Unconfirmed Bitcoin Transactions: Why They Happen, and ...

Bitcoin Unconfirmed Transactions Under 100k As Volume Fades | Lightning Imminent

Bitcoin Unconfirmed Transactions Under 100k As Volume Fades | Lightning Imminent submitted by Cryptoprospective to Bitcoin [link] [comments]

What does low volume/low unconfirmed transactions do for your mining operation? /r/Bitcoin

What does low volume/low unconfirmed transactions do for your mining operation? /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin Unconfirmed Transactions Under 100k As Volume Fades | Lightning Imminent - Crypto Answers

Bitcoin Unconfirmed Transactions Under 100k As Volume Fades | Lightning Imminent - Crypto Answers submitted by Cryptoprospective to Bitcoin_News [link] [comments]

Bitcoin Unconfirmed Transactions Under 100k As Volume Fades | Lightning Imminent

Bitcoin Unconfirmed Transactions Under 100k As Volume Fades | Lightning Imminent submitted by BitcoinAllBot to BitcoinAll [link] [comments]

If traded volume plunged, why did unconfirmed transactions spike? /r/Bitcoin

If traded volume plunged, why did unconfirmed transactions spike? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

ELI5 Why have the unconfirmed transactions skyrocketed while volume plummeted since China trading fees? /r/Bitcoin

ELI5 Why have the unconfirmed transactions skyrocketed while volume plummeted since China trading fees? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Main PoS in Thailand disables BTC payments as vulnerable to RBF double spend

Main PoS in Thailand disables BTC payments as vulnerable to RBF double spend submitted by merc1er to btc [link] [comments]

The number of unconfirmed transactions in the Bitcoin network at highest level

The Bitcoin network has slowed down amid new price peaks.
According to Blockchain.com, on October 27, the number of unconfirmed Bitcoin transactions surpassed 100,000. This is the highest level since the end of 2017, when the price of bitcoin was at an all-time high near $20,000.
Then the indicator reached 180,000 transactions. The volume of unconfirmed transactions is growing against the background of the BTC price reaching new multi-month highs. On October 27, the first cryptocurrency rose in price to $ 13'840 dollars, updating the peak of two and a half years on a number of exchanges.
submitted by bestchange_pr to bestchange [link] [comments]

BTC is expected to reduce the mining difficulty by 2.25% to 16.96 T in 4 days and 19 hours

BTC is expected to reduce the mining difficulty by 2.25% to 16.96 T in 4 days and 19 hours
According to data from BTC.com, the current unconfirmed transaction volume of Bitcoin is 56,827, the hash rate of the whole network is 113.22 EH/s, and the 24-hour transaction rate is 4.13 txs/s. The current mining difficulty is 17.35 T, and there are still 4 days and 19 hours before the difficulty adjustment. It is expected that the next mining difficulty will be reduced by 2.25% to 16.96 T.

https://preview.redd.it/bq7m9xesvpc51.png?width=1140&format=png&auto=webp&s=5d5683552612b665d29bcfee9df312c365455de2
submitted by dengtaDTB to u/dengtaDTB [link] [comments]

How long can my transaction stay in the Mempool?

Am I asking this right?
So - this morning I sent some btc in two directions. X amount of bitcoin to one address and X amount of bitcoin to another.
Neither has showed up, with both showing on the explorer as "unconfirmed". I remember this happening in the past, and it is not a big deal. It is worth asking about in here though.
Is there a lot of volume today, and maybe my fees were set low; which would cause this?
I am asking because the thought is that when the markets are pumping, I think I should increase the fee I will pay on transactions to ensure quick movements. Is this correct?
submitted by splarkin to BitcoinBeginners [link] [comments]

Bitcoin transfer fees have risen to a two-year high

The bitcoin network still cannot return to normal after halving. On May 20, the average transaction fee level rose to $6.633, the highest level since June 2018. A month ago, before halving, the figure was 10 times lower.
The size of the mempool - the volume of unconfirmed transactions - increased to the values of the winter of 2018. On May 21, it was 94.41 Mb. Against this background, the cost of BTC dropped from $9,600 to $8,800. Now the average market price of bitcoin is $9,167, in 24 hrs the cryptocurrency has lost 2.10% in price.
On May 11, the block reward was halved in the Bitcoin network from 12.5 BTC to 6.25 BTC.
submitted by bestchange_pr to bestchange [link] [comments]

