ELI5 Bitcoin Mining – Explain Bitcoin Mining Like I’m Five
ELI5 Bitcoin Mining – Explain Bitcoin Mining Like I’m Five
Explain like I’m five: Bitcoin Darren Hobbs
Explain it like I'm Five - Bitcoin Mining Difficulty Level
ELI5 Bitcoin Mining: Explain Bitcoin Mining Like I'm Five ...
Bitcoin Mining Explained Like You’re Five: Part 1 ...
the year 2020 in Bitcoin Cash so far: a detailed history
the year 2020 in Bitcoin Cash so far: a detailed history What follows at the bottom is a four page long chronological overview of what happened in BCH in 2020 so far. To make it more digestable and fun to read I start with my narrating of the story. My attempt was to remain as objective as possible and "let the facts speak for themselve" with everything sourced. I also link to manyread.casharticles, the decision of which are the important ones to include is certainly not easy, I count on the rest of the community if I overlooked anything important. summary & my narrating of the story: The year started out relatively calm, with cashfusion in "the news" and an older ongoing controversy between Amaury and Roger Ver being worked out. Starting Jan 22nd all debate broke loose with the announcement of “Infrastructure Funding Plan for Bitcoin Cash” by Jiang Zhuoer of BTC.TOP. To illustrate this point 2 days later coinspice ran the title " Roger Ver Praises Vigorous Debate, [...]" and 6 days, less than a week, later Chris Pacia made a read.cash post titled "The 253rd "Thoughts on developer funding" Article" which might have been only a slight exaggeration or he might have been counting. Part of the reason of the tsunami was the lack of worked out details. By the time of Pacia's post a lot had changed: Both BU, Bitcoin Verde and a group of miners had made announcements not to go along with "the plan". On feb 1st, the second version of the IFP was announced by Jiang Zhuoer in a post “BCH miner donation plan update”. Two weeks later on Feb 15th, the third iteration was announced by Bitcoin ABC which was to be activated by hashrate voting and on the same day Flipstarter was introduced, a sign of the search for alternative solutions. After a few more days and a few more people coming out more against the IFP (including Jonald Fyookball, Mark Lundeberg & Josh Ellithorpe), BCHN was announced on feb 20th with a formal release a week later. Also feb 27th, the DAA was brought back into the conversation by Jonathan Toomim with his " The BCH difficulty adjustment algorithm is broken. Here's how to fix it." video. By early march the IFP was effectively dead with its author Jiang Zhuoer vowing to vote against it. This became clear to everyone when ABC, a day later sudddenly shifted gears towards non-protocol, donation based funding: the IFP was dead. End march ABCs 2020 Business Plan was announced as a way to raise $3.3 million. Mid april to mid may was the high time for voluntary funding with four node implementations and General Protocols, a BCH DeFi Startup successfully raising funds. By May 15th, the 6th HF network upgrade things had pretty much cooled down. The upgraded included nothing controversial and even saw an unexpected doubling in the unconfirmed transaction chain. June 15th a month later things started to heat up again with the BCHN announcement to remove the "poison pill" or "automatic replay protection". 8th Jul Jonathan Toomim posted "BCH protocol upgrade proposal: Use ASERT as the new DAA" which promised the solution to the long dragging DAA problem. Jul 23th however an unexpected twist occurred when Amaury Séchet posted "Announcing the Grasberg DAA" an incompatible, alternative solution. This, again, sparked a ton of debate and discussion. Grasberg lasted just two weeks from Jul 23th to Aug 6th when ABC announced its plans for the november 2020 upgrade but it had successfully united the opposition in the meanwhile. ABCs plan for november included dropping grasberg in favour of aserti3–2d and introducing IFPv4. Now we're here August 8th, the IFP which was declared dead after just over a month (Jan 22-Mar 5) is now back in full force. The rest of the history is still being written but if p2p electronic cash is to succeed in any big regard it's very thinkable that these events will get into history books. Important resources:coinspice IFP timeline&Compiled list of BCH Miner Dev Fund posts, articles, discussions History Jan 13th : “Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion” article by BitcoinMagazine [source] Jan 13th : “Clearing the Way for Cooperation” Read.cash article by Amaury Séchet [source] on the controversy with Roger Ver about the amount of donations over the years Jan 22nd : “Infrastructure Funding Plan for Bitcoin Cash” IFPv1 announced by Jiang Zhuoer of BTC.TOP [source] IFPv1: 12.5% of BCH coinbase rewards which will last for 6 months through a Hong Kong-based corporation & to be activated on May 15th Jan 22nd : ”Bitcoin Cash Developers React to Infrastructure Fund Announcement: Cautiously Optimistic” coinspice article including Amaury Séchet, Antony Zegers, Jonald Fyookball & Josh Ellithorpe [source] Jan 23rd : Jiang Zhuoer reddit AMA [source] [coinspice article] Jan 23rd : Vitalik weighs in with his take on twitter [source] Jan 23rd :” On the infrastructure funding plan for Bitcoin Cash” article by Amaury Séchet [source] [coinspice article] in which he proposed to place control of the IFP key in his hands together with Jonald Fyookball and Antony Zegers. . A group of 7 to 12 miners, developers, and businessmen in total would get an advisory function. Jan 24th : “Bitcoin.com's Clarifications on the Miner Development Fund“ which emphasizes, among other things, the temporary and reversible nature of the proposal [source] [coinspice article] Jan 24th : “Little Known (But Important!) Facts About the Mining Plan” Read.cash article by Jonald Fyookball in which he defended the IFP and stressed its necessity and temporary nature. Jan 25th : massive amounts of public debate as documented by coinspice [coinspice article] with Justin Bons, Tobias Ruck and Antony Zegers explaining their take on it. Jan 26th : public debate continues: “Assessment and proposal re: the Bitcoin Cash infrastructure funding situation” Read.cash article by imaginary_username [source] which was noteworthy in part because the post earned over Earns $1,000+ in BCH [coinspice article] and “The Best Of Intentions: The Dev Tax Is Intended to Benefit Investors But Will Corrupt Us Instead” by Peter Rizun [source] Jan 27th : “We are a group of miners opposing the BTC.TOP proposal, here's why” article on Read.cash [source] [reddit announcement] Jan 27th : Bitcoin Unlimited's BUIP 143: Refuse the Coinbase Tax [source][reddit announcement] Jan 28th : “Bitcoin Verde's Response to the Miner Sponsored Development Fund” read.cash article by Josh Green in which he explains “Bitcoin Verde will not be implementing any node validation that enforces new coinbase rules.” [source] Jan 28th : “Update on Developer Funding” read.cash article from Bitcoin.com [source] in which they state “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.” And that “any funding proposal must be temporary and reversible.” This announcement from bitcoin.com and their mining pool lead the anonymous opposition miners to stand down. [source] Jan 28th : The 253rd "Thoughts on developer funding" Article – by Chris Pacia, to tackle the “serious misconceptions in the community about how software development works”. He ends on a note of support for the IFP because of lack of realistic alternatives. [source] Feb 1st: “BCH miner donation plan update” IFPv2 announced by Jiang Zhuoer of BTC.TOP [source] Which changes the donation mechanism so miners directly send part of their coinbase to the projects they wants to donate to. It would be activated with hashrate voting over a 3-month period with a 2/3 in favour requirement. The proposal also introduces a pilot period and a no donation option, Jiang Zhuoer also says he regards 12.% as too much. Feb 7th: Group of BCH miners led by AsicSeer voice scepticism about the IFP during a reddit AMA [source] Feb 15th: “On the Miner Infrastructure Funding Plan” article by Bitcoin ABC [source] In which they announce they will implement IFPv3 in their upcoming 0.21.0 release. This version has amount reduced to 5% of block reward and will go in effect with BIP 9 hashratevoting and a whitelist with different projects. Feb 15th : “Introducing Flipstarter” [source] Feb 16th :” Bitcoin.com’s stance on the recent block reward diversion proposals” video by Roger Ver on the Bitcoin.com Official Channel. [source] > Ver called Zhuoer’s IFP “clever” but ultimately “problematic.” [coinspice article] Feb 16th :” BCH miner donation plan update again” read.cash article by Jiang Zhuoer of BTC.TOP [source] In which he briefly outlines the details of IFPv3 Feb 17th : “Latest Thoughts On Infrastructure Mining Plan” post by Jonald Fyookball [source] Feb 17th : “Regarding the Bitcoin Cash Infrastructure Funding Plan, I am certain now that it should be scrapped immediately.” tweet by Mark Lundeberg [source] Feb 19th : “Thoughts on the IFP - A Dev Perspective“ read.cash article by Josh Ellithorpe [source] Feb 20th : “Bitcoin Cash Node” post announcing the new node implementation [source] Feb 20th : First “Bitcoin Cash Developer Meeting” After IFP Proposal [source] Feb 24th : “Flipstarter 500k, 6 independent campaigns” post announcing the goal to “fund the BCH ecosystem with 6 independent campaigns and an overall 500,000 USD target” [source] Feb 27th : BCHN Formally Released [source] Feb 27th : “The BCH difficulty adjustment algorithm is broken. Here's how to fix it.” Video by Jonathan Toomim [source] Mar 3th :” Bitcoin Cash Node 2020: plans for May upgrade and beyond” post by BCHN [source] Mar 4th :”Author of the Bitcoin Cash IFP [Jiang Zhuoer] Vows to Vote Against It, Using Personal Hash in Opposition” [source] Mar 5th :Bitcoin ABC announces their 2020 Business Plan Fundraising for later in march [source] Mar 15th : “EatBCH campaign funded! Next: node campaigns.” campaign funded after 11 hours [source] Mar 30th : Bitcoin ABC 2020 Business Plan [source] $3.3 Million Fundraiser [source] Apr 17th : Five flipstarter node campaign launched. [source] Apr 26th : BCHN flipstarter campaign successfully funded. [source] Apr 27th : VERDE