Pooled mining - Bitcoin Wiki

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The official bitcoin mining forum / subreddit / chat room / place to be!
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Bitcoin Private

A subreddit to discuss Bitcoin Private. Like Bitcoin, but Private.
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Litecoin mining!

Since the litecoin community is growing, I've decided to introduce /litecoinmining, a place for all discussion revolving mining litecoins!
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freenode/

freenode.net
[13:47:03] The guide is divided into sections, each with a specific section of activity and a cause for why I should work on that area.
[13:47:03] Those are still facts
[13:47:08] So there is still a little more work to do.
[13:47:15] I need to add all the pages to the wiki.
[13:47:18] After that, I'll start putting more resources up, including some images and if I'm doing it right, some story sections.
[13:47
freenode/ip.92.189.211.175) has joined #/cicada3302
[17:37] O_O
[17:37] damnit
[17:37] dude who's running said server?
[17:37] anyone?
[17:37] I'm at work... http://www.reddit.com/cicada3302/comments/1s3wwz/found_the_code_has_been_decoded_everything_is/cdtr0oa
[17:38]
freenode/ip.50.212.6.250) has joined #bitcoin24
ekdudez: your p2pool network is really part of your bitcoin.dat (A link to your wallet can be found here: https://www.reddit.com/bitcoin/comments/2pq3nx/live_updates_on_the_relay_problem/).
* LQbot (~[email protected]) Quit (Ping timeout: 192 seconds)
ekdudez: your node is NOT part of the bitcoin.dat file, and if it were it wouldn't have a
freenode/ip.39.149.160.167) has joined #/cicada3302
[21:18] or uh, scribe great, wtf?
[21:18] He's come into this room, perhaps from the dark house? So we should return the greeting?
[21:18] (We can't go there. I don't think. He's been there before, but on a cloudy day.)
[21:18] <@shecalledmepaul> no it's been such a while since youve heard anything that I don't think you'll remember
[21:18] <@shecalledmepaul
freenode/ip.54.232.161.153) Quit (Ping timeout: 245 seconds)
[10:47] how about talk about the XP drop rate in general?
[10:47] also
[10:47] <@dine909> wait wtf
[10:47] <@dine909> X is 75%
[10:47] <@dine909> of XP
[10:47] i think you have to have very high level to get 95% in dungeons
[10:47] <@dine909> yeah i guess
[10:48] but yeah
[10:48] maybe it has something
freenode/ip.68.56.156.96] has joined #/cicada3302
[01:45] and yes, we have /vaspool/cicada3302/daemon/rules also. anything is possible, we know that
[01:45] not everything though
[01:45] well, some of the entries do not exist
[01:45] So this new detective in the thread goes by "ricardo75"?
[01:46] Hi everyone, I am new here, but I'm quite convinced that whoever made this 2.
submitted by ObsidianMinor to talktotransformer [link] [comments]

Vertcoin Mining AMA

What is Vertcoin?

Vertcoin was created in 2014. It is a direct hedge against long term mining consensus centralization on the Bitcoin mining network. Vertcoin achieves its mining consensus solely through Graphics Cards as they are the most abundant / widely available consensus devices that produce a reasonable amount of hashrate. This is done using a mining algorithm that deliberately geared against devices like ASICs, FPGAs and CPUs (due to botnets) making them extremely inefficient. Consensus distribution over time is the most important aspect of a blockchain and should not be taken lightly. It is critical that you understand what blockchain specifications mean/do to fully understand Vertcoin.

Mining Vertcoin

When users of our network send each other Vertcoin, their transactions are secured by a process called mining. Miners will compose a so-called block out of the pending transactions, and need to perform a large number of computations called hashes in order to produce the Proof-of-Work. With this Proof-of-Work, the block is accepted by the network and the transactions in it become confirmed.
Mining is essentially a race. Whoever finds a valid Proof-of-Work and gets the block propagated over more than half of the Vertcoin network first, wins this race and is allowed to reward themselves with the block reward. The block reward is how new Vertcoin come in circulation. This block reward started at 50 VTC when Vertcoin was launched, and halves every four years. The current block reward is 25 VTC.
Vertcoin's One Click Miner: https://github.com/vertcoin-project/One-Click-Minereleases
Learn more about mining here: https://vertcoin.org/mine/
Specification List:
· Launch date: Jan 11, 2014
· Proof-Of-Work (Consensus Mechanism)
· Total Supply: 84,000,000 Vertcoin
· Preferred Consensus Device: GPU
· Mining Algorithm: Lyra2REv3 (Made by Vertcoin)
· Blocktime: 2.5 minutes
· SegWit: Activated
· Difficulty Adjustment Algorithm: Kimoto Gravity Well (Every Block)
· Block Halving: 4 year interval
· Initial Block Reward: 50 coins
· Current Block Reward: 25 coin
More spec information can be found here: https://vertcoin.org/specs-explained/

Why Does Vertcoin Use GPUs Then?

ASIC’s (Manufactuer Monopoly)
If mining were just a spade sure, use the most powerful equipment which would be an ASIC. The problem is ASICs are not widely available, and just happen to be controlled by a monopoly in China.
So, you want the most widely available tool that produces a fair amount of hashrate, which currently manifests itself as a Graphics Card.
CPUs would be great too but unfortunately there are viruses that take over hundreds of thousands of computers called Botnets (they’re almost as bad as ASICs).

Mining In Pools

Because mining is a race, it’s difficult for an individual miner to acquire enough computational power to win this race solo. Therefore there’s a concept called pool-mining. With pool-mining, miners cooperate in finding the correct Proof-of-Work for the block, and share the block reward based on the work contributed. The amount of work contributed is measured in so-called shares. Finding the Proof-of-Work for a share is much easier than finding it for a block, and when the cooperating miners find the Proof-of-Work for the block, they distribute the reward based on the number of shares each miner found. Vertcoin always recommends using P2Pool to keep mining as decentralized as possible.
How Do I Get Started?
If you want to get started mining, check out the Mine Vertcoin page.

