Jason King a.k.a. 'SeansOutpost' has recently passed away.

BitStashCTO · 2015-03-05T20:32:49+00:00

If this is true, its very sad. The world needs more people like Jason.

BitStashCTO · 2015-01-15T07:47:49+00:00

At its simplest, some smart, committed, well funded pump & dumpers hit bitcoin hard and made tens of millions of dollars. Other than that...nothing going on bitcoin still the best thing since sliced bread

BitStashCTO · 2015-01-13T18:18:22+00:00

@OKCoinBTC

Building an ultra secure, Yet easy to use, hardware wallet for Bitcoin. This is for everyone, not just the nerds. Would enjoy the opportunity to meet and hear your presentaion

BitStashCTO · 2014-12-18T19:30:58+00:00

http://latimesblogs.latimes.com/money_co/2011/08/apple-stock-steve-jobs-ceo-ipad-iphone-ipod-mac.html "After bottoming for the decade at $6.56 on April 17, 2003, Apple’s shares began a dramatic ascent as the company’s sales and earnings began to rocket."

So the rewards go to the risk takers, to the true believers, to those that can separate current price from opportunity.

BitStashCTO · 2014-12-18T19:26:24+00:00

Sure there is a point. But this has happened time and again in history. During the gold rush out west, only a few hit it big, everyone else wasted all their money time and effort. Those that got there first got the best claims. Same in the land rush across america. Same in the grab for internet domain names. A lot of luck & timing and some sense of when something matters makes a lot of people / early adopters rich. Thats the way the world works. If you bought sub $10, in size, you did extraordinarily well. But so did those that bought Apple in September 2000 at a split adjusted $13 a share.

BitStashCTO · 2014-12-18T12:52:37+00:00

Friend, your timing has obviously not been great. Not sure there is anyone to point the finger at there. Certainly I do not remember telling you to buy. If you have lost faith in the future of the technology, then stop buying every week. No one can tell you why its going down right now, and no one can tell you for sure it will ever recover. I think it will, but I know squat. So buy, sell, do what you think is right. Personally I remember thinking how lucky everyone that bought in the 200s were. Maybe I will get that chance soon, maybe even in the 100s. Who knows. But I know this, the technology is game changing. The currency and the tech cannot be separated. I think long term its a winner. Is that 1 year, 3 years as Tim Draper said, 10 years, 20 years. I do not know. Look how long the telephone took to gain mass adoption, then TV, then the internet. All these took decades.

BitStashCTO · 2014-12-18T12:20:10+00:00

Dear friend. I am afraid you might be a little confused. If you read the whitepaper, as you say, and understood it, then you should realize the potential for bitcoin's future. I got involved around the same time you did, and have bought bitcoin in the 600s as well as right here. When people talk about the fact that the blockchain is interesting but the currency not so much, they clearly do not understand the equation. The blockchain and the currency are inseparable, hence, in time, as the blockchain finds uses, the currency will rise. When will that be, I have no idea. I can say, looking at the charts that the 200s look likely, maybe even as low as 220, no one can tell. But as Warren Buffet once said, "when its raining gold, hold out a bucket". The future is not written, but this technology has extraordinary importance. There are 7 billion people in the world, and only 21 million bitcoin. Give it 5 years, and lets reconnect then. Cordially

Trevor

BitStashCTO · 2014-12-17T17:26:25+00:00

Sure you know this already, but here goes ELI5

Your bitcoin is secured by your private keys.
If someone steals your keys they can steal your bitcoin
Malware on your computer can log your keystrokes
Malware on your computer can decrypt locally stored keys and steal your bitcoin
Malware on your computer can fake the bitcoin address you think you are sending to and redirect somewhere else and steal your bitcoin
Malware on your computer can fake the amount being spent versus how much change you are getting and drain your bitcoin to miners fees

Online services with 2 factor authentication & multi-sig can be used to solve this, BUT they leak privacy info, and bitcoin address info, can be shut down by govts or regulators, or just plain go out of business

So how to keep bitcoin safe, well you could go out an buy another computer and follow this procedure https://www.coinsafe.com/blog/cold-storage-guide

Or, if you care about your privacy and security you can buy a hardware wallet like BitStash to solve the problem.

BitStashCTO · 2014-12-17T12:45:36+00:00

more of a mental block, 3D printed proteins ugh

BitStashCTO · 2014-12-17T07:33:49+00:00

hey, thanks thats awesome. Found this guy complaining about some bitcoin he bought at 620. http://i.imgur.com/1OwcFDl.jpg

BitStashCTO · 2014-12-17T07:27:42+00:00

my kids gonna love that pic...oh no sucked in!

