Quantus
Legendary
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Activity: 883
Merit: 1005
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July 04, 2015, 10:45:01 AM |
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Whats really fucked up is that these chinese miners don't even want to use 1MB blocks and people are pushing for a 8MB hard fork. Upping the max block size will not force these large pools into including more transactions, it could in fact have the opposite affect.
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(I am a 1MB block supporter who thinks all users should be using Full-Node clients) Avoid the XT shills, they only want to destroy bitcoin, their hubris and greed will destroy us. Know your adversary https://www.youtube.com/watch?v=BKorP55Aqvg
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RealMalatesta
Legendary
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Activity: 2380
Merit: 1150
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July 04, 2015, 10:47:42 AM |
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Anyone on SPV wallet question?
ARE SPV wallets (i.e. Multibit) safe?
Using anything other than official Bitcoin-Qt wallet (full node) is playing with fire. For the sake of saving 40GB of HDD space and to have a bit faster syncing you have massively increased a chance for all sort of troubles and you are actualy not contributing to network at all, just draining resources off of it and using up others' connection slots. As far as I know, SPV wallets are not relaying transactions or blocks, they are just like people on Torrent who download stuff but not share anything. SPV wallets were Satoshi's idea. He knew they would be needed by people with low spec computers and metered internet connections. People have complained the Bitcoin core wallet can take a week to sync on a low power computer with a slow connection. They say if anything goes wrong whole it's syncing and the database gets corrupted you have to start the whole process again. My computer is too low power and has too little free memory to consider using the Bitcoin core wallet. Not everyone has the choice to use the Bitcoin core wallet, some people have no option but to use SPV wallets. "Here I have 100,000 USD and I'll put them at insecure and problematic bank because I have no money for better one". Not everybody has 100'000 USD on its wallet (I wish I had, though). Especially if you want to have some petty money on the laptop, mobile or tablet, SPV wallets are pretty handy. I, for example, have one mobile phone which I use about five times a year. SPV is best for it...
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JerryCurlzzz
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July 04, 2015, 10:53:23 AM |
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Just saw the warning. Glad I did. I use Electrum for my hot wallet. (Not that I keep much in it anyway)
Is there any news on this? I've looked through the end of the thread -- this is where the warning points -- and it appears unresolved. Am I crazy or shouldn't this be an easy fix for these pools?
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rich93
Full Member
Offline
Activity: 595
Merit: 101
Chromia - Relational Blockchain
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July 04, 2015, 10:54:05 AM |
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Anyone on SPV wallet question?
ARE SPV wallets (i.e. Multibit) safe?
Using anything other than official Bitcoin-Qt wallet (full node) is playing with fire. For the sake of saving 40GB of HDD space and to have a bit faster syncing you have massively increased a chance for all sort of troubles and you are actualy not contributing to network at all, just draining resources off of it and using up others' connection slots. As far as I know, SPV wallets are not relaying transactions or blocks, they are just like people on Torrent who download stuff but not share anything. SPV wallets were Satoshi's idea. He knew they would be needed by people with low spec computers and metered internet connections. People have complained the Bitcoin core wallet can take a week to sync on a low power computer with a slow connection. They say if anything goes wrong whole it's syncing and the database gets corrupted you have to start the whole process again. My computer is too low power and has too little free memory to consider using the Bitcoin core wallet. Not everyone has the choice to use the Bitcoin core wallet, some people have no option but to use SPV wallets. "Here I have 100,000 USD and I'll put them at insecure and problematic bank because I have no money for better one". Not everybody has 100'000 USD on its wallet (I wish I had, though). Especially if you want to have some petty money on the laptop, mobile or tablet, SPV wallets are pretty handy. I, for example, have one mobile phone which I use about five times a year. SPV is best for it... There have been attempts to get the unbanked in third world countries to use Bitcoin. they would be lucky if they could afford the most basic Android phone there is. SPV wallets are the only option for them. You cannot tell them they should only use Bitcoin core because they probably don't own computers. What we might consider petty money on a mobile phone might be a lot of money to them.
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JorgeStolfi
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July 04, 2015, 10:58:17 AM |
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I love how the problem was essentially fixed by the time I found this thread. The tech community is so efficient
It was solved promptly because Greg Maxwell (@nullc) and perhaps other devs were awake and carefully watching the blockchain for the BIP66 activation. They spotted the problem right away and promptly warned the SPV miners. Had the devs been sleeping or busy at the time, the accident would have been nastier.
