather all (and only) the transactions that pay at least that minimum fee. There is some global service that gathers those fees and the corresponding hash rates, merges them, and tabulates the expected delay D(F) for transactions that pay fee F. Client apps fetch that data, show it to the client, and let him choose the fee. As long as the min fee and hashpower of every miner are constant, the expected delay D(F) can be accurately computed (This is a possibility suggested bt Satoshi, by the way.)
Policy (3) is the "fee market" envisioned bt Blockstream, that would result from the developers fixing an arbitrary block size limit M, lower than what would be needed to satify all the demand by users at the miners' minimum fee.
The only advantage that I see in the policy (2) over policy (1) is that it does not require the miners to reach a consensus on the global minimum fee F. It is not clear which of the two policies will provide better accessibiliy and lower fees for the users, and greater revenue for miners. Apart from that, policy (1) seems to be the best for users.
With policy (2), it may be impossible for each miner to detemine his optimum fee, because it depends on the choices of the other miners and on the urgency requirements of the users.
The table D(F) of policy (2) is likely to change more often than the fixed fee F of policy (1), since each miner may change his fees independently when the price changes by a few percent. That is bad for businesses that need to know the fees in advance for planning and pricing purposes. It also increases the risk of the table changing between the moment that the user chooses the fee and the moment that the transaction reaches the miners, causing the trasnaction to delay more than the user wanted.
The tools that Blockstream added to Core for use with their "fee market" would be useless under policy (1), and would be rarely useful in policy (2), because the table D(F) would be fairly accurate. Indeed, with policies (1) or (2) the user can disconnect from the internet after issuing the transaction, because its delay will be the predicted one, apart from the unavoidable variation of block intervals. With policy (3), in contrast, the user must remain connected, constantly checking the state of the queues, and possibly adding fees with RBF and CPFP.
By the way, the user will probably use RBF or CPFP only after the desired delay has already been exceeded, which will have only a "consolation prize" effect. For example:
submitted by jstolfi to btc [link] [comments]

How long until "low fee" Electrum transactions automatically cancel?

Hello everyone. A few quick questions for you.
I recently broadcast a transaction using Electrum, version 2.7--roughly week ago--and apparently I set too low of a transaction fee. Now there an exclamation icon with “Low Fee” next to my transaction, and it is unconfirmed on the blockchain. So, my bad.
Since then, I've updated to versions 2.8.2. Under the preferences, I checked off "dynamic fee" and set "Replace-By-Fee" to the "always" option. I understand that I could use the CPFP option or ViaBTC accelerator to push the transaction through, and have also educated myself about how to avoid a low fee conundrum in the future. After updating the wallet it appears as if my transaction was broadcast again yesterday (less than 24 hours ago).
Since placing my transaction, however, bitcoin prices have skyrocketed several hundred dollars/coin. Therefore, I would actually prefer if the transaction eventually cancels and the coin re-appears in my wallet, rather than try to push it through with CPFP, replace-by-fee, ViaBTC, etc.
My questions are:
With Electrum, how long does it take until an unconfirmed transaction cancels and the funds reappear in my wallet? I've searched online quite a bit and seen people say everything from "72 hours" to "several weeks." No clear answer exists on the matter.
Second, is there any way I can try to prevent my transaction from being automatically re-broadcasted so that the transaction is dropped by the mempool sooner than later?
Thank you!
submitted by strawberrygoo to Bitcoin [link] [comments]

How long until Electrum, unconfirmed, low fee transactions cancel?

Hello everyone. A few quick questions for you.
Broadcast a transaction with Electrum, version 2.7, roughly week ago, and apparently, I set too low a transaction fee. Now there an exclamation icon with “Low fee” next to my transaction, and it is unconfirmed on the blockchain. So, my bad.
Since then, I've updated to versions 2.8.2. I checked off "dynamic fee" and set "Replace-By-Fee" to the "always" option. I understand that I could use the CPFP option or ViaBTC accelerator to push the transaction through, and have also educated myself about how to avoid a low fee conundrum in the future. After updating my wallet it appears as if my transaction was re-broadcasted again yesterday (less than 24 hours ago).
Since placing my transaction, however, bitcoin prices have gone up several hundred dollars/coin. Therefore, I would actually prefer if the transaction cancels and the money re-appears in my wallet, rather than try to push it through with CPFP, replace-by-fee, ViaBTC, etc.
My question are: with Electrum, how long does it take until an unconfirmed transaction cancels and the funds reappear in my wallet? I've seen everything from "72 hours" to "several weeks." No clear answer exists on the matter. Is there any way I can try to prevent my transaction from being re-broadcasted so that the transaction is dropped by the mempool sooner than later?
Thank you!
submitted by strawberrygoo to Bitcoin [link] [comments]

