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Showing 20 of 51 results by blossbloss
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Board Bitcoin Discussion
Re: Michael Saylor Told Elon Musk That He Bought Over $ 1.3 Billion In Bitcoin
by
blossbloss
on 28/12/2020, 15:24:52 UTC
The move by Saylor and MicroStrategies to park treasury assets in bitcoin was definitely a momentous event for Bitcoin.

Some in the investment community will righteously claim that the move is a signal of weakness, since Saylor couldn't find better uses of the funds for the core business; the funds should be returned to shareholders and not invested in speculative assets. Others (myself included) will counter that the treasury is there to buffer the business from economic uncertainties and to ride out any storms; the funds need to be parked where value will not be eroded.

The real issue is whether the parked funds are "safe."  With Bitcoin's persistent ATHs, Saylor's detractors are biting their lips and waiting for the inevitable volatility and downturns. This will be followed by ridicule and likely shareholder lawsuits.

I'd be curious to see a good graphical visualization of the type, volume, and risk of the array of corporate treasuries to see what the landscape looks like, and how risky adding Bitcoin to the mix really is.

Does anyone know of such a visualization?
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Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: It is pointless if the BTC fees increases along with rise in BTC price!
by
blossbloss
on 27/12/2020, 14:38:15 UTC
⭐ Merited by nutildah (1)
Probably a Luddite view here, but I can't see Lightning being the solution long term, unless we all accept there being a few major clearing nodes to be our trusted middlemen. (MicroStrategy, Amazon, CoinBase, Gemini, Chase, etc.) They will offer to pay all Level 1 and Level 2 transaction fees to be the custodians of your BTC so that you can use Lightning. These major players will figure out how to charge you for that security service. (Amazon will include it with Prime.)

Participating on Level 2 requires a transaction on Level 1 first. The system can't accommodate everyone's participation, nor will many people be able to afford participating. So the middlemen will happily be your BTC lender. And banking 2.0 will be born. Just an interesting excursion to the world of government issued tokens backed by BTC.
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Board Bitcoin Discussion
Re: What's the impact of using cryptocurrencies for donation?
by
blossbloss
on 24/12/2017, 03:39:45 UTC
If you are in the US, then the market value of the donation is deductible from your taxes. You do not pay capital gains on those coin.
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Board Bitcoin Discussion
Re: What will the world look like in 10 years if Bitcoin succeeds?
by
blossbloss
on 15/10/2015, 13:39:29 UTC
OK, let me give it a shot....

1. Banks go the way of Newspapers.
They won't disappear, but they change focus to value-added services like lending, intermediation and lose their current massive scale. Many disappear or break up, the most flexible go online for everything and start going after clients in a global way. In 2025 surviving banks are more like those newspapers that have survived the blogging revolution: different business model, focus on quality and brand-recognition and permanently aware that there are a million alternatives out there ready to eat their lunch if they don't treat clients well.

2. Central banks go the way of the Postal Service.
They will still exist, still think that they matter and still perform some functions... but their influence will be hugely reduced. They will be almost universally ignored... just the same way as central bank presidents in dollarised Latin American countries just focus on supervision and fraud prevention and have little to say on monetary policy. In 2025 they will still be able to move interest rates and do QE... but the ease of capital flight to quality and yield will mean that they cannot use these tools as freely as they do now for fear of seeing an immediate reaction in the FX/Crypto markets which negates their intended effects.

3.Taxes will trend to fee-for-services and real estate.
As capital becomes more mobile and it becomes ever easier to escape tax-heavy jurisdictions, governments will tend to tax more heavily assets that cannot be moved (real estate) and also services that they provide (toll-road model). Tax competition will increase... countries and cities will try to become attractive for investors and residents through lower taxes and more choice. The world will look a bit more like Swizerland where taxes are mostly collected and spent at the Canton (regional) level.

4. Africa will become much richer.
As millions of people can suddenly interact directly and get paid by employers in the developed world or receive remittances from their families at zero cost and without their local governments easily confiscating them. Anyone with technical and language skills in Africa who can get online will suddenly be able to compete with US and European workers for jobs and wages. In 2025 people living in extreme poverty will be less than 5% of the world population.

5. More Peace.
The increased difficulty in collecting taxes or printing money for unpopular causes like war will mean that wars last less and are more limited in the harm that they do. We will see tax revolts as a form of anti-war protest, with millions of people refusing to pay VAT or income tax until the government listens to their cries for peace, and unable to do anything to persecute such a large passive, peaceful resistance movement.

