A Complete Guide to the MultiBit Bitcoin Wallet - Bitzuma

HODLer holding no more - This time it really looks different

Long time hodler here. Won't post my wallet address but click on the imgur link and you can see on the screenshot I took when I started hodling. Back when MultiBit wasn't even MultiBit HD and Peercoin was still a thing.
Alas, with the drop in price, this week I'm giving up on Bitcoin. Maybe not forever, but for an year or two, in case things change.
Here's my reasoning, I post it here in the hopes someone can prove me wrong. As they say on UFO, "I want to believe"
Reason #1 - This time adoption is actually falling
Back in the day, Microsoft started accepting BTC. Then Expedia, Steam... Now they are all bailing out. People will tell me about lightning, what brings us to...
Reason #2 - This time the tech is not going forward.
Don't get me wrong, I know that in theory (and even in testnet) Lightning seems to work perfectly but that's not where my bitcoins are. My bitcoins are on mainnet, a place where devolpment has stalled, objectively speaking. Segwit adoption hasn't even broken 50% and the most known wallets are not using it (BRD, which used to be called bread wallet, blockchain.info, etc.) and lightning is far more complex than segwit. The programming of watch towers alone for Christ sake, is more complex than implementing segwit 5 times over.
Reason #3 - There are no newbies left to be converted.
Back in 2013, even if the price fell 90%, it didn't matter much. Because most people hadn't heard about it. Now, everyone and their uncle are aware that bitcoin exists and that it went all the way up to $20,000 and now it's down to $6,500. It is far easier to convince someone who does not know anything about bitcoin to use it than it is to convince someone who lost 60% of what they invested in this "internet money" to come back and give it another chance. If you ever find yourself divorced, would you rather find a new girl or go back to your ex, whom you can't even think about without feeling a sour taste in your tongue?
Reason #4 - The competition will be hard to beat.
Back in 2012, you could tell your friends about this "magical" thing that was sending someone money over the internet, with the click of a button. Now we have apple pay and NFC. Even with Lightning, I find it hard to believe that bitcoin will ever be less cumbersome than the methods of payment we have now.
Reason #5 - Even if the price goes back up, the network is still broken.
I hate to side with Bcash supporters but the truth is Bitcoin "classic", BTC, is still now ready to be used by everybody. Even if, by some unkown reason, we get everyone we had in December '17 back and the price goes all the way up to $20,000, fees will be the same they were back then. It's still taboo to talk about a reasonable block size increase. Do you remember when it cost $20 to send a transaction? That's still the case if bitcoin gains adoption. I mean, we may get it down to $16 with batching and 37% of the wallets using Segwit but the problem is NOT solved and lightning as a fix is at least 5 years away.
Reason #6 - The speculation money is all on ICOs.
If we have no widespread adoption we have to rely on speculators to drive prices up. Back in 2013 we had them on board. Now they're gone, there is no easy money to be made in BTC. And there will never be a CryptoKitties that will make you rich overnight. Bitcoin is just too old to be a talented child that can join the Jackson Five and still to young to play with KISS. It's a teenager that is too embarassed to go to school with mom but too young to drive.
Reason #7 - We can't buy and can't mine anymore
In theory we can, of course. But I still remember 2013 when I bought one whole bitcoin every month, with what was left from my salary. Now I can't even buy 0,1 BTC with the same money. And I can't mine either. Back than if you didn't have any money you could get BTC that way. Now... It's too expensive to be bought and too cheap to be sold. Maybe that's why we call ourselves HODLERS. Holding is all one can do now.
Reason #8 - It's not "my club" anymore
From time to time I still check Satoshi's profile on bitcointalk.org. And Gavin Andresen's blog. And Mike Hearn's. Now they're gone. One can't help but feel old. I know this is not a logical reason to give up on bitcoin but still... I feel like the guy who's still trying to hook up with the cheerleader from high school while all of my friends have moved on...
I know it's an old cliché. But this time, it really looks different.
submitted by elverino to Bitcoin [link] [comments]

Bounty: 1.5 Million DOGE for the first person to create an electrum equivalent for dogecoin.

Houston, we have a problem.
The current dogechain over 1.4gb in size. This is incredibly bloated.
As time goes on, the size of the blockchain will only continue to increase, making sync times longer. Long sync times are bad because they may scare off newcomers who may need to download for hours or days before using dogecoin.
For obvious reasons, this is very bad.
Bitcoin has solved this problem by creating electrum and multibit, which are wallets that stores the blockchain online, but the wallet data locally. This allows for very small wallet sizes, with all the security features of having a local wallet.
We must do the same thing.
We have therefore decided to offer millions of dogecoins for anyone that can create an electrum equivalent for dogecoin.
If any shibes wants to help increase the size of this bounty, please donate to DMxCwo7qJphRVeC6pHcoDHaizk55pg6iNt . This address will only ever be used for the pot. Please do not tip me directly, because I need to keep track of money meant for me vs. money meant for pot.
tl;dr: Wow. Downlod much difficult. Hueg fil. need fix 2 get 2 moon. Such payment 4 fix. Such gud 4 new shibe. Bark bark.
 . 
Current Pot Size: Zero. Bounty has been paid out. See this for history
Note: I only control a portion of the total size of the pot. The rest are by individuals who have promised to give directly.
Much Generous Shibes who have contributed to the Pot:
Tuxedage, [-wolong-] (1m, give directly), thatslifeon (0.5m, give directly). tohaz (0.5m, GD) Shibe_Tabsa @ Teamdoge. mljsimone @ Hashdogs, Keebler64 , McPingvin, TheDoctor , need4doge , ummjackson, Faxon, UltraHR, UnsureSherlock, cpt_merica
Please message me with your name and donation amount if you want to get on this list.
 . . 
IMPORTANT ANNOUNCEMENTS -- If you are working on this project, please check here for important updates every few days

1: I see a lot of people tipping. I've already said this once, but I'll say it again. Please don't tip if your intention is to add to the pot. Send directly. I bear no responsibility if your funds are misplaced or accidentally lost.

2: I am now aware that an android wallet exists. Although I thought it was obvious from context, let me reaffirm this: I would like a wallet that works on Windows/Mac/Linux, and has an easy to use installer, rather than necessitating some kind of android emulator to port it over to a computer. It must be newbie friendly.

#3: Langer_hans has brought up a valid point -- the current phrasing of the thread is dangerous because it encourages bad, but quick submissions, as only the "first person" gets the bounty. I am proposing changing the system; users will vote on which wallet they like best. The one with the most votes will get the bounty instead. This should encourage people to actually make good quality submissions, and also to collaborate. What do you guys think?

4: 15th of February is the final deadline for wallet entree submissions. Please message me with FULL DETAILS (including name, download information, website, user guide, other info, and so on) of your wallet to submit. Users will then get 1 week to try out different wallets and form an opinion of them. A week later, I will open up a poll for voting on which wallet is the best. Whichever wallet gets the most votes will obtain the prizepool. About 400k of the pot will be reserved for consolidation prizes, to be distributed at discretion. (So that shibes who didn't win won't feel sad).

*#5: Due to exogenous circumstances, competition will start on the 19th Feb as opposed to 15th. Sorry for the delay. *
** #6: VOTING IS OPEN. http://www.reddit.com/dogecoin/comments/1yhf5c/the_dogecoin_lite_wallets_are_complete_vote_now/ **
If you need to contact me urgently, please go to the dogecoin IRC -- #dogecoin @ irc.freenode.net and message me.
 . 
List of Submissions
If you do not see your name or entree on here within 48 hours of messaging me, please message me again until I add it.
Final Update:
Given the incredibly close results of the poll, the Developers and I have privately discussed how best to distribute the bounty. They have mutually agreed to a 50-50 split. The bounty has been paid out. Cheers.
People who have pledged to directly donate to the developers, please message me. Thank you
submitted by Tuxedage to dogecoin [link] [comments]

MoneroBank a Light wallet for Monero

I have appreciated light wallet like Electrum and Multibit for Bitcoin since download the whole blockchain is an annoying and resource wasting process. So 8 months ago I have started to work on an alternative wallet based on Multibit approach for Monero: "MoneroBank" an easy to use Java GUI wallet for Monero aimed to give best user experience even for not geeky people.
Main features:
-lightweight, no need to download the whole blockchain locally
-no need use of command lines;
-multiplatform;
-fast;
-contacts list;
-charts and statistics;
-double private key encryption;
-tor proxy support;
No additional fees to the standard Monero fee the service will be mantained only with donations. In future will be developed even a mobile version for Android(certainly) and iOS (if some other developer wants to help).
The project is under heavy development however the desktop version is almost completed and source and binaries will be uploaded in coming months at this link: https://github.com/PaulNoMoneroBank
To support the project you can donate XMR to: "no more donation address for your joy"
your help would be greatly appreciated
To contact me for collaboration you can send me a private message on Bitcointalk. https://bitcointalk.org/index.php?topic=1816668.new#new For suggestion or feature request reply to this thread. Imgur
Thanks.
EDIT
The lack of respect of Monero community in less than a day was be able to irritate me to the point that the whole project will be migrated to an alternative Cryptonote based cryptocurrency, no more donation address. Sorry but the community is important for a cryptocurrency and I don't want to have nothing to do with a bunch of angry troll who spread shit on people that try to give their free contribute. I have invited people to contact me for collaboration, nobody have tried to write me a single private message to ask for details to see how can join this project all what I have received is below in this thread. There are no words to express how I'm disappointed.
submitted by PaulNorX to Monero [link] [comments]

