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Video: Fresh Competition Is Shaping The Bitcoin Mining Hardware And Pool Landscape

19/10/2020 by Idelto Editor

Always a sector to watch, the Bitcoin mining space is host to several narratives that are worth a closer look today, as fresh capital and competition enter the market. Among these are the geographic distribution of hash power, mining hardware hierarchy and mining pool offerings.

On this episode of Bitcoin Magazine’s “Bitcoin In Asia,” Nishant Sharma, a long-time bitcoin mining industry insider in China who is now a founder and partner of BlocksBridge Consulting — a communications strategy and advisory firm focused on the bitcoin mining sector that serves some of its largest companies — helped break down these narratives with some additional historical context.

Sharma explained how the negative news around flooding in Sichuan has been overblown and mining dominance from China is not changing anytime soon. He also discussed why the decentralization of mining geographically is still a real event, with North America and Russia as growing markets. He also laid out the landscape of mining pool competition: how it has developed and experienced incredible turnover over the years and what new competition and products are shaping its future.

The mining hardware space has experienced less turnover, with Bitmain taking a dominant position early, and Sharma handicapped MicroBT’s rise and the factors at play for hardware moving forward, including the significance of Digital Currency Group entity Foundry’s partnership with MicroBT and the entrance of additional institutional capital.

The post Video: Fresh Competition Is Shaping The Bitcoin Mining Hardware And Pool Landscape appeared first on Bitcoin Magazine.

The Van Wirdum Sjorsnado: Bitcoin Core 0.21 Supports Tor V3

16/10/2020 by Idelto Editor

On this episode of The Van Wirdum Sjorsnado, Aaron and Sjors discuss one of the biggest releases in Bitcoin’s history: Bitcoin Core 0.21. Specifically, they dive into how this release will add support for Tor V3 addresses, an important development for preserving privacy, and explain what this means and why it matters. The pair also discuss how new Bitcoin nodes find existing Bitcoin nodes when they bootstrap to the network.

Listen to the audio version here:

Apple Podcasts: https://podcasts.apple.com/us/podcast/the-van-wirdum-sjorsnado/id1532957243#episodeGuid=33ac1be5-ac65-45cf-a47d-8b3a65d8f6b4
Spotify: https://open.spotify.com/episode/6nLPIOciXW8M6KXZJcl922?si=5s3pobbTQNC1z89caH2EhQ
Libsyn:http://nadobtc.btc.libsynpro.com/bitcoin-core-021-supports-tor-v3-nado-13

Helpful links for following along in the episode:

Tor V3 (Onion) address support in Bitcoin Core: https://github.com/bitcoin/bitcoin/pu…
The ADDRv2 message added in BIP 155 that allows nodes to gossip those new Tor addresses: https://github.com/bitcoin/bips/blob/…
DNS seeds and the bootstrap problem: https://stackoverflow.com/questions/4…

Specific topics covered:

How Tor works
Benefits of running a Bitcoin node behind Tor
Discussing how Bitcoin node gossip addresses
Explaining how DNS works
DNS is storing list of bitcoin nodes

Follow Aaron van Wirdum on Twitter: https://twitter.com/AaronvanW

Follow Sjors Provoost on Twitter: @provoost

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The post The Van Wirdum Sjorsnado: Bitcoin Core 0.21 Supports Tor V3 appeared first on Bitcoin Magazine.

Video: How to Create a Multisig Wallet With Caravan By Unchained Capital

16/07/2020 by Idelto Editor

Bitcoin multisig wallets can enable more secure custody of your bitcoin, adding redundancy and avoiding a single point of failure in the number of keys necessary to authorize a spend. One new tool for utilizing multisig is Caravan from Unchained Capital.

With Caravan, Unchained Capital has created a free and open-source tool allowing you to spin up multisig wallets and addresses and spend from them. In the video above, Bitcoin Magazine’s Christian Keroles walks you through how to set up a multisig wallet with Caravan and how to spend from the wallet, along with explaining some of the benefits and nuances of Bitcoin multisig wallet security unique to Caravan.

The idea of Caravan is to make bitcoin multisig custody safer and easier to use. There are several things to be aware of before getting started:

Caravan is stateless and does not store data, so you will need to be prepared to store the created wallet’s extended public keys and BIP32 paths and addresses. Caravan makes this easy with a simple download. Caravan is also quite modular. You can choose up to seven keys to include in the multisignature and also adjust the quorum (number of signatures needed to sign a transaction) to whatever you like (e.g., 2-of-3, 3-of-5 or 3-of-7 signatures are needed, etc.). It also supports pay-to-script addresses, SegWit addresses and the P2SH-P2WSH address to bridge non-SegWit and SegWit-enabled addresses.

