The SEC approved ETF bitcoin date approaching, will go through?

Although the United States government investment management company closed, VanEck still has confidence in bitcoin ETF application. Because the company believes it is VanEck/SolidX bitcoin ETF eventually approved by SEC and laid a solid foundation.

SEC in 2018 several times to put off a decision on the matter

According to a statement on January 16th, as the government continued to close, the U.S. Securities and Exchange Commission (SEC) has suspended all administrative functions. SEC must in February 27th to approve or reject the VanEck bitcoin ETF application.

Lawyer: long-term closure will reduce possibility of SEC automatic approval

The blockchain lawyer Cheel Vince Ki (Jake Chervinsky) said that if the government closed until after February 27th, VanEck bitcoin ETF application will not be approved automatically. SEC has no power to extend the deadline of 240 days. The statute of the absolute prohibition of any further delay.

According to the law, which means that if SEC fails to make a decision in the February 27th deadline, ETF will automatically get approved. Indeed, because of the government shutdown, the securities and Exchange Commission to stop almost all of the work, and make the most of the employee leave. This includes most of the transactions and the market department staff, the Department is responsible for handling changes in the proposed rules (including ETF).

Cheel Vince Ki said, a backbone of the staff of the securities and Exchange Commission is closed during the work, to ensure that the agency will not miss the deadline. In fact, regulators tend to limit too much, not enough to limit.

“If you shut down until February 27th, I think the chances of ETF approval is close to zero,” Che Vince Ki said. Cheel Vince Ki said that he could be wrong, but he warned that the government shutdown will not increase the chance of being approved bitcoin ETF.

NASDAQ will launch bitcoin futures in the first quarter

No matter how the SEC results are working through the VanEck and the NASDAQ (Nasdaq) cooperation, launched bitcoin futures in 2019. The world’s second largest stock exchange (Nasdaq) has been working with the U.S. Commodity Futures Trading Commission (CFTC) cooperation, to ensure compliance with any regulatory issues in suspense.

At the same time, the competitors and the parent company of the New York stock exchange Intercontinental Exchange (ICE) also plans to launch the real settlement bitcoin futures products in the first quarter of this year. The Intercontinental Exchange (ICE) to establish the Bakkt encryption exchange plans to launch a bitcoin futures market soon, but has been delayed.

The traditional financial transfers and bitcoin transfers the fundamental difference in what?

The circles and outside the ring, bitcoin is not a new term. But the principle of bitcoin transfers, especially the fundamental difference between bitcoin transfers and traditional financial transfers have to know a friend is not much. We have to first understand the development and transaction mode of traditional financial transfer.

Cash transactions become less popular electronic trading

With the times and the progress of technology, we are now more and more transactions are done through electronic transfers. WeChat bank transfer, transfer, transfer and other belong to this kind of alipay. People living in a big city, even without carrying cash, using a mobile phone WeChat or Alipay can complete the daily life of all trades.

The traditional transfer transaction intermediary dependence

In the traditional transfer transaction, when we use bank transfers, the transaction depends on the intermediary bank. When we use WeChat or Alipay transfers, transactions rely on is WeChat or Alipay this intermediary.

Well, now we will introduce an important concept: honeysuckle. Double is the fatal attack on all transactions, the core problem is to solve all the trading system.

What is the cost?

Simply speaking, double refers to a sum of money was used repeatedly in the process of trading phenomenon. For example, I also give a, B two individual transfers 200 yuan, equivalent to a total of 400 yuan I spent, but only from my account to deduct 200 yuan.

How to prevent the traditional transfer transaction cost?

Take the bank transfer, the amount of each one account turn out will be sent to the bank. When there are two transactions and sent to the bank, the bank will arrange according to the rules of a first one after. So when the first after the completion of the transaction, if the account balance is not enough, then the bank will refuse to deal. The bank that prevent the double.

How to prevent bitcoin cost?

In bitcoin transfers, each a sum of an account turn out will be sent to all nodes in the network. It is said that all nodes in the network can see a unified, open account. When the two transactions happen at the same time, the two transactions is also submitted to the system of accounts.

This time how to decide which trading system first, which after the transaction? Methods using bitcoin similar to the reality of life in the “vote”, choose the whole network node most recognized the first. When the recognition of this transaction, the transaction records to the whole network of formal books (also known as block chain).

Here, the “vote” is the process of the whole network each node to solve a math problem, the first node calculated the answer to inform other nodes in whole network. If the majority of the nodes have recognized the answer, so the deal was recognized. The completion of this transaction, then the transaction system initiated the account balance is not enough, if not reject it out behind the transaction.

Bitcoin is so to prevent the double.

The fundamental difference between traditional financial transfers and bitcoin transfers

The fundamental difference between traditional financial transfers and bitcoin transfers is the processing of accounts and transactions of the different. The traditional treatment of financial accounts and trading order depends entirely on an intermediary. The bitcoin treatment on the accounts of the whole network to open the way for the processing of the transaction order to take the whole network voting “way.

(author: Tao blockchain, content from the chain have open platform content too “; this paper represents the views of the authors and do not represent the official position of the chain too)

PoW mining risk analysis and coping strategies

Editor’s note: This article from the Unitimes (ID:Uni-times), the original link:, the original author: David Vorick,: Jhonny, Echo, compiled by Odaily authorized reprint daily planet.

 PoW mining risk analysis and coping strategies

The 2019 year is 51% year of attack. This problem has appeared only in value not worth mentioning encryption money itself, and now, reputation, market value high encryption currency now finds himself a victim of double attack, and bear the brunt of the exchange.

As the frequency of attacks more and more high, more and more seriously, the exchange began to take measures to protect me from. At first, they just increase the transaction confirmation number, but with the attack from dozens of blocks increased to hundreds, the effectiveness of the policy began to be questioned.

If there is no strategy to overhaul, we can expect that the loss will continue to increase, even going to the point of unsustainable exchange. The 51% attack was successful, the reason is that the encryption currency agreement basically has weaknesses, so exchange in the choice of on-line encryption currency, need to be careful.

Mining the game theory and the threat model

 PoW mining risk analysis and coping strategies

A lot to the center of the protocol are the assumption that at least 51% of the participants are honest. Bitcoin’s success is because the protocol designers realized that this assumption is not applicable to the real world to the center of the agreement.

In an anonymous and unregulated Internet participants, as the economic subject is free, even if the misconduct would normally not be affected by what. Instead of assuming that there are more than 51% of the participants will be honest in bitcoin’s hypothesis is that more than 51% of the participants from the perspective of maximizing their own interests to do.

This threat model (i.e. assuming at least 51% of the participants are honest) to much safer guarantee. Rather than assuming that most of the participants will be in accordance with the agreement to act honestly, bitcoin developer’s hypothesis is that if profitable, participants will find the path to spontaneous bitcoin is not in accordance with the agreement act. Although this assumption will greatly limit the flexibility of protocol design, but the fact that this assumption is the key to success in the open internet.

Bitcoin developers in their efforts to achieve incentive compatibility (incentive compatibility). If an agreement has the incentive compatibility, it means that the best decision for everyone from our own perspective to make the best decision for the entire group is. When the agreement has the incentive compatibility, people can be completely selfish, because these selfish behavior will make the group benefit.

To maintain the safe operation of the game bitcoin is very complex, and quite subtle. Many tried to copy the design of bitcoin protocol encryption protocol for money, some changes, these changes destroyed the maintenance bitcoin security incentive compatibility. These results, crypto currency is not safe, clear indication appears frequently is the double attack.

Although the copycat designers coin tricks all kinds of incentive compatibility damage from the recent, but double attack, most security threat is the use of shared hardware (shared hardware) as a security block chain security means. When the same hardware can work in mining mining a variety of encryption currency, incentive compatibility of life and death is all gone.