Vertcoin just forked to Lyra2REv3 and we are currently working on Verthash

Verthash is and was under development before we decided to hard fork to Lyra2REv3. While Verthash would’ve resulted in the same effect for ASICs (making them useless for mining Vertcoin), the timeline was incompatible with the desire to get rid of ASICs quickly. Verthash is still under development and tries to address the outsourcability problem.
Verthash is an I/O bound algorithm that uses the blockchain data as input to the hashing algorithm. It therefore requires miners to have all the blockchain data available to them, which is currently about 4 GB of data. By making this mining data mandatory, it will become harder for auto profit switching miners — like the ones that rent out their GPU to Nicehash — because they will need to keep a full node running while mining other algorithms for the moment Verthash becomes more profitable — the data needs to be available immediately since updating it can take a while.
Over the past month, we have successfully developed a first implementation of Verthash in the Vertcoin Core code base. Within the development team we have run a few nodes on Testnet to test the functionality — and everything seems to work properly. The next step is to build out the GPU miners for AMD and Nvidia. This is a NOETA at the moment, since we’re waiting on GPU developers which are in high demand. Once the miners are ready, we’ll be releasing the Vertcoin 0.15 beta that hardforks the testnet together with the miners for the community to have a testrun. Given the structural difference between Lyra2RE and Verthash, we’ll have to run the testnet for a longer period than we did with the Lyra2REv3 hard fork. We’ll have to make sure the system is reliable before hardforking our mainnet. So the timeline will be longer than with the Lyra2REv3 hard fork.
Some people in the community have voiced concerns about the fact that Verthash development is not being done “out in the open”, i.e.: the code commits are not visible on Github. The main two reasons for us to keep our cards to our chest at this stage are: (1) only when the entire system including miners has been coded up can we be sure the system works, we don’t want to release preliminary stuff that doesn’t work or isn’t secure. Also (2) we don’t want to give hardware manufacturers or mining outsourcing platforms a head start on trying to defeat the mechanisms we’ve put in place.

Links and Resources

· Twitter: https://twitter.com/Vertcoin
· Donations: vertcoin.org/donate
· Join our Discord: https://discord.gg/vertcoin
· Reddit: https://www.reddit.com/vertcoin/
· Official Website: https://vertcoin.org/
· Facebook: https://www.facebook.com/vertcoin
· Vertcoin Talk: https://soundcloud.com/vertcoin-talk
· Youtube: https://www.youtube.com/vertcoin
submitted by Canen01 to gpumining [link] [comments]

EasyMine: WTF Happened?

UPDATE: VTC mining on Easymine back to normal, payouts have resumed. Zero fees for the rest of the month.
Here's a more detailed response to https://old.reddit.com/vertcoin/comments/96z77t/psa_easy_mine_problem/ - bear with me and put on your nerd hat for a few mins.
The stratum server for all EasyMine pools is node-merged-pool - a merge mining fork of node-stratum-pool. See my repo here @ https://github.com/nzsquirrell/node-merged-pool
This is what miners connect to for work and to submit valid shares on the search for blocks. The information that is exchanged in hex digits, and the data coming back from the miner includes the time, the job, ExtraNonce2 and nonce (see https://en.bitcoin.it/wiki/Stratum_mining_protocol#mining.submit). All of these fields are used to notify the server of valid work exceeding a specific difficulty.
Hex digits are not case-sensitive. So 'FF00AA11' is the same as 'ff00aa11'. Both equate to decimal 4278233617. So for the purposes of construction a block header, it doesn't matter if the hex digits are uppercase, lowercase, or a mixture of both - it all works out the same, and produces the same hash. Hold this thought.
The stratum server knows what shares each miner has submitted, it keeps a track of all of the data in an array. It checks every time that work is submitted that the same work hasn't been submitted before whilst searching for the next block. If it was submitted, then the new submission is rejected as duplicate work.
Now, where this has all gone wrong is that the way the data is stored in this array was a string containing the four fields mentioned above. Strings are case-sensitive and when making comparisons 'FF00AA11' != 'ff00aa11', as well as 'ff00aA11' and 'ff00AA11' and so on.... This allowed our attacker to submit the same work many many times, altering only the case of the hex digits (he was doing it to the nonce, but the other fields are also susceptible to the attack), so the logic to check for duplicate work wasn't firing, the shares were valid (as they produced a valid hash above difficulty), and our attacker was faking most of his hash-rate. A lot. A shit-ton of it.
I have fixed this in my fork of node-stratum-pool - the fix is very easy, we just make all the characters lower case before testing for duplicate shares. See https://github.com/nzsquirrell/node-merged-pool/commit/9d068535d042516835f565a859852c7cf715da98 for my fix.
My big concern is that the other forks I've seen for node-stratum-pool are susceptible to the attack, and quite possibly other pool software is too possibly even p2pool? I've not looked. If someone can check and let me know and I'll update this. p2pool has been confirmed as resilient to this type of attack.
So, Who-The-F&*k did this. This is what I have so far:
He's used the following VTC and NIX addresses:
I've seen connections coming in from the following IP addresses:
He is still attacking EasyMine, but it's not having any effect now. Actually the server keeps banning him now as it's detecting that he's submitting too many invalid shares. Take that.
The path forward
I have a big mess to clean up, he's made off with about 652 VTC and about 3576 NIX, essentially stolen from you miners. I will see what I can do to recover some of this (not all of it has been paid to him yet), but there is going to be a substantial shortfall. Mr Attacker, feel free to PM me and we can arrange a settlement :)
Payouts on both the VTC & NIX pools are suspended until i can clean this up, I hope this won't take more than a couple of days.
Thanks.
submitted by nzsquirrell to vertcoin [link] [comments]

Please note: p2pool.org has control over the miners CPU - that is different the the actual p2pool

This is the actual decentralized mining pool called P2Pool: https://en.bitcoin.it/wiki/P2Pool The website p2pool.org has a central operator and is not decentralized - which could weaken the network and is ill advised.
submitted by multiplux to Bitcoin [link] [comments]

Let's leave GHash in the past. Miners and Bitcoiners can use P2Pools to secure the network! Learn how to help! Our community has come together in the past to solve much larger problems.

