I am super stoked about this. A long time ago (2011-2015), on an old machine (an iMac), I used Armory. I was selling that old machine, so I swept my keys into an electrum wallet, and I replaced the hard drive that was in it knowing one day I would come back to it. Well, a couple years after that, I had issues because I couldn't access the files from that hard drive without another mac (trust me, I tried. I password protected that hard drive so only booting it from a legit mac would grant me access to it). And, I lost my paper backup... Luckily, my friend had an old mac mini he let me borrow, and I sat on it for about another 2 years. Today, I finally pulled my wallet off, and could not remember the password I put on the wallet. Thank god for the btcrecover tool, because that cracked my password in under a second (I remembered what it could of been, but not exactly. I would have not guessed what it actually was). It's not a huge amount of bitcoin. But it was more than I remembered keeping (more than 1). Still face-palming though at some of my transactions. I had my armory wallet going back to 2012. Sooooo many bitcoins went through that wallet, mining on slush with my petty mac GPU. I had one of the first OG ASIC butterfly 60GH/s miners too. If only I had kept more, I could quit my day job now. Oh well. But, I thought I'd share an antitheses to the old "I lost my old wallet. please help!!!" posts. Probably going to continue sitting on it for a few more years. And now that I've regained interest, I'm going to start running a full node again. To the moon!
Money Loves Security And So Do Cryptos: A Brief Guide Down Crypto Wallet Lane
Since time immemorial people have been keeping their money and valuables in safe places. Be they purses, clay pots full of coins buried in their backyards or treasure chests hidden in caves with piles of bones strewn around to keep unwanted visitors at bay, they means conceived for safekeeping hoarded valuables are just as creative as they are limitless. The advent of cryptocurrencies as a new class of valuables and assets instantly spawned the need to keep them safe from the clammy hands of criminals. The logical solution was to develop wallets that would be used to keep cryptos safe. As a result, a multitude of wallets have emerged offering all kinds of added services to their users while remaining means of storage at heart. There is a huge variety of wallets available: Coinomi, GreenAddress, Blockchain.info, Atomic, Exodus, Jaxx, Electrum, Copay, Bread, Airbitz, Armory, Mycelium, Blockchain Wallet and dozens of others, each offering their services to suit any taste. https://preview.redd.it/tai1ax5q3u341.jpg?width=1200&format=pjpg&auto=webp&s=0a33622327c7e52eea02e77f7c843423e6aeba12
Types Of Wallets
There are several types of wallets available to users and everyone must decide for themselves which one suits their needs best. Hardware wallets: These are the most secure and reliable wallets available, since they are not connected to the internet at all. Hardware wallets are like flash memory cards that store the user’s cryptocurrencies and access offline. A bright example is the Trezor wallet, which is deemed to be impermeable to hackers. Unless the user loses the device itself, it is safe to assume that the cryptos will stay on it indefinitely and no one will ever gain access to them. Online, Web or Hot wallets: These are online services, or online wallets that offer to store the user’s cryptos online with direct access to the internet at any time. In essence, online wallets are online accounts in which users store their funds. The risks are very high, since exchange wallets are routinely being hacked and the cryptos stored therein stolen. Desktop wallets: Desktop wallets are software programs that can be downloaded and installed on a PC and will only be accessible from the device they were downloaded onto. The risks are the same as with hot wallets and another added inconvenience is that loss of the device or loss of access to it means loss of all cryptos stored on it. Mobile wallets: Mobile wallets are software programs that can be downloaded onto a mobile device, such as a phone or a tablet. There are wallets for Android and iPhones and all of them bear even greater risks than hot wallets. Since mobile devices are susceptible to theft and a variety of viruses, it is extremely risky to store cryptos on them. Though access to the cryptos without private keys is impossible, unless the user stores them on the device, loss of all cryptos with the mobile device is guaranteed. Paper wallets: Paper wallets are offline cold storage for cryptocurrencies. This is by far the safest means of storing cryptos, which includes printing the public and private keys on a piece of paper and storing it in a safe place. The keys are printed in the form of QR codes for convenience. With paper wallets, the user has complete control over their funds and the only risk lies in losing the piece of paper with the keys. Other types of wallets: Apart from the five main types of wallets, there were attempts at creating other types of services, such as atomic wallets using atomic swap technology and even combinations of mobile/hot/cold wallets. Despite limited success, hybrids models of wallets did not become popular.
Main Pros And Cons
When looking at wallets and their main advantages and disadvantages, it is easiest to speak of the division between cold and hot wallets. When speaking of cold wallets, such as the Trezor Bitcoin wallet and Ledger Nano S or X, the same issue will be observed, and that is the fact that such wallets can be physically lost. Though anyone who ever finds them will never be able to gain access to the stored cryptos without the private keys (unless they are pasted on the device), loss of all cryptos on the device is guaranteed. In addition, cold wallets can be difficult to install and are inconvenient for frequent use. https://preview.redd.it/ff2dukdx3u341.png?width=1021&format=png&auto=webp&s=f36cdc26b13f33433c5124f5e5a67c0e40f9dbf4 Hot wallets are far more susceptible to risk than their cold counterparts. Though hot storage is much faster and convenient with a wide variety of options from Coinbase to Blockchain.info, the risk of cybercrime runs high. Mobile or desktop storage is also considered to be hot storage and is also risky, if the device is damaged or destroyed.
Bitcoin, as the firstborn cryptocurrency, was born with a number of defects. One of the main problems of the king of cryptos is the yet unsolved scalability problem. This refers to the limit on the amount of transactions the Bitcoin network can process due to the limited size of and frequency of blocks in the Bitcoin blockchain. Said problem poses some difficulties to all Bitcoin users and leads to what is known as backlog in the blockchain. The backlog leads to long queues of transactions in the system. With the average transaction time in the Bitcoin blockchain being around 7 transactions per second and the theoretical maximum standing at 27, it is not difficult to understand how long users of the blockchain have to wait for their transactions to pass in times of heightened demand – the time is in the hours and sometimes even days.
