Do you have any github source and suggestion? After find out there are Wlox, Peatio or else. If you know any interested then let us know. The first step is always the hardest step.
Thanks
What's your prerequisite? What experience / skills do you have? This is what OP said on his previous reply: "We are building from scratch. Of course we don't have much skill so, need your suggestion about coding first then step by step." lmao. [...] Let me give OP the benefit of the doubt here, maybe they have some skill to begin with. They might be good at hiring talented developers for example  In all seriousness though, OP, unless you have some web development experience to begin with you probably should start with... getting web development experience. No, writing an exchange is not a way to get experience. Neither is copy pasting code from stackoverflow or github. If you're just getting started with development, start with learning client-side JavaScript. You're going to need JavaScript anyways, so it might as well be the first language to learn. But that's just going to be the very first step of many. |
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Usually what a wallet does is that it sends the part of the transaction you don't send (change) to a different address.
For example.
You have received 1 BTC on address 1. You want to transfer 0.2 BTC to a friend, with address 2. The wallet automatically sends the remaining 0.8 (minus the tx fee obviousely) to address 3 which is controlled by you. You do not need to worry about it. If you look in your wallet, it will tell you that you have the .11 BTC available.
That is completely new to me. Could you maybe explain, if you have the time, what for a wallet sends also the rest to the own address and does not simply keep, where it was? It's to add both security and privacy. Security in the unlikely event that quantum computing enables deriving the private key from a public key (ie. your address) after it has been used at least once (ie. to send a transaction), privacy to make it harder to track the balances of a specific user. The privacy aspect is only marginal though, since analysis of regular Bitcoin transactions has been proven to be a viable way to link addresses to wallets, hence Bitcoin being pseudonymous, not anonymous. Change addresses are also the reason why deterministic wallets (ie. ones based on a seed) are recommended over non-deterministic ones. With non-deterministic wallets it is recommended to make regular backups of your wallet file whenever you have sent a transaction. I remember Bitcoin Core being one of the wallets that use a non-deterministic address derivation scheme, not sure if that's still the case though. |
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I want to run a Bitcoin Core full node in a linux machine that is brand new. I don't want to go throught the hell of syncing from scratch, so I don't see any other way out but to get the "blocks" and "chainstate" folders copypasted into the linux Bitcoin folder, this is an acceptable practice?
How long can I expect for it to take in a Quadcore with 7 GB of ram and a regular 7200 rpm HDD ?
I don't see why not, as it wouldn't be much different from loading the bootstrap torrent data into your datadir. Not sure how long it will take for Bitcoin Core to scan the blockchain though, it's been a while since I used a thick client. |
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Do you have any github source and suggestion? After find out there are Wlox, Peatio or else. If you know any interested then let us know. The first step is always the hardest step.
Thanks
Suggestions? Learn how to use the technology stacks that Wlox, Peatio, etc are based on. If you already have experience with certain stacks or programming languages, look into solutions that are based on the technology that you are familiar with. Use established frameworks to quicken development without basing it on existing cookie cutter asset exchange code. If you're not familiar with software engineering at all, find someone who does. If you want to write an exchange from scratch yourself, without any coding experience at all... just... don't. Try to write other projects first to get some experience under your belt. Running an exchange is no walk in the park. What's your prerequisite? What experience / skills do you have? |
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If the gov. offered you subsidies for mining ... would you invest into it ?
You mean like offering cheap electricity / subsidies for buying mining hardware? Oh definitely. Even though I don't have any room right now I would find a place to set up a handful of miners. Right now I don't feel like it's worth the hassle, but with government subsidies that would look wholly different. Of course the profits would quickly diminish due to other people receiving a mining subsidy as well, but at least short- to mid-term it would be an interesting proposition. |
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[...]
The good that comes with regulation is that you are protected by the government in case the exchange gets hacked and you have your coins stolen. They could help you recover all of your coins or the government pays you part of it. In America it might the same as the Federal Deposit Insurance Corporation.