[Weekly Report] BSV transaction fee is lower

[Weekly Report] BSV transaction fee is lower
Dear friends of LivesOne,

As block sizes get bigger and technology improves, BSV community hopes that more people can use the BSV public data ledger to reduce transaction fee.
On May 13, TAAL, the transaction processor, processed a block of 309MB in size, which contains 1178322 transactions, with a total transaction fee of up to 0.788BSV. If denominated in legal tender, the average fee per transaction is about 0.0009 Yuan RMB.

https://preview.redd.it/l5as5227fuz41.png?width=1240&format=png&auto=webp&s=4abcb3767200719104ccdc54167eb74021666587

  • Current rate of BSV transaction fee
In the Bitcoin market, miners participate in blockchain mining with an aim to make profits. However, as the Bitcoin network recently experienced its halving, transaction fees gradually become more important. The future competition will focus on those transaction processors who can handle more network transactions.
At the beginning of this year, MemPool, the leader of BSV mining pool, announced that they would work with Tall and Coingeek mining, bitcoin mining giants,to support enterprise blockchain applications and reduce the transaction fees. The statement marks the birth of a new trend in which mining companies seek more sustainable profit models to ensure their long-term development.
Transaction processor is expected to adjust its BSV transaction fee rates as relevant to respond to market forces. It will be implementing the following changes to transaction fees charged by its cloud computing operations on the BSV network:
  1. A reduction in the transaction acceptance fee (-blockmintxfee) from 1 satoshi/byte to 0.5 satoshis/byte.
  2. A reduction in the relay fee (-minrelaytxfee which is the minimum fee required for double spend protection and for relaying of a transaction) from 1 satoshi/byte to 0.25 satoshis/byte.
  3. In an additional, but unrelated, change the restrictive limit of 25 unconfirmed ancestors will be immediately raised from 25 to 50.

  • Expectation of BSV transaction fee
Many enterprises are exploring blockchain applications to improve their business. These projects are becoming more and more common, but there are some challenges in the application of the public chain. Bitcoin transaction fees are not expressed in legal tender, but in "sat / byte". Therefore, transaction fees in legal tender price will fluctuate with the fluctuation of the price of bitcoin.
TAAL promises to regularly check the lower BSV transaction fees to maintain stable transaction fees in legal tender. Large enterprises usually want to be able to predict their costs, so stable transaction fees are expected to attract more enterprises to use BSV for data applications.
In addition, due to the difficulty in corporate policy and accounting treatment, enterprises do not or cannot show holding digital assets on their balance sheets. Business participants in the BSV ecosystem have recently begun to explore alternate transaction fee models that provide, in fiat currency terms, greater reliability for BSV business applications – including business deals for miners to directly handle a particular application’s set of transactions for negotiated fee rates or development of tools that enable greater fee customization to be offered by miners to applications.
This evolving fee marketplace is new to bitcoin; it was not possible on the Bitcoin Core network due to its smaller block size and significantly higher transaction fees. This new fee marketplace is only recently enabled by BSV’s greater data and microtransaction capabilities. It is expected that this will bring more users to BSV and attract more partners to strengthen its ecosystem.
With the increasing of BSV trading volume, we can also see the further reduction of transaction fee rate. BSV promises an exciting blockchain future. LivesOne's vision is to enable more ordinary people to use better blockchain applications, and lower fee will help LivesOne realize its vision. LivesOne is eager to participate in the future construction of blockchain with you.