Bitcoin Wallets Review
Since Bitcoin is the most popular cryptocurrency on the market, it is logical to judge wallets by their support of the first cryptocurrency. As such, the following will be a brief review of some of the best and most popular Bitcoin wallets on the market. Online Bitcoin Wallets Online or web wallets are the most popular ones out there and the best Bitcoin wallet overall is widely considered to be Blockchain.info, which is easily accessible and convenient for everyday use with good security. As an anonymous Bitcoin wallet, Coinbase follows in the lead with its ability to store a multitude of various coins, but with the same security risks that are inherent to all hot wallets. Android Bitcoin Wallets Android is the most popular mobile system in the world and plays host to a number of good mobile wallets. The best Android Bitcoin wallet is widely considered to be the Electrum Bitcoin wallet with its excellent reputation, good security and convenience. Though Electrum has some occasional glitches, they are never critical. Another excellent wallet for Android is the Coinomi wallet with its support for a wide variety of cryptos and excellent user support, which even allows for restore options using special phrases. Coinomi has its issues as well, such as occasional exchange glitches, but the many pros outweigh the cons. Bitcoin Hardware Wallets The undisputed leaders as the best hardware wallets for Bitcoin are Ledger Nano X and S, Trezor T and Trezor One, and Keepkey. Bitcoin hardware wallets are comparable in their security, accessibility and usability. The difference is mainly in the price, which ranges from $165 for Trzeor T to $59 for the Ledger Nano S model. In fact, the Ledger Bitcoin wallet is often called the king of hardware wallets. The KeepKey Bitcoin wallet is the in the top three hardware wallets as a convenient and stylish device. Though KeepKey supports over 40 assets, it still lacks coin support. Bitcoin Wallets For iPhone iPhone’s iOS system is the second most popular for mobile devices in the world and has support for some good wallets as well. The best iOS Bitcoin wallet for iPhone is considered to be the Abra software, which offers credit card support for topping up crypto balances and a good user interface, which is even more oriented at exchanges. The next software is Edge, formerly known as Airbitz. The Edge wallet is best known for high security and good user-friendliness along with multi-currency support. Bitcoin Wallets For Windows Bitcoin wallets for PC are very popular and Windows is leading the way with some excellent offers for wallets. Atomic is by far the most advanced and the best option for Windows users as it offers Atomic swaps technology as its basis. The application offers a wide variety of operations and supports over 300 cryptocurrencies. Exodus is the second most popular choice as a desktop only wallet with support for Bitcoin and many other altcoins. Exodus offers its users a good interface and it is free for use. Bitcoin Wallets For Mac Since Atomic and Exodus are cross-platform wallets, they can be used on Windows and Mac. Apart from them, there are also Jaxx and Electrum, which can be used on Mac. Jaxx is a multi-currency wallet with support for around 40 cryptos and has a PIN feature. In addition, Jaxx is free for use. Electrum is one of the oldest desktop wallets and is a lightweight wallet that does not require the full blockchain to operate, meaning less storage needed for its operation. The wallet requires a PIN and is essentially a desktop bank with good security and usability. Electrum is also a Bitcoin wallet for iPad, since it can be used on mobile platforms. Bitcoin Paper Wallet Since storing cryptos online on exchange or hot wallets or even on devices is risky, it is oftentimes more convenient to use a simple printer to print out the keys and store them. BitAddress offers a convenient and easy to use, step by step guide to creating a paper wallet with the added benefit of sleeping in peace, known that nothing and no one will ever threaten your Bitcoins. https://preview.redd.it/bh7wi0d64u341.png?width=600&format=png&auto=webp&s=9f7fbd269eea43ac3b8897ad470553ba8b3c730d
When embarking on the journey of creating your first wallet, think well of which type to use. The type will depend on the priorities that stand before the user. If security is paramount, then paper or cold storage wallets are the go-to solution. If frequency of use is the name of the day, then hot wallets and their inherent risks are the best way to go. The most frequent questions related to wallets are how to add money to a Bitcoin wallet and how to set up a Bitcoin wallet. Both questions have no single answer, as each wallet offers its own instructions on how to top up balances and how to set them up. Therefore it is recommended to study all instructions carefully prior to operation. Either way, there is no silver bullet and some features will have to be sacrificed in deciding how to store cryptocurrencies. The one thing that is constant is the need to store Bitcoins and cryptos and make use of them. Check us out at https://moontrader.io Facebook: https://www.facebook.com/MoonTraderPlatform Twitter: https://twitter.com/MoonTrader_io LinkedIn: https://www.linkedin.com/company/19203733 Reddit: https://www.reddit.com/Moontrader_official/ Telegram: https://t.me/moontrader_news_en Originally posted on our blog.
The Great Bitcoin Bull Market Of 2017 by Trace Mayer
By: Trace Mayer, host of The Bitcoin Knowledge Podcast. Originally posted here with images and Youtube videos. I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back. Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate! Therefore, this article will be pretty lengthy and meticulous. BACKGROUND As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments. I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC! On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:
As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences. With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell? FUNDAMENTALS Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel. The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages. SECURITY The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed. At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied). This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m. This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000. Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day. Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage. When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin. These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way. With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!
