@oocBlog @kristovatlas All the more surprising that during periods of full blocks, some miners prioritize low fee consolidation txns.
BrendanEich New site design: brave.com
New blog post from @_mtr and me on the BTC-based, anonymous Brave Ledger: brave.com/blogpost_3.html
@kristovatlas I wonder if @oocBlog has ever attempted to reverse engineer mining pool prioritization rules…
@SlackHQ Already did; apparently being signed into a dozen teams with lots of channels on each requires a ton of memory…
“Where’s the warrant canary in the Reddit transparency report?”
“We’ve been advised not to say anything about it.”
https://t.co/07Ln7t00d8
@masonic_tweets Thou shalt not use the blockchain for “cloud mining” dust payouts.
This leads to the question: do miners prioritize low fee transactions with many inputs and few outputs b/c they consolidate the UTXO set?
3 recent full blocks with < 800 txns due to low fee large data txns:
https://t.co/rOryBzNl75
https://t.co/4dA0wd25Wg
https://t.co/5Q96fQBppB
@lykle Not necessarily sent via bitcoin p2p network; I suspect lots of miners have private APIs
@lykle Someone could send them directly to miner, or perhaps there are enough nodes relaying nonstandard txns that they propagated normally.
Huge data size txns with extremely low fees getting confirmed:
https://t.co/TzZMpTdSQT
https://t.co/kb5uyxyofF
https://t.co/2qkddKJpfo
@1Cal83 @DonutShorts @pmarca Federal regulations make banks not want to touch marijuana revenues.
@SlackHQ you’re killing me over here pic.twitter.com/gshCCEjPfe
It’s only one phone.
It’s only sixty three phones. https://t.co/zEvRPIPt88
It’s only hundreds of phones per city. https://t.co/wsVUETpmXe
Bitcoin Core’s scaling roadmap projected an April release date for Segregated Witness. Will they make it?
.@OPENDIME == first bitcoin bearer bond. Great for privately trading batches of “investment” coins. Off-chain for limitless scalability!
ErikVoorhees Beautiful 3d visualization of the Bitcoin blockchain - balls are transactions occurring in real time. bitbonkers.com
Study by @el33th4xor, @socrates1024, @ittayeyal & others argues that block sizes up to 4 MB are safe for Bitcoin. https://t.co/MIn2Ax5zEz
You’d think the poisson distribution of bitcoin blocks would balance out, but it’s a throughput net negative b/c fast blocks aren’t filled.
@OPENDIME Will there be any way to back up an opendime? I’m guessing not, since that could pose a problem for its cash-like attributes.
.@CloudFlare proposes adding proof of work to @torproject browser as a replacement for captchas. https://t.co/c5pCWelNP2
RT @johnbiggs: I just published “Bitcoin and a matter of trust†https://t.co/iDxV5Rxn6j
@TaoOfSatoshi How do they decrease block space contention? They run their own semi-trusted chain that can be used as a caching layer?
@masonic_tweets @acityinohio Indeed; we’re going to need the avg txn fee to approach 0.01 BTC in order to offset the subsidy halving O:-)
@theonevortex @Xentagz No, I mean from ~10 sat / byte to 40-50 sat / byte. Talking about fees in terms of pennies is nonsensical.
Higher txn fees ought to indicate more demand for bitcoin in general. The exchange rate has doubled during this period of fees quadrupling.
Recommended bitcoin transaction fees are 400%-500% higher than 6 months ago. pic.twitter.com/3ksHaJHQSY
The first release of @openbazaar will have plenty of limitations, but there’s a long term plan to address each one: https://t.co/HNf80uvllV
One thing I’ll note about miners selling preallocated block space: they won’t be able to hide it. We are watching. https://t.co/M35WRfTR1b
You’ll need mad WordPress skills if you want to develop the Disneychain. https://t.co/aUjqQkytbB
@DollarJones Someone’s upping their security
@GitKilbert Nah, watching exchange rates just makes my head hurt. It’s madness.