02-05 02:37 - '1. Bitcoin/USD prices have always been volatile and are likely to remain so. / 2. Bitcoin is going to be new and unfamiliar to most new users, who will form the bulk of the userbase if bitcoin is to grow. / 3. Given 1 and...' by /u/1BitcoinOrBust removed from /r/Bitcoin within 2-7min

'''
  1. Bitcoin/USD prices have always been volatile and are likely to remain so.
  2. Bitcoin is going to be new and unfamiliar to most new users, who will form the bulk of the userbase if bitcoin is to grow.
  3. Given 1 and 2, most of these users will not be willing to lock more than a handful of dollars in a channel at a time, say for 4-8 weeks.
  4. If the fees to open a channel are more than a few cents, and needs to be paid 6-12 times a year, it will amount to a large percentage (maybe 100% or more) of the value of the channel. If one has to pay a yearly fee of $20-50 on a prepaid card with $50-$100 on it, nobody will use such a payment method.
  5. If a transaction cannot confirm on-chain reliably within a few minutes, most new users (whose use will be primarily impulsive) will not have the time or patience to go through a lengthy and uncertain channel set-up process involving RBF/CPFP, unpredictable high fees during peak periods and so on.
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: 1BitcoinOrBust
submitted by removalbot to removalbot [link] [comments]

Subreddit Stats: Bitcoin top posts from 2017-01-09 to 2017-02-08 00:18 PDT

Period: 29.84 days
Submissions Comments
Total 999 46557
Rate (per day) 33.48 1507.53
Unique Redditors 653 6643
Combined Score 110856 177455

