Coinkite Bitcoin

Coinkite's new API allows start-ups to send bitcoin payments to 1,000 addresses simultaneously and choose miner’s fee

Coinkite's new API allows start-ups to send bitcoin payments to 1,000 addresses simultaneously and choose miner’s fee submitted by xbtle to Bitcoin [link] [comments]

Coinkite's new API allows start-ups to send bitcoin payments to 1,000 addresses simultaneously and choose miners fee

Coinkite's new API allows start-ups to send bitcoin payments to 1,000 addresses simultaneously and choose miners fee submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Removed comments/submissions for /u/jigaxx

Hi jigaxx, you're not shadowbanned, but 37 of your most recent 90 comments/submissions were removed. They may be removed automatically by spam filters and not necessarily by human moderators.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - August 10, 2018", (10 Aug 18):
Indeed, they are telling me that my eos tokens are worthless now because I didn't register my tokens on time. I was one of the really early investors on their platform. All gone just like that. What a...
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Thanks! You're the man.
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Yep, looks like it
Comment (1pts) in garlicoin, "Forgive me for I have killed somany garlic.", (20 Jul 18):
Hey friend, no worries. I'll give you the 761 garlic if you tell me how you're going to back them up.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 17, 2018", (18 Jul 18):
I've been sucker punched too many times by pumps like these. I'm staying skeptical for now.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 11, 2018", (11 Jul 18):
What a fucking nightmare!
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 22, 2018", (23 Jun 18):
Oh yeah. Sit down and let me tell you a story about the bearwhale fight at $300
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 12, 2018", (13 Jun 18):
I know, it feels like the downtrend from early 2014 but this one feels waay worse and artificial. Almost like everyone is being waterboarded.
Comment (1pts) in nanocurrency, "feels like it's the same with Nano..", (10 Apr 18):
RemindMe! 3 Years
Comment (1pts) in CryptoCurrency, "List of dividend-paying cryptos", (06 Nov 17):
COSS and Kucoin
Comment (1pts) in CryptoCurrency, "Anything similar to tether?", (16 Jul 17):
Nubits
Comment (1pts) in videos, "When a male gymnastic coach tries uneven bars.", (20 Dec 14):
10
Comment (1pts) in Bitcoin, "I love this man: If you've never heard of Bitcoin, "get...", (09 Dec 14):
Right, that enthusiasm. He even forgot to take a puff puff from his weed and the thing went out.
Comment (1pts) in explainlikeimfive, "ELI5: What is the best way/position for humans to sleep? It...", (21 Nov 14):
Lean on the wall.
Comment (1pts) in dogecoin, "The Count Down to the Biggest storm in Doge History has...", (09 Nov 14):
Battle Creek here
Comment (1pts) in Music, "What was the last actual compact disc (not download) you...", (08 Nov 14):
50 cent - Get Rich Or Die Tryin. Year: 2003.
Comment (1pts) in dogecoin, "Doges of the world! [OC!]", (11 Oct 14):
Africa?
Comment (1pts) in dogecoin, "Dear whales leaving our currency...", (08 Aug 14):
Whales? More like bottom feeders. They get higher profit margins when the prices are low but now I think they've realized the consequences of pressuring the prices towards the bottom. Miners are findi...
Comment (1pts) in dogecoin, "I guess we might see bitcoin race against dogecoin...", (25 Jul 14):
Seal of approval. It means our community is highly regarded by BTC. This imitation is flattering.
Comment (1pts) in dogecoin, "First they ignore you, then they laugh at you, then they...", (16 Jul 14):
First they ignore you, then they laugh at you, then they fight you, then you wow!
Comment (1pts) in flappycoin, "FlappyCoin Qt Wallet 2.0.0 released", (23 Mar 14):
Hello dev. Please follow the instructions from the link below to fix the "libgcc_s_dw2-1.dll" issue: http://stackoverflow.com/questions/4702732/the-program-cant-start-because-libgcc-s-dw2-1-dll-is-mis...
Comment (1pts) in flappycoin, "I will buy 1 million flaps for 300 doge.", (22 Mar 14):
1 dogecoin = about 123 satoshis
1 flappycoin = 1 satoshi (at current market price)
300 dogecoin = 300 X 123 (which comes out to about 36,900 flappycoin)
Your 300 Doge will get you 36,900 flappy. Wh...
Comment (1pts) in flappycoin, "Stop selling You %@[email protected]", (16 Mar 14):
He's talking about the dipshits selling so low and pilling a huge sell wall and crippling the coin.
Comment (1pts) in flappycoin, "Lets bring up the value of Flappycoin!!!!!!", (05 Mar 14):
Check out Flappy Party. It is a Flappy Bird gambling ring using bitcoin. If we could get them to accept Flappycoin, it will increase our transaction volume.
Comment (1pts) in dogecoin, "Want Coinkite to accept Dogecoin? First to ฿25 wins!", (14 Feb 14):
Did Bitcoin and Litecoin have to pay to be included? If the answer is no, then we shouldn't have to either.
Comment (1pts) in science, "Be Happier: Spend More Money on Others " ... Psychologists...", (06 Feb 14):
I think this phenomenon is happening on a massive scale at /dogecoin
Comment (1pts) in dogecoin, "I love you all my dear shibes <3 :)", (01 Feb 14):
Am I welcome too?
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Behold, we are witnessing the birth of a killer app.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
I am not sure if anyone really understands the gravity of this. This is going to be similar to how the M-Pesa system revolutionized finance in East Africa.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Tanzania (+255)
Comment (1pts) in dogecoin, "Just found our ticket to the moon", (22 Jan 14):
Yes yes yes! Shut up and take my doge.
Comment (1pts) in dogecoin, "Just wanted everyone to see this link showing our progress...", (20 Jan 14):
Just donated, hope too see them at the Olympics. It would be nice if they could somehow promote dogecoin at the olympics.
Comment (1pts) in explainlikeimfive, "ELI5: Whats the difference between () [] and {} ?", (07 Dec 13):
public class HelloReddit { public static void main(String[] args) { System.out.println("[The] Magic bean store (where my buddy Jerry used to work until he ate too much merchandise: {beans, ornamental ...
Comment (1pts) in gifs, "Downhill longboarding.", (05 Nov 13):
Claremont is another great video
Comment (1pts) in videos, ["Russell Brand Hilariously Embarrases Morning Show H
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

Transaction Malleability and Coinkite (official post)

Transaction Malleability and Coinkite (official post) submitted by rnvk to Bitcoin [link] [comments]

Why is Peter Todd wrecking Zeroconf security? Because he is being paid by Big Bitcoin Business.

