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1  Alternate cryptocurrencies / Altcoin Discussion / Someone rewrote the Ethereum blog as poetry... on: March 14, 2015, 09:06:15 PM
...and I can't stop laughing.
2  Alternate cryptocurrencies / Altcoin Discussion / Research into ZeroCoin ongoing, and a multiparty non-trusted setup proposed on: March 08, 2015, 07:22:36 PM
ZRC is the "ultimate" case for privacy, in which all tx are totally obscured from the eyes of everyone else and it's impossible to tell how much money anyone else has (or even the system has). The only balances you can effectively know are your own. At the same time you can opt to use cryptography to prove ownership of funds, and where the funds are sent to.

The issue with ZRC was always that you needed a trusted party to setup the initial parameters set. If the trusted party doesn't destroy their keys after setup, then they can freely generate money of out the air and basically control the entire system.

The ZRC guys are now saying that they have found a solution and are implementing it:
However, I will address this caveat of this trusted setup. So what is this? Our zkSNARK trusted setup is for initial public parameters of the system. It only happens at genesis time. After that, no trust is required in the system ever. However, if the trusted setup is compromised, then an attacker can fake new coins and could totally trash your economy. An attacker cannot break your anonymity or steal your coins. That said, we weould like to get rid of trusted setup.

There is a paper by some of us which will be appearing soon (BCGTV15) where we propose a multi-party protocol for sampling the parameters. Efficient MPC protocol. If just one is honest, then parameters are going to be completely secure, meaning that an attacker needs to compromise every single one of the participants presumably on the different continents, to break the setup assumptions.
From the MIT Bitcoin expo:

Of course, an unsolveable issue is when there's a bug that lets someone create a pile of coins that the creators didn't realize existed (as with Bitcoin), since no one can see how much money exists on the blockchain. If the same event happened with ZRC, that user would own 99% of the ZRC that would even come into existence.
3  Bitcoin / Development & Technical Discussion / Unique Ring Signatures using secp256k1 keys on: September 03, 2014, 09:12:28 PM
As part of ongoing efforts of the Monero Project, a small program has been generated that allows you to do 1-of-N ring signatures using a secp256k1 keypair and a keyring of public keys. The program signs both binaries and text files.

To build and install, use this command after installation of Go:
go get -u -v

According to the paper, unique ring signatures are anonymous except in the case of signing the same message multiple times (in which case X and Y in the signature appear to be the same).

A potential usage might be to sign gitian asserts from a trusted keyring anonymously that contains well known members of the Bitcoin project. Another usage would be for members of a trusted community of Bitcoin users to anonymously vote for some proposal by signing it separately and publishing their signatures.

Thanks to Hein Meling for the initial URS implementation, Conformal Systems for their immensely useful libraries, and gmaxwell for inspiration.
4  Bitcoin / Mining speculation / The growth end is nigh, or the boom is coming? on: July 11, 2014, 01:05:06 AM
This is a fun forum to post in, especially when everything seems dire to everyone.

My units will become unprofitable to run by November of 2014 at 15 cents/W at current levels of exponential hash rate growth.  They get about 1.2 W/GH/s, which isn't that inefficient.

If you're using more efficient hardware, you maybe have miners with 0.5 W/GH/s and electricity at 15 c/W. Your profitability ends in February 2015.

Best case, you have 0.5 W/GH/s and electricity at 5 c/W. Your profitability ends in May 2015.

The last time this happened, everyone started spelling gloom and doom for Bitcoin mining, that mining units would never return on fiat, etc etc, and the market bounced back and suddenly Bitcoin mining was once again profitable.

The other situation could be that hash rate growth will stop because it is unprofitable, and the difficulty with begin tanking, and everyone will start offloading mining hardware (which is what happened with GPUs in 2011-2012). This works if price falls or remains stable.
5  Alternate cryptocurrencies / Marketplace (Altcoins) / Monero pizza auction on: June 01, 2014, 05:10:47 PM

Me and a bunch of the Monero core team folks would like to give the first five posters in this thread pizza (so long as they are in a country that has pizza for delivery).  If you are one of the first posters, claim your pizza by stating "I love pizza".