@ziggamon That would have been a P2SH -> P2SH transaction
Someone just moved nearly 100,000 BTC from P2PKH to P2SH addresses. https://t.co/1uLc1hjDVe
@Snowden @TimesofIsrael Digital signatures aren’t sufficient? :-D
Looks like @Coinkite is the latest Bitcoin company to pivot. If you’re a Coinkite user, come on over to @BitGo! https://t.co/BD5vTlOKgr
To clarify: the supply available on the market. From what I’ve seen, most miners are HODLers & don’t sell all coins. https://t.co/8UDjAfgQGW
Halving hype heating up w/106 days left. I doubt it affects supply substantially, but if enough people do, price → self-fulfilling prophecy.
@jgarzik That’s what happens when you enable global unauthenticated write access! Sounds like a job for biometrics…
Nice timing. @TraceMayer recently asked: “I wonder why Sergio hasn’t found any @ethereumproject vulnerabilities?” https://t.co/u4CmbteQs2
balajis 12/ That is: self-driving cars, ride-sharing, drone delivery, and hyperloops take cars *off* the roads. Like email reduced need for postmen.
Interesting viewpoints! “Ether is not really meant to be a speculative asset that increases in value.” - @TraceMayer bitcoin.com/podcast
Beware: it’s quite easy to send ether into the ether - there is no address validation if the input is all lowercase. https://t.co/etGWmWZAb9
@flyosity Unless they have a mini nuclear reactor in that thing, no way it can process several gallons of water per second.
ThatPrivacyGuy Looking for a VPN? Check out my Comparison Sheet with unbiased, independently verifiable data on over 100 services! bit.ly/21fsFxQ
@mikeclouser I never would have guessed that @CathyReisenwitz is over 35 years old! Maybe she can teach @GovGaryJohnson how the NAP works…
@santisiri @balajis It’s a meaty book, but I highly recommend it! Same goes for “Debt: the First 5000 Years”
If you want to hear what a cryptocurrency-based ponzi scheme sounds like, call 1-855-230-2223.
@shannonNullCode Do you encounter many issues? https://t.co/6y17cRAeyV
Arrested for restroom misconduct:
Transgender citizens: 0
Politicians: 5+
@NCSenateDems @MyNCSenate @NCHouseGOP @nchousedems @PatMcCroryNC
Digital Bitbox hardware wallet released at $120 price point: digitalbitbox.com/betashop
KeepKey drops price 60% to $99: keepkey.com
Anti-authoritarians may be diagnosed with mental illness because mental health professionals are highly obedient. https://t.co/tpiXW5JaaX
Enjoyed being on the Technotopia podcast w/ @johnbiggs to discuss how blockchain tech will revolutionize the world! https://t.co/ceFIhNz4x9
@templarenegade @Blockstream I suspect that it was many transactions over a fairly long period of time, but only @n1ckler knows for sure.
@rbtkhn @mikebelshe @TradeBlock We think we’re doing pretty well at @BitGo https://t.co/DSha5ODLDr
I’m seeing more transactions with high hard coded fees from 0.0005 to 0.001. Overpaying by an order of magnitude! https://t.co/BfqIEPfenk
Now we need a “require from blockchain” library so that we can run the scripts @petertoddbtc embedded in it. https://t.co/PEzN9hr3Zn
RT @brianbondy: .deb files for Debian and Ubuntu available for 🦠Brave 0.8.2 https://t.co/CErX1GO9y5 Install with `sudo dpkg -i brave_0.8.2…
RT @rusty_twit: I’ve started a lightning development blog: https://t.co/ulr8n6je73
RT @kristovatlas: I’ve written a new article about the central planning of digital money, and what we can do to fix it. https://t.co/n9sG7M 
@roasbeef Nice; now how about some animated lightning strike sprites?
Today’s adventure in Java development led me to this gem: https://t.co/SjwHhLVHF4
@asheshbadani I’m still seeking any Red Hat employees in NC to talk to about your blockchain plans; please shoot me an email :-)
bencxr Excited to launch the world’s first multi-sig web wallet for @ethereumproject! Check it out at: ether.li
World’s first multi-sig @ethereumproject web wallet: ether.li
Kudos to @BitGo engineers @bencxr, @masonic_tweets, @barathcj!
coindesk BitGo Engineers Launch Ethereum Wallet Side Project bit.ly/1UkJoS1 pic.twitter.com/1nLIq6nNjs
@hcarpach Whoops; I figured @SurBTC would correct me if it was wrong. I wasn’t aware that SurBitcoin is different from SurBTC!
