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Inadvisably small full node config

Disclaimer: As the subject implies, this is about an inadvisable config. The following is of zero practical use, but like cross-stitch, may be appealing to the random few people interested in such things. Opinions on the futility of this exercise can be considered already noted. Any suggestions to make this more ridiculously small are very welcome. Obviously I'm not running my primary wallet off of this config. It's just for fun.
TLDR: Wow look, my full node fit on a 0.5 CPU with 0.6 GB memory and 25 GB drive... yeah for me!

Background

I used to run a full node a good ways back, but stopped when the old 3rd string laptop I was using to run it was having drive issues. Still the early interest paid dividends as the price has gone exponential. Missing the good ol' days, I wanted to run another node, but really didn't want to do it on any of my work or lab units. My company took a hard stand years ago to prevent interns from mining on spare HW, so running even a full node on my corporate gear is kinda a capitol punishment. Round about this time, I got some spam for some free VPS service for a year. The promotion were really (I mean really wimpy VPSs). Crappy VPS + bitcoind performance tuning = my kind of waste of time.

Goal

My goal (perverse though it may be), is to get bitcoin or other forks running in very small VPSs. Maybe some of the tuning parameters could be used for a docker container or some whipy SOC. The system I was targeting has 0.5 CPU, 0.6 GB of memory and 25 GB of disk.

Observations

I found some interesting things out along the way that may be of interest to people tweeking bitcoind.

dbcache limits

Since I don't have the requisite memory required to run the node, I've limited memory using the dbcache parameter. Settings range from 100 to 150 depending on what other settings I have in place.

0.15.1 mallocs

I don't know what changed in 0.15.1 but it seems much more memory hungry than previous releases. Throughout the tuning process, I continually had either bitcoind quit due to memory allocation failures (logged in debug.log), or the kernel oom_killer take maters into its own hands (logged in /valog/syslog). This looks very similar to an issue that was logged against 0.14.0 that was patched in 0.14.1. My ultimate solution was to downgrade to 0.14.2 which seems to work great.

prune compromise

My initial thoughts were to use prune=550 to use the least amount of disk space possible. I found out that even on 0.14.2 this causes memory to fill up quick. I found making the pruning less aggressive with a setting of prune=10240 seems to be a good compromise for what I need done. This could possibly be an observation error, but the results seemed very reproducable.

blocksonly avoidance

I had thought to save some memory by using blocksonly. For some reason, on 0.14.2, this causes more problems than it solves. I had a hard time finding any config where blocksonly would work. Surprisingly, maxmempool=5 does effectively the same thing for the miserly cost of 5MiB of memory.

serial consoles

Seems ridiculous, but on my VPS, if bitcoind was running full speed, I would have a hard time connecting through SSH. There were other SSH clients and connection methods that seemed to work better. By far the quickest connections when under heavy utilization was to connect directly to serial ports. I wrote a small snippet to enable extended serial console on my systemd install.

canary log

Since logging into my system gobbles up memory, I wanted this config to be as low-touch as possible once in motion. After tooling up the serial ports, I found all the system log messages where peekable without logging into my VPS through my VPS provider. I wrote a small canary script to simply chirp to the serial port every 5 minutes to confirm that bitcoind was indeed alive and kicking.

Scripts

I made a few scripts during the process as the needs arose. They are very utilitarian, and could do with some major overhauls, but they did what I needed done at the time I needed it.
Scripts:

