Quick weekly news:submitted by Kononenko_Ivan to GoodCrypto [link] [comments]
- Decentralized money market Aave has released specifications for version two of its protocol
- SpaceChain’s International Space Station-hosted (ISS) hardware secured a bitcoin transfer while floating in Earth’s orbit.
Also, be sure to check out top altcoin gainers and losers of the week ⬇️
Decentralized money market Aave has released specifications for version two of its protocol as the project eyes $1 billion locked under contract, according to DeFi Pulse. Aave will partner with real estate tokenization firm RealT to bring home mortgages to DeFi. RealT did not return questions for comment by press time. As reported by CoinDesk, Aave announced plans to transition to a fully autonomous and decentralized protocol through its “genesis governance” and Aave Improvement Proposals (AIP) scheme.
BTC in space
SpaceChain’s International Space Station-hosted (ISS) hardware secured a bitcoin transfer while floating in Earth’s orbit. Using multi-signature transaction hardware, the firm’s Chief Technology Officer Jeff Garzik authorized a 0.0099 BTC (about $92 at the time) transfer on June 26, the company disclosed Tuesday. Data can only reach the ISS via the craft’s encrypted ground station links. SpaceChain says this adds security and resilience to transaction authorizations.
Jeff Garzik and Sergio Lerner (security expert) already said upgrading to 2mb is safe.JustSomeBadAdvice:
Gorgamin wrote:Can you quantify the decrease in security that is likely/possible from raising the maximum block size allowed from 1MB to 2MB?The problem is that no one has any way to realistically estimate how transaction fees will change with larger block sizes, and ultimately all of the security will soon come from transaction fees. Here's a reply I added lower down the thread: This is the tragedy of the commons at play. Individuals are demanding lower transaction fees because they want to pay less, but they ignore what the transaction fees pay for.
An average 600 byte transaction will cost the network around 6 cents to store for the next few hundred years. I calculated that from S3 storage and bandwidth prices, assumed the price of storage and bandwidth continued to drop by 1.5% per year, and assumed we stay at ~5000 full history Bitcoin nodes, and changing the assumptions don't change much since most of the cost comes within the next 15 years anyway.
But more importantly, transaction fees are needed to pay for miners to secure the network from attackers. As the Bitcoin network grows more popular and stable, it will become a bigger target for countries or high net worth organizations that want to manipulate it like a stock. If they amass a huge sum of money and short the Bitcoin net worth for X% of its total value, there needs to be enough mining power to make a 51% attack (mining farm built for the purposes of driving down the price to profit from the short) not viable. There can only be enough mining power if the total sum of transaction fees picks up where the block reward drops off.
There's a way to estimate the mining rewards versus the total Bitcoins that would have to be shorted to be a viable attack. The price of Bitcoin drops out of the equation and within 5 years the total number of Bitcoins becomes (effectively) static as well, so that leads to this rough estimation table: https://i.imgur.com/M03YcXa.png
Our current transaction fees are ~100 btc per day. If they don't increase, someone would only have to gain a profit of 2% of the total net worth to justify building a mining farm that would 51% attack the currency. With leveraged shorting and high-net-worth organizations, that's fucking nothing. We start to be in real danger if transaction fees haven't increased by ~2028.
The biggest supercomputer on Earth doesn't work for free unfortunately. If you don't own any mining equipment (which is expensive) or run a node, you can't complain.to which FantomLancer responded, and had post [removed]:
It is not a good argument or analogy. The price is now dis-attached due to a civil war on how to scale, which is a serious problem that deserves som attention, not some simple phrase about supercomputers.BashCo wrote:
Segwit will provide a substantial increase to on chain scaling but is being blocked for political reasons. Bitcoin won't be ready for primetime for at least a few more years.to which WiseAsshole responded and had post [removed]:
No it won't. Miners are not adopting it. It stalled at 24%, just like Bitcoin stalled at 1mb.Chillingniples had this post [removed]:
I also feel this way. when I got into the community in 2012 there was way more wildly optimistic idealism. It felt like we were really onto something revolutionary here. The longer I have stuck around the more I realized 99 percent of the community is here for self gain. It's a little sad now that when i hear people talking about how btc is going to help all these third world populations and etc, & I can plainly see there are zero solutions in that regard at the moment, that people are saying these things out of greed. They really don't care about people in third world countries. they mainly just want their btc to be worth more. I started my btc journey a very naive idealist, totally convinced we'd soon have our own huge bitcoin economy where people have finally decided to stop supporting the petro dollar and funding the war machine etc etc... but now I realize that idea sounds batshit insane to most people (even a lot of people involved with btc) and not to mention would be an extremely dangerous and volatile thing to attempt to do on a societal scale.approx- had this post [removed]:
56MB blocks are not unfeasible for the future. Bandwidth is doubling roughly every 18 months. Other computer hardware is still progressing as well. 8MB blocks are completely feasible TODAY. 56MB blocks should be feasible within 5 years.nthterm had this post [removed]:
Ultimately, we need adjustable block sizes (adjustable without hard forks) so that it can adapt to current hardware/bandwidth availability.
no. stop pricing out the poounbanked. we don't need to maintain HW requirements of running a node at 2008 levels indefinitely. The unbanked don't need to be able to run a node to make onchain transactions. If you moderately scale bitcoin so that it can accomodate increased user adoption, then # of global nodes will increase due to a larger user base. capiche?eqleric had this post [removed]:
Good thing someone along the line has the ability to convert it to $4800, huh? To most people, saying "my 5 btc transaction only cost .00025 btc" is meaningless. In short, it's only clean money because someone went through those channels that you're mocking to convert itXanather had this post [removed]:
Its not a "global censorship resistant payment system". Its P2P money as defined by the whitepaper. Censorship exists on many of the communication mediums that discuss bitcoin.chinacrash had this post [removed]:
If Core was serious about bitcoin we would already have a date for a blocksize increase.bunny4u15 had this post [removed]:
There is a bit wrong, it's a soft fork... https://www.reddit.com/btc/comments/5apvv1/if2mbwasconcededbyblockstreamcoretomorrow/. SegWit is the problem.
By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:
As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin [trading in Q4 2017 Bitc...
Unsurprisingly, Jeff Garzik is listed as Chief Scientist and Board Member.
I think they purposefully invested a whole lot of money in their domain name "ub.com" to look legitimate.
EDIT: I guess Jeff isn't aware. The team profile is completely fake (stock photos, etc.).
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