Top Submitters' Top Submissions

  1. 3932 points, 2 submissions: tuqqs
    1. Clearly not mainstream yet (2808 points, 104 comments)
    2. what it'll look like, when it happens (1124 points, 195 comments)
  2. 3593 points, 19 submissions: helmsk
    1. Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months (2316 points, 151 comments)
    2. Europe Lays Out Roadmap to Restrict Payments in Cash and Cryptocurrencies (317 points, 102 comments)
    3. Polish Bitcoin Adoption Escalating with Strong Ecosystem (86 points, 4 comments)
    4. Why South Korean Bitcoin Adoption Could Outpace Most Other Countries This Year (74 points, 3 comments)
    5. Pakistan Set to Become a Major Bitcoin Hub (72 points, 49 comments)
    6. UAE Did Not Ban Bitcoin (72 points, 2 comments)
    7. Europe Committed to Tightening Digital Currency Rules by End of 2017 (71 points, 23 comments)
    8. How to Start Your Own Bitcoin ATM Business (67 points, 15 comments)
    9. Coincheck's Growth Reveals Surging Japanese Bitcoin Trade (62 points, 8 comments)
    10. How Trump's Wall and Remittance Tax Could Give Bitcoin a Boost (60 points, 23 comments)
  3. 3177 points, 2 submissions: futureofeverything
    1. "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami (3136 points, 227 comments)
    2. Why Venezuela's Currency Crisis Is A Case Study For Bitcoin (41 points, 1 comment)
  4. 2577 points, 7 submissions: Pizpie
    1. Welcome to Bitcoin, everyone. Don't worry, he'll recover. (1353 points, 155 comments)
    2. Breaking: Huobi & BTCC stopped margin trading, OKc leverage only 1x, finally no more fake BTC generated by exchange (485 points, 160 comments)
    3. Breaking: Bitcoin exchange Coinbase receives New York BitLicense (242 points, 55 comments)
    4. Canada Goose is thinking about accepting Bitcoin - Let them know what you think! (191 points, 49 comments)
    5. Confirmed: Huobi reactivates margin trading, with a limit of 100k CNY instead of 10 million CNY. (160 points, 79 comments)
    6. BREAKING: Huobi official announcement: We are considering charging trading fees. (80 points, 25 comments)
    7. Breaking: PBOC strikes again - Lending disabled on BTCC (66 points, 70 comments)
  5. 1941 points, 1 submission: bahatassafus
    1. Internet Archive: $3000 donated anonymously to the @internetarchive in bitcoin just now. Made our day! Thank you! (1941 points, 31 comments)
  6. 1338 points, 1 submission: kynek99
    1. Deutsche Bank - More than $10 billion in transactions never appeared on the books. That's why banksters don't want to use public blockchains. (1338 points, 96 comments)
  7. 1294 points, 1 submission: umbawumpa
    1. Julian Assange just used the current block hash as proof-of-not-prerecorded-interview in his AMA (1294 points, 182 comments)
  8. 1272 points, 2 submissions: Butt_Cheek_Spreader
    1. When you ride the bitcoin rally (1189 points, 204 comments)
    2. OKcoin and Huobi provided margin trading that violated rules resulting in abnormal price and fluctuations. (83 points, 28 comments)
  9. 1258 points, 4 submissions: dan_from_san_diego
    1. I started mining bitcoin in the desert. Here's some of what I have learned. (516 points, 575 comments)
    2. Chase is closing my account due to bitcoin purchases. Nice. (478 points, 410 comments)
    3. Here are some pictures of the solar greenhouse in the desert I am using to mine bitcoin. (140 points, 303 comments)
    4. Man... Brian Kelly from CNBC really fell hard for bitcoin. I like that! (124 points, 27 comments)
  10. 1250 points, 10 submissions: PoCaMiQu
    1. Can we fucking acknowledge that the Chinese Government just legitimized bitcoin? (604 points, 154 comments)
    2. WTF Huffington Post <---Fake News: "Bitcoin Plummets On Yuan Reversal" (218 points, 71 comments)
    3. This is what I like to see when checking daily's finances. (122 points, 22 comments)
    4. Beautiful balance (71 points, 13 comments)
    5. Reminder: Bitcoin's immutability is not only not a bug, but its main feature. Scalability comes secondary to it. (44 points, 20 comments)
    6. Bitcoin Price Gets Ready to Factor In Winklevoss Bitcoin ETF Approval (43 points, 24 comments)
    7. Paxful - a global leader in peer-to-peer bitcoin technology - has launched a new widget, allowing anyone to buy bitcoin worldwide instantly with over 300 ways to pay. (41 points, 34 comments)
    8. Scaling Revisited: What If Bitcoin's Big 'Problem' is Its Great Strength? (38 points, 16 comments)
    9. Flashback to the 90's: Interviewer asks Fed Chair "What is Blockchain?" (37 points, 21 comments)
    10. It seems all those FUD mongers were wrong when they predicted the price would crash without China's "liquidity" (32 points, 13 comments)
  11. 1155 points, 16 submissions: eragmus
    1. Ben Davenport (BitGo CTO): "Centralization of mining has led to some miners thinking they're in charge of Bitcoin. They forgot where Bitcoin's value comes from." (169 points, 112 comments)
