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1  Alternate cryptocurrencies / Altcoin Discussion / Update about the DAO issue/hardfork? on: July 14, 2016, 10:33:03 AM
I assume the hardfork should be done within a few days to prevent the smart guy who actually understood the contract from enjoying his 3.5m ETH? If so, how is the voting going, or will the hardfork go ahead anyway? What a mess, should've just cut off DAO and bit the bullet and take that 3.5m loss. Other coins were stolen and survived - I remember BTER negotiating with the NXT hacker.

I also came across this tweet (from Polo trollbox), which was apparently deleted:

What is a reward attack anyway?

Disclosure: I have been shorting ETH as they considered the hardfork (I can't support this, goes against the very ethos of what we stand here, IMHO). However, I would like to see a balanced discussion with facts here, especially as news have been very hard to come by.
2  Bitcoin / Bitcoin Discussion / The Future of Bitcoin Exchanges on: January 06, 2015, 05:49:55 PM
Reproduced from Bytemaster's blog

I started BitShares in response to Mt. Gox having its US bank accounts seized. Since then a number of major crypto currency exchanges have been hacked or shutdown. Just this weekend my favorite bitcoin exchange, Bitstamp, had its hot wallet compromised and has temporarily suspended service. Time and again we are reminded that so long as we are relying on 3rd parties to hold value on our behalf our wealth is at risk. Today I would like to present a better approach to crypto-currency exchange.

Imagine if you could buy and sell a crypto currency without any direct exposure to counter party risk. Imagine if the fees were lower and there were no withdraw limits. Imagine if you could trade against all currencies including gold and silver. Imagine if there was one order book with the best liquidity the market can offer. This is possible today with BitShares, but it is currently one of the best kept secrets in the crypto-currency space.

Roles of an Exchange

Before diving into how crypto currency exchanges will work in the future, lets review the roles that traditional exchanges perform today.

  • Receive crypto-currency and issue IOU
  • Receive fiat and issue IOU
  • Process an Order Book
  • Redeem IOUs

Each of these roles has a high degree of trust and direct counter-party risk because at all stages you are transacting with an IOU from the exchange. To get the best liquidity and lowest spreads requires a large and active order book and this means that most people gravitate toward a few core exchanges and everyone is exposed to the same Counterparty Risk. BitStamp is an example of one of the highest volume Bitcoin exchanges and I have thousands of dollars locked up on Bitstamp that are completely inaccessible at the moment because its service has been temporarily (I hope) suspended.

There is a large time delay associated with moving money into or out of an exchange, which means that traders must keep their funds on the exchange. This magnifies the amount of risk to users of the exchange. It also magnifies the risk to all users in the Bitcoin ecosystem. When ever there is a large security breach it results in significant sell pressure from both the thief looking to cash in their loot and from regular users hoping to sell before the thief.

Centralization Compromises Privacy

Crypto currencies depend upon a public ledger which makes privacy challenging because everyone can see every transaction. Bitcoin gives every user one or more account numbers, and that give many people a false sense of security. People assume that as long as no one knows your account number and you use a new account number with every transaction that no one can tie all of your Bitcoins to your real life identity.

This is where the large centralized exchanges become a problem. In order to comply with government regulations they must know everyone they do business with. Since almost every other Bitcoin transaction flows through an exchange, the exchange learns who everyone is and can start to track who is doing business with whom. Coinbase is already closing accounts based upon who you do business with after withdrawing your Bitcoins.

If we want to have even the slightest bit of privacy we need to divide the exchange functionality among hundreds of parties who are unlikely to collude to compromise identity. This is not economically practical today because the exchange order book creates market incentives that naturally tend toward centralization in just a few exchanges with the vast majority of market share.

If privacy concerns you then I recomend my article on “How to maintain Privacy with BitShares”.

Separation of Powers

There is no reason why the same entity needs to be responsible for issuing IOUs and for processing the order book. It is only because these two roles are combined that we have a tendency toward centralization in the Bitcoin exchange space. If we want to create a decentralized exchange then the first step is to move the order book on to the blockchain where everyone can see it.

