Bitcoin – Power to the People by BitHouse-Co

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Crypto Terminology

Crypto Terminology


Glossary of Terms


Bags

Cryptoassets being held, generally as longer-term plays; sometimes used self-deprecatingly for soft or losing positions one should close, but can’t for whatever reason. “Too bad none of my alt bags saw the moon that I did today. #cryptoeclipse”

Bitcoin Maximalists

The truest believers in bitcoin’s original mission and design, often paired with a disdain for altcoins.

Block

Blocks are found in the Bitcoin block chain. Blocks connect all transactions together.

Transactions are combined into single blocks and are verified every ten minutes through mining.

Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).

BIP

Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol.

New features, suggestions, and design changes to the protocol should be submitted as a BIP.

The BIP author is responsible for building consensus within the community and documenting dissenting opinions.

Black Swans

A black swan is an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.

Black swan events are typically random and unexpected.

The term was popularized by Nassim Nicholas Taleb, a finance professor, writer, and former Wall Street trader.

Block Chain

The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger”.

The block chain shows every single record of bitcoin transactions in order, dating back to the very first one.

The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.

Block Height

The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the “genesis block”.

Block Reward

When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network.

The block reward is part of a “coinbase” transaction which may also include transaction fees.

The block rewards halves roughly every four years; see also “halving”.

BTFD | #BTFD

“Buy the Fucking Dip” Advice to other traders to pick up a coin that’s presumably hit its bottom.

“$GNT Golem making moves. Underpriced @ 7.5K If U are buying GNT under 10K still a good price 3 X LETS GO $ETH #CRYPTO #trading #BTFD”

Change

Let’s say you are spending $9.90 in your local supermarket, and you give the cashier $10.00. You will get back .10 cents in change.

The same logic applies to bitcoin transactions.

Bitcoin transactions are made up of inputs and outputs.

When you send bitcoins, you can only send them in a whole “output”.

The change is then sent back to the sender.

Cold Storage

The term cold storage is a general term for different ways of securing cryptocurrency offline (disconnected from the internet).

This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions.

The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.

Cold Wallet and Hot Wallet

Cold storage is an offline wallet provided for storing cryptocurrency.

With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.

Confirmation

A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining.

Once a transaction is confirmed, it cannot be reversed or double spent.

Transactions are included in blocks.

Cryptocurrency

Cryptocurrency is the broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis.

Cryptocurrencies don’t need a bank to carry out transactions between individuals.

The nature of the blockchain means that individuals can transact with each other, even if they don’t trust each other.

The cryptocurrency network keeps track of all the transactions and ensures that no one tries to renege on a transaction.

Cryptocurrency 2.0

Also known as a decentralized app,(Dapp) a cryptocurrency 2.0 project uses the blockchain for something other than simply creating and sending money.

They typically involve decentralized versions of online services that were previously operated by a trusted third party.

Cryptography

Cryptography is used in multiple places to provide security for the Bitcoin network.

Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the block chain.

Cypherpunk

1. A person with an interest in encryption and privacy, especially one who uses encrypted email.

2. Cypherpunk, a term that appeared in Eric Hughes’ “A Cypherpunk’s Manifesto” in 1993, combines the ideas of cyberpunk, the spirit of individualism in cyberspace, with the use of strong  encryption ( ciphertext is encrypted text) to preserve privacy.

Cypherpunk advocates believe that the use of strong encryption algorithms will enable individuals to have safely private transactions.

They oppose any kind of government regulation of cryptography.

They admit the likelihood that criminals and terrorists will exploit the use of strong encryption systems, but accept the risk as the price to be paid for the individual’s right to privacy.

Dark Web

The part of the World Wide Web that is only accessible by means of special software, allowing users and website operators to remain anonymous or untraceable.

The Dark Web poses new and formidable challenges for law enforcement agencies around the world.

Decentralized

Having a decentralized bitcoin network is a critical aspect.

The network is “decentralized”, meaning that it’s void of a centralized company or entity that governs the network.

Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.

Difficulty

Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network.

Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks.

Difficulty is automatically adjusted to keep block verification times at ten minutes.

Dogecoin

Dogecoin is an altcoin that first started as a joke in late 2013. Dogecoin, which features a Japanese fighting dog as its mascot, gained a broad international following and quickly grew to have a multi-million dollar market capitalization.