I apologize for adding another "Ghash, nooooooo!" post, yet network centralization demands priority attention to prevent it from affecting the positive contributions of others.
Summary
As a community, let's make this the last time we all hear about the 51% attack.
How?
The community can encourage the use of P2Pools (pools of bitcoin miners that cannot be controlled by the pool operator).
Attention all Miners
You guys are literally the backbone of our system. Without your hashing power the community couldn't send transactions!
Nonetheless, we need your help once again, yet this requires effort on your part unfortunately. (The community can still do it's part to help!)
Miners! Become a fighting soldier in the war against centralization by joining P2Pools and leaving GHash
Here is a list of P2Pools, yet below are the pools most often recommended by the community.
Attention all Developers & everyday Bitcoiners
Currently tools are being developed to allow bitcoiners to contribute to the P2Pool cause without buying machines. By using tools like BlisterPool's donate button it makes it easy for bitcoiners to tip miners actively contributing towards securing the network in a decentralized way.
Let's build and use more tools to tip P2Pools, and give these pools a little financial push to get the ball rolling
Here are some resources to help understand the situation a bit better, please still look around ask ask questions
tl;dr?
Update: I've just learned that regular people can help ensure the security of the network by running nodes. I don't want to lead the discussion on this though as I'm not well informed enough to lead that, yet please look around and ask questions.
Lesser Update: whoah, cool to be mentioned on coindesk
submitted by ForestOfGrins to Bitcoin [link] [comments]

Antminer on P2Pool?

I'm new to ASIC mining (coming from GPU mining), and I have heard great things about mining with P2Pool. I have found a little bit of info on how to mine P2Pool, but I'm pretty lost. I don't want to setup a node, I'll just use a public one.
I have heard that I use the address: http://[pool ip]:9327/ . Is that correct? I have found multiple P2Pool websites, but Bitcoin wiki says http://p2pool.in is the official one. I have a few questions.
  1. Where do I put my address in the Antminer software / how do I connect my wallet to P2Pool?
  2. Where can I find legitimate Litecoin P2Pool Nodes?
Thanks!
submitted by RagingPrepper to litecoinmining [link] [comments]

It's 51% day again!

Right on schedule, the frontpage is full of network takeover warnings and discussion. Happy 51% day!
... on a more serious note, please, for the love of Satoshi, stop using centralized mining pools and especially stop using "cloud mining" services. It's just asking for trouble. This really shouldn't have to come up every few weeks.
Use P2Pool instead. I get it, documentation is insufficient, and so on and so on. It doesn't matter. Invest an hour in figuring out P2Pool, the network will thank you for it later.
submitted by joepie91 to Bitcoin [link] [comments]

[Q] P2Pool

I just aimed my BFL Jalapeno (I know I know I'm losing money I'm doing it for the novelty) at a P2Pool node at 72.14.191.28:9332, but I'm not showing up on the users list. It's been there for a while now and minepeon's showing I'm mining and connected, but how do I know I'll get payouts?
I'm using P2pool because it takes me forever to reach the 0.01 limit that most pools have implemented... If there's any other low-payout pools I can use (or other SHA-256 coins worth mining) please let me know!
Thank you!
submitted by jakedageek127 to BitcoinMining [link] [comments]

Just so you know p2pool.org is not p2pool, its a regular pool. It is the first result shown on google though. If you are mining here you are being duped. Just look down at their terms of service.

They have adopted the name to trick users in mining there. You want to use the links listed here https://en.bitcoin.it/wiki/P2Pool like http://p2pool.in/ and setup the actual p2pool.
submitted by CP70 to Bitcoin [link] [comments]

Okay, lets talk proof-of-stake

Before I get into this; this is a discussion thread. No decision has been made, and if the idea is rejected here it's unlikely to progress further.
As you'll have seen in the news, GHash recently achieved 51% of Bitcoin hashrate. I've said before we need to move to p2pool as a priority for all PoW coins, and this emphasises that need. However... p2pool adoption is making exceedingly slow progress. Proof of stake has been raised as a possibility a number of times before, and now seems a good time to re-open that discussion.
This would likely target the 1.8 client release, but for switchover in the 600k OR LATER blocks. Personally I would favour switchover around 1 million block; that's mid-2015. The intent there is to ensure miners who have bought hardware now have a reasonable chance to recoup costs, as well as give us a window in which to change course again if the situation changes (i.e. p2pool adoption skyrockets).
Advantages of proof of stake:
Disadvantages to proof of stake:
You can read more on PoS at https://en.bitcoin.it/wiki/Proof_of_Stake - there are variants, but consider this a general discussion on the topic, and we'll discuss switchover blocks and other details if the idea is considered generally positive.
submitted by rnicoll to dogecoindev [link] [comments]

Merged Mining: Analysis of Effects and Implications

Date: 2017-08-24
Author(s): Alexei Zamyatin, Edgar Weippl

Link to Paper


Abstract
Merged mining refers to the concept of mining more than one cryptocurrency without necessitating additional proof-of-work effort. Merged mining was introduced in 2011 as a boostrapping mechanism for new cryptocurrencies and countermeasures against the fragmentation of mining power across competing systems. Although merged mining has already been adopted by a number of cryptocurrencies, to this date little is known about the effects and implications.
In this thesis, we shed light on this topic area by performing a comprehensive analysis of merged mining in practice. As part of this analysis, we present a block attribution scheme for mining pools to assist in the evaluation of mining centralization. Our findings disclose that mining pools in merge-mined cryptocurrencies have operated at the edge of, and even beyond, the security guarantees offered by the underlying Nakamoto consensus for extended periods. We discuss the implications and security considerations for these cryptocurrencies and the mining ecosystem as a whole, and link our findings to the intended effects of merged mining.