I doubt that even with regulation the governments will be able to recover stolen coins. They can shake their fists angrily at whoever hacked the exchange but that would probably be it. Nonetheless it would make it easier to prosecute "hacked" exchanges. With regulation exchanges have to operate more transparently, making it easier to get to the heart of the matter. Insuring Bitcoin exchange deposits is an interesting problem. Given BTC's tendency to heavily appreciate insuring BTC deposits won't come cheaply and would probably lead to higher trading fees. |
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Each time the participants create a new "state" of the LN channel, they will exchange signed transactions that allows either party to close the channel, however the party that broadcast the transaction will only be spend the funds after (it depends on the LN channel, but the LN white-paper used 1000 as an example) confirmations. This is done by using an intermediary transaction that can only be redeemed (by the person who broadcast the original transaction) after 1000 confirmations. The above process will take place every time a new "state" of the LN channel. In addition to the above process, each party will exchange transactions that allows the party that did not broadcast the closing transaction if the closing transaction is from the previous "state" of the LN channel to spend the bitcoin that would normally belong to the party that broadcast the stale closing transaction. When signed closing transactions are exchanged when there is a new "state" to the LN channel, the transaction sent to each party is slightly different (they have a different txid) so that it is possible to tell which party broadcast the closing transaction. I think this is a little confusing, however I believe if you read it twice, it should make sense. If something doesn't make sense or if you have questions, let me know and I will explain further.  Thanks for both your responses! I indeed had to let it sink in a bit, but I think I got the idea. Oh the joys of mixing cryptography with game theory! I dimly remember a similar concept being discussed a couple years back, but iirc that one still required an escrow (instead of a time lock, as would now be the case). So far I was only aware of how LN is supposed to work regarding its network topology, but not about the lower level protocol details (ie. the technical details of maintaining a channel state). I see there's some reading to be done. |
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I hate it when you guys read my mind and come to the same conclusion as me. It means that USD 4k,- is more likely to hold than not and I wont get to refuel on cheap BTC  I am new to bitcoin world and this got me worried. Ive never seen bitcoin dropped like this when I joined crypto world. I have never experienced something like this one so I think I cant blame myself. Knowing some tips on this from you guys really assured me that bitcoin is somehow going to recover after its long drop. Im concerned over some alt coins though.
Welcome to party then, you ain't seen nothing yet. But don't worry, Bitcoin is surprisingly resilient. Alt coins are a mixed bag though. Relative to USD / EUR many are likely to recover at one point or another, relative to BTC might be a different story. |
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The recent news and rumors of new are all testifying to the fact of how powerful can China be in almost aspects of global play
here is a thought: all these rumors, news and FUD are in English not in Chinese. in reality it is the English news sites that are making a false translation of the reality and spread it among us. so who is to blame here really? those who are telling us "China banned bitcoin"? or the Chinese who are only regulating exchanges and banning scammy ICOs? or perhaps those weak hands who never understood what bitcoin really is, (a decentralized peer to peer cash) and fear on the most irrelevant news?! Exactly my thought. I'm not sure though if the media is even to blame for this one. The community itself was pretty fast to turn "China says ICOs are illegal securities" into "CHINA BANS BITCOIN!!111". The FUD was in our midst all along. However, seeing how Chinese exchanges have heavily suppressed prices right now, there might be more to it than just a bad translation. Nonetheless it almost seems like the Chinese statements are intentionally vague to keep Chinese traders in check. |
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I'm curious, what is the significance of using a wallet that is supporting segwit?
Will it have additional features?
Will my old private keys work on it?
Pardon the ignorance, I haven't really invested time in reading and knowing segwit.
To actually be able to create SegWit transactions, you first have to move your coins to a SegWit (P2SH) address. Those start with a "3", like multi-sig addresses, and being separate addresses will have private keys of their own (although with hardware wallets / deterministic wallets your seed will stay the same). SegWit transactions will enable you to send transaction for lower fees, compared to legacy transactions. Further down the road it will be also enable you to use 2nd Layer solutions such as Lightning Network, bringing down transaction fees even more. [...]
@OP, bitcoin unlimited and bitcoinABC probably support it as they are based on the source of bitcoin core and I see no reason for them to remove that code.
Nope. Bitcoin unlimited and BitcoinABC got forked with the main purpose of removing SegWit, so those wallets definitely don't support it. |
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With a few exceptions it has been always that way. The alt bleeds when Bitcoin does. The alt bleeds when Bitcoin rises too quickly. The alts usually only grow when Bitcoin is either stable or in a slight upward trend. When (seemingly) bad news gets posted, how do the markets react so quickly, well before most people have even heard the news?
This is an interesting question,since the crypto market is active round the clock ,someone would be hearing those news before the rest of the world and their reaction could trigger the market slide and most of the bots trading could react to those market variations and move the markets rapidly and so is the reason you see that the market recovering after a certain period,we are yet to see a big crash in the entire market and i doubt it will happen with the amount of investors and traders we have right now. Never say never! Buyers can turn into sellers at the blink of an eye, regardless of market size. |
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I know some coworkers that sold BTC today, they are real casuals, they got into BTC because they heard it went up a lot, they don't know even to set a local wallet so they store their coins on Coinbase or wherever the fuck they buy at. That's the problem right here, people buying in without actually trying to understand cryptocurrencies and their implications. Of course they leave the market at the slightest sneeze, I would too if I were only in it for the gamble. Well, they sold today at at the dip near the $4000 double bottom. We still don't know whether USD 4k,- is actually going to hold though, don't jinx it. USD 5k,- may also turn out to be a double top :X The irony is, these casuals are the ones that are always complaining about how it's unfair that BTC is distributed in the hands of few whales, YET, they are the ones that constantly panicsell and give their cheap BTC back to these same hands they are complaining about, because guess who is profiting the most on these dumps: whales. They buy lots of cheap BTC.
