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May 5, 2017

Bitfinex Engages Financial Auditor


Bitfinex Engages Financial Auditor

New announcement

We are pleased to announce that Bitfinex has engaged Friedman LLP to complete a comprehensive balance sheet audit. Friedman, headquartered in New York, has extensive experience working in the cryptocurrency space and we’re excited to be working with them as we take this next step toward cementing customer and shareholder confidence.

Finding a reputable auditor that is crypto-savvy has not been easy. But in the wake of the complete redemption of the outstanding BFX tokens, Friedman saw an opportunity to be part of our recovery story, for which we are both enthusiastic and grateful. We were drawn to Friedman because of their adept partners who hold expertise in the constantly evolving cryptocurrency space. We are confident that Friedman is a great match to meet our accounting needs.

Engaging an auditor is just the first step. The comprehensive balance sheet audit, which will be dated June 30th, 2017, will require considerable time and resources on both sides. A third-party audit is important to all Bitfinex stakeholders, and we’re thrilled that Friedman will be helping us achieve this goal.

In connection with our engagement of Friedman and their expertise in the digital currency industry, we will be undertaking a process to optimize our financial operations and streamline internal accounting procedures as we push toward the goal of having fully audited financials (both balance sheet and operating results) in 2018. Transforming our back office and seeing that change to completion has been and will be a time-consuming and resource-intensive process. We are working diligently on this project and will release summarized results of that audit as soon as it is available.

Submitted May 06, 2017 at 05:51AM by bfx_brandon
via reddit http://bit.ly/2piWgLt

Observe for yourself: Segwit allows 2 MB blocks in the typical scenario


Observe for yourself: Segwit allows 2 MB blocks in the typical scenario

Basic English explanation of the process

To demonstrate this, I take each block, figure out the average transaction size and weight, calculate how many of these segwit would allow in a block, and then measure the total sizes of them.

Because the generation transaction is inherently unusual, and few transactions make too small a sample size to be meaningful, I exclude blocks with fewer than 16 transactions (ie, empty blocks).

Finally, I take the average of these segwit block sizes.

The result

25th pct: 1807737 Average: 1890429.153079902 90th pct: 2062659 Largest: 2816041 

Yes, 1.890429 MB is close enough that I'm going to round it up to 1.9 MB or even 2 MB considering the Notes below.

How to reproduce this

Note I do all this stuff on Linux. If you don't know how to use Linux yet, get a Raspberry Pi and learn. 😉

1. Build custom bitcoind to calculate max segwit block sizes.

Apply this patch to your bitcoin code and recompile:

curl http://bit.ly/2q9iuUn | patch -p1 make 

2. Generate table of max segwit block sizes.

[Re]start your custom bitcoind, and for each block, print its height, block hash, max segwit block size, and transaction count.

first_block=412404 last_block=465000 while [ $first_block -le $last_block ]; do blkhash=$(bitcoin-cli getblockhash $first_block); echo "$first_block $blkhash $(bitcoin-cli getblock $blkhash | python -c 'import json, sys; j = json.load(sys.stdin); print("%d %d" % (j["segwit_equiv_hack"], len(j["tx"])))')"; let first_block=first_block+1; done > data 

This is looking at the last 1 year of blocks.

3. Calculate average (and other stats) of statistically-useful max segwit block sizes.

Save this Python script to a file, then run it: python size_statistics.py < data

Notes

  1. These statistics are assuming every single block is full, and with the same ratio of spam/non-spam as presently. In a less extreme scenario, if a block maxed out at 1.8 MB, the 200k of transactions left would simply get mined in a 2.2+ MB block instead since the average block size wouldn't be the average filled block size.
  2. The network currently does not have any Lightning or sidechain usage yet. It is likely these will weigh heavier on witness data, and thereby expand the block sizes further, possibly even hitting 3 MB.

Submitted May 06, 2017 at 07:22AM by luke-jr
via reddit http://bit.ly/2q8WFEd

Goodby Coinbase, Hello Gemini


Goodby Coinbase, Hello Gemini

Coinbase is just trash, from customer service (respond times) to unbelievably long verification wait times is a joke. (not to mention closing of accounts without notice/major security breaches)

Hello Gemini, only read good things about it compared to other trusted trading sites. Anyone else find themselves switching platforms?