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Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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favdesu
Legendary
Offline
Activity: 1764
Merit: 1000
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July 04, 2015, 10:58:42 AM |
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Just saw the warning. Glad I did. I use Electrum for my hot wallet. (Not that I keep much in it anyway)
Is there any news on this? I've looked through the end of the thread -- this is where the warning points -- and it appears unresolved. Am I crazy or shouldn't this be an easy fix for these pools?
electrum uses nodes. go to console and check the status "This node is running bitcoind 0.10.0 with no scheduled restarts." < means you're good to go
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JorgeStolfi
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July 04, 2015, 10:59:23 AM |
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Did anybody else notice that (at the time of writing this) the 3 biggest pools have exactly 51% of the total hashrate between them? I do not think it is relevant. Just an observation.
The top 4-5 Chinese pools have a lot more than 50%.
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Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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btc_enigma
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July 04, 2015, 11:02:13 AM |
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Can someone explain why 0.9 bitcoind are not safe to use ? Won't they also catch up to the longest chain later ?
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RealMalatesta
Legendary
Offline
Activity: 2380
Merit: 1150
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July 04, 2015, 11:04:58 AM |
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Anyone on SPV wallet question?
ARE SPV wallets (i.e. Multibit) safe?
Using anything other than official Bitcoin-Qt wallet (full node) is playing with fire. For the sake of saving 40GB of HDD space and to have a bit faster syncing you have massively increased a chance for all sort of troubles and you are actualy not contributing to network at all, just draining resources off of it and using up others' connection slots. As far as I know, SPV wallets are not relaying transactions or blocks, they are just like people on Torrent who download stuff but not share anything. SPV wallets were Satoshi's idea. He knew they would be needed by people with low spec computers and metered internet connections. People have complained the Bitcoin core wallet can take a week to sync on a low power computer with a slow connection. They say if anything goes wrong whole it's syncing and the database gets corrupted you have to start the whole process again. My computer is too low power and has too little free memory to consider using the Bitcoin core wallet. Not everyone has the choice to use the Bitcoin core wallet, some people have no option but to use SPV wallets. "Here I have 100,000 USD and I'll put them at insecure and problematic bank because I have no money for better one". Not everybody has 100'000 USD on its wallet (I wish I had, though). Especially if you want to have some petty money on the laptop, mobile or tablet, SPV wallets are pretty handy. I, for example, have one mobile phone which I use about five times a year. SPV is best for it... There have been attempts to get the unbanked in third world countries to use Bitcoin. they would be lucky if they could afford the most basic Android phone there is. SPV wallets are the only option for them. You cannot tell them they should only use Bitcoin core because they probably don't own computers. What we might consider petty money on a mobile phone might be a lot of money to them. I absolutely agree. I run a couple of core wallets and a node,, though, but I just have to look at my family and see that they want - and need - a quicker solution which makes it easy for them. Here we are again discussing mass adaption...
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SISAR
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July 04, 2015, 11:05:13 AM |
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Anyone on SPV wallet question?
ARE SPV wallets (i.e. Multibit) safe?
Using anything other than official Bitcoin-Qt wallet (full node) is playing with fire. For the sake of saving 40GB of HDD space and to have a bit faster syncing you have massively increased a chance for all sort of troubles and you are actualy not contributing to network at all, just draining resources off of it and using up others' connection slots. As far as I know, SPV wallets are not relaying transactions or blocks, they are just like people on Torrent who download stuff but not share anything. SPV wallets were Satoshi's idea. He knew they would be needed by people with low spec computers and metered internet connections. People have complained the Bitcoin core wallet can take a week to sync on a low power computer with a slow connection. They say if anything goes wrong whole it's syncing and the database gets corrupted you have to start the whole process again. My computer is too low power and has too little free memory to consider using the Bitcoin core wallet. Not everyone has the choice to use the Bitcoin core wallet, some people have no option but to use SPV wallets. "Here I have 100,000 USD and I'll put them at insecure and problematic bank because I have no money for better one". Not everybody has 100'000 USD on its wallet (I wish I had, though). Especially if you want to have some petty money on the laptop, mobile or tablet, SPV wallets are pretty handy. I, for example, have one mobile phone which I use about five times a year. SPV is best for it... Well, this whole thread and many others are proof SPV wallets suck balls.