SPECULATION For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers. Bitcoin is both a Giffen good and a Veblen good. A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect. Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand. There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable. (http://www.runtogold.com/images/lost-bitcoins-1.jpg) (http://www.runtogold.com/images/lost-bitcoins-2.jpg) And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage. According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not. For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin. Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you. In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away. RETAIL There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017. Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin. If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts. What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available. After all, it takes some time and practical experience to learn how to safely secure one's private keys. To do so, I highly recommendBitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware). WALL STREET There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017. LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization. The CME Group announced they will begin trading in Q4 2017 Bitcoin futures. The CBOE announced they will begin trading Bitcoin futures soon. By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable. This price discovery could be the most wild thing anyone has ever experienced in financial markets. THE GREAT CREDIT CONTRACTION The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets. (http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg) Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset? BITCOIN'S RISK PROFILE At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit). But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk. Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B. And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography! This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen. Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity. To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes. (http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png) TRANSACTIONS Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve. On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017. Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls? As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again. Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move. There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day. (http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png) What I like about transaction fees is that they somewhat reveal the financial health of the network. The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee. The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it. I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA. DEVELOPERS Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want. The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is. However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses. Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem. Nevertheless, the Bitcoin ecosystem is healthier than ever before. (http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg) SETTLEMENT CURRENCY There are no significant global reserve settlement currency use cases for Bitcoin yet. Perhaps the closest is Blockstream's Strong Federations via Liquid. PRICE There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth. Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand. Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics! (http://www.runtogold.com/images/bitcoin-speculation.jpg) On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030. On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus." On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000". Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition. I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC. Interestingly, the people who understand it the best seem to think its financial dominance is destiny. Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State. Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend. (http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png) Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market. The 200 day moving average is around $4,001 and rising about $30 per day. So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications. (http://www.runtogold.com/images/bitcoin-price-pro-forma.png) Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction. We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose? As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world. CONCLUSION Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017. The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled. The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon. While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright. Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do! But perhaps there is a larger lesson to be learned here. Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts. Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin. Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go? After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it! What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
Hola a todos. Voy a estar tippeando bitcoins a todo el que lo pida en este thread hasta agotar mis fondos, no sean tímidos y posteen. inb4 reset del contador Edit: ChangeTip está medio saturado hoy así que puede que tarde en verificar los tips. Edit 2: Santo patrono del thread (gracias romeroj) Edit 3: Ya estamos llegando a los últimas moneditas (al menos de mi parte). Me voy a tomar un descanso y a la vuelta reparto lo que me queda. Edit 4: Corto por hoy, ya se secó el pozo. A los que llegaron tarde: posteen igual, en una de esas alguien más se copa y les deja un tip. Non-Argies coming from other subs to ask for free bitcoins: you're welcome here, but I'm giving priority to Argentines for now. To all other bitcoiners helping out: thank you so much <3
Breadwallet (iOS) - no tengo un iPhone así que no lo probé, pero suele ser el que recomiendan
¿Dónde puedo gastar bitcoins? En Argentina:
Coinmap.org es un mapa con una buena cantidad de lugares que aceptan bitcoin en Argentina.
EnBitcoins te deja pagar facturas con bitcoin. Funciona para casi todos los servicios comunes del país (luz, agua, gas, teléfono, cable, internet, tarjetas de crédito, etc). Lo usé varias veces y funciona muy bien.
Avalancha.com es un retailer online de electrónica y artículos del hogar (entre otras cosas) y aceptan bitcoins. Por lo que tengo entendido hacen delivery a todo el país, con excepción de Ushuaia.
Trifl es un delivery de comida que acepta bitcoin. Hasta donde sé solo operan dentro de CABA.
Bitcoin Taxi son dos taxistas en CABA que aceptan bitcoin (asegurate de tener buena conexión 3G si pensás pagar así).
Spendabit es un buscador de productos que se pueden comprar con bitcoin en el mundo.
¿Dónde puedo aprender más sobre Bitcoin? No estoy al tanto de todas las guías de Bitcoin, así que no sé cuál es la mejor, pero WeUseCoins.com me parece bastante decente para empezar (no está disponible en castellano).
5 Best Cryptocurrency Wallets with User-Owned Private Keys
https://preview.redd.it/sycppf5jrhk31.png?width=1000&format=png&auto=webp&s=f4e3415322fb12f29319fbd8c22fa90d14ffebbb All cryptocurrency transactions are based on the control of two important numbers: public and private keys. Public keys facilitate the transfer of crypto; private keys, their receipt. These keys are stored and secured through digital wallets, the software through which users have access to their digital assets. There are two main models of cryptocurrency wallets: those that don’t allow users to control their private keys and those that do. The first model of wallets host users’ private keys on a centralized server, which facilitates transactions. In the second model, users hold their own private keys and are able to send and receive tokens without the consent of a third party. So just how important is it to directly control your private keys? We’ll answer that question today, and review some of the best wallet options that allow you to do that.
Private keys: What they are and why they matter
Private keys are randomly generated secret numbers that link a user to particular cryptocurrency assets. Coins can be transferred to other blockchains only by accessing a wallet’s private keys. For this reason, it is extremely important to keep private keys secure and confidential. Matt Miller, a Bloomberg TV host, demonstrated this lesson to the world when he briefly showed his private key QR code on-air and had his funds immediately stolen. In one model of wallet, a third-party retains control of the private keys. This model is typically described as the crypto version of a bank. The user is the owner of the funds but relies on the wallet’s server to execute transactions. However, this comparison fails to recognize key dangers inherent in third-party management of crypto funds. Crypto wallets, like bank accounts and any other internet-connected account, are at risk of being hacked. Unlike banks, however, crypto projects are not legally obligated to refund account holders their funds in the case of a security breach. For this reason, keeping funds in a wallet for which you don’t control the private keys is significantly riskier than storing fiat currency in a bank. User-owned private key wallets offer a much stronger option in terms of security. No one has control over your funds except you. That means that if someone hacks the server hosting your wallet, your funds are secure. It also means that you can’t have your funds stolen if the wallet’s leadership “loses” the private keys (yes, that has happened). Always remember that private keys unlock full access to digital funds. Opting for wallets with user-owned private keys ensures that you maintain control over your funds and do not rely on a third party to make transactions. Here, we picked out some of the most trusted solutions that allow full user-control over private keys.
Coin Wallet is an excellent solution that allows you to directly conduct blockchain transactions and access tokens. You can export your private keys, and the wallet does not have access or oversight over your operations within the software. Coin Wallet is suited to the needs of both beginners and professional crypto users. It comes as free software with simple and streamlined interfaces in both mobile and desktop versions. The wallet supports any ERC20 and ERC223 tokens, including Bitcoin, Litecoin, Dogecoin, Bitcoin Cash, EOS, Ripple, Stellar, and Ethereum. Of all the wallets on the market, Coin Wallet offers one of the most exhaustive collections of coins. Currently, there are more than 20,000 supported cryptocurrencies. The app gets bonus points for convenience, providing two built-in exchanges: Changelly and ShapeShift.