The use of shared hardware encryption currency has two main categories. The first class (the most prominent category): Anti ASIC crypto currency mining. Anti ASIC mining crypto currency target is actually the use of shared hardware; they believe that doing so will increase the safety, because they think the optional mining hardware more widely, it is more likely to bring a greater likelihood of stress centralization (force is too concentrated can bring 51% attacks).

Second use of shared hardware encryption is the currency used in mining ASIC equipment to mining, but use the same encryption algorithm mining and other currency. When a variety of encryption currency using the same PoW algorithm, with mining hardware (even special mining hardware) to any one of these encryption currency attacks, as a result, as in the first anti ASIC encryption currency, this encryption currency also destroys the incentive compatibility.

PoW. What has changed since 2017.

 PoW mining risk analysis and coping strategies

The sharing of hardware for many years has been a topic in the field of encryption currency, but until recently (for the ETC) 51% high-profile attacks became a really big problem.

To tell the truth, because recently these attacks occur is very simple, is that this industry has become more complicated. The industry appears more useful, more clever attacker, at the same time, on the whole, the infrastructure of this industry is becoming more and better. Although the benefit of infrastructure to a large extent is the honest participants, but it also allows the attacker to benefit, and make more sophisticated attackers easily attack on security encryption currency.

Below, we will explore some of the 51% attack is important, but even without these specific development, I think for the sharing of hardware encryption currency 51% attack will be a high-profile debut in any case. Fundamentally speaking, sharing mining hardware is a kind of safe way to protect the blockchain from double attack.

Is the market force

Key to the recent development of attack factors, there is little computing power market (hashrate marketplaces) is becoming more and more mature. For the sharing of mining hardware encryption currency, to understand at that moment which mining crypto currency is the most profitable, the need to have the experience of seasoned miners. Is the market allows the owner of mining Hardware Hardware leased to more sophisticated miners, so as to improve the calculation of all the participants in the market profit capacity.

Side effects of stress from the market is the attacker can have a large number of hardware, when they want to attack, they can quickly use the hardware to be gathered.

Before the advent of a market, with the protection of 100 thousand sets of GPU equipment to attack a crypto currency, the attackers themselves also need to have about 100 thousand sets of GPU equipment. This scale, need to support tens of millions of dollars to start, that is to say, from the giant scale GPU mining equipment cryptocurrencies are generally safe.

After appearing in the market is also considered, 100 thousand sets of GPU mining equipment, hire a few hours cost only tens of thousands of dollars. Is the market to use shared security mining hardware encryption currency reduces several grades.

Next, we can foresee for the sharing of hardware resources mining market will continue to expand, because everyone is involved in the force in the market can benefit from acting force market makes more efficient mining.

These is the market for mining use special hardware (ASIC) encryption currency is not much significance. Stress the benefits of the market is that they can help the owner do not bother to determine the hardware mining mining which can earn the most money. In the encryption currency network using special hardware for mining mining, can dig a coin only, so the hardware owners to join this special hardware market will force mining is nothing much good.

Is there another game market on key elements. When the miners to calculate market provides shared hardware, the hardware may be used for mining indiscriminate attacks. However, the operation of mining operators sharing hardware and will not care about the hardware is used to initiate the attack, because (as is the sudden need) the attacker may only pay a small fee for the hardware, and even a crypto currency using the shared hardware suffered a large-scale attack, these shared hardware will not depreciate, because it can have a lot of money to dig the encryption.

In contrast, special hardware can only get value from mining for mining on an encrypted currency specified in. The risks of special hardware mining to an attacker will be greater, because of the success of the attack will have a direct negative impact on mining special hardware for use in the attack in value. To count all the special mining hardware providers may force the market because of a successful attack and ruined the only source of income. Therefore, they will not participate in this will weaken the currency security barrier is encrypted in the market.

Large scale mine

 PoW mining risk analysis and coping strategies

The emergence of large mines also greatly reduces the security of encryption currency were mining of shared hardware. Many large mines have more than 10 thousand sets of GPU mining equipment, there are many mines have more than 100 thousand sets of GPU mining equipment, the largest mine owns more than 500 thousand sets of GPU mining equipment.

From a security point of view, this means that only the largest mine can launch a 51% attack, dry down any one finally force less than 500 thousand GPU mining equipment encryption currency. For only less than 100 thousand sets of GPU machine for the mining of encryption currency, not only may be considered the largest force field dry down, may be those who have the ability to separate launched 51% attacks and attack the mine dry down of Flos lonicerae. Those who have only less than 1 million GPU machine for the mining of encryption currency, which was really too small, almost vulnerable to attack.

Most of the GPU field is purely profit driven, they almost did not receive any money in the field of ideology encryption. For some mines, can earn more money the way is the best way to work, even if it will bring additional damage to the entire ecosystem, but they don’t care about that.

To solve the problem of special hardware mining in two ways. First of all, the use of special hardware encryption currency mining mining, basically have the ability to launch 51% attack mine up there can be only one. Although it is gratifying, but the use of special hardware encryption currency mining mining trust must ensure that at least one entity. The hardware and the vast majority of anti ASIC encryption currency in contrast to most of the anti – ASIC mining hardware encryption currency at any time may be affected by the different mine attack.

The special advantage of mining hardware is more important is to bring the incentive Alliance (incentive alignment) effect. For the profit maximization of the mine, the attack is usually not possible to obtain profits to use special hardware encryption currency mining mining, because of the special hardware attack will reduce the mines’ profits. Even if a special hardware for mine mining mining has enough computing power to launch a 51% attack, the mines are not to attack, because the value of the mine mining special hardware than the mine can steal from attack in value.

Increase the attacker’s budget and attack difficulty

In 2019, a major difference between encryption and currency area in 2017 is, the overall value of 2019 encryption more attack theory has been better understood, experts also have more sophisticated.

In 2017, there is not a lot of money above these loopholes to understand the encryption of people. In addition, the main encryption currency value is not very high, that is to say, even if someone knows how to attack them by attack can get profit is not high.

In 2019, more people know how to operate the encryption currency, there are more people know how to attack a major flaw in the encryption currency. In addition, the potential gains now attack can get more high, it means the ability to attack the people in a large number of people are waiting to attack. Return up also means that an attacker would like to spend more time, money and resources to attack.

This trend will continue. Today, we saw 51% attacks, because they are at least can get the maximum profit of things (the highest price of things). However, many of today’s mainstream Dapp (to the center of the application) are major weakness, with more and more valuable these Dapp, and attackers are increasingly sophisticated, the number of weakness will become more and more being used. In particular, I worry about most of the new consensus algorithm, involving chain governance, Oracle, stable currency, forecast market and so on encryption of monetary items. Often the core idea of these projects will not be destroyed, but the specific design and implementation may be compromised. At present, a lot of money in the field of encryption deployed in high-profile projects are still not fully after the audit, there may be significant active security vulnerabilities.

Mining hardware market

Mining hardware suffered a bear market, regardless of the use of shared hardware or the use of special hardware for mining crypto currency, will have a negative impact on these encryption currency. If the value of hardware mining down to mining is no longer profitable, so the attacker will hardware will become very cheap.

The recent bear market has greatly reduced the crypto currency mining the value of hardware, this also means that the encryption monetary escort force was less active, but also means that the attacker to lease or buy more cheap hardware resources.

GPU equipment market is suffering second shock: now for the ETH and Zcash appeared in ASIC mining equipment. Obviously, before the two encryption currency consume most of the GPU mining work force, this force is gradually being forced out of the market for ASIC equipment, which greatly reduces the GPU equipment hire to lower the market value of encryption currency attack cost.

With the ASIC hardware supported by GPU hardware has seeped into high value encryption in the currency market, we can foresee the impact will be intensified, 51% attacks will become more and more popular and cheap. Even if there is a new anti ASIC chip encryption currency, I don’t think the trend will be reversed.