Double Spend

If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.

DYOR | #DYOR

“Do Your Own Research.” The trader’s caveat that advice shouldn’t be taken at face value.

“$BCY has an appealing risk/reward here. Could take a few months to play out, however, and will require patience. #DYOR”

Exit Scam

Traditionally a term for darknet markets and vendors that, after building up a good reputation, accumulate bitcoins and disappear; exit scams are also feared by ICO participants who worry that, once they’ve raised hundreds of millions in hard-to-trace money, the developers will take the money and run.

Fiat

Government-issued money.

Full Node

A full node is when you download the entire block chain using a bitcoin client, and you relay, validate, and secure the data within the block chain.

The data is bitcoin transactions and blocks, which is validated across the entire network of users.

FOMO | #FOMO

“Fear of Missing Out.” When a coin starts to moon, dumb money rushes in. “$LGD on a TEAR right now!!! It has major highs right now! Some major #FOMO going on!!! Sell while it’s high. It WILL drop before fight!!!”

FUD

“Fear, Uncertainty, and Doubt.”

Another non-crypto term that describes attempts to scare weak-handed coin-holders into selling their positions, often with rumors of exit scams or hacks; the cheap, dumped coins are then picked up by the FUD-ers.

Fungibility

Fungibility is a good or asset’s interchangeability with other individual goods or assets of the same type.

Assets possessing this fungibility property simplify the exchange and trade processes, as interchangeability assumes everyone values all goods of that class the same.

HODL

HOLD ON FOR DEAR LIFE!

The intentionally misspelled word hodl has its roots in a December 2013 post on the Bitcoin Talk forum, “I AM HODLING”; when the author, GameKyuubi, couldn’t be bothered to fix his typo, the community instantly turned it into a verb: to hodl.


Along with other terms, hodl is an effective litmus test for sussing out newcomers, carpetbaggers, and tourists.

Halving

Bitcoins have a finite supply, which makes them scarce.

The total amount that will ever be issued is 21 million.

The number of bitcoins generated per block is decreased 50% every 210,000 blocks,roughtly four years.

This is called “halving.”

The final halving will take place in the year 2140.

Hash

A cryptographic hash is a mathematical function that takes a file and produces a relative shortcode that can be used to identify that file.

A hash has a couple of key properties:

• It is unique. 

Only a particular file can produce a particular hash, and two different files will never produce the same hash.

It cannot be reversed.

You can’t work out what a file was by looking at its hash.

Hashing is used to prove that a set of data has not been tampered with.

It is what makes bitcoin mining possible.

Hash Rate

The hash rate is how the Bitcoin mining network processing power is measured.

In order for miners to confirm transactions and secure the block chain, the hardware they use must perform intensive computational operations which is output in hashes per second.

Hash Converter

Use an online hash converter, such as https://hash.online-convert.com and enter the text you want to convert.

Then, try changing just a letter in the input text to see how the resulting hash varies significantly

Hard Fork

A hard fork is when a single cryptocurrency splits in two.

It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version.

Meanwhile a soft fork is essentially the same thing, but the idea is that only one blockchain (and thus one coin) will remain valid as users adopt the update.

So both fork types create a split, but a hard fork is meant to create two blockchain/coins and a soft fork is meant to result in one.

Segwit was a soft fork, Bitcoin Cash, Bitcoin Gold, and Segwit2x are all hard forks.

Immutability

In object-oriented and functional programming, an immutable object (unchangeable object) is an object whose state cannot be modified after it is created.

This is in contrast to a mutable object (changeable object), which can be modified after it is created.

Lambo | #Lambo

A running joke among traders, you’re cryptorich when you can buy a Lamborghini; though absurd, it’s not unheard of — when Alexandre Cazes, the suspected founder of a major darknet marketplace, was found hanged in his Bangkok jail cell, Thai media reported that he owned four Lamborghinis.

Mining

Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions.

Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.

Moon | #Moon

A rapid price increase.

Peer-to-Peer

Typically, online applications are provided by a central party that organizes all the transactions.

Your bank runs its own computers, and all the customers log into the bank’s computer to handle their transactions.

If Bob wants to send money to Alice, he asks the bank to do it, and the bank controls everything.

In a peer-to-peer arrangement, technology cuts out the middleman, meaning that people deal directly with each other.

