Bitcoin has its work cut out for it. It will not be an easy journey replacing our archaic monetary systems. Powerful institutions have not taken it seriously yet and when they do, lets hope its too late to stop the btc rebellion.
But I don't think the powerful institutions will so easily will accept to consider BTC as a official currency. The reason is simple they want track all the transactions but with btc it is almost impossible or quite challenging. ?? lol, with btc it's easier than ever to track all transactions. That's the point really, that's why it's unforgeable. |
|
|
|
|
There is no "remittance" anymore, and mostly the definition has been lost. Apparently this was a thing back in the dark ages of the 20th century.
Todays unforgeable money is teleported wherever you want it to go. People use the words like "paid" and "transferred".
|
|
|
|
Ok - so what is the big deal?
Well everyone has to answer this for themselves, for me it's unforgeable currencies, which looks like a big deal. That's why I pay attention, collect coins, follow alts, etc.
The coin didn't fork - it continues to be mined and traded.
These two statements are unrelated. Any fork can be mined and traded, this doesn't mean other forks don't exist.
Start your other coin separately.
Not sure what you mean here. Woodcoin reference perhaps? Honestly - do you really think people cared about the whole 42 coin cap thing? Quite the gimmick, like so many alt coins.
Because nobody has responded otherwise, this is a confirmation of your statement. Indeed, nobody cares about the total money supply!! This example doesn't bode so well for a 21million BTC cap on mainnet bitcoin does it. Edit: well perhaps the market showed some signs of caring |
|
|
|
Nice chopping kids! Difficulty continues to rise on woodcoin. New high today crossing diff=30 line for the first time, presumably a few more folks using the GPU chainsaws. Keep up the good work  |
|
|
|
|
You didn't finish your thought.
When I ordered a round of beers at the pub last night, the tax came to about 100 millies. I don't feel this was robbery, in fact i was eager to pay the tax to support the establishment. If there is an institution you speak of that for which you are not eager to pay the tab, then name it. Otherwise you aren't saying anything specific enough to comment on.
|
|
|
|
And now the tricky part - how PoS is notified that payment has arrived? It's silly to think that every merchant has its own processing center with bitcoind running on it , and informing PoS about arrived payment, isn't it?
The merchant do not need a node, the PoS terminal waits for a acknowledgment from BitPay to say payment has arrived. It's just like the credit card system. Referring to the credit card system, how could we get bitcoin credit cards? What's the overdraft limit of it? You could order them from e-coin, xapo, or anyone else currently offering them. The ones I have used have no overdraft possible, they act as debit cards. |
|
|
|
What don't we know about the Chinese economy?
What are things which the general public doesn't know about the Chinese economy?
Frankly, not much. Information's flowing well. I see plenty of reports and articles from China. Their economy is still growing at a much faster pace than western countries despite all the recent hiccups. We may miss a few details, the overall picture given by news services is correct. I've been to China 3 times. Remember that by "their economy is growing" we mean exactly and solely that "more RMB has been issued". This is the late 20th century definition of economy, it is GDP, which is a fiat currency tally. Money has been printed, that's all it means. And yes, a hell of a lot of RMB have been issued; perhaps this is part of said overall picture, it sure is tough to hide isn't it. |
|
|
|
|
**passes some mother of berry to sirslayer**
Yeah, I am also a little bit surprised with the total lack of interest in this coin. Even at 2BTC per, that's 84 BTC here folks. Not exactly nothing. And not one person who is a holder is interested in seeing a coin with "only 42 coins to be mined"? Hard to believe. Easier to believe that nobody has a clue what coins are or how they work, which is perhaps even more depressing.
If I had some 42coin, for sure I would be mining on the capped42 chain, declaring so here, and posting my node's IP address. I might publish binaries for the wallet and encourage people to join in the fun. I might also change the version number to make it more clear what is going on but version numbers are just cosmetics.