At the Amsterdam Bitcoin Conference I spent time following Peter and his little circle of friends and business partners. I'm new to Bitcoin so it took me until now to put two and two together and understand what was really going on, but hear me out. Peter spent a lot of time talking to Lawrence Nahum who is the guy behind GreenAddress. On the first or second day they went out to dinner after the days talks were done and went out to a nice little open-air restaurant with a bunch of people from Mastercoin. I sat at a table behind them and could hear their discussions, which including GreenAdddress's transaction confirmation guarantees, and also, an agreement for Peter to do consulting work for GreenAddress. What really stood out to me was the offer to help "shape the Bitcoin ecosystem" in ways beneficial to them. Later in the conference I also overheard a similar deal between Peter and someone, I didn't catch their name, in Coinbase branded apparel. And of course as everyone knows CoinKite hired Peter to be their "Chief Naysayer" during that conference too.
What's in common with all these companies? They're all in the dangerous business of holding other peoples' Bitcoins and GreenAddress and Coinbase both offer for-profit and centralized solutions to guarantee unconfirmed transactions. I'm sure CoinKite will be doing that soon too.
It's obvious why Peter is spending all that time and energy spreading FUD about how insecure unconfirmed transactions are. GreenAddress has been spreading their own FUD. Peter has even been trying to bribe miners to switch to his so called "replace-by-fee", which is really just an attack on secure zeroconf transactions, saying some un-named "site" paid him too. Who might that be? GreenAddress, Coinbase, CoinKite? It's not hard to figure out.
Peter sure seems quite happy to attack and hold back Bitcoin whenever it suits him for the sake of his Big Bitcoin Business contracts. It's not just unconfirmed transactions either. He's been shilling for AppCoins which dump garbage into the blockchain for the sake of pump-and-dump schemes like Mastercoin and Counterparty. (quite the about face from his supposed anti-blockchain bloat positions before) Or look at his weirdly passionate opposition to a simple feature, getutxos, that's needed for Mike Hearn's decentralized fundraising platform Lighthouse. Where's that passion coming from? The heart? Or his salary from Mastercoin, Counterparty and Colored Coins? I'm sure Mastercoin wants the next Maidsafe to happen on their platform, run by and for the benefit of Mastercoin, not Hearn's truly decentralized alternative.
I agree with Peter that GHash.IO is a possible threat to Bitcoin, but what solution does he have? Getting rid of pools. His buddies at the totally discredited Hacking Distributed (remember selfish mining? yeah those guys) run with this FUD, trying to scare the Bitcoin community into making changes to get rid of pools. Sounds like a good idea right? But then I looked further into it and found out he had just been hanging out at CloudHashing. What does banning pools do to the little guy mining decentralized? It puts them out of business because they'll never find a block that's what. Just perfect for CloudHashing's "send us money and we'll run the miners" business model and also GHash.IO's.
Peter likes to talk the big talk about decentralization, but all I am seeing here is paid shilling for the benefit of Big Bitcoin Business.
submitted by alicebtcmayes to Bitcoin [link] [comments]

Bitcoin dev meeting in layman's terms (2015-10-8)

Once again my attempt to summarize and explain the weekly bitcoin developer meeting in layman's terms. Link to last weeks summarization
Disclaimer
Please bare in mind I'm not a developer and I'd have problems coding "hello world!", so some things might be incorrect or plain wrong. Like any other write-up it likely contains personal biases, although I try to stay as neutral as I can. There are no decisions being made in these meetings, so if I say "everyone agrees" this means everyone present in the meeting, that's not consensus, but since a fair amount of devs are present it's a good representation. The dev IRC and mailinglist are for bitcoin development purposes. If you have not contributed actual code to a bitcoin-implementation, this is probably not the place you want to reach out to. There are many places to discuss things that the developers read, including this sub-reddit.
link to this week logs link to meeting minutes
Main topics discussed this week where:
Mempool limiting: chain limits Low-S change CLTV & CSV review Creation of bitcoin discuss mailing list
off-topic but important notice
This issue has made most JS bitcoin software vulnerable to generating incorrect public keys. "This is an ecosystem threat with the potential to cause millions of dollars in losses that needs higher visibility; though it's not a bitcoin core / bitcoin network issue. Common, critical, JS code is broken that may cause the generation of incorrect pubkeys (among other issues). Anyone who cares for a JS implementation should read that PR."
Mempool limiting: chain limits
(c/p from last week) Chain in this context means connected transactions. When you send a transaction that depends on another transaction that has yet to be confirmed we talk about a chain of transactions. Miners ideally take the whole chain into account instead of just every single transaction (although that's not widely implemented afaik). So while a single transaction might not have a sufficient fee, a depending transaction could have a high enough fee to make it worthwhile to mine both. This is commonly known as child-pays-for-parent. Since you can make these chains very big it's possible to clog up the mempool this way. The first unconfirmed transaction is called the ancestor and the transactions depending on it the descendants. The total amount of transactions is reffered to as "packages".
As said in "Chain limits" last week Morcos did write a proposal about lowering the default limits for transaction-chains. 2 use cases came up which are currently in use or happened before: As example: someone buys bitcoin from a website and can spend those bitcoin in the marketplace of the same website without waiting for confirmation in order to improve the bitcoin user-experience. This leaves a sequential transaction chain. They don't need to chain more than 5 transactions deep for this, and it falls within the proposed limits. What's not within the proposed limits is the chain of +/- 100 transactions a company had during the spam-attacks. These where simply increased activities by end-users while not enough UTXO's where available (3 to be precise)(UTXO: unspent transaction output, an output that can be used as input for a new transaction). Notably this is with the best practices of using confirmed transactions first. Ways this can be solved from the company's end is to have more UTXO's available before hand, bundling transactions (which requires delaying customer's request) or using replace-by-fee to add payees (which saves blockchain space, is cheaper in fees and gets transactions through quicker, but is not widely deployed by miners atm). Bare in mind these proposals are for default values for the memorypool, not in any way hard limits.
Sense of urgency. Quoting sipa: "my mempool is 2.5G... we better get some solution!" Current attack analysis assumes child-pays-for-parent mining, it should probably be done again without. Higher limits on number of transactions increase attack-vectors. Proposed number of transactions gets some push-back, total size limit not. Mixing default values (for example having a 50% of a 10/10 limit and 50% of a 100/100 limit) wastes bandwidth while there are too many factors that limit utility of long chains as well. 25 transaction limit ought to be enough for everyone (for now).
Review & test Limit mempool by throwing away the cheapest txn and setting min relay fee to it Provide support for Lower default limits for tx chains aka convince people 25 should be enough.
Low-S change
This is in regards to the recent malleability attack. Which is caused by a value 'S' in the ECDSA signature which can be 2 values, a high and low value and still be valid. Resulting in different transaction id's. more info A solution for this is to require nodes to have the "low-s" encoding for signatures. Downside is that it will block most transactions made by sufficiently out of date software (+/- pre-march 2014) This does not replace the need for BIP62, it only eliminates the cheap DOS attack.
95% of transactions already confirm to this, and more fixes have been applied since. BlueMatt has a node which several people are running that auto-malleates to low-s transactions. Questions whether we release it ASAP or wait for the next release and get it to a couple of miners in the meantime (possibly with auto-lowS-malleating)
Contact miners about "Test LowS in standardness, removes nuisance malleability vector" Release scheduled for the end of the month, together with likely check-lock-time-verify and possibly check-sequence-verfiy.
CLTV & CSV backport review
CLTV: checkLockTimeVerify CSV: checkSequenceVerify Both new time-related OP-codes. Been discussed heavily last week.
Concerns whether CSV will be ready enough for release later this month. There's no clarity on how things look when all 3 time related pull-requests are merged. There's a number of people still reviewing the pull-requests. Uncertainty and confusion about whether the semantics are final or not (in regards to using bits from nSequence). nSequence are 4 bytes intended for sequencing time-locked transactions, but this never got used. Now these bytes are being repurposed for a mixture of things. Currently the plan is: " bits 0..15 are the relative locktime, bit 30 determines units (0: height, 1: time w/ 512s granularity), and bit 31 toggles BIP 68 (0: on, 1: off). bits 16..29 are masked off and can take any value."
Clarification from maaku regarding nSequence for BIP68. (after the meeting he explained he was waiting for opinions, but not enough people seemed to know the issue at hand) Continue review of pull requests 6312, 6564 and 6566
Creation of bitcoin discuss mailing list
The bitcoin-dev mailing list is intented for technical discussions only. There's things that don't belong there but need to be discussed anyway. Now this is done in bitcoin-dev, but the volume of this is getting too big. There's recently also an influx of really inappropriate posts, level kindergarden.
No clarity about who are the moderators. Next week there'll be a bitcoin-discuss list created. Decisions are needed as to who'll become the moderators for that and bitcoin-dev. Decisions are needed as to what will be the list and moderation policies.
The bitcoin-discuss list will be created as well as a simple website listing all the lists and corresponding policies. A meeting is scheduled on monday to discuss the moderation and policies of said lists.
Participants
morcos Alex Morcos gmaxwell Gregory Maxwell wumpus Wladimir J. van der Laan sipa Pieter Wuille BlueMatt Matt Corallo btcdrak btcdrak petertodd Peter Todd warren Warren Togami phantomcircuit Patrick Strateman dstadulis Daniel Stadulis GreenIsMyPepper Joseph Poon bsm117532 Bob McElrath
submitted by G1lius to Bitcoin [link] [comments]

My LTC wishes for 2014 : MtGox, ZipZap, Coinbase, Coinkite, Bitcoiniacs, Coinkite, Lamassu ATMs and so much more...