Contest restrictions: You must provide photos of your pizza after.

All subsequent posts will be bids for how many MRO you'd like for sending one of the first five posters a three-topping pizza.

End date: Sunday June 8th, 2014 @ 5PM EST

Pizza recipients:
1) ChekaZ
2) landcrab
3) Quanttek
4) BitcoinNewbie15
5) shojayxt

Top asks:
1) 2 MRO - fluffypony
2) 5.0 MRO - GreekBitcoin
3) 5.5 MRO - BitcoinNewbie15
4) 10 MRO - smooth
5) 20 MRO - luigi1111
6  Alternate cryptocurrencies / Altcoin Discussion / Bounty for open source ByteCoin/Monero GUI on: April 29, 2014, 08:04:11 PM
othe from VertCoin has expressed interest in creating an open source Python GUI frontend for ByteCoin/Monero that connects to the wallet RPC server.

This is a thread to provide a bounty for this project.

MRO donation address:
4BBi2mHacZKCVz83FR9YCpRxefprk3TbtixKrPUtxmUFUrYyV1oqpvNdFe9df2yFswR8QiiMvfNHAFr kXutJzEUE76fnCXx

BCN donation address:
263wx2YS6ERL3BeibbHzrP3d3bLMoHeieM4qpvbXUiKeEiie54dTjUpZ4MNNA4j7ej6kq75aLt43xHb Hz6ZzssfwCBbezUA

I will be collecting the funds for the GUI bounty. It sounds like we have nearly enough.

The donation address is:

4BBi2mHacZKCVz83FR9YCpRxefprk3TbtixKrPUtxmUFUrYyV1oqpvNdFe9df2yFswR8QiiMvfNHAFr kXutJzEUE76fnCXx

I am only accepting XMR donations at this time. If you want to donate using something else, you will need to convert it.

If you want to be able to get a refund in the event the bounty is not paid out and the project is cancelled, you will need to post or PM your TXIDs and an MRO return address. Any funds received but not accounted for in this way will be donated to some other community cause.

I will post updates of the amounts received.

Pledged bounty:
- Tacotime, 500 XMR
- Smooth, 500 XMR
- NoodleDoodle, 1000 XMR
- eizh, 100 XMR
- David Latapie, 12 XMR
- ficklepickle, 5000 MINT
- mickey_miner, 500 XMR
- dnaleor, 10 XMR
- wallet42, 42 XMR

Total: 2100 XMR

Received: 1652 XMR, 121345.46695471 BCN
7  Alternate cryptocurrencies / Altcoin Discussion / Bounty for open source ByteCoin/Monero pool on: April 29, 2014, 07:29:35 PM

zone117x has expressed interest in creating an open source ByteCoin/Monero pool:
<zone117x> hey I looked at it and it will require substantial refactoring of the codebase and there are many other pressing features needing to be implemented in NOMP
<zone117x> so its pretty low on the priority list.
<zone117x> those who are very eager for specific NOMP feature can place a bounty, and if I accept it then I'll drop the current features I"m working in order to get it implemented
<zone117x> I don't operate any pools myself so pool ops take my open source code, make money off of it, and very few people donate a small amount
<zone117x> so the harder to implement that a feature is, the higher the bounty to get me to implement it. otherwise I'll imeplement it on my own time
<zone117x> currently there are probably months worth of features higher priority to me than getting that type of coin supported
<zone117x> if there is substantial interest in getting that type of coin supported then those who want it should contribute to a bounty

I am already offering 1000 MRO for this, but I'd like to start a bounty list for such an implementation.  If we get a substantial amount, we can start collecting funds to an escrow and get this pushed out. Smiley

Donate to this address to raise bounty (MRO): 466CVfQvGmELo8Bc7ypDqTcSUg8Ky4WS7EefFdf4JUvWes4GVmAsXgtKPND9WT3p2bVjyEDFvmTA69S kpvuT5wBy1T1ZwWu

Donate to this address to raise bounty (BTC):

Donate to this address to raise bounty (BCN):
2AK9F4qNMwFiSwTQ64xcyMLBH7r4xYJYqS4idGBjRhuU3nrqesKcP1rd3nazxm1v2EZCUyXp8Q4nGFR fSCK8ToUi3GnLAHz

From Smooth:
I will be collecting the funds for the pool bounty. It sounds like we have nearly enough.