Symbiosism Economy Foundation
May 20, 2020
submitted by LivesoneToken to LivesOne [link] [comments]

Oleg Andreev: "Looks like a coordinated DoS attack with media coverage in order to suppress the price a little. https://t.co/ufQdGbxX6i"

Oleg Andreev: submitted by oleganza to Bitcoin [link] [comments]

QTUM wallet/market down for maintenance on Bittrex an hour before Bithumb listing

What kind of shady shit is this?
submitted by addyxans to Qtum [link] [comments]

BTC is now pick 2 of 3: Low fees/Fast confirmation times/Security

In some recent comments Bitcoin Core supporters are telling people Lightning is optional and I agree.
However if you think Lightning is optional then you limit your options even further when using Bitcoin. Based on today's current state of Bitcoin here are your options when using Bitcoin to send cash:
1) onchain Bitcoin with a low fee: Security + Low fee = Slow confirmation time
2) onchain Bitcoin with a high fee: Security + High fee = Fast confirmation time (So long as no one outbids you out of the block during times of high volume)
3) Lightning: Low fee + Fast transaction time(no confirmation as Lightning transactions are not confirmed onchain until you close your channel) = No Security
examples of each is:
1) Tony Vays sent a Bitcoin transaction with a "low fee" of $0.25 that took 11 hours to confirm and probably would have taken longer if SlushPool didn't manually add his transaction. I'm being liberal with "low" because anyone using cash today does not pay $0.25 extra for a transaction to buy coffee.
2) Exchange withdrawals: Usually exchanges raise the fee several levels higher to ensure the confirmation goes through sooner than later. You've probably heard of /bitcoin users complaining about this, but this is just the cost of good business. Exchanges don't want users complaining about waiting 11 hours and creating unnecessary support tickets because Bitcoin is congested again.
3) Lightning has low fees and fast tx times, but until you close that Lightning channel that transaction is still unconfirmed onchain and anything can happen. This is why /bitcoin users recommend using watchtower services to secure your Lightning funds, as someone must always be watching over your funds to prevent them from being stolen. If you stay offline for too long your funds may be stolen. Until your close your LN channel your must check in on your Lightning funds periodically to defend against theft attempts as you become the security of your funds, not the Bitcoin blockchain.
So this is the convoluted state of Bitcoin today. A Rube Goldberg vision of p2p digital cash where first you must decide on your priorities and only then then transfer funds between Bitcoin or Lightning as necessary before deciding to send someone cash. Not very frictionless cash is it...
Or you can just use Bitcon Cash which has none of these complications and just works.
edit1: Bitcoin.org acknowledges the Bitcoin's degradation of utility as well: https://www.ccn.com/wp-content/uploads/2018/01/Bitcoin.org-Transaction-Fees-1024x555.jpg
submitted by 500239 to btc [link] [comments]

Yesterday's 103,161 total transactions was an all-time high, beating 102,010 on 28 Nov 2013

Submitting link here, as address posted before.
Edit: coincadence has better data it would seem
submitted by jaydoors to Bitcoin [link] [comments]

Got this in my inbox a couple of minutes back

A new user sent me this to my inbox, its a description of the events after the fork, with a signed message at the bottom. I've gone through it once but its very late here in my timezone, have to go through it again tomorrow. I'm sure I'm not the the only receipient, but just in case pinging some people here.
https://honest.cash/kiarahpromise/sigop-counting-4528

*** EDIT 2 ***
Before you continue. From the Bitcoin whitepaper:
" The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes."

*** EDIT ***
Ok, I have slept over this.
How big is the chance that these two events, the sigop tx spamming of the network and the intended theft of funds stuck in segwit by an unknown miner, were coordinated and not coincidential? I slept over this message and am wondering if that was one two-phased plan and even this message was planned (probably a bit different but it was adapted afterwards to the new situation, that's why the first half of it is such a mess to read) to spread fear after the two plans got foiled.

The plan consisted of various Acts
Act 1) Distract and spam the network with sigop transactions that exploit a bug to cause distraction and halt all BCH transaction volume. The mempool would become filled with unconfirmed transactions
Act 2) When a patch is deployed, start your mining pool and mine the hell out of it to quickly create a legitimate block. They prepared the theft transactions and would hide them in the (predicted) massive mempool of unconfirmed transactions that would have been accumulated. They would mine a big block, everyone would be so happy that BCH works again, and devs would be busy looking for sigop transactions.
Act 3) Hope that the chain gets locked in via checkpoint so the theft cannot be reverted
Act 4) Leak to the media that plenty of BCH were stolen after the fork and the ABC client is so faulty it caused a halt of the network after the upgrade
Act 5) Make a shitload of money by shorting BCH (there was news about a appearance of a big short position right after the fork)

But the people who planned this attack have underestimated the awareness and speed of the BCH dev team. They were probably sure that Act 1 would take hours or even days so the mempool would be extremely bloated (maybe they speculated that everyone paniced and wanted to get out of BCH) and Act 2 would consequently be successful because no one would spot their theft transactions quick enough.