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turvarya
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July 04, 2015, 11:06:27 AM |
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Can someone explain why 0.9 bitcoind are not safe to use ? Won't they also catch up to the longest chain later ?
They allow invalid blocks. So, if you have 2 chains one with invalid blocks and one without. Bitcoin Core 0.9 would chose the longest block as the right one. Bitcoin Core 0.10.2 would just ignore the chain with the invalid blocks.
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Meuh6879
Legendary
Offline
Activity: 1512
Merit: 1012
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July 04, 2015, 11:06:55 AM |
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If PEOPLE use Bitcoin Core 0.10.2 or 0.11.0 RC3, they don't have problem.On bottom, the complet LOG of the blockversion error (v2) ... and the correction of the network (bitcoin !) after this (v3) with 12 blocks in row to invalidate the v2 ORPHAN blocks. No problem here, the blockchain is true ... and Bitcoin Core do the job. 2015-07-04 01:56:19 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 01:56:19 ERROR: invalid header received 2015-07-04 01:56:19 ProcessMessages(headers, 82 bytes) FAILED peer=191 2015-07-04 01:56:20 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 01:56:20 ERROR: ProcessNewBlock: AcceptBlock FAILED
2015-07-04 01:59:50 UpdateTip: new best=000000000000000002279afdc82b23535938b34a0cb4aaa04dcb85dc1768608e height=363726 log2_work=83.025486 tx=74420964 date=2015-07-04 01:59:05 progress=0.999999 cache=266.4MiB(114099tx) 2015-07-04 02:03:30 UpdateTip: new best=000000000000000014295aaf3ac51264b1710645e3035b288a40633b5a9424a5 height=363727 log2_work=83.025517 tx=74421062 date=2015-07-04 02:02:52 progress=0.999999 cache=266.5MiB(114242tx) 2015-07-04 02:05:19 UpdateTip: new best=000000000000000015a904dd0cf81bfb13b0bdfe65a30caafd9c85d9c5b1b318 height=363728 log2_work=83.025548 tx=74421355 date=2015-07-04 02:04:22 progress=0.999999 cache=266.6MiB(114406tx) 2015-07-04 02:05:54 UpdateTip: new best=000000000000000011e40c5deb1a1e3438b350ea3db3fa2dedd285db9650a6e6 height=363729 log2_work=83.025579 tx=74421408 date=2015-07-04 02:05:13 progress=0.999999 cache=266.7MiB(114466tx) 2015-07-04 02:07:02 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 02:08:06 UpdateTip: new best=000000000000000006a320d752b46b532ec0f3f815c5dae467aff5715a6e579e height=363730 log2_work=83.02561 tx=74421543 date=2015-07-04 02:07:38 progress=1.000000 cache=267.0MiB(114598tx)
2015-07-04 02:09:32 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 02:09:32 ERROR: invalid header received 2015-07-04 02:09:32 ProcessMessages(headers, 82 bytes) FAILED peer=191 2015-07-04 02:09:33 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 02:09:33 ERROR: ProcessNewBlock: AcceptBlock FAILED 2015-07-04 02:23:10 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 02:23:10 ERROR: invalid header received 2015-07-04 02:23:10 ProcessMessages(headers, 163 bytes) FAILED peer=191 2015-07-04 02:23:10 ERROR: AcceptBlockHeader: prev block not found 2015-07-04 02:23:10 ERROR: ProcessNewBlock: AcceptBlock FAILED
2015-07-04 02:23:10 Misbehaving: 86.125.113.54:8333 (0 -> 10) 2015-07-04 02:46:56 UpdateTip: new best=00000000000000000c28e23330c29046f19e817fe8fe039f4044b2b2882aef53 height=363731 log2_work=83.025641 tx=74423426 date=2015-07-04 02:46:13 progress=0.999999 cache=268.7MiB(116337tx)
