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We've been working on walletscrutiny.com for about two months now as a side project and hope to see many wallets that are currently "only" open source to care more about verification and make it into the "verifiable" category.

With the community's support, this project could turn into a permanent thing, with new versions being checked as they are being published and we certainly would also expand to other platforms and more attributes to look at.

Currently, being verifiable unfortunately doesn't mean that anybody would verify any code and we also have ideas how to fix that.

Any feedback welcome

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https://www.coincurb.com/news/bitcoin-investor-spends-800-btc-to-win-bet/

This guy on Twitter actually spent 800 (probably more) BTC in order to win a few Dogecoins. Goes to show how easy it is to manipulate the market.
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Latest Bitcoin News / Bitcoin mixers
« Last post by administrator on December 13, 2019, 05:20:29 PM »
How do mixers work and how can they provide untraceability of transactions?
I'm curious about it because i'd like to provide a similar service


As far as i know they are middle-man wallets where outbound transactions are performed only when there are many to be done at the same time and at different addresses, otherwise the mixers just waits.

Maybe because if you, Alice, send 5 BTC to Bob through the mixer Mallory, and Mallory just redirects the 5 BTC to Bob as soon as it gets them, it is obvious that "Alice sent 5 BTC to Bob" isn't it?

But it's not enough: even if it waits until many outbound transaction have to be done, there are still those 2 5BTC transactions that have the exact same amount...what a coincidence.
It is almost obvious that those 5BTC from Alice were intended to be sent to Bob......

i'm missing something here, how do they solve that issue?

Perhaps the mixer is not a wallet but a group of several wallets (100 or 1000+??) that

1- split the incoming amount between them
2- each of them sends BTC to Bob a little at a time, while sending BTC to other several thousands destination addresses at the same time

In this way an analyst will have an hard time to track hunderds/thousands of transactions and sum them toghether, or maybe he does not know all the wallets that belong to the mixer.

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Latest Bitcoin News / Ideas for a Bitcoin 2.0
« Last post by administrator on December 13, 2019, 05:20:26 PM »
I have been thinking about ways to improve Bitcoin that might promote its more widespread adoption.  Apart from relatively minor issues of ease-of-use, security, etc. (which will improve naturally as tools improve), I see two major fundamental structural problems with Bitcoin at present:

1.  The limit on the total of Bitcoins that may ever exist is, numerically speaking, much too small compared to the world money supply, which leads to a significant psychological barrier - since it is very difficult for a normal "man on the street" to believe that 1 BTC could someday be worth $100,000 or more (as it would have to be if Bitcoins ever became as widely adopted as the US dollar, say).  I think that a major reason why the BTC peaked at $30 and is only around $4 now is that it is just too hard for most people to believe that each unit of a new, relatively untested currency could possibly be worth much more than a dollar.  (Yes, I know that absolute exchange rates are meaningless, but they are psychologically significant for most people nonetheless.)

2.  Regardless of supply considerations, there is no floor on the value of each Bitcoin - i.e., there is nothing to prevent the BTC value in terms of other currencies from just drifting down and down until it reaches zero.  This would happen if, for example, over time, everyone just got bored with it and give up on it.

I have a suggestion that would solve both of these problems:

Start a brand-new Bitcoin network from scratch (call it "Bitcoin 2.0", 3-letter currency symbol BC2), with the following key differences from the original Bitcoin:

     (A) The asymptotic maximum number of BC2 that will ever exist is set at 10 trillion (instead of 21 million), a number comparable to the base money supply of traditional sovereign currencies.  This gives the currency much more room to grow, without running afoul of anyone's instincts about how much 1 unit of a currency should be worth.

     (B) The initial rate of creation is set at 500 billion BC2 per year, and every 10 years the creation rate is cut in half.  So in 10 years there will be 5 trillion, after another 10 years 7.5 trillion, after another 10 years 8.75 trillion, and so forth.  So in only a few decades, the supply of BC2 will become comparable to the base supply of existing currencies.

     (C) Each user of the reference client, which is copyrighted in every country, is required to first register their real-world identity with a central service, and sign a legally-binding contract promising that, in exchange for a perpetual license to use the reference client or any other software derived from the reference client, they will, in perpetuity, accept 1 BC2 from anyone in place of at least US$1 worth of any existing sovereign currency that is owed them (based on the exchange rates on the date that the BC2 block chain was started).  International patents are also secured, to ensure that other clients following the protocol but not derived from the reference client and not subject to its licensing agreement cannot be distributed.

Now, some neat things to note about this new system:

* Suppose the difficulty is calibrated by the algorithm so that on average, 1 new block will get added to the block chain every minute.  Then the reward for each new block is
500B/365/24/60 = 951,293, or almost a million dollars' worth of BC2!

* Due to this, if you think the growth of the existing Bitcoin network was impressive, the gold rush towards this new system will be so explosive that it will make the growth rate of the existing system look plodding in comparison!!!  In almost no time, everyone will switch over to mining BC2, because the rewards will be so much greater than with BTC.  

* Further, the contractual agreement will give all participants in the new system the confidence that the value of BC2 will never fall below that of existing currencies, so merchants and ordinary people will much more quickly come to feel safe investing both their working cash and their savings in the form of BC2.

Any thoughts?