    2. [Twitter Poll] Charlie Lee (Director of Engineering @ Coinbase): "What's the most important feature of Bitcoin that we must not sacrifice? Decentralization, Security, Low fees, Global payments" (116 points, 62 comments)
    3. Hernz: "Did you know you can get paid to help spread misinformation? -birds dot bitcoin dot com-" (hosted by Roger Ver) (106 points, 38 comments)
    4. The Passion of 'Bitcoin Jesus': How The Blockchain's Most Beloved Investor Became its Most Polarizing (101 points, 52 comments)
    5. Jonas Nick: "MimbleWimble blockchain (non-interactive coinjoin + pruning) may be able to support Lightning" / ref: Andrew Poelstra @ lists.launchpad.net/mimblewimble/msg00022.html (96 points, 19 comments)
    6. Bitcoin Core - IRC Meeting Summary (January 19, 2016) (83 points, 16 comments)
    7. Bitcoin Core - IRC Meeting Summary (January 12, 2016) (68 points, 7 comments)
    8. WhalePanda: "Analyzed @rogerkver's 'Cry Wolf' tactic on censorship on /bitcoin." (59 points, 16 comments)
    9. Inside MAST: The Little-Known Plan to Advance Bitcoin Smart Contracts (52 points, 8 comments)
    10. Bitcoin Core - IRC Meeting Summary (January 5, 2016) (51 points, 2 comments)
  12. 1155 points, 14 submissions: castom
    1. Russian Authorities: Bitcoin Poses No Threat, Won’t Be Banned (575 points, 80 comments)
    2. Bitcoin Goes to Washington - Trump May Hire More Digital Currency Leaders (86 points, 50 comments)
    3. With Another $30 Million Investment, BitFury becomes the Highest-funded Bitcoin Company (80 points, 3 comments)
    4. Nigeria's Bitcoin Interest Unwavering Despite Government Crackdown (64 points, 3 comments)
    5. German TV Calls Bitcoin "Digital Gold" (46 points, 3 comments)
    6. A Town in Illinois Just Announced It's Holding a Bitcoin Sale (46 points, 9 comments)
    7. Coinbase CEO: IRS Battle Could Cost Startup $1 Million (43 points, 15 comments)
    8. Xapo Now Licensed to Operate from Switzerland (39 points, 2 comments)
    9. Bitcoin Payments Startup BitPesa Raises $2.5 Million (32 points, 0 comments)
    10. Lawsuit Accuses Bitcoin ATM Owner of Smashing Competing Machines With Hammers (31 points, 18 comments)
  13. 1140 points, 4 submissions: bdd4
    1. sigh (859 points, 189 comments)
    2. As Predicted. 🙄 PBoC (137 points, 86 comments)
    3. Friendly Reminder: Bitcoin is still up 2.6% for the last 30 days (94 points, 8 comments)
    4. Dead Man's Switch for HODLers (50 points, 84 comments)
  14. 1104 points, 3 submissions: Vaultoro
    1. "Great minds discuss ideas; average minds discuss events; small minds discuss people." can we please stop this culture of bashing or lifting cults of personality and get back to science? (807 points, 143 comments)
    2. The house of Nakamoto in the main shopping strip of Vienna gets massive new bitcoin logo signage 2 stories big, 4 times 4 meters of epic propaganda! (265 points, 32 comments)
    3. I saw a post here that little snitch takes bitcoin. I just purchased a copy! Great little app and well worth 30 bucks. (32 points, 9 comments)
  15. 1088 points, 3 submissions: Carlscrazyidea
    1. You can now buy Bitcoin from any 7-11 in the Philippines! (1021 points, 136 comments)
    2. What is my impact as a Bitcoin holder? (41 points, 45 comments)
    3. I am a Hodling noob who still has a lot of Hodling work to do! (26 points, 30 comments)
  16. 1060 points, 7 submissions: Bitcohen
    1. Mercedes Buys Bitcoin Service Provider in 'Digitization Strategy' (518 points, 70 comments)
    2. Mercedes-Benz cars are now being sold for Bitcoin in Venezuela (348 points, 68 comments)
    3. Dutch Pirate Party pays 11,250 Euro deposit in Bitcoin to Electoral Council (68 points, 9 comments)
    4. Amir Taaki & Cody Wilson's Bitcoin support described by film critic as “defense of criminality” at Sundance Film Festival 2017 (44 points, 13 comments)
    5. Russia's Kaliningrad May Trial 'Legal' Bitcoin, Launch Exchange (31 points, 2 comments)
    6. Bitcurex Owner 'Disappears' After Failing to Return 2,300 BTC (26 points, 2 comments)
    7. Liverpool Launches Own Digital Currency Based on Bitcoin's Blockchain Tech - Attracts 3,000 Users in First Month (25 points, 1 comment)
  17. 1009 points, 1 submission: worstkeptsecrets
    1. Bitcoin on NewEgg. 3rd option! Ahead of Credit Card and PayPal! #ITSHAPPENING (1009 points, 92 comments)
  18. 975 points, 1 submission: SooieSide
    1. You can't get to the moon on a roller coaster. (975 points, 73 comments)
  19. 941 points, 4 submissions: Logical007
    1. UPDATE: Nearly all of Circle's 5 Star Ratings have disappeared today for their latest version (Jan 5th). A stark difference to what we saw earlier, looks like action was taken. (633 points, 177 comments)
    2. Bloomberg: Wyre CEO: "Bitcoin is a good investment for everyone." (VIDEO (188 points, 13 comments)
    3. Bitcoin isn't 'real money'. Google, you need to work on your search results. (85 points, 38 comments)
    4. Coinbase, please fix your merchant invoices on iOS 10. They haven't worked properly for months (while BitPay's work perfectly). Details and screenshot inside. (35 points, 5 comments)
