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Author Topic: Bitcoin as "shalecoin"  (Read 463 times)
Shalecoin
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April 21, 2019, 04:13:58 PM
Last edit: June 03, 2019, 03:19:47 PM by Shalecoin
 #1

Definition of "shalecoin":

Mined coins with no access to the address. (Nobody has the privatekey)

If that address is a coinbase address: 1 year after mining
Other addresses: 10 years after last output transaction (If there is no output transaction then 10 years after first input transaction)
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Shalecoin
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April 21, 2019, 04:23:13 PM
 #2

"Don't send to 1BitcoinEaterAddressDontSendf59kuE. These coins are lost."

One day computers will be able to hash the privatekey for this address or for addresses with no access to it. Therefore coins should be removed after mining from the coinbase address to show that someone has access to it. Otherwise they are shalecoins waiting to be "remined" or "fracked" one day.
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April 21, 2019, 04:29:18 PM
 #3

"shalecoin ASIC":

ASIC to "frack" shalecoins.
(Get the privatekey)
ETFbitcoin
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April 21, 2019, 04:42:09 PM
Merited by HeRetiK (1)
 #4

"Don't send to 1BitcoinEaterAddressDontSendf59kuE. These coins are lost."

One day computers will be able to hash the privatekey for this address or for addresses with no access to it. Therefore coins should be removed after mining from the coinbase address to show that someone has access to it. Otherwise they are shalecoins waiting to be "remined" or "fracked" one day.

That's not how it works, you generate public key (using ECDSA.secp256k1) from private key then perform RIPEMD-160 and SHA-256
Also, the only way to prove some has access to that address are by sign message or spend coins from that address.

Even Quantum Computer won't able to obtain private key of that address because it's public key isn't known.

muslol67
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April 21, 2019, 05:42:08 PM
 #5


Even Quantum Computer won't able to obtain private key of that address because it's public key isn't known.

My biggest question this is. Really we can't? Even if this is not possible in today's technology, what will be the future? I think there should be some progress on this issue.

Haunebu
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April 21, 2019, 06:00:18 PM
 #6


Even Quantum Computer won't able to obtain private key of that address because it's public key isn't known.

My biggest question this is. Really we can't? Even if this is not possible in today's technology, what will be the future? I think there should be some progress on this issue.
ETFBitcoin just mentioned that quantum computers themselves cannot crack the private key which is why I don't understand why you are confused here. People assume that sophisticated technology in the future can somehow crack these addresses, but it is clearly not that simple.

Many BTC will stay lost forever unless someone finds a solution to this problem which is highly unlikely.
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April 21, 2019, 06:17:03 PM
 #7

"shalecoin ASIC":

ASIC to "frack" shalecoins.
(Get the privatekey)
This was a project before, it was full of liars, the chance of getting a privkey collision is essentially impossible.


If it isn't the bitcoin project is doomed.

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April 23, 2019, 10:04:05 AM
 #8

"Don't send to 1BitcoinEaterAddressDontSendf59kuE. These coins are lost."

One day computers will be able to hash the privatekey for this address or for addresses with no access to it. Therefore coins should be removed after mining from the coinbase address to show that someone has access to it. Otherwise they are shalecoins waiting to be "remined" or "fracked" one day.
No one can Hack Bitcoin addresses, only guessing.
If you're lucky and have a lot of high-speed computing, "do not forget the costs of buying those devices, electricity, plus cooling." You need thousands of millions of years before you can guess the address correctly.
This user @Sahar Wayne has made calculations based on this computer [Sunway TaihuLight] ((a Chinese supercomputer which, as of November 2016, is ranked number one in the TOP500 list as the fastest supercomputer in the world)) you need about ~ 5194882658574989737995779322992527357514014.0710380707 Years [1].


[1] Is it possible for someone to guess a private key to a Bitcoin wallet and steal the coins?
I did not understand what you mean correctly but if you mean the impossibility of restoring those currencies send it to an OP_RETURN output. "No pvt key"

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April 23, 2019, 04:29:30 PM
 #9

ETFBitcoin just mentioned that quantum computers themselves cannot crack the private key which is why I don't understand why you are confused here. People assume that sophisticated technology in the future can somehow crack these addresses, but it is clearly not that simple.

Many BTC will stay lost forever unless someone finds a solution to this problem which is highly unlikely.

No. What i meant is Quantum Computer cannot crack the private key of an bitcoin address where it's public key isn't known

More information :
https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin
https://medium.com/the-quantum-resistant-ledger/no-ibms-quantum-computer-won-t-break-bitcoin-but-we-should-be-prepared-for-one-that-can-cc3e178ebff0

Shalecoin
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May 04, 2019, 02:53:18 PM
 #10

Coins with no access to the address. Nobody has the privatekey.