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[61] K. J. O’Dwyer and D. Malone. Bitcoin mining and its energy footprint. 2014.
[62] R. Pass, L. Seeman, and A. Shelat. Analysis of the blockchain protocol in asynchronous networks. In Annual International Conference on the Theory and Applications of Cryptographic Techniques, pages 643–673. Springer, 2017.
[63] D. Pointcheval and J. Stern. Security arguments for digital signatures and blind signatures. Journal of cryptology, 13(3):361–396, 2000.
[64] Pseudonymous("TierNolan"). Decoupling transactions and pow. https://bitcointalk.org/index.php?topic=179598.0, 2013. Accessed: 2017-05-10.
[65] P. R. Rizun. Subchains: A technique to scale bitcoin and improve the user experience. Ledger, 1:38–52, 2016.
[66] K. Rosenbaum. Weak blocks - the good and the bad. http://popeller.io/index.php/2016/01/19/weak-blocks-the-good-and-the-bad/, 2016. Accessed: 2017-05-10.
[67] K. Rosenbaum and R. Russell. Iblt and weak block propagation performance. Scaling Bitcoin Hong Kong (6 December 2015), 2015.
[68] M. Rosenfeld. Analysis of bitcoin pooled mining reward systems. arXiv preprint arXiv:1112.4980, 2011.
[69] M. Rosenfeld. Analysis of hashrate-based double spending. http://arxiv.org/abs/1402.2009, 2014. Accessed: 2016-03-09.
[70] R. Russel. Weak block simulator for bitcoin. https://github.com/rustyrussell/weak-blocks, 2014. Accessed: 2017-05-10.
[71] A. Sapirshtein, Y. Sompolinsky, and A. Zohar. Optimal selfish mining strategies in bitcoin. In International Conference on Financial Cryptography and Data Security, pages 515–532. Springer, 2016.
[72] Sathoshi Nakamoto. Comment in "bitdns and generalizing bitcoin" bitcointalk thread. https://bitcointalk.org/index.php?topic=1790.msg28696#msg28696. Accessed: 2017-06-05.
[73] O. Schrijvers, J. Bonneau, D. Boneh, and T. Roughgarden. Incentive compatibility of bitcoin mining pool reward functions. In FC ’16: Proceedings of the the 20th International Conference on Financial Cryptography, February 2016.
[74] B. Sengupta, S. Bag, S. Ruj, and K. Sakurai. Retricoin: Bitcoin based on compact proofs of retrievability. In Proceedings of the 17th International Conference on Distributed Computing and Networking, page 14. ACM, 2016.
[75] N. Szabo. Bit gold. http://unenumerated.blogspot.co.at/2005/12/bit-gold.html, 2005. Accessed: 2017-09-28.
[76] M. B. Taylor. Bitcoin and the age of bespoke silicon. In Proceedings of the 2013 International Conference on Compilers, Architectures and Synthesis for Embedded Systems, page 16. IEEE Press, 2013.
[77] Unitus developers. Unitus reference implementation. https://github.com/unitusdev/unitus. Accessed: 2017-08-22.
[78] M. Vukolić. The quest for scalable blockchain fabric: Proof-of-work vs. bft replication. In International Workshop on Open Problems in Network Security, pages 112–125. Springer, 2015.
[79] P. Webb, D. Syer, J. Long, S. Nicoll, R. Winch, A. Wilkinson, M. Overdijk, C. Dupuis, and S. Deleuze. Spring boot reference guide. Technical report, 2013-2016.
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submitted by dj-gutz to myrXiv [link] [comments]

[NEW] [P2Pool] 0% P2Pool [BITCOIN] [EUROPE] [LOW LATENCY/PING]

Good evening!
I'd like to share a new P2Pool with a solid 0% fee which is open to everybody.
Getting Started
Point your miners to;
URL: 3kk0.net:9332
Username: Your Bitcoin Address
Password: (anything) e.g X

E.G: - cgminer -o http://3kk0.net:9332 -u BTCAddress -p x

Good luck!
Hosted in France @ OVH
Links - What is P2Pool?
submitted by owen_a to Bitcoin [link] [comments]

F2Pool is not properly validating blocks, their fork is winning temporarily. SPV clients and Blockchain.info are inaccurate