What I expect for the new year :
Well, I think it will be enough for the first part of the new year... And you, what do you expect for the new year ? (I may have been a little shy about my predictions...)
Happy end-of-year celebration from Paris, France.
submitted by notsogreedy to litecoin [link] [comments]

List of relevant parties we need to convince before we make the jump for bigger maxblocksize (repost from /r/bitcoin)

I think this might lead to a more constructive discussion here, considering how this place is much smaller, etc.
Now that the blocksize debate is back in the spotlight again, we all need to be reminded:
A hardfork is difficult to do under any circumstances.
That said, I don't believe that we'll need "100%" as some... ahem respectable folks in the community claim; Bitcoin is nothing without its economy and ecosystem, and what's essential to a fork is that it has the overwhelming majority of economic activity. Assuming the miners are not malicious, they will follow - and they will be onboard sooner and make the process less destructive if they see the overwhelming majority sooner.
Therefore, I propose we compile a checklist of major parties that we need to convince, in order to gain momentum on this. This list will become very useful once gavinandresen, mike_hearn and jgarzik finish their version of 0.11 / 0.11A XT for review.
I'll start with a list. The list is only a starter from my limited knowledge, so feel free to suggest changes:
Exchanges and Payment Processors
Major services/merchants that use a node
Note: Merchants that use payment processors will switch if payment processors are on board.
Major mining pools
Unfortunately Eligius can never be convinced. What a shame. =\
Wallets
Greenaddress is unlikely to be convinced.
Information website
While not essential to the ecosystem, will probably help a lot in getting the words out and hence building momentum.
Feel free to suggest additions/changes to the checklist. Let's get a roadmap so that we know what to aim for.
submitted by imaginary_username to bitcoinxt [link] [comments]

FAQ For Newcomers

August 9th, 2014: With the amount of projects that have been in constant development, this FAQ is somewhat out of date. While information about fundamentals of the coin remains the same and can be found here, there is much that has changed since then. In the meanwhile, please see the projects list here for a taste of the enormous development efforts of the BlackCoin community, and feel free to follow the subreddit to keep on track with new updates:
http://www.reddit.com/blackcoin/comments/27lz3h/blackcoin_projects_overview/
I created this as an initial draft of a FAQ for newcomers, feel free to recommend additions, corrections, removals, or changes.
TL/DR version at the end for those short on time.

Sections: (Ctrl + F to jump)

What is BlackCoin? [A]
What separates BlackCoin from other cryptocurrencies? [B]
Why Proof of Stake? [C]
What other reasons are there to pick up some BlackCoin? [D]
How to obtain BlackCoin? [E]
Why BlackCoin instead of competing Proof of Stake coins? [F]
Where can I talk to others about BlackCoin? [G]
TL/DR Version: [H]

What is BlackCoin? [A]

BlackCoin is a cryptocurrency based on many of the ideas contained within the original Bitcoin protocol, but with a few very important changes. Being only a couple of months old, it is a relatively new currency, but has been experiencing rapid growth. It is already in the top 10 cryptocurrencies by market cap.

What separates BlackCoin from other cryptocurrencies? [B]

There are a few main advantages to BlackCoin that separate it from most other cryptocurrencies. To ensure a fair distribution of coins, BlackCoin was initially distributed through a Proof of Work phase, the same method that Bitcoin uses to generate coins and secure the network.
That period is now over, and BlackCoin has transitioned entirely to PoS, or Proof of Stake. This allows lightning fast confirmation times, which can average as fast as 10 seconds each. In comparison, bitcoin averages 10 minutes per confirmation and litecoin clocks in at 2.5 minutes. These faster confirmation times can provide an extraordinary advantage for merchant adoption, as well as greatly improving the user experience.

Why Proof of Stake? [C]

Proof of Work was a fantastic innovation that formed the backbone of the original Bitcoin protocol. The idea is that by solving a computationally intensive math problem, one can prove the effort they've done to secure the protocol. This is how a blockchain is generated, and the effort that is required to perform this computations contribute to a coin's scarcity and value.
However, proof of work eventually becomes an extraordinarily expensive system. To secure the bitcoin network at the current market value costs about $1.8 million dollars, every single day. Most of this money is leaving the system to pay for energy costs and specialized computer equipment, much of which is done by huge computer farms. Even worse, when the value of a bitcoin increases, so does this cost. The hypothetical "$10,000 bitcoin" would cost $13 billion per year to maintain. While some of this may be mitigated by a reward "halving" or two in 3-7 years time, decreasing this reward too substantially creates a potential security risk.
Proof of Stake solves this issue in a very elegant way. Rather than using computer power as a scarce resource to generate security, Proof of Stake uses the scarcity of the coin itself. A user may choose to "stake" his coins to generate the next block in the chain, and his chance of doing so is basically proportional to the weight of his own coins.
With Proof of Work, a user can attack a network if he holds 51% of the current computer power, but to do so with Proof of Stake, that user would need a large shares of the overall coins. Acquiring this number of coins would be very difficult and expensive, and such an individual would have little incentive to attack the network as this would hurt the value of his own coins. As such, a Proof of Stake system is secured through basic economic facts rather than mass computing power.
While this is still a very contentious issue, the superior environmental and economic efficients of Proof of Stake lead many here to believe that it could be the future of cryptocurrency.

What other reasons are there to pick up some BlackCoin? [D]

There are many interesting coins out there, but BlackCoin strives to be superior in all areas. The combination of Proof of Stake and fast transaction times allow BlackCoin to excel both as a long-term store of value and for day-to-day transactions, a rare combination. But the coin also has a strong community and a rapidly developing infrastructure.
The coin's original developer has continued to work on the coin and make sure new applications are secure, even going so far as to point out a potential vulnerability in a competing coin. There is a dedicated community manager and many others who have been helping BlackCoin to grow and thrive.
Further, there are many new and exciting projects going on with BlackCoin, and it can even be difficult to keep track of it all. The most famous of these projects is the Blackcoin mining pool (http://blackcoinpool.com/), which allows miners to group together to mine other Proof of Work coins and use the profits to purchase BlackCoin, allowing this value to be absorbed into the BlackCoin economy. But don't be confused - the coin wasn't built around the idea of the mining pool, it's just one of the many great community developments that have sprung up to support it.
There have been other major developments recently as well. BlackCoin was recently accepted to be part of CoinKite's point of sale system, a huge step which will make it easy for both physical and online merchants to accept BlackCoin. The Black Coin Card (www.blackcoincard.com) is another effort which will make it very simple for anyone to get started using BlackCoin. Even a press release was sent out today to spread the word about BlackCoin: http://www.prweb.com/releases/2014/04/prweb11772516.htm. The community brings more and more ideas each day to support and promote BlackCoin.