[Edit: Just wrote a blog post on this idea: http://minetopics.blogspot.com/2011/10/how-to-fix-bitcoin.html.]
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Latest Bitcoin News / Top inspirational Albert Einstein Quotes On Life & Success
« Last post by administrator on December 13, 2019, 12:12:07 PM »
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As the end of 2019 came, the third halving of bitcoins in 2020, which is expected to be happened on May 15th,2020, is closer and closer. Since 2012, the halving of bitcoins happens every 4 years, of which consequence is that the 10mins output of bitcoins reduces by half every 4 years, After the third halving, the block reward of bitcoins every 10mins will reduce from 12.5 bitcoins to 6.25 bitcoins.
The total volume of bitcoins is 21,000,000, and there are currently about 18,000,000 bitcoins in existence. The halving of the block rewards will lead to the situation that the time length of bitcoins enter into circulation will be longer. The limit of bitcoins supply caused by the halving will also make the scarcity of the bitcoin more prominent. To the bitcoin price, it is obvious a BULL signal.
Will the halving push the bitcoin price to rise? The most important concerns from normal investors.
In fact, the extremely bull market came out after the 2 halvings happened before. The halving of bitcoins is really capable of boosting the bitcoin price rising sharply. Without exaggerating, the halving of bitcoin is one of the important catalysts to the BULL market again.
Besides the normal investors, miners are also watching closely to the bitcoin price. Now, the budget for bitcoin mining is getting more and more expensive. What is more, the competition of the hash rate and the fluctuation of the bitcoin price cause the income of bitcoin mining unstable. With the factors of the halving of bitcoins and the upgrading of the bitcoin miner, the budget of bitcoin mining is much more expensive than before. If the bitcoin price is lower than it, the whopping budget would cause miners to shut down the machines and lose all their investment in bitcoin mining. On the occasion, the mining disaster would follow.
So, how can the miners avoid the risk?
Recently, Bitmain announced the promotion that whose order amount reaches¥10,000,000(about $1,431,495) will receive put contracts (Expect the market to be bearish) of bitcoin options in 1% of the order total amount. “Buy Miners Get Put Options” is like buying miners and getting the insurance. In simple words, with hedging the risk by the put contracts, the profit of the miners will be protected.
How does the put options hedge the risk of the bitcoin price dropping?
Last month, BitOffer first launch BitOffer Bitcoin Options which requests 0 Margin, 0 Fee and no exercise. Thus, BitOffer Options is the best hedging tool ever for holding bitcoin.
For example, now the bitcoin price is $7,000, when it rises to $8,000, your profit will be $1,000.
But what if the bitcoin price drops to $6,000? Without hedging, you will lose $1,000 directly.
But if you buy a put contract on BitOffer with only $20-$50 to hedge the risk of holding 1 bitcoin, you would earn $1,000 with one put contract on BitOffer Options. In this way, you will save $1,000 loss in holding 1 bitcoin.
In conclusion, after buying a put contract, you will earn a profit when the bitcoin price rises. And what if the bitcoin price drops? You still lose 0 because you have done the hedging work.
So, no matter you are a miner or a normal investor, with a correct hedging strategy, you will always be the winner in the market.
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Latest Bitcoin News / How long will existing encryption last?
« Last post by administrator on December 13, 2019, 10:16:04 AM »
Asymmetric cryptography.
It is it that makes it possible to generate encryption keys for symmetric cryptography.

Transmission, encryption of information is carried out (in most cases) by symmetric cryptographic systems. Because they are much more reliable, less for a key, less load on computing power and the like. But the main thing is reliability.

But in this reliable system, there is an unreliable element, the most important element, an asymmetric system.

Everyone calmed down. No problems. Everything is reliable. But why then the specialized organizations responsible for the "reliability of cryptography" are looking for something, obviously, they are not happy with something.

Why do recognized authorities of cryptographic science give such ambiguous definitions as "conditionally reliable cryptography".

It is interesting to talk about the known facts of the rejection of some asymmetric systems and the intensified search for new ones.

Mathematicians know that all modern asymmetric cryptography is based on unproven mathematical statements. Simply put, from a scientific point of view, only on hypotheses. On unsubstantiated assumptions. It’s good that we know which ones.
 
And cryptography on elliptic curves, which is part of blockchain technology (digital signature), has overgrown with obscure facts. On the one hand, we recommend it for domestic use, on the other hand, it is forbidden to use it in serious matters.

There is an opinion of cryptographers that any system with a public and private key will be hacked sooner or later, and then all your secrets will become known. You save them now (they recommend cryptography on elliptic curves!), And then they will open everything. Well, not a fact.

This is just a danger. And it's not about the progress of quantum computing and (the main nuisance) the provision of these services to anyone, for money, over the network.

But it's not that. Brute-force attack is the fate of the monkey. We are all a little monkeys, we are all afraid of a quantum computer and a complete search. This is not the worst, the keys can be increased and generally go into even larger numerical fields.

 But the main danger is cryptanalysis. He is developing.
The life of a cryptanalyst is like that of a secret agent. Even his family does not know about his real job.
I wonder why such a conspiracy.

The author is committed to the idea that if such “researchers” of asymmetric systems find something, then they will never tell us about it. Or didn’t they already say?

I would like to talk about this and much more in this topic directly relating to our security.
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Latest Bitcoin News / [Blockchain Classroom] Lesson 2:What is Bitcoin?
« Last post by administrator on December 13, 2019, 08:46:12 AM »
[Blockchain Classroom] Lesson 2:What is Bitcoin?

"The concept of Bitcoin (BTC) was proposed by Satoshi Nakamoto (pseudonym), which is a point-to-point, decentralized digital asset; in 2009, Satoshi Nakamoto packed the first block and obtained 50 Bitcoin mining rewards. The mining rewards are halved every 4 years. Based on this, Bitcoin is expected to be wholly issued in 2140, with a total amount of 21 million.
With the development of bitcoin, bitcoin has gradually been recognized: Germany is the first country in the world to accept bitcoin payments; well-known companies such as Microsoft and Dell have also accepted bitcoin payments.
For example, you can buy alien computers produced in the United States directly with Bitcoin. Not only that, investors can also invest in Bitcoin and make a profit on trading platforms such as BitRabbit. "

www.bitrabbit.com
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