But they didn't calculate that someone is working together with various BCH pools in precaution to prevent exactly this scenario (segwit theft) and even prepared transactions to move all locked coins back to their owners.

Prohashings orphaned block was likely unpredicted collateral damage as Jonathan suggests below, because they were not involved in the plan of the two pools who prepared to return the segwit coins. I'm guessing that the pools did not expect a miner with an attacking theft block that early and had to decide quickly what to do when they spotted it.

So now that both plans have been foiled, Plan B) is coming into place again. Guerrilla style fear mongering about how BCH is not decentralized. Spread this info secretly in the community with the proof in form of a signed message connected to the transactions. Of course, the attacker worked actually alone, attacked us for our own good, and will do so again, because the evil dictatorship devs have to be eradicated....

As an unwanted side effect of these events the BTC.top and BTC.com "partnership" has been exposed. So what do we do with this new revelation is a question that we probably have to discuss.

They worked together with someone who wanted to return the segwit coins and avoided a theft. They used their combined hashing dominance to avoid a theft. I applaud them for that. From a moral perspective this is defendable and my suspicion that we have more backing for BCH than you can see with your eye by following hash rate charts is now being revealed as true again.

But the dilemma BCH has is revealed again as well. we need more of the SHA-256 hash rate cake because we actually do not want that any entity in this space has more than 50% hash power.

*** EDIT 2 ***
Added Satoshi's quote from the whitepaper.
submitted by grmpfpff to btc [link] [comments]

How the Bitcoin Network thinks about your transaction

How the Bitcoin Network thinks about your transaction submitted by derpUnion to Bitcoin [link] [comments]

Announcement: Symphony_IOHK Releases Symphony-Web 2.0

Announcement: Symphony_IOHK Releases Symphony-Web 2.0

View from inside a blockchain galaxy
The Symphony project began with a question: how do we represent blockchain technology in a way that is stimulating, entertaining, and audio-visually engaging for a wider audience, technical and non-technical. In other words, how do we explain the abstract and give form to the formless.

It’s been over a year since we answered that question, and we’re still working to make Symphony the most interactive and immersive blockchain experience available. What began as a way to visualize the blockchain has evolved into a way to experience the blockchain: an immersive journey accessible through your device’s browser.

The result is Symphony 2.0: a 3D explorer through which anyone can traverse the topographic history of the Bitcoin blockchain, from the first transaction to the most recent. Compared with the first version, Symphony 2.0 goes deeper in every way. It drills down into transaction data to create a live soundscape – each block has its own unique audio signature – using data-driven sound synthesis. It looks like this:


Soar over the galaxies of blockchians

How it Works

As you can imagine, giving feeling to data isn’t easy. Creating a sound for each block was how I wanted to represent the uniqueness and permanence of the blockchain: once added, a block is there forever, making that same sound, containing those same transactions.

I used a technique called additive synthesis to generate sound on the fly, and utilized the parallel nature of graphics cards to synthesize a unique sound for each of the thousands of transactions that can make up a block. The sound signature that plays when you visit a block consists of each transaction producing eight sine waves (a fundamental pitch and seven harmonics). The fundamental pitch is determined by the transaction value, and the amount of randomness added to the harmonics partials is controlled by the fee-to-value ratio of the transaction.

https://preview.redd.it/w6be8pwjb5931.png?width=1114&format=png&auto=webp&s=856bbc3572cf535a35ea20a086daa467e6512e8e

Design Philosophy

With Symphony 2.0, the blockchain’s mempool – which stores unconfirmed transactions – is visualized as a gravitational swell, around which confirmed transactions spiral in concentric rings. Think of Saturn’s rings but, instead of particles of ice and rock, we have transactions, continuously adding to the size of the rings as they extend outwards. Then, undergirding each block are Merkle trees represented, unsurprisingly, as trees.

https://preview.redd.it/exoldf4lb5931.png?width=1120&format=png&auto=webp&s=07c632b930131b94b4852293bfe6272b4a9ef90f
On top of each block, confirmed transactions are visualized as 3D hexagons. Their height corresponds to the transaction volume, and their width (note the rotund individuals to the right of the image above) corresponds to the health of the block. The result is an unprecedented imagining of the blockchain, with its representative parts synced and manifest, explorable block-by-block or through a flight-simulator mode.