In 2011, Blockchain wallet pioneered the niche of online wallets. It remains one of the market leaders in wallets offering user-controlled keys. Currently, the company has over 41M wallets and more than $200B in transactions have been made on it since its start. The mobile app is available in multiple languages and offers a built-in exchange for fast trading. Interfaces are very easy to follow and intuitive. The major drawback of this veteran wallet is that it supports just 5 coins: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Stellar (XLM), and USD PAX (PAX).
Exodus comes as a download for desktop or mobile. In addition to giving you control of your private keys, it also allows you to export them, as well. Plus, as an extra security measure, it never stores private keys on the server. This wallet may not suit the needs of all users, as there is no web version and English is the only supported language. The app lists 100+ crypto coins and offers ShapeShift as a built-in exchange.
Armory wallet is a great choice for users who want a simple storage option for their crypto assets. It offers some offline functionality, as well as free cold storage. It also lets you back up private keys (a QR code) on paper or create a multi-signature wallet. The latter option is particularly useful for businesses. A major drawback of this wallet is that it is the least user-friendly option. Users need to have some basic knowledge encryption and software set-up. In addition, sending digital assets with Armory is less convenient than competitors and it doesn’t offer any built-in exchanges.
Launched by the Bitcoin project, Bitcoin Core has a simple interface and is compatible with Mac, Linux, and Windows. It allows users to check the full node of Bitcoin transactions, i.e. download the entire blockchain. Therefore, it might take some time to download the full blockchain and set up your wallet. A drawback of Bitcoin Core is that it’s large: you must have at least 200GB free disk space for this software, and system requirements constantly increase as the full Bitcoin network node grows. As its name suggests, Bitcoin Core supports only Bitcoin. If you plan on trading and using only Bitcoin, this wallet is a great choice. Because you keep the full node on your computer, you don’t need any third parties to verify transactions. Sending or receiving coins here is very simple, and you are directly connected to the full Bitcoin network node. The fees are decided on by user votes.
Disk Digger Pro Apk || DiskDigger Importance || Recover Lost Files
In the Present scenario, Technology is growing too fast and we all are experiencing that our smartphone, PC, and Laptops carrying various files with the help of SD cards and internal memory. We will think that our files are in very secure places but if any file deleted unexpectedly then what you will do?. Don't worry, I already told you that tech is growing as fast as it can. Here I'm going to discuss the bestdata recovery services aka (DiskDigger) which are a perfect example of it. Let's go down to get more details of DiskDigger(Deep file recovery from any drive). DiskDigger is a tool which can recover deleted files like photos, documents, music, video and much more. DiskDigger Features: DiskDigger can recover lost files from most types of media that your computer can read: hard disks, USB flash drives, memory cards, CDs, DVDs, and floppy disks. (Note: Make sure that you have to connect your device with a USB port to recover lost data from Android and IOS devices ). And one more important thing is you have to download the diskdigger app on your android phone to recover lost files. Suppose if your Android device uses a microSD card for saving the data, please remove the card and connect it directly to your PC using a card reader, so that you can scan it directly using DiskDigger for Windows.) DiskDigger has two processes which you have to choose every time while scanning a disk. These methods are named as “dig deep” and “dig deeper“. Dig Deep:
Undelete files from FAT (FAT12, FAT16, FAT32), NTFS, and exFAT partitions.
Recover any type of file.
Filter recoverable files by name and size.
Sort recoverable files by name, size, date, and directory.
Scan (carve) entire disk for traces of specific file types.
View recoverable files as a list, or as thumbnail previews.
Thumbnails will show previews of image files, album art from MP3 and WMA files, and icons from executable files!
Selecting a recoverable file brings up a full preview of the file (insofar as possible). For image files, it will show the image (with pan and zoom). For document files, it will show a text-only preview of the document. For certain audio files, it will allow you to play back the sound.
Previews of JPG and TIFF files will show EXIF information (camera model, date taken, sensor settings, etc.).
Previews of MP3 files will show ID3 information (artist, album, genre, etc.).
Previews of ZIP files will show a list of files contained in the archive.
Able to scan virtual disk image files:
E01 and EWF files (Expert Witness Format)
VMDK files (VMware disk image)
VHD files (Microsoft Virtual Hard Disk)
VDI files (VirtualBox disk image)
Direct binary disk images (acquired with dd or similar tools)
When digging deeper, ability to start scanning from a specific location on the disk.
When previewing files, the program optionally shows the first 4K bytes of the file as a hex dump.
Has anyone been able to export private keys from Armory?
Hi everyone, I am super pissed but I am going to try and keep it low key. I have a wallet that I saved in Armory years ago, and I want to move coins from it now. I had looked online a few months ago, and it said that I could export the private keys from Armory and sweep them into Electrum. Well, today I tried it in both Armory 1.35 on Windows and the latest version on Linux. It doesn't work at all. You can open a window after choosing to backup individual keys, and there are checkboxes there for all the different types of keys you could want, but checking and unchecking them DOES NOTHING. All you can get is the Armory backup string for the wallet. That you already have, if you have restored the wallet from a paper backup. Time to download all 120Gb of the blockchain I guess. Has anyone ever exported private keys from Armory? Am I doing something wrong? Thanks. Edit: PSA: Armory does not work at all on a fresh Ubuntu 17 install. It just fails silently and doesn't install. Neither does it work on MacOS El Capitan. On Debian 8, not all of the dependencies are installed properly during installation. I'm afraid to update my Windows copy now. Edit: Bit the bullet and did it. Got it working on Ubuntu and found out that you have to start bitcoind in the background and play with some Armory settings to get it to run, then downloaded the whole thing from bitcoin-qt. Turns out I was right - Armory doesn't know the private keys until after it has downloaded the whole blockchain. And spent an hour chewing through transactions. AND you've restarted it twice. But I finally got them. Thanks everyone!