Bitcoin is also limited by mining hardware bear attack. It is estimated that the bankruptcy bitcoin is mine sale reached one-third of bitcoin finally force. At present, S9 and its price is far lower than the manufacturing cost, although this has not yet bitcoin cause security issues, but if the price fell 2-4 times, it is likely to become a real problem.

Mining the hardware manufacturer itself has also been hit bear. It is estimated that the core technology, dynamic, bit, TSMC, even Samsung because of mining hardware prices fell down suddenly and was hit hard, so we are unlikely to see in the future of mining equipment production overcapacity — it is understood that the risk of mass production is very high. Bitcoin is so big, companies are not willing to take risks so high. I guess, this is the most serious bear market hardware bitcoin ever experienced.

However, the use of special hardware for other mining mining encryption currency has not bitcoin so big. Special mining hardware manufacturer may be more willing to take risks caused by excessive production, but may be due to a sudden drop in prices or other encryption currency turmoil, leading to these special hardware for a bear market.

Effect of block reward

Because mining hardware in the purchase and operation cost is very expensive, so the security of encryption currency problem how many attacks to double, largely depends on the block reward.

The intensity is proportional to the number of protection and the protection of its mining hardware encryption can get money. If the block is too little reward, will lead to a large number of mining of the mining hardware no longer encryption currency, then the encrypted currency you no longer have the same degree of security.

In general, we consider how much time security needs to take into account the cost of attacks launched 51%. If a gross crypto currency mining equipment for $1 million, then we can expect any over $1 million of transactions are very vulnerable to attack 51%, because the transaction counterparty only need to spend $1 million to buy or make enough hardware to launch attacks on mining double line.

To estimate a crypto currency mining equipment total value is not easy to estimate the new hardware manufacturing enough for brought launched a 51% attack cost is also very difficult. But in general, this value should be in a 6 to 24 months between the encrypted currency block total reward. Open competition in mining hardware can make sure this is usually in the range of.

This estimate helps us to set the maximum value of the currency transaction security. However, before setting this value, we need to talk about the “double take” the word. In fact, the double spending can be three or four to spend spend, or any number of attackers can spend a sum of money of success. A single double attack can be carried out simultaneously in a dozen different exchanges. Therefore, in considering the security problem for double attack, only consider a single transaction value actually is not enough, we also need to consider other possible simultaneous attacks.

Each kind of encryption currency will have their own exclusive actual transaction limits, there are a lot of factors, and is not limited to block reward. But from past experience, if the use of special hardware encryption currency mining mining the transaction value is greater than the chain a month to block the reward value that we need to be vigilant; if a crypto currency based on the large stress on the market, and the transaction value of more than 1 hours of total block the reward, also need to pay attention to the.

Encryption short currency

 PoW mining risk analysis and coping strategies

Encryption short selling is essentially a loan. When you are on a crypto currency selling, you are actually in the access of an asset (and sold at current market prices), you will agree to return the same amount of money (usually need to pay a little interest). Usually, when someone for a short moment when they sell encryption, coins, coins and hope the price fell, so that they can buy at a lower price and the currency return before borrowing, to gain profit in the process.

Both the requirements of encryption currency short. To people who want to short selling or loans, and also to provide loans to people. When it comes to encryption currency, there is a kind of important dividend tensions between loans and loans: loans to people who could use the loan to attack the encryption currency and cause the price collapse. This attack may be double attack, or is not only the use of a service attack, is the attacker always hollow block. Or, they will be based on the different encryption currency on the implementation plan of other more advanced attacks.

I put this question for two reasons: first, exchange and market participants warned against selling encryption market. If you provide encrypted currency credit, then you give the attacker is a disguised form of funding, the attackers will make you want to retrieve the value of assets. Provide encryption currency short selling loans than provide short loans for traditional market risk is much greater.

Another reason is that the big bear market will increase the risk of the other party, depending on the security of encryption currency. If a large short crypto currency market, then the potential attackers have come to get a lot of money to attack, and if successful, they do not need to return a lot of money. Therefore, exchange and other users should be especially vigilant, avoid holding those who have large market short encryption currency.

Increase the transaction confirmation time limitations

When the block chain network turmoil (i.e. encounter attack), a common reaction is to increase the transaction confirmation time. In many cases, this is indeed a very good suggestion: sometimes, increase the transaction confirmation time helps to avoid the risk of certain types of. However, sometimes there is no confirmation time, and will not provide any additional protection to the actual transaction.

Increase the transaction to confirm the time one of the most useful in the field is in turmoil in P2P network. If for some reason, the block broadcast is too slow, or if the block chain network is split into a network, or if some peer to stop some blocks being broadcast or initiate routing layer attacks, in these cases, by increasing the recognition will be very useful. For example, to confirm the time of 60 minutes to 24 hours to confirm the time, this would mean that the longest chain will have more time to communicate, have more time to repair the network division, or have more time to solve the routing layer attacks.

Increase the transaction confirmation is also very useful in another case, namely selfish mining (selfish mining, a form of attack on the bitcoin network) or is close to the 50% by a single control miners. When a large number of selfish mining occurs in the network, or for some reason, large mine or mine pool in a very state of the way of a mine or generate invalid block, the possibility of the implementation of large amounts of recombinant blockchain will greatly increase. At first you can see much more than a dozen blocks to be restructured, 2-3 blocks rather than normally seen by recombinant. However, due to the absence of the 51% attacks, so we are unlikely to see more than a few blocks have been restructuring. The network will usually run toward the same direction.

For the actual 51% force attack, confirm the increase impact time is much smaller. To confirm the time extended from 60 minutes to 6 hours, it will increase the calculation time by the attacker force, or a mine to increase the time of the attack, although this is only for those large attack the possibility of encryption currency.

The important thing to remember is that when a crypto currency suffered 51% attacks, the attacker will get all the rewards they dug up the block block. If you encounter 51% after the attacks, this encryption currency price is only slightly decreased, the attacker will actually get enough in return, can offset the attack cost.

For the small GPU mining encryption currency is one of the key reasons why this is the increase in transaction confirmation time is not so useful. An attacker may only need to hire a few hours from the block volume in the market is to dig out a value equal to the entire week, especially if the attacked crypto currency market is very small or very hour blocks of reward.

The limitations of address blacklist

Before, for one way against the attacker is the exchange application of emergency blacklist. When an attacker to execute double attack is, they must in some way to extract funds. This usually involves the transfer of funds from one exchange to another exchange, and then initiate a transaction of this money.

In the past, through the exchange of any suspected of involvement in the attack. Shuanghua blacklisted, in order to prevent theft or double – exchange between transfer problem accounts address each other, then these exchanges together to recover funds.

Although this approach is sometimes very effective, but the attackers are increasingly able to circumvent the security measures. Whether it is the use of privacy protection in the encryption currency, or by delaying the actual double, until these stolen encryption currency was transferred to a wide range of wallet, or through the use of decentralized exchange, rather than through the center of the traditional exchange to withdraw funds, these means are made by address blacklist methods have become more and more ineffective, the attacker is becoming increasingly sophisticated.

This does not mean that the exchange should stop using the address list mode. This is a very good technology, has successfully retrieved a large number of stolen funds. But in the event of attack, the exchange should not only rely on money to save the address list, because most of the time. Black list will not be able to retrieve the stolen funds.

Recommendations to reduce the risk

Although the situation is grim, especially at the center of the traditional exchange is more so, but we can still take some measures, at least temporarily can reduce the risk of facing the main encryption currency mining using the PoW method of the. Although these mitigation measures may also be enough to avoid the sophisticated attackers, and with encryption currency in the field to the center of the exchanges and to the center of the computing power market to achieve great development, these mitigation measures will eventually become invalid.