Quote from: tacotime on April 14, 2013, 12:31:47 AM
I think the likeliest scenario is that hundreds of people downloaded and ran the client then, got a bunch of blocks that were at the time useless because they were valueless, then deleted their client.
https://bitcointalk.org/index.php?topic=175996.msg1834484#msg1834484
Shalecoin
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May 04, 2019, 03:01:55 PM
Last edit: May 06, 2019, 02:11:36 PM by Shalecoin
 #11

The idea behind declaring coins as "shalecoin" is to indicate whether an address has a holder or not and therefore to have an open and clean blockchain. (Concerning longterm UTXO)

- As mentioned before -
Definition of "shalecoin":
Coins with no access to the address. (Nobody has the privatekey)
If that address is a coinbase address: 1 year after mining
Other addresses: 10 years after last output transaction

Longterm holders of coins should transfer their coins to a new address within 10 years, so they wouldn't become shalecoins. All other coins with no access to the address can't be transacted to a new address and will become shalecoins after 10 years / or after 1 year if it's a coinbase address. Owners of possible computers with the ability to "hash" the privatekey would use these computers only for shalecoins. (Coins with no holder)
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May 04, 2019, 03:07:56 PM
 #12

The idea behind declaring coins as "shalecoin" is to indicate whether an address has an holder or not and therefore to have an open and clean blockchain. (Concerning longterm UTXO)

- As mentioned before -
Definition of "shalecoin":
Coins with no access to the address. (Nobody has the privatekey)
If that address is a coinbase address: 1 year after mining
Other addresses: 10 years after last output transaction

Longterm holders of coins should transfer their coins to a new address within 10 years, so they wouldn't become shalecoins. All other coins with no access to the address can't be transacted to a new address and will become shalecoins after 10 years / or after 1 year if it's a coinbase address. Owners of possible computers with the ability to "hash" the privatekey would use these computers only for shalecoins. (Coins with no holder)

Then what would happen to shale coins? So, it will require holders to move or make transactions on their wallet for their coin not be considered in active?

 
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Shalecoin
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May 06, 2019, 02:20:02 PM
 #13

Through transactions within that timeframe holders indicate that their coins are not shalecoins. The owners of these special computers will only hash privatekeys of shalecoins (coins with no holder) and bring them back to the blockchain as usable coins. They will transfer them to their own addresses. Without that shalecoin declaration they could not know which coins have holders and which not.

Fairplay for both sides (holders of coins and owners of special computers)
bitmover
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May 06, 2019, 07:49:18 PM
 #14

My biggest question this is. Really we can't? Even if this is not possible in today's technology, what will be the future? I think there should be some progress on this issue.

That´s not how it works. You know the public address, not the public key.
It´s a matter of processing power. It is not possible mathematically to break a privatekey without a public key.

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May 07, 2019, 01:29:49 PM
 #15

Shalecoin 'fracking' is the next challenge.
qubitasic
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May 13, 2019, 03:07:50 PM
 #16

Shalecoin 'fracking' is the next challenge.

"Start working now on quantum-resistant solutions"

https://www.itworldcanada.com/article/start-working-now-on-quantum-resistant-solutions-canadian-organizations-urged
kingcolex
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May 13, 2019, 03:25:00 PM
 #17

ETFBitcoin just mentioned that quantum computers themselves cannot crack the private key which is why I don't understand why you are confused here. People assume that sophisticated technology in the future can somehow crack these addresses, but it is clearly not that simple.

Many BTC will stay lost forever unless someone finds a solution to this problem which is highly unlikely.

No. What i meant is Quantum Computer cannot crack the private key of an bitcoin address where it's public key isn't known

More information :
https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin
https://medium.com/the-quantum-resistant-ledger/no-ibms-quantum-computer-won-t-break-bitcoin-but-we-should-be-prepared-for-one-that-can-cc3e178ebff0
Well too bad there's that whole public ledger thing, but it does mean the highest valued wallets would be targeted. A simple solution would be a mass spreading of coins to wallets.

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May 13, 2019, 03:39:52 PM
 #18

Shalecoin 'fracking' is the next challenge.

Shalecoins have no owners and can't be moved. These coins will be 'fracked'.
qubitasic
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May 21, 2019, 01:31:00 PM
 #19

According to the definition all addresses with no outgoing transactions or last outgoing transactions older than May 2009 are shalecoin addresses. And all coinbase addresses older than May 2018. These are addresses with no holders.
qubitasic
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May 22, 2019, 02:37:16 PM
 #20

https://lightningwiki.net/index.php/Shalecoin
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