How to obtain BlackCoin? [E]

Just like any cryptocurrency at the moment, it can take a little effort to get started, but once you have some cryptocurrency to your name, it isn't too hard.
The best way at the moment to acquire BlackCoin would be to buy Bitcoin and send those to an exchange to convert to BlackCoin. BitStamp.net is one of the largest exchanges between USD and Bitcoin, while CoinBase is also an option for U.S. customers. Once you have bitcoin in your possession, you can convert them to BlackCoin pretty quickly. Just send them to an exchange like MintPal and you can buy them at the present market rate.
Unfortunately, it can be a bit slow to get Bitcoin with the above method, but it's probably the best. If you want greater speed, you could try localbitcoins.com or finding someone directly to trade with (perhaps another reddit user). However, you may pay a significant premium over the market rate this way (15%+) and have to be careful of scams.
For the miners out there, you can't mine BlackCoin directly, but you can join the BlackCoin pool which mines the most profitable coins and uses them to purchase BlackCoin. Another user made a video explaining how to get started here: http://www.reddit.com/blackcoin/comments/23dy88/a_video_on_how_to_get_set_up_for_new_members/ (But make sure you are pointed at the updated address, stratum+tcp://useast.blackcoinpool.com:3333 for scrypt as I write this, stratum+tcp://useast.blackcoinpool.com:4444 for SHA).

Why BlackCoin instead of competing Proof of Stake coins? [F]

Some way wonder why they should obtain BlackCoin when coins like NXT and Peercoin have been around longer. Of course, this is always up to an individual to decide, but I feel there are strong reasons to support BlackCoin instead.
I think PeerCoin was a great idea for a coin and was the original pioneer of the Proof of Stake/Proof of Work concept. It is still in a combination phase between the two, slowly transitioning to a pure proof of stake coin. But it is different in its goals from BlackCoin.
Peercoin was designed to be the sort of coin that you use as a store of value, but is also specifically designed not to be used for day to day transactions. It uses a slow transaction confirmation time of 10 minutes per block and a very high fixed fee rate for transactions at .01 PPC per kilobyte. It is intended to be more of a complementary coin to something like Bitcoin rather than a day to day currency.
NXT is another coin which is operating as completely Proof of Stake, but there are some important differences between the two coins. BlackCoin is currently about twice as fast as NXT in terms of average confirmation speed and was based on the original Bitcoin Protocol. In comparison, NXT was instead built on its own code base. This may allow some potential positive changes, but also means that NXT is more likely to introduce new bugs or exploits that were not a part of its tried-and-true predecessors.
But one of the biggest differences can be found in the initial coin distribution. BlackCoin was launched with a brief initial Proof of Work phase and no pre-mine. Although this phase is much shorter than the one implemented by Peercoin, it was announced a week in advance to give all miners and buyers an equal and fair opportunity to claim the coin. In contrast to this method, NXT was distributed based on Bitcoin payments to an account set up by the developer. The period for purchasing NXT was prematurely cut off 6 weeks early without any warning. See here for more information:
https://bitcointalk.org/index.php?topic=303898.msg3620944#msg3620944
Another important component of any cryptocurrency that truly cannot be understated is the community that supports, builds infrastructure for, and spreads awareness of the coin to increase both its utility and adoption rate. It is this very factor that I feel has played a major role in bringing Bitcoin to where it is today, with a multi-billion dollar market cap. While this is a largely subjective area, I feel that BlackCoin has one of the strongest communities, especially for a very young coin, with several new projects springing up every few days. Contrastingly, it appears that NXT has some schisms within the community as can be seen here, splitting into two different forums:
https://nextcoin.org/index.php/topic,4621.0.html
However, bear in mind that this is my own view on the situation as an outsider with limited involvement, and it is always best to do your own research if time permits.

Where can I talk to others about BlackCoin? [G]

There are a few places to talk about BlackCoin, news, and upcoming developments. First, where you are now, the reddit community has been growing very quickly:
http://www.reddit.com/blackcoin/ Make sure to check the sidebar for many more websites.
https://bitcointalk.org/index.php?topic=469640.0 This is the bitcointalk thread. This thread has historically had the most information of any forum, but it's quite a slog to read through. Worth checking up on if you don't want to miss anything though.
http://blackcointalk.com/ The "official" forums.

TL/DR Version: [H]

Blackcoin is a cryptocurrency. It's pretty new, but it's pretty great. It uses Proof of Stake, so it's efficient. It's also lightning fast. Bitcoin is slow and expensive to secure. Proof of Stake = the future. BlackCoin = the future. The community here is amazing. BlackCoinPool. BlackCoinCard. Press. Hype. CoinKite. New projects all the time. Don't get left in the dust. Blackcoin is the best in all areas. Speed, store of value, economics, efficiency, community, developers, got it all. Buy some.
submitted by asdffsdf to blackcoin [link] [comments]

List of relevant parties we need to convince before we make the jump for bigger maxblocksize

Now that the blocksize debate is back in the spotlight again, we all need to be reminded:
A hardfork is difficult to do under any circumstances.
That said, I don't believe that we'll need "100%" as some... ahem respectable folks in the community claim; Bitcoin is nothing without its economy and ecosystem, and what's essential to a fork is that it has the overwhelming majority of economic activity. Assuming the miners are not malicious, they will follow - and they will be onboard sooner and make the process less destructive if they see the overwhelming majority sooner.
Therefore, I propose we compile a checklist of major parties that we need to convince, in order to gain momentum on this. This list will become very useful once gavinandresen, mikehearn and jgarzik finish their version of 0.11 / 0.11A XT for review.
I'll start with a list. The list is only a starter from my limited knowledge, so feel free to suggest changes:
Exchanges and Payment Processors
Major services/merchants that use a node
Note: Merchants that use payment processors will switch if payment processors are on board.
Major mining pools
Unfortunately Eligius can never be convinced. What a shame. =\
Wallets
Greenaddress is unlikely to be convinced.
Information website
While not essential to the ecosystem, will probably help a lot in getting the words out and hence building momentum.
Feel free to suggest additions/changes to the checklist. Let's get a roadmap so that we know what to aim for.
submitted by imaginary_username to Bitcoin [link] [comments]

New press release

Hey Blackcoiners...I thought we could use another press release so I came up with this. If anyone has any suggestions on how we could improve it, feel free. Also, we need to figure out the best way to get it out there.
BlackCoin Projects Taking Crypto-Currency to the Masses
BlackCoin leads the POS revolution in crypto-currency with unprecedented projects designed to reach the mainstream user.
With roughly two months since it's inception, BlackCoin has taken the crypto-currency world by storm. One of the first crypto-currencies to use the “proof of stake” system, BlackCoin has inspired many imitators in a short time. Despite the competition, BlackCoin has established itself as the most reliable currency in this class with an active and talented development team.
One reason that BlackCoin has separated itself from the pack is the unrivaled level of support and transparency from the development team. Leaders from the community recently participated in an online broadcast known as the “BlackCast.” This rare “unmasking” of the development team has helped build confidence and make the currency seem more professional. Many topics were discussed including: real world adoption of the currency, recent technological innovations, and promotional efforts.
The BlackCoin Pool is yet another innovation that has often been imitated but never successfully duplicated. While most crypto-currencies have mining pools, which use computers to solve complex algorithms, this results in an inflationary situation where many new coins are continually being created. BlackCoin uses a “multi-pool” which instead mines other virtual currencies and uses the proceeds to purchase BlackCoins for participants. This creates a steady stream of buying pressure in the market, which protects investors.
Recently, Version 2.0 of the BlackCoin Pool was released with much success. With improved performance, a built-from scratch interface, and new features, the pool has been popular within the mining community. As more miners join on a daily basis, the price support for the currency continues to expand.
Perhaps the most exciting development in recent days is the announcement that BlackCoin hired one of the leading tech PR agencies in the industry to promote the coin. Within a few days, the funds for the 90-day PR campaign were raised by the community, illustrating the level of involvement and confidence that it offers. The goal is to take BlackCoin into the mainstream and introduce it to new users. While Bitcoin has done a great job of illustrating the benefits of digital currency to millions of early adopters, BlackCoin aims to take that to the next level. With faster confirmation times, BlackCoin is the ideal choice for retail businesses who wish to offer their customers another way to pay.
With retail adoption on the horizon, BlackCoin has also partnered with a leading point of sale company called Coinkite. Coinkite makes it possible for consumers to load debit cards with BlackCoin, Litecoin, and Bitcoin. Their funds can then be spent at a growing roster of merchants from around the world. While other currencies typically take several minutes to confirm, BlackCoin transactions are typically completed in a few seconds, making it the ideal partner for Coinkite.
With so many projects on the horizon, it's easy to see why investors who missed out on the massive returns of Bitcoin are lining up to get involved with BlackCoin. The most popular method of purchasing the currency is by first purchasing Bitcoin and using that to buy BlackCoin on exchanges like Mintpal.com and Cryptsy.com. BlackCoin has also recently been added to the popular service Vault of Satoshi, which allows investors to buy directly with USD and other currencies. With huge returns and large volume, BlackCoin is attracting a new type of investor to the crypto-currency world. It's only a matter of time until it's accepted around the world, and investors who get in early reap the benefits.
submitted by lja_14 to blackcoin [link] [comments]