PSA: Clearing up some misconceptions about full nodes

It's time to clear up some misconceptions floating around about full nodes.
Myth: There are only about 5500 full nodes worldwide
This number comes from this site and it measured by trying to probe every nodes on their open ports.
Problem is, not all nodes actually have open ports that can be probed. Either because they are behind firewalls or because their users have configured them to not listen for connections.
Nobody knows how many full nodes there are, since many people don't know how to forward ports behind a firewall, and bandwidth can be costly, its quite likely that the number of nodes with closed ports is at least another several thousand.
Nodes with open ports are able to upload blocks to new full nodes. In all other ways they are the same as nodes with closed ports. But because open-port-nodes can be measured and closed-port-nodes cannot, some members of the bitcoin community have been mistaken into believing that open-port-nodes are that matters.
Myth: This number of nodes matters and/or is too low.
Nodes with open ports are useful to the bitcoin network because they help bootstrap new nodes by uploading historical blocks, they are a measure of bandwidth capacity. Right now there is no shortage of bandwidth capacity, and if there was it could be easily added by renting cloud servers.
The problem is not bandwidth or connections, but trust, security and privacy. Let me explain.
Full nodes are able to check that all of bitcoin's rules are being followed. Rules like following the inflation schedule, no double spending, no spending of coins that don't belong to the holder of the private key and all the other rules required to make bitcoin work (e.g. difficulty)
Full nodes are what make bitcoin trustless. No longer do you have to trust a financial institution like a bank or paypal, you can simply run software on your own computer. To put simply, the only node that matters is the one you use
Myth: There is no incentive to run nodes, the network relies on altruism
It is very much in the individual bitcoin's users rational self interest to run a full node and use it as their wallet.
Using a full node as your wallet is the only way to know for sure that none of bitcoin's rules have been broken. Rules like no coins were spent not belonging to the owner, that no coins were spent twice, that no inflation happens outside of the schedule and that all the rules needed to make the system work are followed (e.g. difficulty.) All other kinds of wallet involve trusting a third party server.
All these checks done by full nodes also increase the security. There are many attacks possible against lightweight wallets that do not affect full node wallets.
This is not just mindless paranoia, there have been real world examples where full node users were unaffected by turmoil in the rest of the bitcoin ecosystem. The 4th July 2015 accidental chain fork effected many kinds of wallets. Here is the wiki page on this event https://en.bitcoin.it/wiki/July_2015_chain_forks#Wallet_Advice
Notice how updated node software was completely unaffected by the fork. All other wallets required either extra confirmations or checking that the third-party institution was running the correct version.
Full nodes wallets are also currently the most private way to use Bitcoin, with nobody else learning which bitcoin addresses belong to you. All other lightweight wallets leak information about which addresses are yours because they must query third-party servers. The Electrum servers will know which addresses belong to you and can link them together. Despite bloom filtering, lightweight wallets based on BitcoinJ do not provide much privacy against nodes who connected directly to the wallet or wiretappers.
For many use cases, such privacy may not be required. But an important reason to run a full node and use it as a wallet is to get the full privacy benefits.
Myth: I can just set up a node on a cloud server instance and leave it
To get the benefits of running a full node, you must use it as your wallet, preferably on hardware you control.
Most people who do this do not use a full node as their wallet. Unfortunately because Bitcoin has a similar name to Bittorrent, some people believe that upload capacity is the most important thing for a healthy network. As I've explained above: bandwidth and connections are not a problem today, trust, security and privacy are.
Myth: Running a full node is not recommended, most people should use a lightweight client
This was common advice in 2012, but since then the full node software has vastly improved in terms of user experience.
If you cannot spare the disk space to store the blockchain, you can enable pruning. In Bitcoin Core 0.12, pruning being enabled will leave the wallet enabled. Altogether this should require less than 900MB of hard disk space.
If you cannot spare the bandwidth to upload blocks to other nodes, there are number of options to reduce or eliminate the bandwidth requirement. These include limiting connections, bandwidth targetting and disabling listening. Bitcoin Core 0.12 has the new option -blocksonly, where the node will not download unconfirmed transaction and only download new blocks. This more than halves the bandwidth usage at the expense of not seeing unconfirmed transactions.
Synchronizing the blockchain for a new node has improved since 2012 too. Features like headers-first and libsecp256k1 have greatly improved the initial synchronization time.
It can be further improved by setting -dbcache=3000 which keeps more of the UTXO set in memory. It reduces the amount of time reading from disk and therefore speeds up synchronization. Tests showed that the entire blockchain can now be synchronized in less than 3 and a half hours (Note that you'll need Bitcoin Core 0.12 or later to get all these efficiency improvements) Another example with 2h 25m
How to run a full node as your wallet.
I think every moderate user of bitcoin would benefit by running a full node and using it as their wallet. There are several ways to do this.
So what are you waiting for? The benefits are many, the downsides are not that bad. The more people do this, the more robust and healthy the bitcoin ecosystem is.
Further reading: http://www.truthcoin.info/blog/measuring-decentralization/
submitted by belcher_ to Bitcoin [link] [comments]

Secure paper wallet tutorial

This is my handout for paranoid people who want a way to store bitcoin safely. It requires a little work, but this is the method I use because it should be resistant to risks associated with:
  1. Bad random number generators
  2. Malicious or flawed software
  3. Hacked computers
If you want a method that is less secure but easier, skip to the bottom of this post.
The Secure Method
  1. Download bitaddress.org. (Try going to the website and pressing "ctrl+s")
  2. Put the bitaddress.org file on a computer with an operating system that has not interacted with the internet much or at all. The computer should not be hooked up to the internet when you do this. You could put the bitaddress file on a USB stick, and then turn off your computer, unplug the internet, and boot it up using a boot-from-CD copy of linux (Ubuntu or Mint for example). This prevents any mal-ware you may have accumulated from running and capturing your keystrokes. I use an old android smart phone that I have done a factory reset on. It has no sim-card and does not have the password to my home wifi. Also the phone wifi is turned off. If you are using a fresh operating system, and do not have a connection to the internet, then your private key will probably not escape the computer.
  3. Roll a die 62 times and write down the sequence of numbers. This gives you 2160 possible outcomes, which is the maximum that Bitcoin supports.
  4. Run bitaddress.org from your offline computer. Input the sequence of numbers from the die rolls into the "Brain Wallet" tab. By providing your own source of randomness, you do not have to worry that the random number generator used by your computer is too weak. I'm looking at you, NSA ಠ_ಠ
  5. Brain Wallet tab creates a private key and address.
  6. Write down the address and private key by hand or print them on a dumb printer. (Dumb printer means not the one at your office with the hard drive. Maybe not the 4 in 1 printer that scans and faxes and makes waffles.) If you hand copy them you may want to hand copy more than one format. (WIF and HEX). If you are crazy and are storing your life savings in Bitcoin, and you hand copy the private key, do a double-check by typing the private key back into the tool on the "Wallet Details" tab and confirm that it recreates the same public address.
  7. Load your paper wallet by sending your bitcoin to the public address. You can do this as many times as you like.
  8. You can view the current balance of your paper wallet by typing the public address into the search box at blockchain.info
  9. If you are using an old cell phone or tablet do a factory reset when you are finished so that the memory of the private keys is destroyed. If you are using a computer with a boot-from-CD copy of linux, I think you can just power down the computer and the private keys will be gone. (Maybe someone can confirm for me that the private keys would not be able to be cached by bitaddress?)
  10. To spend your paper wallet, you will need to either create an offline transaction, or import the private key into a hot wallet. Creating an offline transaction is dangerous if you don't know what you are doing. Importing to a client side wallet like Bitcoin-Qt, Electrum, MultiBit or Armory is a good idea. You can also import to an online wallet such as Blockchain.info or Coinbase.
Trusting bitaddress.org
The only thing you need bitaddress.org to do is to honestly convert the brainwallet passphrase into the corresponding private key and address. You can verify that it is doing this honestly by running several test passphrases through the copy of bitaddress that you plan on using, and several other brainwallet generators. For example, you could use the online version of bitaddress, and brainwallet and safepaperwallet and bitcoinpaperwallet. If you are fancy with the linux command line, you can also try "echo -n my_die_rolls | sha256sum". The linux operating system should reply with the same private key that bitaddress makes. This protects you from a malicious paper wallet generator.
Trusting your copy of bitaddress.org
Bitaddress publishes the sha1 hash of the bitaddress.org website at this location:
https://www.bitaddress.org/pgpsignedmsg.txt
The message is signed by the creator, pointbiz. I found his PGP fingerprint here:
https://github.com/pointbiz/bitaddress.org/issues/18
"527B 5C82 B1F6 B2DB 72A0 ECBF 8749 7B91 6397 4F5A"
With this fingerprint, you can authenticate the signed message, which gives you the hash of the current bitaddress.org file. Then you can hash your copy of the file and authenticate the file.
I do not have a way to authenticate the fingerprint itself, sorry. According to the website I linked to, git has cryptographic traceability that would enable a person to do some research and authenticate the fingerprint. If you want to go that far, knock yourself out. I think that the techniques described in this document do not really rely on bitaddress being un-corrupt. Anyway, how do we know pointbiz is a good guy? ;-)
There are a lot of skilled eyes watching bitaddress.org and the signed sha1 hash. To gain the most benefit from all of those eyes, it's probably worthwhile to check your copy by hashing it and comparing to the published hash.
"But we aren't supposed to use brainwallets"
You are not supposed to use brainwallets that have predictable passphrases. People think they are pretty clever about how they pick their passphrases, but a lot of bitcoins have been stolen because people tend to come up with similar ideas. If you let dice generate the passphrase, then it is totally random, and you just need to make sure to roll enough times.
How to avoid spending your life rolling dice
When I first started doing this, I rolled a die 62 times for each private key. This is not necessary. You can simply roll the die 62 times and keep the sequence of 62 numbers as a "seed". The first paper address you create would use "my die rolls-1" as the passphrase, the second would be "my die rolls-2" and so on. This is safe because SHA256 prevents any computable relationship between the resulting private key family.
Of course this has a certain bad security scenario -- if anyone obtains the seed they can reconstruct all of your paper wallets. So this is not for everyone! On the other hand, it also means that if you happen to lose one of your paper wallets, you could reconstruct it so long as you still had the seed.
One way to reduce this risk is to add an easy to remember password like this: "my die rolls-password-1".
If you prefer, you can use a technique called diceware to convert your die rolls to words that still contain the same quantity of entropy, but which could be easier to work with. I don't use diceware because it's another piece of software that I have to trust, and I'm just copy/pasting my high entropy seed, so I don't care about how ugly it is.
Why not input the dice as a Base 6 private key on the Wallet Details tab?
Two reasons. First of all, this option requires that you roll the die 99 times, but you do not get meaningful additional protection by rolling more than 62 times. Why roll more times if you don't have to? Second, I use the "high entropy seed" method to generate multiple private keys from the same die rolls. Using the Base 6 option would require rolling 99 times for every private key.
I'm a big nerd with exotic dice. How many times to roll?
Put this formula in Excel to get the number of times to roll: "=160*LOG(2,f)" where f = number of faces on the die. For example, you would roll a d16 40 times. By the way, somewhat unbelievably casino dice are more fair than ordinary dice
The "Change address" problem:
You should understand change addresses because some people have accidentally lost money by not understanding it.
Imagine your paper wallet is a 10 dollar bill. You use it to buy a candy bar. To do this you give the cashier the entire 10 dollar bill. They keep 1 dollar and give you 9 dollars back as change.
With Bitcoin, you have to explicitly say that you want 9 dollars back, and you have to provide an address where it should go to. If you just hand over the 10 dollar bill, and don't say you want 9 dollars back, then the miner who processes the transaction gives 1 dollar to the store and keeps the remainder themselves.
Wallet software like Bitcoin-Qt handles this automatically for you. They automatically make "change addresses" and they automatically construct transactions that make the change go to the change address.
There are three ways I know of that the change problem can bite you:
  1. You generate a raw transaction by hand, and screw up. If you are generating a transaction "by hand" with a raw transaction editor, you need to be extra careful that your outputs add up to the same number as your inputs. Otherwise, the very lucky miner who puts your transaction in a block will keep the difference.
  2. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the paper wallet. The change is not in the paper wallet. It is in a change address that the wallet software generated. That means that if you lose your wallet.dat file you will lose all the change. The paper wallet is empty.
  3. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the change address that the wallet software generated. If the transaction did not need to consume all of the "outputs" used to fund the paper wallet, then there could be some unspent outputs still located at the address of the paper wallet. If you destroyed the paper wallet, and destroyed the copy of the private key imported to the wallet software, then you could not access this money. (E.g. if you restored the software wallet from its seed, thinking all of the money was moved to the wallet-generated change addresses.)
For more on this, see here
The hot paper wallet problem
Your bitcoin in your paper wallet are secure, so long as the piece of paper is secure, until you go to spend it. When you spend it, you put the private key onto a computer that is connected to the internet. At this point you must regard your paper wallet address as hot because the computer you used may have been compromised. It now provides much less protection against theft of your coins. If you need the level of protection that a cold paper wallet provides, you need to create a new one and send your coins to it.
Destroying your paper wallet address
Do not destroy the only copy of a private key without verifying that there is no money at that address. Your client may have sent change to your paper wallet address without you realizing it. Your client may have not consumed all of the unspent outputs available at the paper wallet address. You can go to blockchain.info and type the public address into the search window to see the current balance. I don't bother destroying my used/empty paper wallet addresses. I just file them away.
Encrypting your private key
BIP 0038 describes a standardized way to encrypt your paper wallet private key. A normal paper wallet is vulnerable because if anyone sees the private key they can take the coins. The BIP38 protocol is even resistant to brute force attacks because it uses a memory intensive encryption algorithm called scrypt. If you want to encrypt your wallets using BIP38, I recommend that you use bitcoinpaperwallet because they will let you type in your own private key and will encrypt it for you. As with bitaddress, for high security you should only use a local copy of this website on a computer that will never get connected to the internet.
Splitting your private key
Another option for protecting the private key is to convert it into multiple fragments that must be brought together. This method allows you to store pieces of your key with separate people in separate locations. It can be set up so that you can reconstitute the private key when you have any 2 out of the 3 fragments. This technique is called Shamir's Secret Sharing. I have not tried this technique, but you may find it valuable. You could try using this website http://passguardian.com/ which will help you split up a key. As before, you should do this on an offline computer. Keep in mind if you use this service that you are trusting it to work properly. It would be good to find other independently created tools that could be used to validate the operation of passguardian. Personally, I would be nervous destroying the only copy of a private key and relying entirely on the fragments generated by the website.
Looks like Bitaddress has an implementation of Shamir's Secret Sharing now under the "Split Wallet" tab. However it would appear that you cannot provide your own key for this, so you would have to trust bitaddress.
Durable Media
Pay attention to the media you use to record your paper wallet. Some kinds of ink fade, some kinds of paper disintegrate. Moisture and heat are your enemies.
In addition to keeping copies of my paper wallet addresses I did the following:
  1. Order a set of numeric metal stamps. ($10)
  2. Buy a square galvanized steel outlet cover from the hardware store ($1)
  3. Buy a sledgehammer from the hardware store
  4. Write the die rolls on the steel plate using a sharpie
  5. Use the hammer to stamp the metal. Do all the 1's, then all the 2's etc. Please use eye protection, as metal stamp may emit sparks or fly unexpectedly across the garage. :-)
  6. Use nail polish remover to erase the sharpie
Electrum
If you trust electrum you might try running it on an offline computer, and having it generate a series of private keys from a seed. I don't have experience with this software, but it sounds like there are some slick possibilities there that could save you time if you are working with a lot of addresses.
Message to the downvoters
I would appreciate it if you would comment, so that I can learn from your opinion. Thanks!
The Easy Method
This method is probably suitable for small quantities of bitcoin. I would not trust it for life-altering sums of money.
  1. Download the bitaddress.org website to your hard drive.
  2. Close your browser
  3. Disconnect from the internet
  4. Open the bitaddress.org website from your hard drive.
  5. Print a paper wallet on your printer
  6. Close your browser
submitted by moral_agent to BitcoinWallet [link] [comments]