https://blockchain.info/block/00000000000000000cb7a20ee4e199e347ad7369936abae53a1518efa531ec61
You'll notice that your up to date full node and other properly run block explorers won't even recognize 00000000000000000cb7a20ee4e199e347ad7369936abae53a1518efa531ec61 since it's an invalid block.
This fork should resolve itself once F2Pools fork loses. All miners using F2Pool should migrate until F2Pool updates.
Edit: Antpool just mined a block on top of that, leave antpool as well https://blockchain.info/block/00000000000000000966d65e0fd87d1d5a8f154a2c955816c28e2006e381aa18
Just to be clear I am not endorsing blockchain.info and am in fact only using their links because they are using an out of date client that considers these blocks valid.
Right now the invalid fork is at 363734, the valid fork is at 363732, they the split starts at 363731 (they both agree on block 363730). In other words the invalid fork is 4 blocks deep, the valid fork is 2. SPV clients may be inaccurate.
Edit 2: invalid fork at 5 blocks deep, valid fork at 2. Fortunately most of these blocks don't have transactions except for 94 in 0000000000000000009cc829aa25b40b2cd4eb83dd498c12ad0d26d90c439d99 (the rest have only the coinbase tx).
Edit 3: Since Antpool + F2Pool + BTCNuggets aren't following the rules and comprise about 40% of the hashrate, until they update you can expect forks like this that will be quite long.
If you're a miner, validate blocks. Not validating blocks is harmful to the network, run a full node and use GBT with a pool providing that option or P2Pool and you won't even have to worry about your hash power contributing to this.
Edit 4: The invalid fork is winning 6-2, anyone who is told by either their SPV client, Blockchain.info or an old Bitcoin client that they have 6 confirmations actually has 0, these 99 transactions are on an invalid blockchain and will be reorged out in a 6 block reorg.
Edit 5: 5-6 now, it's almost over, F2Pool is not mining for now it seems.
Edit 6: Fork is over until it happens again. Mine fully validating!
submitted by 110101002 to Bitcoin [link] [comments]

Sergio Demian Lerner wants to add Turing-completeness to Bitcoin. This is a bad idea. Satoshi deliberately *omitted* Turing-completeness from Bitcoin - because so much expressiveness could be *dangerous*.

https://twitter.com/sdlernestatus/699714323619450881
https://np.reddit.com/Bitcoin/comments/464ycn/sergio_lerner_i_think_i_will_start_working_on_a/
Satoshi deliberately omitted Turing-completeness from Bitcoin - because so much expressiveness could be dangerous.
So, why does Sergio Demian Lerner want to add Turing-completeness to Bitcoin?
Is he not aware that most people consider Turing-completeness to be dangerous for Bitcoin?
If Sergio Demian Lerner wants to play around with adding Turing-completeness, he should do this with an alt-coin. Bitcoin is not Turing-complete for a reason: to guarantee Bitcoin's safety.
References:
https://bitcoin.stackexchange.com/questions/17258/turing-completeness-of-bitcoin-script
If scripts were Turing-complete, you could construct a fairly short script that took an extremely long time to run (a la the Busy Beaver) or contained an infinite loop. This would tend to result in a denial of service against everyone on the network, when they tried to verify the transaction.
– Nate Eldredge
https://bitcoin.stackexchange.com/questions/25427/the-bitcoin-scripting-system-is-purposefully-not-turing-complete-why
Can somebody explain to me why the Bitcoin scripting system is purposefully not Turing-complete? To make malicious programs difficult to develop (I guess)? Or because it was difficult to make it Turing-complete?
Bitcoin uses a scripting system for transactions. Forth-like, Script is simple, stack-based, and processed from left to right. It is purposefully not Turing-complete, with no loops.
Retrieved from: https://en.bitcoin.it/wiki/Script
– Murch
As others have said, there is no real need for Bitcoin scripting to be more complex than it is, as its complexity is more than enough for its intended applications; but the main reason is that not allowing some features (such as loops) in a language makes it completely deterministic: you can know for sure when and how a given program will end; you can't f.e. have infinite loops if you don't have loops in the first place, thus you don't have to worry about programs getting stuck and blocking/crashing the interpreter which is running them (in this case, the main Bitcoin software).
Not having to deal with the halting problem is definitely a plus for a tiny, embedded, purpose-specific language such as the one used for Bitcoin scripts.
– Massimo
It's easier to meter and restrict if it's not Turing complete, remembering that every node in the network needs to execute every script to ensure validity, we want it to be lightweight. It's not like it needs to be any more complex, nobody uses what we have to do anything interesting. Most of the opcodes are completely disabled and there's been no requests for them to be re-enabled.
There's so little use of script that I have manually inspected every single instance of a non-standandard transaction to see what they do. Other than the hash collision competitions and a lot of broken p2pool outputs, nobody to date has done anything even approaching interesting.
In other words, it's not complex because it doesn't need to be.
– goatse
https://bitcointalk.org/index.php?topic=431513.0
Satoshi probably left it out [Turing-completeness] because making a Turing-complete transaction scripting language safe is more difficult. You have to prevent scripts from running endlessly while also allowing them to run long enough to be useful, and you can't let them access too much external data or they might become invalid after being valid for a while and really screw things up.
– theymos
A full turing-complete scripting system seems like a pretty dangerous idea to me
– bitfreak!
Yes, there are many reasons this [Turing-completeness] does not exist in bitcoin.
say you want to run arbitrary source code on a p2p node to make possible "smart contracts". how do you know the source is not going to root your operating system? to understand that you have to know how easy and quick introducing backdoors is, in terms of computational complexity. in most cases you have program flow, create some kind of jump, and emulate further normal program flow. usually you have to be quite clever, as Operating System/application developers battle hackers all the time and there is a long list of vulnerabilities. it takes only one bug to introduce a hole. vulnerabilities can be a combination of software and configurations.
writing source code which can predict if source code does what is supposed to do is largely impossible
– coinrevo
submitted by ydtm to btc [link] [comments]

P2pool suggestion difficulty adjustment

Hello, I remember there was a way to ask a p2pool node to provide shares with a specific difficulty adjusted to the specific miner. If I remember well it was connected with the username/address, but I don't remember how to use it, or how to calculate the right value.
Is anybody here that knows how to use this feature? I need to set up p2pool with a difficulty, since some of my miners "are" lower than 1TH/s. Thanks!
submitted by koalalorenzo to BitcoinMining [link] [comments]