More information on the Renewable Energy consumption of Bitcoin and the environmentally friendly alternative BlackCoin TL:DR

The amount of electricity required to maintain Bitcoin’s security is legendary. Its miners are scouring the globe searching for areas with the least-expensive electricity rates.
Unfortunately, these areas are where the least expensive renewable-energy resources exist in the world.
Links are provided below to the references to back up the claims made here. This document will be updated as needed based on your comments below.
It has been estimated that the additional electricity required to maintain BlackCoin’s cooperative minting network is much less than three one-thousands ( 3 / 1000 ) of what is now used to run an equivalent sized competitive Bitcoin mining network. Bitcoin’s current electrical consumption equipment arms race is gobbling up irreplaceable, renewable-energy resources in areas where they provide the less expensive renewable energy options bar none.
A recent study cited in the Wall Street Journal shows that the hash rate required for Bitcoin’s security last fall was one one-sixtieth (1 / 60) of what it is now. This hash rate inflation has been fueled by the tremendous profitability of large scale corporate mining operations, which have produced the mining technology arms race.
The largest known corporate Bitcoin mining operation is reported to be housed in a warehouse in Central Washington State where it takes advantage of the US’s lowest electricity rates bar none. The Spokane Review recently reported that a handful of additional competitors are now about to pop up.
Washington State is the leader in hydroelectric generation with 29% of the total national capacity according to the US Energy Information Administration. It is 10th in wind energy production. Nevertheless, the whole state still has the lowest residential electric rates in the country.
The New York Times reported on a similar setup in Iceland, which may have the least expensive electricity of any country in the world. It is powered by hydro and geothermal resources.
These corporate mining operations compete against each other for the right to enter the next ledger page into the Bitcoin blockchain. The startups that produce the otherwise useless mining equipment are forced to make outrageous claims for their latest drawing board designs to get preorder payments to finance their production as has been well documented by CoinDesk in numerous articles.
Are we about to repeat the environmental disasters that followed the 1849 California Gold Rush and the wildcatting boom that began with the Spindletop oil gusher? This trend will continue as long as the Bitcoin mining technology continues to improve at breakneck speed driven by the profitability resulting from the squandering of these irreplaceable resources.
It took three and a half years after Satoshi Nakamoto launched Bitcoin in January 2009 before Sunny King in August 2012 to launch Peercoin, the first environmentally friendly cryptocurrency. However, Peercoin is designed to be the savings account complementing the best environmentally friendly checking account cryptocurrency. The market has been trying since then to settle on the best environmentally friendly challenger for Bitcoin.
The Russian crypto developer rat4 launched BlackCoin on February 24, 2014 at 6:00 UTC after making the customary announcement on February 16 on the Bitcoin Forum. Startup crypto exchange Mintpal quickly recognized the potential of rat4’s improvement of the design of the innovative Mintcoin protocol.
This helped catapult BlackCoin into 19th place in market cap by the start of April. BlackCoin obtained its current 10 th place position after Coinkite chose Blackcoin to add to its terminals in June joining Bitcoin and Litecoin.
Sunny King’s protocol has now been tested on many environmentally friendly alternatives. The market has now chosen BlackCoin to be checking account to Peercoin’s saving account.
The Bitcoin MIT Project will provision every undergraduate at that institution with $100 worth of bitcoins in the fall semester as an experiment. The proposed BlackCoin MIT Airdrop is currently being discussed by the Blackcoin Community on its reddit page. The proposal calls for provisioning each MIT graduate student with $100 of the best environmentally friendly alternative to Bitcoin in the best technology crucible in the world.
It appears from the MIT announcement that the MIT Kerberos & Internet Trust Consortium may have been used as the vehicle for obtaining tax exempt fiat donations. Therefore, should the newly formed BlackCoin Foundation ask the Trust to set up a donation account and let the environmental community try to raise the less than $1 million required to fund the MIT Airdrop.
If you have arrived here from somewhere else and are interested in learning more about BlackCoin and the MIT BlackCoin Project, please join the discussion with us at the BlackCoin subreddit:
reddit.com/BlackCoin/
Please report proofreading and editing corrections in comments below. References
Electricity requirement calculations needed to maintain the BlackCoin network
http://www.reddit.com/blackcoin/comments/25a4fq/if_you_are_good_at_science_or_if_you_are_an/
Wall Street Journal Article on Bitcoin hash rate
http://blogs.wsj.com/moneybeat/2014/04/29/bitbeat-for-bitcoin-miners-a-hot-problem-this-summe
Spokane Review Article
http://www.spokesman.com/stories/2014/ap26/northwests-cheap-power-drawing-bitcoin-miners/
US Energy Information Administration – Washington State Renewable Energy Report
http://www.eia.gov/state/?sid=WA
NT Times Iceland Bitcoin mining article
http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1
CoinDesk mining equipment articles
http://www.coindesk.com/coindesk-mining-roundup-hot-issues-lawsuits-eco-mining/
http://www.coindesk.com/problems-plague-kncminer-broken-super-jupiters-arrive-doorsteps/
http://www.coindesk.com/alpha-technology-initiates-scrypt-asic-tape/
Bitcoin MIT Project article that mentions MIT Kerberos & Internet Trust Consortium
http://tech.mit.edu/V134/N22/bitcoin.html
submitted by RJSchex to blackcoin [link] [comments]