OHCC Exchange Partnership and the fractional exchanges that support it. Your exchange may be counterfeiting cryptocurrency!

OHCC Exchange Partnership
OHCC is the behind-the-scenes trading that goes on between the big three chinese exchanges - OKCoin, Huobi, and BTC China. Many of the players in this partnership deal with long/short loan trading and freely join their reserves via a trust agreement. The owners of these exchanges were unsatisfied with the meager income they earn from transaction fees, so they came up with a solution. During this current Chinese National holiday til the 8th of october, all banks are closed, this would be the perfect time to unleash the plan to the market..
They noticed that everytime favorable news came out, huge market moves would happen, so, the exchange owners would create counterfeit fiat on each exchange in order to foster optimism about the future market for the buyers on the exchange. Whenever the markets were to go bad, they would to do the opposite. In order to amplify downwards movement on the exchanges, “war bots” were created that push the markets down in an aggressive manner, causing margin calls and generating profit for their trading partners.
http://i.imgur.com/9Q0xTet.png
Employing traders with large fractional reserves, OHCC uses these fictitious funds in order to garner more real money deposits via leading recharge code sellers. In order to prevent the loss of the counterfeited currency, collusion between exchange owners must be done at the same moment. BTCChina decided that due to losses of funds in the past caused by bad encryption and bugs in the system, they needed to partner together and now think that the best hope to regain funds is to bring the price down to zero, in order to buy as much coin as possible and refill said reserves. Their counterparties in other exchanges agreed that they will aso use the same means, in order to collude and gain profits on their own reserve accounts. It is made to look that everyone is competing on the surface, but in private there is a mutual understanding within the industry that those who remain silent will receive the benefits of silence.
Yesterday's Litecoin crash, combined between all the exchanges had turnovers as high as 20 million coins moved, way more than the sum of all the transactions made within the past week and the day before the transaction currency trading market volume closed at 35 million LTC, while the total LTC in circulation is only 31 million! This means that regardless of how much money you have to buy the dips, many will be put into the bottomless black hole.
Public reserve is intended to ensure that the exchanges cannot fake these funds and ensure that that each is at 100 percent reserve, which is to have a completely open Bitcoin wallet address for both the cold and hot wallet, to ensure that they do not create counterfeited currency.
Not open exchange reserves
Yes, the above story is happening around us. Many players excessive dependence on trading platform, the coins stored in the platform, and trading platform does not fulfill its obligations disclosed reserves. Caused a trading platform for profit making counterfeit money to manipulate the market and malicious trick users into real money.
So, how should users involved in this market protect themselves?
1) Do not store in Bitcoin and other platforms! If you're long-term bullish market, then Bitcoin, and Litecoin should be stored in their wallet. Some platforms will be committed borrowing interest, do not because of the platform for the petty and the coins and other bits on the platform, and finally you get the benefits far outweigh the losses!
You just put the coins and other bits emerged, the trading platform will mention now facing pressure. Such power can be reduced more or less of them false.
OpenBlock
MultiBit
2) Use legal weapons to protect themselves, and urge the public to prepare gold trading platform. If you feel your rights have been infringed, the user should actively protect their legitimate rights and interests with legal weapons. False trading trading platform is an offense, the player must zero tolerance.
3) Vote with their feet, leaving no open exchange reserves, to publicly exchange reserves to deal. Now open reserve all transactions:
chbtc
796 Futures has a open reserve for both hot and cold wallet as well as all member wallets
Peatio
No public exchange reserves should be open as soon as possible to prepare gold proved reserves include the number of hosted prove cold wallet address and user renminbi. You must ensure that the trader is not real money in exchange for false then the exchange of digital databases.
The method proved reserves See: proof-of-solvency
Ending OHCC Exchange
http://i.imgur.com/njub1Nr.jpg
The largest Bitcoin exchange MTGOX previously collapsed with bankruptcy and no funds for partners seem to be recoverable. With their collapse the crazy behavior of the Willy bot still vivid in our memories. So what will be the final outcome of OHCC exchange? Will OHCC Exchange will become the second MTGOX? To be honest, the editors do not know the fate of the players involved, as it is in their own hands.
submitted by trixisowned to BitcoinMarkets [link] [comments]

Getting Started

Hello! Welcome to our awesome /Dogecoin community!
Here you can find very useful information about Dogecoin, Cryptocurrency and more!
Let's start from the beginning.
What is cryptocurrency?
Probably you know Bitcoin, Litecoin, and Dogecoin they are cryptocurrencies. Cryptocurrency is a blockchain-based digital asset that uses cryptography to secure its transactions.
How to start?
Here is a list of things:
Wallet
Why? You need to store your dogecoins somewhere.
Types of wallets:
Paper wallet
*Instruction: *
Step 0. Follow the security checklist recommend
The first! The first step is to download this website from Github and open the index.html file directly from your computer. It's just too easy to sneak some evil code in the 6000+ lines of javascript to leak your private key, and you don't want to see your fund stolen. Code version makes make it much easier to cross-check what actuallrunruns. For extra security, unplug your Internet access while generating your wallet.
Step 1. Generate new address
Choose your currency and click on the "Generate new address" button.
Step 2. Print the Paper Wallet
Click the Paper Wallet tab and print the high-quality quality setting. Never save the page as a PDF file to print it later since a file is more likely to be hacked than a piece of paper.
Step 3. Fold the Paper Wallet
Fold your new Paper wallet following the lines. You can insert one side inside the other to lock the wallet.
Step 4. Share your public address
Use your public address to receive money from other crypto-currency users. You can share your public address as much as you want.
Step 5. Keep your private key secret
The private key is literally the keys to your coins, if someone was to obtain it, they could withdraw the funds currently in the wallet, and any funds that might be deposited in that wallet.
Light Wallet
WoWdoge
Recommended
About:
WowDoge is a lightweight Doge Coin Wallet designed to end the frustrating waiting time downloading gigabytes blockchain! It was created with the intent and success of being exceedingly end-user friendly with a smooth interface. It's uncomplicated and easy to use, allowing fellow shibes to focus on what's important: TO THE MOON! New features will be added upon request! WowDoge is the free and open source! (MIT license)
Download: Windows
OSX
LINUX(.jar)
MultiDoge
About:
MultiDoge is a desktop Dogecoin client, powered by dogecoin. Ported from the MultiBit Bitcoin client. MultiDoge is a thin client Dogecoin wallet. It's a port of the MultiBit client for Bitcoin. The app is based on Dogecoin, which in turn is a port of BitCoinJ. You can find DogecoinJ at google. Langerhans posted all the needed changes for Dogecoin compatibility over. This program uses a special branch of it, which can be found at MultiDoge website.
Core Wallet Official Dogecoin Wallet
Download:
Windows
Linux
OSX
About
Cloud Wallet
Let me don't comment this
Mining
What do you need?
Ideally – cheap electricity and a bunch of graphics cards.
However, you can start mining Dogecoins even using a single PC. You can also mine without using a graphics card, although the progress will be slower. Mining for coins shouldn’t affect the performance of your computer on the default settings since it will only use computing or graphics power when the system is idle.
Mining for coins on a laptop is usually not worth it since it’s not powered on 24/7, the CPU/GPU power is lower, and there is a greater chance of stressing out the chips on the laptop since they’re usually packed into a tighter space, and consequently at more risk of overheating. But if you just want to mine a little bit to get a few coins to play around with, it can do the job.
How to start? Download CUDA miner and fill info inside the window.
MORE SOON! Leave a comment with questions and ideas
You know ;) DU8qXjqCQ4fkNXg2Pxw4KXYMMMXNQxpybE
submitted by mrcyjanek_ to dogecoin [link] [comments]

I think I just lost 90BTC! Are they stolen?? Help!!!