6. Technological Renaissance.
As capital accumulation in the technology sector grows and is less stifled by taxes, regulations and monopolies... investment in R&D grows and the rate of technological advance increases. Technological and economic growth see exponential rates last seen in the Industrial Revolution or the Renaissance.


flix, excellent thinking.  I'd love to get your further thoughts about how the power-hungry politicians and regulators will find new ways to maintain their control.  I think you are onto something with the physical asset taxation, but I think there will be new options around transaction taxation that might be imposed on the bitcoin network.  Your thoughts?
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Board Bitcoin Discussion
Re: Randomising Brain Wallet - idea
by
blossbloss
on 12/07/2015, 15:07:11 UTC
chessnut,
Your approach is using a low "bits of entropy" passphrase, and then obfuscating it with a deterministic algorithm (in your case hashing keys). While it is unlikely that anyone will discover your secret any time soon, when bitcoin becomes more valuable there will be more "obfuscation algorithms" being checked automatically on low entropy passphrases. And laying out your general approach makes it easier to generate such algorithms. If you want to use brainwallets, spend the time to generate and memorize a truly random "high bits of entropy" passphrase. My recommendation is to use diceware.
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Topic
Board Mycelium
Re: Mycelium Bitcoin Wallet
by
blossbloss
on 27/06/2015, 23:57:12 UTC
Odd thing happened yesterday. I bought some BTC at nearby ATM into my Mycelium wallet.  An hour went by and the wallet still showed no confirmations.  However, when I checked blockchain.info, they showed that there were 2 confirmations.  Later on (I don't remember how much later it was, the green text on the main screen was still showing (indicating no confirmations yet), but my balance was updated to include the BTC I had bought earlier.

I just checked today, and the the number of confirmations matches what is on blockchain.info. [EDIT and the green text is gone.]

This kind of behavior has never happened before. Mycelium has always been precisely correct. Any ideas what may have happened yesterday?
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Topic
Board Bitcoin Discussion
Re: Time to bust a myth. Paper wallets are less secure than normal encrypted wallets
by
blossbloss
on 13/06/2015, 01:21:56 UTC
Serious comment: brainwallet for long term storag, Trezor for mid term, and Mycelium app for pocket change.
Comments?
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Topic
Board Development & Technical Discussion
Re: about UTXOs with OP_RETURN
by
blossbloss
on 16/02/2015, 19:43:44 UTC
Quote
Pseudo newb here.  What is the actual process of creating an OP_RETURN message?  Can I do it with Armory?  If not, how then?
If you can not do it yourself - you do not need it.
Please, do not waste blockchain space.

Quote
Finally, is there a way in Blockchain.info to see an OP_RETURN message?  Again, if not, then how?
Of course.
Let us see for example https://blockchain.info/tx/da6fcac032a07c6cdd01397948cc05d37c84ee79a42d78df58b29bb389eafff4?show_adv=true
In the bottom of this page
OP_RETURN 5354414d5044232357a5f6876cea640c14ab43af02f961b1cf8d0817a8885a76f222eeebc74791a 2
Are you able to read and understand data encoded in hex? No?


How very ignorant. If you don't know what it is and want to learn then you have to start somewhere.

We all knew nothing at one point in time...

Thank you.  I'm still interested in learning how to create an OP_RETURN message (with Armory or other available tools).
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Topic
Board Development & Technical Discussion
Re: about UTXOs with OP_RETURN
by
blossbloss
on 14/02/2015, 16:37:48 UTC
Pseudo newb here.  What is the actual process of creating an OP_RETURN message?  Can I do it with Armory?  If not, how then?
Finally, is there a way in Blockchain.info to see an OP_RETURN message?  Again, if not, then how?
Thanks!
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Topic
Board Bitcoin Discussion
Re: A challenge to the idea that no-one can create a good brainwallet
by
blossbloss
on 22/12/2014, 04:28:21 UTC
I have read this whole thread with great interest. I am a brainwallet user.  In a thread from over a year ago, I learned a lot about the difference between obfuscation and sufficient entropy.  Have a look...

https://bitcointalk.org/index.php?topic=350789.0

In the end, I decided to stay away from obfuscation.  I now use a truly random, very high entropy passphrase.  I couple that with a second random and high entropy BIP38 passphrase. My coin are extremely safe.


I read some of the comments. I never understood why people claim that obfuscation cannot add entroppy to the entire system. For example, if there are only 2 methods of obfuscation known to man then using one of them to further obscure your passphrase would add 1 additional bit of entropy.

I agree that obfuscation adds some entropy.  However, the mistake people make is in looking at the final resultant passphrase and think it has way more entropy than it really does.  The other mistake is in assuming that someone else won't think of your obfuscation.
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Topic
Board Bitcoin Discussion
Re: A challenge to the idea that no-one can create a good brainwallet
by
blossbloss
on 22/12/2014, 04:09:12 UTC
I have read this whole thread with great interest. I am a brainwallet user.  In a thread from over a year ago, I learned a lot about the difference between obfuscation and sufficient entropy.  Have a look...

https://bitcointalk.org/index.php?topic=350789.0

In the end, I decided to stay away from obfuscation.  I now use a truly random, very high entropy passphrase.  I couple that with a second random and high entropy BIP38 passphrase. My coin are extremely safe.