  20. 896 points, 1 submission: amendment64
    1. Just paid 23 cents on a $3.74 transaction. When does it end? $1.00 per transaction? $2? $5? I don't wanna stop using this peer to peer currency, but I'm fast being priced out of it. (896 points, 1017 comments)
  21. 884 points, 2 submissions: theswapman
    1. Bitcoiner interrupts Shia LaBeouf's "He Will Not Divide Us" stream with chant that Bitcoin Will Unite Us! (456 points, 204 comments)
    2. PSA: Xapo will freeze your bitcoin and demand documents AFTER you have deposited (428 points, 101 comments)
  22. 820 points, 3 submissions: MorrisMustang
    1. South Florida Distillers uses heat from bitcoin mining to accelerate rum barrel aging! (709 points, 66 comments)
    2. "See, bitcoin is down 9.75% over the past month...I told you it crashed..." says my wife (72 points, 64 comments)
    3. EthereRum by South Florida Distillers, the worlds first rum distilled from mining heat. Stayed tuned for more details. (39 points, 21 comments)
  23. 799 points, 5 submissions: finalhedge
    1. Patrick Byrne (Overstock CEO) on Fox Business Channel today (288 points, 57 comments)
    2. "Sent my first instant bitcoin LN payment to a random irc user on testnet. Second-layer tech for the win!" | Justin Camarena on Twitter (250 points, 64 comments)
    3. Balaji Srinivasan (21 CEO) just deleted his whole tweet history. Heading to the FDA? (137 points, 69 comments)
    4. BARRY SILBERT'S BITCOIN INVESTMENT TRUST FILES FOR IPO (99 points, 10 comments)
    5. Bloomberg: 'Blockchain' Fans Will Have A Rude Awakening In 2017 (25 points, 2 comments)
  24. 798 points, 9 submissions: FluxSeer
    1. Gemini Introduces Zero-Confirmation Bitcoin Deposits (205 points, 69 comments)
    2. Bitcoin Mining Distribution 2012 vs. 2017 (146 points, 69 comments)
    3. When someone says Bitcoin is a ponzi/scam/etc... Send them this link. (131 points, 24 comments)
    4. Developer Release for OpenBazaar 2.0 (123 points, 45 comments)
    5. Federal Reserve Staffer Fined for Mining Bitcoins at Work (62 points, 4 comments)
    6. A Future Led by Bitcoin Unlimited is a Centralized Future (56 points, 38 comments)
    7. Blockstream joins Digital Garage to jointly develop next-generation financial technology (33 points, 15 comments)
    8. Bitcoin Matrix Wallpaper (1920x1080) (23 points, 6 comments)
    9. The ECB Explains Why Central Banks Can't Go Bankrupt (19 points, 7 comments)
  25. 796 points, 1 submission: kidblondie
    1. [AMA] I'm the woman who got pepper sprayed wearing the "Make Bitcoin Great Again" hat. (796 points, 938 comments)
  26. 709 points, 1 submission: silver_89
    1. Liftoff (709 points, 282 comments)
  27. 697 points, 2 submissions: Tfoe1399
    1. Huge shoutout to BTC.com for giving me back my money (666 points, 91 comments)
    2. So this just happened (31 points, 101 comments)
  28. 691 points, 3 submissions: jholmes91
    1. Antonopoulos Supports SegWit, Opens Doors For Lightning and TumbleBit (315 points, 112 comments)
    2. Donald Trump is Considering a Bitcoin Entrepreneur to Lead the FDA (220 points, 137 comments)
    3. Japanese Internet Giant GMO Announces Entrance to Bitcoin Wallet Market (156 points, 14 comments)
  29. 688 points, 2 submissions: belcher_
    1. bitcoin.com loses 13.2BTC trying to fork the network: Untested and buggy BU creates an oversized block, Many BU node banned, the HF fails (543 points, 428 comments)
    2. Segwit talk by Pieter Wuille. 25 minutes talk time (145 points, 21 comments)
  30. 673 points, 9 submissions: Lite_Coin_Guy
    1. Litecoin Moves to Adopt Bitcoin's SegWit Scaling Upgrade (155 points, 86 comments)
    2. If Bitcoin ETF approval ignites speculative rush, doesn't that prove intense latent demand, blocked only by the SEC? (120 points, 22 comments)
    3. Big miners are free to create their Unlimited coin, but if they try to kill Bitcoin it will resist censorship and route around it. (108 points, 103 comments)
    4. What is money? (93 points, 56 comments)
    5. Charlie Shrems next jail time? (50 points, 15 comments)
    6. In 1996 they said the Internet was in need of a "killer app". In 2016, they said #Bitcoin needed a "killer app", too. (39 points, 17 comments)
    7. Introduction to Bitcoin & Blockchains (38 points, 5 comments)
    8. Evaporative Two-Phase Immersion Cooling (Bitfury) (37 points, 6 comments)
    9. Crypto '98 Rump Session- Hal Finney (33 points, 8 comments)
  31. 635 points, 8 submissions: olivercarding
    1. Bitcoin Has Many Fans at Amazon According to Purse CEO Andrew Lee (152 points, 39 comments)
    2. Bitcoin is Closing in On Its Transaction Capacity Limit, For Real This Time (110 points, 155 comments)
    3. The Founder of India-Based Bitcoin Mining Pool GBMiners is Running a Ponzi Scheme (105 points, 50 comments)
    4. How Bitcoin Is Disrupting The Online Gambling Industry (98 points, 74 comments)
    5. Report Estimates There are More Than 10 Million Bitcoin Holders Worldwide (91 points, 54 comments)