Here's my wallet: https://blockchain.info/address/1781pfQvte9o9NsHwtgiwXjq6RegSKRAr5
It's a brain wallet with a pretty darn good passphrase
Why is my transfer grouped with another transfer of 87.999BTC?? I used a Xubuntu Live CD and generated the privkey from my passphrase using a downloaded html from bitaddress.org. I used MultiBit and exported my wallet to a file, then modified the file to contain my priv key, then I transferred 12BTC to my blockchain wallet. Then I deleted the wallet, closed MultiBit and shut down the PC. Are my bitcoins lost forever???
edit: still struggling. I've done a "cat /dev/sdb > usbstick.bin" and copied the casper-rw file directly. mounting the casper-rw file works and I browsed to ~/MultiBit. There's one wallet there that looks interesting, but I cannot read or copy it in any way...
$ ls ls: cannot access multibit-20130321171949.wallet: Input/output error log multibit-20130321232736.info multibit.blockchain multibit.properties multibit-20130321171949.wallet multibit-20130331160220.wallet multibit.info multibit.wallet
searching for org.bitcoin.production through the casper-rw gives me 3 hits.
I also extracted this from the casper-rw: multiBit.info,1 walletVersion,2 receive,1BndiDjH6eLsGajv5mzenNTx1z33hf9udT, property,walletDescription,Your%20wallet%20description property,walletFileLastModified,1363908467000 property,walletInfoFileLastModified,1363908467000 property,sendPerformPasteNow,false property,receiveLabel, property,walletBackupFile,%2Fhome%2Fxubuntu%2FMultiBit%2Fmultibit-20130321232754.wallet property,walletInfoFileSize,492 property,receiveAddress,1BndiDjH6eLsGajv5mzenNTx1z33hf9udT property,walletFileSize,104
edit2: when trying to read the wallet file from casper-rw, dmesg says: [ 7994.345782] EXT2-fs (loop1): error: ext2_lookup: deleted inode referenced: 64322
edit3: MultiBit is using bitcoinj, which stores the wallets in a protobuf format. I downloaded protobuf and the bitcoinj source, extracted the wallet.proto stucture and wrote a small C++ program that searches in the USB stick bin file for the string "\x0A\x16org.bitcoin.production", and tries to parse it as a protobuf wallet of size 8-50000 bytes. I found a couple of wallets, but only empty ones and my brainwallet. The structure with a header and reversed bytes that 4461462665 is refering to seems to conform with what I've read about how protobuf serializes data. I really think the wallet is lost. I'm going to quickly set up a sandbox that selected hackers can have a stab at. If anyone manages to recover the bitcoins, they are free to keep 30%.
edit4: TLDR; The story: I used a fresh MultiBit client, imported my brainwallet private key, made a 12btc transaction and then deleted the wallet. Turns out MultiBit picked up a 100BTC "input" and transferred the "change" (88btc) to the first key in my wallet (one generated by MultiBit before importing my own key). I have searched (hard!) for the key. I'm giving up, and will let the hackers of the internets take a stab.
edit5: I really think the bitcoins are lost. Looking at .wallet files from MultiBit, they all seem to store the private key in plain hex, prefixed with the string 1A 6E 08 01 12 20. I have searched for this string but all I could find was the wrong private key.
submitted by btcdamn2 to Bitcoin [link] [comments]

Can anyone help me import my private key?

I'm trying to get my coins out of an old MultiBit classic wallet. I fired up Multibit classic and tried to send the funds to a new wallet. Unfortunately, my password wouldn't work. Damn.
But! I found this script on multibit's support forums. https://multibit.org/help/v0.5/help_lostOrForgottenPassword.html
#!/bin/bash echo Usage: apply-guesses.sh [password CSV] [key file] echo Password file: $1 echo Key file: $2 for password in $( awk -F , -v OFS=' ' '{print $3}' $1 ); do echo ------ echo Attempting: $password... openssl enc -d -p -aes-256-cbc -a -in $2 -out recovered.key -pass pass:$password if [ $? -eq 0 ]; then echo "Success!"; break; else echo "Failed"; fi echo ------ done 
I ran the script using a csv of all my old bitcoin passwords and I got a success!
It returned this: (I changed all the numbers)
Attempting: password123 salt = 9823498243829374 key = 98237890238420938429830394850394 iv = 98743259384793847593844 Success! 
But when I tried that password it still said it was incorrect. :(
But! it also created a file called recovered.key. I opened up the file and it was a bunch of badly encoded gibberish symbols like this: '¦ÀÌÁïû꿽”ß/øZÄÑQÛ,i¹´$'
I read somewhere that multibit keys are base 58 encoded so I encoded the recovered.key base 58 style and it became much more legible. Now I have a string of letters and numbers that's 611 characters long and starts with a '3'. Is this my private key?
I've been trying to import it into a new wallet in MultiBit classic, but no luck so far. I exported a private key from a new empty wallet and it looks like this: (I changed the key for this post)
# KEEP YOUR PRIVATE KEYS SAFE ! # Anyone who can read this file can spend your bitcoin. # # Format: # [[]] # # The Base58 encoded private keys are the same format as # produced by the Satoshi client/ sipa dumpprivkey utility. # # Key createdAt is in UTC format as specified by ISO 8601 # e.g: 2011-12-31T16:42:00Z . The century, 'T' and 'Z' are mandatory # L1paCgWAYm2wzRfznmcoy5pbskdhShRVneAzBeuwaj244s7fr9nE 2017-09-04T21:54:32Z # End of private keys 
I swapped out the key in that wallet with my base58 recovered key, but it was a lot longer than this, and when I tried to import it it told me "Could not understand address in import file"
So... I have a really long string that I think is my private key, but I don't think it's in the right format. Also I might just be an idiot. Can anyone help me out?
submitted by GeorgeOfTheMountain to Bitcoin [link] [comments]

Silkroad For Dummies Part One

*DISCLAIMER: Windows 7 is my operating system. Unexpected problems may occur if you use another OS, however it may also work perfectly. I simply do not know.
Before doing anything i would recommend making a folder to keep all of these downloaded programs in so you do not lose anything. I would also recommend either grabbing a pen and pencil to write all of your passwords down, OR creating a notepad file that you put all of your passwords in and then putting that notepad file safely on a flashdrive. If you choose to use a flashdrive be sure to only use that flashdrive for keeping your passwords safe and NOTHING else. For example i would NOT put work related or college related projects on this flash drive. I would use it solely for Silkroad or other darknet browsing.
Alright the first step i would say you need to take is downloading MultiBit. It is a bitcoin wallet that allows you to store your bitcoin. Multibit is NOT directly connected to your real identity. After you've downloaded this wallet you need to add a password to your wallet. Since multibit is NOT connected to your real identity i would recommend using a completely random password with more than 15 characters using caps and noncaps letters, numbers and symbols. I would then recommend writing that password down and keeping it somewhere safe. Do not lose this password.
The next step is to make an account on coinbase. Coin base is probably the safest way to obtain bitcoin. It takes a while but it is the easiest and most secure way to purchase bitcoin. You connect your bank account to this website and then buy bitcoin which will be transferred to your account within 4-7 days. Your coinbase account IS directly connected to your identity so i would recommend using your real email, and a NEW password. It is very important that this password is DIFFERENT from your multibit password because if it is the same password someone may be able to connect your bank account with the multibit wallet. You don't want that. After you've created an account on coinbase fill out as many verifications as possible. The more, the better.
*Also, it's worth noting that if you wish to make a purchase instantly, for a slightly higher price, you can. After you've reached "Level 1" on the coinbase verification page you can instantly buy up to 100$ worth of bitcoin each day with vista credit card. If you wish to buy over 100$ worth of bitcoin instantly you can, but you must fill out more of the coinbase verification page. To reach "Level 2" on coinbase and buy up to 1000$ worth of bitcoin instantly you must wait 30 days after your first purchase and verify your identity.
The next step is to download Block Chain. Block chain is an app on the chrome browser that allows you to make your newly purchased bitcoin completely anonymous. This website is NOT connected to your real identity. I would recommend creating another NEW password that is DIFFERENT from your other two.
The next step is to download Tor. Tor allows you to connect to clearnet websites such as silkroad. The silkroad web address is currently silkroad6ownowfk.onion. If this address changes it will be updated to the sidebar on the /silkroad subreddit. Open Tor and select the "S" loacted next to the address bar. Turn scripts off. This is important.
After downloading Tor you need to download PGP (also known as GPG4win). The default installation settings include GPA unchecked. Users need to ensure that GPA is checked and installed. You need to make a "New Key". To do this open the folder you downloaded PGP in, then click on the "GPA" application. It will open up a gui that will contain all of the keys you import from now on. You need to create a New key so click on the "Keys" listing at the top of the gui (next to the file and edit listings) and select "New key...". It will ask for your name. It is important that you make up a FAKE name that is NOT connected to your real identity. Click "Forward". It will now ask for your E-mail. It is important that your make up a FAKE email that is NOT connected to your real identity. Click "Forward" again. It will ask you to create a backup copy of your key. I highly recommend doing this. It will now ask you for a password. I would recommend creating another NEW and SECURE password that is DIFFERENT from your other three. After you have created a passphrase it will ask you to backup your key to somewhere. I recommend backing it up to your PGP folder and later putting it on a flashdrive that you keep safe with your other written down passwords. After you've chosen a folder to place your backup file in you need to go to that folder and open your "secret-key" file with notepad. To do this rightclick it and select "Open with..." then browse for notepad. After you've opened your "secret key" file you will see two keys. One will be a public key that you can give to anyone and the next will be a private key that you probably will never need; however you should NEVER disclose your private key to ANYONE.
The next step is using Tor to go to the silkroad website which is currently silkroad6ownowfk.onion . Once there create an account with a NEW username, password, and PIN that is NOT connected in anyway to your real identity. Once you've created an account on this website you need to make sure the silk road vendors know your public key. Copy and paste your PUBLIC key (located in your "secret key" file) to the "settings" section on Silk Road. This section is located under your silkroad username in the top right corner. Once there copy and paste your PUBLIC key here: "your public PGP key (will show error if invalid)". After you've pasted your PUBLIC key select "Update user". After you've done this you've done almost everything you need to do to make a purchase on the silk road.
Part 2 is located here
submitted by asdfasfssdf to SilkRoad [link] [comments]