Final config

Here is my final config, that is still syncing, but seems to be stable on 0.14.2
/usbin/nice -n 15 bitcoind \ -dbcache=115 \ -prune=10240 \ -maxmempool=5 \ -daemon /usbin/nohup $HOME/canary.sh $1 300 $USER >/dev/null 2>/dev/null & cPid=$! sudo /usbin/renice -n -5 -p $cPid echo "Canary @ $cPid" 
Memory utilization while syncing seems to be at about 400MiB. Once I'm synced, I expect to retune for dbcache=60 and maxmempool=60.
Projected full blockchain sync completion in (gulp) 30 days. CPU utilization is currently reported between 30-60% but my provider offers boost periods where they unmeeter the VMs. I've gotten it up to 110% on their dashboard, for what its worth.
I'm well beyond the word limit so I'll drop off here, but I'll eventually put the snipits in a github repo in the near future.
PS If anyone knows of some free VPS or Docker hosting services, please chime in.
EDIT: s/VSP/VPS/g - lysdexia
submitted by brianddk to Bitcoin [link] [comments]

Inadvisably small full node config

Disclaimer: As the subject implies, this is about an inadvisable config. The following is of zero practical use, but like cross-stitch, may be appealing to the random few people interested in such things. Opinions on the futility of this exercise can be considered already noted. Any suggestions to make this more ridiculously small are very welcome. Obviously I'm not running my primary wallet off of this config. It's just for fun.
TLDR: Wow look, my full node fit on a 0.5 CPU with 0.6 GB memory and 25 GB drive... yeah for me!

Background

I used to run a full node a good ways back, but stopped when the old 3rd string laptop I was using to run it was having drive issues. Still the early interest paid dividends as the price has gone exponential. Missing the good ol' days, I wanted to run another node, but really didn't want to do it on any of my work or lab units. My company took a hard stand years ago to prevent interns from mining on spare HW, so running even a full node on my corporate gear is kinda a capitol punishment. Round about this time, I got some spam for some free VPS service for a year. The promotion were really (I mean really wimpy VPSs). Crappy VPS + bitcoind performance tuning = my kind of waste of time.

Goal

My goal (perverse though it may be), is to get bitcoin or other forks running in very small VPSs. Maybe some of the tuning parameters could be used for a docker container or some whipy SOC. The system I was targeting has 0.5 CPU, 0.6 GB of memory and 25 GB of disk.

Observations

I found some interesting things out along the way that may be of interest to people tweeking bitcoind.

dbcache limits

Since I don't have the requisite memory required to run the node, I've limited memory using the dbcache parameter. Settings range from 100 to 150 depending on what other settings I have in place.

0.15.1 mallocs

I don't know what changed in 0.15.1 but it seems much more memory hungry than previous releases. Throughout the tuning process, I continually had either bitcoind quit due to memory allocation failures (logged in debug.log), or the kernel oom_killer take maters into its own hands (logged in /valog/syslog). This looks very similar to an issue that was logged against 0.14.0 that was patched in 0.14.1. My ultimate solution was to downgrade to 0.14.2 which seems to work great.

prune compromise

My initial thoughts were to use prune=550 to use the least amount of disk space possible. I found out that even on 0.14.2 this causes memory to fill up quick. I found making the pruning less aggressive with a setting of prune=10240 seems to be a good compromise for what I need done. This could possibly be an observation error, but the results seemed very reproducable.

blocksonly avoidance

I had thought to save some memory by using blocksonly. For some reason, on 0.14.2, this causes more problems than it solves. I had a hard time finding any config where blocksonly would work. Surprisingly, maxmempool=5 does effectively the same thing for the miserly cost of 5MiB of memory.

serial consoles

Seems ridiculous, but on my VPS, if bitcoind was running full speed, I would have a hard time connecting through SSH. There were other SSH clients and connection methods that seemed to work better. By far the quickest connections when under heavy utilization was to connect directly to serial ports. I wrote a small snippet to enable extended serial console on my systemd install.

canary log

Since logging into my system gobbles up memory, I wanted this config to be as low-touch as possible once in motion. After tooling up the serial ports, I found all the system log messages where peekable without logging into my VPS through my VPS provider. I wrote a small canary script to simply chirp to the serial port every 5 minutes to confirm that bitcoind was indeed alive and kicking.

