Tell me what you guys think of this theory:

Usually when btc goes down in dollars, alts go up in btc, and vice versa, for fairly straightforward reasons.

The crashing that has happened in the past few days was not this. It was rather a major selloff of everything to go into dollars. Btc went way down against dollars and alts went way down against btc. Btc went under 10k and almost every single alt double digit reds against btc everyday for a week almost.

It was like whales were liquidating their alt positions and their btc positions all at once.

Im thinking these whales is bitconnect cashing in on their scam.

Users of bitconnect platform convert their BTC into dollars and then loan their dollars out for 1% per day returns. Lemmings flocked to do this.

Bitconnect said they have a magical trading bot that gets 1% a day. This bot is so obviously a lie for so many reasons that we won't go into here.

In the recent bull market of crypto for the past year you have no need for a bot if you have access to tons of capital that doesn't belong to you and obviously they took all the millions of dollars that were being thrown at them by the bitconnect lemmings and they bought cryptocoins with them. Total no brainer.

The problem is when the price of crypto levels off and the quantity of new lemmings drops off, then there is no way to give people 1% a day and still make any money. So they up and got out and liquidated their position.

Imagine the sheer whale size of their position after having access to all the capital that all the bitconnect lemmings were throwing at them.

Consider the timing of their ponzi scheme implosion right after a week of hardcore btc down vs dollar AND alt down vs btc, huge exodus to dollars.

Maybe this can be solved with a hash related in a strong way to the old blockchain and all the new coinbase outputs, all incorporated into the new block? Like the mother of all merkle trees would have to built. Maybe the consensus function for to validate this particular block would have to be very special and robust.
 

Ok you don't really know that a house was bought, or that person x paid person y amount x on a certain tx, in order to keep on transacting and for the network to keep functioning. It's a genesis block on a whole new blockchain, just like the first one. So it still works. If you need to prove something that happened before the new genesis block, then you can parse the old blockchain. I guess there should be "official" copies somehow, and maybe me saying "throw away" was just colorful (and accurate) hyperbole used to show how liberating it would be for 99.9% of everybody.


In the 1,000,000 block it would be the coinbase issuing the balance of every address that has a balance. I'm thinking attacks by miners have same obstacles as any other block.




We are definitely not better off going to the traditional banking system.
While I disagree that "for everyone to see the transactions in the address" is the whole point of a blockchain, I do agree that it is a feature of them. But if you have a valid genesis block with values assigned to addresses and you don't care about the history, then you wouldn't need to care about the old blockchain. If you do care, the point is solved by the fact the old blockchain is perusable and still pertains to the addresses in the new blockchain.



Ah i did not know that. But it does seem like there has got to be some computational overhead somewhere with the 25,000,000+ addresses getting coins from the coinbase. If not, then all the better!

thanks very much for the answer, clears things up a bit

I got it to work but I am still confused.

During the call to signrawtransaction on the cold machine while passing in the raw unsigned hex as 1st arg, i added as 2nd arg the json of used input tx, vout, and scriptPubKey.

Then it worked.

I do not understand why can not the fundrawtransaction command just do that for me on the hot machine and put it directly into the unsigned hex? It knows all the information there. I can see it after running listunspent command on the watchonly hot machine.

As in, how to make fundrawtransaction command on the hot machine use the info it knows there to make the unsigned raw hex ready for signing all by itself on the cold machine, specifically the info obtained by listunspent on the hot machine -- which had to be explicitly specified separately as the 2nd argument to signrawtransaction on the cold machine?

quick bump since i modified the OP

Apparently there are about 25,000,000 bitcoin addresses that have a balance.

A miner can tally up all those balances, make them into genesis transactions to those same addresses, add a nonce to hit the appropriate target, mine it like normal (except for the size). Difficulty might have to be adjusted since they would be hashing a huge amount of data. Or they could maybe split it up and make many genesis blocks. Consensus would be a lot of work, but not that much. End result would be a brand new blockchain, same addresses, same balances. Don't even need the old blockchain, pruned or not.

I'm thinking though along the lines of an altcoin where that is scheduled in from the start, like every 100,000 blocks or something before it gets out of hand.

Ok tell me what you guys think about this:

Let us say a coin's blockchain is ridiculously huge or will be. Can the protocol have an implementation where some predetermined block will be the genesis block of a brand new blockchain?

Like say that for every 1,000,000 blocks, for example, the miners put all new trannies on hold for just a sec, then gather all the existing unspent outputs in the entire blockchain together and mine a humongous genesis block for a brand new blockchain. After that they keep mining blocks like normal on the new blockchain. You don't need the old blockchain anymore, you can just throw it away.

ok i figured out the OP but now i have another problem. I replaced the OP with this.

Here is the summary up to this point:


bitcoin core 0.15.1 running on offline machine, wallet w priv keys, no blockchain


bitcoin core 0.15.1 running on online machine, full blockchain and did this:
    (mgKZtvQGQwNKExhPPev7ahUQozZjeJ9Qv8 is an address from the offline cold wallet, that is to be watch only on online machine)

./bitcoin-cli -testnet importaddress "mgKZtvQGQwNKExhPPev7ahUQozZjeJ9Qv8"

and then did a rescan.