Exchanges should become mere gateways that receive USD and issue GatewayUSD on the blockchain. Later they receive GatewayUSD and then execute a wire transfer. They will make their money entirely on transaction fees and not from a percentage of market fees. Check out my earlier blog post about the benefits of becoming a BitShares gateway.

The blockchain will allow users to trade BitstampUSD against BitfinexUSD in order to easily move funds from one gateway to another. Users can even trade BitstampUSD against BitstampBTC or BitstampUSD vs BitfinexBTC.

Unfortunately, simply moving the order book to the blockchain is not enough because the market will naturally centralize around a few gateway IOUs and the markets for them. BitstampUSD is not fungible with BitfinexUSD because they have different trust profiles and regulatory considerations. Any of these IOUs are subject to default just like the IOUs that currently exist on the exchanges’ internal databases. What we need to do is move the trust from individual issuers to the blockchain.

3  Bitcoin / Project Development / Introducing Bitshares Object Graph on: December 26, 2014, 06:03:25 PM
From Bytemaster's blog

As time progresses we gain a deeper understanding about the nature of block chain technology at both an economic and technological level. Today I would like to introduce the latest advancement in block chain technology: a graph database on a block chain.

Bitcoin introduced a new data structure called a block chain which is little more than a linked list of transactions where the inputs of every transaction link to the outputs of prior transactions. BitShares recognized that the structure of Bitcoin was too ridged and could be abstracted into a generic database with deterministic operations. Where as Bitcoin uses the term transaction in a purely financial sense, in the database world a transaction is a set of operations that must all complete without error or the database should be left unchanged.

There are many different types of databases that have been developed over the years. The most widely used databases today are called Relational databases and are normally interfaced with via SQL. Recently the “NoSQL” databases have become popular. NoSQL encompasses a wide variety of different database technologies that were developed in response to a rise in the volume of data stored about users, objects and products, the frequency in which this data is accessed, and performance and processing needs. Relational databases, on the other hand, were not designed to cope with the scale and agility challenges that face modern applications, nor were they built to take advantage of the cheap storage and processing power available today.

However most of the common database structures are not well suited to a block chain based database that aims to be as flexible as possible. We do not know in advance what data people may want to store on a block chain or how it should be indexed. A new approach is needed. I am going to blatantly copy a description of graph databases from Neo4j

Introducing Graph Databases

We live in a connected world. There are no isolated pieces of information, but rich, connected domains all around us. Only a database that embraces relationships as a core aspect of its data model is able to store, process, and query connections efficiently. While other databases compute relationships expensively at query time, a graph database stores connections as first level citizens, readily available for any “join-like” navigation operation. Accessing those already persistent connections is an efficient, constant-time operation and allows you to quickly traverse millions of connections per second.

Independent of the size of the total dataset, graph databases excel at managing highly connected data and complex queries. Armed only with a pattern and a set of starting points, graph databases explore the larger neighborhood around their initial points—​collecting and aggregating information from millions of nodes and relationships—​leaving the billions outside the search perimeter untouched.

The Property Graph Model

If you’ve ever worked with an object model or entity relationship diagram, the labeled property graph model will seem familiar. The property graph contains connected entities (the nodes) which can hold arbitrary types and numbers of properties (key-value-pairs). Nodes can be tagged with zero to many labels representing their different roles in the domain. In addition to contextualizing node and relationship properties, labels may also serve to attach metadata—​index or constraint information, for example—​to nodes.

Relationships provide directed, named semantic connections between two nodes. A relationship always has a direction, a type, a start node, and an end node. Like nodes, relationships can have arbitrary properties. In most cases, relationships have quantitative properties, such as weights, distances, ratings, time intervals, or strengths. As relationships are stored efficiently, two nodes can have any number or type of relationships between them without sacrificing performance. Note that although they are directed, relationships can always be navigated in both directions.