How to Trade Bitcoin Part 1: Getting Ready to Trade

The first part of our bitcoin trading guide series explains the basics of bitcoin and trading terminology. Instructions are also provided for buying bitcoin and getting ready to trade on BTC.sx. We originally produced the first part of this guide for our own traders to get started with our platform. However, after some really good feedback we thought we should share it publicly too. So please bear with us if it is quite orientated to our own platform. Future parts will be much more applicable to trading in general.
Here is what we have planned for the series:
1) Getting ready to trade (this post)
2) Making your first trade
3) Basics of technical analysis
4) Advanced TA
5) Developing a sustainable strategy
Please let us know if there are any topics you would like specifically covered and whether or not articles are the best format for learning.
Why should you listen to what we have to say?
Our CEO turned $100 into $200k by trading bitcoin, our COO previosuly worked at senior management level at Deutsche Bank and UBS, and one of our advisers has a Wall Street background as a Portfolio Manager and is a Chartered Market Technician.
http://i.imgur.com/G06P306.png
This article begins with an overview of bitcoin, how to buy bitcoin and how to manage risk. The remainder of the article focuses on understanding trading terminology and creating a bitcoin trading account on BTC.sx.
What is bitcoin?
Bitcoin is a digital currency that uses encryption, rules of mathematics and a decentralized network to control the creation of more bitcoins and verify transactions. Bitcoin was designed to operate as ‘digital gold’ — it resembles a commodity but can be used as a currency. Bitcoin can be traded for fiat currency, like dollars or pounds, creating opportunities to profit from trading price fluctuations.
http://i.imgur.com/hNnKxGE.png
Why is bitcoin so volatile?
Compared to the price of gold, the price of bitcoin has exhibited much larger price swings. Typically the price of gold will change by just a few percent each week, but bitcoin’s price often changes by 10% or more — even in a ‘flat’ market.
Volatility is generally considered a good thing by bitcoin traders because it creates opportunities to buy lower and sell higher than flat markets.
The primary reason why bitcoin is volatile is because it has a small market cap and low trading volume. Market cap is the number of units (bitcoin here) in circulation multiplied by the value (bitcoin price here).
For example, bitcoin has a market cap of about $3 billion vs $31 billion for the a gold ETF (GLD is the most popular American gold investment vehicle). Additionally, the daily average trading volume for bitcoin is about $12 million vs approximately $939 million for the gold ETF.
The result of this small market cap and low trading volume is that less trading less money is required to make a large difference in supply and demand.
For instance, if a trader wants to buy $3 million worth of bitcoin this represents 33% of the daily trading volume and would push the price up approximately 14%, at the time of writing. However, buying $3 million worth of the gold ETF is just 0.3% of the daily trading volume and is nothing compared to the hundreds of millions of trades that influence gold’s price.
http://i.imgur.com/NLtgVrX.png
Further information
The information we have provided about bitcoin is only the bare essentials a trader needs to know. If you are completely new to bitcoin, also consider exploring these external resources:
We Use Coins
Bitcoin.org
Bitcoin Wiki
2. How to Manage Risk
Risk of buying bitcoin
As discussed above, bitcoin is an extremely volatile asset. Besides increasing in value, bitcoin’s price can also dramatically fall. When buying bitcoin, never invest more than you can afford to lose.
You cannot lose more than you put in, so don’t put in more than you can afford to lose and you’ll be all right, even in the most negative case. - Rpietila, Bitcoin and commodity investor
Risk of trading bitcoin
Furthermore, investing more than one can afford to lose reduces a trader’s ability to make good decisions. In particular, there is a risk of ‘panic selling’ when the market declines slightly. Instead of holding throughout a market dip, someone who is over-invested may panic and sell-off their holdings for a low price — attempting to cut their losses. This tends to lead to losing more money when the market recovers and the trader buys back at a higher price.
http://i.imgur.com/yrQbCsI.png
Simply, the best way to manage your risk is to not invest more than you can afford to lose. At BTC.sx, losses cannot exceed your deposit — so simply make sure this is a comfortable amount for you to trade with.
3. Understand Basic Bitcoin Trading Terminology
Trading
Trading is the act of buying, selling or exchanging one asset for another. Exchanging Bitcoin for US dollars, for instance, is trading.
Position
A position is similar a trade, which can either be long (buying bitcoin) or short (selling bitcoin). Like a trade you profit from a long/buy position when the price rises; and you profit from a short/sell position when the price falls.
Unlike a trade, a position has an open and close. At BTC.sx you begin by depositing bitcoin. Then you may acquire more bitcoin or US dollars by opening a position. When the position is closed you are left with just more or less bitcoin than the value deposited — this depends on how profitable your position was.
Trading platform
A trading platform, like BTC.sx, is a place where traders go to enter positions. Unlike an exchange, it is uncommon for to use platforms for exchanging one asset for another. Typically trading platforms also include more advanced features, such as leverage.
Leverage
http://i.imgur.com/Aik56aI.jpg
Leverage is borrowing assets for the purposes of increasing potential trading returns. This is also known as margin trading.
Trading with 10x leverage on BTC.sx, allows you to deposit 1 bitcoin and trade with 10 bitcoins. When you are done trading (closing a position) you return the 10 bitcoin and keep any profits made.
For example, let’s say your trading has been going well and you are consistently making a 10% return each week. Trading with 1 bitcoin, your profit is 0.1 bitcoin. However, with 10 bitcoins your profit is 1 bitcoin — this is the power of leverage when used correctly.
Although leverage does also increase trading risk exposure, your losses can never exceed your deposit at BTC.sx. Furthermore, your risk of an exchange failure is reduced because you are trading with 9 bitcoins that belong to BTC.sx and only 1 bitcoin of your own.
Exchange
Unlike trading platforms, investors use exchanges to swap an asset for another. For example, Bitstamp allows investors to trade their local currency for Bitcoin, or vice versa. Exchanges are the main determinants of bitcoin’s price because they contain an order book.
At an exchange you can either be a market maker or a market taker.
Market maker
A market maker sets the price they wish to buy or sell at and waits for a market taker who agrees to that price.
Market taker
A market taker finds a market maker that is offering a desirable price and quantity then immediately trades with them.
Order book
An order book is a list investors wanting to buy and sell an asset at specified quantities and prices. These are the market makers. Below is an annotated explanation of a bitcoin exchange order book. Picture the order book as a very hectic auction and the concept should be easier to understand.
http://i.imgur.com/DuRYrnx.png
Sell orders: “Asks”
This part of the order book lists the prices and quantities investors wish to sell bitcoin at. Here the cheapest seller is offering 2.3467 bitcoin at a price of $244.58. As these investors are asking for a price to sell at, these are called asks.
Buy orders: “Bids”
This part of the order book lists the prices and quantities investors wish to buy bitcoin at. Here the most expensive buyer is willing to purchase 0.5 bitcoin at a price of $244.43. As these investors are bidding for a price to buy at, these are called bids.
Current bitcoin price
This is the last price at which bitcoin was exchanged for US dollars. Given that buyers will fulfill the cheapest ask, and sellers will fulfill the most expensive bid, the price will always fall between the the cheapest ask and most expensive bid.
In this example, the price is $244.39 — the same as the most expensive bid. This means that the last bitcoin trade was a market taker selling to a market maker. This is also a demonstration of a seller always wanting to sell to the highest bidder.
Order book depth
This depth graph visualizes the amount of asks and bids at various prices. The more bitcoins that are available at a price, the ‘deeper’ the graph is. Naturally, as sellers do not want to ask for cheap prices and buyers do not want to buy for expensive prices, the graph is normally shallow in the middle.
If the chart is one-sided, it suggests that the market may be feeling bullish or bearish. In the above example, a lot of investors want to sell at $245 which would make it difficult for the price to rise beyond that. Conversely, the shallow graph on the bid side shows not many people want to buy bitcoin at these prices. This is typical of a bearish market.
Order book execution
An important feature of BTC.sx is that the positions our users open/close make buys and sells on exchange order books. In practice, when our users click buy, US dollars is used to buy bitcoin from the order book bids. Conversely, when our users click sell, bitcoin is sold for US dollars from the order book asks.
http://i.imgur.com/1Dk8G0t.jpg
Why is this important?
Firstly, when you trade on BTC.sx you do so with leverage. This means you can have a larger impact in the market and move the price in your favour. In the above example using just 1.3 bitcoin at 10x leverage would create buy 13 bitcoin from the asks. This helps drives the price up because now the cheapest ask is $244.61. If the market sees this as a bullish sign then others may follow, sparking a price rally.
Secondly, order book execution means that BTC.sx does not trade against our users. Trading platforms that do not offer this execution are acting as market makers and stand to profit from their traders losing money. At BTC.sx we want our traders to be profitable so they can keep trading.
*4. How to Buy Bitcoin * As a bitcoin-only trading platform, BTC.sx only accepts bitcoin deposits. This allows you to begin trading in minutes and without verifying your identity.
If you do not yet own any bitcoin there are a number of places that bitcoin can be bought from, including:
Circle
Coinbase
LocalBitcoins
Click here to see other ways to buy bitcoin in each region of the world.
To store your bitcoin you will also need a wallet, such as MultiBit or Blockchain.info.
5. Create an Account on BTC.sx
Once you have bitcoin, you are ready to start trading. Head over to BTC.sx to begin the registration process.
1. Click ‘Sign Up’
http://i.imgur.com/Fikj8Nd.png
2. Enter your details and read and agree with the terms of service
http://i.imgur.com/AjnKzRY.png
3. Click on the email activation code
http://i.imgur.com/lz5yBqK.png
4. Login to your account
http://i.imgur.com/P6VJ0xm.png
5. Visit trade screen
http://i.imgur.com/WjGockR.png
6. Send a deposit to BTC.sx
You are now one step away from being ready to trade bitcoin. All that is required is to send a deposit by following these instructions:
1. Click on ‘Deposit’ in the trading screen
http://i.imgur.com/1TxpgUh.png
2. Send bitcoin to your wallet address
http://i.imgur.com/cTZim5t.png
If you do not know how to send bitcoin please contact your wallet provider for assistance.
Conclusion** ** You should now be in a position where you understand the basics of bitcoin, trading terminology and have an account on BTC.sx to begin trading.
In part 2 we will be covering fundamental analysis, the basics of technical analysis and how to make your first trade. Like us on Facebook or follow us on Twitter for future updates.
If you have not yet signed up for an account on BTC.sx click here. The registration process takes just two minutes and does not require any identity verification documents
submitted by BTC_sx to BitcoinMarkets [link] [comments]

Let's use Mike Hearn's Coinbase Reallocation to stop the censoring scammer KnCMiner!

Mike Hearn posted Coinbase Reallocation this morning to let the honest majority of hashing power regulate criminal miners like BitUndo. It's a really simple idea! Dishonest blocks and the miners who mine them are identified out-of-band by the community of reputable mining pools. For BitUndo that means submitting double-spends via the service and watching for them to be included in blocks. When they are the honest miners vote with their hashing power, just like they voted on whether or not Bitcoin needs new soft-forked features like P2SH.
When a coinbase output, the reward for mining, reaches the 100 block maturity the protocol simply counts up all the votes for the block. If a majority agrees the block is honest, great! But if not the coinbase reward is put into a pot of funds that subsequent honest blocks are allowed to claim for themselves. Unlike re-orging out dishonest blocks this isn't disruptive - confirmations are never undone - and at the same time it ensures that the bad miners can't profit from their malicious actions. It's compatible with nearly all major clients too because SPV clients, like Android Wallet and Multibit, just check that transactions are included in blocks and leave validation up to the mining community. (the idea being that majority of hashing power is honest and wouldn't include invalid transactions or give themselves un-earned Bitcoins)
KnC has been ripping off customers by self-mining rather than shipping hardware out the door. Their solo pool all pays to the address 1BGbGFBhsXYq6kTyjSC9AHRe1dhe76tD6i. We can stop this fraud right now with just the co-operation of just three people: the operators of GHash.io, BTC Guild, and Discus Fish, together a majority of the hashing power.
Of course, they might try to hide their illegal mining activities and make their blocks indistinguishable from others, like by paying out to a random address in each block. This is easily fixed too by voting to reallocate funds from any block without proper identification on hand. When that identification is provided to the honest and reputable hashing power the funds can be easily released from the pot and given back. Remember too that if we had proper identification for miners available the BitUndo criminals would be facing legal liability, a potent tool to stop fraud. (I guess P2Pool shares could be accompanied by identity proofs based on smartcard-enabled passports, although it'd be even better if that hashing power moved to a professionally run and secure pool that has the resources to comply with their reallocation regulation duties)
Finally, we can't forget our tax obligations. As much as we hate paying taxes - I know I'm putting off my April 31st deadline with Revenue Canada - they're an integral part of lawful society. With Coinbase Reallocation the honest majority can make sure that mining income not allocated properly to the relevant authorities is reallocated appropriately.
If Bitcoin is to succeed it has to be reputable, and reputable means recourse from fraud. Please tell the hashing power majority, GHash.io, BTC Guild, and Discus Fish, that we want a regulated and safe Bitcoin!
Serious edit: Of course, as nearly everyone realized, the above is satire. What far fewer realize is what I'm saying with that satire: Mike proposed a simple mechanism that essentially acts as a way for miners to vote with their hashing power to blacklist block rewards. Yes, you can do that already, but blacklists via reorgs are expensive, risky, and very difficult to co-ordinate; automated voting on what to blacklist is cheap and easy.
I'm sure he intended it to be used for exactly one thing - punishing miners who violate his notion of double-spending rules - but once such a mechanism is in place it can be used for a lot more than originally intended. If you were a big publicly known mining pool, could you really resist the pressure to just flip "one little switch" and vote to blacklist blocks produced by a "bad" pool at no cost to you? As I showed above, the definition of "bad" can extend to a lot more than just double-spends, and the pressures on pools to blacklist can and will be legal and regulatory.
submitted by petertodd to Bitcoin [link] [comments]