    6. Blockchain Announces Expansion in Middle East; Partners with Dubai Government (32 points, 7 comments)
    7. 3 Teams Receive Funding from $1.2 Million Bitcoin Development Grant, More Funds Incoming (27 points, 7 comments)
    8. Digital Garage and Blockstream Collaborate on New Blockchain Solutions for Japanese Market (20 points, 0 comments)
  32. 630 points, 1 submission: classna
    1. FOMO-ing right now (630 points, 85 comments)
  33. 621 points, 7 submissions: _smudger_
    1. Bitcoin: Why It Now Belongs in Every Portfolio (206 points, 33 comments)
    2. Bitcoin ETF may attract $300 million in the first week, says Needham & company (205 points, 103 comments)
    3. It's time to start thinking about denominating Bitcoins in mBTC permanently. Might be the last time to buy some for less than a dollar each! (82 points, 127 comments)
    4. Big China bitcoin exchange says no government pressure on outflows (46 points, 6 comments)
    5. New weekly record in Local Bitcoin volumes plus new highs in Canada, Colombia, Denmark, Saudi Arabia, Thailand and Venezuela (36 points, 1 comment)
    6. Despite the recent drop the price is hitting new records when averaged over a year (24 points, 10 comments)
    7. Press Release: CD Key retailer CJS CD Keys now Accepting Bitcoin (22 points, 3 comments)
  34. 597 points, 1 submission: arichnad
    1. mac has the new bitcoin Unicode character already! (597 points, 81 comments)
  35. 594 points, 1 submission: drvox1600
    1. Bitcoin just hit $1000 USD! :D (594 points, 147 comments)
  36. 573 points, 4 submissions: bitcoinglobe
    1. Japanese internet giant, GMO, entering bitcoin exchange and wallet markets (451 points, 26 comments)
    2. Abra overview (52 points, 22 comments)
    3. Japan Could See 20,000 Bitcoin Accepting Merchants in 2017 - CryptoCoinsNews (44 points, 5 comments)
    4. Bitcoin is gold with a teleporter (26 points, 2 comments)
  37. 567 points, 9 submissions: PrimeParticle
    1. "Introduction to Bitcoin" - Andreas Antonopoulos (Probably one of the best videos for introducing bitcoin). (131 points, 7 comments)
    2. Venezuela's currency now worth so little shopkeepers weigh vast piles of notes instead of counting them (118 points, 42 comments)
    3. Coins are cheaper in China by $30 to $50 dollars for the first time in a long time, that means... (92 points, 87 comments)
    4. Andreas Antonopoulos - The Death of Money | London Real (57 points, 1 comment)
    5. Abra: Bitcoin To Fiat Withdrawals At Tellers Globally! - 2017 North American Bitcoin Conference (47 points, 14 comments)
    6. Remember that you can use CPFP or RBF to get your transactions confirmed faster. (45 points, 46 comments)
    7. Bitcoin Q&A: The Lightning Network & Rootstock (30 points, 1 comment)
    8. Public Perception of Bitcoin is Slowly Shifting Amid Global Financial Turmoil (25 points, 1 comment)
    9. Bitcoin is shrugging off some big news of out of China (22 points, 1 comment)
  38. 561 points, 1 submission: kevsudos
    1. Bitcoin Hodlers Be Like........ (561 points, 96 comments)
  39. 543 points, 1 submission: turn-down-for-what
    1. $1,000! (543 points, 49 comments)
  40. 539 points, 1 submission: BlahYourHamster
    1. [META] Can we use the Bitcoin Rollercoster Guy as the upvote and downvote arrows? (539 points, 49 comments)
  41. 538 points, 7 submissions: themetalfriend
    1. The real superhero (210 points, 15 comments)
    2. Countries where you can survive on Bitcoin (map) (76 points, 88 comments)
    3. How practical is it to live on Bitcoin: historical progress (gif) (63 points, 40 comments)
    4. Among the countries with the strongest Bitcoin adoption: Slovenia, Finland, Singapore, Hong Kong, Canada, Switzerland (63 points, 13 comments)
    5. Long-term bitcoiner checking this sub (51 points, 9 comments)
    6. The complete list of the factors that influence the value of Bitcoin (45 points, 29 comments)
    7. Will Bitcoin work on Mars? (30 points, 41 comments)
  42. 521 points, 2 submissions: roasbeef
    1. Announcing the Alpha Release of the Lightning Network Daemon! (427 points, 152 comments)
    2. Setting up and Testing LND with the Testnet Lightning Faucet (94 points, 7 comments)
  43. 506 points, 1 submission: ToTheMoonGuy
    1. Super Bowl Bitcoin Lady (506 points, 37 comments)
  44. 484 points, 1 submission: ssienk117
    1. My new Phone background. Thanks u/SooieSide/ (484 points, 30 comments)
  45. 472 points, 2 submissions: Wingsuit
    1. I think duck duck go should improve their decimal accuracy (386 points, 41 comments)
    2. Bitcoin achieves leetness in Australia (86 points, 12 comments)
  46. 470 points, 1 submission: robertgenito
    1. The REAL good ol' days of bitcoin... (470 points, 103 comments)
  47. 444 points, 1 submission: loserkids
    1. Bitcoin saved my ass in South East Asia (444 points, 115 comments)
  48. 441 points, 1 submission: boyber
    1. LibreTaxi, free and open source UbeLyft alternative to connect passengers and drivers - bitcoin integration on the way! (441 points, 94 comments)