Ways to Experience Symphony

Symphony 2.0 is now live It can be accessed using any modern web browser, but is best experienced in Google Chrome. For laptop and mobile device users, it’s advised to select the Medium quality option and, for those with high-performance devices or dedicated graphics support, the High quality option. Performance optimizations will continue into the future.

Together with our friends at Kuva, a Bristol-based creative agency, we’ve also grown the project to include events and exhibition pieces. These events – one of which was held this year in Bristol – have included a number of exhibitions that showcase different parts of the project, including virtual reality (VR) and augmented reality (AR).

Using WebVR software, I built a VR experience based on the code for Symphony 2.0, which demonstrates the extensibility of the system. This will be exhibited at future events and, I hope, one day available for VR headsets at home.

What’s Next

We’re going on tour. We have the story, and now we need an audience. I’m also starting to build an Ethereum version using the same code base, which will feature explorable smart contracts, and, after that, Cardano. We know there are thousands of people out there who are only faintly familiar with blockchain technology and want to know more – and with Symphony 2.0, they’ll be able to cut through the confusion. A picture tells a thousand words, and an interactive audio-visual experience tells many more.

Symphony is a long-term project. It’s as much an adventure for us as our audience. We want to see how far we can take it – because blockchain technology is still developing, still growing, and the opportunity for education is only just beginning. The release of Symphony 2.0 marks a significant milestone for us, and we’re thrilled to be sharing it with you. There’s a lot of opportunity for Symphony, from optimizations and incorporation of other blockchains, to events and more ways to enjoy Symphony at home. So, stay tuned for more updates and, in the meantime, enjoy the world’s first interactive blockchain experience.
- Blog Post by Scott Darby, IOHK Creative Coder

Experience Symphony Web Now

-
https://iohk.io/blog/announcing-the-release-of-symphony-2/
submitted by Classic_Kevin_ETC to cardano [link] [comments]

Ever Flown Around Inside Bitcoin? IOHK Introduces Symphony 2.0: The first ever 3D, immersive blockchain explorer

Ever Flown Around Inside Bitcoin? IOHK Introduces Symphony 2.0: The first ever 3D, immersive blockchain explorer

(L) Bitcoin transactions: The higher the larger value; (R) Mempool w/ incoming tx.s
The Symphony project began with a question: how do we represent blockchain technology in a way that is stimulating, entertaining, and audio-visually engaging for a wider audience, technical and non-technical. In other words, how do we explain the abstract and give form to the formless.

It’s been over a year since we answered that question, and we’re still working to make Symphony the most interactive and immersive blockchain experience available. What began as a way to visualize the blockchain has evolved into a way to experience the blockchain: an immersive journey accessible through your device’s browser.

The result is Symphony 2.0: a 3D explorer through which anyone can traverse the topographic history of the Bitcoin blockchain, from the first transaction to the most recent. Compared with the first version, Symphony 2.0 goes deeper in every way. It drills down into transaction data to create a live soundscape – each block has its own unique audio signature – using data-driven sound synthesis. It looks like this:


The flight simulation over the bitcoin network. Watch out for incoming tx.s!

How it Works

As you can imagine, giving feeling to data isn’t easy. Creating a sound for each block was how I wanted to represent the uniqueness and permanence of the blockchain: once added, a block is there forever, making that same sound, containing those same transactions.

I used a technique called additive synthesis to generate sound on the fly, and utilized the parallel nature of graphics cards to synthesize a unique sound for each of the thousands of transactions that can make up a block. The sound signature that plays when you visit a block consists of each transaction producing eight sine waves (a fundamental pitch and seven harmonics). The fundamental pitch is determined by the transaction value, and the amount of randomness added to the harmonics partials is controlled by the fee-to-value ratio of the transaction.