The donation address is:

466CVfQvGmELo8Bc7ypDqTcSUg8Ky4WS7EefFdf4JUvWes4GVmAsXgtKPND9WT3p2bVjyEDFvmTA69S kpvuT5wBy1T1ZwWu

I am only accepting MRO donations at this time. If you want to donate using something else, you will need to convert it.

If you want to be able to get a refund in the event the bounty is not paid out and the project is cancelled, you will need to post or PM your TXIDs and an MRO return address. Any funds received but not accounted for in this way will be donated to some other community cause.

I will post updates of the amounts received.

I have created a BTC address for pool bounty donations:


Please do not use this address for any other purpose.

I will not assume return addresses are valid. If you wish to receive a refund if the bounty is cancelled you must provide a return address to me. Any donations not accounted for in this manner will be used for some other community purpose if the pool bounty is cancelled.

Pledged Bounty:
- TacoTime, 1000 MRO
- Smooth, 1000 MRO
- NoodleDoodle, 2000 MRO
- David Latapie. 25 MRO
- surfer43, 200k BCN
- mickey_miner, 500 MRO
- eizh, 400 MRO
- dnaleor, 20 MRO
- GreekBitcoin, 17 MRO
- tifozi, 100 MRO
- othe, 502 MRO
- DStrange, 0.3 BTC, 5M BCN
- Cheesus, 1M BCN

Total: 5564 MRO, 200k BCN

Received bounty:
5439 MRO
0.685 BTC
5728555.555 BCN
8  Alternate cryptocurrencies / Altcoin Discussion / Monero (MRO) Giveaway [Faucet] on: April 25, 2014, 04:48:21 PM
2.0 MRO will be given to the first 100 addresses posted in this thread from user accounts that are more than two weeks old.

Please read more about Monero here:
9  Alternate cryptocurrencies / Altcoin Discussion / Copypasta coins of skycoin are a scam (duh?) on: February 22, 2014, 04:39:51 AM
The skycoin authors have messaged me on BM to tell me that polycoin etc are scams.
10  Alternate cryptocurrencies / Altcoin Discussion / Appeal to the community for the development of MC2 and related technologies on: February 15, 2014, 04:17:24 PM
Short version

I'm currently a graduate student who is planning to move into hacking on cryptocurrencies full time.  I've been an active member of the community for approximately 3 years now and have conceptualised cryptocurrency ideas through the input of the community on a working project called MC2.  I have the backing of Conformal Systems, owners of Coinvoice and creators of btcd, who will provide quality control for code written in the implementation of these ideas.

(1) What models work for the community to fund cryptocurrency development and make it worthwhile for you to contribute? One model explored so far is the idea of stake tickets redeemed for coins in the developed cryptocurrency. Are there any others that work better?
(2) What do you want to see from a project like this? What kind of engagement do you want to see? What kind of structures should we build to accommodate what's lacking in the community?

I will be at the Texas Bitcoin Conference if anyone would like to meet up with me there and discuss things with me, and I'm trying to be more active in my IRC channel (#mc2) and -wizards on freenode.  As I live in the greater Toronto area, I will also be making an effort to attend the local meets at Bitcoin Decentral on a regular basis if this becomes my full time work.  I haven't had the opportunity to delve into cryptocurrencies nearly as much as I'd like to, and I'm hoping with the support of the community, I can make this into a career.

Long Version

Most of you here know of me, have seen me post over the past couple of years, have heard of my specifications for MC2, or have used GUIMiner-scrypt.

I'm hoping that the end of this month will mark the beginning of a transitioning period in my life: the move away from graduate school and into professional cryptocurrency development.

After much review of my situation over the past month, I have decided that I would prefer to drop out of my graduate program and code for the community if possible.

