Manthan 2015 bitcoin
To guard against possible repeats of the incident, possibly with double-spends, the devs had to issue a warning to all clients even v3 ones, depending on the software they are using to wait 30 confirmations 5 hours for safety. IMHO, the devs blotched the fork. Then they could have sent a waring to all v2 players, especially the remaining v2 miners and relay nodes, that they should upgrade before BIP66 went into effect.
But that would have been bad PR… ha ha. Another thing is the algorithm that miners use when building the blocks that they try to mine. The software that those miners were running would indeed have checked the BIP66 rule, if it got a chance to do so. But the software only checked the transactions to be included in the block that they were mining, and not those of the parent block that they got from another miner.
They figured out that they would earn more by gambling that the previous block was valid, and mining on top of its hash only, than by downloading it and verifying it first.
If the previous block was v3-valid, their block would be v3-valid too. If the previous block turned out tobe invalid, well, bad luck. An interesting detail is how the big pools steal the hash of the most recent block from other pools, even before it gets out to the relay nodes.
That is why they couldnot even check its version stamp. All they have to do is subscribe anonymously as members of the other pools, and they will get that information as soon as the pool manager receives a mined header from some other member.
To be precise, a miner gets bitcoins for being the first to mine the next valid block. They are not required to verify anything and it is not possible to check whether they are indeed verifying anything. They only verify enough to maximize their expected gain. In particular, when they steal the hash of a recently mined block from some other pool, they are quite confident that it will be a valid block. A combination of events have coincided to form a perfect shitstorm, once again proving that Bitcoin is nowhere near ready for the big leagues.
As of this writing there are approximately forty thousand unconfirmed transactions, more or less requiring blocks to be full in order to catch up. Meanwhile, miners are generating invalid blocks, failing at the one job they have. A recent change to the Bitcoin client software has led to some… issues. For several months, an increasing amount of mining hash rate has been signaling its intent to begin enforcing BIP66 strict DER signatures.
As part of the BIP66 rules, once of the last 1, blocks were version 3 v3 blocks, all upgraded miners would reject version 2 v2 blocks. Unfortunately, it turned out that roughly half the network hash rate was mining without fully validating blocks called SPV mining , and built new blocks on top of that invalid block.
A couple of days ago someone in our dedicated subreddit started a thread to create Bitcoin haiku. We did, however, suffer a grievous loss during the move: He is a braver man than I.
Why is there no gold at the end of the rainbow? The Leprechaun took it and traded it for bitcoins! A peer-to-peer decentralized crypto-currency that utilizes open source software and public ledger called the blockchain to provide proof of work in solving the encrypted transactions ultimately increasing security and control in your personal finances. How do you make enough time for all the work and play with your computer? You mine with the GPU.
To commit computer hacking, traffic in fraudulent identification documents, and money laundering conspiracy. A Gavincoin and an MPCoin meet in a bar. Says Gavincoin to MPcoin: Wow, as in Bow? The Buttcoin Foundation and its many members wish to share with you this evidence:. Furthermore, it seems that Karpeles and other Bitcoin superstars have been around much longer than anyone knew. Have you not been following up on Bitcoin lately?
Been in a bit of a haze from the holidays? Bitstamp got robbed of 19 butts. Their response was to close down everything and say they would be back in 24 hours 48 hours hours soonish TM. They came back after a couple of days. Paycoin is apparently still a scam according to all bitcoiners. The failure to see the irony is total. He got upset that they denined him even though he had paid the his taxes.
Apparently, tax is not a codeword for bribing the Embassy. Normal people laugh at him for being an idiot. Bitcoiners cry corruption and tyranny.
They need to get them sold badly because they just got sued for 5 million in unpaid server bills. The Canadian exchange Vault of Satoshi closed down citing low profitability. They will instead focus on their Netflix VPN service which apparently make much more money.
Overstock goes full Bitcoin and will offer staff to get paid in Butts. They even install a bitcoin ATM at the head office.
Quite a few of those seem to have been from a couple of users who quickly figured out how to trick the system to pay out repeatedly without playing. Anyway, no point crying about it. Following the first bitcoin boom in late , I covered a story for Forbes about children getting in on the action. If I could go back in time, both of those people would not be on the foundation board.
You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Why Bitcoin Mines Are Moving to Iceland I traveled to Iceland in to visit a massive bitcoin mining operation running off percent renewable energy. Dutch Man Bets Everything on Cryptocurrency Boom Didi Taihuttu sold his house, car and other valuable possessions and invested it all in cryptocurrency.
Altcoins, Apps and Authors Aim to Bring Bitcoin to Children Following the first bitcoin boom in late , I covered a story for Forbes about children getting in on the action.