Gregory Maxwell, Michael Marquardt, & Pieter Wuille collected 42 BTC as a CoinJoin bounty; it’s still available… https://t.co/boX08iRc4r
@kristovatlas IDK; looking at peerinfo I don’t see anything weird. Perhaps @orionwl @pwuille @port8333 @TheBlueMatt can speculate.
New Statoshi chart: peer ping times. Seeing a wide range of pings:
Lowest: 13ms
Median 126ms
Upper: 10+ minutes!
https://t.co/psmoGnZvOY
Just wait until VR is perfected; I suspect we’ll imprison people in their own mind. https://t.co/RJhxmDJSDz https://t.co/GUr48Jf39k
.@SurBTC (Chilean exchange) doubles user base to 90K in 1 week after Venezuelan govt publishes anti-BTC propaganda. https://t.co/jKTXKrrdhs
@ddahlke REPLY “SHOWMETHEMONEY” TO SUBSCRIBE TO HIGHLY UNTARGETED ENTRY LEVEL PHP PROGRAMMER JERBS!
Slow clap for Reddit user “anti-fragile” who clearly knows how to play the karma game. /cc @slushcz pic.twitter.com/osz8x5LI2L
@slushcz iii d & e are the changed parts regarding the voting calculation; it was originally just 20th percentile. https://t.co/TMBVOUzPSh
@slushcz @brockpierce FYI @jgarzik did fix the BIP100 21% attack issue by clarifying that 80% is req’d for either direction.
Great talk about privacy in Bitcoin by @n1ckler. Fun fact: someone used an SPV wallet to receive 60,000+ BTC. https://t.co/JxoVLVHgI6
New Statoshi stats: breakdown of realtime and aggregate node bandwidth usage by p2p message. https://t.co/RAtwalxWwk https://t.co/yIdWrDdiNO
@drwasho If it becomes common for pools to pre-sell block space, we’ll have not one but /many/ (opaque) fee markets ;-)
@bgok IDK, if you don’t have $10M in capital to invest in starting a mining operation, it may be cheaper to lease preallocated block space.
If we get to the point where a significant portion of block space is pre-sold by miners to institutions, it could cripple fee estimate algos
As block space contention increases, institutions may prepurchase from miners. Note that @YourBTCC & @21 already mine txns for their users.
If Bitcoin mining pools published their txn selection algorithms & provided fee recommendation APIs, the fee guessing game => a fee market.
Reddit has started tracking all the outbound links you click - here are several ways to bypass the tracker: https://t.co/ZXVizLWl4m
oocBlog Animation of hyperbolic #bitcoin transaction fee density (btc/kB) model pic.twitter.com/wrJ7llSGMU
The Observer Effect is particularly nasty in code when you have a job that normally blows up but runs fine when debugging output is enabled.
@niccary @blockchain Will be interesting to see how this affects the fee market. :-)
@bhorowitz @polemitis @21 has built the next pingdom. Don’t be fooled, this is the first of many new internet kingdoms.
Irony is when you try to save RAM by compressing in-memory serialized objects only to find out the compression library has a memory leak.
@mikestable @ddahlke Yesterday I had to go spelunking into the JVM’s garbage collector and learn about C/C++/native heap memory. *shudder*
@mikestable A little lead never killed anybody… what’s a little drain bamage and homicidal mania between citizens?