Established the only long-term solution is required for all encryption currency switch to dedicated hardware — each encryption currency using a ASIC friendly mining algorithm, ASIC algorithm and friendly mining each encryption uses different currencies.

The availability of global mining tracking hardware

 PoW mining risk analysis and coping strategies

Availability can be used to exchange a way of risk control is to pay close attention to mining hardware for each encryption currency worldwide. The effective mining hardware in a particular encryption currency mining accounted for 100%, is a good indicator of response security of the encryption of the currency.

The use of special hardware encryption currency mining mining, you only need to pay attention to is the low block reward and mining period hardware market.

For example, if once for some crypto currency mining hardware, because the crypto currency mining profits too low, making the most of the hardware is no longer on the mining mining money, the time of the crypto currency attack is likely to cost very low, because the attacker can purchase these mining hardware for a very cheap price. All other things besides, using special hardware encryption currency mining mining should be considered against the attack.

Using the same algorithm for mining, mining and using ASIC or other highly specialized hardware encryption key currency, note that the currency is encrypted accounted for the proportion is much.

To have more than 70% professional mining hardware encryption is the currency, not too much to worry about; to have the only force among all professional mining hardware finally force 10%-70% encryption currency guarantee transaction confirmation time less than 24 hours is prudent. Even with 70% of the work force, there is a possibility of large scale mine attack and the successful implementation of bifloral. By using the confirmation time of 24 hours, these attacks will become less viable.

For the use of mining algorithm of the same encryption currency, but the force is only accounted for all professional mining hardware finally force less than 10%, the money is not safe encryption. Of course, for this encryption currency access decision always depends on the exchange risk tolerance and other factors, but my advice is to stop to access this encryption currency until this encryption currency more secure hash algorithm.

For the use of GUP mining hardware encryption currency risk management does need to know the distribution of the current market is large, and the operation of the mine.

Although I did not spend a lot of time to study the accurate correlation value, but according to my estimation, is currently in the global market, the value of approximately 1 million to 2.5 million GPU devices were used. The data for the determination of whether certain encryption currency may be encountered 51% attack is crucial. Although this alone is not enough data, but there are reports strongly that some large mines are already involved in some small crypto currency 51% force attack. In particular, all has a value of $10 million to $100 million in the GPU mining equipment in the mine, a mine seems to have attempted to force attack is launched.

In view of the current appeal, my advice is for the use of GPU mining encryption currency, but mining in this currency value of GPU devices in the 5 million to 250 million dollars, the currency should be implemented 24 hours encryption transaction confirmation for all time; the threshold below the encryption currency, the exchange should be banned for all these encrypted currency storage.

With the development of the ecological system and the change of large scale mine and power market, according to the analysis of different algorithms in different scale and the use of encryption currency will change correspondingly. Can master these changes in exchange can often provide more accurate analysis, and better able to make the best decisions.

And mine and market relations

You can exchange with the large mines and an important force is the market relationship to reduce some risk.

A power market has always been the source of most of the attacks. The center is the market can at any time the rental is to limit the total force, even for any attempt to force people to buy a lot of count KYC (know your customer) etc..

With the market force is the exchange relationship, at least when a large force is suddenly pointing to some specific encryption currency, is the market force may exchange the encryption currency warning there may be 51% attacks.

But a sophisticated attacker might be able to use the witch attack (Sybil attacks) and other ways to circumvent these control. Of course, control center of the greater market, there will be more users to use to the center of the settlement, because the control is not the way in the center of the. Therefore, the control force is at best only a temporary solution, although the solution may be able to temporarily for some encryption currency long enough to find a better solution.

With many large mines to establish relations may also be very useful. If no accident, these relationships can be more in-depth understanding of the various encryption currency mining, make clear what kind of currency exchange encryption easier / more not easy to attack. In the aspect of risk mitigation, I think these relationships can bring benefits to the much larger than expected.

The transaction will automatically pause & address blacklisted

When detected some encryption currency there are a large number of acquisitions, should stop automatically about the kind of encryption currency transactions, and if the detected cost problem, suspected the address should be automatically blacklisted. This should be achieved in as much as possible in exchange, not just those who have double impact exchange.

Although after the money has been stolen, immediately suspend the transaction has been late, but this way is reduced to a great extent the attacker can take handling stolen funds way. At the same time, the attacker can predict price movements usually after the attack, and by conducting large transactions against such price changes, if the attacker is able to freeze the transaction, the potential profit source reduction will.

The address will be included in the blacklist can also have a similar effect: this way can also reduce the attacker handling stolen funds, which can increase the probability to recover the stolen funds.

From past experience can be seen, usually the attacker is not so sophisticated, often there will be some great negligence. Even for those theoretically perfect attacker, you can do very little, but far from the attacker truly impeccable. By actively tracking the attacker and tries to find out their negligence, often can bring very effective results.

Scorched earth strategy: Attack

 PoW mining risk analysis and coping strategies

There is a more advanced but also more risk treatment double attack, that attack. When an attacker in a crypto currency launched on the affected double attack, the exchange may buy a large amount of computing power to extend the chain of the original, in order to consolidate the original transaction, resist the attacker’s double attack.

Of course, the attacker can also launch a counterattack, which extended to deal with the original chain by extending the attack chain. This problem is caused by the exchange, need to spend more money to extend the original chain, the attacker also needs to spend more money to extend the chain of attack. Even when the exchange cost of capital and pay the attacker has exceeded the value of money may be stolen, the two sides still need to continue to extend the chain to claim back their money, this is very necessary.

Imagine, when the attacker has spent $10 thousand in costs from an exchange to steal $50 thousand worth of encryption currency, this case is equivalent to the attacker made $40 thousand exchange losses of $50 thousand. At this time, the exchange of the best response would be to spend $10 thousand to the original recovery into the most effective chain length of chain, this means that the attacker lost $10 thousand, the exchange also lost $10 thousand. If we take this to extend it, we can draw some results:

 PoW mining risk analysis and coping strategies

When the attacker is no longer able to profit from the attack, exchange losses the same amount of money in resisting attacks, and if the exchange started to give up resistance, the money can also be a loss. In this field is in the game, the exchange is not dominant at any time, only to lose more and more money, so is the attacker.

This game can actually never end. At all time points, both sides have a good reason to try to recapture the beginning of that $50 thousand, because at each step, both sides need to spend an extra $10 thousand to regain the $50 thousand. This is why this strategy is called “scorched earth” — there are no winners, more and more money losses on both sides (both sides).

This strategy is the value, at least in theory, exchange can prevent an attacker profit from attack. If you know that he will attack the exchange will be willing to take a scorched earth strategy to deal with the attack before the attacker in the attack, the attack does not have any meaning, but the exchange is also likely from several attacks.

Scorched earth there is another very complex factors. The attacker has a great advantage in the attack, he can take weeks or months to prepare for an attack, but need to exchange almost immediately respond to attacks. For example, if an attacker using the code more optimized, the attacker in each round may cost just $5000, and exchange each round you may need to spend $10000. In this situation, the exchange can not determine whether the attacker has the advantage.

If more than one exchange is also trying to execute a scorched earth strategy at the same time, the strategy will have problems. May eventually fall into battle is not between the exchange, and the attacker is the battle force, it will be a machine high costs in exchange for.

This kind of strategy is finally considerations, it may cause huge collateral damage to the ecosystem. In fact, many are unable to deal with the continuous encryption currency: the reorganization of the amount of nodes may collapse, other transactions may count in this battle was lost or by double, and in general, the user will take more risks in this field during the scorched earth war.

Because of the above reasons, I do not recommend using scorched earth tactics to counter exchange double attack.

Developers of arbitration

I want to put forward the strategy of developers is the final arbitration, because this strategy had a successful case. When the theft occurred, developers are always initiated by a hard to recover the stolen funds bifurcation.

