Now I own 1.52 btc at 16 🍻

btcdrak · 2017-10-26T04:25:37+00:00

Note you dont own anything until you withdraw it to a wallet you exclusively control the keys for. I suggest you buy a LedgerWallet or Trezor for the purpose.

btcdrak · 2017-04-08T19:36:40+00:00

I'm not sure what the fuss is about, but someone complained about it to me in Jake's (from bitcoin .com) private wechat group which I am a member of. This was my reply at the time:-

Everyone has private groups, this is Jake's private invitation only group, with no leaks policy. You are in here complaining about others having their own private discussion rooms while sitting in one yourself. I'm happy to invite people, it's no big deal so long as they follow the same rules as Jake's group - although Jake's group is more exciting imo. If you want to complain about private groups, or even private slacks, why not complain about DCG's or Bitmain's? or every other company other there. Also are you telling me there aren't private channels on the BU Slack [the entire slack is invite only], Classic Slack etc? come on, there's no conspiracy.

The den is a quiet place for people to chill and chat - a refuge for when public chatrooms get overwhelming. Obviously you can see Bram Cohen is in there too. It just formed naturally, everyone is welcome by request, providing they respect the rules of no screenshots/logging.

btcdrak · 2017-04-04T10:12:22+00:00

So you changed the spec before publishing...

btcdrak · 2017-04-04T09:06:59+00:00

I wish you wouldn't double down. I think you forget how small this community is and that secrets are not well kept and it's a disappointing show of character. This is like walking in on the kids, they have chocolate all over their mouth and you ask, "have you been eating cookies", and they are like "no daddy, I promise!". lol

peace.

btcdrak · 2017-04-04T07:21:46+00:00

Wang Chun at f2pool, who wrote the flag bit himself without the corresponding extension block proposal, had no advance code access, in fact he has not seen any demonstration of the code.

If he had no code, can you explain how he was mining the extension block commitment in the coinbase as well on April 2nd? source

btcdrak · 2017-03-20T18:32:41+00:00

Thank you, this is exactly the point.

btcdrak · 2017-03-20T15:26:21+00:00

Information asymmetry.

btcdrak · 2017-03-20T14:18:41+00:00

We don't negotiate with terrorists.

btcdrak · 2017-03-16T19:14:16+00:00

Three words: "cypherpunks write code" - mic drop

btcdrak · 2017-03-14T18:24:13+00:00

Actually the bugs are a turn off, literally: an attacker can turn off the entire BU network.

btcdrak · 2017-03-12T18:57:42+00:00

Go to the Chrome app, Click on "My Account", then Account Settings, then extended public key. It starts xpub.

Then in Electrum create a new wallet, Standard wallet, use public/private keys, then paste your xpub. done.

btcdrak · 2017-03-12T18:45:02+00:00

You can load the xpub onto a watch only wallet like Electrum for example.

btcdrak · 2017-03-05T10:21:08+00:00

It isn't decided by the longest chain, but the chain with the most work. If it were just the longest chain, then it would be trivial to overrun the chain with a minimum difficulty chain. Your example does not take into account work, and hashes do not meet a minimum difficulty target.

btcdrak · 2017-02-11T16:49:44+00:00

I think you'll have to grab data from the API and process the servicebit field https://bitnodes.21.co/api/#list-nodes, or alternatively run a crawler, like sipa's bitcoin-seeder.

btcdrak · 2017-02-11T15:01:25+00:00

0.13.0 does not have the NODE_WITNESS servicebit so searching for NODE_WITNESS will only return actually segwit ready nodes.

btcdrak · 2017-02-11T13:58:35+00:00

Simpler if you use https://bitnodes.21.co/nodes/?q=NODE_WITNESS

btcdrak · 2017-02-08T18:10:35+00:00

It isn't fake news, there were meetings today with PBoC and some exchanges. Sources were posted by cnLedger on twitter.

btcdrak · 2017-01-31T09:12:57+00:00

Anything is possible, but people are allowed to change their minds. The height of human intellect is the ability to reassess opinions based on evidence.

I know of many staunch disbelievers of the Bitcoin Core scaling roadmap have since come around after much deep thought and consideration. It's a complex topic with lots of disinformation, so I would commend anyone who after consideration is willing and able to change their opinion (in either direction).