@brianchoffman YO DAWG I HEARD YOU LIKE BITCOINS SO I’M SELLING @MikeTyson BITCOIN ATMS ON @openbazaar
@BrianNyeko @BitGo We intend to implement it ASAP
PessimistsArc When it’s an idea: “won’t work”
When it works: “won’t catch on”
When it catches on: “It’s a fad”
When it’s not a fad: “it’s an addiction!”
wikileaks RELEASE: Search engine for 30,322 Hillary Clinton emails wikileaks.org/clinton-emails/ #Hillary2016 pic.twitter.com/hGlsCUKWDY
Bitcoin wallets shouldn’t enable segwit until ~1 month after soft fork activation due to security issues. https://t.co/rQ1l8Z7HgE
@TuurDemeester They need to get lightweight clients working soon; sounds like they also want to shard the blockchain (never been done AFAIK)
@mikeinspace @21 It’s easy to point and laugh at those who try to radically change the world; in the long run no one remembers the skeptics.
@NickSzabo4 A fitting cover for the Book of Satoshi https://t.co/KipNU2eJ0n
This is how you Internet of Things. https://t.co/TLiALuKIvj
@flyosity Psh, Trump will just donate more money to himself.
RT @21: You can now earn bitcoin for helping others monitor uptime and latency.
https://t.co/NI8yj28ikI
@MrChrisEllis I wonder if @coinbase cares that their checkout is facilitating a suspicious crowdsale? prismchain.com
@MrChrisEllis @Prism_Chain @PumpUpBTC Who /wouldn’t/ want to invest in “A BLOCKCHAIN ENVIROMENT”
@lykle I’m not worried about it; there are plenty of possible solutions depending upon the use case. I’m focused on https://t.co/4AtWsIQtRJ
@lykle Yes, 0.12 has performance improvements but I’m talking general data processing - the blocks get larger and larger as you approach tip
Processing Bitcoin’s blockchain is like watching a Windows 95 progress bar - the closer you get to 100% complete, the slower it becomes.
Amazon files patent to replace passwords with selfies. https://t.co/WdjPfTp4jX
Well balanced post from @jratcliff on the future of Lightning Network. https://t.co/TQdxhUidwO
20% think the current node cost is fine
41% think it should be lowered
39% think it can be raised as value increases pic.twitter.com/GKeZ0Rqqs3
@JustusRanvier Soooooo remove the block size limit and let the market figure it out?
@JustusRanvier Cost / benefit analysis is much more straightforward with revenue generating business + they aren’t a shared resource.
@pig_poetry If you get bored post-digitization of consciousness, just throw in a Thread.sleep(10000*TimeUnit.YEAR) w/interrupt conditions.
@jonhbit What are you thinking, like meshnets / bitsats?
@gavinandresen Gotcha; it doesn’t seem a perfect comparison since it’s not a consensus DB; there are workarounds. https://t.co/3x4h3l2qpE
@deadalnix You mean remove the block size limit? Performance characteristics & thus resource cost are result of work by Bitcoin devs.
@_drgo Or should it be based upon the benefit to the average user (amount stored / transacted?)
@realSimonBurns @gavinandresen Big concern seems to be that demand that exceeds capacity changes the economics of using the network.
@sylvandb Cost of running a node is the question I keep coming back to with regard to scalability debate: https://t.co/4XYdmZr0mW
@fredzannarbor @_drgo Because disk space, CPU, RAM, bandwidth, electricity, etc are not free.
What should we target as the acceptable cost to run a full Bitcoin node? (for “other,” please reply / heart replies)
@gavinandresen Sure, but only BGP tables are a shared resource & their growth is limited by IP address space. https://t.co/BaQsGhMujf
@pierebel Digitizing consciousness ought to achieve the same effect :-)
“Life” goals:
1) Extend bio lifespan 10X
2) Digitize self into galactic mesh network
3) Escape heat death of universe into parallel universe
@gasull Sure; larger blocks will affect the fee market, though I’d bet that any new cap will eventually be hit & cycle will repeat.
@mikeinspace I consider a PC “slow” when I have to wait a perceptible amount of time for it to accomplish something; I still do it a lot.
6) This brings us to the debate over fee markets and whether they are necessary at this point in time.
GOTO 1
5) There is no objective way of categorizing which use cases belong on the blockchain and which don’t; we let the market decide via fees.
4) Think of it in general terms of PCs. My PC 20 years ago was slow. My PC today is still slow. More complex software uses more resources.