Let's Decentralise the World and Make World Crypto Network a Distributed Autonomous Organisation

Decentralise the World

EDIT 2014-08-01 See also pierebel0 Seed the Chain
Please read this carefully and be forthcoming with your views. It’s important to the future of World Crypto Network.
As many of you may know pierebel0 (Nick) and I have been working on an idea and since then we have been putting together diagrams and a plan.
Basically we want to get open source software to regions of the world that have poor internet connectivity and are in need of most financial innovation. This would be like an airdrop of items including:
Nick's initial idea was to produce a list of villages and towns ranked by bandwidth and we would then give each place a Bitcoin donation address.
We could use a map of the world using the open source CoinMap. A page on the World Crypto Net website called Join the Revolution. Members of the audience, hosts of the show and any willing participants in the global campaign can sign up and put themselves on the map.
We could then setup a Bitcoin Wallet in Armory and assign a Bitcoin address for every viable village and town in the world.
Our audience will be invited to vote on which town or village they wanted as to do an Open Source Airdrop on by sending bitcoins to that address. Each donation would be like a vote. We would set targets on each location based on the most cost effective way of delivering it and then let the market decide what order we should go in. We would probably want to weight it to regions that had the most potential to benefit from the project.

World Crypto Network as a DAO (Distributed Autonomous Organisation)

Now the next question that came up is how to handle the funds responsibly?
Up until now people have just trusted Thom and I and sent us money. But if we are going to practice what we preach in this brave new community then what better opportunity to try out a DAO. Recently I reinstalled Bitcoin Armory to try out the new Multisig and multipart paper backup features and I suggest the following process for discussion:
  1. Live Town Hall meeting on Youtube with plenty of advance warning with members of our audience who have followed us up until now to discuss the election process of 7 people who will be custodians of Bitcoin Armory Wallet.
Key decisions will be things like: * How the election should take place? * Using the block chain as a clock on which Bitcoin Block should it commence? e.g. the election takes place at block height #312,020
Once elected each person is given a number at random.
  1. A custodian of the funds is selected at random using the first number in the Bitcoin nonce at block #312,017 between 1 and 7. This way none of the elected 7 will know if they are going to be in charge. This should filter out any power hungry psychopaths as mostly they want control right now and not leave it to chance. We want any would be dictator to self-deselect themselves from this process.
  2. That custodian then produces an Armory wallet consisting of a 5 of 7 paper backup. Each elected member is given one each and the custodian keeps the master copy. In order for the wallet to be restored and funds to be spendable you would need 5 people out of the seven to collude or join together in protest against the custodian.
Everyone, the audience and elected 7 included are encouraged to publish their raw public keys (in hex, not the normal address) so that we can create ad hoc multi-sig wallets with one another on a project by project basis.
I would also like to include the ability for the audience to become hosts and participants and even allow them to seize the funds by co-operating with members of the elected 7. This would mean dividing up 1 of the 7 root keys in to smaller junks like with a multiple encrypted zip file or something.

Thoughts and things to consider:

What I particularly like about splitting up the keys is that we could even engineer it to make sure that no more than 2 members of staff are elected per country. That way no single authority could shut down the World Crypto Network.
It’s also important to note that the elected staff and random custodian are just admin staff. Everyone’s a leader at WCN and the role of the people at the top is to give the people at the bottom everything they need to get their job done. All the custodian is doing it making sure the web hosting is paid for and that the donations get sent to the right people.
Individuals within the organisation are still responsible for their own projects and fundraising. None of the elected 7 can stop you from soliciting money for your hard work. But they might come in handy if you want to set up a project for a 3rd party like Let’s get Nepal on a Meshnet and you would like to setup a 2 of 3 multisig wallet of which one of them could be the custodian. This would lend you credibility when you market your project and make people more likely to donate.
We could also not bother with the initial election and just self appoint the first 7 people and just rotate the duties every 15,000 blocks.
Also Thornbreaker (Jamie Nelson) mentioned that we should come up with a manifesto. I think this is a good idea and we could do it on Github or a Wiki.
Thank-you for your time, I look forward to your reading thoughts.
submitted by MrChrisJ to worldcryptonetwork [link] [comments]

1 Cuban will have to work 1 hour to do 7 transactions with Multibit

I think you have to rework your way to grab money for you, developers. 1000 Satoshi looks not so much. For a lot of peoples it's indeed, very soft.
But again, it's the poorest peoples who are gonna have to pay the more.
You told on http://www.coindesk.com/cash-strapped-multibit-developers-charge-transaction-fee/ :
“That’s such a speck of dust that the vast majority won’t even notice it.”
For you, yes. It's probably the same for most Redditors.
According to this list: http://en.wikipedia.org/wiki/List_of_minimum_wages_by_country
Average of Cubans win $0.05 per hour of work. If 1 BTC = $650, 1000 Sato = $0.0065, which is 13% of $0.05. 13% for 1 transaction. 13% of 1 hour of work is almost 8 minutes. The Cuban using Multibit will have to work 1 hour to do 7 transactions.
Of course, peoples from Cuba will not going on Multibit, we have some other nice Wallets running.
According to the UNECE's 2011 statistics on http://en.wikipedia.org/wiki/List_of_countries_by_average_wage (last table), only 30 countries offer a +$1000 wage / month to peoples. Others are below, and the population of the countries below the $1000 if probably higher than the population getting above $1000.
I'll stop my maths here, but I think your enforced fee isn't fair. Bitcoin is a revolution for all and it's gonna help a lot the less wealthy countries. Don't forget them please. I understand your need of money, fair enough, your job is pretty awesome. But you need to keep the Wallet worldwide.
I can't complain without an idea, maybe a solution. I understand that donations are maybe not enough, a minority are donating (well, not sure after seeing the Armory donation address). So I would have an option to remove this fee, reduce/increase it, so peoples can adapt. And also why not giving a kind a Points to users participating ? Peoples with Points could unlock special features or so.
Edit to clarify some points: so far im not asking to get multibit free of charge, and im using cuba as an example, could be any other "poor" country. Some peoples here made me understand that Cuba is not the best example.
submitted by GaaraBits to Bitcoin [link] [comments]

CoinWallet.eu Stress Test Analysis

Yesterday, CoinWallet.eu conducted a stress test of the Bitcoin blockchain. Not only was our plan to see the outcome, but also to see how easy it would be for a malicious entity or government to create havoc for the Bitcoin community. As you will see from the analysis below, delayed transactions are not the only issue that Bitcoin users experienced.
Surprisingly, executing tens of thousands of transactions that correctly propagate to the network simultaneously is not as easy as we had expected. One of the methods that was used to increase the kb size of our transactions was to send transactions consisting of numerous small outputs (usually 0.0001) to make a single transaction of 0.01. A simple transaction is usually 225-500 bytes, while many of our transactions were 18 kb (A number which limits the blockchain to 5 transactions per minute). In our preliminary testing this was effective, however in practice it caused our servers to crash. Throughout the day and evening, our strategy and methodology changed multiple times.
Initially the plan was to spend 20 BTC on transaction fees to flood the network with as many transactions as possible. Due to technical complications the test was concluded early, with less than 2 BTC spent on fees. The events of yesterday were accomplished with less than €500.
Timeline
The following graph depicts the entire test from start to finish: https://anduck.net/bitcoin/mempool.png
Observations
Delayed confirmation times and large mempool buildups were not the only observation that came from our testing. Many more services were impacted than we had initially envisioned.
Blockchain.info
Over the past few months, Blockchain.info has become increasingly unreliable, however we are confident that yesterday's stress test had an impact on their website being offline or broken for 1/3 of the day. During periods where we sent excessive transactions, Blockchain.info consistently froze. It appeared as though their nodes were overwhelmed and simply crashed. Each time this occurred, the site would re-emerge 10-30 minutes later only to fail again shortly thereafter. Users of the blockchain wallet were unable to send transactions, login or even view balances during the downtimes. In response to our heavy Bitcoin usage, blockchain.info began to exclude certain transactions from their block explorer. This issue is explored further by the creators of Multibit, who can confirm that some transactions sent from their software were ignored by Blockchain, but were picked up by Blockr.
Bitcoin ATMs
Many ATMs operate as full nodes, however some ATMs rely on third party wallet services to send and receive transactions. The most prominent Bitcoin ATM of this type is Lamassu, which uses the blockchain.info API to push outgoing transactions from a blockchain.info wallet. Due to the blockchain.info issues, all Lamassu ATMs that use blockchain.info's wallet service were unavailable for the day.
MultiBit
Both versions of MultiBit suffered delayed transactions due to the test. Gary and Jim from MultiBit have created a full analysis from Multibit's perspective which can be read at https://multibit.org/blog/2015/06/23/bitcoin-network-stress-test.html
The outcome was that transactions with the standard fee in Multibit HD took as many as 80 blocks to confirm (Approximately 13 hours). Standard 10000 satoshi fee transactions took an average of 9 blocks to get confirmed. Multibit has stated that they will be making modifications to the software to better cope with this type of event in the future.
Tradeblock
With Blockchain.info broken, we frequently referred to Tradeblock to track the backlog. Unfortunately Tradeblock was less than perfectly reliable and often failed to update when a new block had been mined. Regardless, at one point 15,000 unconfirmed transactions were outstanding.
Bitpay
Users reported issues with Bitpay not recognizing transactions during the test.
Price
Increase of $2. Contrary to some predictions, we did not short Bitcoin.
Green Address
While this app was not hindered directly by our test, we did send a series of 0.001 payments to a green address wallet. When attempting to craft a transaction from the wallet, an error occurs stating that it is too large. It appears that the coins that were sent to this wallet may be lost.
Conclusions
From a technical perspective, the test was not a success. Our goal of creating a 200mb backlog was not achieved due to miscalculations and challenges with pushing the number of transactions that we had desired. We believe that future tests may easily achieve this goal by learning from our mistakes. There are also numerous vulnerable services that could be exploited as part of a test, including Bitcoin casinos, on-chain gambling websites, wallets (Coinbase specifically pointed out that a malicious user could take advantage of their hosted wallet to contribute to the flooding), exchanges, and many others. Users could also contribute by sending small amounts to common brain wallets.
We also learned that the situation could have been made worse by sending transactions with larger fees. We sent all transactions with the standard fee of 10000 satoshis per kb. If we had sent with 20000 satoshis per kb, normal transactions would have experienced larger delays. In our future stress tests, these lessons will be used to maximize the impact.
submitted by CoinWalleteu to Bitcoin [link] [comments]

Electrum security/privacy model?