Scripts

I made a few scripts during the process as the needs arose. They are very utilitarian, and could do with some major overhauls, but they did what I needed done at the time I needed it.
Scripts:

Final config

Here is my final config, that is still syncing, but seems to be stable on 0.14.2
/usbin/nice -n 15 bitcoind \ -dbcache=115 \ -prune=10240 \ -maxmempool=5 \ -daemon /usbin/nohup $HOME/canary.sh $1 300 $USER >/dev/null 2>/dev/null & cPid=$! sudo /usbin/renice -n -5 -p $cPid echo "Canary @ $cPid" 
Memory utilization while syncing seems to be at about 400MiB. Once I'm synced, I expect to retune for dbcache=60 and maxmempool=60.
Projected full blockchain sync completion in (gulp) 30 days. CPU utilization is currently reported between 30-60% but my provider offers boost periods where they unmeeter the VMs. I've gotten it up to 110% on their dashboard, for what its worth.
I'm well beyond the word limit so I'll drop off here, but I'll eventually put the snipits in a github repo in the near future.
PS If anyone knows of some free VPS or Docker hosting services, please chime in.
EDIT: s/VSP/VPS/g - lysdexia
submitted by brianddk to BitcoinDiscussion [link] [comments]

Help getting ABC node on MY Ubuntu 12 VPS?

Edit: Ubuntu 12 too old to use this repository. Upgrading to 14 fixed it!
Note that now Bitcoin Unlimited has a BCC version up at adoptanode.com its probably unnecessary to set up a BCC node on a VPS.

My hosting provider offers VPS hosting so thought I'd try it as first month is half price.
I can choose from various versions of Linux, and for the moment am on Ubuntu 12.
After some fiddling, I was able to add the PPA, but when trying to install bitcoind and bitcoin-qt I get this error :
[email protected]:~# apt-get install bitcoind bitcoin-qt
Reading package lists... 0%
Reading package lists... 100%
Reading package lists... Done
Building dependency tree... 0%
Building dependency tree... 0%
Building dependency tree... 50%
Building dependency tree... 50%
Building dependency tree
Reading state information... 0%
Reading state information... 2%
Reading state information... Done
E: Unable to locate package bitcoin-qt
[email protected]:~#
I don't think it's reading the PPA or it's picking up another bitcoind because if I just apt-get install bitcoind then get to run it, it says it's very old and discontinued.
I am a Unix novice. And in doing this from a phone.
Trying to use instructions from https://amp.reddit.com/btc/comments/6poavx/bitcoin_abc_ubuntu_repo_has_been_updated_to_serve/
submitted by cccmikey to btc [link] [comments]

Colored coin client preview #1 (based on Bitcoin Armory)

