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Technical: Taproot: Why Activate?

This is a follow-up on https://old.reddit.com/Bitcoin/comments/hqzp14/technical_the_path_to_taproot_activation/
Taproot! Everybody wants it!! But... you might ask yourself: sure, everybody else wants it, but why would I, sovereign Bitcoin HODLer, want it? Surely I can be better than everybody else because I swapped XXX fiat for Bitcoin unlike all those nocoiners?
And it is important for you to know the reasons why you, o sovereign Bitcoiner, would want Taproot activated. After all, your nodes (or the nodes your wallets use, which if you are SPV, you hopefully can pester to your wallet vendoimplementor about) need to be upgraded in order for Taproot activation to actually succeed instead of becoming a hot sticky mess.
First, let's consider some principles of Bitcoin.
I'm sure most of us here would agree that the above are very important principles of Bitcoin and that these are principles we would not be willing to remove. If anything, we would want those principles strengthened (especially the last one, financial privacy, which current Bitcoin is only sporadically strong with: you can get privacy, it just requires effort to do so).
So, how does Taproot affect those principles?

Taproot and Your /Coins

Most HODLers probably HODL their coins in singlesig addresses. Sadly, switching to Taproot would do very little for you (it gives a mild discount at spend time, at the cost of a mild increase in fee at receive time (paid by whoever sends to you, so if it's a self-send from a P2PKH or bech32 address, you pay for this); mostly a wash).
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash, so the Taproot output spends 12 bytes more; spending from a P2WPKH requires revealing a 32-byte public key later, which is not needed with Taproot, and Taproot signatures are about 9 bytes smaller than P2WPKH signatures, but the 32 bytes plus 9 bytes is divided by 4 because of the witness discount, so it saves about 11 bytes; mostly a wash, it increases blockweight by about 1 virtual byte, 4 weight for each Taproot-output-input, compared to P2WPKH-output-input).
However, as your HODLings grow in value, you might start wondering if multisignature k-of-n setups might be better for the security of your savings. And it is in multisignature that Taproot starts to give benefits!
Taproot switches to using Schnorr signing scheme. Schnorr makes key aggregation -- constructing a single public key from multiple public keys -- almost as trivial as adding numbers together. "Almost" because it involves some fairly advanced math instead of simple boring number adding, but hey when was the last time you added up your grocery list prices by hand huh?
With current P2SH and P2WSH multisignature schemes, if you have a 2-of-3 setup, then to spend, you need to provide two different signatures from two different public keys. With Taproot, you can create, using special moon math, a single public key that represents your 2-of-3 setup. Then you just put two of your devices together, have them communicate to each other (this can be done airgapped, in theory, by sending QR codes: the software to do this is not even being built yet, but that's because Taproot hasn't activated yet!), and they will make a single signature to authorize any spend from your 2-of-3 address. That's 73 witness bytes -- 18.25 virtual bytes -- of signatures you save!
And if you decide that your current setup with 1-of-1 P2PKH / P2WPKH addresses is just fine as-is: well, that's the whole point of a softfork: backwards-compatibility; you can receive from Taproot users just fine, and once your wallet is updated for Taproot-sending support, you can send to Taproot users just fine as well!
(P2WPKH and P2WSH -- SegWit v0 -- addresses start with bc1q; Taproot -- SegWit v1 --- addresses start with bc1p, in case you wanted to know the difference; in bech32 q is 0, p is 1)
Now how about HODLers who keep all, or some, of their coins on custodial services? Well, any custodial service worth its salt would be doing at least 2-of-3, or probably something even bigger, like 11-of-15. So your custodial service, if it switched to using Taproot internally, could save a lot more (imagine an 11-of-15 getting reduced from 11 signatures to just 1!), which --- we can only hope! --- should translate to lower fees and better customer service from your custodial service!
So I think we can say, very accurately, that the Bitcoin principle --- that YOU are in control of your money --- can only be helped by Taproot (if you are doing multisignature), and, because P2PKH and P2WPKH remain validly-usable addresses in a Taproot future, will not be harmed by Taproot. Its benefit to this principle might be small (it mostly only benefits multisignature users) but since it has no drawbacks with this (i.e. singlesig users can continue to use P2WPKH and P2PKH still) this is still a nice, tidy win!
(even singlesig users get a minor benefit, in that multisig users will now reduce their blockchain space footprint, so that fees can be kept low for everybody; so for example even if you have your single set of private keys engraved on titanium plates sealed in an airtight box stored in a safe buried in a desert protected by angry nomads riding giant sandworms because you're the frickin' Kwisatz Haderach, you still gain some benefit from Taproot)
And here's the important part: if P2PKH/P2WPKH is working perfectly fine with you and you decide to never use Taproot yourself, Taproot will not affect you detrimentally. First do no harm!

Taproot and Your Contracts

No one is an island, no one lives alone. Give and you shall receive. You know: by trading with other people, you can gain expertise in some obscure little necessity of the world (and greatly increase your productivity in that little field), and then trade the products of your expertise for necessities other people have created, all of you thereby gaining gains from trade.
So, contracts, which are basically enforceable agreements that facilitate trading with people who you do not personally know and therefore might not trust.
Let's start with a simple example. You want to buy some gewgaws from somebody. But you don't know them personally. The seller wants the money, you want their gewgaws, but because of the lack of trust (you don't know them!! what if they're scammers??) neither of you can benefit from gains from trade.
However, suppose both of you know of some entity that both of you trust. That entity can act as a trusted escrow. The entity provides you security: this enables the trade, allowing both of you to get gains from trade.
In Bitcoin-land, this can be implemented as a 2-of-3 multisignature. The three signatories in the multisgnature would be you, the gewgaw seller, and the escrow. You put the payment for the gewgaws into this 2-of-3 multisignature address.
Now, suppose it turns out neither of you are scammers (whaaaat!). You receive the gewgaws just fine and you're willing to pay up for them. Then you and the gewgaw seller just sign a transaction --- you and the gewgaw seller are 2, sufficient to trigger the 2-of-3 --- that spends from the 2-of-3 address to a singlesig the gewgaw seller wants (or whatever address the gewgaw seller wants).
But suppose some problem arises. The seller gave you gawgews instead of gewgaws. Or you decided to keep the gewgaws but not sign the transaction to release the funds to the seller. In either case, the escrow is notified, and if it can sign with you to refund the funds back to you (if the seller was a scammer) or it can sign with the seller to forward the funds to the seller (if you were a scammer).
Taproot helps with this: like mentioned above, it allows multisignature setups to produce only one signature, reducing blockchain space usage, and thus making contracts --- which require multiple people, by definition, you don't make contracts with yourself --- is made cheaper (which we hope enables more of these setups to happen for more gains from trade for everyone, also, moon and lambos).
(technology-wise, it's easier to make an n-of-n than a k-of-n, making a k-of-n would require a complex setup involving a long ritual with many communication rounds between the n participants, but an n-of-n can be done trivially with some moon math. You can, however, make what is effectively a 2-of-3 by using a three-branch SCRIPT: either 2-of-2 of you and seller, OR 2-of-2 of you and escrow, OR 2-of-2 of escrow and seller. Fortunately, Taproot adds a facility to embed a SCRIPT inside a public key, so you can have a 2-of-2 Taprooted address (between you and seller) with a SCRIPT branch that can instead be spent with 2-of-2 (you + escrow) OR 2-of-2 (seller + escrow), which implements the three-branched SCRIPT above. If neither of you are scammers (hopefully the common case) then you both sign using your keys and never have to contact the escrow, since you are just using the escrow public key without coordinating with them (because n-of-n is trivial but k-of-n requires setup with communication rounds), so in the "best case" where both of you are honest traders, you also get a privacy boost, in that the escrow never learns you have been trading on gewgaws, I mean ewww, gawgews are much better than gewgaws and therefore I now judge you for being a gewgaw enthusiast, you filthy gewgawer).

Taproot and Your Contracts, Part 2: Cryptographic Boogaloo

Now suppose you want to buy some data instead of things. For example, maybe you have some closed-source software in trial mode installed, and want to pay the developer for the full version. You want to pay for an activation code.
This can be done, today, by using an HTLC. The developer tells you the hash of the activation code. You pay to an HTLC, paying out to the developer if it reveals the preimage (the activation code), or refunding the money back to you after a pre-agreed timeout. If the developer claims the funds, it has to reveal the preimage, which is the activation code, and you can now activate your software. If the developer does not claim the funds by the timeout, you get refunded.
And you can do that, with HTLCs, today.
Of course, HTLCs do have problems:
Fortunately, with Schnorr (which is enabled by Taproot), we can now use the Scriptless Script constuction by Andrew Poelstra. This Scriptless Script allows a new construction, the PTLC or Pointlocked Timelocked Contract. Instead of hashes and preimages, just replace "hash" with "point" and "preimage" with "scalar".
Or as you might know them: "point" is really "public key" and "scalar" is really a "private key". What a PTLC does is that, given a particular public key, the pointlocked branch can be spent only if the spender reveals the private key of the given public key to you.
Another nice thing with PTLCs is that they are deniable. What appears onchain is just a single 2-of-2 signature between you and the developemanufacturer. It's like a magic trick. This signature has no special watermarks, it's a perfectly normal signature (the pledge). However, from this signature, plus some datta given to you by the developemanufacturer (known as the adaptor signature) you can derive the private key of a particular public key you both agree on (the turn). Anyone scraping the blockchain will just see signatures that look just like every other signature, and as long as nobody manages to hack you and get a copy of the adaptor signature or the private key, they cannot get the private key behind the public key (point) that the pointlocked branch needs (the prestige).
(Just to be clear, the public key you are getting the private key from, is distinct from the public key that the developemanufacturer will use for its funds. The activation key is different from the developer's onchain Bitcoin key, and it is the activation key whose private key you will be learning, not the developer's/manufacturer's onchain Bitcoin key).
So:
Taproot lets PTLCs exist onchain because they enable Schnorr, which is a requirement of PTLCs / Scriptless Script.
(technology-wise, take note that Scriptless Script works only for the "pointlocked" branch of the contract; you need normal Script, or a pre-signed nLockTimed transaction, for the "timelocked" branch. Since Taproot can embed a script, you can have the Taproot pubkey be a 2-of-2 to implement the Scriptless Script "pointlocked" branch, then have a hidden script that lets you recover the funds with an OP_CHECKLOCKTIMEVERIFY after the timeout if the seller does not claim the funds.)