Nice.  Did you ever figure out the dead man drop?
I have my own idea on that one. 

I never did figure out a good dead man drop.  I'd love to hear any ideas you are willing to share.
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Topic
Board Bitcoin Discussion
Re: Bitcoin Jokes
by
blossbloss
on 22/12/2014, 04:06:53 UTC
Schrodinger's cat knows your private key. Maybe.
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Topic
Board Bitcoin Discussion
Re: A challenge to the idea that no-one can create a good brainwallet
by
blossbloss
on 22/12/2014, 03:47:20 UTC
I have read this whole thread with great interest. I am a brainwallet user.  In a thread from over a year ago, I learned a lot about the difference between obfuscation and sufficient entropy.  Have a look...

https://bitcointalk.org/index.php?topic=350789.0

In the end, I decided to stay away from obfuscation.  I now use a truly random, very high entropy passphrase.  I couple that with a second random and high entropy BIP38 passphrase. My coin are extremely safe.
Post
Topic
Board Bitcoin Discussion
Re: Is stealing bitcoins illegal?
by
blossbloss
on 10/12/2014, 00:32:38 UTC
This slightly different use case has probably been discussed here before, but I think it also belongs in this thread.

I struggle with what it means to own private keys.  I think we just "know" the private keys.  Anyone who knows the private key has complete access to the associated bitcoin.  So if I try some obscure brainwallet phrase and discover a long unattended address with BTC, is this the same kind of theft as the OP's fraud use case?

Since we can't communicate a warning shot to the person who set up a bad brainwallet passphrase, how can any be sure that the private keys have not been lost due to bad memory/security proceedures?  That might be the same thing as finding a $20 bill in the middle of Central Park in NYC. Untraceable owner and no confidence that the authorities can get the money to the rightful owner.  Most people would treat it as a windfall, and no one would consider it theft.  I think this last point depends on the amount of money found -- if you found a satchel of $100,000 cash, taking it to the authorities would make sense.

But back to the question of "knowing" vs. "owning" private keys.  Can there be clear delineation of how to interpret this?
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Topic
Board Mycelium
Re: Mycelium Bitcoin Wallet
by
blossbloss
on 09/12/2014, 20:49:58 UTC
I was trying to confirm the "cold storage spending" feature and change return process with a simple test.  It did not work as I expected it to.  Hopefully someone can tell me what I did wrong.

I had an address with only 0.25 mBTC in it.  I used the Mycelium Cold Storage feature to spend from it.  I scanned the private key and had it spend 0.14999 mBTC to one of my Mycelium addresses, and a miner's fee of 0.1 mBTC.  I was expecting to see the remaining 0.00000001 mBTC returned as change to the same cold storage address.

Instead, what happened was that the 0.14999 mBTC went to my Mycelium address, but the miner got 0.00010001 mBTC.  So, was that new amount an adjusted miner's fee?  Or was the miner's fee still 0.1 mBTC, but the change of 0.00000001 mBTC go to the miner?

Or does this have something to do with the small dust levels I'm playing with?  If I was to spend a partial amount from my cold storage, how can I trust that the change will be returned to my paper wallet?

Thanks
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Topic
Board Hardware wallets
Re: [ESHOP launched] Trezor: Bitcoin hardware wallet
by
blossbloss
on 20/11/2014, 20:16:52 UTC
Have you guys seen this?

www.ledgerwallet.com

In their FAQ section, they compare themselves to Trezor, and identify several security flaws with Trezor. Are there any merits to their claims?

Thanks
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Topic
Board Hardware wallets
Re: [ESHOP launched] Trezor: Bitcoin hardware wallet
by
blossbloss
on 19/11/2014, 04:57:53 UTC
I appreciate your thoughts and nod, nod and agree. you solved the pruning risk elegantly (keeping a copy of the block which contains my proof of existence tx), argument about keeping the document so why not bundle it with support data, it all makes perfect sense and I will adopt it in my argumentation as viable options of doing things.

as for keeping the document secret, that is ok 'cause my use case is about testaments and using rather higher fee but satoshi tokens for the stamping. now it can be reversed, using old coins, zero fees and spending them afterwards as usual.

how trezor fits here nicely is to sign message that describes the signing/timestamping with an address that would be used to actually timestamp a document. so that it all can be verfied in one eintopf of documents and signatures that are loosely related but can reveal much more info if the right off-blockchain data is added to it and is examined.