Bob would send the money directly to Alice, and there wouldn’t be any bank involved at all.

Pool

As part of bitcoin mining, mining “pools” are a network of miners that work together to mine a block, then split the block reward among the pool miners.

Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.

Private Key

A private key is a string of data that shows you have access to bitcoins in a specific wallet.

Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.

Proof of Work

Proof of work refers to the hash of a block header (blocks of bitcoin transactions).

A block is considered valid only if its hash is lower than the current target.

Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a block chain.

Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.

Pump

A rapid price increase believed to be the result of market manipulation, a.k.a. pump and dump.

Public Address

A public bitcoin address is cryptographic hash of a public key.

A public address typically starts with the number “1.”

Think of a public address like an email address.

It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.

Private Key

A private key is a string of data that shows you have access to bitcoins in a specific wallet.

Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.

Rekt | #Rekt

Meaning “wrecked”.

“I never sell because of #FUD, and I never buy because of #FOMO.

That’s the easiest way to get #Rekt

Sats

Satoshis, currently the smallest unit of a single bitcoin, useful for tracking coin prices. “At the rate $XRP’s moving, I wouldn’t be surprised if it hits 10K sats by the end of the day.”

Security Tokens

A security token (sometimes called an authentication token) is a small hardware device that the owner carries to authorize access to a network service.

The device may be in the form of a smart card or may be embedded in a commonly used object such as a key fob.

Shitcoins

Pejorative term for altcoins, especially low-cap coins, often affectionately used by shitcoin hodlers.

SEGWIT

SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.

When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.

Transaction

A transaction is when data is sent to and from one bitcoin address to another.

Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other.

Bitcoins have value because it’s based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies.

Wallet

Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely.

There are many varieties of wallets available, whether you’re looking for a web or mobile solution.

Ideally, a bitcoin wallet will give you access to your public and private keys.

This means that only you have rightful access to spend these bitcoins, whenever you choose to.

Whale

Anyone who owns 5 percent of any given coin, often used as a boogeyman to explain unwanted price movements.

“Nice support $NEO. Clear whale manipulation.”


Blue Pill vs. Red Pill
Choose wisely

When You’re ready …

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What bitcoin is … NOT

Bitcoin is not Abracadabra…
but Bitcoin can be Avada Kedavra for the current Banking system!

Bitcoin is not Magic…
but it can be for Muggles!

Bitcoin is not an “Investment” …
but educating yourself about bitcoin can be!

Bitcoin is not an “Investment”…
but knowing  the basics and being educated about it, lowers the chances of loosing your hard earned money!

Bitcoin is not an “Investment”…
but staking Sats proved to be a preety good Strategy in the Long Term!

Bitcoin is not digital money…
but it is of it’s first applications!

Bitcoin is not money…
but is Money for the Internet!

Bitcoin is not PRICE !!!

Bitcoin is not PRICE…
but the market is driven mostly by FUD & FOMO people

Fear
Uncertainty
Doubt

bring the market Down


Fear
Of
Missing
Out

bring the market Up

Bitcoin is not a “Get Rich Quick Scheme” and the one’s that got rich were the one’s that were there from the begining…

Bitcoin is not voodoo people, magic people…
but a bunch of smart geeks & nerds that support the bitcoin’s philosophy and what it stands for…

Bitcoin is not under no juridstiction…
but it is a global p2p network of like-minded people that with the power of their equipment sustain, mantain and make the bitcoin network stronger and decentralized!

Bitcoin is not a Coin…
but a entry in a digital ledger!

Bitcoin is not illegal activity money…
but bitcoin can be used in such activity…
Reports show that FIAT is still the No. #1 choice for “Evil Doers” as it doens’t have an public, open and visible ledger …
Duh…

Bitcoin is not evil…
but bitcoin can be used to do evil!
As does a Pen!
It can be used to do evil!
How, you would ask?
If  I take this ✏ and stick it up your a… who is Evil ?!?
The One who invented the pen?
The Pen?
Me?
Your a.. cause it was in the way 🤣
Perspective is a matter of opinion…

Bitcoin is not News…
but instead read pools, github, exchanges, wallets…
They are the ones that pave the way where bitcoin could, should or would go!