Quantum Quibbles!

Now if you were really paying attention, you might have noticed this parenthetical:
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash...)
So wait, Taproot uses raw 32-byte public keys, and not public key hashes? Isn't that more quantum-vulnerable??
Well, in theory yes. In practice, they probably are not.
It's not that hashes can be broken by quantum computes --- they're still not. Instead, you have to look at how you spend from a P2WPKH/P2PKH pay-to-public-key-hash.
When you spend from a P2PKH / P2WPKH, you have to reveal the public key. Then Bitcoin hashes it and checks if this matches with the public-key-hash, and only then actually validates the signature for that public key.
So an unconfirmed transaction, floating in the mempools of nodes globally, will show, in plain sight for everyone to see, your public key.
(public keys should be public, that's why they're called public keys, LOL)
And if quantum computers are fast enough to be of concern, then they are probably fast enough that, in the several minutes to several hours from broadcast to confirmation, they have already cracked the public key that is openly broadcast with your transaction. The owner of the quantum computer can now replace your unconfirmed transaction with one that pays the funds to itself. Even if you did not opt-in RBF, miners are still incentivized to support RBF on RBF-disabled transactions.
So the extra hash is not as significant a protection against quantum computers as you might think. Instead, the extra hash-and-compare needed is just extra validation effort.
Further, if you have ever, in the past, spent from the address, then there exists already a transaction indelibly stored on the blockchain, openly displaying the public key from which quantum computers can derive the private key. So those are still vulnerable to quantum computers.
For the most part, the cryptographers behind Taproot (and Bitcoin Core) are of the opinion that quantum computers capable of cracking Bitcoin pubkeys are unlikely to appear within a decade or two.
So:
For now, the homomorphic and linear properties of elliptic curve cryptography provide a lot of benefits --- particularly the linearity property is what enables Scriptless Script and simple multisignature (i.e. multisignatures that are just 1 signature onchain). So it might be a good idea to take advantage of them now while we are still fairly safe against quantum computers. It seems likely that quantum-safe signature schemes are nonlinear (thus losing these advantages).

Summary

I Wanna Be The Taprooter!

So, do you want to help activate Taproot? Here's what you, mister sovereign Bitcoin HODLer, can do!

But I Hate Taproot!!

That's fine!

Discussions About Taproot Activation

submitted by almkglor to Bitcoin [link] [comments]

[ Bitcoin ] Technical: Taproot: Why Activate?

Topic originally posted in Bitcoin by almkglor [link]
This is a follow-up on https://old.reddit.com/Bitcoin/comments/hqzp14/technical_the_path_to_taproot_activation/
Taproot! Everybody wants it!! But... you might ask yourself: sure, everybody else wants it, but why would I, sovereign Bitcoin HODLer, want it? Surely I can be better than everybody else because I swapped XXX fiat for Bitcoin unlike all those nocoiners?
And it is important for you to know the reasons why you, o sovereign Bitcoiner, would want Taproot activated. After all, your nodes (or the nodes your wallets use, which if you are SPV, you hopefully can pester to your wallet vendoimplementor about) need to be upgraded in order for Taproot activation to actually succeed instead of becoming a hot sticky mess.
First, let's consider some principles of Bitcoin.
I'm sure most of us here would agree that the above are very important principles of Bitcoin and that these are principles we would not be willing to remove. If anything, we would want those principles strengthened (especially the last one, financial privacy, which current Bitcoin is only sporadically strong with: you can get privacy, it just requires effort to do so).
So, how does Taproot affect those principles?

Taproot and Your /Coins

Most HODLers probably HODL their coins in singlesig addresses. Sadly, switching to Taproot would do very little for you (it gives a mild discount at spend time, at the cost of a mild increase in fee at receive time (paid by whoever sends to you, so if it's a self-send from a P2PKH or bech32 address, you pay for this); mostly a wash).
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash, so the Taproot output spends 12 bytes more; spending from a P2WPKH requires revealing a 32-byte public key later, which is not needed with Taproot, and Taproot signatures are about 9 bytes smaller than P2WPKH signatures, but the 32 bytes plus 9 bytes is divided by 4 because of the witness discount, so it saves about 11 bytes; mostly a wash, it increases blockweight by about 1 virtual byte, 4 weight for each Taproot-output-input, compared to P2WPKH-output-input).
However, as your HODLings grow in value, you might start wondering if multisignature k-of-n setups might be better for the security of your savings. And it is in multisignature that Taproot starts to give benefits!
Taproot switches to using Schnorr signing scheme. Schnorr makes key aggregation -- constructing a single public key from multiple public keys -- almost as trivial as adding numbers together. "Almost" because it involves some fairly advanced math instead of simple boring number adding, but hey when was the last time you added up your grocery list prices by hand huh?
With current P2SH and P2WSH multisignature schemes, if you have a 2-of-3 setup, then to spend, you need to provide two different signatures from two different public keys. With Taproot, you can create, using special moon math, a single public key that represents your 2-of-3 setup. Then you just put two of your devices together, have them communicate to each other (this can be done airgapped, in theory, by sending QR codes: the software to do this is not even being built yet, but that's because Taproot hasn't activated yet!), and they will make a single signature to authorize any spend from your 2-of-3 address. That's 73 witness bytes -- 18.25 virtual bytes -- of signatures you save!
And if you decide that your current setup with 1-of-1 P2PKH / P2WPKH addresses is just fine as-is: well, that's the whole point of a softfork: backwards-compatibility; you can receive from Taproot users just fine, and once your wallet is updated for Taproot-sending support, you can send to Taproot users just fine as well!
(P2WPKH and P2WSH -- SegWit v0 -- addresses start with bc1q; Taproot -- SegWit v1 --- addresses start with bc1p, in case you wanted to know the difference; in bech32 q is 0, p is 1)
Now how about HODLers who keep all, or some, of their coins on custodial services? Well, any custodial service worth its salt would be doing at least 2-of-3, or probably something even bigger, like 11-of-15. So your custodial service, if it switched to using Taproot internally, could save a lot more (imagine an 11-of-15 getting reduced from 11 signatures to just 1!), which --- we can only hope! --- should translate to lower fees and better customer service from your custodial service!
So I think we can say, very accurately, that the Bitcoin principle --- that YOU are in control of your money --- can only be helped by Taproot (if you are doing multisignature), and, because P2PKH and P2WPKH remain validly-usable addresses in a Taproot future, will not be harmed by Taproot. Its benefit to this principle might be small (it mostly only benefits multisignature users) but since it has no drawbacks with this (i.e. singlesig users can continue to use P2WPKH and P2PKH still) this is still a nice, tidy win!
(even singlesig users get a minor benefit, in that multisig users will now reduce their blockchain space footprint, so that fees can be kept low for everybody; so for example even if you have your single set of private keys engraved on titanium plates sealed in an airtight box stored in a safe buried in a desert protected by angry nomads riding giant sandworms because you're the frickin' Kwisatz Haderach, you still gain some benefit from Taproot)
And here's the important part: if P2PKH/P2WPKH is working perfectly fine with you and you decide to never use Taproot yourself, Taproot will not affect you detrimentally. First do no harm!

Taproot and Your Contracts

No one is an island, no one lives alone. Give and you shall receive. You know: by trading with other people, you can gain expertise in some obscure little necessity of the world (and greatly increase your productivity in that little field), and then trade the products of your expertise for necessities other people have created, all of you thereby gaining gains from trade.
So, contracts, which are basically enforceable agreements that facilitate trading with people who you do not personally know and therefore might not trust.
Let's start with a simple example. You want to buy some gewgaws from somebody. But you don't know them personally. The seller wants the money, you want their gewgaws, but because of the lack of trust (you don't know them!! what if they're scammers??) neither of you can benefit from gains from trade.
However, suppose both of you know of some entity that both of you trust. That entity can act as a trusted escrow. The entity provides you security: this enables the trade, allowing both of you to get gains from trade.
In Bitcoin-land, this can be implemented as a 2-of-3 multisignature. The three signatories in the multisgnature would be you, the gewgaw seller, and the escrow. You put the payment for the gewgaws into this 2-of-3 multisignature address.
Now, suppose it turns out neither of you are scammers (whaaaat!). You receive the gewgaws just fine and you're willing to pay up for them. Then you and the gewgaw seller just sign a transaction --- you and the gewgaw seller are 2, sufficient to trigger the 2-of-3 --- that spends from the 2-of-3 address to a singlesig the gewgaw seller wants (or whatever address the gewgaw seller wants).
But suppose some problem arises. The seller gave you gawgews instead of gewgaws. Or you decided to keep the gewgaws but not sign the transaction to release the funds to the seller. In either case, the escrow is notified, and if it can sign with you to refund the funds back to you (if the seller was a scammer) or it can sign with the seller to forward the funds to the seller (if you were a scammer).
Taproot helps with this: like mentioned above, it allows multisignature setups to produce only one signature, reducing blockchain space usage, and thus making contracts --- which require multiple people, by definition, you don't make contracts with yourself --- is made cheaper (which we hope enables more of these setups to happen for more gains from trade for everyone, also, moon and lambos).
(technology-wise, it's easier to make an n-of-n than a k-of-n, making a k-of-n would require a complex setup involving a long ritual with many communication rounds between the n participants, but an n-of-n can be done trivially with some moon math. You can, however, make what is effectively a 2-of-3 by using a three-branch SCRIPT: either 2-of-2 of you and seller, OR 2-of-2 of you and escrow, OR 2-of-2 of escrow and seller. Fortunately, Taproot adds a facility to embed a SCRIPT inside a public key, so you can have a 2-of-2 Taprooted address (between you and seller) with a SCRIPT branch that can instead be spent with 2-of-2 (you + escrow) OR 2-of-2 (seller + escrow), which implements the three-branched SCRIPT above. If neither of you are scammers (hopefully the common case) then you both sign using your keys and never have to contact the escrow, since you are just using the escrow public key without coordinating with them (because n-of-n is trivial but k-of-n requires setup with communication rounds), so in the "best case" where both of you are honest traders, you also get a privacy boost, in that the escrow never learns you have been trading on gewgaws, I mean ewww, gawgews are much better than gewgaws and therefore I now judge you for being a gewgaw enthusiast, you filthy gewgawer).