I think it's already good enough for people to play with it. (Although certainly it's not ready for anything serious.)
For people who are not familiar with concept, colored coins is a technology which allows people to represent arbitrary tokens (e.g. issue private currencies, stocks, bonds, etc.) using small quantities of bitcoins. It is interesting because it would allow us to create decentralized and secure markets. (As decentralized and secure as Bitcoin itself, at least in theory.) See here.
Notes about current release:
Windows binaries: http://killerstorm.xen.prgmr.com/alex/ArmoryX-0.2.5.zip
There are no Linux binaries, but it's really easy to build it on Ubuntu or Debian:
(Note: if you're already using Armory, it is a good idea to hide you ~/.armory so it won't be seen by this experimental Armory mod. Or, perhaps, just don't run this experimental mod.)
Before you run it, make sure that bitcoind or Bitcoin-Qt is running and fully sync'ed. Armory takes up to 10 minutes to start (this version is slower because it additionally scans for colored transactions) and requires ~ 1 GB of RAM.
At start it will offer to create a wallet, do not enable encryption, otherwise issuing colored coins won't work.
Send some bitcoins to this new wallet, 0.02 BTC is probably enough to issue some colored coins and to pay for tx fees.
There is a drop down to choose color. Balance is displayed for a currently chosen color (i.e. if you chose TESTcc it will show how many TESTcc units this wallet owns), and when you send coins you send coins of that color.
Initially 'uncolored' is selected, it means normal BTC. This drop down also has TESTcc ("test colored coins") and "All colors" (this mode is just for debugging, you cannot send coins in this mode).
Here's what you can do now:
  1. Ask somebody to send you TESTcc. (We want to make it automatic, Satoshi Dice style, but unfortunately that code isn't quite ready.)
  2. Find and install other color definitions.
  3. Issue your own colored coins and send them to somebody who wants them. (LOL.)
Let's start from option #3. There is 'Hallucinate' menu. (It is called 'hallucinate' because colors do not exist on blockchain level, it is a client-side convention.) Choose 'Issue colored coins'. Likely all you need to change is name, but you can tweak satoshi-per-unit and number of units if you want.
When you click Issue it will create a new transaction (using your uncolored BTC) and will create a color definition. Optionally it will also upload your color definition to color definition registry. (This registry runs on my server, it might be down.)
You should note ColorID, this is how other people can refer to these coins (name is ambiguous).
You can now choose this new color in drop down and it will show your balance. (E.g. 1000 units.)
Now you'll perhaps want to send these coins to somebody. That person would need to install your color definition first. If you send colored coins without warning they might be lost, i.e. mixed with uncolored ones. For same reason it makes no sense to send them to wallet which isn't color aware.
For example, you can post on some forum:
I've issued LOLwut coins (ColorID: 36738fe78a443656535503efb585fee140a37d54), each unit represents a bond with face value of 0.1 BTC payable by me, Trololo, via buy back. I promise to buy back all bonds in a month.
Now people who are interested in this LOLwut coin issue will copy ColorID, paste it into Hallucinate > Download color definition dialog, and if this color definition is published it will be downloaded and installed. Armory restart is required to complete installation.
After installation that person will be able to see these LOLwut coins.
Note that if you do not trust my registration server, you can publish color definition yourself: go to ~/.armory/colordefs, find 36738fe78a443656535503efb585fee140a37d54.colordef and upload it to your web server. Then you can give people URL like http://example.com/36738fe78a443656535503efb585fee140a37d54.colordef and they can download it by URL.
Or they can just obtain this file by any means and copy it to ~/.armory/colordefs directory. It is decentralized, nobody can prevent you from issuing colored coins.
I think that's all. There is also Hallucinate > Manage color definitions dialog, but I hope it's easy to figure out how it works.
We are working on improved version, particularly on p2p exchange feature.
I've set up an IRC channel for people to talk about trying out colored coins: #colored-coins-otc on Freenode.
submitted by killerstorm to Bitcoin [link] [comments]