flipstarter campaign successfully funded. [source] May 4th : KNUTH flipstarter campaign successfully funded. [source] May 7th : “BCH DeFi Startup General Protocols Raises Over $1 mil“ [source] May 8th : BCHD flipstarter campaign successfully funded. [source] May 9th : Deadline for node campaigns, ABC flipstarter campaign not funded. [source] May 14th : “With IFP Defeated, Bitcoin ABC, ViaBTC & CoinEX CEO Publicly Consider a Bitcoin Cash Foundation” [source] May 15th : deadline for ABC fundraiser campaign, ends at 55% completed. [source] May 15th : 6th HF network upgrade -> new opcode op_Reversebytes, increased of the chained transaction limit from 25 to 50, and the improved counting of signature operations using the new “Sigchecks” implementation [source] with the “Controversial Funding Plan Rejected by Miners” [source] May 25th : “Announcing the SLP Foundation” [source] Jun 15st : “BCHN lead maintainer report 2020-06-15” announcement to remove the Automatic Replay Protection (a.k.a. the Poison Pill) from BCHN in november [source] Jun 16st : “So [BCHN] is going to fork off from BCH at the next upgrade. Same old story. […]” tweeted Vin Armani [source] Jun 21st : “Why Automatic Replay Protection Exists” post by Shammah Chancellor [source] Jul 7th : “The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network” [source] Jul 8th : “BCH protocol upgrade proposal: Use ASERT as the new DAA” post by Jonathan Toomim [source] Jul 18th : “$6M Worth of Tether on the Bitcoin Cash Chain Highlights the Benefits of SLP Tokens” [source] Jul 23th : “Announcing the Grasberg DAA” post by Amaury Séchet[source] Jul 24th : “Thoughts on Grasberg DAA” post by Mark Lundeberg [source] Jul 29th : CashFusion security audit has been completed [source] Jul 31st : Electron Cash 4.1.0 release with CashFusion support [source] 4th year, august 2020 – 2021 Aug 1st : “Bitcoin Cash: Scaling the Globe“ Online conference for ForkDay Celebration [source] Aug 2nd : >“Is there going to be a fork between ABC and BCHN?” > “IMO it is very likely. If not in November, then next May.” – Amaury Séchet Aug 3rd : “Dark secrets of the Grasberg DAA” post by Jonathan Toomim [source] Aug 3rd : “Joint Statement On aserti3-2d Algorithm“ post by General Protocols, including Cryptophyl, Read.cash, Software Verde & SpinBCH [source] Aug 3rd : Knuth announces they will be implementing aserti3-2d as DAA for november. [source] Aug 3rd : Amaury rage quit from the developer call [source] Aug 4th : “But why do people care about compensating for historical drift? Seems like a tiny problem and if it's causing this much social discord it seems not even worth bothering to try to fix.” Tweet by Vitalik [source] Aug 5th : “Bitcoin Cash (BCH) November 2020 Upgrade statement” signed by BCHD, electron cash, VERDE, BU members, BCHN developers, Jonathan Toomim, Mark B. Lundeberg and many others [source] Aug 5th : “BCHN FAQ on November 2020 Bitcoin Cash network upgrade” [source] Aug 6th : “Bitcoin ABC’s plan for the November 2020 upgrade” [source] the announcement that they will drop Grasberg in favour of aserti3–2d (ASERT) and will also include FPv4 in which 8% of the blockreward goes to ABC as development funding. Aug 7th : “Joint Statement from BCH Miners regarding Bitcoin ABC and the November 2020 BCH Upgrade.” Read.cash article by asicseer [source] stating “Over recent months, most miners and pools have switched to BCHN, and presently operate a majority of BCH hashrate.” Aug 7th : “Simple Ledger Protocol's Joint Statement Regarding Bitcoin ABC on BCH's November 2020 Upgrade” read.cash post by the SLP-Foundation [source]
Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures. dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd. Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome. Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules. Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd. dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets. Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue) Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing. Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged. Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing. A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning. Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store. iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.". Nearest goal is to make the app crash free. Both mobile apps received new design themes. dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.". Up next is supporting dynamic page widths site wide and deploying new visual blocks home page. Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One). Ticket splitting: updated to use Go modules and added simnet support, several fixes. docs: beginner's guide overhaul, multiple fixes and cleanups. decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet. @Richard-Red is building a curated list of Decred-related GitHub repositories. Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus! Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate. Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply. Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.
Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example. A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1. Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks. Three more wallets integrated Decred in September:
Atomic desktop wallet added Decred in version 0.1.31. The team answered many questions on Reddit.
AnyBit wallet added Decred. It features built-in price and news tracking. Notably, the source code is open for their Android and iOS wallets.
Coboadded Decred support into their Android and iOS wallets.
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets. Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.
The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.
Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed. Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)
Raedah Group went on the streets of Portland, USA with a pretty blue tent. (photos)
Meetup at Binzantin Cafe in Taipei, Taiwan. @morphymore: "There were 20-ish attendees, and about half of them have joined the Chinese FB group. Most of them don't hear about Decred before, but have expressed the interest in learning more about it after the event. Overall, it's a good exposure for Decred in the Taiwan community.". A report with photos was posted on Facebook, more photos are here and here.
@joshuam made a Decred Jacket appearance at Singapore Grand Prix. (photos)
NewTech PDX meetup in Portland, USA. Raedah Group presented Decred and reported "lots of new converts". (photos)
North Shore Bitcoin & Blockchain in Glenview, USA. @dustorf gave a five minute overview of Decred and noted: "There were only about 25 people, but about 1/3 of them were aware of Decred prior. (...) Our simple presence and explanation of the project moved opinion from 'another shitcoin they sold after mining' to 'an interesting and viable project worthy of further investigation'.". (photos: 12)
Bitcoin Meetup CDMX in Mexico City on Oct 6. @elian will be talking about Decred at the oldest Bitcoin meetup in Mexico.
SF Blockchain Week in San Francisco, USA on Oct 9. @lukebp will discuss DPoS vs PoS on a panel 9:30a-10:15a at the Titans of Tech Stage, Hilton Union Square.
Decred Meetup in Casablanca, Morocco on Oct 27. @butterfly will host the event and talk about Decred in French.
Texas Bitcoin Conference Austin, USA on Oct 27-28. @BAB: "The great thing about this is that it will also be a Decred Summit. We will have half of the conference dedicated to Decred topics, updates, etc."
Websummit in Lisbon, Portugal on Nov 5-8. @moo31337 will be on a panel discussing "2018: A Rollercoaster Year for Cryptocurrencies"
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)
August issue of Decred Journal was translated to Russian. Many thanks to @DZ! Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit. September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom. Videos:
The underbelly of blockchain Governance - fiat licensing and our code with Marco Peerboom and Chris DeRose (youtube, tweet, decred, missed in August issue) Insightful dialogue about men's underwear, licenses, subtleties of GPL, BSD wars, tiling window managers and much more.
Introduction to Decred (Korean, youtube) @Killawhale collected a lot of feedback from the community and produced this video to spread the word in Korea.
Perspectives on Governance from Nathan Wilcox, Jonathan Zeppettini, Vitalik Buterin (z.cash)
Decred - an example of governance (Portuguese, youtube)
Decred, the crypto that wants to compete with Bitcoin (French, youtube)
Exodus.io Live with Marco from Decred! (youtube) Marco joins Exodus.io to discuss what makes DCR an asset that will stand the test of time.
Building Decred With Systems Development Lead Marco Peereboom - Governance, Politeia, Lightning (youtube) Topics: early days, Politeia, the structure of Decred, dcrtime, Lightning Network, attracting users and developers, future plans (DEX, Schnorr signatures, privacy, DAEs).
Decentralized autonomous funding of blockchain projects by @Richard-Red (medium, discussion on decred and dashpay)
The trouble with infrastructure, "thin" protocols in particular, is that someone has to build them at a cost. e.g. LN takes a ton of work, doesn't necessarily generate value itself, but it magnifies the value of BTC or whatever coin that uses it. I see the DEX in a similar light - whoever creates it is not going to make a bunch of money from it, but it will magnify the value of the underlying asset(s) that end up having a deep order book on the DEX. (@jy-p in #dex)
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure. Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins. Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels. #support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)
In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August. As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx) Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.
ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015. A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use. A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains. New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred) On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange. Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.". Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred) The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights. A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.
About This Issue
This is the 6th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are also welcome: some areas are adding content, pre-release review or translations to other languages. Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
The Toomin brothers, Bitcoin Classic's main devs are debating Core devs and trying to show them the light. It gets quite fishy at the end.
Join here: http://slack.bitcoincore.org Start somewhere here: https://bitcoincore.slack.com/archives/general/p1453096627008444 Some extracts: Michael Toomim [8:06 AM] Satoshi believed the only way to prevent control is to give everyone a copy of the ledger. [8:06] Give everyone an opportunity to vote. eric-ledger [8:06 AM] @mtoomim: I think you are delusional Michael Toomim [8:06 AM] Give everyone an opportunity to transact. anduck [8:06 AM] mtoomim: bitcoin classic is against that, too. [8:06] as you very well know.(edited) Michael Toomim [8:06 AM] We give everyone an opportunity to upgrade the protocol. Adam Back [8:06 AM] mtoomim: do you understand why the developers of bitcoin used to propose a HF but switched to a SF once it became clear that it was possible because it is safer and faster? Michael Toomim [8:06 AM] You can take part in bitcoin. [8:06] You can add yourself to it. [8:06] Express yourself on consider.it. anduck [8:06 AM] are you a bot? Michael Toomim [8:07 AM] Are you a bot? dts [8:07 AM] I'm convinced, I welcome our new pot smoking master James Hillard [8:07 AM] @opet: when did I ever refer to you as being part of the uneducated masses? Michael Toomim [8:07 AM] Do you wanna speak bot? Bleep Bleep Bloop! [8:07] 1010111 Adam Back [8:07 AM] opet: "it's an image and communication problem." this is agreed Michael Toomim [8:07 AM] What's your favorite wave? Mine's triangle. eric-ledger [8:07 AM] you sound like a cultist anduck [8:07 AM] mtoomim: quit advertising your platform Michael Toomim [8:07 AM] Haha I'm just stoned guys. Adam Back [8:07 AM] lol Michael Toomim [8:07 AM] Cultists do get stoned a lot. [8:07] But I'm just stoned. Adam Back [8:07 AM] mtoomim: are you serious? Michael Toomim [8:07 AM] You're mistaking correlation with causation. dts [8:07 AM] If any miners are here, please pay attention to @mtoomim words Michael Toomim [8:07 AM] Yes I'm serious. Do you not believe me? Test me! anduck [8:08 AM] mtoomim: so how much did you pay the miners? 0 or more Michael Toomim [8:08 AM] I'd love more attention. I love attention! [8:08] What? I am the miner! [8:08]https://toom.im Toomim Bros. Bitcoin Mining Concern Toomim Bros. provides hosting for bitcoin mining. Our mining center is powered by some of the most wallet- and climate-friendly power in the world. eric-ledger [8:08 AM] meltdown anduck [8:08 AM] as stated earlier, it's a valid concern that you may have paid miners. you offered money to other to do things that people have been doing for NO money earlier. Michael Toomim [8:08 AM] I pay myself every day. anduck [8:08 AM] @mtoomim: did the miners get paid to express support for Classic or not? Adam Back [8:08 AM] mtoomim: are you literally stoned? you may want to unplug for a while. Nicolas Bacca [8:09 AM] At that point I think the best course of action is to demonstrate to the miners that segwit works well with multiple wallets and that well, one team is slightly more serious than the other one. Michael Toomim [8:09 AM] No they didn't get paid. Duh. The miners have all the money. They are the ones who pay. dts [8:09 AM] It is legal in Washington State as far as I know taek [8:09 AM] @mtoomim: you keep trying to flatter us. We don't work for free. We are not impressed with the direction you are taking things and we don't feel inclined to work on your vision. Ours is in the process of being shredded to pieces, why do you think we will maintain morale and motivation? James Hillard [8:09 AM] I hardly consider a sub MW mining operation to be much of anything at this point. taek [8:09 AM] ugh anduck [8:09 AM] mtoomim: thanks Michael Toomim [8:09 AM] Yeah it's legal here. 1 Colin Delargy [8:09 AM] I don’t think I could think of something more off topic. 