Taproot and Your Contracts, Part 2: Cryptographic Boogaloo

Now suppose you want to buy some data instead of things. For example, maybe you have some closed-source software in trial mode installed, and want to pay the developer for the full version. You want to pay for an activation code.
This can be done, today, by using an HTLC. The developer tells you the hash of the activation code. You pay to an HTLC, paying out to the developer if it reveals the preimage (the activation code), or refunding the money back to you after a pre-agreed timeout. If the developer claims the funds, it has to reveal the preimage, which is the activation code, and you can now activate your software. If the developer does not claim the funds by the timeout, you get refunded.
And you can do that, with HTLCs, today.
Of course, HTLCs do have problems:
Fortunately, with Schnorr (which is enabled by Taproot), we can now use the Scriptless Script constuction by Andrew Poelstra. This Scriptless Script allows a new construction, the PTLC or Pointlocked Timelocked Contract. Instead of hashes and preimages, just replace "hash" with "point" and "preimage" with "scalar".
Or as you might know them: "point" is really "public key" and "scalar" is really a "private key". What a PTLC does is that, given a particular public key, the pointlocked branch can be spent only if the spender reveals the private key of the given private key to you.
Another nice thing with PTLCs is that they are deniable. What appears onchain is just a single 2-of-2 signature between you and the developemanufacturer. It's like a magic trick. This signature has no special watermarks, it's a perfectly normal signature (the pledge). However, from this signature, plus some datta given to you by the developemanufacturer (known as the adaptor signature) you can derive the private key of a particular public key you both agree on (the turn). Anyone scraping the blockchain will just see signatures that look just like every other signature, and as long as nobody manages to hack you and get a copy of the adaptor signature or the private key, they cannot get the private key behind the public key (point) that the pointlocked branch needs (the prestige).
(Just to be clear, the public key you are getting the private key from, is distinct from the public key that the developemanufacturer will use for its funds. The activation key is different from the developer's onchain Bitcoin key, and it is the activation key whose private key you will be learning, not the developer's/manufacturer's onchain Bitcoin key).
So:
Taproot lets PTLCs exist onchain because they enable Schnorr, which is a requirement of PTLCs / Scriptless Script.
(technology-wise, take note that Scriptless Script works only for the "pointlocked" branch of the contract; you need normal Script, or a pre-signed nLockTimed transaction, for the "timelocked" branch. Since Taproot can embed a script, you can have the Taproot pubkey be a 2-of-2 to implement the Scriptless Script "pointlocked" branch, then have a hidden script that lets you recover the funds with an OP_CHECKLOCKTIMEVERIFY after the timeout if the seller does not claim the funds.)

Quantum Quibbles!

Now if you were really paying attention, you might have noticed this parenthetical:
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash...)
So wait, Taproot uses raw 32-byte public keys, and not public key hashes? Isn't that more quantum-vulnerable??
Well, in theory yes. In practice, they probably are not.
It's not that hashes can be broken by quantum computes --- they're still not. Instead, you have to look at how you spend from a P2WPKH/P2PKH pay-to-public-key-hash.
When you spend from a P2PKH / P2WPKH, you have to reveal the public key. Then Bitcoin hashes it and checks if this matches with the public-key-hash, and only then actually validates the signature for that public key.
So an unconfirmed transaction, floating in the mempools of nodes globally, will show, in plain sight for everyone to see, your public key.
(public keys should be public, that's why they're called public keys, LOL)
And if quantum computers are fast enough to be of concern, then they are probably fast enough that, in the several minutes to several hours from broadcast to confirmation, they have already cracked the public key that is openly broadcast with your transaction. The owner of the quantum computer can now replace your unconfirmed transaction with one that pays the funds to itself. Even if you did not opt-in RBF, miners are still incentivized to support RBF on RBF-disabled transactions.
So the extra hash is not as significant a protection against quantum computers as you might think. Instead, the extra hash-and-compare needed is just extra validation effort.
Further, if you have ever, in the past, spent from the address, then there exists already a transaction indelibly stored on the blockchain, openly displaying the public key from which quantum computers can derive the private key. So those are still vulnerable to quantum computers.
For the most part, the cryptographers behind Taproot (and Bitcoin Core) are of the opinion that quantum computers capable of cracking Bitcoin pubkeys are unlikely to appear within a decade or two.
So:
For now, the homomorphic and linear properties of elliptic curve cryptography provide a lot of benefits --- particularly the linearity property is what enables Scriptless Script and simple multisignature (i.e. multisignatures that are just 1 signature onchain). So it might be a good idea to take advantage of them now while we are still fairly safe against quantum computers. It seems likely that quantum-safe signature schemes are nonlinear (thus losing these advantages).

Summary

I Wanna Be The Taprooter!

So, do you want to help activate Taproot? Here's what you, mister sovereign Bitcoin HODLer, can do!

But I Hate Taproot!!

That's fine!

Discussions About Taproot Activation

almkglor your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
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submitted by anticensor_bot to u/anticensor_bot [link] [comments]

$1MM segwit bounty

A lot of people have been saying that segwit is unsafe because segwit coins are "anyone-can-spend" and can be stolen. So lets put this to the test. I put up $1MM of LTC into a segwit address. You can see it's a segwit address because I sent and spent 1 LTC first to reveal the redeemscript.
https://chainz.cryptoid.info/ltc/address.dws?3MidrAnQ9w1YK6pBqMv7cw5bGLDvPRznph.htm
Let's see if segwit really is "anyone-can-spend" or not.
Good luck.
EDIT 1: There is some confusion - if I spend the funds normally, you will see a valid signature. If the funds are claimed with so called "anyone-can-spend" there will not be a signature. It will be trivial to see how the funds were moved and how.
EDIT 2: Just to make it easier for here is a raw hex transaction that sends all the funds to fees for any miner who wants to try and steal the funds.
010000000100a2cc0c0851ea26111ca02c3df8c3aeb4b03a6acabb034630a86fea74ab5f4d0000000017160014a5ad2fd0b2a3d6d41b4bc00feee4fcfd2ff0ebb9ffffffff010000000000000000086a067030776e336400000000
Happy hashing!
submitted by throwaway40338210716 to litecoin [link] [comments]

ViaBTC will not support 2x - Coindesk

"Haipo Yang, CEO of ViaBTC, the fourth largest pool by mining power, agreed, indicating that his pool will only offer bitcoin mining on the original bitcoin chain to begin."
"We have not received user request to run 2x. If 2x survives and the users request it, we will support both."
Source: https://www.coindesk.com/split-no-split-bitcoin-miners-see-no-certainty-segwit2x-fork/
submitted by gizram84 to btc [link] [comments]

Really new to bitcoin and I don’t even know how it works. Just interested in how it works and want to start something towards it. How does it work and the idea behind it?

submitted by ElceeJar to Bitcoin [link] [comments]

Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?

Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?

There is no denying that the Quantum revolution is coming. Security protocols for the internet, banking, telecommunications, etc... are all at risk, and your Bitcoins (and alt-cryptos) are next!
This article is not really about quantum computers[i], but, rather, how they will affect the future of cryptocurrency, and what steps a smart investor will take. Since this is a complicated subject, my intention is to provide just enough relevant information without being too “techy.”

The Quantum Evolution

In 1982, Nobel winning physicist, Richard Feynman, hypothesized how quantum computers[ii] would be used in modern life.
Just one year later, Apple released the “Apple Lisa”[iii] – a home computer with a 7.89MHz processor and a whopping 5MB hard drive, and, if you enjoy nostalgia, it used 5.25in floppy disks.
Today, we walk around with portable devices that are thousands of times more powerful, and, yet, our modern day computers still work in a simple manner, with simple math, and simple operators[iv]. They now just do it so fast and efficient that we forget what’s happening behind the scenes.
No doubt, the human race is accelerating at a remarkable speed, and we’ve become obsessed with quantifying everything - from the everyday details of life to the entire universe[v]. Not only do we know how to precisely measure elementary particles, we also know how to control their actions!
Yet, even with all this advancement, modern computers cannot “crack” cryptocurrencies without the use of a great deal more computing power, and since it’s more than the planet can currently supply, it could take millions, if not billions, of years.
However, what current computers can’t do, quantum computers can!
So, how can something that was conceptualized in the 1980’s, and, as of yet, has no practical application, compromise cryptocurrencies and take over Bitcoin?
To best answer this question, let’s begin by looking at a bitcoin address.

What exactly is a Bitcoin address?

Well, in layman terms, a Bitcoin address is used to send and receive Bitcoins, and looking a bit closer (excuse the pun), it has two parts:[vi]
A public key that is openly shared with the world to accept payments. A public key that is derived from the private key. The private key is made up of 256 bits of information in a (hopefully) random order. This 256 bit code is 64 characters long (in the range of 0-9/a-f) and further compressed into a 52 character code (using RIPEMD-160).
NOTE: Although many people talk about Bitcoin encryption, Bitcoin does not use Encryption. Instead, Bitcoin uses a hashing algorithm (for more info, please see endnote below[vii]).
Now, back to understanding the private key:
The Bitcoin address “1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm” translates to a private key of “5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf” which further translates to a 256 bit private key of “0000000000000000000000000000000000000000000000000000000000000001” (this should go without saying, but do not use this address/private key because it was compromised long ago.) Although there are a few more calculations that go behind the scenes, these are the most relevant details.
Now, to access a Bitcoin address, you first need the private key, and from this private key, the public key is derived. With current computers, it’s classically impractical to attempt to find a private key based on a public key. Simply put, you need the private key to know the public key.
However, it has already been theorized (and technically proven) that due to private key compression, multiple private keys can be used to access the same public key (aka address). This means that your Bitcoin address has multiple private keys associated with it, and, if someone accidentally discovers or “cracks” any one of those private keys, they have access to all the funds in that specific address.
There is even a pool of a few dedicated people hunting for these potential overlaps[viii], and they are, in fact, getting very efficient at it. The creator of the pool also has a website listing every possible Bitcoin private key/address in existence[ix], and, as of this writing, the pool averages 204 trillion keys per day!
But wait! Before you get scared and start panic selling, the probability of finding a Bitcoin address containing funds (or even being used) is highly unlikely – nevertheless, still possible!
However, the more Bitcoin users, the more likely a “collision” (finding overlapping private/public key pairs)! You see, the security of a Bitcoin address is simply based on large numbers! How large? Well, according to my math, 1.157920892373x1077 potential private keys exist (that number represents over 9,500 digits in length! For some perspective, this entire article contains just over 14,000 characters. Therefore, the total number of Bitcoin addresses is so great that the probability of finding an active address with funds is infinitesimal.