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es,.,bitcoin,.,quora,.,bitcoin,.,questions,.,bitcoin,.,qt update,.,bitcoin,.,qt wallet location,.,bitcoin,.,quantum,.,bitcoin,.,q,.,bitcoin,.,q es,.,q son,.,bitcoins,.,q es un,.,bitcoin,.,q son los,.,bitcoins,.,q es el,.,bitcoin,.,q comprar con,.,bitcoins,.,bitcoins que significa,.,bitcoin,.,q significa,.,bitcoin,.,rate,.,bitcoin,.,reddit,.,bitcoin,.,review,.,bitcoin,.,rival,.,bitcoin,.,rate gbp,.,bitcoin,.,rise,.,bitcoin,.,regulation,.,bitcoin,.,rich list,.,bitcoin,.,rate history,.,bitcoin,.,regulation uk,.,r,.,bitcoinmarkets,.,r,.,bitcoin,.,uk,.,r,.,bitcoin,.,canada,.,r,.,bitcoin,.,cash,.,r,.,bitcoin,.,package,.,r,.,bitcointalk,.,r,.,bitcoin,.,mining,.,r,.,bitcoin,.,abc,.,r,.,bitcoin,.,analysis,.,bitcoinxt,.,bitcoin,.,share price,.,bitcoin,.,stock,.,bitcoin,.,split,.,bitcoin,.,segwit,.,bitcoin,.,stock price,.,bitcoin,.,shares,.,bitcoin,.,symbol,.,bitcoin,.,suisse,.,bitcoin,.,scams,.,bitcoin,.,stock market,.,bitcoins value,.,bitcoin,.,s curve,.,bitcoin,.,miners,.,gh/s,.,bitcoin,.,th/s,.,bitcoin,.,th/s,.,bitcoin,.,miner,.,mh/s,.,bitcoin,.,1th/s,.,bitcoin,.,miner,.,10th/s,.,bitcoin,.,miner,.,20th/s,.,bitcoin,.,miner,.,bitcoin,.,trading,.,bitcoin,.,to dollar,.,bitcoin,.,transaction,.,bitcoin,.,to £,.,bitcoin,.,ticker,.,bitcointalk,.,bitcoin,.,transaction fee,.,bitcoin,.,t shirt,.,bitcoin,.,t shirt uk,.,bitcoin,.,t shirt india,.,bitcoin,.,t shirt store,.,alpha-t,.,bitcointalk,.,bb&t,.,bitcoin,.,t-110,.,bitcoin,.,mining system,.,bitcoin,.,miner t720,.,bitcoin,.,usd,.,bitcoin,.,uk,.,bitcoin,.,unlimited,.,bitcoin,.,unconfirmed transaction,.,bitcoin,.,usd price,.,bitcoin,.,uk price,.,bitcoin,.,uasf,.,bitcoin,.,uk tax,.,bitcoin,.,update,.,bitcoin,.,uk exchange,.,why u,.,bitcoin,.,billionaire,.,bitcoin,.,u bosni,.,bitcoin,.,miner.u,.,bitcoin,.,u crnoj gori,.,bitcoin,.,youtube,.,bitcoin,.,u dinarima,.,wii u,.,bitcoin,.,utorrent,.,bitcoin,.,u.s.,.,bitcoin,.,exchange,.,bitcoin,.,u kune,.,bitcoin,.,value,.,,.,bitcoin,.,value chart,.,bitcoin,.,value history,.,bitcoin,.,value gbp,.,bitcoin,.,vs ethereum,.,bitcoin,.,vs usd,.,bitcoin,.,volatility,.,bitcoin,.,vs litecoin,.,bitcoin,.,value 2010,.,bitcoin,.,vs gold,.,bitcoin,.,v litecoin,.,bitcoin,.,v dollar,.,bitcoin,.,v euro,.,bitcoin,.,v gold,.,bitcoin,.,v blockchain,.,bitcoin,.,v onecoin,.,bitcoin,.,hack v.2,.,bitcoin,.,worth,.,bitcoin,.,wiki,.,bitcoin,.,wallet uk,.,bitcoin,.,what is it,.,bitcoinwisdom,.,bitcoin,.,whitepaper,.,bitcoin,.,wallet online,.,bitcoin,.,wallet address,.,bitcoin,.,wallet