Likewise, I don't want this money to come from a company -- I want it to come from the community.  There has been a large amount of interest lined up in the early donation of BTC to me and my developers to create MC2, with the promise of stake tickets (eventual coins) in return.  This is somewhat similar to the Ethereum fundraiser, but I don't know if it's considered the ideal situation for you guys, or what you consider to be a fair and balanced initial distribution in exchange for the input required to pay the developers.  Most certainly I did not want something like 5% or 10% of the total quantity of coins being in a central foundation's hands by 5 or 10 years time.  I intended to cap individual contributions to $5 k USD, to allow group buys on the forum for smaller quantities through some of these eligible individuals, and to cap contributions by developers themselves to $10 k USD.

I want you guys' feedback on what you think is far and reasonable, for instance, the premine perhaps being 3% of the total amount of coin issued after 10 years, whether or not the code should be initially released FOSS to prevent forking, and so on.  If it's not released FOSS, we will allow periodic audits by security firms and trusted members of the community prior to and after release, until the period it becomes FOSS.

Basically, though, the people who offered to help me in the beginning and who've stood beside me and supported me and my ideas will be the first ones allowed to donate.  And, I think that's fair.

There are many ways this money could be stored.  I think the best idea is to put it in P2SH multisig addresses, where the sender transmits it to this address and in order for it to be spent the sender, myself, and whoever other trusted members of the community we choose will all have to sign for the money before it will be sent anywhere.  To mitigate volatility, we can also transfer a small amount of BTC to a P2SH address to use as a deposit, that goes towards the full amount required in fiat later.  In this way, we can use the blockchain as the escrow for the community funds, so that even if you send us the money, we can never spend it to fund ourselves without your consent later.  In this way, we can also schedule the transmission of funds on an as needed basis.

If/when I start working on full time development, I would give major contributers a phone number with which to contact me, and ready access to communicate with me over IRC as well to keep the development process as transparent as possible.  Distribution of funds would be on an as needed basis: if one of my developers needs to get paid for the month, we would contact the sig holder of the multisig address, and move a small amount of money at a time in exchange for a small amount of tickets at a time, and people would know exactly where their money was going.

Even though my quoted starting wage was $60-80 k USD, I'm not comfortable starting at the high end for the community's sake, because I don't know how this will turn out.  I will commit to these things:
1.) I will request a starting wage of $60 k USD via donations to begin work on this project in March for a 1 year duration.  As I want some stake in MC2 as well, I'll only ask for $50 k USD and myself assume $10 k USD of stake tickets (as if I had donated $10 k USD myself).
2.) I will be the lowest paid programmer on my team.
3.) If for some reason the project falls through, any code generated non-publicly will be released to the community and remaining funds will be returned to their original owners.

I want to make the stipulation that the community will be hiring me through donation, and that there is no promise of future value for any prospective premine system, and no promise that working code will be delivered at the end of this.  It's a donation to help fund innovation in the community and to help generate more cryptocurrency developers with the experience required to maintain the financial systems of the future.

To leave my graduate studies would be a gigantic leap for me, and leaves me with no real guarantee of financial stability beyond the next year (at least, from my current vantage point).

So, how do you all, as a community, feel about me working for some of you for the quantities of funds?  How do you feel about small premines distributed over a series of years being used to fund a new coin?  What else do you want to see in launches of funding for new coins?  What do and don't you agree with?

I'm not a marketing person or really even a businessperson, so I'm not going to sell this to you as anything but what it is -- a system of donations that goes to funding some research and implementation in the cryptocurrency community.  It's my dream to work modestly for the benefit of the community, and to learn progressively more about cryptography and novel decentralized payment systems.


Contact me via BitMessage: BM-NBKELZ4Ri3paEF71Yr2xxp3wFB7uioZ9
or by IRC: (SSL required) in #mc2 or freenode #mc2

Original MC2 thread:
11  Bitcoin / Mining speculation / Prediction: The majority/all of ASICs will become worthless by mid-to-late 2014 on: February 05, 2014, 03:26:45 PM
There are a lot of people complaining about centralization right now, but I doubt we'll run into the problem long term.

Here's why I doubt it'll be a problem:

After the big 2011 boom, we got to the point where everyone had video cards and the price was slowly dropping, along with the value of those video cards.

At this time large scale miners who had previously been hoarding GPUs began selling them off en masse, redistributing the hardware.