If you want whales to stop having so much BTC, don't panic sell or you will keep feeding them. Just focus on your own portfolio and keep stacking BTC on the dips. In the long term, we will win.
I wouldn't go so far as to say that it's mostly whales buying up these dumps. But there's a certain irony in people complaining about missing out while also either a) not trying to get started with cryptos in the first place and b) not being patient enough to hold. Either way, I wouldn't worry much. It's no one's loss. They'll be back sooner or later. |
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What Chinese government did just show how weak our crytocurrency system is.
Don't be silly, everyone knows by now that Paris Hilton was responsible for the correction, not China: https://www.cryptocoinsnews.com/tweet-ended-ico-bubble-debate/In all seriousness though, the market overreached so of course there was a correction bound to happen. That's why we are currently seeing the lowest Bitcoin valuations since... mid August. Oh the humanity. China sending mixed signals regarding crypto-currencies is nothing new, they've been doing this for 4 years now. |
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I'm bullish long-term, so I also wouldn't mind a short- to mid-term drop. I've been selling a bit on the way up, so I've got some fiat ready, waiting to be turned back into coins again. Should we not reach my buy-in threshold again, aw well, so be it. There's worse that could happen than Bitcoin continuing to grow.
Be careful what you wish for, though. A long term bear market is quite boring to sit out.
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In germany its legal but you have to pay tax. If you dont pay tax you will probably get some trouble
You don't necessarily have to pay tax on Bitcoin sales. There's a tax-exemption on capital gains from Bitcoins that have been hodled held for more than a year. |
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Using LN is marginally less secure than using Bitcoin. It is possible to attempt to broadcast a settlement transaction that is not the most recent and that results in you receiving more than the current state of your LN channel. However if you do this then the LN channel counterparty will be able to broadcast a transaction that results in them receiving all of the funds held in the channel.
[...]
That sounds quite interesting, got any more details on this? How is the attacked counterparty able to retaliate by receiving all the funds held in the channel? What information gets leaked by the attacking transaction that enables this defensive measure? |
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So you want to accept BTC as payments, automatically, while controlling the private keys yourself without directly converting it to fiat? Did I understood you correctly? There's two possible solutions I can think of: a) Use the blockchain.info API with extended public keys: https://blockchain.info/api/api_receiveb) Run Bitcoin Core on your server yourself and access it with one of the many npm modules: https://www.npmjs.com/package/bitcore-libhttps://www.npmjs.com/package/bitcorehttps://www.npmjs.com/package/bitcoina) seems to be a bit more straightforward to set up, but I'm not sure about what limitations apply to using the blockchain.info API. b) would probably be the more correct solution, however likely harder to maintain and of course you'd need to forward the BTC to a cold storage address. |
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As long as China still holds majority of the hashrate of the network, we cannot really exclude them from the trading scene since they will still hold bulk of the trading volume all around the world. Also, at the current state of affairs, even rumours in China are generating a wave of reaction in the market, needless to say bitcoin is still China-bound even if regulations hit the users hard.
China's hashrate and mining ventures are indeed a very important part of why they have as much influence as they do. As long as most mining hardware is designed and manufactured in China, its influence will be non-negligible. Nonetheless I'd argue that apart from that China never was that much more influential than other governments to begin with. Similar statements from other governments would have had comparable effects. Just imagine if the SEC wouldn't have fired a warning shot but would have went straight to prosecuting ICO token issuers. Or if the EU would threaten to disconnect Bitcoin exchanges from the traditional banking system. The effect would be no less than what we see with China. [...]
I think China will be left in the dust because regulations will be the death knell to their Chinese cryptoventures like Neo, and they soon will be surpassed by the world crypto markets (which I hope is the case).
[...]
Regardless of what China does, in my opinion Neo's claim to allow smart contract programming using a variety of programming languages is a pipe dream. The state of smart contract programming is questionable as is, throwing another hard problem into the mix (ie. supporting multiple programming languages equally well) makes me even more skeptical about this project. |
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Thanks for the link, good to see some work done on Bitcoin's privacy front. The Github repos seems rather stale currently, but it looks like a step in the right direction. Hopefully other devs will follow his footsteps. |
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Japan’s leading internet conglomerate and bitcoin exchange operator GMO...And I used to think GMO is something with food and should be avoided  support this, bitmain need to lose their dominance over btc mining
How would it change anything? China would be dethroned and Japan take its place. Sounds great but we'd still have a monopoly. Having more competitor somehow weaken the monopoly, I do not think they will dethrone each other, though Japan won't take its place since the mining station will be placed in Northern Europe, probably N Europe will dethrone China as the cheapest source of electricity for cryptocurrency mining equipment. Anyway, this is really a good news but the question is when will GMO finish their 7nm product. As it was debated on the article, it is not soon that they will finish the product. The question about when GMO is able to enter the market with their 7nm product is the most critical one. As it stands, they would have a major advantage. But the competition doesn't sleep and the hashrate keeps growing, so if it takes them too long it will be all for nil. |
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