So back in 2014 I played around with bitcoin and had an Armory wallet I was running on a mac. Completely forgot about bitcoin and didn't think about it again until October-ish of this year.. Today I came across the passphrase that I used to login to my wallet back in 2014. If I don't have that computehdd anymore, will I still be able to recover the wallet with just the login and passphrase? Thanks!
Hi everyone, The value of my holdings have surpassed the amount I was comfortable storing on my home computer. What I would like to do is separate my btc in my Bitcoin Core (MacOS GUI) client into a few separate offline wallets. I have an old MacBook that I’d like to dedicate to make an offline client. Armory doesn’t want to run on my main computer due to something with the OS. I haven’t tried it on my older MacBook it may work. Trace Mayer recommended using armory but I’d like to hear what other people use instead. I’m not going to buy a hardware wallet because it’s too hard to find one and I like to do it manually I’m not retarded when It comes to computers but i’m not a programmer... Any help is appreciated, links or step by step instructions are great
Bitcoin noob and Reddit noob here. Hi. It's been 4 days and I am still just on 48% complete, with 4 weeks to go. I just bought a iMac 4K a few months ago, and am on an ethernet connection. My cache is 440MB and the network settings say "Allow incoming connections". It's only pulling like 500-700 bytes on the network vs Apple Mail pulling 919 KB.I believe I upped the cache to 800 at one point, but it just restarted at 440. I have app nap disabled, and I also disabled the power settings that shuts down the CPU in sleep mode. I know these nodes are important for the health of Bitcoin, but seriously who has patience for this? Can anyone offer some insight on speeding it up, or is this really a multi day/week process, like some tedious right of initiation? I am super new to Bitcoin, and am looking to move coin from my Gemini account to Armory. From what I read, this is a more technical/purist wallet, but I am one of those types. At this rate though, I am going to have to use Electrum. Still waiting for the Gemini bank transaction to clear (nearly 5 days), but that's another story. Forgive me if I don't reply too quick, my time is pretty much limited to early am. Thanks
Be your own bank: Store your bitcoin without getting robbed.
There are countless examples of bitcoin theft, and every time I hear another story about coins being stolen it hurts. It hurts because I hate to see someone get ripped off, and it hurts because it erodes public confidence in Bitcoin. There are three methods by which your bitcoin can be stolen:
Human error - Sorry, it’s your fault. Even if it is someone else’s error, you trusted them
Coercion - You were persuaded by use of force or threats
Stolen backup - keep them safe!
The guidelines below will help you avoid bitcoin theft. This is not meant to be a definitive guide, it is a solid foundation, and there are many things you could do to enhance this security further. The basics:
Protect your privacy
Do not reuse addresses. If you have a public address, like a donation address, empty it often. Do not talk about holding large amounts of bitcoin (just common sense…)
Trust no one
Bitcoin is trust-less, use it that way No web wallets, No web wallets, No web wallets. Do not store bitcoin on exchanges, always use 2FA (Two factor authentication), I use Google Authenticator Create and store your own private keys Remove any remote desktop software (team viewer, gotomypc, etc..) from a computer with private keys
Use unique strong passwords
Use a secure password manager for your logins (I use pwSafe) Do not store private keys or wallet passwords in a password manager My cold storage wallet passwords are written on a piece of paper and kept locked up Do not use the same password on multiple sites or wallets Include upper and lower case letters, numbers and special characters Strong password example: /ZjucKn=0Eb;%@u[Zp
Use good antivirus protection (I use Bitdefender on mac)
Keep it up to date
Consider physical security
If you store your 2nd wallet backup in the glove compartment of your car, and your car gets stolen, your bitcoins may be gone too… Mobile devices: Do not use the same pin to unlock your phone and wallet Protect your backups
Whenever I create a new wallet I create 2 full paper backups including the seed and any other security (password, pin, etc…). I write these on paper by hand I only use HD and paper wallets, all the tools below are HD. My backups are physically secure and stored in geographically distinct locations My wife (yes, I trust her ;)) knows where they are and how to use them in case I’m incapacited The tools I use:
Hello I'm using a mac OSX 10.11.6. For some reason I can't get Armory to go online. When I click the "go online" button, nothing happens. Should I abandon this wallet and try something else? Has anyone else encountered this problem? If I should abandon Armory, does anyone have any suggestions for a secure bitcoin wallet that's sensibly easy to use? Many thanks
Hello! I am wondering what is the best wallet phone app for bitcoin? I once had armory on the pc but downloading whole blockchain is insane. Now i use mycelium but I read something about there being issues with the developers and some kind of scam??but cant find the details.. What other options do i have that are trustable? Regarding mycelium, is the 12 word seed a mycelium-only backup,or in other words if mycelium one day dissapears as an app, will i be able to recover my coins? Ideally i want a light app that is open source so other experts have looked at the code and see there is nothing wrong, that I have full control of my private keys and can make safe backups. If theres no phone app but a pc/mac software that fits the criteria, thats ok too.. Suggestions? Thanks in advance!
This message is particularly for madbitcoins who's recently, and laudably, started a campaign to get people to do proper cold storage. I want to advocate the use of the 12 word mnemonic seed for a deterministic wallet system as has been in use with Electrum, Armory for a long time and is now in beta for Multibit. In my opinion this is, practically speaking, by far the superior system to any system of backing up actual private keys (including the most normal 'paper wallet from printer' construction). Here are the advantages:
Back up a seed once for the lifetime of a wallet. This is a huge deal, and the reason I would never consider a non-deterministic wallet. Every back up is a chance to f- up.
Mnemonic - means you create a paper and a brainwallet simultaneously. ("Brainwallet = BAD" is only for brainwallets that you make up yourself. Not for random mnemonics. The public has been done a huge disservice by the communication that a brainwallet is never a good thing.)