Highly centralized in this way will require the introduction of developers, but the developers themselves, may also be deceived and misunderstanding of an attack, so there may be developers will be legitimate encryption currency transfer to the attacker’s account, and not to reclaim stolen encryption currency.

At the same time, developers can also be signed by the way to deal with the problem of double block. Once a block by developers signed, this block is a permanent block, the block in the transaction can not be sorted. This way has been successfully applied in many cryptographic currencies, but this way there are some risks: if the developer key is stolen, it also leads to some problems. Moreover, developers can effectively determine which allows for transactions in the network, which may make people feel somewhat similar to traditional financial regulators.

Therefore, developers in this way, should maintain a cautious attitude, because if the developers trying to reclaim stolen funds made the wrong decision, on the wrong block of signature, or allow an unknown terrorist group transactions, which may lead to serious legal liability. Especially now encryption monetary field by the regulatory body more and more attention, so I do not advocate this approach, even ignoring center related issues.


 PoW mining risk analysis and coping strategies

With the continuous development of encryption currency field, we will continue to see more complex attacks. In 6 to the next 12 months, most of the attacks will be possible for those poor security PoW encryption mechanism of currency double attack, but more and more by the developers to make vulnerable decision will be exploited by attackers.

Security encryption currency design is not easy, and most of the money and the encryption to the center of the application are not entirely successful in the security of their own projects.

The current sharing is due to hardware force attack caused millions of dollars worth of money stolen encryption, can well react to this point; but these attacks we just experienced the first wave of high-profile attacks, the future encryption currency community may experience more attack.

In order to prevent more loss, need to take measures in the short term to protect the exchange from sharing the hardware attack force calculation. In some cases, the transaction confirmation time is extended to 24 hours is enough; in other cases, should prohibit certain encryption currency transactions until the encryption currency can be split to a more secure paradigm.

The long run, the exchange will need to own risk models take a more conservative, and to choose on-line currency according to due diligence make forward-looking.

Thanks to Ethan Heilman of this audit.

To see you in the end how much misunderstood IPFS


来看看你到底误解了 IPFS 多少


可能大多数人会回答比特币,的确,比特币作为币圈最大的 IP 理应获此殊荣。

如果让你再想五个呢,以太坊,瑞波,EOS 也会是很多人的答案。但你可能想不到,还有一个项目也能进入这个榜单:它目前还没有币,可是网上四处都在售卖着它的矿机;它也从没说自己要登陆交易所,可非常多的交易所都有他的期货。它自身还没有落地,却有很多人在它的基础上搭建了应用。

它就是 IPFS(InterPlanetary File System,又称星际文件系统)。

含着「颠覆传统互联网的 HTTP 协议」这把金勺子的 IPFS 自从一出生就成了明星。在 EOS 被认为会超过以太坊,被誉为「区块链 3.0」的时候,IPFS 的市值一度被认为会超过风投正盛的 EOS。

IPFS 是一个全球的、点对点分布式文件存储协议,可以将所有有相同文件系统的计算机连接起来。传统互联网 HTTP 协议是搜索域名地址,但是 IPFS 是搜索内容地址。用 IPFS 这种颠覆 HTTP 协议的方法,理论上可以让网络更快更安全。

行业内的人不管懂不懂,都会听过 IPFS 这个词,知名度过高,而却迟迟不见代币。极高的热度,让这一市场这也就成了骗子们的天堂。

IPFS 在中国的各种骗局

百度上只要搜索关于 IPFS 的信息,满屏的 IPFS 矿机广告。这样的盛况,给人感觉 IPFS 是个新的数字加密货币,它就像比特币一样买个矿机插上电就可以挖,或者跟玩客云一样,买个小玩意儿回家研究一下就能开始赚钱。至少,广告中是这么说的。


来看看你到底误解了 IPFS 多少

首先我们先要弄懂 IPFS 到底是什么。

来看看你到底误解了 IPFS 多少

IPFS 的官网其实已经说得很明白了,最重要的词就是「协议」(protocol)。IPFS 是一种技术,一个协议,所以它不是一条链,也没有一种叫「IPFS」的币。

IPFS 的想法,就是让文件分布式存储和读取。现在网上的所有信息,都是存在服务器里,万一服务器挂了呢,我们搜索信息就搜不到了。为了防止这样的事情发生,IPFS 技术就把文件打碎,分散地存储在不同的硬盘里,下载的时候,再从这些散落在全球各地的硬盘里读取。其实用过 BT 下载的人会发现,IPFS 其实就是一种 BitTorrent 协议,开发团队对 BitTorrent 协议稍微升级了一下。

这种文件分布的协议作为一种技术,极其强大,但好技术不代表好产品。分布文件的行为,完全是自愿的,没有任何经济模型来激励。所以 Filecoin 出现了。

IPFS 白皮书的作者 Juan Benet,其也是 Protocol Labs 创始人,而 Filecoin 也是 Protocol Labs 这个公司旗下的一个项目。

Filecoin 是一条区块链,链上流通的 Token 也叫 Filecoin,这条链是基于 IPFS 协议,也就是使用 IPFS 的技术,再加上加密货币这种经济激励的引入,让 IPFS 协议能够被更多人使用,让更多的人愿意拿出自己的电脑和存储空间给其他人使用。

来看看你到底误解了 IPFS 多少

用 Filecoin 官网的话来总结:「简而言之,IPFS 是按内容搜索的技术; Filecoin 就是缺失的激励机制。」

所以 Filecoin 确实是可以挖矿,但是 Filecoin 的挖矿到底是基于什么机制的?矿机管用吗?

比特币、以太坊的共识机制是 PoW 工作量证明,用工作量来定义挖矿奖励,你的成本就是耗电量。奖励的多少是由你的工作效率决定的,工作效率就是你的算力,算力决定你能挖出多少矿。矿机内的芯片可以提高你的算力,也就是让你的工作效率提高,同时耗电量也会增加。这是 PoW 的逻辑,所以在比特币网络里,矿机算力越高,就能让你挖比特币挖的更快。

然而 Filecoin 的共识机制并不是 PoW,它与算力无关。

Filecoin 的官网上明确说明,「Filecoin 的共识机制基于复制证明(Proof-of-Replication)和时空证明(Proof-of-Spacetime),里面不包含 hash 密集型的工作量证明(Proof-of-Work)」。

揭秘 Filecoin 的真正原理

那 Filecoin 的挖矿是如何工作的。

「检索矿工通过赢取由该文件的市场价值决定的特定文件的投标和采矿费来获得 filecoin。检索矿机的带宽和交易的投标/对交易初始反应时间(即,延迟性和与客户的距离)将决定其在网络上的成交检索交易的能力。检索矿工的最大带宽将决定它的交易总量。」这是官网上对于 Filecoin 挖矿的原理。

简单来说,这是一种「存力挖矿」,就是看你存了多少有用的文件。用户上传一个文件,文件会分成若干碎片,然后矿工们要去抢这个文件的碎片放进自己的硬盘里,才可以得到 Filecoin。

所以 Filecoin 挖矿有几个关键的因素:首先,得有用户,有用户上传,这个矿才能挖;然后,还得考虑带宽、硬盘大小、用户距离等等,才能有可能挖矿成功。

那具体要多大的硬盘,多少带宽,什么样的 CPU 才能挖矿呢?这些连 Filecoin 创始团队自己的都不知道。在 Filecoin 的官网上写着「我们尚未发布 Filecoin 采矿的确切硬件规格要求」。因为 Filecoin 现在连主网都还没有,谈何挖矿呢?而且官网上还有一句话,「把 ASICs 设计成能支持对大量内存的随机访问可能是昂贵且可能是不切实际的。」