(edited from original for better explaining)
I then ran "createrawtransaction" with empty inputs.

After that I ran "fundrawtransaction" to fill in inputs and was stopped by "Insufficient Funds" problem so i did this:
(end edit)

./bitcoin-cli -testnet importpubkey "028be566dd426e4299c0d6b2dd7dffe74b6eee9b24c3c069f802815e91d19fe6a1" "testwatch" true

This fixed the solvable:false / "Insufficient Funds" problem and "fundrawtransaction" was able to produce raw unsigned of:

02000000016084765d9d69a4be9eef7666b2283ddb3c2b8df4f63e6a49ffb255493b53192100000 00000fdffffff0480d1f008000000001976a914406baac9f88434a506016140050b3356832a59b2 88ac80d1f008000000001976a914c0050df3bdbcd89492a71468c0a04571d547c45388ac80d1f00 8000000001976a91447e11495c1fb92294df5727866ed72f60e9aa92c88acb35251070000000019 76a91400120f4e738e4d77a89fc01124a9228a303125f388ac00000000

The json of that is:

{
  "hash": "f4b824db9db3f7c46153afedaac6e10d8d2b3a01424a646d4621ef539cd084cb",
  "vout": [
    {
      "scriptPubKey": {
        "reqSigs": 1,
        "hex": "76a914406baac9f88434a506016140050b3356832a59b288ac",
        "addresses": [
          "mmPaXB8eaSELLj9qPA4Aeuu1M86CVeoDVK"
        ],
        "asm": "OP_DUP OP_HASH160 406baac9f88434a506016140050b3356832a59b2 OP_EQUALVERIFY OP_CHECKSIG",
        "type": "pubkeyhash"
      },
      "value": 1.5,
      "n": 0
    },
    {
      "scriptPubKey": {
        "reqSigs": 1,
        "hex": "76a914c0050df3bdbcd89492a71468c0a04571d547c45388ac",
        "addresses": [
          "my2G65VgkcUDfB2KffGqJ837tRkaA1hPCN"
        ],
        "asm": "OP_DUP OP_HASH160 c0050df3bdbcd89492a71468c0a04571d547c453 OP_EQUALVERIFY OP_CHECKSIG",
        "type": "pubkeyhash"
      },
      "value": 1.5,
      "n": 1
    },
    {
      "scriptPubKey": {
        "reqSigs": 1,
        "hex": "76a91447e11495c1fb92294df5727866ed72f60e9aa92c88ac",
        "addresses": [
          "mn51uXz97cJxSmBSaEzWDaBkkU8JHhjX89"
        ],
        "asm": "OP_DUP OP_HASH160 47e11495c1fb92294df5727866ed72f60e9aa92c OP_EQUALVERIFY OP_CHECKSIG",
        "type": "pubkeyhash"
      },
      "value": 1.5,
      "n": 2
    },
    {
      "scriptPubKey": {
        "reqSigs": 1,
        "hex": "76a91400120f4e738e4d77a89fc01124a9228a303125f388ac",
        "addresses": [
          "mfXKvsRtsQq8pikw7MJWErRaiQDD4JbDmH"
        ],
        "asm": "OP_DUP OP_HASH160 00120f4e738e4d77a89fc01124a9228a303125f3 OP_EQUALVERIFY OP_CHECKSIG",
        "type": "pubkeyhash"
      },
      "value": 1.22770099,
      "n": 3
    }
  ],
  "vin": [
    {
      "sequence": 4294967293,
      "scriptSig": {
        "hex": "",
        "asm": ""
      },
      "vout": 0,
      "txid": "2119533b4955b2ff496a3ef6f48d2b3cdb3d28b26676ef9ebea4699d5d768460"
    }
  ],
  "txid": "f4b824db9db3f7c46153afedaac6e10d8d2b3a01424a646d4621ef539cd084cb",
  "version": 2,
  "locktime": 0,
  "vsize": 187,
  "size": 187
}


Ok so i take the raw transaction hex to the offline machine and run:


and get an error: "Input not found or already spent". I can see on a blockexplorer site there is enough funds.
The priv key for the address mgKZtvQGQwNKExhPPev7ahUQozZjeJ9Qv8 is definitely in the wallet being used.

I thinking the blank scriptSig area in the vin in the unsigned json has something to do with it. How to get that filled in? I saw this post:
https://bitcointalk.org/index.php?topic=1622815.msg16316997#msg16316997
and I think it has something do with needing "All the redeem scripts of any P2SH inputs". Does this fix the blank scriptSig?

If that it somebody please tell me how to do this i am stumped. Like i said earlier, on the online machine with full blockchain that makes the raw unsigned i did:
and rescanned

and then "createrawtransaction" with blank inputs and then "fundrawtransaction"


THanks so much for any helps!