1 Michael Toomim [8:09 AM] @taek I don't give the vision. YOU give the vision. Come give it. [8:09] I just create a place for you to talk and listen. dts [8:09 AM] @mtoomim: you really aren't doing yourself any favors Michael Toomim [8:10 AM] I'm hosting the forum. eric-ledger [8:10 AM] this is insane p2phash [8:10 AM] funny though dts [8:10 AM] I hope this is saved for posterity Adam Back [8:10 AM] mtoomim: i dont think yes. i think you should go sleep it off. Michael Toomim [8:10 AM] This is great! I love this conversation guys! eric-ledger [8:10 AM] doe anyone know for sure he is the real Michael Toomim? Michael Toomim [8:10 AM] You are real fun. dts [8:10 AM] he verified his email as the same one on Classic Slack Michael Toomim [8:10 AM] Nobody texted me. [8:10] :stuck_out_tongue: gamersg [8:10 AM] mtoomim: If SW via SF increases effective block size to 2MB, why are you pushing for a 2MB HF (honest qsn) Michael Toomim [8:10 AM] Text me a random code at +++++++++++++ Adam Back [8:11 AM] eric-ledger: oh maybe it's a look alike account. dts [8:11 AM] why do you have an Oakland number Michael Toomim [8:11 AM] Because the people who voted aren't pushing for it. [8:11] I went to school at uc berkeley. Colin Delargy [8:11 AM] content style matches https://www.reddit.com/usetoomim reddit: the front page of the internet p2phash [8:11 AM] @gamersg: not a full 2mb of transactions really is it? anduck [8:11 AM] gamersg: that's been asked like hundred times. he refuses to answer. taek [8:11 AM] I do feel like I've been properly baited. @mtoomim: my vision is a cryptocurrency that is immune to political influence. That vision does not seem to be present in the current ecosystem Michael Toomim [8:11 AM] @dts are you nearby? dts [8:11 AM] that explains the pot Michael Toomim [8:12 AM] haha Yeah it does. [8:12] And acid judahmu [8:12 AM] we liked dts better as luke-jr dts [8:12 AM] I'm flattered James Hillard [8:12 AM] Is this what future bitcoin development conversations are going to look like? 1 dts [8:12 AM] Yes he is the real deal, not a troll, kind of unbelievable James Hillard [8:13 AM] This is insane oneeman [8:13 AM] tomorrow is a holiday taek [8:13 AM] :} dts [8:13 AM] He did go to UC berkeley and slack sends you an email to verify it oneeman [8:13 AM] as good a day as any to cut loose, I guess drdave [8:14 AM] joined #general Adam Back [8:15 AM] are we sure mtoomim is actually michael toomim? wasnt it toomim before? anduck [8:15 AM] it's michael toomim [8:15] changed nick to mtoomim Brian Hoffman [8:15 AM] What a cluster fuck Michael Toomim [8:15 AM] @taek There are politics in every social system. Our job is to improve them. That's why we made Bitcoin Classic. The problem with politics is that they get in the way, and so make political communication more efficient, so it gets out of the way. Adam Back [8:16 AM] anduck: well he said that, but what if that itself was a spoof? anduck [8:16 AM] @adam3us: the email looks legit, at least Adam Back [8:16 AM] mtoomim: what hashrate does toom.im have? Michael Toomim [8:16 AM] We are the first forum that can visualize over 1,000 opinions on a single page. dts [8:16 AM] less than 1% Michael Toomim [8:16 AM] We scale. Adam Back [8:16 AM] so email him a code see if he can answer it? Luke-Jr [8:16 AM] what's the invite link again? Michael Toomim [8:16 AM] @adam3us: We only have a small amount. Most of our capacity goes to customers who host with us. Adam Back [8:16 AM] slack.bitcoincore.org Michael Toomim [8:17 AM] We have 750 kW of power capacity. dino_m [8:17 AM] joined #general dts [8:17 AM] @btcdrak: should put it on the front page of bitcoincore.org :confused: Luke-Jr [8:17 AM] thx. what is the share rules for this link? dts [8:17 AM] it's posted already on there just hidden behind "contribute" Luke-Jr [8:17 AM] k, so public Michael Toomim [8:17 AM] So you can multiply 750 kW by the average efficiency to get the hashrate at our facility. kang [8:18 AM] joined #general Michael Toomim [8:18 AM] Text me it's faster. Patrick Strateman [8:18 AM] @mtoomim: well divide by x and carry the... <1% oneeman [8:18 AM] someone in ##bitcoin asked a day or two ago if maybe bitcoin classic was just a viral marketing ploy for consider.it ... 