View looking up: Merkle trees under respective blocks; Mempool on the right

Design Philosophy

With Symphony 2.0, the blockchain’s mempool – which stores unconfirmed transactions – is visualized as a gravitational swell, around which confirmed transactions spiral in concentric rings. Think of Saturn’s rings but, instead of particles of ice and rock, we have transactions, continuously adding to the size of the rings as they extend outwards. Then, undergirding each block are Merkle trees represented, unsurprisingly, as trees.

View Top Down: Transactions as pillars, on top of blocks, on top of Merkle trees; Mempool in background
On top of each block, confirmed transactions are visualized as 3D hexagons. Their height corresponds to the transaction volume, and their width (note the rotund individuals to the right of the image above) corresponds to the health of the block. The result is an unprecedented imagining of the blockchain, with its representative parts synced and manifest, explorable block-by-block or through a flight-simulator mode.

Ways to Experience Symphony

Symphony 2.0 is now live It can be accessed using any modern web browser, but is best experienced in Google Chrome. For laptop and mobile device users, it’s advised to select the Medium quality option and, for those with high-performance devices or dedicated graphics support, the High quality option. Performance optimizations will continue into the future.

Together with our friends at Kuva, a Bristol-based creative agency, we’ve also grown the project to include events and exhibition pieces. These events – one of which was held this year in Bristol – have included a number of exhibitions that showcase different parts of the project, including virtual reality (VR) and augmented reality (AR).

Using WebVR software, I built a VR experience based on the code for Symphony 2.0, which demonstrates the extensibility of the system. This will be exhibited at future events and, I hope, one day available for VR headsets at home.

What’s Next

We’re going on tour. We have the story, and now we need an audience. I’m also starting to build an Ethereum version using the same code base, which will feature explorable smart contracts, and, more networks after that. We know there are thousands of people out there who are only faintly familiar with blockchain technology and want to know more – and with Symphony 2.0, they’ll be able to cut through the confusion. A picture tells a thousand words, and an interactive audio-visual experience tells many more.

Symphony is a long-term project. It’s as much an adventure for us as our audience. We want to see how far we can take it – because blockchain technology is still developing, still growing, and the opportunity for education is only just beginning. The release of Symphony 2.0 marks a significant milestone for us, and we’re thrilled to be sharing it with you. There’s a lot of opportunity for Symphony, from optimizations and incorporation of other blockchains, to events and more ways to enjoy Symphony at home. So, stay tuned for more updates and, in the meantime, enjoy the world’s first interactive blockchain experience.
- Blog Post by Scott Darby, IOHK Creative Coder

Experience Symphony Web Now


Original BlogPost
submitted by Classic_Kevin_ETC to Bitcoin [link] [comments]