Christian provides a step-by-step tutorial on how to create and use a Caravan wallet along with a visual walkthrough. Basic steps include:

Step 1: Visit Caravan at caravanmultisig.com and click on “Wallet” to begin building your multisig wallet

Step 2: Configure your multisig Quorum settings with up to seven keys

Step 3: Select your wallet address type

Step 4: Customize your wallet name and key names

Step 5: Export the key information from your wallets

Step 6: Confirm your xpub information and click “confirm” to create your wallet

He also provides a step-by-step tutorial on how to spend from your Caravan multisig wallet:

Step 1: Click on the “Send” tab in the Caravan wallet interface

Step 2: Paste the address or addresses you want to send to

Step 3: Set your fee rate (sats/byte)

Step 4: Input the amount you wish to send or click “Max” to send your entire wallet balance

Step 5: Click “Preview Transaction”

Step 6: If the transaction details look good, click “Sign Transaction”

Step 7: Sign with your independent hardware wallets

Step 8: Click “Broadcast Transaction”

Of course, the video tutorial above provides much more detail and a visual walkthrough for those looking to access multisig custody through Caravan. Be sure to watch it and subscribe to Bitcoin Magazine’s YouTube page for more helpful Bitcoiner walkthroughs.

The post Video: How to Create a Multisig Wallet With Caravan By Unchained Capital appeared first on Bitcoin Magazine.

Is Twitter Helping Justin Sun and Other Cryptocurrency Celebrities Defraud?

08/03/2020 by Idelto Editor

A site as hugely influential as Twitter should ideally take a balanced and responsible approach when suggesting blue check accounts and other popular influencers to follow in the crypto space. Fact is, this couldn’t be further from the reality: Twitter seems to constantly promote the same narrow selection of accounts to follow, some of whom are arguably massive scammers trying desperately to pump their own bags. This begs the question: is Twitter actively helping favored accounts while stifling the reach of others?

Also read: Bitcoin History: When DDoS Attacks Made BTC’s Price Drop

The Same, Tired Selection

One might imagine that figures as controversial as Tron founder Justin Sun — who is recently under fire for what many view as the hostile takeover of crypto blogging platform Steemit — might be handled with care by social media platforms like Twitter. Especially after numerous allegations of scamming, false claims, buying followers, and shameless promo after shameless promo.

Whether it be suspiciously claiming to be CEO of a Chinese language homophone of “ripple” when Ripple company officials themselves deny connection, big talk of partnerships that don’t materialize, or riding the back of tragedy and sickness to promote the copy-pasta-whitepapered clone coin TRX, Sun is no stranger to suspicious cringe shilling and criticism.

Why, after all this, does Twitter continue to promote Sun like the second coming of Satoshi in its follow suggestions? For that matter, it stands to ask why other questionable influencers are made so prominent on the site as well, when they seem to be doing little more than advertising for their own crypto products, many of which have yet to be tested or vetted fully for viability.

Twitter’s restrictive official stance on business ads for crypto can be found here. Not that there is anything wrong with pushing one’s product, but when other accounts can be easily shadowbanned and suspended for seeming lesser allegations, eyebrows do begin to raise.

Kobe, was great to have met you in niTROn 2019. Mtg you was one of my life’s greatest honor & privilege, I’ll forever remember us on stage discussing the future of blockchain. We’ll have a moment of silence in your honor during niTROn 2020. R.I.P. pic.twitter.com/oMqU9ZpkKh

— Justin Sun (@justinsuntron) January 26, 2020

Twitter’s Algorithms and Follow Suggestions

Twitter has come under scrutiny for its algorithms previously, with CEO Jack Dorsey stating before U.S. lawmakers in 2018 that they had been used by the company “unfairly,” but that the issue had been rectified.

A BBC report detailed that users of the platform began to notice relevant tweets were no longer appearing in searches. Dorsey stated that myriad signals were used to choose “what to show, down-rank and filter” and that although the company doesn’t shadowban accounts based on politics, some mistakes were made and accounts had been treated in an unfair manner.

As for follow suggestions, Twitter lists multiple factors that supposedly go in to determining what a given user sees, including contact uploads, user location, Twitter activity and interactions, and info from third-party websites.