也就是说,在 Filecoin 上,矿机并没有什么用。

了解了这些,再看看现在这些售卖所谓 IPFS 卖矿机的商贩。

来看看你到底误解了 IPFS 多少

来看看你到底误解了 IPFS 多少

来看看你到底误解了 IPFS 多少

在 Filecoin 创始团队都不知道的挖矿硬件参数的情况下,这些矿机列出了参数,8T 的内存,支持 20M 的带宽。大部分 Filecoin 矿机差不多都显示这几个参数,而且内存量一个比一个大。


最关键的来了:你现在买的 IPFS 矿机,得不到任何区块链收益的。

首先 Filecoin 现在连测试网都没有上,更不可能有用户。只有有用户开始使用 IPFS 服务,上传文件,才能挖矿。最重要的,不是内存越大越能挖。你的硬盘里要能抢到用户上传的文件碎片才行,而抢的能力是根据你自己的网络带宽、与用户距离之类的因素限制的。

现在用户买到手里的只是一台性价比极差、包装了 IPFS 概念的电脑而已。一个 8T 的空空如也的硬盘,和一个 256G 的里面全是用户上传文件碎片的硬盘,当然是后者挖到更多的矿。

但是大部分用户都不知道 Filecoin 的工作原理,以为和比特币矿机一样,买来插上电就能赚钱。等用的时候才发现根本不是一回事。

除了矿机,还有些人直接用 IPFS 超高的知名度来包装自己。

在不少宣传材料中,区块律动 BlockBeats 发现相关人员喜欢给自己冠上「IPFS 中国区总裁」、「IPFS 亚太区唯一对接人」、「IPFS 大陆区官方指定联络人」这些看上去十分高大上的 Title,但其实都是假的。

这群人的谎言在去年年底被官方戳穿。在 2018 年 12 月 11 日,Filecoin 的官方团队,同样也是 IPFS 的官方团队才在网上宣布,开始招聘中国区的负责人。

来看看你到底误解了 IPFS 多少

当你看穿这一切的时候,你会发现,原来那些在国内卖矿机的人和公司,其实就是电脑贩子罢了。他们把一台普通的电脑包装成 IPFS 主机,溢价卖出,而买下他们的用户拿到手的收益也并非基于 Filecoin 的,而是来自于这部分溢价的一部分。

然而谎言的出现和流行也与 Filecoin 官方缓慢的开发进度有密切关系,Filecoin 的测试网络不断地被推迟上线,入华时间很晚,给了骗子们行骗的空间和时间。


除了使用 IPFS 协议的 Filecoin,还有不少其他用于分布式存储的加密货币。其中知名度比较高的有 Sia、Storj、Swarm 和 Lambda。

其中 Sia、Storj,这两个分布式存储项目都已经启动,也就是可以使用了,可惜现在使用它们的人数还不是很多。Sia 用的是 PoW 的共识机制,利用文件合同,也就是智能合约,来设置存储规则和要求,文件上传者、节点、矿工都可以得到 Siacoin。而 Storj 的存储交易仅在存储需求的双方,不需要智能合约。

另一个在以太坊网络上的分布式存储协议,名为 Swarm,基本上和 Filecoin 的技术差不多,但是发展要比 IPFS 慢一些。

最后一个是 Lambda,是唯一一个中国团队项目,之前也获得多家投资机构站台。作为一个分布式存储的项目,它解决的问题是在分布式存储中,用户把自己的文件交由未知的存储端时产生的信任的问题,而 Lambda 通过验证节点的共识完成文件数据的持有性证明和可恢复性证明,保证了存储在未知存储端上文件的完整性和可恢复性。

不论是 Lambda 还是 Sia、Storj,这些 IPFS 项目都在努力地让这技术走进平民百姓家,让互联网用户对互联网内容保留所有权。至于谁能走的更快,区块律动 BlockBeats 保持继续观察的态度。

BCH after the separation, the two camps do?

Editor’s note: This article from the vernacular block chain Su (ID:hellobtc), author: five fireball ‘authorized reprint by Odaily daily planet.

 BCH after the separation, the two camps do?

In November last year, the relevant BCH is before the war started, no one could think of BCH, the two largest development team, actually put those things, “trifles” upgrade to the concept of the dispute, finally decided to use force to resolve the dispute is PK.

May not have thought of decision PK, the two sides pinch each criticize each other, just like a burning light last penny, also with each other to fight attitude.

More surprisingly, brewing for a long time “war, so no one who finally destroyed in an uproar, the thunder, little rain miserably.

More unexpectedly, currency price is actually in the branch before and after such a soaring + cliff fall like a roller coaster……

Now, from last year 11 16 April BCH formal hard bifurcation, over 2 months. This month after the separation, they have been all right?

After the war, military forces.

The two first talk about the overall situation.

Currency price: BCH and BTC bifurcation, the price ratio is 0.075: 1.

Now, BCH+BSV combined with BTC price ratio of 0.055: 1. That is to say, with respect to bitcoin, BCH bifurcation BCH+BSV overall lost about 25%, achieved “1+1<1".

Hashrate: before the BTC bifurcation, the whole network is 43EH/s BCH, the whole network is 5EH/s.

Now, the whole network is BTC 40EH/s BCH, the overall stress is 1.3 EH/s+1.2EH/s=2.5EH/s, is also shrinking.

The price is the most direct manifestation of the force is the consensus. After the separation, on both sides of the day, is much worse than before.

So in the past two months, two of the latest developments and what is worthy of our attention?

After the war BCH

 BCH after the separation, the two camps do?

We look at the count, support more currency price higher BCH (BCHABC).

A brand

Because most of the exchanges and Coinmarketcap support, BCHABC BCH got the “indigenous” brand identity, in the individual, is the winner. Bitcoin cash this brand visibility and influence, the impact on the project itself can not be ignored. In fact, BCHABC can finally get the BCH brand, due to the historical consensus:

ETH in the 6 month 2016 years since the THE DAO coin stolen events, the final bifurcation, new chain have more computing power support, it has also been ETH this brand, the original chain can only get stress support called ETC (Ethernet Classic).

2017 BTC for expansion of the struggle and bifurcation, the original chain BTC gained more computing power support, is also called BTC, is a new and less chain support force had to be called BCH (bit of cash).

The twice before historical consensus — get more support from a chain, will be the original brand, in this more computing power to support the BCHABC war, nature has been most exchanges and Coinmarketcap support, continue to have the BCH brand.

Two, the main supporters

The main supporter of BCH, Ver and Jesus Roger have bitcoin mining pool founder Yanchel Libet et al., of course, in the first row, is undoubtedly inevitable bit. Bear away the background in the overall market, bit, life is not easy:

In December last year, shutting down two years ago in Israel opened a chain block and artificial intelligence technology research and development center; Beijing and Shenzhen Office of large-scale layoffs.

In January this year, the closure of the Amsterdam office.

In September last year began to apply for Hong Kong IPO, has been heard.

According to the prospectus, bit, has 1/3 of its assets exist in the form of virtual currency, and BCH occupy a large part, at the end of last year, the “separation” caused by wave collapse in this part of the assets has shrunk by hundreds of millions of dollars.

For a bit, it was also BCH, also BCH. For BCH, too?

When it comes to the number of active supporters, the address is a very valuable index for nearly a week BCH the average daily number of active address at around 17 thousand, while the BTC active address number about 510 thousand.

Three, technology

Fortunately, technology development was not affected, and the bad bit layoffs listed, several major development team still continues to promote the development of BCH.

1, IPFS based BCH two-way payment channel

This simple BTC like lightning channel network.

BCH developers intend to get a similar in IPFS, more decentralized and reciprocal two-way payment channel. This project is of greater uncertainty. A IPFS network is not on the line; two is the BCH community had “a little contempt” BTC is that the transfer is slow, the block is too small, have to rely on the chain lightning network; BCH is the main chain blocks, fast transfer, low cost. Similar to lightning network “two-way payment channel”, this is before the draw further apart the concept of community consensus at this point may have larger differences.

