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August 2017

Identity Thieves Hijack Cellphone Accounts to Go After Virtual Currency by NATHANIEL POPPER


By NATHANIEL POPPER

So-called phone porting attacks are exposing a vulnerability that could be exploited against anybody with valuable emails or other digital files.

Published: August 22, 2017 at 05:33AM

from NYT DealBook http://nyti.ms/2v0f6ho
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“My motivation is cypherpunk. Period. 20 years of internet history is verifiable.”


“My motivation is cypherpunk. Period. 20 years of internet history is verifiable.”
https://www.twitter.com/adam3us/status/899459335511789572

Submitted August 22, 2017 at 01:50AM by finalhedge
via reddit http://bit.ly/2wrmK4R

Unintended consequence of a hard fork—difficulty oscillations


Unintended consequence of a hard fork—difficulty oscillations

We are observing the first phase of an unintended side effect of the BCH hard fork. Because bitcoin and BCH use the same proof of work algorithm, miners can jump from one chain to the other, wherever mining is more profitable.

Assuming that miners could jump effortlessly and instantly (which is, luckily, not the case just yet), and assuming that all miners always seek maximum profit, all should now be mining BCH and the bitcoin chain would come to a screeching halt with no blocks whatsoever.

Since BCH would then have a very high block frequency, the difficulty adjustment algorithm would soon, within a few days, increase the difficulty fourfold (the limit of what the algorithm does). All miners would jump back to bitcoin, and bitcoin would work normally for a while, until its difficulty would presumably rise a bit while BCH would stand still without a single block. The question now is whether the bitcoin difficulty rise suffices to chase all miners back into BCH mining or not, which also depends on the two coins' prices.

Both chains have certain mitigating advantages. Bitcoin has the advantage that too few blocks would lead to very high fees, which would eventually lure miners back into an unpleasant, but less catastrophic equilibrium between high fees and miner's profitability estimates.

BCH, on the other hand, has big blocks, so situations like one block per hour are unpleasant, but also not catastrophic. No block at all would, of course, be catastrophic for either chain.

Fortunately the assumption I made initially will probably not be true. Some miners will stick to one chain for ideological reasons, out of conviction about long-term success, or because somebody bribes them, presumably also for ideological reasons. In addition most miners are not yet able to jump from one chain to the other easily and instantly for technical reasons. They would experience service interruptions, extra work, perhaps bugs.

I am finding myself completely unable to predict what will actually happen, which is bad enough in itself. Please join in, anybody, who knows more.

After yet another hard fork in a few months we may have the equivalent of an unstable three-body problem, like the one with celestial bodies, where the only safe prediction will be that nobody can predict the outcome.

Bitcoin and its derivatives have not been designed for this situation. I bet Satoshi Nakamoto never thought about what would happen to the difficulty after such a hard fork, otherwise he would presumably have tried to design a solution into the difficulty adjustment. Even this intellectual giant could not foresee everything.

What can we learn from this? That hard forks without a very clear separation, including different proof-of-work algorithms, are highly risky and dangerous and that the people who create them without understanding fully what they are doing may inadvertently damage or destroy both bitcoin and their own immature fork creations at the same time. Somehow this reminds me of Frankenstein's monster, born of good, but naive intentions, and sadly unable to fit in.

Bitcoin Crash?

Submitted August 21, 2017 at 11:28PM by hgmichna
via reddit http://bit.ly/2whSVmz

Bitcoin Eclipse


Bitcoin Eclipse
http://bit.ly/2uZPUaU

Submitted August 22, 2017 at 02:20AM by kylekemper
via reddit http://bit.ly/2vjnAeQ

Lots of new big block fans on r/bitcoin this week


Lots of new big block fans on r/bitcoin this week
http://bit.ly/2v8dZbt

Submitted August 21, 2017 at 02:36PM by stevev916
via reddit http://bit.ly/2wxtFZh

FINAL UPDATE (PROBABLY)

PICS FIRSTFirst Update PostOriginal Post explaining FREE electricityAs some of you know I’ve been running 5 Antminers S9’s. Well I finally finished the room. Shut my machines down for about 5 hours last night and put up insulation, drywall, and some of the foam stuff to seal the cracks. Was running into a lot of dust accumulation and wanted to make the room more air tight.You’ll see in my chip temp pics, with the exhaust system and AC unit I have, that my running temps stay below 80°C. Exhaust is just me copying something I saw on youtube with a fitting for the back of the Antminer and some flexible exhaust tubing. When I took the pics today they had been running for about 12 hours already. Before I resealed the room they were running the same temps so I’m hoping they might go down a little further.You’ll notice my daily hash rate is low because I unplugged my machines for a few hours but I’m usually steady around 68 Th/s for the day. I’ve been doing a solid .02 per day, some days a little more. One day I actually brought in .041something. Not sure why that happened. If anyone knows why, it’d be awesome if you could explain how that happened.Don’t want to start a debate or anything about BCH or BTC but I was wondering how I could point one my miners to do BCH. I’m having a hard time locating information about BCH wallets and pools. I’m not afraid to read so if you just want to link something that would be cool.The last thing I want to say is thank you. For those of you that took the time to write responses, it greatly helped. Go ahead and leave your BTC wallet address in the comments so I can tip you. /s via /r/BitcoinMining http://bit.ly/2wrzdoP

FINAL UPDATE (PROBABLY)


FINAL UPDATE (PROBABLY)

PICS FIRST

First Update Post

Original Post explaining FREE electricity

As some of you know I've been running 5 Antminers S9's. Well I finally finished the room. Shut my machines down for about 5 hours last night and put up insulation, drywall, and some of the foam stuff to seal the cracks. Was running into a lot of dust accumulation and wanted to make the room more air tight.

You'll see in my chip temp pics, with the exhaust system and AC unit I have, that my running temps stay below 80°C. Exhaust is just me copying something I saw on youtube with a fitting for the back of the Antminer and some flexible exhaust tubing. When I took the pics today they had been running for about 12 hours already. Before I resealed the room they were running the same temps so I'm hoping they might go down a little further.

You'll notice my daily hash rate is low because I unplugged my machines for a few hours but I'm usually steady around 68 Th/s for the day. I've been doing a solid .02 per day, some days a little more. One day I actually brought in .041something. Not sure why that happened. If anyone knows why, it'd be awesome if you could explain how that happened.

Don't want to start a debate or anything about BCH or BTC but I was wondering how I could point one my miners to do BCH. I'm having a hard time locating information about BCH wallets and pools. I'm not afraid to read so if you just want to link something that would be cool.

The last thing I want to say is thank you. For those of you that took the time to write responses, it greatly helped. Go ahead and leave your BTC wallet address in the comments so I can tip you. /s

Submitted August 22, 2017 at 02:18AM by boof_tongue
via reddit http://bit.ly/2wrzdoP

Lightning Network sooner than planned – bullish


Lightning Network sooner than planned – bullish
http://bit.ly/2vhwedX

Submitted August 21, 2017 at 07:05PM by ltkrogoth
via reddit http://bit.ly/2uYyeMI

I got a good shot of the solar eclipse


I got a good shot of the solar eclipse
http://bit.ly/2xlUUU1

Submitted August 22, 2017 at 01:15AM by StoneHammers
via reddit http://bit.ly/2wrjPZY

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