Tag Archives: asic

Ep199: Chinese BTC Exchange Goes Full Retard, Bitcoin Core PoW Seppuku, DASH Debit Card

What’s a chain fork? The IRS claims only 802 people claimed Bitcoin on their 2015 taxes, and we explore the difficulty BTC users face with IRS compliance. Numerous Bitcoin exchanges issue joint letter regarding Bitcoin ticker tag in the face of the chain fork. Darren talks about what to expect from a Bitcoin Unlimited / Bitcoin Core hard fork and elaborates on what a chain fork is. Bitcoin Core explores a new Bitcoin Proof-of-Work algorithm that would render current ASICs obsolete for Bitcoin mining. Pedro shares a new website that monitors and optimizes Ethereum transaction gas prices. Darren has a scam alert and a cautionary tale about CoinTelegraph’s article credibility. China demands explicit details from Bitcoin exchange users, including receipts that will be verified against Chinese National Archival records. The Zcash Company announces the creation of the Zcash Foundation which will be rewarded with part of the Zcash Founder’s Reward. We talk about methods used by the Zcash team to create the initial public and private keys. Charlie Shrem is looking for funding to create a Dash based debit card. Prediction markets are a big part of the crypto space, can they actually predict the future? Matchpool looks to link up people for a variety of reasons including dating.

All this and more on the Neocash Radio podcast, episode 199 — Wednesday, March 22nd, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!

Stream this podcast episode:

or Direct Download the podcast as an MP3 – Neocash Radio episode 199 

Tune in to Neocash Radio every Wednesday night and

Subscribe to the Neocash Radio podcast
on iTunesSoundcloudStitcher/ YouTubeGoogle Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!

Traditional Financial Markets Cryptocurrency Markets
Gold $1,248 Bitcoin (BTC) $1,015
Silver $17.51 Ethereum (ETH) $40.57
Oil $48.13 DASH $99.00
Dow Jones 20,661 points Zcash (ZEC) $65.40
30Y UST Yield 3.017% Monero (XMR) $20.70

Continue reading Ep199: Chinese BTC Exchange Goes Full Retard, Bitcoin Core PoW Seppuku, DASH Debit Card

So Bitcoin Might Fork. Here’s What to Expect…

It is with some lament that I write this. If everyone agreed on a path forward, then there would be no need for this post, but here we are. There is a strong likelihood that we will need to know what will happen if Bitcoin forks (again). There is a chance that the protocol of Bitcoin will fork, which will cause a chain fork as well. (I discussed hard forks & soft forks from my perspective in a previous post.)

Some Bitcoin miners are signaling that they would accept one of two competing Bitcoin protocol changes: one protocol is Bitcoin Unlimited (BU), which would increase the maximum transactions that Bitcoin can process by 100%. The other protocol, called Segregated Witness (SegWit), is expected to increase this maximum by 70%. As of this writing, 35.9% of blocks are signaling for Bitcoin Unlimited while 26.8% are signaling for SegWit.

Bitcoin miners signaling for Bitcoin Unlimited and SegWit blocks
Bitcoin blocks found by miners signaling Bitcoin Unlimited support vs. miners signalining SegWit support

Bitcoin Unlimited vs. SegWit: Abstractly, what is happening?

Let’s make a hypothetical situation where the proportion of Bitcoin Unlimited to SegWit votes stays the same, but is extrapolated out so that ALL Bitcoin miners MUST choose either Bitcoin Unlimited or SegWit. That would mean around 55% of miners would be supporting Bitcoin Unlimited and 45% of miners would be supporting SegWit. (There is an incentive to go with the “winning” majority chain, so this division of hashing power could be even more severe at the time of a hard fork.)

If Bitcoin Unlimited activated and a block over 1MB was mined, then the SegWit part of the network would reject this block and build off the previous block. With a drastic drop in hashing power but no change in the difficulty target, it would take the Bitcoin network longer to find the winning solution that confirms a new block to the blockchain. With our hypothetical numbers, blocks for Bitcoin Unlimited would come out approximately every 18.2 minutes and SegWit blocks would come out approximately every 22.2 minutes. Any transaction capacity increase promised by Bitcoin Unlimited and SegWit would be delayed until the difficulty target adjustment shakes out. As more blocks were found, the difficulty of each chain would adjust and after about a month (a little longer for SegWit), the 10-minute block time target would be restored.

How would this hard fork affect Bitcoin users?

A Bitcoin user with coins before the hard fork would then be considered to have a positive balance on both ledgers/blockchains after the hard fork. (The Ethereum blockchain forked after last year’s DAO debacle, yielding ETH tokens and ETC tokens (Ethereum Classic) for users who owned ETH before the fork.) But without taking care, a user could intend to spend coins on one chain and unintentionally spend on both chains; this is known as a replay attack, though it’s really not an attack if it’s done unintentionally. Maybe that should be called a replay error so as to not be confused with an intentional replay attack meant to defraud.

How does one guard against a replay attack after a hard fork?

Continue reading So Bitcoin Might Fork. Here’s What to Expect…

Episode 102 – Patents and ASICs in your Toaster

Mexico sells US Dollars for Pesos. China may have melding bitcoin with stock exchanges. Quantum computing sees a break through. Circle receives funding from Goldman Sachs as they look to develop a bitcoin wallet that also supports US Dollars. BitGO seeks a patent on multisig while the reddit community is in outrage. 21 Inc a secretive bitcoin start-up may be looking to put ASICs in “all the things”.


Direct Download

Episode 59 – The Porcupine Freedom Festival and Overstock CEO’s Big Announcement

Darren is in the studio and JJ joins the show from the road. Darren talks about his experience at PorcFest and how bitcoin was once again a major currency for buying products and services. Also Overstock.com CEO Patrick Byrne gave a keynote speech at the event and later announced on Free Talk Live his desire to give special deals to vendors that accept payment in bitcoin as well as possibly paying his employees in bitcoin. Venture Capitalist Tim Draper wins the US Marshall Auction for seized Silk Road funds. There ain’t no such thing as an ASIC resistant mining algorithim. Chicago Sun Times makes history. Winklevoss Bitcoin ETF moved forward. Both Coinbase and BitPay are offering enhanced security features. NewEgg accepts bitcoin.


Direct Download

Our rss feed

Episode 45 – Trouble in the Ukraine, Litecoin ASICs, and More Dogecoin Fundraising

Is Russia selling treasuries?  What will ASICs mean for Litecoin?  Will a new plugin for namecoin bring dot bit sites into the popular mind?  Dogecoin foundation raised money to be used to buy wells providing water to people in Kenya.  The price of bitcoin is steady.  Gold and silver are up.  Hashrate making a steady climb.

Episode 16 – Bitcoin Mining

Pedro joins Darren and JJ in the studio : Pedro finally receives his Butterfly Labs Jalapeno : Dustcoin.com provides a great resource for miners of any cryptocurrency : An OpEd piece on the possible centralization of Bitcoin mining : Bitcoin better than gold : Germany wants their gold back from the Federal Reserve : Lamassu BTC Ventures is working on getting their Bitcoin Machine to market : Fox News has issues with Bitcoin