It's probably going to be worse for ASICs, because they have no other purpose than Bitcoin.  If the mining companies can't turn a profit mining with them themselves, they're going to dump them on consumers as hard and fast as they can -- bumping the prices down for us.  As in 2011, this will likely be a temporary state and Bitcoin will eventually begin to surge again.

I suspect the mining companies may turn out to be big long term losers in this game.
12  Alternate cryptocurrencies / Announcements (Altcoins) / ZeroCash: 2nd gen with anonymization starting from the coinbase transaction on: January 19, 2014, 09:02:00 PM
Not a lot is known about this, as M. Green has been keeping very quiet.  The most I know is from these slides.

The transcript from the presentation is here:

Fun facts:
- ZRC uses Succinct Non-interactive ARguments of Knowledge (SNARKs) for proofs, which are only 288 bytes in size for 128-bits of security
- Tradeoff is the time it takes to generate proofs for splits/merges (measured in minutes)
- Verification of proofs in milliseconds
- Release date: May 2014
13  Alternate cryptocurrencies / Announcements (Altcoins) / Ethereum: 2nd gen cryptocurrency with contract programming, "dagger" hashing on: January 12, 2014, 10:51:20 PM
There was no [ANN] for this, so I figured I'd throw it up for you guys.

As with the other "2nd gens," this is not a fork but rather a complete rewrite of all the foundational code.  It does however use some commonalities, for instance the C++ implementation includes usage of leveldb and boost.

Source code repository

- Novel "memory-hard" hashing algorithm specification
- Use of GHOST blocktrees instead of a traditional blockchain for PoW data propagation
- Use of Patricia trees in block data structures
- Transactions which contain loop-enabled programmable instructions for the creation of novel derivatives and functions within the blocktree; these are deemed "contracts"
- New fees algorithm which adjusts based on several different parameters
- New difficulty adjustment algorithm
- Data in objects is encoded in recursive length prefix (RLP) notation
- Crowdfunding model

The author is Vitalik Buterin, among others.

Vitalik and co., contact me if you plan to make an official ANN here and I'll close this thread.

Please note:
This is not MC2 and I am not involved in its development, but I am closely watching this to see where it goes!
14  Bitcoin / Hardware / HashFast customer e-mail leak on: December 28, 2013, 12:58:59 AM
All HashFast customers appear to have had their email addresses leaked today by the company itself.

Please ensure:
1. Images are turned off in your email client to prevent ip phishing attempts.
2. Reverse email lookups do not reveal your delivery address.
3. You do not open emails that appear to be phishing attempts.

Disclaimer: I am not a paid employee of HashFast but was instead selected to answer questions for them here on bitcointalk -- so please don't emit venom in my direction.
15  Economy / Speculation / The maximum possible value of Bitcoins compared to fiat on: December 23, 2013, 04:06:36 PM
About 5.5 billion troy ounces of gold exist right now in purified form on planet Earth.  At $1,200 USD per oz, that's $6.6 trillion USD as a market capitalisation.

If you split the same market capitalization among Bitcoin, the price of a single Bitcoin would be $314,286 USD.

That's a lot of room left to grow yet for gold market capitalization parity.

What do you think the maximum price or market cap will be for Bitcoin, and why?
16  Alternate cryptocurrencies / Altcoin Discussion / LTC ASICs imminent? GridChip claims 60 KH/s at 0.44 W on: December 08, 2013, 11:09:54 PM
The spec sheet is here:

These are hybrid miners that utilize the BTC hashing core to do a few of the SHA256 calculations for LTC apparently, they are claimed to be able to simultaneously hash BTC at 1.75 GH/s and LTC at 59.6 KH/s while pulling 4.56 W.  Hashing LTC alone, they are claimed to pull 59.6 KH/s at 0.44 W.

the chips are not mine, this is gridchip project (team behind avalon gen1,gen2) there is conference on 8th dec in Beijing for launch where you can pick up raw chips & development board. other regions will be added later

Quote from: Google Translate
Scheduled at 10:00 on December 8, 2013, in West Street, Haidian, Beijing, 70 3W coffee (Haidian Book City, south of the membership across the sea floor), held Gridchip GC3355 chip product launches and mining machines. In addition to the chip and mine-site machine product launches, and BTC, LTC demonstration outside mining, but also on-site sales of 50 sets of single-chip development board and a few chips.