Bitcoin is not DEAD…
It was already declared Dead 441 times!

see :

https://99bitcoins.com/bitcoin-obituaries/

Bitcoin is not …
Yapidi Yapidi Yap people…

If someone says :

1 – Bitcoin consumes too much electricity, they don’t understand POW!

2 – Bitcoin isn’t a government backed currency, you should ask who backs their government…
If the answer is the Army…

3 – Bitcoin isn’t backed by gold like the the US$…
Neither is the $ since ’71

4 – Bitcoin isn’t real because I can’t see it…
80% of world’s money is Digital…

5 – Bitcoin isn’t a store of value as good as Gold is…
Gold had thousands of years to prove that, bitcoin only 13… give it time!
It already proved a lot !!!

6 – Bitcoin’s inventor is annonymous and can’t be trusted…
Who invented money then? How do money come up into existance?

7 – Bitcoin will never be largely accepted because it isn’t issued by a government…
You know what else wasn’t issued by no government ? Cars, Electricity, Steam Engine, Facebook, Uber, Google, Amazon, etc bla bla bla

8 – Bitcoin can’t be a currency cause I can’t buy anything with it…
I think I have shared a list with places that you can buy things with bitcoin…Quite a few!!!

9 – Whales… Beware of yapidi yap of whales cause they say one and do the opposite 🙂 😉 !!!

9 – Bitcoin is not this, bitcoin is not that but they all swarm around the bee’s honeypot as if it were honey 🤣🤣🤣

I forgot…In the meantime, little unsignificant countries like El Salvador, mine bitcoin with 🌋 !!!

And still newspapers, investors that bite their whatever not having invested when it was under $1, and a hole portion of the world are all saying…

Etc bla bla bla Yapidi Yapidi Yap


Never Forget The Golden Rules:

Not Your Keys, Not Your Crypto!!!

Don’t Trust, Verify!!!

Don’t Believe, Do your own Resesearch and due diligence!!!

Save your Wallet’s Mnemonic Phrase in at least 3 places for safe-keeping!!!


WE ARE SATOSHI


When you’re ready…

Timothy C. May

Hal Finney

Poem of the Legacy

From the ashes of the long forgotten past,
A bright mind wrote a code that would for ever last…
A code so powerful and strong,
That would change the world for oh so long…

The code he wrote and set it free,
For the humankind legacy to be…
To change the lives of future generations to come,
He wrote the code and he was gone…

Oh, bright mind your legacy will last,
For generations to come and be thankful about the past…
Nobody knows who you might be,
Some do and say Kudos to You for Ethernity!


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Calculate Hashes/s

How can I calculate how many hashes I generate per second?

I have a function which generates hashes from a string:

string GenerateHash(string plainText);

I generate as many hashes as possible with 4 threads.

How do I calculate how many hashes (or megahashes) I generate per second?

Your problem breaks down nicely into 3 separate tasks

  1. Sharing a single count variable across threads
  2. Benchmarking thread completion time
  3. Calculating hashes per/second

Sharing a single count variable across threads

public static class GlobalCounter
{ public static int Value { get;
private set;
} public static void Increment()
{ Value =GetNextValue(Value);
} private static int GetNextValue(int curValue) { returnInterlocked.Increment(ref curValue);
} public static void Reset() { Value = 0; } }

Before you spin off the threads call GlobalCounter.Reset and then in each thread (after each successful hash) you would call GlobalCounter.Increment – using Interlocked.X performs atomic operations of Value in a thread-safe manner, it’s also much faster than lock.

Benchmarking thread completion time

var sw = Stopwatch.StartNew(); Parallel.ForEach(someCollection, someValue => 
{ // generate hash GlobalCounter.Increment();
}); sw.Stop();

Parallel.ForEach will block until all threads have finished

Calculating hashes per second

... sw.Stop(); var hashesPerSecond = GlobalCounter.Value / sw.Elapsed.Seconds;

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LiteCoin(LTC) :
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Ethereum(ETH) :
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EthereumClassic(ETC) :
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Cardano(ADA)
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BinanceCoin(BNB)
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BitcoinCash (BCH)
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BitcoinSV(BSV)
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ZCash(ZEC)
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Dash(DASH)
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Shiba(SHIB)
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Tron(TRX)
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Stellar(XLM)
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Anarchy Legacy

A Crypto Anarchist’s Legacy

Airfoil Dec 20, 2018

Timothy May on the cover of the second issue of Wired magazine with 2 fellow cypherpunks

Sadly, this past week we lost an icon that helped to spur the cypherpunk movement. Timothy May, who wrote The Crypto Anarchist Manifesto in 1988, lauched a movement that is still very prominent today.