As it stands, I am an observer hoping to learn something by watching a hard fork go down. In fact these things are damn rare in crypto; more people should be paying attention for that reason alone. My wallet is showing no blocks in 4 days, stuck at block 990381.
|
|
|
|
HippieTech, thanks for bringing that thread back into daylight. The only thing it is too late for here is a gentle reduction in mining reward towards a supply of 42 as I was suggesting back when I so posted. Hendocoin currently has a supply of 42.27 according to http://42.blockexp.info/ However, 42capcoin is capped at 42. I'm not sure if there is even a valid block 990832 yet on that chain, I have a wallet back at the battlestation I can turn on and check later. If anyone feels like mining 42capcoin, they can just add that one line of code like my pull request: https://github.com/funkshelper/42-limited-edition/commit/b007a96adbf77d5b217afd54e9e00e956938800cand then, hey presto, you'll be mining for no coinbase reward and only fees if any, on that chain. The way I see it the only people interested in such a chain would be bagholders, who probably tossed them in the landfill long ago  Too bad because it's a lovely doublespend opportunity. Well, it would be if there were any volume on the coin. And if there were more volume in the coin, this probably wouldn't be the current situation. Note that any on-chain transactions after the 42 was reached on hendocoin are not guaranteed to be included in 42capcoin, and vice versa. Review: On July 25, 42coin was hard forked by 42. When 42 supply cap was reached at block 990831, 42 coin forked into two coins, one I am calling hendocoin as always producing .000042 per 42 sec ad infinitum. The other I am calling 42capcoin, produces no coinbase reward (hence, capped) and appears DOA as nobody is mining it, or at least they aren't reporting it here. If nobody else does I will eventually rent some scrypt and mine block, just for the lulz of course. |
|
|
|
So, my pools currently down (explanation in my pools ANN), but it seems my copy of the "funkenstein" wallet is stuck at 990381
Indeed! Exciting times peeps. I have not yet seen a valid block 990382 yet. **OFFER** I have here 42 real 21million capped original satoshi mainnet bitcoin millies here which I am offering to anyone in exchange for any mining fees generated in block 990382. I really am that crazy coin collector willing to pay real money for such collectible nonsense. Remember, it is the longest chain which obeys the rules which wins and forms the consensus. It doesn't matter how long Hendocoin gets, one can always mine a block of hard 42. I notice that the markets seem to have more of a clue what is going on than the miners, even for a coin which only a handful of people care about. This is not so uncommon in the cryptocurrency business. *** Exercises: Consider the date is block height 14million or so, BTC nearing cap of 21million. A bunch of nodes just keep mining away on BTC and don't drop the block reward. What happens? |
|
|
|
Just one miners thoughts (i am not good at math by any means so please rip this plan apart if possible lol):
We could have the community grab control of the source (with the devs permision of course) and appoint a trusted main dev/community leader , to apply any changes to the code (doing a majority rules poll on large decisions) - my vote is for funkenstein, already familiar with the code, and as far as i can tell, 42coins most active supporter currently.
Once in control of the code, do a "re-branding" of sorts, keeping the original chain active for all those currently hoarding (like me lol running on funkenstein's 42-limited wallet or original, whichever wins out.)
Then the community could (if theres enough interested devs) create a re-branded "42coin 2.0". This time having the proper 42 coin limit right from the start. Add low-level POS (say 2-10% max per annum) for the hoarders, and add main-chain AND aux chain capability (so it has the ability to be used as either) for the pool owners/miners, and possibly change from KGW to a different re-targeting scheme (as im unsure if timewarp is still an issue). Basically do it right, from the start.
Or, combine the ideas/chains and make 42coin 2.0 have a max coin limit of 84, (yes higher then the original idea of 42, but still low enough that the original idea of rarity/high value should still hold) to allow for POS and continued POW mining while not splitting into 2 coins.... and keeping the hoarded coins valuable, but drop the block reward to 0.0000042 instead of 0.000042 to extend mining life and to make up for the added POS hoarders.
Im am not a c dev (but know enough about other languages that i could learn quickly if needed) but i can build pools, compile wallet binaries, and build a block explorer.