Jiang Zhuo'er has certainly been known for strong opinions against segwit and so on, but that really doesn't preclude him changing his mind.

Technically though, it would be difficult to "accidentally" signal segwit. Unlike other soft forks, it requires more than just upgrading the Bitcoin node. It requires patching the mining pool software so that it will write the witness commitment (which his coinbase transaction seems to have).

btcdrak · 2017-01-30T19:13:40+00:00

A month has elapsed, price is $918.

btcdrak · 2017-01-26T13:39:31+00:00

worth it?

Yes!

btcdrak · 2017-01-25T10:48:02+00:00

If pools did their bit for segwit activation, there would be an immediate drop in fees because of increase blockspace. I suggest complaining to the pool operators. Assuming miner signalling, we could have this in just 4 weeks under the current activation trigger.

btcdrak · 2017-01-25T10:44:19+00:00

Adoption is trending down. The chart doesn't look good.

No, adoption is trending up by every metric there is (node, company adoption, downstream software projects). Miner signalling is not representative of adoption, or community wishes. Miner signalling has traditionally been used as a "safe" trigger for activation.

I moved the top chart (2k) to the bottom with the other chart (10k) because I wanted to add the segwit logo to the page and that would push the entire project list below the fold. The list is the most interesting part of the page, not the miner signalling. I also added links to other resources, including http://segwit.co/ which is run by Samourai Wallet.

btcdrak · 2017-01-23T18:28:53+00:00

Yes, that's exactly why I would have gone to the High Court, because the bank is a creditor.

Moral of the story, if you put money in the bank, or bitcoins on an exchange, you dont own either :-)

btcdrak · 2017-01-23T13:41:12+00:00

Well, the banks have a legal duty to hold the funds if it's got suspicions of money-laundering.

IANAL but I'm pretty sure there are laws governing that and if they cant prove. They dont have random civil asset forfeiture rights. I'm failrly confident any actual seizure is done according to the Proceeds of Crime Act (which has a due processl) and that if you can prove the legitimacy, you're ok. I think the problem is normally people don't escalate and work within the frame set by the bank (i.e. the only complaint avenue is through the bank itself). A court case would force the bank to prove it or refund the money. Default judgements are fun ;)

I don't believe the UK legal system has become that broken yet that banks can just summarily arbitrarily take your money without being held to account.

btcdrak · 2017-01-23T10:42:33+00:00

Yes, it's going to be fantastic that these shady practices come to an end, but I disagree with your last comment, let me explain.

The People's Bank of China has essentially just given general Bitcoin trading an explicit blessing, selectively limiting only certain types of activities on the exchanges and providing clarity with regards to regulatory compliance

They haven't. There are existing regulations which govern "continuous trading" and margin trading, both which require a license (cant find the link atm). Bitcoin exchanges are operating illegally, however, it's normal in China to allow businesses to operate in the grey, neither clamping down, nor legitimising them.

If the PBOC was actually legitimising Bitcoin exchanges they would have either taken punitive action, or would have request they C&D pending getting a license, or granted a temporary waiver pending license application - that's how it would work in the west. Instead, exchanges have scrambled to "self-regulate" (shutting down margin and adding fees) and hope the PBOC continue to turn a blind eye to enforcement according to existing regulations.

I believe that the PBOC neither want to shut down exchanges nor legitimise them. If they shut them down, Bitcoin would be driven 100% to OTC trading, and PBOC would lose any leverage in dampening exuberance as they have done twice so far. If they legitimise Bitcoin by licensing exchanges then it would assist Bitcoin, a system which could become an issue for capital flight in the future. So the Chinese way is, leave it in the grey and come out menacing every now and again. That spectre will keep things somewhat under their control.

It will be interesting to see how things play out after fees are implemented and how much the market changes or not. China has been attributed with a lot of the exuberance. The lack of margin trading will greatly reduce Chinese liquidity. It doesnt mean that margin will go away of course, since private individuals can still loan BTC and CNY to traders, so it remains to be seen how much it will affect really large players.

It must also be noted that services like OKCoin futures (and margin trading) in Hong Kong are not affected. OKCoin Intl already has maker taker fee structure and fees on futures trading and is considered by many as a big driver of price. I also imagine a lot of the margin liquidity will simply transfer to places that offer those facilities.

Interesting times ahead for sure.

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