I'm sorry, but I am not following/understanding your comments. I'm very intrigued to understand how you are integrating Trezor for signing and proving a document existence.  Can you walk through a specific example (step by step) for my beginner mind?

Thanks!
Post
Topic
Board Hardware wallets
Re: [ESHOP launched] Trezor: Bitcoin hardware wallet
by
blossbloss
on 16/11/2014, 15:39:17 UTC

To prove your pdf existed, I would go a similar route as you took: I would hash the doc, convert the private key to an address and verify that the address has received money in the past. If it has, either the document must have existed or the extremely unlikely event that someone chose the hash of the document as a private key by accident must have happened. Since we can rule out the latter with high probability, the documents existence at the time of the transaction is proven.

Please note: you should move the money from that address. Anyone with the document can access it.

Excellent! Thanks.
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Topic
Board Hardware wallets
Re: [ESHOP launched] Trezor: Bitcoin hardware wallet
by
blossbloss
on 15/11/2014, 22:13:50 UTC
Can someone please provide a short step-by-step tutorial on how to use the Trezor to sign a hash of a document?
Thanks

From memory:

Click on the account that you want to use. Then near the top right you will see a sign and verify button. Click it. It will bring up 2 forms that you can fill out, sign and verify. The first field will be the message. Enter the message that you want to sign in the message field. The second field will be the address. begin typing the address that you want to use. it will detect the address you are entering and provide an option to fill out the rest of the address for you. Click sign. Now look at your trezor. It will ask you to confirm that you want to sign the message. Confirm that you do. Now enter your pin. Look back at the form page in your browser. you will see that the formerly empty signature box will now contain a series of characters. That is your digital signature.

Thanks. So this appears to be signing of messages disconnected to transactions.  And it is signing with my private key.
Is there a way to include a message in a signed bitcoin transaction?  In other words, can I include a SHA256 hash of a document and include it in a transaction that gets recorded on the blockchain?  I think this can be done with some clients (although I do not know which ones can do it).  But can it be accomplished from my Trezor?
Thanks

Molecular has designed a way to hash your document and create a private key out of it. You can send a very small amount of BTC to that address to "timestamp" it and proove you own that doc at a certain moment of time. Don't know if you are looking for that?

If you want the proove to be public, I think you can do the same by creating a public address out of the hash of the doc. But I never that that
(I used the method of Molecular to create a certificate of my Silver Casascius coin Wink )

http://www.proofofexistence.com/ might be what you're looking for. At least it's very similar (identical in function, I think) to what dnaleor is describing and what I had implemented for proving cascascius coin existance. btw, no invention there: I just used the sha256 of the document as a private key (there's no conversion, both are just a 256 bit numbers), derived the matching bitcoin address and sent money to it. Adavantage: you can still move that money. Disadvantage: you can't read any 'message', just verify it has existed if you have it.

"Is there a way to include a message in a signed bitcoin transaction?" <- I'm not sure what to make of this. You can sign a transaction, you can sign a message. You can encode a message into a transaction.

Molecular,

Sorry for such a late reply to your response. Your proofofexistence site looks very interesting, but I have to admit I'm struggling making it work.

In the meantime I ran a test. I created a PDF file and generated its SHA256 hash as my private key. I used bitaddress.org's "wallet details" to generate the corresponding public address. I then sent a small fraction of a millibitcoin to that address to time stamp the transaction on the block. Now I can prove that the PDF document existed at the time of the transaction.

Is there something I'm missing?

Thanks.
Post
Topic
Board Hardware wallets
Re: [ESHOP launched] Trezor: Bitcoin hardware wallet
by
blossbloss
on 10/11/2014, 14:43:29 UTC
Can someone please provide a short step-by-step tutorial on how to use the Trezor to sign a hash of a document?
Thanks

From memory:

Click on the account that you want to use. Then near the top right you will see a sign and verify button. Click it. It will bring up 2 forms that you can fill out, sign and verify. The first field will be the message. Enter the message that you want to sign in the message field. The second field will be the address. begin typing the address that you want to use. it will detect the address you are entering and provide an option to fill out the rest of the address for you. Click sign. Now look at your trezor. It will ask you to confirm that you want to sign the message. Confirm that you do. Now enter your pin. Look back at the form page in your browser. you will see that the formerly empty signature box will now contain a series of characters. That is your digital signature.

Thanks. So this appears to be signing of messages disconnected to transactions.  And it is signing with my private key.
Is there a way to include a message in a signed bitcoin transaction?  In other words, can I include a SHA256 hash of a document and include it in a transaction that gets recorded on the blockchain?  I think this can be done with some clients (although I do not know which ones can do it).  But can it be accomplished from my Trezor?
Thanks