[Weekly Report] BSV News

Dear friends of LivesOne,
Since the Symbiosism Economy Foundation announced the cooperation with BSV, we have introduced BSV in detail, including its history, philosophy, advantages, and the reasons for our choice. LivesOne always pays close attention to the trend of BSV and informs you in time. As we enter the year 2020, good news is coming one after another.
Mining pool reduces BSV transaction fee and anchors legal tender
BSV transaction fees are already the cheapest in major blockchains, but this is not enough. On January 8, the famous Bitcoin mining giant TAAL announced that in order to support blockchain applications that require a large number of transactions, it will reduce the miner rate on the BSV chain and increase the limit value of unconfirmed inherited transactions. Subsequently, the CoinGeek mining pool also issued a statement saying that it would follow up with this adjustment. Any fee reduction will send a clear signal to the market that the cost of using BSV will decrease. It is expected that this change will incentivize more enterprise applications to generate a large number of BSV transactions. Taking this step will generate high transaction volumes and higher total transaction fees.
At present, Bitcoin transaction fees are not expressed in legal tender, but in "sat / byte". Therefore, transaction fees in legal tender price will fluctuate with the fluctuation of the price of bitcoin. This fluctuation will have a greater impact on applications that generate a large number of transactions on the blockchain. Commercial users of the BSV ecosystem have recently begun to explore an alternative transaction fee model that can be priced in legal tender, which provides higher reliability for BSV business applications. This new type of expense market emerged with the greater data and microtransaction capabilities of BSV. However, this is unlikely to happen on the bitcoin core network, because its block is too small, resulting in high transaction costs.
Large enterprises usually want to be able to predict their costs, so stable transaction fees are expected to attract more enterprises to use BSV for data applications. TAAL promises to regularly check the lower BSV transaction fees to maintain stable transaction fees in legal tender. As one of BSV's partners, it is undoubtedly brought real benefits to LivesOne.
Oppose Anonymity and Embrace Regulation
The European Union’s 5th Anti-Money Laundering Directive (5AMLD) came into effect on January 10. The regulation was entered as law on July 9, 2018 in an effort to bring increased transparency to financial transactions for pushing back against money laundering and terrorist financing across Europe. For the first time, 5AMLD is broadening its regulatory scope by including crypto service providers like virtual-fiat exchanges or custodian wallet providers. The idea is make it more plainly knowable who’s participating in crypto transactions. The rationale is that doing so pushes back against money laundering and terrorism financing.
According to an 5AMLD fact sheet, the law will:
European Union is paying close attention to cryptocurrency and has established its first set of rules for how companies in this space must behave. Now it’s on those companies to gain compliance or risk being able to operate at all.
This reminds me of Dr. Craig's emphasis on the existence of BSV: Bitcoin's system should be transparent. It should not be used to fight the government; it should not be used to fight anyone. It can be used for creation, it can be used for construction. I have to say that the vision of BSV is prescient and correct. BSV is an honest system with transparency as its key feature. BSV can be used to create a more secure and honest society.
BSV with unlimited expansion, anti-anonymity, and embrace supervision is the first choice for LivesOne team cooperation. The collaboration between LivesOne and BSV is ongoing, let us look forward to seeing more details.

Symbiosism Economy Foundation
Jan.15th, 2020
submitted by LivesoneToken to LivesOne [link] [comments]

I quit btc.