P2POOL mining pool for DGB

For those mining DGB I thought I would share my discovery! P2POOL mining is possible here = https://www.e-pool.net/#Sha256 with only a 0.25% fee, also transaction fees paid as well. No minimum payout, and no payout tx fees. If you have never heard of P2POOL see here - https://en.bitcoin.it/wiki/P2Pool It's great fun and you can earn in excess of 100% of the expected reward. Mine on!
submitted by korkythecat333 to Digibyte [link] [comments]

Flux: Revisiting Near Blocks for Proof-of-Work Blockchains

Cryptology ePrint Archive: Report 2018/415
Date: 2018-05-29
Author(s): Alexei Zamyatin∗, Nicholas Stifter, Philipp Schindler, Edgar Weippl, William J. Knottenbelt∗

Link to Paper


Abstract
The term near or weak blocks describes Bitcoin blocks whose PoW does not meet the required target difficulty to be considered valid under the regular consensus rules of the protocol. Near blocks are generally associated with protocol improvement proposals striving towards shorter transaction confirmation times. Existing proposals assume miners will act rationally based solely on intrinsic incentives arising from the adoption of these changes, such as earlier detection of blockchain forks.
In this paper we present Flux, a protocol extension for proof-of-work blockchains that leverages on near blocks, a new block reward distribution mechanism, and an improved branch selection policy to incentivize honest participation of miners. Our protocol reduces mining variance, improves the responsiveness of the underlying blockchain in terms of transaction processing, and can be deployed without conflicting modifications to the underlying base protocol as a velvet fork. We perform an initial analysis of selfish mining which suggests Flux not only provides security guarantees similar to pure Nakamoto consensus, but potentially renders selfish mining strategies less profitable.