Proposed PR Newswire press release

Proposed PR Newswire press release I initially proposed on the sticky thread at the link below that we produce a press release. Bigbtcconsulting later agreed to work on this. http://www.reddit.com/blackcoin/comments/23fwwo/lfg_developers_designers_for_new_projects/ Iconic agreed to use his PR Newswire account to handle our blackcoin press releases, if we reimburse him. Here is that thread: http://www.reddit.com/blackcoin/comments/23i8tcold_hard_facts/ I produced the first rough draft and pasted it on the thread at the link below. Iamtheshirt later pasted a revised version, which I think is a big improvement. http://www.reddit.com/blackcoin/comments/23jt9m/we_need_a_green_marketing_initiative_encourage/ I used MS Word’s Track Changes feature to produce the version below based on Shirt’s revision. TL:DR I will be placing a clean copy of my revise version in a post below as soon as I have produced it. Anyone can suggest changes or produce a revised version. Blackcoin: Bitcoin's Green, Decentralized Competition Blackcoin vaulted onto many investors’ radar screens two weeks ago when its market cap increased ten time in 24 hoursthe value of the cryptocurrency multiplied ten times in 24 hours. At the peak of this meteoric rise, Blackcoin had the sixth-largest market cap of all cryptocurrencies. In the following day, the unsustainable growth rate caused a sell-off that dropped Blackcoin's value sharply. From that low point, Blackcoin has seen more sustainable growth over the last week, regaining almost 400% in value and market cap. Blackcoin is currently the ninth-largest cryptocurrency by market cap. At the time of this publication, each Blackcoin is valued at 0.19 24 USD. So, what is different about the two month old Blackcoin that to warrant the large amount of attention it has received? Blackcoin was specifically designed to improve upon two of the Bitcoin protocol by mitigating two of Bitcoin's most widely criticized design flaws: 1. The tremendously expensive and energy-inefficient proof of work system used to run the Bitcoin network and minet new Bitcoins has been replaced by Blackcoin's 100% proof of stake system. The capital equipment cost and electrical consumption required to maintain a Blackcoin network the size of Bitcion’s will probably be about a humdred times less. be By percentage of market cap, the operation cost and electricity usage of the Blackcoin network is merely a small fraction of the costs necessary to maintain the Bitcoin network. 2. Bitcoin’s ten minute ledger block generation time has been reduced to 10 seconds with Blackcoin. replaced by Blackcoin’s ten second block generation time. Since all transactions on cryptocurrency networks are contained in these ledger blocks and limited by their speed, Blackcoin has a clear advantage in merchant adoption over Bitcoin for point of sale transactions or any form of transaction in which speed is critical. Blackcoin's 100% proof of stake network is supported by stakeholders all over the world who receive by offering 1% yearly interest on their stake as an incentive to run the wallet software, thereby securing the network. Unlike the proof of work system, the proof of stake system does not require unnecessary, very-energy- intensive large calculations by competing miners in order to secure the network. This is the primary reason for Blackoin's fast transaction speed. The proof of stake system also ensures that the network will continue to run in perpetuity without requiring the use of prohibitively –expensive, energy-hungry specialized equipment, making Blackcoin's network extremely cost and energy efficient. Bitcoin's Proof of Work system was supported by individual computers in the past, but because the system requires large calculations by competing miners in order to secure the network and minet coins, it quickly led to a specialized hardware arms race. Bitcoin's network is currently supported by vast enterprises with millions of dollars of overhead in energy and specialized equipment. Blackcoin's supporting infrastructure is growing quickly, highlighted by the recent acceptance to CoinKite, a company offering user friendly web and point of sale solutions for merchants who wish to accept cryptocurrency. CoinKite had previously offered solutions only for Bitcoin and Litecoin, the two largest cryptocurrencies by market cap. Blackcoin will be the third coin added to Coinkite in June. Blackcoin is the clear choice for the environmentally-conscious individuals and buninesses looking for a green, energy efficient cryptocurrency or for those who believe in Satoshi Nakamoto's original vision of a completely decentralized cryptocurrency run by the people. Combined with Blackcoin's ten second ledger block generatin timeother advantages, the current market leaders in cryptocurrency, Bitcoin and Litecoin, may now have some serious competition on their hands.
submitted by RJSchex to blackcoin [link] [comments]

TL:DR Some elements of the recant, surreptitious Blackcoin pump

This story of how Blackcoiners started to put together the infrastructure that got us to where we are today begins with the early establishment of the relationship between the coin and Mintpal. Mintpal believed in the coin from the start and quickly implemented it giving us a running start.
BC is now their highest volume offering. The relationship has been so good for us that some Blackcoiners now refer to it as Blackpal. The good relationship has been mutual. Mintpal put up the remaining 5 BTC in the last few days that was required by CoinKite to implement the coin. The surreptitious ability of the community in the last few days to meet the goals set by the dev team in this case obviously impressed some resent investors.
Blackcoin is a simple hybrid coin that was the first to go 100% PoS and was distributed in a fair way. There was no premine. This is why we think we deserve have our #9 in market cap at this point in our development.
Peercoin was the first hybrid coin, currently #4 in market cap, but it is not nearly ready to go 100% PoS any time soon.
NXT is 100% PoS, currently #6 in market cap, but it was not a hybrid coin. Sunny King recruited a small group of investors who essentially received premined coins in exchange for the bitcoins they put up. Some people believe this was not a fair distribution process.
While Ripple, #3 in market cap, is not technically a PoS coin, it takes an expert to try to understand the difference.
Obviously, the market is rewarding coins that are not based on Bitcoin’s PoW model.
Also, NXT is not a simple coin. It has all kinds of bells and whistles that are much too complicated for the novice user to even try to understand. Trying to explain a PoS coin is a great enough challenge.
Some people do not consider Ripple to be coin and do not consider it to be a rival for either Bitcoin or Litecoin..
Blackcoin's hybrid phase has already ended. We believe the mining phase gave us a fair distribution. Blackcoin is a simple coin like Bitcoin and Litecoin, currently #1 and #2 in market cap. .
We believe that the astronomical cost of mining hardware and the electricity require to maintain PoW coins is pushing their price down as the miners dump to stay in business.
These are the fundamental crypto attributes that has brought Blackcoin to where it is today. A press release was widely distributed on Wednesday that was used to produce over 200 stories on websites like this one:
http://cryptocrimson.com/2014/04/blackcoin-soaring-popularity-price/
Here is Coin Cartel’s updated blog post based on the press release and subsequent BC price action:
http://www.coincartel.net/2014/04/11/blackcoin-2014/
Here is the Friday link announcing the pre ordering of the BlackCoin Wallet Card.
https://bitcointalk.org/index.php?topic=469640.msg6176685#msg6176685
The card has a USB dangle containing the light weight wallet.
Here a link to a UK blog carrying another announcement of the Blackcoin lightweight wallet software:
http://thebitcoinnews.co.uk/tag/cryptoarticles/
It is now further down on the webpage. Here is what it says:
Over the past few months, we have seen several crypto currencies develop some sort of desktop lightweight wallet. Coins like DigitalCoin and WorldCoin, but you can now add BlackCoin to that list.
Although adding BlackCoin to the list might be a tad premature, as the lightweight client is only starting development as of today.
The project itself will be open sourced, and a GitHub link is available (click here). The developer , called nov3a4 , is expecting to have the client ready for testing next weekend.
The reason why project like a lightweight wallet are important, is because users won’t have to download a huge amount of data in order to synchronize with the BlackCoin network.
The press release and the announcement of the BlackCoin Waller Card were obviously intended to pump the coin.
Here are Soepkip’s instructions to us to raise Prelude BC volume from 0 to 50 BCT in 24 hours to compensate them for fully implementing BC on Mullah:
https://bitcointalk.org/index.php?topic=469640.msg6188259#msg6188259
The goal was met in less than 12 hours. This turned out to be another surreptitious aspect of the pump that obviously convinced many people that Blackcoin now has an effective community supporting it. It was shortly after this goal was met that BC broke above 20 k satoshi.
I have not covered here the latest developments in Blackcoin multipool mining. While the mining of BC itself has finished, some miners still want to have the coins to hold. They can join the effort and be paid in BC that are purchased on the open market using the results of their work. If they hold, it reduced the public BC supply. It is neutral for the supply if they sell. This is unlike the case with PoS coins, where we believe the professional miners are pushing down the price to make a living.
This is a rough draft. Please proofread and report any corrections or additions that you think I have made or left out.
submitted by RJSchex to blackcoin [link] [comments]