Submitted May 06, 2017 at 12:02AM by Gohstyy
via reddit http://bit.ly/2pKj1KX

Started GPI Bitcoin Mining 1 Month Ago (My Profits)

Hi, I’m 15 years old and just started bitcoin mining. So a little over a month ago I basically had no idea what bitcoin (Or any other crytocurrency) was at all, I knew it was a currency but that was the limit of my knowledge. After watching youtube videos explaining it and learning about mining and trading, I decided to give mining a try with my brand new gaming rig I recently built. I read many articles about how CPU and GPU was dead, but upon doing some math I found that by the end of the year I could cover the electricity of running the PC 24/7 and buy a brand new GPU at the end of the year if I needed to. I downloaded NiceHash and ran the benchmarks and found that I make an average of $1.80 a day. Where I live in PA electricity is pretty cheap. And while mining my PC only uses 99-105 watts. Which comes out to around $65 a year in electricity. My GPU only cost $189 when I got it. making a total “Investment” of $255. Although that’s assuming that I somehow fry my New GPU after only a year. At $1.80 a day, that translates to $657 a year. (Assuming no Bitcoin Price Change) But since the price is bound to go down I can expect much less than that. But the longer my GPU last the less “Investment” I have in it. I officially started mining on April 9th 2017 and today on May 5th 2017 I’ve made 38.33USD after fees. Meaning that I’m exceeding NiceHashes estimate of only $31 a month. So overall I’d say that for a 15 year old who only uses his gaming PC to actually play games for let’s say an hour a day (Anything other than games and Youtube doesn’t really effect NiceHash and I have a laptop and phone to watch youtube) GPU mining Is DEFINITELY profitable. Please let me know If I’m missing anything. Here are my computer specs for anyone that’s curious: http://bit.ly/2qJGk6h via /r/BitcoinMining http://bit.ly/2qANyfm

There are currently over 100,000 Unconfirmed Bitcoin Transactions


There are currently over 100,000 Unconfirmed Bitcoin Transactions
http://bit.ly/2pPJxRt

Submitted May 06, 2017 at 12:07AM by ZTronic
via reddit http://bit.ly/2pPhbZH

My node hit the max. mempool size for the first time


My node hit the max. mempool size for the first time
http://bit.ly/2pP58eS

Submitted May 06, 2017 at 03:43AM by Zwoelfenbein
via reddit http://bit.ly/2pPotdX

Started GPI Bitcoin Mining 1 Month Ago (My Profits)


Started GPI Bitcoin Mining 1 Month Ago (My Profits)

Hi, I'm 15 years old and just started bitcoin mining. So a little over a month ago I basically had no idea what bitcoin (Or any other crytocurrency) was at all, I knew it was a currency but that was the limit of my knowledge. After watching youtube videos explaining it and learning about mining and trading, I decided to give mining a try with my brand new gaming rig I recently built. I read many articles about how CPU and GPU was dead, but upon doing some math I found that by the end of the year I could cover the electricity of running the PC 24/7 and buy a brand new GPU at the end of the year if I needed to. I downloaded NiceHash and ran the benchmarks and found that I make an average of $1.80 a day. Where I live in PA electricity is pretty cheap. And while mining my PC only uses 99-105 watts. Which comes out to around $65 a year in electricity. My GPU only cost $189 when I got it. making a total "Investment" of $255. Although that's assuming that I somehow fry my New GPU after only a year. At $1.80 a day, that translates to $657 a year. (Assuming no Bitcoin Price Change) But since the price is bound to go down I can expect much less than that. But the longer my GPU last the less "Investment" I have in it. I officially started mining on April 9th 2017 and today on May 5th 2017 I've made 38.33USD after fees. Meaning that I'm exceeding NiceHashes estimate of only $31 a month. So overall I'd say that for a 15 year old who only uses his gaming PC to actually play games for let's say an hour a day (Anything other than games and Youtube doesn't really effect NiceHash and I have a laptop and phone to watch youtube) GPU mining Is DEFINITELY profitable. Please let me know If I'm missing anything. Here are my computer specs for anyone that's curious: http://bit.ly/2qJGk6h

Submitted May 06, 2017 at 04:11AM by TheSphericalCuber
via reddit http://bit.ly/2qANyfm

Everyone everywhere should watch this.


Everyone everywhere should watch this.
https://www.youtube.com/watch?v=U_SVexaSMwk&feature=youtu.be

Submitted May 05, 2017 at 06:47AM by M0n0poly
via reddit http://bit.ly/2pPfY2y

Exclusive: Billionaire Investor Draper to Participate in Blockchain Token Sale for First Time by REUTERS


By REUTERS

Billionaire venture capitalist Tim Draper soon plans to take a step that even he, a long-time bitcoin aficionado, has eschewed to now: buying a new digital currency offered by a technology startup….

Published: May 6, 2017 at 03:36AM

from NYT Business Day http://nyti.ms/2pPicit
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