as i say, i am not a coin dev by anymeans, so i truly dont know if this is a viable option.... but its all i got lol
Heya, thanks for the vote of confidence but I'm really just an observer, and one that is / was misinformed and/or wrong, as you can see by the fact that I was trusting a block explorer when making these claims of "12 hours away &c". Well lets let that be a lesson to me. Anybody know for sure what the block height and/or money supply of this coin are? I would find it easy to believe I got the math wrong, except that nailonhead and others in this thread previously had the same conclusion as to the magic number of 990382. I have reason to believe we are at 990213 at the moment so hey presto not 42 yet. I hope y'all didn't already use all your celebratory materials yet. Once again, happy 42 y'all -- funkenstein the dwarf |
|
|
|
Nice to see you still working on this funkenstein! has your change been merged into the main branch? (in which i simply pull an update?) or is this a seperate branch i have to merge to mine? (still learning the github syntax's) <edit> nvm i figured it out  compiling now, then latenightminers.ca will be running on the funkenstein wallet</edit> Thanks l8nit3 and infernoman! Nice to see you too l8nit3 I think the situation here with 42 is worth looking at, not just for the lulz and the number but also to learn something about public coins and forks. You have to figure out what you want to do as miners (and hodlers, and otherwise). The trouble with capping the supply at 42 coins is that there will be no more coinbase mining reward. The idea that people would mine 42 coin just for the TX fees is a bit ludicrous at the moment. So at first glance, it looks like miners might prefer to keep producing new coin and screw the cap. However, there is incentive to mine on the capped supply fork if you hold 42coin, because the value of each coin is instantly higher. Another example of a coin with this kind of situation is NXT. There is little to no incentive to come in and mine, but people mine anyway (in that case PoS mining) -- because they hold the asset and therefore want the network to stay alive. Miners are in fact beholden to the holders due to the economics (they want to sell the coins they produce). Exchanges are going to have to decide which fork they operate on.. or they could run both for extra lulz. Holders of 42 might be able to dump all their coin on an exchange that was running the infinite inflation 0.000042 every 42 second fork, collect the BTC and run away, still holding their 42 on the capped supply fork. To ensure that a TX is valid only on one chain, one can include a bit of coin mined on that chain in the TX. The most obvious guess as to what is going to happen is that nobody will pay attention or do anything different, and everyone will continue on the infinite inflation path. However, at any time in the future somebody could start mining on the capped supply path.. it's hard to believe nobody at all will ever be interested in that route. Anyway we are apparently at 41.97 coins outstanding at the moment. About 11 hours left |
|
|
|
have you read what i've wrote after, how there can be an attack if you don't download anything and don't click anything on that machine? i'm not aware of any direct attack that work as a ddos or something that can steal your coins, without you allorw it...
also there is no way you can not allow a third party like you say to handle even for a small step your coins, because in the case of paper wallet you're doing so with the printer, which come probably from canon, epson or other known manufacturer
with usb is the same, they are made by someone else, unless you manage to make one your self, or do a whole pc yourself, i find this to be a stupid point, microsoft can't do anything on your windows machine, they can not control it, if that is your worry...
You are right to question the printer, especially with modern printers that are internet equipped. I use an old one that isn't for printing privkeys, and check to make sure at every step it is doing what is expected of it. One can also print encrypted keys even with compromised printers if so desired. USB sticks are also attack vectors and can be used appropriately. In theory they aren't needed but most people use them anyway, as risk can be kept minimal. What do you mean by "microsoft can't do anything on a windows machine"? If your machine is offline (in appropriate faraday cage) then you are right that whoever happens to be holding the MS keys can't do much in real time. However, most winblowz boxes are online and communicating with the base updating your warez and reading your wallet.dat. There is no excuse for continuing to wait in line there with the cattle for the slaughter. It's worth noting that this kind of security is totally unattainable with fiat, which is so broken on much lower levels that any of this would be a total waste of time. |
|
|
|
While it may not seem like it, when you think about the practicality of it, it actually is very difficult. If you dont have over a $5000 safe say goodbye to it in any long term fire. You have to trust the software / machine its created on, not only that, but also when you redeem it.
Multiple locations solves the fire issue. If you have still longer time fears, such as for example dying (it happens), you should probably go with a multi-sig fund with your family members of some sort. The details there are beyond the scope of this thread. There is one thing that you might argue requires trust, and it isn't key creation. Key creation is picking a random number which is dead easy, use dice if you can't manage it. The tricky part is going from privkey -> pubkey -> address so that you can fund the thing. Personally I go with an offline verified and tested copy of e.g. bitaddress.org running on an offline box (use a rasp. pi e.g.) to do that. Use the same setup to sign your TX for redemption.
I like the idea of a trezor because while its backed up on a sheet of paper, that piece of paper is backed up by the trezor. Since the piece of paper holds backups to all wallets included any generated by a password .. if the paper gets compromised ... noone would know the passwords behind which ur funds are hidden by. Restore just the seed only and you have a 0 balance wallet restored.
If I had tens of thousands of BTC, Id feel much safe w/ it on a trezor + backup seed on paper(all wallets hidden behind passwords) rather than a single piece of paper holding the fortune and also happens to be a single failure point.
The alternative to a single cold storage piece of paper would be BIP38(I think) encrypting it w/ a decent password and putting multiple copies of that paper everywhere for redundancy.