For the uninitiated, a Crypto-Anarchist focuses on subverting the current laws and using new technologies to the benefit of the common man.

In the original manifesto, May says crypto-anarchy focuses on “encryption, digital money, anonymous networks, digital pseudonyms, zero-knowledge, reputations, information markets, black markets, collapse of governments”.

The manifesto was written just before the first crypto wars began during the early 1990’s.

The governments of the world fiercely opposed the general public using cryptographic encryption protocols.

The idea that a normal citizen could completely hide what they say in an electronic message was their biggest concern.

The governments cited national security as a concern (We’ve heard this excuse used many times before).

Tim May was embroiled in the center of this alongside his group of fellow cypherpunks.

RSA Security, a leading computer securty company founded by world-renowned cryptologists, created this poster against a hardware chip that used a US-government supplied encryption standard

The legislation of the anti-encryption laws would also affect payment processing technology. There was a large push back from tech companies that would have to deal with these issues first-hand.

The crypto wars of the 1990’s ended with the concession from the government that encryption was readily available around the world.

The public had won their first bout against the government surveillance state. Alongside the public, you had the cypherpunks and large tech companies that were all fighting a common threat.

There was not much of an issue in terms of encryption for quite a few more years.

Every few years afterward, the idea of backdoors into encryption schemes were brought up but nothing ever came about these new ideations.

The Crypto Wars Redux

The expansion of computational power and development of more efficient processing equipment closed the gap as to who can gain access to encryption software.

The widespread availabilty of software/hardware that can perform these cryptographic calculations involved in encryption and the ease of use has made it possible for the layman to encrypt their own personal messages, video calls,emails, and notes.

Encrypting an email with someone who has never imported a key to their keyring, or generated their own PGP public/private key pair is a thing of the past.

Many of the services that exist today offer these solutions out of the box. The process has become much easier for all parties involved.

Anyone that is now using this technology benefits from this on a privacy and security level.

With all parties benefitting, the leviathan rears its head once more. Australia has passed an anti-encryption bill that will force large tech companies to allow the Australian government to obtain hardware access(citing national security as a major reason).

Outrage has spilled out of the larger tech companies. The end-to-end zero knowledge messaging/calling app, Signal, has taken a stand against this bill.

This sounds very similar to the issues Tim May was battling with during the early days of the First Crypto War.

The cypherpunks came out on top and I’m sure this legislation will face a similar fate.

May’s Impact on the World

The imprint that Timothy May left on the world is profound. The mass adoption of encryption as well as cryptocurrencies shows just how far ahead of the times he was.

May urged the importance of privacy.

He insisted on the use of encryption to keep your communications private.

Currently on a majority of mobile phones there are applications that provide encrypted communications. Whatsapp uses the Signal protocol which was developed by cypherpunk Moxie Marlinspike.

The rise of cryptocurrencies is an ideal that May was very hopeful for.

May did come out against the anti-privacy issues of bitcoin.

There are projects that offer solutions for this privacy debate.

Much of the developer-base of these certain cryptocurrencies have their foundation based in the cypherpunk tradition.

The Cryptocurrencies that aim for a privacy by default mechanism are monero and the soon to launch GRIN which uses the Mimblewimble Protocol (To see an extremely entertaining introduction to the GRIN project via talk-to-text chat for privacy preservation, listen to the creator of Grin).

Zcash is moving in the direction of private by default and the superior cryptography of the ZK range proofs will help to create a very private cryptocurrency.

Cody WIlson and Amir Taaki who worked on projects focused on the crypto-anarchic tradition including Dark Wallet and Defense Distributed

The impact Tim May made on the world by helping to create a social movement shows the importance and strength of his ideals.

He has impacted a generation of people that are growing up in the digital age.

He influenced builders in the 21st century.

You have people creating new currencies, exposing government surveillance on a national scale, circumventing the broken bueracratic system by creating their own markets, anonymous internet protocols, as well as making encryption applicable to the common man (You can find a list of prominent cypherpunks here and also here).