The above is much more practically important than is given credit. I have been travelling over the past year and have never had to cross the border with any evidence of bitcoin on my computer. And it was trivial to re-access the coins on the other side (1 minute install).
No need to interface with a printer when creating the new wallet. 12 word seed is written down.
I agree with your use of TAILS or other linux live OS as an easy way of creating the cold storage medium in RAM. I do the same.
Additional potential advantage of using a 12- or n- word seed is steganography. If you felt the need you could use clever methods to hide the seed in plain sight.
I also think it's worth advocating a 3-level wallet system, for most people. There is (1) the wallet that was created on TAILS and never gets opened anywhere else (the cold wallet), (2) the wallet you create on your linux or Mac everyday machine - but here again the seed helps; I re-install and uninstall Electrum for every time I use this wallet, thus 99% of the time there is no Electrum 'evidence' on my machine for a casual hacker - the 'warm wallet', and (3) the 'hot wallet' - on a phone, or perhaps a blockchain.info account or similar. 3 wallets might seem like overkill but in my opinion it's far less hassle than constantly having to re-backup non-deterministic wallets (so dangerous!), and it gives you much stronger security features.
Hi Reddit Bitcoin users, How do I do a receive only wallet in QT ? I've been trying to use Armory, but the thing is so unstable. I've tried it on Mac, windows and Ubuntu and finally gave up. So now I only want to use QT on my Mac, but I'm not really comfortable leaving a lot of money on something that's online 24/7. To many horror stories. So how do I do it ? Any help, links and guidance be much appreciated. I tried googling it, but can't really find a step-by-step guide.
I created a minimalistic application for managing scrypt hashed offline brainwallets
I was bored of seeing people getting either their bitcoin stolen or lost because of computer bug or hacking... So I created this minimalistic application It needs expert users to test it review it and confirm it works as expected http://github.com/xorq/EasyBTC so people can manage their offline brainwallets easily. I added a scrypt key stretching function for the brainwallet so bruteforcing becomes extremely difficult. My goal is to help people to protect themselves against loss and theft. I compiled the program for windows, mac and linux... I would recommend to open it with Tails (tails.boum.org). *No more problem with the change: it goes back to the sending address. Also the app always creates the transaction so only the smallest amount of transactions are redeemed. *No more wallet file lost (just remember your seed, please use a unique and unbruteforcable one, if you not sure how to create a seed, please remember it should be long and impossible for anyone to guess and as random as possible) *No more bruteforce attack: when you use scrypt, it should protect your seed against bruteforce attacks. Use it as an additional security. *No more hacking: This is a cold storage... if you follow the steps, your seed / private key will never be stored anywhere in the first place, and most importantly will never appear on an online system. The application is minimalistic : you do not need to download the whole blockchain and spend days waiting that your computer update everything like for Armory. It's open source, if you review the code, please let people know. I hope this will help people to avoid losing their coins, or feeling like they do not have the knowledge to create their offline address by themselves, and thus understand that there is no need to give trust to anyone to store them. Dan (xorq)
These are the reasons that stop me from holding LTC
I'd like to write down what is currently stopping me from getting into Litecoin. I'd love some feedback.
1 Litecoin-Qt is the only real wallet out there. There is no electrum. No multibit. No Armory. No blockchain.info. No Coinbase.
2 Last time I tried to run Litecoin-Qt on my Linux machine, Litecoin ran buggy as hell. My wife can't even get it to run properly on her Mac OSX. In fact, I'd venture to say that the vast majority of Litecoins are sitting on BTC-e's servers. That's sort of like 4 years ago when everybody had their BTC on Mt. Gox.
3 While the two previous reasons can, and likely will, be resolved in the future, here's what's really stopping me from using Litecoin. Satoshi Nakamoto was a luminary. For example, he used a very obscure encryption algorithm, which no one understood why. Later, it was found that the more popular algorithm that everybody uses is actually compromised by the NSA, thanks to the Snowden leaks. So, in other words, Satoshi either got super lucky, or knew what he was doing. My point is, Satoshi chose 10 minute confirmations and SHA instead of 2.5 minute confirmations and Scrypt for a reason. It may seem arbitrary right now, but in the future he may once again be proven the genius that he is if Scrypt or 2.5 minute confirmations ever get successfully attacked. As much respect as I have for Mr. Lee, I'm putting my money on Satoshi Nakamoto.
4 I've been pumping Bitcoin to all of my friends and family and strangers for years. The thought of all of a sudden switching and telling them all to buy Litecoin would send very bad signals and make me look like I'm just a bandwagon boy, and it would likely make others around me even more skeptical in the whole cryptocurrency thing. I mean, it's been tough enough getting people set up with Bitcoin. Now to all of a sudden tell them to switch again to Litecoin would be bad news. Litecoin would have to be far superior and Bitcoin very bad for me to do something like that.
5 Any money I put into Litecoin essentially takes away from money I could be putting into Bitcoin.
6 While the idea of more decentralized mining is appealing, I'm a fan of the division of labor. Not everybody needs to be a miner. Let the ones with the greatest marginal utility do that.
7 Selling Bitcoin for $100 less on BTC-e for Litecoin seems ridiculous to me.
8 I've done plenty of buying and selling with Bitcoin, and never once has the 10 minute confirmation time been a serious issue.
There are probably more reasons for not wanting to hold Litecoin right now, even a little. I'd be happy to know your thoughts on my reasons. Thank you.