3) This is because there is no such thing as “enough computational resources.” Developers will use all resources available to them.
2) As long as Bitcoin is backed by machines with finite resources, there will be contention over their use and availability.
1) The first step to finding inner peace with the Bitcoin block size debate is realizing that it will never end.
@kristovatlas Maybe they lost it or already blew it on dice games and dark markets.
Leapfrogging in the opposite direction, it seems.
“RSCoin would be a tool of state control”
https://t.co/FjA5iluIE8
20% polled think ether will be a store of value.
20% of ether holders are using it for non-speculative purposes. pic.twitter.com/fs1PBM0dXS
RT @khannib: I aggregated all the fee estimations APIs I could find into one dashboard. Have a look: https://t.co/VEYoKtqayd https://t.co/U…
I suspect that active traders have become frustrated by bitcoin’s sideways movement & are excited to see action. https://t.co/n8QwwK2LXl
For those of you who own ether, are you:
Will ether prove to be as good a long term store of value as bitcoins?
RT @21: The First Micropayments Marketplace.
https://t.co/P8G5SooifD
#SXSW2016 keynote TL;DW: @POTUS warns that strong encryption is a menace to society, fails to mention that it has existed for decades.
“If the government can’t break into everyone’s computers, child pornographers & terrorists will run amok!” https://t.co/trLQRw4d0m #SXSW2016
@kristovatlas I didn’t hear anybody in the audience booing, so that might tell us something as well…
“If tech community won’t build sophisticated back doors, something bad will happen & Congress will force sloppy back doors” @POTUS #SXSW2016
@brianchoffman IDK about you, but I set MAX_ARGUMENT_LENGTH = TimeInterval.YEAR
@masonic_tweets Indeed, everyone should focus on building that which interests them rather than tearing down others’ pursuits :-)
Skepticism is healthy, but after thinking of all the ways an idea might fail, try thinking of ways it might succeed. https://t.co/9hL26ujmAr
2008: BTC whitepaper released.
Cypherpunks: “It’ll never work!”
2015: Lightning Network whitepaper released.
Bitcoiners: “It’ll never work!”
@cypherdoc2 It’s a design decision in open source software; if you don’t like it, you’re free to change it.
@cypherdoc2 Right, but last I heard, LN devs intend close channel tx fees to be ~10X normal in order to safeguard against market volatility.
@cypherdoc2 Open fees will be same as any regular tx; close fees face additional future prediction challenge - sounds like they’ll be high.
@cypherdoc2 “spam attacks” do pose additional challenges if miners set policies to ignore txns via characteristics other than fee rate.
Bitcoin transaction fee estimation is a goldilocks problem wrapped in a future prediction enigma shrouded by a miner mystery.
oocBlog #Bitcoin historical block size animation
goo.gl/HvlFtY pic.twitter.com/SXf3WSEzAw
@kyuupichan Subscription via bloom filters is different from account discovery though; it should at least maintain some internal state…
@JustusRanvier Sure, they’re recoverable, but to an ordinary user they’re gone. At the very least, inciting a panic.
@kristovatlas spec allows for a send failure tolerance of 0 if a future send succeeds. Lookahead should be based on acceptable tolerance.
@kyuupichan Twenty is probably fine for external chain, but no gap for internal chain is not fine. Besides, these operations should be rare.
I wonder why no one on the Bitcoin devs list seems interested in an issue that could result in loss of bitcoins… https://t.co/cXviYl1W6f
Paying a fee rate of 222 satoshis / byte is ludicrous today - it won’t get your transaction confirmed any faster than 50 sat / byte.
Much higher fee rates today, but looks like it’s b/c users are increasing hard coded fees to 0.0001 * X. https://t.co/rGt1P52j0R
“Exploring Zero-Knowledge Proofs” by @ManishEarth https://t.co/dArwgR9Z0A
Blockchains automate bureaucracy, increasing efficiency while reducing risk. Now the question becomes “what bureaucracies will we build?”
@bitcoin3000 @JorgeStolfi It would take a decent # of txns. Strings can be stored in output scripts; see https://t.co/ipuKKMdUpy
@el33th4xor Good to hear that sidechains are already being used in production!