Why Increased Transaction Fees And Off-Blockchain Services Are Not The Answer

It seems like most people agree that most Bitcoin transactions should occur off blockchain through third party services. The development team of Bitcoin also seems to think increasing transaction fees dynamically as demand increases will help keep the size of blocks under control.
The thing is, don't these 2 solutions completely go against what Bitcoin is about? By dynamically raising the transaction fee on Blockchain transactions, it becomes too much of a burden for people to use it for any form of purchase. People will continue to use the blockchain until it becomes too unreasonably high for purchases- it will still get flooded until it becomes impractical for anything except huge transactions. We'll probably still use it whether the fee is $0.10 or $1, but eventually it will become much too high for anything. If people are forced to use a third party service to pay with Bitcoin, then what makes it any better than Paypal or credit/debit cards? The service can still keep track of everything you buy, deny service to some markets, charge fees on your purchases, and you have to trust them with your money.
If we go with these 2 solutions instead of raising the maximum size of a block, Bitcoin will lose most of its values as a payment network. If I need to send $500 to a blockchain service at a time to avoid high fees on my $10-100 purchases, what is the point? It defeats the purpose of Decentralization since i have to trust the service not to scam me, track me, or prevent purchases. I can't send purchases without transaction fees since these services will likely charge something(and the blockchain would be worse). The security would not be good either, as passwords/cards/accounts can be compromised, so it would require the same protection that credit and debit cards require.
Transaction fees exist to:
  1. prevent malicious spam
  2. pay miners once mining rewards diminish
The current fees already accomplish this as most transactions with fees we see are legitimate and not intended to flood the network. Miners currently do not need more fees as most of the incentive comes from the 25 BTC block reward.
Please do not force most transactions to occur off blockchain with the burden of high fees. It completely defeats the purpose of Bitcoin and makes it no better than what we currently have. Doing this turns Bitcoin into a system that requires trust, has significant fees, and is no longer secure. Raising the block size limit when necessary is a much better solution. Thanks.
edit: https://en.bitcoin.it/wiki/Scalability
The Bitcoin network itself can easily support much more activity, so I don't see the point in limiting it. I feel like people being able to control their money is more important than being able to run a node on a home computer on a slow internet. With Gigabit internet spreading rapidly, Bitcoin can easily support thousands of transactions a second.
edit #2: I'm not against off blockchain services that make Bitcoin easier(ie coinkite cards) or provide services like escrow, I just don't want them to be the only way to work with Bitcoin in smaller amounts.
submitted by skilliard4 to Bitcoin [link] [comments]

Would the MIT community be interested in a head to head competition between Bitcoin and one of the top environmental friendly alternatives next fall? Bitcoin mining wastes at least 60 times more electricity than all of the most energy efficient alternative coins.

The Wall Street Journal says that the Bitcoin hash rate is now 60 times more than it was last fall. The Bitcoin hash rate is directly proportionate to electric consumption. CoinDesk, the premier Bitcoin news site, explains that this is due to new specialize mining equipment made to cash in on the new Bitcoin mining bonanza
Link to Wall Street Journal article
http://blogs.wsj.com/moneybeat/2014/04/29/bitbeat-for-bitcoin-miners-a-hot-problem-this-summe
Link to CoinDesk article:
http://www.coindesk.com/coindesk-mining-roundup-hot-issues-lawsuits-eco-mining/
Huge corporate Bitcoin mining operations are popping up in Central Washington State where the least expensive electric rates exist in the US, which are powered by hydro.
Link to Washington State Bitcoin mining article powered by hydro
http://www.spokesman.com/stories/2014/ap26/northwests-cheap-power-drawing-bitcoin-miners/
One huge operation already exists in Iceland, which has the least expensive electricity in the world. It is produced by hydro and geothermal means. Link to Iceland Bitcoin mining article
http://dealbook.nytimes.com/2013/12/23/morning-agenda-the-bitcoin-mines-of-iceland/?_php=true&_type=blogs&_r=0
The alternative environmentally-friendly cryptocurrencies to Bitcoin are called Proof of Stake coins. Here is a Let’s Talk Bitcoin article on Proof of Stake coins:
http://letstalkbitcoin.com/experiments-in-cryptocurrency-sustainability/#.U2ZgoVea9J4
Two of the most promising Proof of Stake coins are Blackcoin and NXT. The links to their subreddits are below.
http://www.reddit.com/blackcoin
http://us.reddit.com/NXT/
The Blackcoin community is trying to develop a MIT Blackcoin Project. It has been suggested that each graduate students be provided $100 worth of Blackcoins. Besides being more environmentally friendly, Blackcoin is six times faster than Bitcoin.
The object of the competition would be to see if one coin became dominate over time. Bitcoin will have the initial infrastructure advantage. Will the Bitcoin, Litecoin, and, Dogecoin supporting companies be willing to offer a Blackcoin option? Coinkite will be adding Blackcoin to its Bitcoin/Litecoin lineup in June.
submitted by RJSchex to mit [link] [comments]