References
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[2] P2pool. http://p2pool.org/. Accessed: 2017-05-10.
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[4] G. Andersen. [bitcoin-dev] weak block thoughts... https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Septembe011157.html, 2015. Accessed: 2017-05-10.
[5] E. Androulaki, S. Capkun, and G. O. Karame. Two bitcoins at the price of one? double-spending attacks on fast payments in bitcoin. In CCS, 2012.
[6] J. Becker, D. Breuker, T. Heide, J. Holler, H. P. Rauer, and R. Bohme. ¨ Can we afford integrity by proof-of-work? scenarios inspired by the bitcoin currency. In WEIS. Springer, 2012.
[7] I. Bentov, R. Pass, and E. Shi. Snow white: Provably secure proofs of stake. https://eprint.iacr.org/2016/919.pdf, 2016. Accessed: 2016-11-08.
[8] Bitcoin community. OP RETURN. https://en.bitcoin.it/wiki/OP\RETURN. Accessed: 2017-05-10.
[9] Bitcoin Wiki. Merged mining specification. [https://en.bitcoin.it/wiki/Merged\](https://en.bitcoin.it/wiki/Merged)) mining\ specification. Accessed: 2017-05-10.
[10] Blockchain.info. Hashrate Distribution in Bitcoin. https://blockchain.info/de/pools. Accessed: 2017-05-10.
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[12] J. Bonneau, A. Miller, J. Clark, A. Narayanan, J. A. Kroll, and E. W. Felten. Sok: Research perspectives and challenges for bitcoin and cryptocurrencies. In IEEE Symposium on Security and Privacy, 2015.
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[14] C. Decker and R. Wattenhofer. Information propagation in the bitcoin network. In Peer-to-Peer Computing (P2P), 2013 IEEE Thirteenth International Conference on, pages 1–10. IEEE, 2013.
[15] J. R. Douceur. The sybil attack. In International Workshop on Peer-toPeer Systems, pages 251–260. Springer, 2002.
[16] I. Eyal, A. E. Gencer, E. G. Sirer, and R. Renesse. Bitcoin-ng: A scalable blockchain protocol. In 13th USENIX Security Symposium on Networked Systems Design and Implementation (NSDI’16). USENIX Association, Mar 2016.
[17] I. Eyal and E. G. Sirer. Majority is not enough: Bitcoin mining is vulnerable. In Financial Cryptography and Data Security, pages 436–454. Springer, 2014.
[18] J. Garay, A. Kiayias, and N. Leonardos. The bitcoin backbone protocol: Analysis and applications. In Advances in Cryptology-EUROCRYPT 2015, pages 281–310. Springer, 2015.
[19] A. E. Gencer, S. Basu, I. Eyal, R. Renesse, and E. G. Sirer. Decentralization in bitcoin and ethereum networks. In Proceedings of the 22nd International Conference on Financial Cryptography and Data Security (FC). Springer, 2018.
[20] A. Gervais, G. Karame, S. Capkun, and V. Capkun. Is bitcoin a decentralized currency? volume 12, pages 54–60, 2014.
[21] A. Gervais, G. O. Karame, K. Wust, V. Glykantzis, H. Ritzdorf, ¨ and S. Capkun. On the security and performance of proof of work blockchains. https://eprint.iacr.org/2016/555.pdf, 2016. Accessed: 2016-08-10.
[22] M. Jakobsson and A. Juels. Proofs of work and bread pudding protocols. In Secure Information Networks, pages 258–272. Springer, 1999.
[23] A. Judmayer, A. Zamyatin, N. Stifter, A. G. Voyiatzis, and E. Weippl. Merged mining: Curse or cure? In CBT’17: Proceedings of the International Workshop on Cryptocurrencies and Blockchain Technology, Sep 2017.
[24] G. O. Karame, E. Androulaki, M. Roeschlin, A. Gervais, and S. Capkun. ˇ Misbehavior in bitcoin: A study of double-spending and accountability. volume 18, page 2. ACM, 2015.
[25] A. Kiayias, A. Miller, and D. Zindros. Non-interactive proofs of proof-of-work. Cryptology ePrint Archive, Report 2017/963, 2017. Accessed:2017-10-03.
[26] A. Kiayias, A. Russell, B. David, and R. Oliynykov. Ouroboros: A provably secure proof-of-stake blockchain protocol. In Annual International Cryptology Conference, pages 357–388. Springer, 2017.
[27] Y. Lewenberg, Y. Sompolinsky, and A. Zohar. Inclusive block chain protocols. In Financial Cryptography and Data Security, pages 528–547. Springer, 2015.
[28] Litecoin community. Litecoin reference implementation. https://github.com/litecoin-project/litecoin. Accessed: 2018-05-03.
[29] G. Maxwell. Comment in ”[bitcoin-dev] weak block thoughts...”. https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Septembe011198.html, 2016. Accessed: 2017-05-10.
[30] S. Micali. Algorand: The efficient and democratic ledger. http://arxiv.org/abs/1607.01341, 2016. Accessed: 2017-02-09.
[31] S. Nakamoto. Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf, Dec 2008. Accessed: 2015-07-01.
[32] Namecoin community. Namecoin reference implementation. https://github.com/namecoin/namecoin. Accessed: 2017-05-10.
[33] Narayanan, Arvind and Bonneau, Joseph and Felten, Edward and Miller, Andrew and Goldfeder, Steven. Bitcoin and cryptocurrency technologies. https://d28rh4a8wq0iu5.cloudfront.net/bitcointech/readings/princeton bitcoin book.pdf?a=1, 2016. Accessed: 2016-03-29.
[34] K. Nayak, S. Kumar, A. Miller, and E. Shi. Stubborn mining: Generalizing selfish mining and combining with an eclipse attack. In 1st IEEE European Symposium on Security and Privacy, 2016. IEEE, 2016.
[35] K. J. O’Dwyer and D. Malone. Bitcoin mining and its energy footprint. 2014.
[36] R. Pass and E. Shi. Fruitchains: A fair blockchain. http://eprint.iacr.org/2016/916.pdf, 2016. Accessed: 2016-11-08.
[37] C. Perez-Sol ´ a, S. Delgado-Segura, G. Navarro-Arribas, and J. Herrera- ` Joancomart´ı. Double-spending prevention for bitcoin zero-confirmation transactions. http://eprint.iacr.org/2017/394, 2017. Accessed: 2017-06-
[38] Pseudonymous(”TierNolan”). Decoupling transactions and pow. https://bitcointalk.org/index.php?topic=179598.0, 2013. Accessed: 2017-05-10.
[39] P. R. Rizun. Subchains: A technique to scale bitcoin and improve the user experience. Ledger, 1:38–52, 2016.
[40] K. Rosenbaum. Weak blocks - the good and the bad. http://popeller.io/ index.php/2016/01/19/weak-blocks-the-good-and-the-bad/, 2016. Accessed: 2017-05-10.
[41] K. Rosenbaum and R. Russell. Iblt and weak block propagation performance. Scaling Bitcoin Hong Kong (6 December 2015), 2015.
[42] M. Rosenfeld. Analysis of hashrate-based double spending. http://arxiv.org/abs/1402.2009, 2014. Accessed: 2016-03-09.
[43] R. Russel. Weak block simulator for bitcoin. https://github.com/rustyrussell/weak-blocks, 2014. Accessed: 2017-05-10.
[44] A. Sapirshtein, Y. Sompolinsky, and A. Zohar. Optimal selfish mining strategies in bitcoin. http://arxiv.org/pdf/1507.06183.pdf, 2015. Accessed: 2016-08-22.
[45] E. B. Sasson, A. Chiesa, C. Garman, M. Green, I. Miers, E. Tromer, and M. Virza. Zerocash: Decentralized anonymous payments from bitcoin. In Security and Privacy (SP), 2014 IEEE Symposium on, pages 459–474. IEEE, 2014.
[46] Satoshi Nakamoto. Comment in ”bitdns and generalizing bitcoin” bitcointalk thread. https://bitcointalk.org/index.php?topic=1790.msg28696#msg28696. Accessed: 2017-06-05.
[47] Y. Sompolinsky, Y. Lewenberg, and A. Zohar. Spectre: A fast and scalable cryptocurrency protocol. Cryptology ePrint Archive, Report 2016/1159, 2016. Accessed: 2017-02-20.
[48] Y. Sompolinsky and A. Zohar. Secure high-rate transaction processing in bitcoin. In Financial Cryptography and Data Security, pages 507–527. Springer, 2015.
[49] Suhas Daftuar. Bitcoin merge commit: ”mining: Select transactions using feerate-with-ancestors”. https://github.com/bitcoin/bitcoin/pull/7600. Accessed: 2017-05-10.
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[53] A. Zamyatin, N. Stifter, A. Judmayer, P. Schindler, E. Weippl, and W. J. Knottebelt. (Short Paper) A Wild Velvet Fork Appears! Inclusive Blockchain Protocol Changes in Practice. In 5th Workshop on Bitcoin and Blockchain Research, Financial Cryptography and Data Security 18 (FC). Springer, 2018.
[54] F. Zhang, I. Eyal, R. Escriva, A. Juels, and R. Renesse. Rem: Resourceefficient mining for blockchains. http://eprint.iacr.org/2017/179, 2017. Accessed: 2017-03-24.
submitted by dj-gutz to myrXiv [link] [comments]

Doge Street is giving away 150,000 Doges to raise awareness of P2Pools and raise the global P2Pool speed