There isn’t enough that can be said about the applications in which he believed could positively affect us.

May was cognizant of the encroaching all-seeing eye of the state but I believe we are in much better shape now than we’ve ever been.

There may be negative news about what we currently face as individuals, from the unprecedented surveillance of the Snowden leaks to the aforementioned Australian anti-encryption bill, but looking at the grand scheme of our daily lives, these tools and their functions have helped to create a much better day than May could have imagined in 1988.

He was a proponent for the industriousness of human nature to outpace the slow moving regulation that would try to bog down any progress.

You can listen here to what he thought people/creators should do when they develop ground breaking technology.

Arise, you have nothing to lose but your barbed wire fences!

Timothy C. May – “The Crypto Anarchist Manifesto”

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Arise…

Timothy C. May

Arise, you have nothing to lose but your barbed wired fences!

Timothy C. May

Wonder In Peace bright mind!

Thanks for the guidance and wisdom!

The world will never know how much they owe you!

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& 💚



B-Money

Web Dai – B-Money

I am fascinated by Tim May's crypto-anarchy. 

Unlike the communities
traditionally associated with the word "anarchy", in a crypto-anarchy the
government is not temporarily destroyed but permanently forbidden and
permanently unnecessary.

It's a community where the threat of violence is
impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations.
 
Until now it's not clear, even theoretically, how such a community could operate.

A community is defined by the cooperation of its participants, and efficient cooperation requires a medium of exchange (money) and a way to enforce contracts.

Traditionally these services have been provided by the government or government sponsored institutions and only to legal entities.

In this article I describe a protocol by which these services can be provided to and by untraceable entities.
 
I will actually describe two protocols. The first one is impractical,because it makes heavy use of a synchronous and unjammable anonymous
broadcast channel. However it will motivate the second, more practical protocol.

In both cases I will assume the existence of an untraceable network, where senders and receivers are identified only by digital
pseudonyms (i.e. public keys) and every messages is signed by its sender
and encrypted to its receiver.
 
In the first protocol, every participant maintains a (seperate) database of how much money belongs to each pseudonym. These accounts collectively define the ownership of money, and how these accounts are updated is the subject of this protocol.
 
1. The creation of money. Anyone can create money by broadcasting the
solution to a previously unsolved computational problem. The only
conditions are that it must be easy to determine how much computing effort
it took to solve the problem and the solution must otherwise have no
value, either practical or intellectual. The number of monetary units
created is equal to the cost of the computing effort in terms of a
standard basket of commodities. For example if a problem takes 100 hours
to solve on the computer that solves it most economically, and it takes 3
standard baskets to purchase 100 hours of computing time on that computer
on the open market, then upon the broadcast of the solution to that
problem everyone credits the broadcaster's account by 3 units.
 
2. The transfer of money. If Alice (owner of pseudonym K_A) wishes to
transfer X units of money to Bob (owner of pseudonym K_B), she broadcasts
the message "I give X units of money to K_B" signed by K_A.
 
Upon the broadcast of this message, everyone debits K_A's account by X units and
credits K_B's account by X units, unless this would create a negative
balance in K_A's account in which case the message is ignored.
 
3. The effecting of contracts. A valid contract must include a maximum
reparation in case of default for each participant party to it. It should
also include a party who will perform arbitration should there be a
dispute. All parties to a contract including the arbitrator must broadcast
their signatures of it before it becomes effective. Upon the broadcast of
the contract and all signatures, every participant debits the account of
each party by the amount of his maximum reparation and credits a special
account identified by a secure hash of the contract by the sum the maximum
reparations. The contract becomes effective if the debits succeed for
every party without producing a negative balance, otherwise the contract
is ignored and the accounts are rolled back. A sample contract might look
like this:
 
K_A agrees to send K_B the solution to problem P before 0:0:0 1/1/2000.
K_B agrees to pay K_A 100 MU (monetary units) before 0:0:0 1/1/2000. K_C
agrees to perform arbitration in case of dispute. K_A agrees to pay a
maximum of 1000 MU in case of default. K_B agrees to pay a maximum of 200
MU in case of default. K_C agrees to pay a maximum of 500 MU in case of
default.
 