Top Commenters

  1. nullc (2659 points, 215 comments)
  2. kidblondie (2127 points, 89 comments)
  3. BashCo (1530 points, 293 comments)
  4. dellintelbitcoin (1400 points, 372 comments)
  5. smartfbrankings (1141 points, 265 comments)
  6. belcher_ (1031 points, 149 comments)
  7. Frogolocalypse (986 points, 322 comments)
  8. dan_from_san_diego (949 points, 554 comments)
  9. Cryptolution (851 points, 226 comments)
  10. Vaultoro (822 points, 100 comments)
  11. thieflar (792 points, 231 comments)
  12. Lite_Coin_Guy (748 points, 219 comments)
  13. Cryptoconomy (728 points, 134 comments)
  14. Coinosphere (723 points, 282 comments)
  15. luke-jr (718 points, 141 comments)
  16. waxwing (707 points, 117 comments)
  17. bitsteiner (658 points, 157 comments)
  18. BitttBurger (646 points, 157 comments)
  19. shesek1 (607 points, 132 comments)
  20. pb1x (595 points, 76 comments)
  21. jratcliff63367 (591 points, 45 comments)
  22. supermari0 (587 points, 131 comments)
  23. bitusher (581 points, 96 comments)
  24. 4n4n4 (576 points, 79 comments)
  25. coinjaf (562 points, 225 comments)
  26. glockbtc (541 points, 168 comments)
  27. 45sbvad (539 points, 102 comments)
  28. killerstorm (536 points, 119 comments)
  29. adam3us (527 points, 66 comments)
  30. maaku7 (527 points, 63 comments)
  31. nopara73 (523 points, 120 comments)
  32. phor2zero (499 points, 66 comments)
  33. PrimeParticle (496 points, 108 comments)
  34. sreaka (495 points, 155 comments)
  35. jonny1000 (488 points, 98 comments)
  36. CoinCadence (487 points, 77 comments)
  37. SatoshisCat (480 points, 150 comments)
  38. petertodd (473 points, 24 comments)
  39. spoonfednonsense (472 points, 126 comments)
  40. Hitchslappy (472 points, 102 comments)
  41. albuminvasion (466 points, 84 comments)
  42. Taek42 (456 points, 44 comments)
  43. chrisrico (452 points, 87 comments)
  44. AnonymousRev (451 points, 115 comments)
  45. the_bob (443 points, 114 comments)
  46. satoshicoin (438 points, 65 comments)
  47. Riiume (434 points, 83 comments)
  48. exab (430 points, 125 comments)
  49. jimmajamma (422 points, 141 comments)
  50. brg444 (421 points, 69 comments)

Top Submissions

  1. "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami by futureofeverything (3136 points, 227 comments)
  2. Clearly not mainstream yet by tuqqs (2808 points, 104 comments)
  3. Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months by helmsk (2316 points, 151 comments)
  4. Internet Archive: $3000 donated anonymously to the @internetarchive in bitcoin just now. Made our day! Thank you! by bahatassafus (1941 points, 31 comments)
  5. Welcome to Bitcoin, everyone. Don't worry, he'll recover. by Pizpie (1353 points, 155 comments)
  6. Deutsche Bank - More than $10 billion in transactions never appeared on the books. That's why banksters don't want to use public blockchains. by kynek99 (1338 points, 96 comments)
  7. Julian Assange just used the current block hash as proof-of-not-prerecorded-interview in his AMA by umbawumpa (1294 points, 182 comments)
  8. When you ride the bitcoin rally by Butt_Cheek_Spreader (1189 points, 204 comments)
  9. what it'll look like, when it happens by tuqqs (1124 points, 195 comments)
  10. You can now buy Bitcoin from any 7-11 in the Philippines! by Carlscrazyidea (1021 points, 136 comments)