2 Michael Toomim [8:18 AM] Probably anduck [8:19 AM] oneeman: well it certainly looks like so [8:19] mtoomim has advertised it like 10 times in an hour oneeman [8:19 AM] I thought the question was a joke, but now I'm not so sure anduck [8:19 AM] and nobody still cares about it. Michael Toomim [8:19 AM] And we're all a viral marketing campaign for bitcoin! 2 Patrick Strateman [8:19 AM] @oneeman: lold Michael Toomim [8:19 AM] Ok what am I not answering now? anduck [8:19 AM] mtoomim: read the log. [8:19] please. Michael Toomim [8:19 AM] Come on! Adam Back [8:19 AM] mtoomim: nice. yes coincidentally i had looked at your hosting service for some miners i had a while back. Michael Toomim [8:19 AM] It's so long [8:19] You talk fast [8:20] I've responded very well to everything I've been able to tackle anduck [8:20 AM] you're already deeming others to do the btc deving work for you, don't make us read the logs you should read(edited) Michael Toomim [8:20 AM] I want you to choose [8:20] There are a lot of options up there Patrick Strateman [8:20 AM] @mtoomim: Would you be OK with a world in which virtually all Bitcoin users run SPV clients and only a handful of trusted third parties operate full nodes? alie1 [8:20 AM] joined #general Michael Toomim [8:20 AM] You get power, you can choose what I talk about! [8:20] Good question! [8:21] Ok, so I need to answer this well. Give me these numbers:
The percent of SPV clients
The number of full nodes
[8:21] I'll give you my opinion. James Hillard [8:21 AM] toomims hosting service is small peanuts in the scheme of things, I manage multiple MW scale large farms in multiple countries and even then have only about 1% of network hashpower Michael Toomim [8:21 AM] Good job James! [8:21] Congratulations! epscy [8:22 AM] joined #general Michael Toomim [8:22 AM] Hey can someone get Greg Maxwell? I love that guy! Patrick Strateman [8:22 AM] @mtoomim: 100 full nodes run by say blockstream, coinbase, mit, etc etc everybody else runs spv clients Michael Toomim [8:22 AM] I want him to work with Classic! Adam Back [8:22 AM] mtoomim: i sent you an email to auth your slack handle here dts [8:22 AM] yeah verify Adam Back [8:22 AM] can you paste or type the code in dts [8:23 AM] otherwise bravo on excellent trolling taek [8:23 AM] @phantomcircuit: I don't think conversation with mtoomim is going to go anywhere. Michael Toomim [8:23 AM] uploaded an image: Cool! Add Comment dts [8:23 AM] it's listed as his email in the classic slack Adam Back [8:23 AM] ok then. that's pretty confirmed. Michael Toomim [8:23 AM] Fuck yeah it is! Oliver [8:23 AM] @jameshilliard you inadvertently did so when you referred to those voting on consider.it and supporting Classic as the "uneducated masses." After all, I didn't give up my anonymity and finally get involved with bitcoin dev in any way until Classic arrived on the scene. There are many more exactly like me who have signed up to finally have our voices heard and votes counted. Some, like me, are incredibly sick of (and saddened) by the Core devs' seeming ignorance of the fact that it's NOT ok to completely ignore the wants of the community. I'm here now, and I'm here to help. My greatest desire is to somehow help bring Core and Classic together with a compromise. I'd like to see collaboration and an understanding that the road map requires a lot more than Core's blessing.(edited) Michael Toomim [8:23 AM] That's like, real! [8:23] It'd be so hard for me to photoshop that in 50 seconds [8:24] Photoshop sucks [8:24] I can do better in omnigraffle [8:24] and built-in OSX screenshotting [8:24] @phantomcircuit: That scenario is fucked up, dude! Everybody runs an SPV client? Sounds like fucking fascist china man! Luke-Jr [8:24 AM] considering how quickly my PR for Classic was shot down without discussion... frankenmint [8:24 AM] joined #general Michael Toomim [8:25 AM] I lived in china for 6 months man, it wasn't pretty with the government [8:25] I'm so glad the chinese are finding freedom with bitcoin eric-ledger [8:25 AM] @mtoomim: You should come back when you are not stoned; you are not helping yourself 3 Michael Toomim [8:25 AM] They need it! Luke-Jr [8:25 AM] lol dts [8:25 AM] uploaded an image: Here is his email listed in classic slack Add Comment Michael Toomim [8:25 AM] @eric-ledger: I'm loving this conversation! [8:25] I'm here to help you guys! eric-ledger [8:25 AM] well I do also love it James Hillard [8:25 AM] @opet: I didn't mean to imply that everyone voting on there is uneducated. Michael Toomim [8:25 AM] I want to make it easier to dev bitcoin! eric-ledger [8:25 AM] but it may come back and bite you in the ass Michael Toomim [8:26 AM] Haha [8:26] That would be fun! [8:26] Like a snake. Patrick Strateman [8:26 AM] @mtoomim: Do you not realize that scenario is exactly the one you're moving towards with classic? Michael Toomim [8:26 AM] Woah! No I don't! [8:26] Please tell me how that's happening! [8:26] How are we going to force everyone to use SPV clients? [8:27] That means that we have to force people not to run a full node. [8:27] Right now it's pretty easy to run a full node. [8:27] I run one on this laptop. [8:27] My laptop's only getting bigger and better every year. [8:27] And the democracy cares about this! [8:27] They won't let full nodes stop running on their laptops. elliotolds [8:27 AM] @opet: what do you think as this (proposed earlier by someone else here) for a compromise: in April we hard fork to 2 MB, then we do segwit later in the year, maybe October or something, but whenever Core is comfortable releasing it? (sooner is fine, even along with the April HF is OK if they want it then) Michael Toomim [8:27 AM] They want full nodes to run on their laptops! [8:27] They want it so bad! Patrick Strateman [8:27 AM] @mtoomim: so four or five tabs? 4 Michael Toomim [8:27 AM] I want it so bad! [8:27] I love bitcoin on my laptop! [8:28] It's like a girlfriend in your lap! [8:28] Isn't it? eric-ledger [8:28 AM] omg Michael Toomim [8:28 AM] Who wants to relegate her to the server room? dinbits [8:28 AM]
I'm here to help you guys! @mtoomim: Do you plan on saying anything helpful?(edited)
Michael Toomim [8:28 AM] That's for herems. [8:28] I support sexual equality! [8:28] @dinbits I want to be helpful! What would you like me to help you with? jdebunt [8:28 AM] joined #general Michael Toomim [8:28 AM] Or help other people with? dts [8:29 AM] what he's saying is very illuminating to me 3 Michael Toomim [8:29 AM] @phantomcircuit: I once took 4 tabs and went free-diving off the coast of hawaii. [8:29] Kapoho tide pools on the big island [8:29] That was so great! [8:29] I saw fish world. [8:29] Like the clan of the little cute white fish with the red stripe that swish you left and right. [8:29] I came up speaking in a new style. 1 1 justino [8:30 AM] joined #general Michael Toomim [8:30 AM] Every once in a while my words would disiintegrate into strange snap crackle popping, the sounds of fish world. [8:30] I called it a flubbergust. [8:30] It is the moment where your spirit veers into void and disappears. [8:30] It's when you are wrong. [8:30] In Bitcoin, we have a problem of admitting when we're wrong. [8:30] Because there's no data on it. elliotolds [8:30 AM] I wonder if this is some sort of Machiavellian plot, and later Jonathan will come in here and seem like the most reasonable person in the world in comparison 3 Michael Toomim [8:30 AM] We're giving you social data. [8:30] bitcoin.consider.it Nathan Cook [8:30 AM] shh, this is great Michael Toomim [8:30 AM] It tells you when you're right and wrong [8:31] So that you can learn [8:31] When you learn, you get better [8:31] And you get shit done [8:31] You can make changes to bitcoin dts [8:31 AM] I still can't quite believe it's you even with the proof Michael Toomim [8:31 AM] We are hardforking the blocksize limit to 2mb [8:31] Join us. anduck [8:31 AM] why not 6 mb? Adam Back [8:31 AM] i think it's him anduck [8:31 AM] it would allow more transactions Michael Toomim [8:31 AM] @dts wanna video chat me? Nicolas Bacca [8:31 AM] is there drug for everybody ? dts [8:31 AM] like my mind can't make the two parts fit together eric-ledger [8:31 AM] a selfie maybe? Michael Toomim [8:31 AM] Guys come meet me in tawk.space. I'll be online in 5 minutes. taek [8:31 AM] Things have gotten terribly off topic, I would like to request that people stop responding to the nonsense, and also stop encouraging it. There is more valuable conversation that is being blocked by the ridiculousness happening right now. Michael Toomim [8:32 AM] That's https://tawk.space. Use chrome or go home. dts [8:32 AM] let's rename this chat mtoomim's magical bus trip and make a new channel 4 kang [8:32 AM] Not before that selfie plz Michael Toomim [8:33 AM] hahaha jake7849 [8:33 AM] joined #general alie1 [8:33 AM] is this a joke ? jwade [8:34 AM] joined #general Michael Toomim [8:34 AM] Fuck! Tawk.space is down! Karthik!!!!!!!! [8:34] Can we make a group video chat in skype? [8:34] Oh a hangout
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