I guess you said it already Use AES or Twofish or whatever you like to encrypt your privkey if that's what you want to do, and yeah make sure you keep multiple copies around. I never used the trezor but it looks nice as a high security spending wallet. Can you put any master privkey in that you like I hope? Cheers -- happy cryptoing -- ftd |
|
|
|
I think most people don't realise just how fake and completely untrue the numbers are. If someones performance is judged by a number they will manipulate that number in their own favore. This is true in so many institutions around the world but in China its turned up to 11, everywhere.
So all the figures coming out of China are fake, generally to make things appear better than they are.
A good way to know a figure is fake is that often a fiat symbol is placed next to it after it is made up. |
|
|
|
Why would you use some " wallet " ? You only want to store a private key!!!
For cold storage, you don't need a "wallet", you need paper or a usb key or something like that.
Perhaps the question should be what wallet do you use for importing a cold storage private key for signing transactions offline?
The whole point is, what if you could have a hot wallet that has the security of a cold storage single priv key? Thats what trezor offers =) Trezor allows you to have as many unknown wallets as passwords you can remember in your head. Better yet, a single mnemonic seed backs up all of those wallets. That seed would be the trezor's "cold storage" =) ... But unlike traditional cold storage, that single seed restores all of ur keys in all the wallets u created w/ trezor. Additionally, because trezor's seed is based on a BIP, its restorable via any wallet that correctly supports that BIP(in the case you dont have another trezor). what if you can replicate this with another computer separated from your network, thus in a isolated enviroment but still connected to the internet, where you only do transaction of bitcoin and nothing else, so no browsing no DLing anything no clicking random link ecc...? i firmly believe that with the right tools you can have an hot wallet that is secure like a cold walelt Because I posted in this thread I had better state my opinion for the record, so it doesn't look bad later. My opinion: allowing any third party other than that of the highest personal trust to handle your coin is a bad idea. That includes: trezor, core, microsoft, armory, etc. etc. If you are talking cold storage, it shouldn't involve any of that crap. It's a freaking number man! Just keep it safe somewhere on your own. Is that so hard? As to "hot" being " secure like cold" .. uh, no. Not that I don't recommend to hold funds in hot wallets, there is plenty of reason to do so, but do so knowing that there is an attack surface. |
|
|
|
The lack of reading comprehension and substantial analysis here is dismal, almost worthless to discuss anything on bitcoin talk it seems. In the entire 18 page legal document there's one example of someone buying bitcoin from coin.mx for ransom ware. Some of you guys eat up what the media says without even thinking or researching.
Literally no useful information is in this thread, which is appalling. Are people just trying to get signature campaign money and posting brain dead garbage everywhere?
I'm just trying to stir things up cause I'm pissed off about how totally fucked the injustice system is to allow this kind of thing to go down. Sorry bro. |
|
|
|
Do you think people with 50 marriages in a lifetime are happier than those with 1? I think people with zero marriages in a lifetime are happier than those with 1. The stories of miserable marriage and divorce are everywhere in modern culture, pay attention. How do you explain the scientific evidence that people are happiest when they have exactly 1 (no more, no less) sexual partners per year? I'm not saying it can't be explained away, but it's there. People with one sexual partner are accepted by society. If you have multiple sexual partners, you have to hide it from the world, especially in political or other prestigious careers. The same was true about homosexuals 25 years ago. I'm not sure what society you refer to. Many who haven't had the chance to get out simply pretend they have more adventurous sex lives. I've not known people who go the other way and pretend they don't. Married couples better have some stories about threesomes or swapping or whatever, especially in political or other prestigious careers. |
|
|
|
Do people really think it is ok for ransomware thieves to cashout?
Are you talking about the uniformed gangsters that took all the Coin.mx stuff? I'm not sure I'm personally going to go after the guys who made their boots, for example. |
|
|
|
So what happens to the customers balances? Will they be held by the feds until they figure out the money trails?
I wouldn't count on the feds doing anything quickly or reasonably. I'm guessing this will take a long time, and they wont care whose btc are whose. I'm guessing they will be auctioned off in a year or 2. Yeah, when gangsters confiscate your property, don' t hold your breath expecting it back.
It is too bad for the legitimate customers who will be screwed, but it sounds like coin.mx deserved to be shut down for apparently knowingly allowing ransomeware criminals to launder money thorugh them.
You misread the report. They helped victims to obtain coin, not helping ransomware creators to move coin. |
|
|
|
|
Show Posts