There is only one consistent rule in a graph database: “No broken links”. Since a relationship always has a start and end node, you can’t delete a node without also deleting its associated relationships. You can also always assume that an existing relationship will not point to a non-existing endpoint.

4  Alternate cryptocurrencies / Altcoin Discussion / Beware of Coins-E - they are stealing coins from the users on: September 14, 2013, 04:25:23 PM
Update: Seems like the exchange is running on autopilot. I would suggest you to withdraw all your funds.
Update 2: They are under 'new' management. Still not got my PXC back. Tread with caution

I am creating this thread as a last recourse since the exchange is ignoring any communication from us and also to warn others of the potential pitfall of keeping the money there.

Last Friday (6th Sept) I withdrew 12k PXCs from Coins-E to my Cryptsy account. When those coins failed to arrive, I sent their support a mail and received a fairly quick reply saying they are looking into it. Over the weekend I mailed again asking for the status and finally got a mail on Monday saying their withdrawl has been processed. When I asked them for the transaction ID, they sent me this - bf282a81bca400ff7e71a9960eda6b4a4bf35aeffa5f704fb403bf9f8c2b4167

As you can check for yourself, this doesn't show up on the blockchain. When I asked them to show the transaction on the blockchain, I again got the reply
Sorry for the trouble caused. Our technical team will soon fix the issue. Your support and patience is highly appreciated.'

These all happened on Monday, 9th September. 2 days later they posted here saying 'Coins-E is working on the PXC problem, it seems their was a forced update the company wasn't told about.. rest assured you can still send your coins if your on the original chain.'

However, they outright lied, as MaGNet replied immediately pointing out they were indeed informed well in advance

In the meantime, of course, they continued to ignore any communication from us. I understand they may have some problems and need time to fix; but they could at least inform us of that. The total silence on their part has made me nervous and unfortunately it looks like they just stole all the money. I withdrew the remaining PXCs to the same address (, so clearly their client is working fine.

After they ignored all my mails and PMs I went to their chat and found a resident chat box camper (coin-rider) who kept vouching for the exchange and its support. I requested him to mail the exchange on my behalf and he duly obliged. But (surprise, surprise) still no response.

Users affected besides me:
Scooby903 lost almost 10k PXCs
gica_contra lost 7 bucks worth of PXCs
ByeByeCoins who can be found in Coins-E chatbox says he lost 2.1k PXCs besides 65 TRC
BitJohn says a lot of other users and other coins are also affected

If you are also affected please post here; so that we can tally the total amount owed to us by Coins-E. I will keep bumping this thread until Coins-E gives us a valid response. If you are aware of the issues and get irritated by the constant bumpings, then I apologise in advance. I also appreciate the effort put in by BitJohn to resolve this issue; he even went to their chat to get a response.

Original thread:
Scam accusation thread:

It sucks to lose such a huge amount - don't repeat my mistake. Their is no dearth of exchanges to choose from.

EDIT: Received a reply from them on Sept 15:

Sorry for the delayed response. You could check your wallet now. The issue has been resolved. Thank you for your patience.

Thank you
Coins-e Support team

Of course, nothing actually came into the wallet. I checked the block explorer and still 12k PXC doesn't show up on it ( I don't understand whether they are really really dumb or just trolling me Sad

Would have been easier if they just told me they stole my coins. At least I won't have any hopes then (not that I have much anyways).
5  Alternate cryptocurrencies / Altcoin Discussion / Free lotto at worldcoinforum - closing in 10 minutes!! on: July 17, 2013, 11:59:13 AM
Join us in chat on at and get a chance to win lots of WDCs for free this Saturday at 2PM EST. Don't miss it!!
6  Alternate cryptocurrencies / Altcoin Discussion / Worldcoin promotion - free WDCs for new users on: July 08, 2013, 09:35:26 AM
Come and join and earn upto 40 WDCs.