4. The conclusion of contracts. If a contract concludes without dispute,
each party broadcasts a signed message "The contract with SHA-1 hash H
concludes without reparations." or possibly "The contract with SHA-1 hash
H concludes with the following reparations: ..." Upon the broadcast of all
signatures, every participant credits the account of each party by the
amount of his maximum reparation, removes the contract account, then
credits or debits the account of each party according to the reparation
schedule if there is one.
 
5. The enforcement of contracts. If the parties to a contract cannot agree
on an appropriate conclusion even with the help of the arbitrator, each
party broadcasts a suggested reparation/fine schedule and any arguments or
evidence in his favor. Each participant makes a determination as to the
actual reparations and/or fines, and modifies his accounts accordingly.
 
In the second protocol, the accounts of who has how much money are kept by
a subset of the participants (called servers from now on) instead of
everyone. These servers are linked by a Usenet-style broadcast channel.

The format of transaction messages broadcasted on this channel remain the
same as in the first protocol, but the affected participants of each
transaction should verify that the message has been received and
successfully processed by a randomly selected subset of the servers.
 
Since the servers must be trusted to a degree, some mechanism is needed to
keep them honest. Each server is required to deposit a certain amount of
money in a special account to be used as potential fines or rewards for
proof of misconduct. Also, each server must periodically publish and
commit to its current money creation and money ownership databases. Each
participant should verify that his own account balances are correct and
that the sum of the account balances is not greater than the total amount
of money created. This prevents the servers, even in total collusion, from
permanently and costlessly expanding the money supply. New servers can
also use the published databases to synchronize with existing servers.
 
The protocol proposed in this article allows untraceable pseudonymous
entities to cooperate with each other more efficiently, by providing them
with a medium of exchange and a method of enforcing contracts. The
protocol can probably be made more efficient and secure, but I hope this
is a step toward making crypto-anarchy a practical as well as theoretical
possibility.
 
-------
 
Appendix A: alternative b-money creation
 
One of the more problematic parts in the b-money protocol is money
creation. This part of the protocol requires that all of the account
keepers decide and agree on the cost of particular computations.
Unfortunately because computing technology tends to advance rapidly and
not always publicly, this information may be unavailable, inaccurate, or
outdated, all of which would cause serious problems for the protocol.
 
So I propose an alternative money creation subprotocol, in which account
keepers (everyone in the first protocol, or the servers in the second
protocol) instead decide and agree on the amount of b-money to be created
each period, with the cost of creating that money determined by an
auction. Each money creation period is divided up into four phases, as
follows:
 
1. Planning. The account keepers compute and negotiate with each other to
determine an optimal increase in the money supply for the next period.

Whether or not the account keepers can reach a consensus, they each
broadcast their money creation quota and any macroeconomic calculations
done to support the figures.
 
2. Bidding. Anyone who wants to create b-money broadcasts a bid in the
form of <x, y> where x is the amount of b-money he wants to create, and y
is an unsolved problem from a predetermined problem class. Each problem in
this class should have a nominal cost (in MIPS-years say) which is
publicly agreed on.
 
3. Computation. After seeing the bids, the ones who placed bids in the
bidding phase may now solve the problems in their bids and broadcast the
solutions.
 
4. Money creation. Each account keeper accepts the highest bids (among
those who actually broadcasted solutions) in terms of nominal cost per
unit of b-money created and credits the bidders' accounts accordingly

http://www.weidai.com/bmoney.txt

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Hal Finney

” Bitcoin and me (Hal Finney)

March 19, 2013, 08:40:02 PM
Last edit: March 25, 2013, 08:37:28 PM by Hal

 #1

I thought I’d write about the last four years, an eventful time for Bitcoin and me.

For those who don’t know me, I’m Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement.

At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities.

Fast forward to late 2008 and the announcement of Bitcoin.

I’ve noticed that cryptographic graybeards (I was in my mid 50’s) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it.

When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction.

I was more positive. I had long been interested in cryptographic payment schemes.

Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin.

I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating.

When Satoshi announced the first release of the software, I grabbed it right away.

I think I was the first person besides Satoshi to run bitcoin.

I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test.

I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.

Today, Satoshi’s true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere.

I’ve had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.

After a few days, bitcoin was running pretty stably, so I left it running.

Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.

I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me.

In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning.

It’s one of those glass half full half empty things.

The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value.