This all sounds well and good, but why are some accounts suspended or ejected from the platform, while others who seem guilty of mis-informational and spammy abuses, continue to thrive? Even though crypto ads are strictly regulated on the site, influencers like Sun, CZ of Binance, and others seem to be able to weave through this net, shilling their own crypto products to millions of followers with impunity. While many crypto users of libertarian bent might wish to make Twitter much more deregulated, decentralized and “Wild West,” if you will (author included), the seeming lack of consistency is strange.

Sitting at the Popular Kids’ Table With Jack

It’s a bit presumptive on its face to say that all of this is happening because of money and unofficial alliances, but let’s be honest: this is probably happening because of money and unofficial alliances. A site becoming huge does not make it exempt from the natural consequences of human nature; if anything, the problem is exacerbated.

Even employees of a small town gas station, for example, will conspire to stiff a new guy out of the best shift when he’s not there. One can only imagine how things get at the major-leagues level of multi-billion dollar empires. To assume conspiracy doesn’t happen at this tier would be naive, to say the least. This is social media. More engagement translates into more revenue, and more “extreme” and enticing posts related to arguments about politics and getting rich quick with crypto stimulate engagement.

Former Twitter software engineer Abhinav Vadrevu on shadow banning: “they just think that no one is engaging with their content, when in reality, no one is seeing it” #ShadowBan — WATCH THE FULL VIDEO: https://t.co/ev3bmCVGMQ pic.twitter.com/CxytLgRGsD

— Project Veritas (@Project_Veritas) January 11, 2018

Besides, former Twitter employees have admitted such conspiracy goes on, even if it has been somewhat heavily spun by so-called conservative media. Controversial activist James O’Keefe presented video in 2018 of a former Twitter engineer saying:

One strategy is to shadow ban so that you have ultimate control. The idea of a shadow ban is that you ban someone but they don’t know they’ve been banned, because they keep posting, but no one sees their content … I don’t know if Twitter does this anymore.

While left-leaning media tried to downplay O’Keefe’s hidden video, it nonetheless is troubling.

Nobody’s Business but Twitter’s

Principled bitcoiners don’t want the government to leverage legislative force on ol’ Jack or Justin, and shape Twitter into a perfectly boring and “fair” Communistic platform where there can be no bias. After all, it’s a business, at the end of the day, and the business can do as it pleases. Besides, whether someone is a scammer or not is often debatable. It’s no secret there are alliances and bitter divisions in the crypto world with each camp calling the other shitcoin peddlers. In fact, such divisions are obvious to the point of Dorsey himself helping to perpetuate them:

It’s really no surprise then that some in the Bitcoin Cash community suspect targeted censorship as well. When a BTC maximalist is CEO, of a company whose former employees say shadowbanning was practiced, and accounts seem to be deleted, shadowed, or axed at random, it’s awful hard not to start connecting dots. The controversy surrounding reports of the @Bitcoin handle being sold last year to a BTC maximalist also fueled this fire, as the sale of accounts is prohibited by Twitter’s Terms of Service.

I finally reached out to Jack on Twitter to ask why Sun and others seem so universally pushed on his platform’s users, but at the time of writing haven’t gotten a response. Until there is more clarity, it looks like the garish glare of Sun and his ilk will go on trying to blindside folks, but it’s doubtful Twitter denizens will go elsewhere to interact. After all, no one can deny it’s entertaining, and that means sure success for any social media platform.

What are your thoughts on Twitter and prominent crypto influencers like Justin Sun? Are some given preferential treatment? Let us know in the comments section below.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Images courtesy of Shutterstock, Reuters, fair use.

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The post Is Twitter Helping Justin Sun and Other Cryptocurrency Celebrities Defraud? appeared first on Bitcoin News.

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation

17/02/2020 by Idelto Editor

BCH Funding Debate - Btc.top Founder Suggests 2/3rds Hash Vote and 6 Month Evaluation

Over the last few days, Bitcoin Cash proponents have been debating the Infrastructure Funding Plan (IFP) after Bitcoin ABC published an announcement on implementing the plan into the upcoming software release. Again the concept was met with mixed responses and the community has been arguing about the situation on forums and social media. Following the community responses to Bitcoin ABC’s blog post, Btc.top founder Jiang Zhuoer published an updated version of the plan the following day.

