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
RETWEET ALL THE THINGS @NeocashRadio!

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

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

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

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

Ep198: Are Dash and Ethereum Making Bitcoin Irrelevant?

Winklevoss Bitcoin ETF denied, but is this the end? Bitcoin Unlimited suffers a DDoS attack that knocked 500 nodes offline. BitClub accused of malleability attack against Bitcoin Unlimited. Coinbase no longer covering on-chain BTC or ETH transaction fees. Hawaii decides to regulate bitcoin exchanges, causing them to leave the state. LBRY available for download and they just saved 20,000 university videos from deletion. Randy talks about his experience with hardware wallets and the latest in crypto security. Ethereum reaches a milestone with $3 Billion market cap. JJ discusses how the language used for cryptocurrency ought to be different than the language used for fiat-based investing. Ethereum Naming Service auction delayed by bugs. Bitfinex opens margin trading for Monero, DASH, and Zcash.

All this and more on the Neocash Radio podcast, episode 198 — Wednesday, March 15th, 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 198 


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

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 $1,219 Bitcoin (BTC) $1,250
Silver $17.32 Ethereum (ETH) $33.14
Oil $48.96 DASH $99.00
Dow Jones 20,950 points Zcash (ZEC) $45.74
30Y UST Yield 3.112% Monero (XMR) $19.39

Continue reading

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

What Did Satoshi Do That Was So Great?

It’s a great feeling to understand what problem Satoshi solved.  To understand the spark that led to the implementation of Bitcoin.  That missing link that took so long to figure out. To solve the impossible problem.

Bitcoin's creator, Satoshi Nakomoto, solved the Byzantine General's Problem

In mathematics or network theory there is a question called the Byzantine General’s Problem.  A version of it goes like this:  There are five Byzantine armies that are surrounding a Bulgarian stronghold.  The general at one of the camps want to order all Byzantine armies to attack at the same time.  How can the general get the word out, and know that all armies will follow the same instructions?  How can the armies know the other armies will follow the same instructions?  How can the Byzantines do this with the Bulgarians sending their own messages to the Byzantine armies? If they attack in a coordinated way they will win, but if they are disorganized then each army will meet its own demise.

Satoshi Nakomoto—the anonymous coder or group of coders that created Bitcoin—is credited with solving this problem.  Satoshi’s solution is that any Byzantine general publish their attack time along with the solution of a problem using the attack time that takes some time to solve.  The other armies then encode the attack time and publish a solution of a problem using the encoded time.  Then the armies encode the encoding of the attack time and publish a solution of a problem with the encoding of the encoding.  This forms a chain of encodings each taking some time to establish the next step.  After some time, the Byzantines will attack with at the time that have the longest chain attached.

When the Byzantines attack with this method as long as the Byzantines publish their plans first there is a low chance that the Bulgarians will ever be able to catch up and create a longer chain.  After some time, it’s almost impossible that the Byzantine armies will attack at different times.  Each step in the chain increases the certainty that all Byzantines will attack at the same time.

The first application of this was indeed Bitcoin.  In this application the goal was not to agree on a time to attack, but rather the state of a distributed ledger.   Each block has all the transactions that change the state of the ledger.  As a new block gets published it contains an encoding of the previous block. With each block the transactions before it become more certain to stay on the longest chain.  As time goes by, it’s almost impossible to create a longer chain than the one already ahead of a transaction, and we can be certain of the state of the ledger.

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

Ep197: Wikileaks CIA Hacking Tools, Bitcoin Loses Vendors, DASH Masternodes DDoS Attack

Wikileaks reveals the CIA is just as evil as you thought they were. Quantum computers are not far away at IBM. NASDAQ compares Bitcoin to gold and government-issued currency. People’s Bank of China doublespeak on Bitcoin regulations. Bitcoin transaction fees are causing the crypto to lose support and vendors. Many Bitcoin addresses have less BTC than the fees needed to move it. Darren talks about soft forks, hard forks, and sporks. DASH remains strong and the DDoS on DASH Masternodes may just be a badge of honor. China has first trade deficit in three years. Randy mentions Louis CK’s show “Horace and Pete” because it made him weep and Louis CK accepts Bitcoin.