TL&DR Basically rant why I don’t want to face bitcoin core supporters constant lies and I don’t want to have anything to do with bitcoin core (btc) anymore.
Bitcoin was always about sending safely digital money to anybody, anywhere and without need of central authority. It was very clearly stated in first discussions and first promoting materials, that whole idea is for it to work instantly with no fees, or very little fees and it is for everybody equally and anonymously.
Nobody was ever suggesting that bitcoin is finished product. Probably it is fair to say everybody were expecting some kind of problems and different and unforeseen circumstances that could potentially kill the project any minute and instantly. Many of users could also see potential new use cases and phenomenal possibilities for the future. Bitcoin got quickly recognised as very risky but very promising technology that could change the world. Things like that don’t happened every day.
Evolution of bitcoin was inevitable. Every aspect of bitcoin needed protection and improvement to face problems.
Oh boy, but how I’m surprised what way it all went.
Maximum blocksize was introduce by bitcoin creator as a temporary measure to mitigate problems bitcoin was vulnerable at the time. It was always suppose to be increased when needed and Bitcoin creator (Satoshi Nakamoto) even said how to do it effortlessly. That max block size was trivial temporary fix that not many at the time realised how big obstacle for bitcoin it will become. Unfortunately for all of us, Satoshi left the project, before sorting it out.
Instant transactions were removed when “replace by fee” feature and increasing transaction waiting time in mempool from, I think 3 days to 14 days, were introduced. It was done to allegedly make it easier to estimate correct fee needed to pay to get to next block. In effect though, it enabled race to the top of the fees where in order to keep up with increasing volume, it was better to increase fee above everybody else or face staying in limbo of unconfirmed transaction for two weeks or more in case some party chooses to rebroadcast transaction. What is more terrifying, transactions couldn’t be safely used as instant anymore, as a sender could potentially double spend transaction with sending funds to different than original address with higher fee and more chance to not get rejected. Instant transaction was basically killed. Now we all had to wait for confirmations, preferably 6 of them. Originally, that was only advised as extra safety measure for bigger purchases, but now thanks to rbf, it is a must. Plus fees were encouraged to go up.
Foundations for high fees were set by rbf and 1mb block size. When volume came with increasing adoption and interest from new users, fees skyrocketed to above 1000sat/byte. You could send with lower fees and get lucky, but basically fees were extremely high. Also, not every transaction is simple. This 1000sat/byte could easily result in fee on 100gbp for transaction if you were using many unspent outputs.
That killed adoption. Period. You can’t use bitcoin to send money if you have to pay transaction bigger than often value of transaction itself. Low fee or no fee aspect was killed and even vanished for a while from bitcoin.org site.
Important part is, that all of that above could have been justified. As I mentioned before, bitcoin is not finished and it is vulnerable so any changes should be tested, not rushed. I can understand that. What is more, I can not demand from bitcoin developers changes. I can propose changes myself and even show how to do it though.
But here is the tricky part. Bitcoin core developers killed all progress by censoring every discussion that was not in line with central party rhetoric. You want to talk about big blocks? Ban. You want to ask about why not? Ban. But, but… Ban. So changes can not be proposed anymore and discussed. It was possible to get ban even when taking part in discussion elsewhere or agree to something core didn’t approve and “obviously” being not in line.
Well done guys, you just created central authority that stand against everything that bitcoin was for.
How big fees were justified?
By pushing blame on users. It must be stupid to use bitcoin they said. When you using it you are taking precious resources. You are bad for bitcoin. Bitcoin is not money, it is store of value!!!
Just buy and hold. Sorry. Just buy and “hodl”. Be stupid meme reader. Than tell others to buy and hold. Create perfect ponzi. This is what bitcoin core is now being used mostly for.
Solutions proposed and introduced.
Segwit or Segregated Witness. (didn’t help)
Reorganisation of transaction record that changes the way transaction size is being counted and also fixes malleability issue. At the time of introduction it was being compared to approximately equal to increase to 1.7 mb block size. Now opinions and calculations are vary. Some give it more, but most are very confusing anyway. As misinformation is very common in bitcoin world, I leave it for everybody to check it themselves.
Segwit was mostly needed to introduce Lightning Network that required transaction malleability to be fixed. In normal bitcoin use, it wasn’t really big problem, but lightning apparently had to have it sorted this way.
Lightning network
Fascinating concept really I must admit. It is different layer working on top of bitcoin block chain. Instead of sending every transaction on chain, users were encouraged to use this so called settlement layer, where only final balancing is written on chain. In theory, when network will be big enough and everybody will connect, closing final balances will never be required or for very long time plus when something goes wrong. Lightning network is in even bigger beta than I thought and I don’t think I can say more about its technical side, but already I think it might be very interesting someday. It should not stop on chain scaling though.
My problem with Lightning network is more on idealogical level. It to much looks like trying to replicate existing banking system (I might be totally wrong on this) and there was LIE spread before introducing LN that everybody needs to run full node. It is a lie. Obvious lie.
First of all, the definition of full node has been changed. Originally full node was node that was doing all functions of node and that includes mining. Mining is now highly centralised and it has very big entry price, so normal user rather can’t run full node efficiently.
Definition has changed to call non mining nodes a full node. That implies they are important to bitcoin network. They are not. They are important for Lightning network though, as user has to be connected to it all the time via they're own node.
Not only Lightning Network is build on bitcoin chain but also on the lie and misinformation. That is very bad. Any discussion to put things straight as they are result in ban in every communication channel controlled by central authority of core devs.
Every day I come to reddit or any other social media, I see plenty of lies, usually from people that do not lie, and I am sick of it. Bitcoin is evil, bitcoin is broken, bitcoin is taken over by malicious group, that luckily forked away in August last year and is marked as btc.
Bch chain restored the original value of Bitcoin. Central authority is gone. If it happens again, we will fork away again. It is low fee or no fee system for everybody.
It is fascinating again. There is new development. Look on memo and blockpress. If you can’t see implications of this, I don’t know what to say.
Now is the time people have to choose though. Bitcoin cash has low volume. It is possible people don’t want uncensored money, social network, or network in general. Maybe they need Lambo dream and ponzi scheme? Maybe. I don’t know. But I’m off from btc and I am not coming back.
submitted by MarchewkaCzerwona to btc [link] [comments]

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