If you want to operate as a middleman to extract value from a network that eschews middlemen, you must first create value to extract.
@BtcDrak @G1lius @Kanzure @rusty_twit Is something wrong with the dev mailing list? No posts in 4 days. My post 24 hours ago is in limbo…
Users who collect many low value outputs via mining / faucet / etc payouts are more affected by higher fees. https://t.co/qP4UdLtTsT
@ziggamon Correct, though Blockchain’s situation may be different.
.@OneMorePeter reports from the front lines: time cost to manage support tickets is rising. https://t.co/UjwNJmMeiP https://t.co/qnYxuK9jew
Excited to announce our next Triangle Bitcoin & Business speaker: Veena Pureswaran, co-author of IBM’s ADEPT concept https://t.co/DeB0JtlYfu
“On the blockchain, any sufficiently inefficient process is indistinguishable from spam.” https://t.co/EqiEuSWy95 https://t.co/GKlwWdxloR
For every economist there exists an equal and opposite economist.
Blockchain obituaries of Robin Williams, Michael Jackson, Johnny Cash, Gandhi, MLK Jr, Carl Sagan, Albert Einstein: bitcoinstrings.com/blk00172.txt
@el33th4xor @NickSzabo4 @gavinandresen Indeed, miners just want to get paid - IMO the only definition of Bitcoin ‘spam’ is the fee offered.
@NickSzabo4 How much do you think it ought to cost to rickroll the blockchain? https://t.co/KiP67wi0Ys
A poor craftsman blames his tools. An expert craftsman becomes a toolsmith. Keep this in mind when you’re unhappy with open source software.
@juscamarena @kristovatlas @BitGo You’ll probably want to subscribe to this issue https://t.co/WETwg7vyXB
.@petertoddbtc used his script for posting padded text to the blockchain to post itself to the blockchain. bitcoinstrings.com/blk00251.txt
@juscamarena Having fun with Eternity Wall? By my count your name is in the blockchain 389 times!
Someone stored the entire text of @gavinandresen’s “Time to roll out bigger blocks” post 58 times in the blockchain. bitcoinstrings.com/blk00265.txt
Meta: @twitter convo b/t @adam3us & @jgarzik about blockchain data… stored in blockchain. bitcoinstrings.com/blk00249.txt pic.twitter.com/vZS5WuiHFH
By my count the blockchain has been rickrolled over 20 times so far. bitcoinstrings.com/blk00157.txt
@NinjaEconomics I highly recommend reading @davidgraeber’s book: https://t.co/Z4B80gro6j
Throwback Thursday: my first technical post as a Bitcoin engineer, published 1 year ago. https://t.co/EmnIhKpBvH
@a3456gf @BitGo Um, your anger is misplaced. https://t.co/1R9la824Id
@juscamarena @kristovatlas @BitGo *shrugs* isn’t that just a mining policy update? Any miner could implement it today.
@kristovatlas @BitGo Slight uptick but not terrible: https://t.co/cLVPJJIp9t
@cypherdoc2 @BitGo IDK, would require deeper analysis to actually see how many low fee incoming txns we received that aren’t confirmed.
@CathyReisenwitz If Hillary becomes Prez, can she pardon herself?
@brianchoffman Happened to me once with a professor in college. Class was rolling but managed to keep straight faces upon his return.
@zWVlkseDmg @BitGo Our standard response is to tell the user to contact the person / wallet that sent the transaction & fix their fee.
Report from front lines: outgoing @BitGo txns are mostly confirming quickly. Sharp uptick in support cases for incoming txns not confirming.
“… innovations such as @BitGo Instant are more useful than ever.” - @champbronc2 of @BitQuickco https://t.co/CtRlG1LDK6
@fluffyponyza @ryanxcharles @ethereumproject @monerocurrency Have your automatic pre-planned hard forks kicked in yet?
@ryanxcharles How’s that dynamic block size limit working out for ya, @ethereumproject?
“Mandatory upgrade” == @ethereumproject is hard forking its way into the future. https://t.co/cozgQ822t2