For those new to us, P2Pools allow mining to be decentralised. Pool operators can set up nodes that connect to each other and share hash speed.
There are many benefits for miners
  1. No funds are kept on the pool server, payouts are automatic whenever the P2Pool network finds a block (no chance of coins being stolen)
  2. No need for registration, you only need your payout address
  3. P2Pool nodes keep shares synchronised, so if a node does go down you will not lose any shares.
if you want a more in depth explanation, you can find one here.
However - I'll be brutally honest here. Because of the way P2Pool works, miners that have speeds that are lower than 100kh/s will have trouble getting payouts (in semi-rare cases up to 24 hours with no payout).
I'm running the node at Doge Street and I will give out 25k in Dogecoins every 3 hours to all P2Pool patrons (you can mine on any node, don't have to use mine) until 150k have been given out. The 25k giveaways will be distributed to those on the P2Pool payout list according to the share standings).
I know a lot of Shibes here run P2Pool nodes as well. So if you all want to plug your nodes in the comments or if you'd like do a give away, you are more than welcome.
Raising the global P2Pool speed benefits all P2Pool miners, since we'll be able to get more blocks faster and earn a bit more from the transaction fees. The global pool speed is currently ~200mh/s, help us take it into the gh/s range!
edit: Give away is still continuing, 1st payout in 20 minutes. Since not much people have seen the post, we'll send out 25k every 3 hours so more people can get in.
edit: 1st 25k sent, the rest will come every 3 hours. I set a script do to it automatically.
edit: 2nd 25k sent
edit 3rd 25k sent
edit 4th 25k sent
edit 5th 25k sent
edit 6th 25k sent
Upvote us and help p2pools grow!
If you are coming in just now, it's not too late to get into the give away. I still have some funds left to encourage miners to switch to p2pool. If you didn't anything from the 25k chunks, message me and I'll send some more over.
submitted by dogestreet to dogecoin [link] [comments]

West Coast USA Digibyte Scrypt P2Pool Node. 0% Fee

Hey all,
I recently put up a DGB mining node for any miners out there. Scrypt only for now but if anyone is interested in mining via the other algorithms I can certainly look into setting one up!
If you're not familar with P2Pool, it's a little different than other pools. Read more about that here.
Anyways, I welcome any of you to join my Scrypt pool if you're interested in checking it out. There's a link to our mining group discord at the top of the pool as well if you want to drop by/have any questions! Just know it takes a day or so for your payouts to ramp up to max, but typically it pays out better than other mining methods from my tests.
Location: San Diego, CA USA
Connect to: stratum+tcp://dgb.brutang.work:5025
Worker: your DGB wallet
No password.
Web Interface: http://dgb.brutang.work:5025/static/
submitted by brutang to Digibyte [link] [comments]

Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
Summary
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
Footnotes
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Giveaway
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
Updates:
Summary
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Conclusions
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
Footnotes
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

Decentralised bicoin mining algorithms

The P2pool mining pool works on decentralised mining algorithms. I want to know how does the P2pool algorithm works? I refereed to the bitcoin wiki but they have given only high level view of algorithm.
What are the other decentralized mining pools?
submitted by EnoughStranger to computerscience [link] [comments]

Adding economic incentives to mine with P2Pool via donations?

I'm unfamiliar with how P2Pool works, but is it possible to send donations to specific P2Pool address(es) that will then be distributed to the miners that participate?
The goal would be to make it economically advantageous for miners to use P2Pool due to the additional donations from Bitcoin enthusiasts such as myself that want to encourage decentralization but don't want to run our own mining hardware. If there are enough like-minded Bitcoin users, we should be able to make P2Pool the most profitable pool for miners. And this would allow non-miners to do something more than create a thousand more "Leave GHash.io!!!" reddit posts.
I'd happily run a script that sent $1 or $2 worth of Bitcoin a day to encourage people to join P2Pool.
Can it be done?
submitted by themgp to Bitcoin [link] [comments]

Symbox info - YouTube Block Digest #19: 中国不禁止比特币 How Much Can You Make Mining Bitcoin With 6X 1080 Ti ... Dash: QT Wallet Migrate v11-12 Guide - Linux = G15E07 BitCoin #6 - Historia kryptowaluty BitCoin od 2008 do 2014 ...

Running Bitcoin miners (will fetch work from P2Pool). 1. Setup Bitcoin-Qt or bitcoind. Download and install Bitcoin-Qt or bitcoind. Initial synchronization will likely take more than a day to complete. For this reason, it is generally a good idea to complete this step in advance. Insert the following text into bitcoin.conf and restart Bitcoin-Qt or bitcoind: server=1 rpcuser=bitcoinrpc ... From Bitcoin Wiki. Jump to: navigation, search. Pooled mining is a mining approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time. Contents. 1 Introduction; 2 Pooled ... P2pool util forest. From BitcoinWiki. This is the approved revision of this page, as well as being the most recent. Jump to: navigation, search. Enjoyed the article? Share: This contains code for tracking shares. Contents. 1 Class Tracker. 1.1 Method add; 1.2 Skiplist, TrackerSkipList and DistanceSkipList classes; 2 Source; 3 See Also on BitcoinWiki; Class Tracker . Number of dictionaries that ... The other communication is for checking the payout address is OK, and publishing newly found blocks to the bitcoin network. Store and track p2pool shares. We need to track what shares have been published by us and other users. We need this as to calculate the block generation transaction we need to know who created the previous 8640 shares (fewer if blocks being created in less than 8 hours ... Litecoin's use of ports 9333 and 9332 conflicts with P2Pool running on the Bitcoin network. To avoid problems, add these lines to litecoin.conf and restart litecoind: rpcport=10332 port=10333 Sponsors: Thanks to: The Bitcoin Foundation for its generous support of P2Pool; The Litecoin Project for its generous donations to P2Pool ; License: Available here. About. Peer-to-peer Bitcoin mining pool ...

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Symbox info - YouTube

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