All this and more on the Neocash Radio podcast, episode 197 — Wednesday, March 8th, 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 197 


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

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 $1,209 Bitcoin (BTC) $1,161
Silver $17.21 Ethereum (ETH) $17.01
Oil $50.19 DASH $42.50
Dow Jones 20,855 points Zcash (ZEC) $35.26
30Y UST Yield 3.151% Monero (XMR) $12.67

Continue reading

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

On Forks & Hard Forks: Eschew Obfuscation & Watch Your Language

Blockchain hard forks & soft forks: Bitcoin & EthereumLanguage certainly is an important part of the life of a human. The Sapir-Whorf hypothesis states that the structure of a language determines or greatly influences the modes of thought and behavior characteristic of the culture in which it is spoken. In my study of mathematics, we would often joke that we were really studying language.

In all areas of language, we need clear definitions. The same holds true for math; every concept of mathematics needs to be clearly defined. Without clear definitions, we are forever doomed to nonsensical communication. Some proofs require clear definitions of new objects.

Language can also be used to obfuscate, complicate, or hide information. Presenting information in a confusing or contradicting way can influence an argument, and ultimately be used to try to control the thoughts of others. The current prevailing monetary system is riddled with terms that deliberately hide what’s really being done. New monetary systems should avoid duplicating this aspect of their central banking predecessors; transparency and clarity should be valued traits.

Currently, I find that the meaning of the word fork is either not clear to people or purposely being blurred. The meaning of fork that I find blurred is the same meaning the word has when describing a fork in the road. A fork is a situation where one path or way becomes two paths going in different directions. An open source programing project could fork when it is found that there is another purpose that it could apply to. A project could also fork when there is a disagreement of which way it should go. Forking is the ultimate “Why not both?”

The word fork can also apply to a blockchain. Any block in a chain has a previous block and a next block. When there are two possibilities for the next block, that could be considered a fork. Usually, it’s called a fork in the chain if people are actively building on both possible blocks. If there is a next block which is ignored, that is usually called an orphan block. If an orphan block has a handful of blocks built on top of it but is abandoned, it’s called an orphan chain.

Continue reading

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

Ep196: DASH’s Big Rise, the Internet of (Unsecure) Things, DNA Computing

DASH (Digital Cash) and Bitcoin see record highs this week. Cloudflare bleeds sensitive user data from many sites for months. (CHANGE YOUR PASSWORDS!) The SHA-1 cryptographic hashing algorithm is done, son! These internet-connected teddy bears will let anyone spy on your kids & capture biometric voice data. The nine most popular password management apps had some serious security flaws. OPEC’s recent restrictions cost oil producers $2 trillion. Will “DNA computing” blaze past quantum computing?

All this and more on the Neocash Radio podcast, episode 196 — Wednesday, March 1st, 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 196 


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

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 $1,249 Bitcoin (BTC) $1,224
Silver $18.39 Ethereum (ETH) $16.89
Oil $53.67 DASH $45.00
Dow Jones 21,115 points Zcash (ZEC) $41.09
30Y UST Yield 3.071% Monero (XMR) $12.36

Continue reading

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

Bitcoin Blocksize Rants & Raves: Long Waits & High Fees (Bonus Episode)

Scaling Bitcoin: Increasing the Maximum Blocksize

After recording last week’s podcast—Ep195: Confessions of a Bitcoiner, South Korea Scandal Fit for a Movie, Crypto Security—Darren continued chatting with our friend/special guest Andy, who works at a Bitcoin ATM company. While JJ and Randy began prepping the new episode for publishing, Darren said he wished we could have an episode where we just kind of vented about what was happening to the Bitcoin network and within the Bitcoin community.

Rather than wait for some other time, we hit record again while the energy was still high. And thus, a bonus episode was born! We also talk with Andy about some of the topics we discussed with him in our main episode… like privacy, encryption, Dash, Monero, Zcash, Ethereum and how to better secure & anonymize cryptocurrency transactions.