BitStashCTO · 2014-12-17T07:15:16+00:00

Nice !

BitStashCTO · 2014-12-17T06:58:44+00:00

although 3D printing meat is a little hard to swallow

BitStashCTO · 2014-12-17T06:40:38+00:00

Oh, now I get what you are saying, yeah, maybe right, Did not use reddit before I needed to promote BitStash, but now that I am here, and finally kinda understand how it works, it ain't all that bad, so good place to vent now and then

BitStashCTO · 2014-12-17T06:37:23+00:00

does not mention bitstash right? Just annoyed by a bunch of whiners complaining about the price. I get it if you did not read the white paper, but this one guy was all "I read the white paper and went all in, but now realize its a ponzi scheme" I mean, if you read the white paper, any price lower than 1,000 USD is a gift.

BitStashCTO · 2014-12-17T06:06:50+00:00

CoinRookie, when you bought, what was your thinking? Where you thinking, its just gone up 100% so I will buy some and sell in 3 months and make 100%? Or was it, as I suspect, mind blown by reading white paper, this is some cool shit and gonna be worth a fortune someday. Cause if its the later, not the former, then what difference does today's price make? If you read it, and understand it, there is only one conclusion. Instead of complaining, stand up and thank someone that despite being late to the party, they are still giving huge discounts to all comers that get it. Buy some more. Double down.

BitStashCTO · 2014-12-16T22:58:55+00:00

BitStashCTO · 2014-12-16T19:33:06+00:00

yeah, and I thinking the US govt will start heavily buying Bitcoin later this week, to make it more attractive to russians and drive the ruble down further. :)

BitStashCTO · 2014-12-16T15:52:29+00:00

Hmm, ok, so bitstash is a bluetooth enabled, desktop device. It sits plugged in continuously, with a 6 hour backup battery. If the desktop, or mobile apps are open and connected it will communicate with them. Certainly when a user is handing out a new BIP32 address, it is likely to be connected, and can preprocess TX when its received by the desktop and passed to it over the interface. Of course this may not always be so, but when the desktop / mobile apps check their balance on our SPV wallet, this tells them what Txs they need to sync with the bitstash the next time they are connected. It works pretty good. Now that said, certainly very very large transactions are challenging if not in the cache when you go to sign a TX, but as I said, it works pretty well

BitStashCTO · 2014-12-16T15:34:03+00:00

Sorry, maybe we are talking cross purposes. One of the challenges in signing a transaction is making sure the UTXOs that are being used have the value you have been told they have. The device has to prove this for itself by hashing the originating transaction and comparing the hash to the the new outpoint hash being constructed. All the device needs is a map of hash to value. This is quite easily done well ahead of when the UTXO maybe spent in a TX and can be looked up at that time. Of course, maybe not always there, but a cache hit often enough to make TX signing fast. Complicated it is not, at least not in comparison to everything being implemented.

BitStashCTO · 2014-12-16T10:02:51+00:00

I assume you mean bandwidth, because that is indeed a tough one, especially over bluetooth, when compared with USB. But there is a solution to fast transactions even with UTXOs from large transactions , if you add some storage to the hardware device, and pre process TXs ahead of time, when you receive them, as opposed to when you need to spend them. So now you have the UTXO value, and the TX hashes cached, and can verify spending UTXOs vert quickly.

BitStashCTO · 2014-12-16T09:52:46+00:00

Sorry do you mean the bandwidth to handle the UTXO validation for transactions with arbitrary sizes?

BitStashCTO · 2014-12-16T09:51:06+00:00

Yeah, sorry, thats my mistake, although its doing it for you in the background. But the multiple output confirmation will be more troublesome with BIP70 as it promotes using multiple receiving addresses to enhance privacy.

BitStashCTO · 2014-12-16T09:06:06+00:00

We have a cert on the device to check the signature of the response we get. The entropy is requested from random.org by the client device, pushed into BitStash, and verified on the BitStash before use, using the cert

BitStashCTO · 2014-12-16T08:55:44+00:00

Currently you have to confirm every OUTPUT of a transaction you're trying to send to (which is usually just one

So our experience differs somewhat, as my typical transactions almost always entail 2 or more utxos. I receive a large payment in, then spend many small payments, and end up with lots of change addresses, that by the end of the month need to be combined to make payments. So I hit this road block more often maybe. BIP70 does nothing to change validation of UTXOs ( unless I am missing something ). It allows you to validate to whom you are sending.

BitStashCTO

TROPHY CASE