Step 1: Sign up at, get an avatar, post in the introduction thread and then join our chat to get 15 WDCs
Step 2: Make a total of 5 quality posts spread over at least 3 separate dates and then again come over to the chat to get another 25 WDCs

While you are at it, check out our auction house

- If you buy any product over 100WDC, say that in our chat and get 10 WDCs (valid once)
- If you list an item for sale over 100WDC, you get 30 WDCs (valid once)

If I am not responding in the chat, just left click on my name on the right panel, start private chat and leave your address there.

Hoping to see you all soon in the chatbox.

7  Alternate cryptocurrencies / Altcoin Discussion / Bter account hacked on: June 21, 2013, 10:19:49 AM
I had some 2.3 LTCs, 164 FTCs and enough BTC for 300 WDC  at Bter. Suddenly I saw a lot of ridiculous trades - buying at high prices and selling in low using YAC, BQC etc - are going through. I immediately reset the password but the damage was done. I am now left with only 105 FTCs.

Was my account hacked or Bter just go rogue? I spent a lot of time and effort to build up my collection and poof - all gone  Cry
8  Alternate cryptocurrencies / Altcoin Discussion / [WTS] 7k MMEs for 5 LTCs on: June 03, 2013, 12:10:55 PM
PM or post below Smiley
9  Alternate cryptocurrencies / Altcoin Discussion / [WTS] 5.6k MME, 5k PNC & 1.3k SXC on: June 02, 2013, 10:54:34 AM
PM or post your offer.
10  Alternate cryptocurrencies / Altcoin Discussion / [Garage Sale] Take all for 1.5 LTC [Closed] on: May 23, 2013, 09:53:26 AM
I have the following coins which I want to sell (and then delete to clear space)

BitGem:  2.2 BTG
Franko:   2.7 FRK
DigiCoin: 7.2 DGC
Nibble:   18.5 NIB

Don't want to sell separately as it will be difficult to sell each at low volumes. Its an all or nothing offer.

EDIT: Sold all to vm1990
11  Alternate cryptocurrencies / Altcoin Discussion / Going to Sleep :P on: May 20, 2013, 10:43:09 PM
Looking for a fast trade before hitting the bed (and before it crashes Tongue)
12  Alternate cryptocurrencies / Altcoin Discussion / [WTS] 2.2 BTG & 100 SPC for 10 FTC each on: May 18, 2013, 06:38:25 AM
I have:

100 SPC
2.2 BTG

Willing to sell the whole lot for 20 FTCs
13  Alternate cryptocurrencies / Altcoin Discussion / [WTS] 12k Goldcoins for 5 LTCs on: May 16, 2013, 02:09:24 PM
Willing to send first if you are a reputed member.

Had a couple of successful trades at the CNC google docs exchange.
14  Alternate cryptocurrencies / Altcoin Discussion / [WTB] 30 Worldcoins with 4000 GoldCoins on: May 16, 2013, 09:29:14 AM
Please make me an offer. Also have 40 Gamecoins and 40 Supercoins if you are interested.

I have previously done two successful trades in the CNC google docs exchange.

Willing to trade in smaller quantitites too
15  Bitcoin / Mining software (miners) / Can't mine on 5670 [Solved] on: April 28, 2013, 08:19:32 AM
I installed an MSI HD 5670 with the relevant drivers and OpenCL SDk. However, when I try running cgminer it crashes right after it says 'Long Polling Activated'. I tried all possible combinations I could get; and at the end I tried Reaper which promptly crashed too.

I unistalled all the drivers; removed the openCL .dll files from Sys 32 and tried again with no luck. It has been over 12 hours and I am very frustrated - please help me out!!

I have been trying Scrypt mining. Not tried mining Bitcoins yet. The system in Windows 7 32 bit.

EDIT: Seems like an OpenCL problem. GPU Caps Viewer shows open CL but while trying to run any demo it says 'found 0 opencl gpu device. Bye'

EDIT 2: It worked. I installed SDK 2.6 instead of 2.8 - seems 2.8 is incompatible with my GPU.
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