Development board: each 500 yuan
chip: 400 yuan per piece, per pack of 1600 yuan four chips

This price is only preliminary offers developers, not as a formal reference to the product price. Each person can purchase two development boards, chip purchase of two packs per person.
17  Economy / Computer hardware / Auction: HIS IceQ 6950 and Powercolor 6950 in LTC on: December 04, 2013, 12:33:22 AM

Ends Saturday the 7th

Includes x16 --> x16 risers free if you need them
18  Alternate cryptocurrencies / Altcoin Discussion / Binary message in one of LTC's richest addresses? on: December 01, 2013, 03:46:27 AM
Address: LTpYZG19YmfvY2bBDYtCKpunVRw7nVgRHW

This litecoin address contains the following transmitted on 2013-04-02 as bytes following the mantissa of a number of transactions slightly more than 1 in value:

It's very clearly ASCII text, because if you convert it you get:
bridr eee!slsakp ieantdl ums

It appears they used a script to upload all transactions at exactly the same time, which makes ordering the ASCII letters difficult.  Can anyone decipher this message?
19  Economy / Goods / [WTT] My BTC for your gold/platinum rounds in Canada (local: GTA) on: November 28, 2013, 10:31:23 PM
Looking for someone willing to trade BTC at spot price (CAVirtex 24h average) for gold/platinum at spot price.  I have the BTC.

Escrow through a trusted member of the forum like John K if by mail.

Let me know what you have.  Prefer 1 oz gold maple leafs.
20  Alternate cryptocurrencies / Altcoin Discussion / Is Litecoin massively undervalued? on: November 02, 2013, 06:59:29 PM
I've been playing around with a few metrics to try to determine how to value LTC versus BTC; these are:
1. Return in USD per day per USD invested
2. Cost of electricity to produce 1 USD

Let's start with 1.

BTC: KnC 275 GH/s @ $3,000
$200.00 per coin
0.3485 coins/day at difficulty 391m
or 69.70 USD/day after electicity (300 watts), 1.5% fee, 0.15 cents/kWh
0.0232333 USD day ^-1 USD invested^-1

LTC: 40x 7950 (+PSU/mobo/memory/HDD valued at $4000) @ $12,000
$2.40 per coin
23.8434 coins/day at difficulty 1080
or $27.632 USD/day after electicity (9600 watts), 1.5% fee, 0.15 cents/kWh
0.002302666 USD day^-1 USD invested^-1

How does this look if we chart it out, with BTC difficulty inflating at a rate of 25% every two weeks and LTC difficulty inflating at a rate of 2% every two weeks, given constant prices for both currencies?

Well, that's pretty interesting.  In order to hit the same USD return per day per investment dollar, BTC difficulty needs to increase at the same rate (25% per two weeks) for 22 weeks, or almost half a year.

How about 2, cost of electricity to produce 1 USD for both currencies?

With BTC at $200 USD and LTC at $2.40 USD, the equivalent of 1 USD is 0.005 BTC and 0.41666 LTC respectively.
How much power is used to produce this 1 USD?  The calculations should be pretty straightforward, so I won't detail them here, but you should be able to plug this into and see it for yourself.

KnC Saturn @ 275 GH/s, 300 W at the wall, 1.5% pool fee, difficulty 391M
0.0154949785 cents per USD

7970 @ 630 KH/s, 225 W at the wall (my own measurements from one of my rigs), 1.5% pool fee, difficulty 1080
0.5887987788 cents per USD

That's a 40 fold greater cost of electricity to produce 1 USD in LTC as compared to BTC!  Of course, over time and progressive difficulty increases this will continued to come down, but unless there are massive price swings in the near future or ultra efficient LTC FPGAs/ASICs come out, the cost of production of 1 USD with Litecoin will continue to be many fold that of Bitcoin.

Finally, it's worth mentioning that LTC block reward will undergo halving in less than 2 years time, while Bitcoin is looking at 3.5 years from the current date.

Feel free to point out any stupid oversights or assumptions, but these have been my thoughts over the past week or so, especially as BTC price continues to rise.
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