2015-07-04 02:49:14 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 02:49:14 ERROR: invalid header received 2015-07-04 02:49:14 ProcessMessages(headers, 244 bytes) FAILED peer=191 2015-07-04 02:49:14 ERROR: AcceptBlockHeader: prev block not found 2015-07-04 02:49:14 ERROR: ProcessNewBlock: AcceptBlock FAILED
2015-07-04 02:49:14 Misbehaving: 86.125.113.54:8333 (10 -> 20) 2015-07-04 02:49:34 UpdateTip: new best=00000000000000001242e0216eb113f1c50e4c18ecfbc8b9c0224ec82ec391d6 height=363732 log2_work=83.025672 tx=74423842 date=2015-07-04 02:48:53 progress=0.999999 cache=268.7MiB(116505tx)
2015-07-04 02:52:22 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 02:52:22 ERROR: invalid header received 2015-07-04 02:52:22 ProcessMessages(headers, 325 bytes) FAILED peer=191 2015-07-04 02:52:22 ERROR: AcceptBlockHeader: prev block not found 2015-07-04 02:52:22 ERROR: ProcessNewBlock: AcceptBlock FAILED 2015-07-04 02:52:22 Misbehaving: 86.125.113.54:8333 (20 -> 30) 2015-07-04 02:57:00 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 02:57:00 ERROR: invalid header received 2015-07-04 02:57:00 ProcessMessages(headers, 406 bytes) FAILED peer=191 2015-07-04 02:57:00 ERROR: AcceptBlockHeader: prev block not found 2015-07-04 02:57:00 ERROR: ProcessNewBlock: AcceptBlock FAILED 2015-07-04 02:57:00 Misbehaving: 86.125.113.54:8333 (30 -> 40) 2015-07-04 03:06:03 ERROR: ContextualCheckBlockHeader : rejected nVersion=2 block 2015-07-04 03:06:03 ERROR: invalid header received 2015-07-04 03:06:03 ProcessMessages(headers, 487 bytes) FAILED peer=191 2015-07-04 03:06:03 ERROR: AcceptBlockHeader: prev block not found 2015-07-04 03:06:03 ERROR: ProcessNewBlock: AcceptBlock FAILED
2015-07-04 03:06:03 Misbehaving: 86.125.113.54:8333 (40 -> 50) 2015-07-04 03:17:14 receive version message: /UMDCoinscope:0.0/: version 70002, blocks=346294, us=xxx, peer=215 2015-07-04 03:30:16 UpdateTip: new best=000000000000000006355c07b36bac6990cce128610d674851096b8c9745a3ee height=363733 log2_work=83.025703 tx=74425504 date=2015-07-04 03:29:43 progress=0.999999 cache=272.4MiB(118614tx) 2015-07-04 03:37:53 UpdateTip: new best=000000000000000015358ae1131062fa83081797bb4cec4df0b1e5a5d01c1936 height=363734 log2_work=83.025734 tx=74425908 date=2015-07-04 03:37:00 progress=0.999999 cache=272.5MiB(118967tx) 2015-07-04 03:41:03 UpdateTip: new best=00000000000000000695243f6ac9b713bb1faa32c0eab3fc73286a288a44abde height=363735 log2_work=83.025765 tx=74426076 date=2015-07-04 03:40:39 progress=1.000000 cache=272.5MiB(119124tx) 2015-07-04 03:41:10 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 03:42:01 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 03:43:10 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 03:46:06 UpdateTip: new best=000000000000000003bcf71307c6f8f4a7caa7b9b4a3bef3ffbdfb1f0284c733 height=363736 log2_work=83.025797 tx=74426309 date=2015-07-04 03:45:17 progress=0.999999 cache=272.6MiB(119392tx) 2015-07-04 03:49:22 UpdateTip: new best=0000000000000000014e7c854125e10dd123271359b2c006b7b291bc23b8ad15 height=363737 log2_work=83.025828 tx=74426475 date=2015-07-04 03:48:50 progress=1.000000 cache=272.6MiB(119512tx) 2015-07-04 03:55:05 UpdateTip: new best=000000000000000010b61f1f1a8e1e465ad7fd5515aaff03914dd2a44ead8f94 height=363738 log2_work=83.025859 tx=74426795 date=2015-07-04 03:54:43 progress=1.000000 cache=275.0MiB(120136tx) 2015-07-04 04:02:53 UpdateTip: new best=00000000000000000e605e9bd17bea7fbb3ae3a7796d41730e0b2d3e7053a1ac height=363739 log2_work=83.02589 tx=74426998 date=2015-07-04 04:01:51 progress=0.999999 cache=275.3MiB(120523tx) 