So, how do Quantum Computers present a threat?

At this point, you might be thinking, “How can a quantum computer defeat this overwhelming number of possibilities?” Well, to put it simple; Superposition and Entanglement[x].
Superposition allows a quantum bit (qbit) to be in multiple states at the same time. Entanglement allows an observer to know the measurement of a particle in any location in the universe. If you have ever heard Einstein’s quote, “Spooky Action at a Distance,” he was talking about Entanglement!
To give you an idea of how this works, imagine how efficient you would be if you could make your coffee, drive your car, and walk your dog all at the same time, while also knowing the temperature of your coffee before drinking, the current maintenance requirements for your car, and even what your dog is thinking! In a nutshell, quantum computers have the ability to process and analyze countless bits of information simultaneously – and so fast, and in such a different way, that no human mind can comprehend!
At this stage, it is estimated that the Bitcoin address hash algorithm will be defeated by quantum computers before 2028 (and quite possibly much sooner)! The NSA has even stated that the SHA256 hash algorithm (the same hash algorithm that Bitcoin uses) is no longer considered secure, and, as a result, the NSA has now moved to new hashing techniques, and that was in 2016! Prior to that, in 2014, the NSA also invested a large amount of money in a research program called “Penetrating Hard Targets project”[xi] which was used for further Quantum Computer study and how to break “strong encryption and hashing algorithms.” Does NSA know something they’re not saying or are they just preemptively preparing?
Nonetheless, before long, we will be in a post-quantum cryptography world where quantum computers can crack crypto addresses and take all the funds in any wallet.

What are Bitcoin core developers doing about this threat?

Well, as of now, absolutely nothing. Quantum computers are not considered a threat by Bitcoin developers nor by most of the crypto-community. I’m sure when the time comes, Bitcoin core developers will implement a new cryptographic algorithm that all future addresses/transactions will utilize. However, will this happen before post-quantum cryptography[xii]?
Moreover, even after new cryptographic implementation, what about all the old addresses? Well, if your address has been actively used on the network (sending funds), it will be in imminent danger of a quantum attack. Therefore, everyone who is holding funds in an old address will need to send their funds to a new address (using a quantum safe crypto-format). If you think network congestion is a problem now, just wait…
Additionally, there is the potential that the transition to a new hashing algorithm will require a hard fork (a soft fork may also suffice), and this could result in a serious problem because there should not be multiple copies of the same blockchain/ledger. If one fork gets attacked, the address on the other fork is also compromised. As a side-note, the blockchain Nebulas[xiii] will have the ability to modify the base blockchain software without any forks. This includes adding new and more secure hashing algorithms over time! Nebulas is due to be released in 2018.

Who would want to attack Bitcoin?

Bitcoin and cryptocurrency represent a threat to the controlling financial system of our modern economy. Entire countries have outright banned cryptocurrency[xiv] and even arrested people[xv], and while discrediting it, some countries are copying cryptocurrency to use (and control) in their economy[xvi]!
Furthermore, Visa[xvii], Mastercard[xviii], Discover[xix], and most banks act like they want nothing to do with cryptocurrency, all the while seeing the potential of blockchain technology and developing their own[xx]. Just like any disruptive technology, Bitcoin and cryptocurrencies have their fair share of enemies!
As of now, quantum computers are being developed by some of the largest companies in the world, as well as private government agencies.
No doubt, we will see a post-quantum cryptography world sooner than most realize. By that point, who knows how long “3 letter agencies” will have been using quantum technology - and what they’ll be capable of!

What can we do to protect ourselves today?

Of course, the best option is to start looking at how Bitcoin can implement new cryptographic features immediately, but it will take time, and we have seen how slow the process can be just for scaling[xxi].
The other thing we can do is use a Bitcoin address only once for outgoing transactions. When quantum computers attack Bitcoin (and other crypto currencies), their first target will be addresses that have outgoing transactions on the blockchain that contain funds.
This is due to the fact that when computers first attempt to crack a Bitcoin address, the starting point is when a transaction becomes public. In other words, when the transaction is first signed – a signed transaction is a digital signature derived from the private key, and it validates the transaction on the network. Compared to classical computers, quantum computers can exponentially extrapolate this information.
Initially, Bitcoin Core Software might provide some level of protection because it only uses an address once, and then sends the remaining balance (if any) to another address in your keypool. However, third party Bitcoin wallets can and do use an address multiple times for outgoing transactions. For instance, this could be a big problem for users that accept donations (if they don’t update their donation address every time they remove funds). The biggest downside to Bitcoin Core Software is the amount of hard-drive space required, as well as diligently retaining an up-to-date copy of the entire blockchain ledger.
Nonetheless, as quantum computers evolve, they will inevitably render SHA256 vulnerable, and although this will be one of the first hash algorithms cracked by quantum computers, it won’t be the last!

Are any cryptocurrencies planning for the post-quantum cryptography world?

Yes, indeed, there are! Here is a short list of ones you may want to know more about:

Full disclosure:

Although I am in no way associated with any project listed above, I do hold coins in all as well as Bitcoin, Litecoin and many others.
The thoughts above are based on my personal research, but I make no claims to being a quantum scientist or cryptographer. So, don’t take my word for anything. Instead, do your own research and draw your own conclusions. I’ve included many references below, but there are many more to explore.
In conclusion, the intention of this article is not to create fear or panic, nor any other negative effects. It is simply to educate. If you see an error in any of my statements, please, politely, let me know, and I will do my best to update the error.
Thanks for reading!

References

[i] https://www.youtube.com/watch?v=JhHMJCUmq28 – A great video explaining quantum computers.
[ii] https://www.doc.ic.ac.uk/~nd/surprise_97/journal/vol4/spb3/ - A brief history of quantum computing.
[iii] https://en.wikipedia.org/wiki/Apple_Lisa - More than you would ever want to know about the Apple Lisa.
[iv] https://www.youtube.com/watch?v=tpIctyqH29Q&list=PL8dPuuaLjXtNlUrzyH5r6jN9ulIgZBpdo - Want to learn more about computer science? Here is a great crash course for it!
[v] https://www.collinsdictionary.com/dictionary/english/quantify - What does quantify mean?
[vi] https://en.bitcoin.it/wiki/Private_key - More info about Bitcoin private keys.
[vii] https://www.securityinnovationeurope.com/blog/page/whats-the-difference-between-hashing-and-encrypting - A good example of the deference between Hash and Encryption
[viii] https://lbc.cryptoguru.org/stats - The Large Bitcoin Collider.
[ix] http://directory.io/ - A list of every possible Bitcoin private key. This website is a clever way of converting the 64 character uncompressed key to the private key 128 at a time. Since it is impossible to save all this data in a database and search, it is not considered a threat! It’s equated with looking for a single needle on the entire planet.
[x] https://uwaterloo.ca/institute-for-quantum-computing/quantum-computing-101#Superposition-and-entanglement – Brief overview of Superposition and Entanglement.
[xi] https://www.washingtonpost.com/world/national-security/nsa-seeks-to-build-quantum-computer-that-could-crack-most-types-of-encryption/2014/01/02/8fff297e-7195-11e3-8def-a33011492df2_story.html?utm_term=.e05a9dfb6333 – A review of the Penetrating Hard Targets project.
[xii] https://en.wikipedia.org/wiki/Post-quantum_cryptography - Explains post-quantum cryptography.
[xiii] https://www.nebulas.io/ - The nebulas project has some amazing technology planned in their roadmap. They are currently in testnet stage with initial launch expected taking place in a few weeks. If you don’t know about Nebulas, you should check them out. [xiv] https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory - Country’s stance on crypto currencies.
[xv] https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html - Don’t be a miner in Venezuela!
[xvi] http://www.newsweek.com/russia-bitcoin-avoid-us-sanctions-cryptocurrency-768742 - Russia’s plan for their own crypto currency.
[xvii] http://www.telegraph.co.uk/technology/2018/01/05/visa-locks-bitcoin-payment-cards-crackdown-card-issue - Recent attack from visa against crypto currency.
[xviii] https://www.ccn.com/non-government-digital-currency-junk-says-mastercard-ceo-rejecting-bitcoin/ - Mastercards position about Bitcoin.
[xix] http://www.livebitcoinnews.com/discover-joins-visa-mastercard-barring-bitcoin-support/ - Discovers position about Bitcoin.
[xx] http://fortune.com/2017/10/20/mastercard-blockchain-bitcoin/ - Mastercard is making their own blockchain.
[xxi] https://bitcoincore.org/en/2015/12/21/capacity-increase/ - News about Bitcoin capacity. Not a lot of news…
[xxii] https://learn.iota.org/faq/what-makes-iota-quantum-secure - IOTA and quantum encryption.
[xxiii] https://eprint.iacr.org/2011/191.pdf - The whitepaper of Winternitz One-Time Signature Scheme
[xxiv] https://cardanoroadmap.com/ - The Cardano project roadmap.
[xxv] https://eprint.iacr.org/2017/490 - More about the BLISS hash system.
[xxvi] https://www.ethereum.org/ - Home of the Ethereum project.
[xxvii] https://en.wikipedia.org/wiki/SHA-3#Security_against_quantum_attacks – SHA3 hash algorithm vs quantum computers.
[xxviii] https://en.wikipedia.org/wiki/Lamport_signature - Lamport signature information.
[xxix] https://theqrl.org/ - Home of the Quantum Resistant Ledger project.
submitted by satoshibytes to CryptoCurrency [link] [comments]

Information and FAQ

Welcome to the official IOTA subreddit.
If you are new you can find lots of information here, in the sidebar and please use the search button to see if your questions have been asked before. Please focus discussion on IOTA technology, ecosystem announcements, project development, apps, etc. Please direct help questions to /IOTASupport, and price discussions and market talk to /IOTAmarkets.
Before getting started it is recommended to read the IOTA_Whitepaper.pdf. I also suggest watching these videos first to gain a better understanding.
IOTA BREAKDOWN: The Tangle Vs. Blockchain Explained
IOTA tutorial 1: What is IOTA and some terminology explained

Information

Firstly, what is IOTA?

IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost.
IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
More information can be found here.

Seeds

A seed is a unique identifier that can be described as a combined username and password that grants you access to your IOTA.
Your seed is used to generate the addresses and private keys you will use to store and send IOTA, so this should be kept private and not shared with anyone. If anyone obtains your seed, they can generate the private keys associated with your addresses and access your IOTA.

Non reusable addresses

Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore.
Why?
When an address is used to make an outgoing transaction, a random 50% of the private key of that particular address is revealed in the transaction signature, which effectively reduces the security of the key. A typical IOTA private key of 81-trits has 2781 possible combinations ( 8.7 x 10115 ) but after a single use, this number drops to around 2754 ( 2 x 1077 ), which coincidentally is close to the number of combinations of a 256-bit Bitcoin private key. Hence, after a single use an IOTA private key has about the same level of security as that of Bitcoin and is basically impractical to brute-force using modern technology. However, after a second use, another random 50% of the private key is revealed and the number of combinations that an attacker has to guess decreases very sharply to approximately 1.554 (~3 billion) which makes brute-forcing trivial even with an average computer.
Note: your seed is never revealed at at time; only private keys specific to each address.
The current light wallet prevents address reuse automatically for you by doing 2 things:
  1. Whenever you make an outgoing transaction from an address that does not consume its entire balance (e.g. address holds 10 Mi but you send only 5 Mi), the wallet automatically creates a new address and sends the change (5 Mi) to the new address.
  2. The wallet prevents you from performing a second outgoing transaction using the same address (it will display a “Private key reuse detected!” error).
This piggy bank diagram can help visualize non reusable addresses. imgur link
[Insert new Safe analogy].

Address Index

When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.

Private Keys

Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address.
It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality.
IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse).
Exchanges are advised to store seeds, not private keys.

FAQ

Buying IOTA

How do I to buy IOTA?

Currently not all exchanges support IOTA and those that do may not support the option to buy with fiat currencies.
Visit this website for a Guide: How to buy IOTA
or Click Here for a detailed guide made by 450LbsGorilla

Cheapest way to buy IOTA?

You can track the current cheapest way to buy IOTA at IOTA Prices.
It tells you where & how to get the most IOTA for your money right now. There's an overview of the exchanges available to you and a buying guide to help you along.
IOTAPrices.com monitors all major fiat exchanges for their BTC & ETH rates and combines them with current IOTA rates from IOTA exchanges for easy comparison. Rates are taken directly from each exchange's official websocket. For fiat exchanges or exchanges that don't offer websockets, rates are refreshed every 60 seconds.

What is MIOTA?

MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged.
We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi.
Note: some exchanges will display IOTA when they mean MIOTA.

Can I mine IOTA?

No you can not mine IOTA, all the supply of IOTA exist now and no more can be made.
If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.

Storing IOTA

Where should I store IOTA?

It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated.

Wallets

GUI Desktop (Full Node + Light Node)
Version = 2.5.6
Download: GUI v2.5.6
Guide: Download/Login Guide
Nodes: Status
Headless IRI (Full Node)
Version = 1.4.1.4
Download: Mainnet v1.4.1.4
Guide:
Find Neighbours: /nodesharing
UCL Desktop/Android/iOS (Light Node)
Version = Private Alpha Testing
Website: iota-ucl (Medium)
Android (Light Node)
Version = Beta
Download: Google Play
iOS (Light Node)
Version = Beta Testing
Website: https://iota.tools/wallet
Paper Wallet
Version = v1.3.6
Repo: GitHub
Seed Vault
Version = v1.0.2
Repo: GitHub7

What is a seed?

A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet.
Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.

How do I generate a seed?

You must generate a random 81 character seed using only A-Z and the number 9.
It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:

On a Linux Terminal

use the following command:
 cat /dev/urandom |tr -dc A-Z9|head -c${1:-81} 

On a Mac Terminal

use the following command:
 cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1 

With KeePass on PC

A helpful guide for generating a secure seed on KeePass can be found here.

With a dice

Dice roll template

Is my seed secure?

  1. All seeds should be 81 characters in random order composed of A-Z and 9.
  2. Do not give your seed to anyone, and don’t keep it saved in a plain text document.
  3. Don’t input your seed into any websites that you don’t trust.
Is Someone Going To Guess My IOTA Seed?
What are the odds of someone guessing your seed?
  • IOTA seed = 81 characters long, and you can use A-Z, 9
  • Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
  • Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
  • 8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.

Why does balance appear to be 0 after a snapshot?

When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.

What happens if you reuse an address?

It is important to understand that only outgoing transactions reveal the private key and incoming transactions do not. If you somehow manage to receive iotas using an address after having used it previously to send iotas—let's say your friend sends iotas to an old address of yours—these iotas may be at risk.
Recall that after a single use an iota address still has the equivalent of 256-bit security (like Bitcoin) so technically, the iotas will still be safe if you do not try to send them out. However, you would want to move these iotas out eventually and the moment you try to send them out, your private key will be revealed a second time and it now becomes feasible for an attacker to brute-force the private key. If someone is monitoring your address and spots a second use, they can easily crack the key and then use it to make a second transaction that will compete with yours. It then becomes a race to see whose transaction gets confirmed first.
Note: The current wallet prevents you from reusing an address to make a second transaction so any iotas you receive with a 'used' address will be stuck. This is a feature of wallet and has nothing to do with the fundamental workings of IOTA.

Sending IOTA

What does attach to the tangle mean?

The process of making an transaction can be divided into two main steps:
  1. The local signing of a transaction, for which your seed is required.
  2. Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it.
Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.

Why is my transaction pending?

IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt.
So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%.
Repeating the process a second time increases the probability from ~89% to ~99.9%.

How do I reattach a transaction.

Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
  1. Click 'History'.
  2. Click 'Show Bundle' on the 'pending' transaction.
  3. Click 'Reattach'.
  4. Click 'Rebroadcast'. (optional, usually not required)
  5. Wait 1 Hour.
  6. If still 'pending', repeat steps 1-5 once more.

Does the private key get revealed each time you reattach a transaction?

When you use the reattach function in the desktop wallet, a new transaction will be created but it will have the same signature as the original transaction and hence, your private key will not revealed a second time.

What happens to pending transactions after a snapshot?

IOTA Network and Nodes

What incentives are there for running a full node?

IOTA is made for m2m economy, once wide spread adoption by businesses and the IOT, there will be a lot of investment by these businesses to support the IOTA network. In the meantime if you would like to help the network and speed up p2p transactions at your own cost, you can support the IOTA network by setting up a Full Node.
Running a full node also means you don't have to trust a 3rd party light node provider. By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.

How to set up a full node?

To set up a full node you will need to follow these steps:
  1. Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
  2. Get a static IP for your node.
  3. Join the network by adding 7-9 neighbours.
  4. Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.

How do I get a static IP?

To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.

How do I find a neighbour?

Are you a single IOTA full node looking for a partner? You can look for partners in these place:

Resources

You can find a wiki I have been making here.
More to come...
If you have any contributions or spot a mistake or clarification, please PM me or leave a comment.
submitted by Boltzmanns_Constant to Iota [link] [comments]

We Need A New Way For Our Intel Agencies To Classify Information With Both Greater Transparency And Greater Secrecy. A Proposal That May Work For Both Them and Us--DeClassification-coin that Intel Pre-Pays to Classify Documents of > 5 yr secrecy