2, the browser supports “username” function

The vernacular blockchain wrote an etheric square on ENS before, high-quality Ethernet like the square domain names on the Internet. A domain name transfer in the etheric Fang, you can input such as baihua.eth, and is no longer the length of 42 bits, such as the general experience of extreme 0x, garbled…… The address information.

Why bitcoin do not engage a similar system? More humane! Baihua.btc as a wallet address, cool!
Now, BCH is expected to make a similar function, the address is, interested friends can see.

 BCH after the separation, the two camps do?

3, that block compression rate of 99% of the Xthinner protocol

This agreement is still in the BCH community are discussed, whether made yet. If you really become, that will be a very cool thing. Imagine a compression ratio of 99.6%, a large block of 500M directly to the 2M compressed into the block, propagation speed and stability will be greatly improved.

That is, BTC and BSV are unable to use this protocol, the premise of using this protocol is the application of “transaction collation of this technology (is simply to package block number and sort, easy to search and verification), and they are not used in this technology.

After the separation , BTC, BCH, BSV at the beginning of each road more walk more far, who can? Let the time to answer.

Xthinner protocol development developers said that the completion of this agreement after him, but also the development of Blocktrorrent transmission technology, using Bittorrent protocol to transmit similar blocks, performance is better than Xthinner. All stay in the idea at present, we should pay attention Xthinner this project in progress.

After the war BSV

 BCH after the separation, the two camps do?

With BCH, we look at the BSV.

A brand

BSV and BCHABC give up new ideas, for the BCH, called Bitcoin SV (bitcoin cash Nakamoto vision), referred to as BSV. BCH BTC is BTC, BCH is BCH; and BSV that BTC is now the “6 ear rhesus macaques”, he is the real “Sun Wukong”.

1 month BSV redesigned and released a new Logo long, like the following:

 BCH after the separation of the camps and how?

In one month released a light purse ElectrumSV, old fellow interested can go to experience.

Two, the main supporters

The main supporter of BSV including CSW (by China Australia, dubbed the Cong) nchain and Coingeek.

Relative to the mainland was a dismal bit, nchain here is much better, also received a December approved by the European Patent Office intelligent automatic contract management method patent.

This is not surprising, nchain is the world the blockchain company owns most of the blockchain patent.

CSW Medium is updated more frequently, from both sides of the war initiated count time of 11 months from the date of 16, to a total of 34 articles more now, many of them long, some can even count the paper, is the partial technology to the interested buddy can search.

If you don’t go with CSW is not a Nakamoto this matter, see his article, feel that he is a very talented, even a few people most bitcoin understand too much.

Also try to understand the recent active BSV address number, nearly a week BSV average daily active address number around 10 thousand, compared to 17 thousand of the BCH a lot lower.

Third, technology

Technically, BSV also made some progress:

1, Tokenized

This is the Coingeek spent 500 million pounds reward, eventually obtained through competition BSV chain Token system, a direct competitor should BCH wormhole protocol Wormhole and Ethernet fang.

The Tokenized protocol can create and exchange many widely used tokens, including:

Financial assets such as: common and preferred shares, fixed rate bonds, floating rate bonds, futures, forwards, swaps, options, singular financial derivatives, currency, asset backed securities, collateralized debt obligations;

Note: the movie ticket, air travel, transportation and other activities;

Credit and integral system: such as coupons, loyalty points, membership etc.;

All kinds of license;

Tokenized is unique in that focus on legal and regulatory issues to help companies deal with the real world. The real enterprises want to comply with applicable laws (such as tokens of securities regulations), and most investors and customers also hope to get legal protection legal system.

This is the BSV and BCH maximum disagreement: BCH supporters think to the center should be bottom-up, follow the mass line, in other words, To C; and BSV insisted to the center can still go from top to bottom, enterprises make commercial routes, pioneered the use of bitcoin, bitcoins to become cash, all things must assist circulation. Then a world price scale.

The Tokenized code has been basically completed, began to enter the testing phase.

2, known as supernetting Metanet

Metanet is a very mysterious, because the grand vision is too ambitious, you want to say: “why not God?”

It is the vision of such:

“Metanet is essentially a commodity ledger, it will change the rules of the game. Everything will be placed in a block in the chain. We will create is an alternative to the internet. Let the Internet become a side chain.”

See? Let the Internet become the side chain of BSV!

Members of the BCH community issued a response to his feelings like lightning:

“I watched the video of his speech, I don’t know what it is about. Too high, the concept of supernetting is really too complicated and too big. I don’t understand what this is. I don’t know if this is a pyramid style speech, or a great project ideas……”

In order to let everyone feel more about this project, it may be an excerpt of lightning:

We say that the data on the Internet is oil, Internet company took our data of each person, made a fortune. “Oil data” is indeed our own creation, but now every one of us is almost no effect and value. But the Internet Co has made a fortune, and every one of us didn’t have any room for bargaining.

If the data stored in the block on the chain? Block chain transmission is the value chain of the transmission block data itself, the data itself is destined to become a commodity. Write data plus the blockchain is sure to digital identity (the transaction), the ownership of the data, will become a clear.

Perhaps through the chain structure of a large block of data, the data of each person, really become can be valuable oil.

According to Docker Hub, the project can be used Twitter-to-Bitcoin robot program automatically grab the tweets, and through the OP_return code directly into the BSV chain, if the spread of words, use the Internet as a side chain, it seems easy to understand some .

3, Teranode

Teranode is the CoinGeek and nchain cooperation projects, to create all nodes available for enterprise use BSV, was announced in the 5 month last year, in time for the last 11 months of the bifurcation, BCH is not on, and after the first iteration of Teranode technology just appeared in the 11 15 April BCH hard bifurcation.

The main goal of Teranode is to BSV to a new level. The BSV can be extended to TB grade large block size and 7 million times per second, the speed of transactions, to support enterprises to use the global level. The BSV block limit of 128M, to the TB level, block the expansion of 8000 times, the challenge is not small.

The project will be divided into 4 core function module micro service architecture method: separate business layer (RPC), network (P2P) layer, process layer and storage layer. This micro service architecture allows companies to customize according to their needs, and provides the following advantages:

Each component may have multiple implementations, can be replaced at any time according to the specific needs of the company and the industry.

The component can use different computer languages are most suitable for their particular purpose, tools and hardware, without having to make a single choice for the entire node.

Large scale chain extension.

To solve the technical problems of large bitcoin network caused by small TB.

The BSV is currently in several projects in advance is introduced, it is not difficult to see that all the technical trend of BSV, is toward let enterprise and business can use BSV network to compliance, success, let us wait and see.


After the above is BCH and BSV “break up”, the current development of their own. From the price of currency and force, is a double battle lost the war; in terms of technical development, each have different routes and the advantages of BCH are more likely to go to pay some cash way, while BSV is more the first landing on the corporate side. Supporters, a major supporter of BCH bit, status than the BSV nchain and CSW main supporters worse, but from the active address number, the number of active BCH address for nearly a week on average every day, is about 1.7 times that of BSV, from this perspective, the BCH community is more active. How their subsequent development and fate, let the time to give the answer.

After several days of silence bitcoin, rose 2% to $3700, the price return

After several days of silence bitcoin, rose 2% to $3700, the price return

Bitcoin recent prices fell down, very miserably, but many people are looking forward to bitcoin to rise up, but a recent period of time, all the way around $3600 if bitcoin prices hovering, today suddenly began to rise, prices rose 2% in the 3680 or so, so the increase compared to the previous substantial drop, in contrast it is a very big gap, we can see a few days before the price is $4000.