Bitcoin dev meeting in layman's terms (2015-10-8) | G1lius Caesar | Oct 10 2015

G1lius Caesar on Oct 10 2015:
Once again my attempt to summarize and explain the weekly bitcoin developer
meeting in layman's terms.
Link to last weeks layman's summarization:
https://www.mail-archive.com/[email protected]/msg02445.html
Disclaimer
Please bare in mind I'm not a developer and I'd have problems coding "hello
world!", so some things might be incorrect or plain wrong.
Like any other write-up it likely contains personal biases, although I try
to stay as neutral as I can.
There are no decisions being made in these meetings, so if I say "everyone
agrees" this means everyone present in the meeting, that's not consensus,
but since a fair amount of devs are present it's a good representation.
The dev IRC and mailinglist are for bitcoin development purposes. If you
have not contributed actual code to a bitcoin-implementation, this is
probably not the place you want to reach out to. There are many places to
discuss things that the developers read, including this sub-reddit.
link to this week logs (
http://bitcoinstats.com/irc/bitcoin-dev/logs/2015/10/08#l1444330778.0 )
link to meeting minutes (
https://docs.google.com/document/d/1hCDuOBNpqrZ0NLzvgrs2kDIF3g97sOv-FyneHjQellk/edit
)
Main topics discussed this week where:
Mempool limiting: chain limits
Low-S change
CLTV & CSV review
Creation of bitcoin discuss mailing list
off-topic but important notice
This issue ( https://github.com/feross/buffepull/81 ) has made most JS
bitcoin software vulnerable to generating incorrect public keys.
"This is an ecosystem threat with the potential to cause millions of
dollars in losses that needs higher visibility; though it's not a bitcoin
core / bitcoin network issue.
Common, critical, JS code is broken that may cause the generation of
incorrect pubkeys (among other issues). Anyone who cares for a JS
implementation should read that PR."
Mempool limiting: chain limits
(c/p from last week)
Chain in this context means connected transactions. When you send a
transaction that depends on another transaction that has yet to be
confirmed we talk about a chain of transactions.
Miners ideally take the whole chain into account instead of just every
single transaction (although that's not widely implemented afaik). So while
a single transaction might not have a sufficient fee, a depending
transaction could have a high enough fee to make it worthwhile to mine both.
This is commonly known as child-pays-for-parent.
Since you can make these chains very big it's possible to clog up the
mempool this way.
The first unconfirmed transaction is called the ancestor and the
transactions depending on it the descendants. The total amount of
transactions is reffered to as "packages".
As said in "Chain limits" last week Morcos did write a proposal about
lowering the default limits for transaction-chains.
2 use cases came up which are currently in use or happened before:
As example: someone buys bitcoin from a website and can spend those bitcoin
in the marketplace of the same website without waiting for confirmation in
order to improve the bitcoin user-experience. This leaves a sequential
transaction chain. They don't need to chain more than 5 transactions deep
for this, and it falls within the proposed limits.
What's not within the proposed limits is the chain of +/- 100 transactions
a company had during the spam-attacks. These where simply increased
activities by end-users while not enough UTXO's where available (3 to be
precise)(UTXO: unspent transaction output, an output that can be used as
input for a new transaction).
Notably this is with the best practices of using confirmed transactions
first.
Ways this can be solved from the company's end is to have more UTXO's
available before hand, bundling transactions (which requires delaying
customer's request) or using replace-by-fee to add payees (which saves
blockchain space, is cheaper in fees and gets transactions through quicker,
but is not widely deployed by miners atm).
Bare in mind these proposals are for default values for the memorypool, not
in any way hard limits.
Sense of urgency. Quoting sipa: "my mempool is 2.5G... we better get some
solution!"
Current attack analysis assumes child-pays-for-parent mining, it should
probably be done again without.
Higher limits on number of transactions increase attack-vectors.
Proposed number of transactions gets some push-back, total size limit not.
Mixing default values (for example having a 50% of a 10/10 limit and 50% of
a 100/100 limit) wastes bandwidth while there are too many factors that
limit utility of long chains as well.
25 transaction limit ought to be enough for everyone (for now).
Review & test "Limit mempool by throwing away the cheapest txn and setting
min relay fee to it" ( https://github.com/bitcoin/bitcoin/pull/6722 )
Provide support for "Lower default limits for tx chains" (
https://github.com/bitcoin/bitcoin/pull/6771 ) aka convince people 25
should be enough.
Low-S change
This is in regards to the recent malleability attack. Which is caused by a
value 'S' in the ECDSA signature which can be 2 values, a high and low
value and still be valid. Resulting in different transaction id's. more
info:
http://blog.coinkite.com/post/130318407326/ongoing-bitcoin-malleability-attack-low-s-high
A solution for this is to require nodes to have the "low-s" encoding for
signatures.
Downside is that it will block most transactions made by sufficiently out
of date software (+/- pre-march 2014)
This does not replace the need for BIP62, it only eliminates the cheap DOS
attack.
95% of transactions already confirm to this, and more fixes have been
applied since.
BlueMatt has a node which several people are running that auto-malleates to
low-s transactions.
Questions whether we release it ASAP or wait for the next release and get
it to a couple of miners in the meantime (possibly with
auto-lowS-malleating)
Contact miners about "Test LowS in standardness, removes nuisance
malleability vector" ( https://github.com/bitcoin/bitcoin/pull/6769 )
Release scheduled for the end of the month, together with likely
check-lock-time-verify and possibly check-sequence-verfiy.
CLTV & CSV backport review
CLTV: checkLockTimeVerify
CSV: checkSequenceVerify
Both new time-related OP-codes.
Been discussed heavily last week.
CSV doesn't seem ready enough for release later this month.
There's no clarity on how things look when all 3 time related pull-requests
are merged.
There's a number of people still reviewing the pull-requests.
Uncertainty and confusion about whether the semantics are final or not (in
regards to using bits from nSequence). nSequence are 4 bytes intended for
sequencing time-locked transactions, but this never got used.
Now these bytes are being repurposed for a mixture of things. Currently the
plan is: " bits 0..15 are the relative locktime, bit 30 determines units
(0: height, 1: time w/ 512s granularity), and bit 31 toggles BIP 68 (0: on,
1: off). bits 16..29 are masked off and can take any value."
Clarification from maaku regarding nSequence for BIP68. (after the meeting
he explained he was waiting for opinions, but not enough people seemed to
know the issue at hand)
Continue review of pull requests 6312 (
https://github.com/bitcoin/bitcoin/pull/6312 ), 6564 (
https://github.com/bitcoin/bitcoin/pull/6564 ) and 6566 (
https://github.com/bitcoin/bitcoin/pull/6566 )
Creation of bitcoin discuss mailing list
The bitcoin-dev mailing list is intented for technical discussions only.
There's things that don't belong there but need to be discussed anyway.
Now this is done in bitcoin-dev, but the volume of this is getting too big.
There's recently also an influx of really inappropriate posts, level
kindergarden (
https://www.mail-archive.com/[email protected]/msg02539.html
).
No clarity about who are the moderators.
Next week there'll be a bitcoin-discuss list created.
Decisions are needed as to who'll become the moderators for that and
bitcoin-dev.
Decisions are needed as to what will be the list and moderation policies.
The bitcoin-discuss list will be created as well as a simple website
listing all the lists and corresponding policies.
A meeting is scheduled on monday to discuss the moderation and policies of
said lists.
Participants
morcos Alex Morcos
gmaxwell Gregory Maxwell
wumpus Wladimir J. van der Laan
sipa Pieter Wuille
BlueMatt Matt Corallo
btcdrak btcdrak
pe...[message truncated here by reddit bot]...
original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Octobe011496.html
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

A draft of a proposed, more-focused PR Newswire press release

Blackcoin is the green coin
The amount of electricity required to maintain Bitcoin’s security is legendary. Its miners are scouring the globe searching for areas with the least-expensive electricity rates. Unfortunately, these areas are where the least expensive renewable-energy resources exist in the world. Two months old Blackcoin has now been chosen by the crypto market as the current best environmentally-friendly alternative to Bitcoin.
All of the environmentally friendly crypto coins use what is called a pure Proof of Stake (PoS) protocol as opposed to the Proof of Work (PoW) alternative used by Bitcoin. Sunny King launched Peercoin in 2011 as a hybrid PoW/PoS coin that is intended to be the saving account complementing whatever coin turns out to be the best checking account cryptocurrency. Peercoin is now firmly in fourth place in market cap with no serious challenger in sight for its chosen niche.
The Russian crypto developer rat4 launched Blackcoin on February 24, 2014 at 6:00 UTC after making the customary announcement on February 16 on the Bitcoin Forum. Startup crypto exchange Mintpal quickly recognized the potential of rat4’s improvement of the design of the innovative Mintcoin protocol.
This helped catapult Blackcoin into 19th place in market cap by the start of April. Blackcoin obtained its current 9th place position after Coinkite chose Blackcoin to add to its terminals in June joining Bitcoin and Litecoin.
The electrical consumption required to maintain Bitcoin’s current security is gobbling up irreplaceable, renewable-energy resources in areas where they provide the less expensive options bar none. A recent study cited in the Wall Street Journal shows that the hash rate required for Bitcoin’s security last fall was one sixtieth (1 / 60) of what it is now. This hash rate inflation has been fueled by the tremendous profitability of large scale corporate mining operations and the mining technology explosion.
The largest known corporate Bitcoin mining operation is reported to be housed in a warehouse in Central Washington State where it takes advantage of the US’s lowest electricity rates bar none. The Spokane Review recently reported that a handful of additional competitors are about to pop up.
Washington State is the leader in hydroelectric generation with 29% of the total national capacity according to the US Energy Information Administration. It is 10th in wind energy production. Nevertheless, the whole state still has the lowest residential electric rates in the country.
The New York Times reported on a similar setup in Iceland, which may have the least expensive electricity of any country in the world. It is powered by hydro and geothermal resources.
These corporate mining operations compete against each other for the right to enter the next ledger page into the Bitcoin blockchain. The startups that produce the otherwise useless mining equipment are forced to make outrageous claims for their latest drawing board designs to get preorder payments to finance their production as has been well documented by CoinDesk in numerous articles.
Are we about to repeat the environmental disasters that followed the 1849 California Gold Rush and the wildcatting boom that began with the Spindletop oil gusher? This trend will continue as the Bitcoin mining technology improves at breakneck speed driven by the profitability resulting from the squandering of these irreplaceable resources.
In contrast, the stakeholders of pure PoS coins cooperatively provide the security using multitasking computers and even laptops. Sunny King’s protocol has now been tested on many alternative pure PoS coins. The market has now chosen Blackcoin to be the PoS checking account to Peercoin’s saving account.
The Bitcoin MIT Project will provision every undergraduate at that institution with $100 worth of bitcoins in the fall semester as an experiment. The MIT Blackcoin Project is currently being discussed by the Blackcoin Community on its reddit page. The proposal calls provisioning each MIT graduate student with $100 of the best environmentally friendly alternative to Bitcoin in the best technology crucible in the world.
If you are interested in learning more about Blackcoin and the MIT Blackcoin Project, please join the discussion with us at reddit.com/blackcoin/.
submitted by RJSchex to blackcoin [link] [comments]

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Coffee, Coinkite & Cryptocurrency

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