Also Read: 5% of Block Rewards – Bitcoin ABC Will Add Infrastructure Funding Plan in Next Release

Bitcoin Cash Infrastructure Funding Plan Discussions Continue as Jiang Zhuoer Publishes Update

Members of the BCH community have been discussing the latest information regarding the Infrastructure Funding Plan (IFP) after Bitcoin ABC told the public it would be implementing code for the plan in the 0.21.0 ABC software release. The plan had a few changes to the proposals discussed prior which included only 5% of the coinbase rewards, a BIP-9 like voting method with threshold, and funds that can go to “more than one project and can go to one of several in a whitelist.” The whitelist ABC came up with included donation addresses for a “General Fund, Bitcoin ABC, Electron Cash, and BCHD.”

BCH Funding Debate: Btc.top Founder Suggests 2/3 Hash Vote and 6-Month Evaluation — Check out the recent video about the Infrastructure Funding Plan from Bitcoin.com’s executive chairman Roger Ver.

Bitcoin.com’s executive chairman Roger Ver discussed the IFP subject on Youtube and had a number of objections and questions concerning the latest IFP update. On an r/btc forum post, Ver’s Reddit account stressed: “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.” Following Ver’s statements, Btc.top founder Jiang Zhuoer published another blog post on the read.cash platform called “BCH Miner Donation Plan Update Again.”

Zhuoer’s latest post is much shorter than the two blog posts he published prior in regard to the IFP subject. The post is also aligned with the Bitcoin ABC announcement and further discusses the voting threshold and coinbase donation amount. Zhuoer’s latest IFP update states:

It will start by the hash voting, if 2/3 of network hash agrees, the donation plan will be put into effect. (I believe the miners have the right to vote on how to spend their output).
For the 5% of the coinbase donated by miners, the miners shall have the option, at their sole discretion, to select a number of donation objects, such as: General Foundation, ABC, BCHD, Electron Cash.
The donation plan will last for 6 months (as one version is valid for a maximum period of 6 months). I suggest that we stop the fundraising after 6 months, and we may restart it eventually to prevent it [from] becoming a permanent rule.
There are numerous objections now, I am inclined to start the donation plan after that the community reaches a basic agreement. If they fail to achieve it, we could set up the General Foundation first, let’s see its operation effect funding by donation, then we could proceed the hash voting next time.

Block 622509, Bitcoin Verde, and Bitcoin Unlimited

In addition to Zhuoer’s latest blog post, BCH block #622509 mined by SBIcrypto.com left a coinbase message that says “no” and a link to the Bitcoin ABC announcement. There are also comments stemming from developers of full nodes like Bitcoin Verde and Bitcoin Unlimited.

Bitcoin Verde’s Joshua Green tweeted about the announcement from Bitcoin ABC and questioned why Verde was excluded. The chief scientist of Bitcoin Unlimited, Peter Rizun, tweeted about the announcement from ABC as well. “Amaury Sechet is literally modifying the BCH protocol to issue coins to him and his friends,” Rizun explained. “Due to the poison pill, miners and exchanges must upgrade before May 15. If they do as usual and download the new version of ABC, his plan succeeds by default.”

Greg Maxwell Stirs the Pot

In addition to the opposition against the IFP, former Blockstream developer Greg Maxwell is seemingly stirring the pot. Within the depths of an r/btc thread that Greg Maxwell started, he claims Amaury Sechet (Deadalnix) private messaged him about creating a version of Bitcoin ABC without the IFP. Github code linked by Maxwell shows a version of ABC without the IFP and again states that “Amaury Sechet requested that I post this.”

“It is completely untested and may not even compile,” Maxwell says and then insults BCH toward the end of his comments. Of course, Maxwell’s thread, statements, and IFP free code were controversial among r/btc patrons. Not too many people believed Maxwell’s words, and lots of his commentary was downvoted throughout the thread. Maxwell was also known for being involved in the November 2018 hash war as it was once claimed he was helping Craig Wright.

With Negativity In the Air, Open Discussion Is a Net Positive and Worthwhile

The IFP discussion continues to unfold and read.cash and r/btc are filled with threads and blog posts about the subject. If anything can be said at the moment about the furious debates it is that at least people have open forums to discuss the situation. Back in 2015, when bitcoiners tried to debate raising the block size, moderators from the most popular Bitcoin Reddit forum censored anyone who approved of raising the block size. Right now, in the world of Bitcoin Cash, there is no censorship happening and even Blockstream developer Greg Maxwell is free to speak his mind within BCH forums. The IFP debate and discussion is continuing to unfold and news.Bitcoin.com will be there to inform our readers every step of the way.

What do you think about the discussions revolving around the IFP subject? Let us know what you think about this topic in the comments section below.

Image credits: Shutterstock, Coin Dance, Btc.top, Youtube, Bitcoin.com, Fair Use, Blockchair, and Pixabay.

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