And what is Shamir's Secret Sauce (Sharing)? - I'm not familiar with any names in the SC propaganda campaign except for Andreas Antonopoulos.
Shamir's Secret Sharing (and its derivatives) is a basic cryptology method that multi-signature transactions and dark wallets use. Not quite: SSS is a method to "divide" a private key in N pieces, so that M of them are sufficient to rebuild the original key and sign a transaction (even not a multisig one). When the key is rebuilt there is an attack surface because a malware (or a human fwiw) could steal the key. Multisignatures on the other hand works having different keys in different places and they never need to be brought together to sign a transaction, this way if an attacker is able to steal one of them, the others remains protected. So, while the fact that M persons must act to prepare a transaction is similar, the technicalities in which this is is made is quite different, and this brings very different kind of security. TL;DR: Use multisig, not SSS. |
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Let's see if this is true  35oaggmSQZrBJMduydMePmfqwenNG55Bo2 |
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Ultimately, SC are what will completely destroy all altcoins and will give more and more value to Bitcoin, exactly because to the hard-pegging of the currency: what happens now is that for each new scamcoin that is launched every bitcoin holder must choose if part some of his bitcoin stash to buy some of the new coins because they may become more useful and hence more valuable of bitcoin in the future.
Oh come on. Alts in the aggregate are only 10% of Bitcoin's value, and the biggest alt has no innovative features at all. It clearly exists for some completely different reason other than that addressed by side chains and therefore is unlikely to be affected. You don't know the future, and the trend could certainly change, so better proactive. This obsession with alts is very unhealthy and unhelpful. Focus on the value that sidechains (or anything else) could potentially add to Bitcoin by allowing faster and safer development. There is a lot more than 10% to be gained there. That's exactly the point: this is the right way to experiment new coins, and to progressively add new features to Bitcoin without the need to risk to buy some stupid scamcoin. I think that we will see a lot of hate toward sidechains from all the altcoiners, and you will know why: sidechains take from them the opportunity to make some profit pumping new coins. |
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if i were setting up a SC, i'd just fork Bitcoin, add an anonymity function, then let it run. there'd be a good chance i could get a full on rush into my SC.
And since the SC is two-way pegged, that would be great. In fact, I hope this will be one of the first SC ever made, that would be the right way to add an anonymization layer onto bitcoin. I tried to setup something similar in the past but I could not solve all the details that the paper instead correctly addresses. Ultimately, SC are what will completely destroy all altcoins and will give more and more value to Bitcoin, exactly because to the hard-pegging of the currency: what happens now is that for each new scamcoin that is launched every bitcoin holder must choose if part some of his bitcoin stash to buy some of the new coins because they may become more useful and hence more valuable of bitcoin in the future. But with sidechains there is not such dilemma: since a well defined protocol to switch coins to/from every SC is in place I can wait to enter the SC only when, and if, the thing is useful for me, and not a moment before (and with the possibility to come back, too). With sidechains we can hope that a new one will be highly successful without the fear that we have not bought his coins in time, because we already have them (of course supposing we are invested in bitcoin), and for all of them (all of the sidecoins that will ever be made). So, people like Satoshi, Cypherdoc and other highly invested in Bitcoin should be very, very grateful for sidechains because that's the best opportunity we have to maintain the relevance of bitcoin (and hence his value) in the future. |
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you saw it here first  You are doing a great job with the news, thanks LiteCoinGuy |
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That could be a very interesting service: Netagio launches his exchange between Gold, GBP and Bitcoin. http://www.netagio.com/The British Bitcoin industry is entering a phase of innovation and Netagio is proud to be a driver of change in the industry. This summer, in July, we successfully launched the first British peer-to-peer exchange that allows both retail customers and institutional investors to trade gold, Bitcoins and GBP on the same platform. |
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http://www.manxradio.com/newsread.aspx?id=73018
If income tax returns in pounds sterling seem a bit dull, you might soon be able to pay your tax bill in Bitcoins.
Chris Corlett, the Department of Economic Development’s chief executive, made the announcement at the close of the recent Crypto Valley Summit in Douglas.
He told delegates companies who deal in digital currencies have been getting in touch with the government to offer payment services in future.
But he said the government’s looking at a range of payment options, which could mean paying your car tax or income tax bill with cryptocurrency.
Mr Corlett told the event expressions of interest from firms have to be registered by October 3, and a decision on which companies would be contracted would be made a few months later.
He said there’s no limit on the number of payment providers the government could sign up with, as long as each one was competent and up to speed with governance issues such as anti-money laundering.
But there are no plans to let government coffers overflow with digital currencies such as Bitcoin – departments would convert payments into sterling.
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Grazie per la guida Ho provato a trasferire la mia chiave esistente dalla pagina di configurazione scegliendo "trasferisci su hardware wallet" ma ho avuto prima un errore dicendo che non ho il Trezor (che infatti non ho), e non mi ha riconosciuto la HW.1. Ho eseguito da Firefox. Consigli? |
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Good move. I have to reconsider my anti Apple stance. The Apple OS is closed source: how can you be sure that what Apple says it's true? |
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The rationale is to save your money from inflation. But now it is still experiment and you are inovator/early adopter.
I dont buy into this "store of value" concept as a driving force for bitcoin. Simply because that concept has a limited life span. At the rate the Fed is pumping out dollars, I think we'll all see which currency will have a limited life span, if dollar or bitcoin... |
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In the mean time, new wave of money is being handled to the worsts. 'Too big to fail' hands big banks $4.5 billion subsidy
The big four banks receive an annual subsidy of up to $4.5 billion from being perceived as "too big to fail" which should be paid for by a levy or increased capital charge, the Customer Owned Banking Association said in its second submission to the financial system inquiry.
The issue of how to reduce moral hazard when failing banks receive government support has been a hot-button issue for David Murray's inquiry. Ending the perception of "too big to fail" is also a key agenda item for the Brisbane G20 leaders summit in November.
COBA's submission attached analysis from modelling firm Macroeconomics quantifying the annual average value of the subsidy to the big four from being seen as too big to fail as between $2.9 billion and $4.5 billion, as funding costs were reduced by between 22 and 34 basis points. A separate submission by the regional banks quantified the subsidy at about $2 billion a year, using IMF assumptions.
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do you think it would be worthwhile to invest yet?
No. |
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Investing is buying something below it's real economic value. Speculating is buying something because you believe people will buy it for a higher price, irrespective of value. Value is subjective. |
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Hat off!
Looking forward to know the details.
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I checked carefully on the announce page to see if JackpotCoins (JPC) would be disabled and it wasn't there.
But it was disabled nonetheless, why is that?
How may I recover the jpc I had in my account?
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I'm starting a bitcoin project and I was really looking to use bop for it, but I'm now forced to go with bitcoinj, too bad.
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Dose the US have similar laws?
I sure hope not! That's nuts. So what kind of accounts does this apply to? I mean, if you have an investment account and leave it be for a number of years, now you have to worry if it will even be there at the end? I call BS on this story. Sorry to say but it's true,the UK are going to do it too Yes, there is a similar law in Italy, with 10 years time frame (for now). As said, Bitcoin users not affected. |
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