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

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

Ep179: AT&T’s For-Profit Spying Scandal, OpenBazaar Deploys Stores, the Pentagon Steals from Soldiers, and a Cyberwar is Heating Up!

An update on the U.S.-Russia Proxy War. News about the recent mass internet outage that affected NE U.S. AT&T secretly spied on their customers for profits and now wants to buy up Time Warner and more! Eurozone approves the latest bailout for Greece. Chinese State Banks selling dollars to shore up the falling Yuan. Facebook Messenger bots let you buy things with PayPal. Venezuela escapes bankruptcy while Venezuelan congress calls for a trial for Maduro. The Pentagon steals from soldiers. Debit card holders in India beware! Blocksize or Blocktime? OpenBazaar releases some updates and a way to have your store hosted in the cloud. The Ethereum attack’s IP may have been found. Ethereum Classic is upgrading and hard forking.

All this and more on episode 179 here on Wednesday October 26th, 2016!

We’ve written out short overviews of the topics discussed on today’s show below, along with time markers for each segment! 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 episode:

or Direct Download the MP3 – Neocash Radio Episode 179


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

Subscribe to Neocash Radio
on iTunes / SoundcloudStitcher / and Google Play Music!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, and more!


Bitcoin Unlimited: on-chain scaling -- Roger Ver interview -- Neocash Radio podcastWe’ve also got a special bonus interview with Roger Ver that we posted on Friday! 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.

Traditional Markets Crypto Markets
Gold $1267 Bitcoin (BTC) $675
Silver $17.59 Litecoin (LTC) $3.93
Oil $49.21 Ethereum (ETH) $11.50
Dow Jones 18,199 points DASH $9.24
30Y UST Yield 2.543% Monero (XMR) $5.99
Euro (EUR) $1.09 STEEM ~$0.14
Chinese Yuan (CNY) $0.15 AMP ~$0.15
British Pound (GBP) $1.22 1 Doge = 1 Doge

Continue reading

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

Episode 168 – More Crypto News Than You Can Fit In A Bitcoin Block

This a huge episode where we talk about bitfinex, bitcoin security, SDR and the World Bank, China, Russia, Germany, Ethereum, ETC, Dash and More!!

 

Direct Download

Continue reading

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

Episode 145 – DDoS on Bitcoin Classic and DNS Security Flaws

Cryptsy and Butterfly Labs face lawsuits. Chinese stocks fall more than 6%. Japan mulls making bitcoin a legal currency. The latest news on the mining pools and blockchain upgrade. Bitcoin classic nodes face a DDoS attack. DNS security flaw found by Google and Redhat.

 

Direct Download

Continue reading

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

Episode 121 – The TSA Ruins Security, Again!

China looks to dump US treasuries and prepare a stimulus package. MT Gox CEO charged with embezzlement by Japanese Government. DDoS for Bitcoin is causing problems. MIT is offering two classes on Bitcoin Technology. The Isle of Mann loves bitcoin. The TSA has ruined security for your luggage.

Direct Download


Traditional Markets

Gold $1113

Silver $14.62

Dow 16433

Oil 44.78

30 year    2.95%

Crypto Markets

BTC 229

LTC 2.78

ETH 0.98

Rundown

Mark Karpeles charged with Embezzlement by Japanese government

Scaling Bitcoin Montreal 2015 Conference is happening

China is dumping US debt

http://money.cnn.com/2015/09/10/investing/china-dumping-us-debt/

China Economic Stimulus

http://news.xinhuanet.com/english/2015-09/11/c_134614345.htm

DD4BC

http://www.bloomberg.com/news/articles/2015-09-09/bitcoin-ddos-ransom-demands-raise-dd4bc-profile

MIT Classes

http://www.fastcompany.com/3050808/elasticity/mits-plan-to-inspire-the-next-generation-of-bitcoin-innovators

Wall Street accepts bitcoin – wired

http://www.wired.com/2015/09/wall-street-officially-opens-arms-bitcoin-invaders/

bitcoin on the Isle of mann

http://www.pymnts.com/exclusive-series/2015/bon-voyage-welcome-to-the-isle-of-bitcoin/#.VfXWTxFViko

BlockTrail Bitcoin Wallet

http://techcrunch.com/2015/09/12/blocktrail-does-a-bitcoin-wallet/

News

TSA and your luggage

http://www.computerworld.com/article/2983558/security/that-tsa-approved-lock-on-your-suitcase-just-got-hacked.html

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

Episode 120 – Quantum Computers and Shemitah!

Jeff Berwick has some newsletters to sell you. Darren hosts the Bitcoin Panel at the 2015 Keenevention featuring Gavin Andreesen. DDoS attack on XT nodes. Illinois’ lottery is bankrupt. The NSA is seeking protection form quantum computing. Barclay’s integrates with a bitcoin exchange to allow charities to accept bitcoin.

 

Direct Download

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

Episode 41 – Death of Mt. Gox, Rise of DOGE and Country Specific Blockchains

AgoraCab

 

Special guest Riaz joins Darren and JJ in the studio to talk about his experience starting a business that prefers Bitcoin. DDoS and spam attacks made against Bitcoin. Mt. Gox is dying and the market will be better for it. BitStamp halts withdrawals for a couple days and resumes while other exchanges are less effected by DDoS and spam attacks. Country Specific blockchains. Dogecoin rises with the advent of a Chinese exchange that offers to trade it as well as the halving of the reward. Gold and Silver prices and Bitcoin hash rate and difficulty.

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