I'm new to bitcoin and wallets and all of that, so I'm sure there's some process I didn't go through and that's the cause of my mistake. I recently created an Armory wallet, and it's running on a Mac so I have to run Bitcoin-Qt as well. I also have a wallet on Coinbase, but I planned only to use it for buying Bitcoin and then storing it in Armory. My purchase went through yesterday and I transfered it to Armory through the code Armory gave me. Coinbase said the transaction was pending, so I let it transfer while I was asleep, Armory still open. In the morning it read complete, but my wallet was empty and still is now. I'm not sure what to do and I'm not sure what end the problem is from either. Any help I could get on the matter would be greatly appreciated! Like I said, I'm sure there's something I did wrong that would be relatively
Damian Gomez on May 08 2015: Well zombie txns aside, I expect this to be resolved w/ a client side implementation using a Merkle-Winternitz OTS in order to prevent the loss of fee structure theougth the implementation of a this security hash that eill alloow for a one-wya transaction to conitnue, according to the TESLA protocol. We can then tally what is needed to compute tteh number of bit desginated for teh completion og the client-side signature if discussin the construcitons of a a DH key (instead of the BIP X509 protocol) On Fri, May 8, 2015 at 2:08 PM, < bitcoin-development-request at lists.sourceforge.net> wrote:
---------- Forwarded message ---------- From: Mark Friedenbach <mark at friedenbach.org> To: Raystonn <raystonn at hotmail.com> Cc: Bitcoin Development <bitcoin-development at lists.sourceforge.net> Date: Fri, 8 May 2015 13:55:30 -0700 Subject: Re: [Bitcoin-development] Block Size Increase The problems with that are larger than time being unreliable. It is no longer reorg-safe as transactions can expire in the course of a reorg and any transaction built on the now expired transaction is invalidated. On Fri, May 8, 2015 at 1:51 PM, Raystonn <raystonn at hotmail.com> wrote:
Replace by fee is what I was referencing. End-users interpret the old transaction as expired. Hence the nomenclature. An alternative is a new feature that operates in the reverse of time lock, expiring a transaction after a specific time. But time is a bit unreliable in the blockchain
---------- Forwarded message ---------- From: Douglas Roark <doug at bitcoinarmory.com> To: Bitcoin Dev <bitcoin-development at lists.sourceforge.net> Cc: Date: Fri, 8 May 2015 15:27:26 -0400 Subject: [Bitcoin-development] Softfork signaling improvements -----BEGIN PGP SIGNED MESSAGE----- Hash: SHA512 Hello. I've seen Greg make a couple of posts online (https://bitcointalk.org/index.php?topic=1033396.msg11155302#msg11155302 is one such example) where he has mentioned that Pieter has a new proposal for allowing multiple softforks to be deployed at the same time. As discussed in the thread I linked, the idea seems simple enough. Still, I'm curious if the actual proposal has been posted anywhere. I spent a few minutes searching the usual suspects (this mailing list, Reddit, Bitcointalk, IRC logs, BIPs) and can't find anything. Thanks. Douglas Roark Senior Developer Armory Technologies, Inc. doug at bitcoinarmory.com PGP key ID: 92ADC0D7 -----BEGIN PGP SIGNATURE----- Version: GnuPG/MacGPG2 v2.0.22 (Darwin) Comment: GPGTools - https://gpgtools.org iQIcBAEBCgAGBQJVTQ4eAAoJEGybVGGSrcDX8eMQAOQiDA7an+qZBqDfVIwEzY2C SxOVxswwxAyTtZNM/Nm+8MTq77hF8+3j/C3bUbDW6wCu4QxBYA/uiCGTf44dj6WX 7aiXg1o9C4LfPcuUngcMI0H5ixOUxnbqUdmpNdoIvy4did2dVs9fAmOPEoSVUm72 6dMLGrtlPN0jcLX6pJd12Dy3laKxd0AP72wi6SivH6i8v8rLb940EuBS3hIkuZG0 vnR5MXMIEd0rkWesr8hn6oTs/k8t4zgts7cgIrA7rU3wJq0qaHBa8uASUxwHKDjD KmDwaigvOGN6XqitqokCUlqjoxvwpimCjb3Uv5Pkxn8+dwue9F/IggRXUSuifJRn UEZT2F8fwhiluldz3sRaNtLOpCoKfPC+YYv7kvGySgqagtNJFHoFhbeQM0S3yjRn Ceh1xK9sOjrxw/my0jwpjJkqlhvQtVG15OsNWDzZ+eWa56kghnSgLkFO+T4G6IxB EUOcAYjJkLbg5ssjgyhvDOvGqft+2e4MNlB01e1ZQr4whQH4TdRkd66A4WDNB+0g LBqVhAc2C8L3g046mhZmC33SuOSxxm8shlxZvYLHU2HrnUFg9NkkXi1Ub7agMSck TTkLbMx17AvOXkKH0v1L20kWoWAp9LfRGdD+qnY8svJkaUuVtgDurpcwEk40WwEZ caYBw+8bdLpKZwqbA1DL =ayhE -----END PGP SIGNATURE----- ---------- Forwarded message ---------- From: Mark Friedenbach <mark at friedenbach.org> To: "Raystonn ." <raystonn at hotmail.com> Cc: Bitcoin Development <bitcoin-development at lists.sourceforge.net> Date: Fri, 8 May 2015 13:40:50 -0700 Subject: Re: [Bitcoin-development] Block Size Increase Transactions don't expire. But if the wallet is online, it can periodically choose to release an already created transaction with a higher fee. This requires replace-by-fee to be sufficiently deployed, however. On Fri, May 8, 2015 at 1:38 PM, Raystonn . <raystonn at hotmail.com> wrote:
I have a proposal for wallets such as yours. How about creating all transactions with an expiration time starting with a low fee, then replacing with new transactions that have a higher fee as time passes. Users can pick the fee curve they desire based on the transaction priority they want to advertise to the network. Users set the priority in the wallet, and the wallet software translates it to a specific fee curve used in the series of expiring transactions. In this manner, transactions are never left hanging for days, and probably not even for hours. -Raystonn On 8 May 2015 1:17 pm, Aaron Voisine <voisine at gmail.com> wrote: As the author of a popular SPV wallet, I wanted to weigh in, in support of the Gavin's 20Mb block proposal. The best argument I've heard against raising the limit is that we need fee pressure. I agree that fee pressure is the right way to economize on scarce resources. Placing hard limits on block size however is an incredibly disruptive way to go about this, and will severely negatively impact users' experience. When users pay too low a fee, they should: 1) See immediate failure as they do now with fees that fail to propagate. 2) If the fee lower than it should be but not terminal, they should see degraded performance, long delays in confirmation, but eventual success. This will encourage them to pay higher fees in future. The worst of all worlds would be to have transactions propagate, hang in limbo for days, and then fail. This is the most important scenario to avoid. Increasing the 1Mb block size limit I think is the simplest way to avoid this least desirable scenario for the immediate future. We can play around with improved transaction selection for blocks and encourage miners to adopt it to discourage low fees and create fee pressure. These could involve hybrid priority/fee selection so low fee transactions see degraded performance instead of failure. This would be the conservative low risk approach. Aaron Voisine co-founder and CEO breadwallet.com One dashboard for servers and applications across Physical-Virtual-Cloud Widest out-of-the-box monitoring support with 50+ applications Performance metrics, stats and reports that give you Actionable Insights Deep dive visibility with transaction tracing using APM Insight. http://ad.doubleclick.net/ddm/clk/290420510;117567292;y Bitcoin-development mailing list Bitcoin-development at lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/bitcoin-development