I want to remind everyone that they will do themselves a great service by reading what I find to be (and many agree) one of the greatest speeches in history, JFK's speech to the press at Waldorf Astoria, and for the purposes of this post, the following part
I want to talk about our common responsibilities in the face of a common danger. The events of recent weeks may have helped to illuminate that challenge for some; but the dimensions of its threat have loomed large on the horizon for many years. Whatever our hopes may be for the future--for reducing this threat or living with it--there is no escaping either the gravity or the totality of its challenge to our survival and to our security--a challenge that confronts us in unaccustomed ways in every sphere of human activity.
This deadly challenge imposes upon our society two requirements of direct concern both to the press and to the President--two requirements that may seem almost contradictory in tone, but which must be reconciled and fulfilled if we are to meet this national peril. I refer, first, to the need for a far greater public information; and, second, to the need for far greater official secrecy.
The second part is important. Not many people talk about that. But he's saying the intel community has to be able to do their job in utmost secrecy. Trump believes this, because Trump thinks it has been stupid and self-defeating for the press to telegraph military moves, and he is correct. You can't defeat someone if your press is telling opposition that you are coming--it gives the enemy the field advantage for ambush, tactics and strategy.
The very word "secrecy" is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths and to secret proceedings. We decided long ago that the dangers of excessive and unwarranted concealment of pertinent facts far outweighed the dangers which are cited to justify it. Even today, there is little value in opposing the threat of a closed society by imitating its arbitrary restrictions. Even today, there is little value in insuring the survival of our nation if our traditions do not survive with it. And there is very grave danger that an announced need for increased security will be seized upon by those anxious to expand its meaning to the very limits of official censorship and concealment. That I do not intend to permit to the extent that it is in my control. And no official of my Administration, whether his rank is high or low, civilian or military, should interpret my words here tonight as an excuse to censor the news, to stifle dissent, to cover up our mistakes or to withhold from the press and the public the facts they deserve to know.
Well, sorry JFK. Not only did they murder you in broad daylight, they had decades to abuse our systems to create more ability for 'official censorship and concealment'. We are seeing the full fruition of the abuse of secrecy today. As in, this very weekend, as google --which the literate person knows is a public-private partnership with the intel community from which it was funded--is now in the activity of intimidating voters and silencing politically oppositional voices through increasingly disproportionate, hostile, draconian and byzantine restrictions and behavioral control and punishments, alienating people from their platform and essentially blowing up their financials in the process.
At any rate, the point is this: we have only seen that in the last decades since Allen Dulles et al on behalf of the american ruling class (ie the deepstate) exploded JFK's braincase in Texas, that the intel agencies have been abusing secrecy in order to traffick in contraband and commit the most repugant acts that we created these very agencies to inhibit!
And they continue to abuse secrecy by redacting information that is embarrassing, or would reveal their OWN crimes, intrigues, conspiracies, abuses, corruption and scandals. This is not the only thing they redact, but when we the people (as in investigative journalists or interested parties such as street or amateur journalists / internet sleuths) want to know something, it takes years of stonewalling and FOIA lawsuits in order to get that information. There has been some information, for example, that conservative watchdog org Judicial Watch, has been trying to retrieve via the court system, for YEARS. That is unacceptable, but the gov in this case is acting like a mafia or a banana republic / despot and will not honor the spirit of the FOIA law, or the spirit of JFK or the American spirit of freedom and transparency generally--and this wildly disappointing and shameful.
What we need is to AUTOMATE
We're doing it for everything else--why not with information?
We need to automate classification and declassification, and take it out of the hands of the people classifying. They get ONE SHOT at designating something as 1 or 5 yr expiry, or MORE (it will cost ya), and then it's out of their hands and the timer is set for declassification. They get a deadline, just like the rest of us non-government slobs, to GET ER DONE. If they fail, well. Welcome to real world, shampoo sofa spyflake
We really need a system whereby classification is automatically expired and those redactions come off.
Like a document system where the redactions are programmatically added and the moment they are they are given 1 yr or 5 yr expire time, and no more, and if they have a permanent seal, then a carbon copy goes to the US president, the Sargeant-at-arms of the Congress and One special member of the Supreme court, unredacted and classified at the highest level, with their discretion to declassify after holding a required quorum of all 3.
And then this information is published openly as redacted by encryption, but at the US Government cost of a cryptocoin per page
That way if the public really wants to know, they will be willing to spend the resources to (mine-)crack it, perhaps en-masse using their own computers working in unison (declassification miner app in the tray), and when they succeed, they recover that cryptocoin used to seal it. This way, they get paid back for their resources, and a very small profit, which disincentivizes gov abuse of documents.
Make them pay to redact things.
Implementation
It's important to have a system whereby secreted information can be disbursed to public in response to a greater and more urgent public interest, escalating said information from casual to critical. In other words, if the public demands to know, such as in the case of widespread corrutption within the government itself, they should be able to know, or find out.
After all, we are paying these intel people and if they have the power to keep something from us forever, then we really aren't a "democracy" or even a "republic" (given that republic have representatives that ostensibly represent the public...keeping information secret forever creates an 'untouchable class' of rulers to which only the representatives answer and NOT the public)
Here is a technical suggestion to implement a public-driven mechanism for discovery that doesn't allow "individual humans" or even ai agents from making capricious decisions on what the public should know or not know:
US Intel Documents under any kind of classification need to be a mixture of text and ciphertext, which represents the redacted portions of the document. The ciphertext should be encapsulated in a tag (as in the whole document is xml) that makes any viewer aware of the fact that it's redacted ciphertext that is largely ignored for natural language text processors or lexers, and which is presented as a black bar represnting the length of the text as an attribute of the tag, created at the time of document's creation
This ciphertext also has an ID associated with it, which ties to the database, but the ciphertext is also contained within the tag, and is ALWAYS kept with the document itself (as in it's always present, not simply referenced. This way if the database is blown up, the text will ALWAYS be with the document, no matter what, just hidden as metadata within the tag itself). This redundancy also acts as a parity check for both the database contents AND the document itself as they are reciprocally validating datastores.
A paper wallet is an offline bitcoin storage mechanism of the public and private keys needed to access stored bitcoin in that offline wallet (bitcoins sent to that wallet public address). Included at the bottom of the document is a bitcoin paper wallet address tag representing the total number of bitcoins the redactions are worth.
Inside of this tag is ciphertext of the bitcoin paper wallet and all details, encrypted, as well as information needed to decrypt the redacted portions, whose decryption otherwise would give meaningless noise information. In other words, unredacting individual portions of the document gives you something meaningless, the declassification-coin software must focus on this decrypting this one block of ciphertext only, and when the decryption succeeds, the document is unredacted ALL-AT-ONCE and the paper wallet and its bitcoin are accessible and shared among those clients that particpated in breaking the encryption, and given portions proportionate to the amount of effort they used in cracking it.
Now I'm saying "encryption" but people smarter than myself know that what I'm actually really talking about is a declassification-coin, a unique type of service oriented crypto system that I'm describing, since crypto coin IS this type of group cracking
I'm just using a language that I personally understand, and I'm sorry to you more advanced computer and crypto people for using hamhanded or half understood concepts. I believe I understand bitcoin to a point, maybe better than some (ie: it's based on a pki type system) but what I'm driving at is how this system should work generally, and the cryptocoin aspects are something others smarter than myself would have to figure out.
It's important to have the 'all at one' aspect of it, so that people get recompense for their cracking efforts
And it's important that the intel agency have to PAY much more in order to classify something stronger than 1 or 5 yr expiry. This is to discourage them from hiding stuff from us that simply embarrasses them. It forces them to use legitimate reasons for keeping things secret.
submitted by 911bodysnatchers322 to C_S_T [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

Why is Blockstream CTO Greg Maxwell u/nullc trying to pretend AXA isn't one of the top 5 "companies that control the world"? AXA relies on debt & derivatives to pretend it's not bankrupt. Million-dollar Bitcoin would destroy AXA's phony balance sheet. How much is AXA paying Greg to cripple Bitcoin?