I dusted off my old wallet, and was relieved to discover that my bitcoins were still there.

As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they’ll be worth something to my heirs.

Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I’d lost a lot of weight and taken up distance running. I’d run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That’s when everything went wrong.

My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover.

In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig’s disease, after the famous baseball player who got it.

ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years.

My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression.

Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair’s position using my eyes.

It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It’s very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals.

Currently I’m working on something Mike Hearn suggested, using the security features of modern processors, designed to support “Trusted Computing”, to harden Bitcoin wallets. It’s almost ready to release. I just have to do the documentation.

And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I’ve seen it before. Easy come, easy go.

That’s my story. I’m pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest.

My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they’re safe enough. I’m comfortable with my legacy.
[edited slightly] “

Cypherpunk’s Manifesto

A Cypherpunk’s Manifesto

Eric Hughes

by Eric Hughes

” Privacy is necessary for an open society in the electronic age.

Privacy is not secrecy.

A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know.

Privacy is the power to selectively reveal oneself to the world.

If two parties have some sort of dealings, then each has a memory of their interaction.

Each party can speak about their own memory of this; how could anyone prevent it?

One could pass laws against it, but the freedom of speech, even more than privacy, is fundamental to an open society; we seek not to restrict any speech at all.

If many parties speak together in the same forum, each can speak to all the others and aggregate together knowledge about individuals and other parties.

The power of electronic communications has enabled such group speech, and it will not go away merely because we might want it to.

Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction.

Since any information can be spoken of, we must ensure that we reveal as little as possible.

In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am.

When I ask my electronic mail provider to send and receive messages, my provider need not know to whom I am speaking or what I am saying or what others are saying to me; my provider only need know how to get the message there and how much I owe them in fees.

When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must always reveal myself.

Therefore, privacy in an open society requires anonymous transaction systems.

Until now, cash has been the primary such system.

An anonymous transaction system is not a secret transaction system.

An anonymous system empowers individuals to reveal their identity when desired and only when desired; this is the essence of privacy.

Privacy in an open society also requires cryptography.

If I say something, I want it heard only by those for whom I intend it.

If the content of my speech is available to the world, I have no privacy.

To encrypt is to indicate the desire for privacy, and to encrypt with weak cryptography is to indicate not too much desire for privacy.

Furthermore, to reveal one’s identity with assurance when the default is anonymity requires the cryptographic signature.

We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy out of their beneficence.

It is to their advantage to speak of us, and we should expect that they will speak.

To try to prevent their speech is to fight against the realities of information.

Information does not just want to be free, it longs to be free.

Information expands to fill the available storage space.

Information is Rumor’s younger, stronger cousin;

Information is fleeter of foot, has more eyes, knows more, and understands less than Rumor.

We must defend our own privacy if we expect to have any.

We must come together and create systems which allow anonymous transactions to take place.

People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers.

The technologies of the past did not allow for strong privacy, but electronic technologies do.

We the Cypherpunks are dedicated to building anonymous systems.

We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.


Cypherpunks write code.


We know that someone has to write software to defend privacy, and since we can’t get privacy unless we all do, we’re going to write it.

We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide.

We don’t much care if you don’t approve of the software we write.

We know that software can’t be destroyed and that a widely dispersed system can’t be shut down.

Cypherpunks deplore regulations on cryptography, for encryption is fundamentally a private act.

The act of encryption, in fact, removes information from the public realm.

Even laws against cryptography reach only so far as a nation’s border and the arm of its violence.

Cryptography will ineluctably spread over the whole globe, and with it the anonymous transactions systems that it makes possible.

For privacy to be widespread it must be part of a social contract.

People must come and together deploy these systems for the common good. Privacy only extends so far as the cooperation of one’s fellows in society.

We the Cypherpunks seek your questions and your concerns and hope we may engage you so that we do not deceive ourselves.

We will not, however, be moved out of our course because some may disagree with our goals.

The Cypherpunks are actively engaged in making the networks safer for privacy. Let us proceed together apace.

Onward.

Eric Hughes

 <hughes@soda.berkeley.edu>

9 March 1993


☆ Long Live the CypherPunks ☆


The world is in debt for your bright minds, even if it doesn’t know…

It’s minds like yours that always have changed the face of the earth for a better brighter future !

KUDOS TO YOU ALL !!!




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