---------- Forwarded message ---------- From: Damian Gomez <dgomez1092 at gmail.com> To: bitcoin-development at lists.sourceforge.net Cc: Date: Fri, 8 May 2015 14:04:10 -0700 Subject: Re: [Bitcoin-development] Block Size Increase (Raystonn) Hello, I was reading some of the thread but can't say I read the entire thing. I think that it is realistic to cinsider a nlock sixe of 20MB for any block txn to occur. THis is an enormous amount of data (relatively for a netwkrk) in which the avergage rate of 10tps over 10 miniutes would allow for fewasible transformation of data at this curent point in time. Though I do not see what extra hash information would be stored in the overall ecosystem as we begin to describe what the scripts that are atacrhed tp the blockchain would carry, I'd therefore think that for the remainder of this year that it is possible to have a block chain within 200 - 300 bytes that is more charatereistic of some feasible attempts at attaching nuanced data in order to keep propliifc the blockchain but have these identifiers be integral OPSIg of the the entiore block. THe reasoning behind this has to do with encryption standards that can be added toe a chain such as th DH algoritnm keys that would allow for a higher integrity level withinin the system as it is. Cutrent;y tyh prootocl oomnly controls for the amount of transactions through if TxnOut script and the publin key coming form teh lcoation of the proof-of-work. Form this then I think that a rate of higher than then current standard of 92bytes allows for GPUS ie CUDA to perfirm its standard operations of 1216 flops in rde rto mechanize a new personal identity within the chain that also attaches an encrypted instance of a further categorical variable that we can prsribved to it. I think with the current BIP7 prootclol for transactions there is an area of vulnerability for man-in-the-middle attacks upon request of bitcin to any merchant as is. It would contraidct the security of the bitcoin if it was intereceptefd iand not allowed to reach tthe payment network or if the hash was reveresed in orfr to change the value it had. Therefore the current best fit block size today is between 200 - 300 bytws (depending on how exciteed we get) Thanks for letting me join the conversation I welcomes any vhalleneged and will reply with more research as i figure out what problems are revealed in my current formation of thoughts (sorry for the errors but i am just trying to move forward - THE DELRERT KEY LITERALLY PREVENTS IT ) _Damian ---------- Forwarded message ---------- From: Raystonn <raystonn at hotmail.com> To: Mark Friedenbach <mark at friedenbach.org> Cc: Bitcoin Development <bitcoin-development at lists.sourceforge.net> Date: Fri, 8 May 2015 14:01:28 -0700 Subject: Re: [Bitcoin-development] Block Size Increase Replace by fee is the better approach. It will ultimately replace zombie transactions (due to insufficient fee) with potentially much higher fees as the feature takes hold in wallets throughout the network, and fee competition increases. However, this does not fix the problem of low tps. In fact, as blocks fill it could make the problem worse. This feature means more transactions after all. So I would expect huge fee spikes, or a return to zombie transactions if fee caps are implemented by wallets. -Raystonn On 8 May 2015 1:55 pm, Mark Friedenbach <mark at friedenbach.org> wrote: The problems with that are larger than time being unreliable. It is no longer reorg-safe as transactions can expire in the course of a reorg and any transaction built on the now expired transaction is invalidated. On Fri, May 8, 2015 at 1:51 PM, Raystonn <raystonn at hotmail.com> wrote: Replace by fee is what I was referencing. End-users interpret the old transaction as expired. Hence the nomenclature. An alternative is a new feature that operates in the reverse of time lock, expiring a transaction after a specific time. But time is a bit unreliable in the blockchain One dashboard for servers and applications across Physical-Virtual-Cloud Widest out-of-the-box monitoring support with 50+ applications Performance metrics, stats and reports that give you Actionable Insights Deep dive visibility with transaction tracing using APM Insight. http://ad.doubleclick.net/ddm/clk/290420510;117567292;y Bitcoin-development mailing list Bitcoin-development at lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/bitcoin-development
Been running Armory on a Mac (10.9.2) and it's not going well. Armory will open, then spend an inordinate amount of time updating it's database. I get the "Armory is Online!" (starting to get really annoyed with the exclamation point) but then all joy is lost. I try to send a payment and Armory either crashes or notifies me that there are "invalid blocks" or that Bitcoin QT is offline. Bitcoin QT is on the current block with a happy green check. I liked Armory when it was functional, but at this point, I'd really like to clear out the wallet until Armory is updated and the bug fixed. I've sent a couple of emails to Armory about the problem, (2 weeks ago) and not received any response. In my case, it's just a few millibits, but I'd have a hard time recommending it to anyone on a Mac. Anybody else have this problem and found a solution? I do have the paper backup for the wallet, so maybe uninstall/reinstall? A little disappointed that there has been no assistance from Armory. Maybe some reddit exposure may get a response. tl;dr Armory no worky on Mac 10.9.2.
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