Here was an interesting brief exchange between Blockstream CTO Greg Maxwell u/nullc and u/BitAlien about AXA:
https://np.reddit.com/Bitcoin/comments/62d2yq/why_bitcoin_is_under_attack/dfm6jt?context=3
The "non-nullc" side of the conversation has already been censored by r\bitcoin - but I had previously archived it here :)
https://archive.fo/yWnWh#selection-2613.0-2615.1
u/BitAlien says to u/nullc :
Blockstream is funded by big banks, for example, AXA.
https://blockstream.com/2016/02/02/blockstream-new-investors-55-million-series-a.html
u/nullc says to u/BitAlien :
is funded by big banks, for example, AXA
AXA is a French multinational insurance firm.
But I guess we shouldn't expect much from someone who thinks miners unilatterally control bitcoin.
Typical semantics games and hair-splitting and bullshitting from Greg.
But I guess we shouldn't expect too much honesty or even understanding from someone like Greg who thinks that miners don't control Bitcoin.
AXA-owned Blockstream CTO Greg Maxwell u/nullc doesn't understand how Bitcoin mining works
Mining is how you vote for rule changes. Greg's comments on BU revealed he has no idea how Bitcoin works. He thought "honest" meant "plays by Core rules." [But] there is no "honesty" involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING. - ForkiusMaximus
https://np.reddit.com/btc/comments/5zxl2l/mining_is_how_you_vote_for_rule_changes_gregs/
AXA-owned Blockstream CTO Greg Maxwell u/nullc is economically illiterate
Adam Back & Greg Maxwell are experts in mathematics and engineering, but not in markets and economics. They should not be in charge of "central planning" for things like "max blocksize". They're desperately attempting to prevent the market from deciding on this. But it will, despite their efforts.
https://np.reddit.com/btc/comments/46052e/adam_back_greg_maxwell_are_experts_in_mathematics/)
AXA-owned Blockstream CTO Greg Maxwell u/nullc doesn't understand how fiat works
Gregory Maxwell nullc has evidently never heard of terms like "the 1%", "TPTB", "oligarchy", or "plutocracy", revealing a childlike naïveté when he says: "‘Majority sets the rules regardless of what some minority thinks’ is the governing principle behind the fiats of major democracies."
https://np.reddit.com/btc/comments/44qr31/gregory_maxwell_unullc_has_evidently_never_heard/
AXA-owned Blockstream CTO Greg Maxwell u/nullc is toxic to Bitcoin
People are starting to realize how toxic Gregory Maxwell is to Bitcoin, saying there are plenty of other coders who could do crypto and networking, and "he drives away more talent than he can attract." Plus, he has a 10-year record of damaging open-source projects, going back to Wikipedia in 2006.
https://np.reddit.com/btc/comments/4klqtg/people_are_starting_to_realize_how_toxic_gregory/
So here we have Greg this week, desperately engaging in his usual little "semantics" games - claiming that AXA isn't technically a bank - when the real point is that:
AXA is clearly one of the most powerful fiat finance firms in the world.
Maybe when he's talking about the hairball of C++ spaghetti code that him and his fellow devs at Core/Blockstream are slowing turning their version of Bitcoin's codebase into... in that arcane (and increasingly irrelevant :) area maybe he still can dazzle some people with his usual meaningless technically correct but essentially erroneous bullshit.
But when it comes to finance and economics, Greg is in way over his head - and in those areas, he can't bullshit anyone. In fact, pretty much everything Greg ever says about finance or economics or banks is simply wrong.
He thinks he's proved some point by claiming that AXA isn't technically a bank.
But AXA is far worse than a mere "bank" or a mere "French multinational insurance company".
AXA is one of the top-five "companies that control the world" - and now (some people think) AXA is in charge of paying for Bitcoin "development".
A recent infographic published in the German Magazine "Die Zeit" showed that AXA is indeed the second-most-connected finance company in the world - right at the rotten "core" of the "fantasy fiat" financial system that runs our world today.
Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German - but you can understand it without knowing much German: "Wem gehört die Welt?" = "Who owns the world?") AXA is the #2 company with the most economic poweconnections in the world. And AXA owns Blockstream.
https://np.reddit.com/btc/comments/5btu02/who_owns_the_world_1_barclays_2_axa_3_state/
The link to the PDF at Die Zeit in the above OP is gone now - but there's other copies online:
https://www.konsumentenschutz.ch/sks/content/uploads/2014/03/Wem-geh%C3%B6rt-die-Welt.pdfother
http://www.zeit.de/2012/23/IG-Capitalist-Network
https://archive.fo/o/EzRea/https://www.konsumentenschutz.ch/sks/content/uploads/2014/03/Wem-geh%C3%B6rt-die-Welt.pdf
Plus there's lots of other research and articles at sites like the financial magazine Forbes, or the scientific publishing site plos.org, with articles which say the same thing - all the tables and graphs show that:
AXA is consistently among the top five "companies that control everything"
https://www.forbes.com/sites/bruceupbin/2011/10/22/the-147-companies-that-control-everything/#56b72685105b
http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0025995
http://www98.griffith.edu.au/dspace/bitstream/handle/10072/37499/64037_1.pdf;sequence=1
https://www.outsiderclub.com/report/who-really-controls-the-world/1032
AXA is right at the rotten "core" of the world financial system. Their last CEO was even the head of the friggin' Bilderberg Group.
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.
https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
So, let's get a few things straight here.
"AXA" might not be a household name to many people.
And Greg was "technically right" when he denied that AXA is a "bank" (which is basically the only kind of "right" that Greg ever is these days: "technically" :-)
But AXA is one of the most powerful finance companies in the world.
AXA was started as a French insurance company.
And now it's a French multinational insurance company.
But if you study up a bit on AXA, you'll see that they're not just any old "insurance" company.
AXA has their fingers in just about everything around the world - including a certain team of toxic Bitcoin devs who are radically trying to change Bitcoin:
And ever since AXA started throwing tens of millions of dollars in filthy fantasy fiat at a certain toxic dev named Gregory Maxwell, CTO of Blockstream, suddenly he started saying that we can't have nice things like the gradually increasing blocksizes (and gradually increasing Bitcoin prices - which fortunately tend to increase proportional to the square of the blocksize because of Metcalfe's law :-) which were some of the main reasons most of us invested in Bitcoin in the first place.
My, my, my - how some people have changed!
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?
https://np.reddit.com/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
Previously, Greg Maxwell u/nullc (CTO of Blockstream), Adam Back u/adam3us (CEO of Blockstream), and u/theymos (owner of r\bitcoin) all said that bigger blocks would be fine. Now they prefer to risk splitting the community & the network, instead of upgrading to bigger blocks. What happened to them?
https://np.reddit.com/btc/comments/5dtfld/previously_greg_maxwell_unullc_cto_of_blockstream/
"Even a year ago I said I though we could probably survive 2MB" - nullc
https://np.reddit.com/btc/comments/43mond/even_a_year_ago_i_said_i_though_we_could_probably/
Core/Blockstream supporters like to tiptoe around the facts a lot - hoping we won't pay attention to the fact that they're getting paid by a company like AXA, or hoping we'll get confused if Greg says that AXA isn't a bank but rather an insurance firm.
But the facts are the facts, whether AXA is an insurance giant or a bank:
  • AXA would be exposed as bankrupt in a world dominated by a "counterparty-free" asset class like Bitcoin.
  • AXA pays Greg's salary - and Greg is one of the major forces who has been actively attempting to block Bitcoin's on-chain scaling - and there's no way getting around the fact that artificially small blocksizes do lead to artificially low prices.
AXA kinda reminds me of AIG
If anyone here was paying attention when the cracks first started showing in the world fiat finance system around 2008, you may recall the name of another mega-insurance company, that was also one of the most connected finance companies in the world: AIG.
Falling Giant: A Case Study Of AIG
What was once the unthinkable occurred on September 16, 2008. On that date, the federal government gave the American International Group - better known as AIG (NYSE:AIG) - a bailout of $85 billion. In exchange, the U.S. government received nearly 80% of the firm's equity. For decades, AIG was the world's biggest insurer, a company known around the world for providing protection for individuals, companies and others. But in September, the company would have gone under if it were not for government assistance.
http://www.investopedia.com/articles/economics/09/american-investment-group-aig-bailout.asp
Why the Fed saved AIG and not Lehman
Bernanke did say he believed an AIG failure would be "catastrophic," and that the heavy use of derivatives made the AIG problem potentially more explosive.
An AIG failure, thanks to the firm's size and its vast web of trading partners, "would have triggered an intensification of the general run on international banking institutions," Bernanke said.
http://fortune.com/2010/09/02/why-the-fed-saved-aig-and-not-lehman/
Just like AIG, AXA is a "systemically important" finance company - one of the biggest insurance companies in the world.
And (like all major banks and insurance firms), AXA is drowning in worthless debt and bets (derivatives).
Most of AXA's balance sheet would go up in a puff of smoke if they actually did "mark-to-market" (ie, if they actually factored in the probability of the counterparties of their debts and bets actually coming through and paying AXA the full amount it says on the pretty little spreadsheets on everyone's computer screens).
In other words: Like most giant banks and insurers, AXA has mainly debt and bets. They rely on counterparties to pay them - maybe, someday, if the whole system doesn't go tits-up by then.
In other words: Like most giant banks and insurers, AXA does not hold the "private keys" to their so-called wealth :-)
So, like most giant multinational banks and insurers who spend all their time playing with debts and bets, AXA has been teetering on the edge of the abyss since 2008 - held together by chewing gum and paper clips and the miracle of Quantitative Easing - and also by all the clever accounting tricks that instantly become possible when money can go from being a gleam in a banker's eye to a pixel on a screen with just a few keystrokes - that wonderful world of "fantasy fiat" where central bankers ninja-mine billions of dollars in worthless paper and pixels into existence every month - and then for some reason every other month they have to hold a special "emergency central bankers meeting" to deal with the latest financial crisis du jour which "nobody could have seen coming".
AIG back in 2008 - much like AXA today - was another "systemically important" worldwide mega-insurance giant - with most of its net worth merely a pure fantasy on a spreadsheet and in a four-color annual report - glossing over the ugly reality that it's all based on toxic debts and derivatives which will never ever be paid off.
Mega-banks Mega-insurers like AXA are addicted to the never-ending "fantasy fiat" being injected into the casino of musical chairs involving bets upon bets upon bets upon bets upon bets - counterparty against counterparty against counterparty against counterparty - going 'round and 'round on the big beautiful carroussel where everyone is waiting on the next guy to pay up - and meanwhile everyone's cooking their books and sweeping their losses "under the rug", offshore or onto the taxpayers or into special-purpose vehicles - while the central banks keep printing up a trillion more here and a trillion more there in worthless debt-backed paper and pixels - while entire nations slowly sink into the toxic financial sludge of ever-increasing upayable debt and lower productivity and higher inflation, dragging down everyone's economies, enslaving everyone to increasing worktime and decreasing paychecks and unaffordable healthcare and education, corrupting our institutions and our leaders, distorting our investment and "capital allocation" decisions, inflating housing and healthcare and education beyond everyone's reach - and sending people off to die in endless wars to prop up the deadly failing Saudi-American oil-for-arms Petrodollar ninja-mined currency cartel.
In 2008, when the multinational insurance company AIG (along with their fellow gambling buddies at the multinational investment banks Bear Stearns and Lehmans) almost went down the drain due to all their toxic gambling debts, they also almost took the rest of the world with them.
And that's when the "core" dev team working for the miners central banks (the Fed, ECB, BoE, BoJ - who all report to the "central bank of central banks" BIS in Basel) - started cranking up their mining rigs printing presses and keyboards and pixels to the max, unilaterally manipulating the "issuance schedule" of their shitcoins and flooding the world with tens of trillions in their worthless phoney fiat to save their sorry asses after all their toxic debts and bad bets.
AXA is at the very rotten "core" of this system - like AIG, a "systemically important" (ie, "too big to fail") mega-gigantic multinational insurance company - a fantasy fiat finance firm quietly sitting at the rotten core of our current corrupt financial system, basically impacting everything and everybody on this planet.
The "masters of the universe" from AXA are the people who go to Davos every year wining and dining on lobster and champagne - part of that elite circle that prints up endless money which they hand out to their friends while they continue to enslave everyone else - and then of course they always turn around and tell us we can't have nice things like roads and schools and healthcare because "austerity". (But somehow we always can have plenty of wars and prisons and climate change and terrorism because for some weird reason our "leaders" seem to love creating disasters.)
The smart people at AXA are probably all having nightmares - and the smart people at all the other companies in that circle of "too-big-to-fail" "fantasy fiat finance firms" are probably also having nightmares - about the following very possible scenario:
If Bitcoin succeeds, debt-and-derivatives-dependent financial "giants" like AXA will probably be exposed as having been bankrupt this entire time.
All their debts and bets will be exposed as not being worth the paper and pixels they were printed on - and at that point, in a cryptocurrency world, the only real money in the world will be "counterparty-free" assets ie cryptocurrencies like Bitcoin - where all you need to hold is your own private keys - and you're not dependent on the next deadbeat debt-ridden fiat slave down the line coughing up to pay you.
Some of those people at AXA and the rest of that mafia are probably quietly buying - sad that they missed out when Bitcoin was only $10 or $100 - but happy they can still get it for $1000 while Blockstream continues to suppress the price - and who knows, what the hell, they might as well throw some of that juicy "banker's bonus" into Bitcoin now just in case it really does go to $1 million a coin someday - which it could easily do with just 32MB blocks, and no modifications to the code (ie, no SegWit, no BU, no nuthin', just a slowly growing blocksize supporting a price growing roughly proportional to the square of the blocksize - like Bitcoin always actually did before the economically illiterate devs at Blockstream imposed their centrally planned blocksize on our previously decentralized system).
Meanwhile, other people at AXA and other major finance firms might be taking a different tack: happy to see all the disinfo and discord being sown among the Bitcoin community like they've been doing since they were founded in late 2014 - buying out all the devs, dumbing down the community to the point where now even the CTO of Blockstream Greg Mawxell gets the whitepaper totally backwards.
Maybe Core/Blockstream's failure-to-scale is a feature not a bug - for companies like AXA.
After all, AXA - like most of the major banks in the Europe and the US - are now basically totally dependent on debt and derivatives to pretend they're not already bankrupt.
Maybe Blockstream's dead-end road-map (written up by none other than Greg Maxwell), which has been slowly strangling Bitcoin for over two years now - and which could ultimately destroy Bitcoin via the poison pill of Core/Blockstream's SegWit trojan horse - maybe all this never-ending history of obstrution and foot-dragging and lying and failure from Blockstream is actually a feature and not a bug, as far as AXA and their banking buddies are concerned.
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.
https://np.reddit.com/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.
https://np.reddit.com/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/
AXA has even invented some kind of "climate catastrophe" derivative - a bet where if the global warming destroys an entire region of the world, the "winner" gets paid.
Of course, derivatives would be something attractive to an insurance company - since basically most of their business is about making and taking bets.
So who knows - maybe AXA is "betting against" Bitcoin - and their little investment in the loser devs at Core/Blockstream is part of their strategy for "winning" that bet.
This trader's price & volume graph / model predicted that we should be over $10,000 USD/BTC by now. The model broke in late 2014 - when AXA-funded Blockstream was founded, and started spreading propaganda and crippleware, centrally imposing artificially tiny blocksize to suppress the volume & price.
https://np.reddit.com/btc/comments/5obe2m/this_traders_price_volume_graph_model_predicted/
"I'm angry about AXA scraping some counterfeit money out of their fraudulent empire to pay autistic lunatics millions of dollars to stall the biggest sociotechnological phenomenon since the internet and then blame me and people like me for being upset about it." ~ u/dresden_k
https://np.reddit.com/btc/comments/5xjkof/im_angry_about_axa_scraping_some_counterfeit/
Bitcoin can go to 10,000 USD with 4 MB blocks, so it will go to 10,000 USD with 4 MB blocks. All the censorship & shilling on r\bitcoin & fantasy fiat from AXA can't stop that. BitcoinCORE might STALL at 1,000 USD and 1 MB blocks, but BITCOIN will SCALE to 10,000 USD and 4 MB blocks - and beyond
https://np.reddit.com/btc/comments/5jgkxv/bitcoin_can_go_to_10000_usd_with_4_mb_blocks_so/
AXA/Blockstream are suppressing Bitcoin price at 1000 bits = 1 USD. If 1 bit = 1 USD, then Bitcoin's market cap would be 15 trillion USD - close to the 82 trillion USD of "money" in the world. With Bitcoin Unlimited, we can get to 1 bit = 1 USD on-chain with 32MB blocksize ("Million-Dollar Bitcoin")
https://www.reddit.com/btc/comments/5u72va/axablockstream_are_suppressing_bitcoin_price_at/
Anyways, people are noticing that it's a little... odd... the way Greg Maxwell seems to go to such lengths, in order to cover up the fact that bigger blocks have always correlated to higher price.
He seems to get very... uncomfortable... when people start pointing out that:
It sure looks like AXA is paying Greg Maxwell to suppress the Bitcoin price.
Greg Maxwell has now publicly confessed that he is engaging in deliberate market manipulation to artificially suppress Bitcoin adoption and price. He could be doing this so that he and his associates can continue to accumulate while the price is still low (1 BTC = $570, ie 1 USD can buy 1750 "bits")
https://np.reddit.com/btc/comments/4wgq48/greg_maxwell_has_now_publicly_confessed_that_he/
Why did Blockstream CTO u/nullc Greg Maxwell risk being exposed as a fraud, by lying about basic math? He tried to convince people that Bitcoin does not obey Metcalfe's Law (claiming that Bitcoin price & volume are not correlated, when they obviously are). Why is this lie so precious to him?
https://www.reddit.com/btc/comments/57dsgz/why_did_blockstream_cto_unullc_greg_maxwell_risk/
I don't know how a so-called Bitcoin dev can sleep at night knowing he's getting paid by fucking AXA - a company that would probably go bankrupt if Bitcoin becomes a major world currency.
Greg must have to go through some pretty complicated mental gymastics to justify in his mind what everyone else can see: he is a fucking sellout to one of the biggest fiat finance firms in the world - he's getting paid by (and defending) a company which would probably go bankrupt if Bitcoin ever achieved multi-trillion dollar market cap.
Greg is literally getting paid by the second-most-connected "systemically important" (ie, "too big to fail") finance firm in the world - which will probably go bankrupt if Bitcoin were ever to assume its rightful place as a major currency with total market cap measured in the tens of trillions of dollars, destroying most of the toxic sludge of debt and derivatives keeping a bank financial giant like AXA afloat.
And it may at first sound batshit crazy (until You Do The Math), but Bitcoin actually really could go to one-million-dollars-a-coin in the next 8 years or so - without SegWit or BU or anything else - simply by continuing with Satoshi's original 32MB built-in blocksize limit and continuing to let miners keep blocks as small as possible to satisfy demand while avoiding orphans - a power which they've had this whole friggin' time and which they've been managing very well thank you.
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
https://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/
Meanwhile Greg continues to work for Blockstream which is getting tens of millions of dollars from a company which would go bankrupt if Bitcoin were to actually scale on-chain to 32MB blocks and 1 million dollars per coin without all of Greg's meddling.
So Greg continues to get paid by AXA, spreading his ignorance about economics and his lies about Bitcoin on these forums.
In the end, who knows what Greg's motivations are, or AXA's motivations are.
But one thing we do know is this:
Satoshi didn't put Greg Maxwell or AXA in charge of deciding the blocksize.
The tricky part to understand about "one CPU, one vote" is that it does not mean there is some "pre-existing set of rules" which the miners somehow "enforce" (despite all the times when you hear some Core idiot using words like "consensus layer" or "enforcing the rules").
The tricky part about really understanding Bitcoin is this:
Hashpower doesn't just enforce the rules - hashpower makes the rules.
And if you think about it, this makes sense.
It's the only way Bitcoin actually could be decentralized.
It's kinda subtle - and it might be hard for someone to understand if they've been a slave to centralized authorities their whole life - but when we say that Bitcoin is "decentralized" then what it means is:
We all make the rules.
Because if hashpower doesn't make the rules - then you'd be right back where you started from, with some idiot like Greg Maxwell "making the rules" - or some corrupt too-big-to-fail bank debt-and-derivative-backed "fantasy fiat financial firm" like AXA making the rules - by buying out a dev team and telling us that that dev team "makes the rules".
But fortunately, Greg's opinions and ignorance and lies don't matter anymore.
Miners are waking up to the fact that they've always controlled the blocksize - and they always will control the blocksize - and there isn't a single goddamn thing Greg Maxwell or Blockstream or AXA can do to stop them from changing it - whether the miners end up using BU or Classic or BitcoinEC or they patch the code themselves.
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE?
https://np.reddit.com/btc/comments/5pcpec/the_debate_is_not_should_the_blocksize_be_1mb/
Core/Blockstream are now in the Kübler-Ross "Bargaining" phase - talking about "compromise". Sorry, but markets don't do "compromise". Markets do COMPETITION. Markets do winner-takes-all. The whitepaper doesn't talk about "compromise" - it says that 51% of the hashpower determines WHAT IS BITCOIN.
https://np.reddit.com/btc/comments/5y9qtg/coreblockstream_are_now_in_the_k%C3%BCblerross/
Clearing up Some Widespread Confusions about BU
Core deliberately provides software with a blocksize policy pre-baked in.
The ONLY thing BU-style software changes is that baking in. It refuses to bundle controversial blocksize policy in with the rest of the code it is offering. It unties the blocksize settings from the dev teams, so that you don't have to shop for both as a packaged unit.
The idea is that you can now have Core software security without having to submit to Core blocksize policy.
Running Core is like buying a Sony TV that only lets you watch Fox, because the other channels are locked away and you have to know how to solder a circuit board to see them. To change the channel, you as a layman would have to switch to a different TV made by some other manufacturer, who you may not think makes as reliable of TVs.
This is because Sony believes people should only ever watch Fox "because there are dangerous channels out there" or "because since everyone needs to watch the same channel, it is our job to decide what that channel is."
So the community is stuck with either watching Fox on their nice, reliable Sony TVs, or switching to all watching ABC on some more questionable TVs made by some new maker (like, in 2015 the XT team was the new maker and BIP101 was ABC).
BU (and now Classic and BitcoinEC) shatters that whole bizarre paradigm. BU is a TV that lets you tune to any channel you want, at your own risk.
The community is free to converge on any channel it wants to, and since everyone in this analogy wants to watch the same channel they will coordinate to find one.
https://np.reddit.com/btc/comments/602vsy/clearing_up_some_widespread_confusions_about_bu/
Adjustable blocksize cap (ABC) is dangerous? The blocksize cap has always been user-adjustable. Core just has a really shitty inferface for it.
What does it tell you that Core and its supporters are up in arms about a change that merely makes something more convenient for users and couldn't be prevented from happening anyway? Attacking the adjustable blocksize feature in BU and Classic as "dangerous" is a kind of trap, as it is an implicit admission that Bitcoin was being protected only by a small barrier of inconvenience, and a completely temporary one at that. If this was such a "danger" or such a vector for an "attack," how come we never heard about it before?
Even if we accept the improbable premise that inconvenience is the great bastion holding Bitcoin together and the paternalistic premise that stakeholders need to be fed consensus using a spoon of inconvenience, we still must ask, who shall do the spoonfeeding?
Core accepts these two amazing premises and further declares that Core alone shall be allowed to do the spoonfeeding. Or rather, if you really want to you can be spoonfed by other implementation clients like libbitcoin and btcd as long as they are all feeding you the same stances on controversial consensus settings as Core does.
It is high time the community see central planning and abuse of power for what it is, and reject both:
  • Throw off central planning by removing petty "inconvenience walls" (such as baked-in, dev-recommended blocksize caps) that interfere with stakeholders coordinating choices amongst themselves on controversial matters ...
  • Make such abuse of power impossible by encouraging many competing implementations to grow and blossom
https://np.reddit.com/btc/comments/617gf9/adjustable_blocksize_cap_abc_is_dangerous_the/
So it's time for Blockstream CTO Greg Maxwell u/nullc to get over his delusions of grandeur - and to admit he's just another dev, with just another opinion.
He also needs to look in the mirror and search his soul and confront the sad reality that he's basically turned into a sellout working for a shitty startup getting paid by the 5th (or 4th or 2nd) "most connected", "systemically important", "too-big-to-fail", debt-and-derivative-dependent multinational bank mega-insurance giant in the world AXA - a major fiat firm firm which is terrified of going bankrupt just like that other mega-insurnace firm AIG already almost did before the Fed rescued them in 2008 - a fiat finance firm which is probably very conflicted about Bitcoin, at the very least.
Blockstream CTO Greg Maxwell is getting paid by the most systemically important bank mega-insurance giant in the world, sitting at the rotten "core" of the our civilization's corrupt, dying fiat cartel.
Blockstream CTO Greg Maxwell is getting paid by a mega-bank mega-insurance company that will probably go bankrupt if and when Bitcoin ever gets a multi-trillion dollar market cap, which it can easily do with just 32MB blocks and no code changes at all from clueless meddling devs like him.
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