Stream this bonus podcast episode:

or Direct Download the podcast as an MP3 – Bitcoin Blocksize Rants & Raves: Long Waits & High Fees (Neocash Radio Bonus Episode) 


Link from the show: Darren mentioned a short post he’d written for the Neocash Radio blog several years ago—How to rebroadcast a transaction on Blockchain.info—and Andy commented that it had been helpful to him and that he’d sent it along to several other people, so we’re including an additional link to it here for anyone interested! 


Just a reminder that you can tune into Neocash Radio EVERY Wednesday night! 

Don’t want to miss a single moment of awesome Neocash content including special episodes and bonus interviews? SUBSCRIBE to our podcast on Google Play Music / iTunes / Soundcloud / Stitcher / iHeartRadio / YouTube / Podcast Addict / LBRY and more!


Bitcoin Unlimited: on-chain scaling -- Roger Ver interview -- Neocash Radio podcastRelated listening: We’ve also got a special bonus interview with Roger Ver that we recently posted! Listen in as Bitcoin Angel Investor and Bitcoin.com CEO Roger Ver talks with us about how the current Bitcoin block size limit is throttling the Bitcoin network, and how Bitcoin Unlimited could be poised to increase the block size and allow the Bitcoin network to scale.

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

Ep195: Confessions of a Bitcoiner, South Korea Scandal Fit for a Movie, Crypto Security

Andy from a Bitcoin ATM company joins us in-studio to talk about his disillusionment with Bitcoin. Danish law enforcement have new tools that link Bitcoin darknet buyers and sellers. Controversial Bitcoin-for-pot bill in Washington State Senate not happening this term. United Arab Emirates is considering legalizing Bitcoin. South Korea’s bizarre presidential scandal is destined to be made into a movie.

All this and more on the Neocash Radio podcast, episode 195 — Wednesday, February 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 195 


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

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 Markets Crypto Markets
Gold $1,238 Bitcoin (BTC) $1,129
Silver $17.99 Litecoin (LTC) $3.78
Oil $53.84 Zcash (ZEC) $27.79
Dow Jones 20,775 points Ethereum (ETH) $12.66
30Y UST Yield 3.033% DASH $22.09
Euro (EUR) $1.06 Monero (XMR) $12.80
Chinese Yuan (CNY) $0.15 Augur REP $4.70
British Pound (GBP) $1.25 1 Doge = 1 Doge

Continue reading

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate

Ep194: China Freezes Bitcoin Withdrawals, Ethereum Gets Big Banks, the U.S. “Debt Reckoning”

The U.S. federal government is running out of lenders. Federal Reserve Chair Janet Yellen tries defending Fed “independence” & banking regulations. Erik Voorhees discusses “the true cost of Bitcoin transactions.” Two of China’s “Big Three” Bitcoin exchanges stop BTC withdrawals for one month. Rumors swarm that JP Morgan & Santander joined new “Enterprise Ethereum” blockchain group. Vitalik blogs with updates on Ethereum core development. World Government Summit in Dubai focuses on “Smart Cities” and “Building the Hyperconnected Future on Blockchains.” Jaguar releases first in-car “Pay-for-Gas” app. Plus our friend Pedro joins us in-studio once again!

All this and more on the Neocash Radio podcast, episode 194 — Wednesday, February 15th, 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 194 


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

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 Markets Crypto Markets
Gold $1,234 Bitcoin (BTC) $1,009
Silver $17.95 Litecoin (LTC) $3.81
Oil $53.00 Zcash (ZEC) $33.75
Dow Jones 20,611 points Ethereum (ETH) $13.00
30Y UST Yield 3.08% DASH $19.31
Euro (EUR) $1.06 Monero (XMR) $13.66
Chinese Yuan (CNY) $0.15 Augur REP $4.90
British Pound (GBP) $1.25 1 Doge = 1 Doge

Continue reading

Scan to Donate Bitcoin
Like this? Donate Bitcoin to at:
Bitcoin 1FBrMCMX2Gme6GaLn94rE9odudBJPTpJFe
Donate