2015-07-04 04:09:03 UpdateTip: new best=000000000000000008f4a0f3177497369268c9b51968b6514d8b1df592d84ed0 height=363740 log2_work=83.025921 tx=74427753 date=2015-07-04 04:08:44 progress=1.000000 cache=275.7MiB(120876tx) 2015-07-04 04:09:36 UpdateTip: new best=00000000000000000b9d7006b0a893302e02becbc2faf78e79e000bb51721db0 height=363741 log2_work=83.025952 tx=74427754 date=2015-07-04 04:08:56 progress=0.999999 cache=275.7MiB(120890tx) 2015-07-04 04:26:41 UpdateTip: new best=00000000000000000095b61b02313f2be6a9d0d21684421caaa032506a38bd5f height=363742 log2_work=83.025983 tx=74428839 date=2015-07-04 04:25:41 progress=0.999999 cache=288.5MiB(122413tx) 2015-07-04 04:33:10 UpdateTip: new best=00000000000000000d0d362a2fbb3c3e7c8c748cc169ea90663cd18a354bc09b height=363743 log2_work=83.026014 tx=74429192 date=2015-07-04 04:32:52 progress=1.000000 cache=289.3MiB(122720tx) 2015-07-04 04:37:33 UpdateTip: new best=0000000000000000090128120630af662602c48ca979810d291dad2134e156da height=363744 log2_work=83.026045 tx=74429410 date=2015-07-04 04:37:06 progress=1.000000 cache=289.5MiB(122905tx) 2015-07-04 04:37:33 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 04:54:46 UpdateTip: new best=00000000000000000fa43f76ae85695da67a762493d746aed1468dfe222b476e height=363745 log2_work=83.026076 tx=74430429 date=2015-07-04 04:54:38 progress=1.000000 cache=291.0MiB(123749tx) 2015-07-04 04:58:57 UpdateTip: new best=0000000000000000052cf224477d486438db79921dda61f5d4a83d10226e3229 height=363746 log2_work=83.026107 tx=74430668 date=2015-07-04 04:58:41 progress=1.000000 cache=291.3MiB(123901tx) 2015-07-04 05:01:53 UpdateTip: new best=0000000000000000076dd13c40bc1d505b95401fcad328e4c4aac62a4577614f height=363747 log2_work=83.026138 tx=74430930 date=2015-07-04 05:01:41 progress=1.000000 cache=291.4MiB(124117tx) 2015-07-04 05:01:57 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 05:02:21 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 05:02:26 ERROR: AcceptToMemoryPool: inputs already spent 2015-07-04 05:02:58 UpdateTip: new best=00000000000000000cd9e62f7724a64bdf6e8955b1545dd8f8413659ab421eb8 height=363748 log2_work=83.02617 tx=74431055 date=2015-07-04 05:02:42 progress=1.000000 cache=291.4MiB(124210tx) 2015-07-04 05:03:57 ERROR: AcceptToMemoryPool: inputs already spent
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Sorros
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July 04, 2015, 11:07:40 AM |
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Just saw the warning. Glad I did. I use Electrum for my hot wallet. (Not that I keep much in it anyway)
Is there any news on this? I've looked through the end of the thread -- this is where the warning points -- and it appears unresolved. Am I crazy or shouldn't this be an easy fix for these pools?
electrum uses nodes. go to console and check the status "This node is running bitcoind 0.10.0 with no scheduled restarts." < means you're good to go Which is command for status check?
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cakir
Legendary
Offline
Activity: 1274
Merit: 1000
★ BitClave ICO: 15/09/17 ★
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July 04, 2015, 11:08:03 AM |
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This situation looks like my "catastrophe scenario" on Bitcoin Network. https://bitcointalk.org/index.php?topic=1087583There were 2 major chains (1 was legit, the other one wasn't by Chinese miners). For now "miners" integrated into Main chain, But what would happen if they insisted on their chain?