In fact, for bitcoin words, now rise and fall have been accustomed to, because bitcoin was from the rising price of not worth a hair up, the peak to $20 thousand from $20 thousand fell down to today’s price, but also a very short time, a year fell down the.

As for the future of bitcoin what it would be like, no one can know, because bitcoin play not many people, for now, the global population is, after all, still a minority group recognized things, whether it is the concept of how good, but we need to face the real problem, because at present, no country to recognize bitcoin bitcoin so it is hard for him to become a real popular digital currency, and believe that the concept of digital currency in the future, will be applied to the center of the digital currency, and the impact on bitcoin, is going to be great.


Bitcoin development for ten years, and other digital currencies in recent years is really developed, then the future in the bitcoin digital currency and others, who, more development potential, you have what kind of view? The comments below express your views, make complaints about it!

Brian Kelly: bitcoin Exchange Traded Fund (ETF) could not be approved in 2019

Encryption of entrepreneurs and media contributor Brian Kelly (Brian Kelly in an interview that bitcoin Exchange Traded Fund (ETF) could not be approved in 2019.

In the discussion of the overall situation of encryption currency market, Kaili forecast in 2019 will be better in 2018. The analyst argued: “we are approaching the end of the bear market, but we may dip again, this point I would not be surprised.”

When it comes to the specific expected 2019 years, Kelly said: “probably in 2019 years, will focus on the currency, bitcoin, Wright currency — because we in the world is facing considerable geopolitical tensions.”

We have started to see some global macro investors will bitcoin as a substitute for gold positions, as a way to hedge currency fluctuations and volatility or.

Kelly said, 2019 bitcoin will become mainstream investors accept assets. However, when asked about the possibility of bitcoin ETF this year was approved by the government, Kelly said “no chance”.

The approval of a bitcoin ETF, an investment fund, tracking the value of its underlying asset trading and stock exchange by the U.S. Securities and Exchange Commission (SEC) is a prerequisite for a much anticipated event is regarded as one of the major institutional investors to enter the market of encryption.

2018 years, the SEC has received a number of bitcoin ETF applications, including the Winkelvoss brothers (Winklevoss twins), but has not yet been approved by any one of them. Kelly further explained his views, he said, the agency is not likely to change their views in the near future, because there are too many issues not resolved.” The analyst said that to solve the existing problems need to be more than a year’s time.

Kelly further predicted that in the next few years, the world will face a new recession, followed by a new financial crisis. However, the nature of the latter will be different from the previous crisis, allegedly, several times before the crisis will create a window of opportunity for encryption currency, and make it a real alternative to legal tender.

Kelly had predicted that ETF will not approve bitcoin as early as February 2019. Subsequently, he reiterated that the SEC’s argument that the existing bitcoin futures market is not mature enough, but he stressed that bitcoin futures market is developing rapidly.

Analysis of 1.19 bitcoin Market: the market may last Bikong

If the market development yesterday expected, today is the beginning of a short squeeze the market, that has been watching the author, and actively participate in the vote, should be in a few recent wave of market, harvest. This allows the author to more firmly Bikong market basis, is the source of all the readers to participate in the vote, then hold an empty one occupies the most, only the more accurate judgment yesterday. The accurate analysis, are all actively involved in the voting and forwarding the contribution of readers. It has been thanks to vote and forwarding friends here.

I was just trying to start recording their own thinking, behind, actually write articles, comments and advice of the reader, and everyone to participate in the voting results, these can let the author have a more objective perception of market sentiment, and voting objective data as the basis, these can help the author better close to the market in fact

The above is the author writing the main reason analysis

Next came in today’s market analysis

1, bitcoin short-term bullish trend

2, the overall breakthrough in the short-term currency mainstream platform, but the atmosphere is still not strong bull

3, although the overall rise but the magnitude is not large Bikong

Continue to increase, but in 4 short positions

Therefore, it is likely that the next will be sideways later, there is a wave of bull trend, in order to further bikong.

Of course if you are worried about missing the market, more secure way to small positions or positions, Guadan in the breakthrough point, just from a risk perspective, I think the more or less to see action and a little.

Disclaimer: This article is not for investment reference, bitcoin is highly speculative risky products, futures contract is a great risk, please carefully.

2018 bitcoin trading dark net value increased by 70%

The dark network activity is relatively unaffected by bitcoin prices, when prices fall will not fall. In 2018, an inverse relationship between market value and market trading of bitcoins. Sent to the total value of bitcoins dark net market significantly increased by 70%, and the total annual bitcoin transactions decline.

Since 2011, the dark network transactions total dollars have been rising steadily. According to the report, from 2017 to 2018 years of decline in value is due to the dark network market popular Alphabay closed in mid 2017, according to reports the dark network market activity fell by 60%.

In addition, according to the report, in the Alphabay after the closure of several other markets also take its place. This will lead to such transactions in 2018 entered another stage of steady growth. The report also pointed out that: “there is evidence that, after closing, the dark network activities and even increased.”

However, according to the data, even in 2017, bitcoin business transactions sent to the dark net market ratio is only 1% fraction, and in 2012 had reached a peak of more than 6%. Since the peak in 2012, bitcoin trading shares in the black market basically has been on a steady decline.

Cypherpunks co-founder Timothy C (Timothy C. May), about a month ago a natural death, he predicted in his “anarchist Manifesto” encryption: encryption anarchy will allow free trading of state secrets, allowing illegal and stolen material transactions.”

In 2018 a 3 month special analysis report, Cointelegraph report data from various sources, points out that cash, especially the dollar, is still the preferred method of payment for illegal goods and services. The report said that although half of bitcoin is used to a certain extent the illegal purchase, but up to 90% of the notes contain traces of cocaine.

In October 2014, the founder of black market network search engine gram declared that “creation of black net is mainly to against the tyranny of the government”, and concluded: “the dark network promote freedom, rather than a criminal offense.”

Encryption currency analyst Brian Kelly: 2019 years ETF bitcoin has the opportunity to obtain approval

In January 18th, CNBC encryption entrepreneur, a regular contributor to Brian Kelly, said in an interview with Cointelegraph ETF in 2019, bitcoin could not be approved.

In the discussion of the overall situation of encryption currency market, Brian Kelly forecast in 2019 the situation will be better than in 2018. The analyst argued that: “the bear market is nearing the end, but we may dip again.” On 2019 the specific expectations, Brian Kelly continued:

“In 2019, is likely to focus on encryption currency. We can see that some global macro investors will bitcoin as gold’s substitute, as a way of legal currency fluctuations or shocks.”

Brian Kelly said, will be 2019 by mainstream investors to accept bitcoin.

However, when asked about the bitcoin ETF this year can be approved by the government, Brian Kelly said there was no chance.

Whether the United States Securities and Exchange Commission bitcoin ETF has been a concern, which is why many people and major institutional investors to enter the prerequisite for encryption of monetary market.

Since 2018 years, the U.S. Securities and Exchange Commission has received a number of bitcoin ETF applications, including the Winklevoss brothers, but has not yet approved any one of them.

Brian Kelly further expounded his views, he believes that the U.S. Securities and Exchange Commission is unlikely to change their point of view, because there are too many issues not resolved. The analyst said, also need more than a year’s time to solve existing problems.

Brian Kelly further predicted that in the next few years, the world will face a new round of recession, there is a new financial crisis. However, the nature of the latter will be different from the previous crisis. Allegedly, before the financial crisis several times will create a window of opportunity for encryption currency, make it become the realistic alternative to legal tender.

As Cointelegraph reported last August, Brian Kelly had predicted that ETF will not approve bitcoin as early as February 2019. Subsequently, he reiterated the U.S. Securities and Exchange Commission’s argument that the existing bitcoin futures market is not mature enough, but he stressed that bitcoin futures market is developing rapidly.