Top Comments

  1. 380 points: Tyatku's comment in When you ride the bitcoin rally
  2. 340 points: Vaultoro's comment in Just paid 23 cents on a $3.74 transaction. When does it end? $1.00 per transaction? $2? $5? I don't wanna stop using this peer to peer currency, but I'm fast being priced out of it.
  3. 323 points: jamesdpitley's comment in "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami
  4. 290 points: Clutch70's comment in Clearly not mainstream yet
  5. 212 points: BitcoinDreamland's comment in South Florida Distillers uses heat from bitcoin mining to accelerate rum barrel aging!
  6. 206 points: bitpotluck's comment in FOMO-ing right now
  7. 195 points: howardkinsd's comment in Clearly not mainstream yet
  8. 182 points: beloboi's comment in "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami
  9. 181 points: BattleChimp's comment in "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami
  10. 179 points: kidblondie's comment in [AMA] I'm the woman who got pepper sprayed wearing the "Make Bitcoin Great Again" hat.
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

Confirm Bitcoin Transaction Using Double Spend RBF & CPFP 918360809034 Bitcoin Q&A: Spam transactions and Child Pays for Parent (CPFP) Bitcoin – Next Buying Opportunity Bitcoin Q&A: Price and hashpower metrics CryptoWealth Live Show - Bitcoin Price, Facebook Coin, New Token, Big Dapp Updates..

The Bitcoin increased by 3.3% on Thursday 8th of October 2020. Let's see on yesterday. BTC price increased by 3.3% between min. and max. value. Max. BTC price was $10,935.32. Min. Bitcoin value was $10,574.15. The average value Bitcoin price for convert (or exchange rate) during the day was $10,717.47. Price is rising. Great. CPFP (Child Pays For Parent) This is a proposed method of 'unsticking' transactions with small fees that have difficulty getting included into a block. One of the TxOut for a transaction (which we will call "transaction P") will be the sender's address for receiving change, so you can create a new transaction (which we will call "transaction C") that has the TxIn for this TxOut. The Bitcoin dropped by 3.7% on Thursday 22nd of October 2020. Let's evaluate yesterday's price changes. The average value Bitcoin price for convert (or exchange rate) during the day was $12,923.66. Max. BTC price was $13,209.35. Min. Bitcoin value was $12,737.50. BTC price dropped by 3.7% between min. and max. value. Don't be sad and watch the ... Bitcoin Price Chart History provides the latest bitcoin price and cryptocurrency prices as well as information about ICOs and the latest ICOs available. You can also view mining equipment benchmarks. Get everything Cryptocurrency at Bitcoin Price Chart History. Bitcoin Price Chart History provides the latest bitcoin price and cryptocurrency prices as well as information about ICOs and the latest ICOs available. You can also view mining equipment benchmarks. Get everything Cryptocurrency at Bitcoin Price Chart History.

[index] [25032] [39900] [8148] [44928] [11845] [1167] [464] [34177] [39686] [15306]

Confirm Bitcoin Transaction Using Double Spend RBF & CPFP 918360809034

What is the significance of key metrics like price in the course material? Are price and hashpower correlated? Bitcoin's hashrate seemed to drop by +30% recently. Why? Is the exchange rate between ... How to Confirm unconfirmed Bitcoin Transaction Using RBF and CPFP in 20 Minutes. Yes, Now You can confirm your Bitcoin transaction using Double Spend with th... BITCOIN HALVING IS VERY DIFFERENT IN 2020 (EXPLAINED) - $10,000 KEY PRICE RESISTANCE - Duration: 13:26. The Crypto Lark 36,923 views. 13:26. JEROME POWELL LIVE @2PM ... Can spam transactions be used to artificially drive up fees in Bitcoin? What is Child Pays for Parent (CPFP)? This is a question from the patron-only live Q&A which took place on February 24th 2018. How To Get Your Bitcoin Transaction Confirmed with CPFP - Duration: 7:15. ... How is the Stock Price Determined? Stock Market for Beginners (Part 1) Lumovest - Duration: 12:29. Lumovest ...

#