The Electrum homepage states that Electrum is:
Low trust: Information received from the servers is verified using SPV. Servers are authenticated using SSL [my emphasis]
https://electrum.org/index.html
However, I'm having a hard time finding documentation on how Electrum servers work and more specifically how they implement Simplified Payment Verification (SPV) as defined in Satoshi's white paper.
The Bitcoin Wiki states:
ThomasV claims that "Electrum, it is doing SPV since 2012".
https://en.bitcoin.it/wiki/Thin_Client_Security#Electrum
I found a conversation between Greg Maxwell and Mike Hearn from late 2012. One of the messages included this passage:
I'm concerned about how the particular security model of electrum is being described; or rather— not being described. The electrum website appears to have no security discussion beyond platitudes like "Secure: Your private keys are not shared with the server. You do not have to trust the server with your money.", "No scripts: Electrum does not download any script at runtime. A compromised server cannot compromise your client."
http://sourceforge.net/p/bitcoin/mailman/message/30108843/
Later Mike writes that he was able to contact ThomasV with his concerns, and that progress was made in addressing them.
A late 2013 question posted to Bitcoin StackExchange raises similar questions:
http://bitcoin.stackexchange.com/questions/16629/is-electrums-spv-thin-client-implementation-not-p2p-as-opposed-to-multibits
The answers seemed confusing at best.
I'm pretty clear on how SPV is supposed to work, but so far the documentation I've found suggests that Electrum does not fit the description.
Electrum clients apparently connect to a single trusted server. It's unclear to what extent that server logs traffic, how/if Bloom filters are used to increase privacy, or even how the client proves that transactions coming from the server are in fact in the the block chain.
Can anyone point me to some technical documentation on the Electrum security/privacy model?
I've seen this source repository (not sure it's the right one):
https://github.com/spesmilo/electrum-server
It's sparsely documented, there's no test suite to speak of, and there seems to be far too little code for a full SPV implementation.
Edit: after reading responses so far and digging around some more, it appears that Electrum is doing SPV as indicated in the Wiki. There seem to be two main differences between Electrum and BitcoinJ (another SPV implementation used in MultiBit and other wallets):
  1. Electrum clients connect to a single trusted server chosen by default at random from a list posted to irc. BitcoinJ nodes connect to multiple peers and compare responses to detect withholding attacks.
  2. BitcoinJ nodes use Bloom filters and Electrum does not. This feature is intended to obfuscate the exact transactions being requested by a node so as to avoid leaking the wallet's private public keys/addresses to peers.
Under both systems, the client obtains block headers, using Merkle roots/chains to match received transactions to the containing blocks.
submitted by BobAlison to Bitcoin [link] [comments]

[SCAM][UNSOLVED] BTC-e APPROPRIATED MY COINS WORTH NOW 6000$

What happened:
Long story short: BTC-e forced everyone to change their passwords via link they send you to your e-mail due to ''security reasons'', if you did not changed it in time, your password expired. Turns out I lost access to my e-mail (2fa, phone lost), BTC-e closed my last ticket (with no answer) to change my e-mail where I sum up everything they asked me to do previously (and everything they asked me to do I DID) in order to change my e-mail, their last contact was 28th february, 11 days ago, that is 264 hours now, not 72 they give themselves to answer, they probably illegally blocked me from my funds by voiding my password through expiration without my consent and do not want to change my e-mail in order to restore my access after I fulfilled every single of their demands.
Detailed story:
BTC-e expired everyone passwords, assuming they did not changed them in time, and demands to change them via link they send to your email associated with your BTC-e accocunt. In order to change my password, I have to log to my email which I do very rarely (explanation further ahead). My e-mail is being protected by 2fa, phone is lost and as result, I can't access my email. I tried to recover my e-mail through Google, all I've got is automatic confirmation that they accepted the request and it takes them usually 3-5 days to respond. It's been about 2 weeks right now, no response and I am not sure if they will respond at all. Sent them another account recovery ticket, we will see what happens.
In meantime, I asked BTC-e for help, they responded and told me that they will have to manually change my e-mail and will need informations about my account: transaction history, methods of deposit, history of ip entries etc. After fulfilling their request, they asked for screenshots to the exchange transactions deposits from my wallet and I did that as well. Then they asked for deposit from the same address and the same wallet I use to deposit funds to BTC-e. Unable to do that at first (since Multibit HD does not allow you to choose specific address to send from just like that and at that time I had little knowledge about wallets since never before I had any problems to deal with and basic knowledge how to send/receive was enough), I proposed them that I could prove my ownership by signing address and all they would have to do is to verify it. In said proposal, I included address with message and signature.
Their response? ''send coins from the wallet xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx'' where x's is the address I signed and used to deposit coins to my BTC-e account before I lost access to it, so basically their answer was ''no'', judging from how they totally ignored my proposal. After sending them another message where again I inform them that it is impossible (that is what I thought so at that time, believing I can't send deposit from specific address) to do so and once again offer to prove my ownership by signing address, they told me to contact gmail to restore my email access. After asking for help how to send coins from specific address, I managed to send coins from address they asked for, all I had to do was to empty all addresses in my wallet form coins and send them back to address I wanted to use, so only that one specific address would contain any coins. Not really hard, little bothersome, but shame I did not know that earlier, it would save me a lot of time. After that, BTC-e remain silent and do not answer me (1st ticket was closed automatically due to me not responding in time as I was gathering all the data BTC-e asked for, but that was not an issue as I provided all the data they asked for from 1st ticket in 2nd ticket that is the one being most well documented and being ignored and 3rd was closed without answer, maybe because they considered it spam, as I had in total 2 tickets where I ask to change my e-mail, but if they had time to close it, they should have time to answer the second one they did not answer for so long). They say that it could take them 72 hours to answer, well, their last answer was over 10 days ago and I've fulfilled their last request 6 days ago, informing them about it. I even opened another ticket (that was the 3rd one) asking for e-mail change and sum up everything they asked me for (and everything they asked for, I have fulfilled). That was 3 days ago and on the second(!) day they closed that ticket with no answer, conclusion is simple - they simply ignore me now.
Scammers Profile Link:
https://btc-e.com/ https://bitcointalk.org/index.php?action=profile;u=33012
PM/Chat Logs:
http://imgur.com/FxHscNA
http://imgur.com/sFms1VQ
http://imgur.com/De1D1ZU
http://imgur.com/Xp0oCaZ
Amount Scammed: (REGARDING TOTAL AMOUNT OF COINS IN MY ACCCOUNT)
About 6000$ according to current prices.
Payment Method: (REGARDING THE DEPOSIT THEY ASKED FOR TO PROVE MY OWNERSHIP)
Bitcoins
Proof of Payment: (REGARDING THE DEPOSIT THEY ASKED FOR TO PROVE MY OWNERSHIP)
http://imgur.com/XbEvXYF
Additional Notes:
On 02.10.16, BTC-e admin announced changes related to the use of passwords, meaning they will expire and will have to be changed. Here is full announcement:
Quote Update: Security
02.10.16 08:54 from admin Please, be aware of the latest important changes in our security policies:
  1. Security:
Due to the increased cases of account hacking we decided to implement some changes related to the use of passwords:
1.1. Starting from September 30, 2016 all BTC-e accounts will undergo the password changing procedure. - On your first login to account you will see a notification that your password has expired. You will be asked to reset your password. A message with a confirmation link will be sent to your e-mail. You must click this link in order to receive a new password. Make sure you save your new password in a secure location, otherwise you will have to recover the password again. - After the first password reset your account will not be blocked. But if you reset your password for the 2nd time and further your account will be blocked for 48 hours (the standard blocking according to BTC-e rules). 1.2. Changing the password from within your BTC-e account: - If you are already logged in to your account and you remember your current password, you can change it via the Edit section of your BTC-e profile. Go to https://btc-e.com/profile#edit/home and click Reset Password. A message with a confirmation link will be sent to your e-mail. You must click this link to get a new password. Make sure you save your new password in a secure location. 1.3. Password Expiration: You will need to reset your password every 6 months. After this procedure your account will not be blocked. 1.4. We added an automatic e-mail notification to inform you of failed login attempts to your account. 1.5. The option of using an own password is added. To change the password you need to go to the "Edit" section https://btc-e.com/profile#edit/home and press the “Own password” button. The following message will be displayed: “Further instructions were sent to your email address”. You will need to click the link in the email and enter your old and new password. The requirements for a new password are as follows: minimum length: 12 characters; at least one uppercase letter; at least one lower case letter; at least one number. Make sure to save the new password.
  1. BTC-e code:
The following terms and conditions take effect as of September 30th 2016.
2.1. When creating a BTC-e code you can specify the username of the BTC-e customer, who can redeem this code. If the username is correct, the code can only be redeemed by this specific user (or the user who created the code). If the specified username is invalid (spelling error or the username does not exist within BTC-e), the code can only be redeemed by the user who created the code. If the Username field is left blank, then the code can be redeemed by any BTC-e user who receives it (as well as by the user who created the code).
2.2. Expiration of BTC-e codes: - BTC-e codes will be active for 120 days since creation. If no one redeems a code within 120 days, the code will become inactive. An inactive code can only be redeemed by the user who created it. For BTC-e codes created after January 1, 2016 the 120 days of lifetime will be counted starting from September 30th 2016.
Best Regards, BTC-e Support
I do not know if said operation was needed and if it was right thing to do to implement it. What I care for is fact, that we are not obligated to track BTC-e news and check our e-mails every week to be updated on what is going on, as nobody expects that exchange will simply void your password just like that, and, as a result, block access to your account. Since I exclusively play long, I only log to my e-mail associated with my BTC-e account in order to take a look at transactions/do some technical stuff regarding my BTC-e account and it happens VERY rarely. Last time I logged on was months ago and when I visit BTC-e site, I only take a look at trade page to see what the current prices are. It is then pretty self explanatory that one could not know about this operation at all and as long as you could argue that it is in your own good interest to keep track of the exchange you use, I hardly see how letting people know in advance about expiring passwords justifies anything, because way BTC-e handles problems that emerged regarding passwords expiration is, to be straightforward, simple theft, ill will or malicious intend, call it whatever you want, as they offer you no way out of this regrettable situation, prolonging this whole ''e-mail change procedure'', obviously hoping that they will discourage your further efforts to regain access to your money. After you hard-press them, they start to pretend you don't exist.
Being ware that I could be the one who is wrong here, I offer my apologize to BTC-e in such case, but for now, my stance on this is clear. After ignoring me for 11 days, I warned them that I will publish this and eventually take legal action against them. They chose to continue this. We will see what comes next.
Edit 1: They started to loop their messages http://imgur.com/a/LafgW Also, they deleted my post in their official russian thread: http://imgur.com/a/XB28E I issued them negative feedback that will be deleted AFTER they resolve my request: http://imgur.com/a/iSYRd Edit 2: Again, they deleted another my post: http://imgur.com/a/DmQhg
Edit 3: BTC-e is not giving a damn and they are not going to resolve my request: http://imgur.com/a/y6vdb
Edit 4: No point in keeping in touch with them and ask to fulfill their obligation. Also, since posting my correspondance with BTC-e starts to resemble soap opera by now, this will be last update regarding our messages until they send me something significant: http://imgur.com/dIVDLH8 (also, notice how they still stubbornly argue that I want to restore access to my email, while I want to change it).
Edit 5: I have started spreading the word further:
https://forum.bitcoin.pl/viewtopic.php?f=55&t=8002&start=560 https://forum.bitcoin.com/topic21078.html https://forumbitcoin.co.id/threads/scam-unsolved-btc-e-appropriated-my-coins-worth-now-6000.23017/
submitted by Troublebuddy to Bitcoin [link] [comments]

Cold storage is this simple, right?