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| ,'#██+: ,█████████████' +██████████████████ ;██████████████████████ ███████: .███████` ██████ ;█████' `█████ #████# ████+ `████+ ████: ████, ████: .# █ ████ ;███+ ██ ███ ████ ████ ███' ███. '███, +███ #████ ,████ ████ ████ █████ .+██████: █████+ `███. ,███ ███████████████████████ ████ ████ ███████████████████████' :███ ███: +████████████████████████ ███` ███ █████████████████████████` ███+ ,███ ██████████████████████████ #███ '███ '██████████████████████████ ;███ #███ ███████████████████████████ ,███ ████ ███████████████████████████. .███ ████ ███████████████████████████' .███ +███ ███████████████████████████+ :███ :███ ███████████████████████████' +███ ███ ███████████████████████████. ███# ███. #██████████████████████████ ███, ████ █████████████████████████+ `███ '███ '████████████████████████ ████ ███; ███████████████████████ ███; ████ #████████████████████ ████ ███# .██████████████████ `███+ ████` ;██████████████ ████ ████ '███████#. ████. .████ █████ '████ █████ #████' █████ +█████` ██████ ,██████: `███████ ████████#;,..:+████████. ,███████████████████+ .███████████████; `+███████#,
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SISAR
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July 04, 2015, 11:10:34 AM |
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Can someone explain why 0.9 bitcoind are not safe to use ? Won't they also catch up to the longest chain later ?
They allow invalid blocks. So, if you have 2 chains one with invalid blocks and one without. Bitcoin Core 0.9 would chose the longest block as the right one. Bitcoin Core 0.10.2 would just ignore the chain with the invalid blocks. Bitcoin always choses blockchain with the most work done (sum of all hashes that were used to create blocks, since genesis block) which is not neccessarily the longest blockchain.
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Herbert2020
Legendary
Offline
Activity: 1946
Merit: 1137
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July 04, 2015, 11:11:45 AM |
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Just saw the warning. Glad I did. I use Electrum for my hot wallet. (Not that I keep much in it anyway)
Is there any news on this? I've looked through the end of the thread -- this is where the warning points -- and it appears unresolved. Am I crazy or shouldn't this be an easy fix for these pools?
electrum uses nodes. go to console and check the status "This node is running bitcoind 0.10.0 with no scheduled restarts." < means you're good to go Which is command for status check? i don't think there is any command. on the last tab (console) some of the nodes mention what version of bitcoind they are using. i think that is enough. EDIT: for example this one: "erbium1.sytes.net" says "bitcoind 0.10.0 (full node)"
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip. Whales are those who keep buying the dip.
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turvarya
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July 04, 2015, 11:17:54 AM |
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Can someone explain why 0.9 bitcoind are not safe to use ? Won't they also catch up to the longest chain later ?
They allow invalid blocks. So, if you have 2 chains one with invalid blocks and one without. Bitcoin Core 0.9 would chose the longest block as the right one. Bitcoin Core 0.10.2 would just ignore the chain with the invalid blocks. Bitcoin always choses blockchain with the most work done (sum of all hashes that were used to create blocks, since genesis block) which is not neccessarily the longest blockchain. Not true. Bitcoin chooses the valid blockchain, with the most work in it. Huge difference.
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turvarya
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July 04, 2015, 11:21:03 AM |
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This situation looks like my "catastrophe scenario" on Bitcoin Network. https://bitcointalk.org/index.php?topic=1087583There were 2 major chains (1 was legit, the other one wasn't by Chinese miners). For now "miners" integrated into Main chain, But what would happen if they insisted on their chain? You have to differ between miners and pools. If pools would go rough, the miners would most probably go to another pool. Miners would suffer the most from such a blockchain war, since they have all this expensive hardware, which is worthless without Bitcoin.
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randy8777
Legendary
Offline
Activity: 896
Merit: 1000
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July 04, 2015, 11:30:00 AM |
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glad i use the latest version of bitcoin core, not sure why people still use older versions as it doesn't require more than 1 minute to update the wallet.
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NUFCrichard
Legendary
Offline
Activity: 1218
Merit: 1003
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July 04, 2015, 11:33:31 AM |
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This situation looks like my "catastrophe scenario" on Bitcoin Network. https://bitcointalk.org/index.php?topic=1087583There were 2 major chains (1 was legit, the other one wasn't by Chinese miners). For now "miners" integrated into Main chain, But what would happen if they insisted on their chain? You have to differ between miners and pools. If pools would go rough, the miners would most probably go to another pool. Miners would suffer the most from such a blockchain war, since they have all this expensive hardware, which is worthless without Bitcoin. It does sound quite a worrying situation that some pools can so easily and accidently go rogue and basically make all transactions questionable. Imagine if they or someone else decided to try to mess up the network, 30 confirmations is a very long time to wait. I have updated my qt and will wait a while before using electrum, I won't be spending any BTC until this evening anyway.
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