At the moment I have my bitcoin on a computer which is pretty much always online, so obviously pretty much anything is a better option.
What I'm thinking about doing is:
Save a copy of BitAddress.org on a new usb stick
Open this up on an old computer which isn't used anymore (reformatted to factory settings last year after it had a virus etc - maybe I should just use my normal laptop ha)
Take a screenshot of the public and private key and save on several usb sticks
Send my bitcoins from my current setup (Multibit) over to the public key of the one just created.
That's it, right?
ps - have no printer so can't do a paper wallet.
submitted by yepyep7up to Bitcoin [link] [comments]

[mod post] /r/Filmmakers is now bitcointip enabled!

/filmmakers is a fairly technical subreddit, so we thought we'd enable bitcoin tipping. We're going to address some questions that may come up below:
Q: What are bitcoins?
A: Bitcoin is an online money that's open-source, decentralized, and potentially anonymous. This is the local currency of the internet. You can exchange it for your own country's local currency, or you can spend it directly on sites that natively accept it. At the time of writing, a bitcoin is worth about $70.
Q: What are they good for?
A: Bitcoins can be used as an investment, barter currency, to purchase products (Wordpress, Reddit, 4chan, Wikileaks, and many others accept bitcoins natively), or just to convert to regular currency.
Q: Where can I get bitcoins?
A: You can setup a free wallet online or by downloading a bitcoin client. Once you have a wallet, you can buy coins via various services or get a small amount of free bitcoins to play with.
Q: How do I tip bitcoins? How do I receive my tip?
A: Check out this handy infographic. Once you've got that down, you can check out the bitcointipbot documentation for more details.
If you want to make the process even easier, you can install the Bitcointip User Script which lets you easily tip without having to type out the bitcointip syntax. It also displays your bitcointip balance, so you can easily see if you have enough funds before tipping.
Q: TL;DR?
A: Bitcoins are internet currency. If you have bitcoins, you can tip them to people in /filmmakers by commenting "+bitcointip Username Amount" provided you have set up your account.
I know there are some users in the subreddit far more involved with bitcoin than us mods, so I'm sure they'd love to help clarify.
submitted by ancientworldnow to Filmmakers [link] [comments]

Guide for first timers

I made this for my friends and family to use. Hope this heps someone. Much help!
bitcoins first: Get a wallet - just like physical money, you need a wallet to hold the money. use multibit - for a wallet - if you want options here a few http://bitcoin.org/en/choose-your-wallet go here and download this https://multibit.org/ how to backup your wallet https://multibit.org/help_backupWalletUsingPrivateKeys.html i recommend backing it up to at least 3 separate locations. example: harddrive, usb drive, encrypted dropbox folder.
go here to buy bitcoin also known as an exchange https://coinbase.com/?r=52dee75a8a2eed3e480000e5&utm_campaign=user-referral&src=referral-link
don't create wallet, click sign up button on top right. add bank information, and credit card info, and phone info - phone allows 2 factor authentication so your identity becomes much more difficult to fake and steal your money and information. I asked them to send me a SMS message instead of using app. this is the most reputable place to do this at. Never never use an online wallet!!!
buy some bitcoin on coinbase.com, and send yourself some bitcoin using your multibit wallet address(under the Request tab it shows your address there)
Now Dogecoin First get a wallet, - use the qt wallet. You can get it here for either Mac or Windows. http://dogecoin.com/ for linux use this guide - http://www.reddit.com/dogecoin/comments/1tvmnd/dogecoin_on_linux_the_complete_beginners_guide/
For a place to buy dogecoin. Use cryptsy, here is the link. https://www.cryptsy.com/users/register?refid=138894
click register new account. enter your information. go to your settings, and enable 2 factor authentication, use your cell phone number, and put in the number that they send to your phone. This makes it much more secure. you will send your bitcoins here and then buy dogecoin, then send the dogecoin to your wallet on your own computer. Backup the wallet after every purchase.
Send your Dogecoin to your own wallet. backup your wallet, at least 3 times. Use USB thumb drives. FYI, This might take away, the withdraw servers are slow as of right now. Took 3 days for me.
If you have any questions ask. Also you can buy Dogecoin or Bitcoin on ebay, do that at your own risk.
submitted by malak33 to dogecoin [link] [comments]

Why Satoshi's temporary anti-spam measure isn'ttemporary | Raystonn . | Jul 29 2015

Raystonn . on Jul 29 2015:
Eric, any plans to correct your article at https://bitcoinmagazine.com/21377/settling-block-size-debate/?
From: Mike Hearn via bitcoin-dev
Sent: Wednesday, July 29, 2015 4:15 AM
To: Eric Lombrozo
Cc: Bitcoin Dev
Subject: Re: [bitcoin-dev] Why Satoshi's temporary anti-spam measure isn'ttemporary
Irrelevant what term was used - and as brilliant as Satoshi might have been at some things, he obviously got this one wrong.
I don't think it's obvious. You may disagree, but don't pretend any of this stuff is obvious.
Consider this: the highest Bitcoin tx fees can possibly go is perhaps a little higher than what our competition charges. Too much higher than that, and people will just say, you know what .... I'll make a bank transfer. It's cheaper and not much slower, sometimes no slower at all.
And now consider that in many parts of the world bank transfers are free.
They aren't actually free, of course, but they appear to be free because the infrastructure for doing them is cross subsidised by the fees on other products and services, or hidden in the prices of goods sold.
So that's a market reality Bitcoin has to handle. It's already more expensive than the competition sometimes, but luckily not much more, and anyway Bitcoin has some features those other systems lack (and vice versa). So it can still be competitive.
But your extremely vague notion of a "fee market" neglects to consider that it already exists, and it's not a market of "Bitcoin users buying space in Bitcoin blocks". It's "users paying to move money".
You can argue with this sort of economic logic if you like, but don't claim this stuff is obvious.
Nobody threatened to start mining huge blocks given how relatively inexpensive it was to mine back then?
Not that I recall. It wasn't a response to any actual event, I think, but rather a growing realisation that the code was full of DoS attacks.
Guess what? SPV wallets are still not particularly widespread…and those that are out there are notoriously terrible at detecting network forks and making sure they are on the right one.
The most popular mobile wallet (measured by installs) on Android is SPV. It has between 500,000 and 1 million installs, whilst Coinbase has not yet crossed the 500,000 mark. One of the most popular wallets on iOS is SPV. If we had SPV wallets with better user interfaces on desktops, they'd be more popular there too (perhaps MultiBit HD can recapture some lost ground).
So I would argue that they are in fact very widespread.
Likewise, they are not "notoriously terrible" at detecting chain forks. That's a spurious idea that you and Patrick have been pushing lately, but they detect them and follow reorgs across them according to the SPV algorithm, which is based on most work done. This is exactly what they are designed to do.
Contrast this with other lightweight wallets which either don't examine the block chain or implement the algorithm incorrectly, and I fail to see how this can be described as "notoriously terrible".
I understand that initially it was desirable that transactions be free…but surely even Satoshi understood this couldn’t be perpetually self-sustaining…and that the ability to bid for inclusion in blocks would eventually become a crucial component of the network. Or were fees just added for decoration?
Fees were added as a way to get money to miners in a fair and decentralised way.
Attaching fees directly to all transactions is certainly one way to use that, but it's not the only way. As noted above, our competitors prefer a combination of price-hiding and cross subsidisation. Both of these can be implemented with tx fees, but not necessarily by trying to artificially limit supply, which is economically nonsensical.
We’re already more than six years into this. When were these mechanisms going to be developed and tested? After 10 years? 20? Perhaps after 1024 years?(https://github.com/bitcoin/bips/blob/mastebip-0042.mediawiki)
Maybe when there is a need? I already discussed this topic of need here:
https://medium.com/@octskyward/hashing-7d04a887acc8
Right. Turns out the ledger structure is terrible for constructing the kinds of proofs that are most important to validators - i.e. whether an output exists, what its script and amounts are, whether it’s been spent, etc…
Validators don't require proofs. That's why they are validators.
I think you're trying to say the block chain doesn't provide the kinds of proofs that are most important to lightweight wallets. But I would disagree. Even with UTXO commitments, there can still be double spends out there in the networks memory pools you are unaware of. Merely being presented with a correctly signed transaction doesn't tell you a whole lot ..... if you wait for a block, you get the same level of proof regardless of whether there are UTXO commitments or not. If you don't then you still have to have some trust in your peers that you are seeing an accurate and full view of network traffic.
So whilst there are ways to make the protocol incrementally better, when you work through the use cases for these sorts of data structures and ask "how will this impact the user experience", the primary candidates so far don't seem to make much difference.
Remote attestation from secure hardware would make a big difference though. Then you could get rid of the waiting times entirely because you know the sending wallet won't double spend.
Yes, let’s wait until things are about to break before even beginning to address the issue…because we can “easily create” anything we haven’t invented yet at the last minute.
bitcoinj already has a micropayment channel implementation in it. There's a bit of work required to glue everything together, but it's not a massive project to start using this to pay nodes for their services.
But it's not needed right now: serving these clients is so darn cheap. And there is plenty of room for optimising things still further!
I’m one of the very few developers in this space that has actually tried hard to make your BIP37 work. Amongst the desktop wallets listed on bitcoin.org, there are only two that have always supported SPV (or at least I think MultiBit has always supported it, perhaps I’m wrong). One is MultiBit, the other one is mine. I give you credit for your work…perhaps you could be generous enough to extend me some credit too?
MultiBit has always supported it. I apologise for implying you have not built a wallet. I think yours is mSIGNA, right? Did it used to be called something else? I recognise the website design but must admit, I have not heard of mSIGNA before.
Regardless, as a fellow implementor, I would appreciate it more if you designed and implemented upgrades, rather than just trashing the work done so far as "notoriously terrible", Satoshi as "not a systems architect" and so on.
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MultiBit phishing site currently active. Download MultiBit ONLY from multibit.org

PSA: There is a MultiBit phishing site active at the moment.
Only download MultiBit from the domain "multibit.org".
Any other top level domain is a phishing site.
Thanks to Twitter user oocBlog for the heads up.
More info: http://bitcoin.stackexchange.com/questions/36943/sent-to-address/37110#37110
submitted by jim618 to Bitcoin [link] [comments]

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