download,.,bitcoin,.,miner.w,.,bitcoin,.,w polsce,.,bitcoiny w polsce,.,bitcoin,.,w niemczech,.,bitcoin,.,w chmurze,.,bitcoin,.,w żabce,.,bitcoin,.,w polsce legalny,.,bitcoin,.,w chinach,.,bitcoin,.,w prawie polskim,.,bitcoin,.,w górę,.,bitcoin,.,xe,.,bitcoin,.,xbt,.,bitcoin,.,xt,.,bitcoin,.,xbte,.,bitcoin,.,xapo,.,bitcoin,.,xrp,.,bitcoin,.,xt price,.,bitcoin,.,xpub,.,x,.,bitcoin,.,generator,.,bitcoin,.,yahoo finance,.,bitcoin,.,year chart,.,bitcoin,.,year,.,bitcoin,.,yield,.,bitcoin,.,ytd,.,bitcoin,.,yubikey,.,bitcoin,.,yoda,.,bitcoin,.,yahoo finance chart,.,ybitcoin,.,magazine,.,bitcoin,.,y control de cambio,.,y combinator,.,bitcoin,.,ecuador y,.,bitcoin,.,bitcoin,.,by paypal,.,bitcoin,.,y el lavado de dinero,.,bitcoin,.,y deep web,.,bitcoin,.,y lavado de dinero,.,bitcoin,.,y litecoin,.,bitcoin,.,and blockchain,.,bitcoin,.,zebra,.,bitcoin,.,zerohedge,.,bitcoin,.,zimbabwe,.,bitcoin,.,zar,.,bitcoin,.,zcash,.,bitcoin,.,zapwallettxes,.,bitcoin,.,zarabianie,.,bitcoin,.,zug,.,bitcoin,.,zero,.,bitcoin,.,zero confirmations,.,bitcoin,.,z value,.,titan z,.,bitcoin,.,mining,.,titan z,.,bitcoin,.,z cash,.,bitcoin,.,nvidia titan z,.,bitcoin,.,mining,.,nvidia titan z,.,bitcoin,.,nakup zlata z,.,bitcoini,.,sklep z,.,bitcoinami,.,trgovanje z,.,bitcoini,.,co z,.,bitcoinem,.,bitcoin,.,0 confirmations,.,bitcoin,.,0.1,.,bitcoin,.,0.1.0,.,bitcoin,.,0 active connections,.,bitcoin,.,0 transaction fee,.,bitcoin,.,0 fee,.,0.15,.,bitcoins,.,0 25,.,bitcoins,.,0.05,.,bitcoin,.,in euro,.,bitcoin,.,2.0,.,0.1,.,bitcoins,.,0.21,.,bitcoins,.,bitcoin,.,1st august,.,bitcoin,.,1 million,.,bitcoin,.,101,.,bitcoin,.,10 year chart,.,bitcoin,.,10000,.,bitcoin,.,148,.,,.,bitcoin,.,10 year prediction,.,bitcoin,.,100k,.,bitcoin,.,100 dollars,.,bitcoin,.,10 years ago,.,1,.,bitcoin,.,in gbp,.,1,.,bitcoin,.,in pounds,.,1,.,bitcoin,.,in £,.,1,.,bitcoin,.,to dollar,.,1,.,bitcoin,.,in inr,.,1,.,bitcoin,.,to euro,.,1,.,bitcoin,.,in gdp,.,1,.,bitcoin,.,in eur,.,1,.,bitcoin,.,to myr,.,1,.,bitcoin,.,in sterling,.,bitcoin,.,2010,.,bitcoin,.,2017,.,bitcoin,.,2020,.,bitcoin,.,2018,.,bitcoin,.,2009,.,bitcoin,.,2013,.,bitcoin,.,21 million,.,bitcoin,.,2012,.,bitcoin,.,2014,.,2,.,bitcoin,.,to usd,.,2,.,bitcoin,.,price,.,2,.,bitcoin,.,to inr,.,2,.,bitcoin,.,wallets,.,2,.,bitcoins to dollars,.,2,.,bitcoins free,.,2,.,bitcoins a month,.,2,.,bitcoin,.,qt,.,bitcoin,.,2 year chart,.,bitcoin,.,2 paypal,.,bitcoin,.,3000,.,bitcoin,.,31st july,.,bitcoin,.,3 confirmations,.,bitcoin,.,3.0,.,bitcoin,.,3 year chart,.,bitcoin,.,3 month chart,.,bitcoin,.,300,.,bitcoin,.,365 club,.,bitcoin,.,3000 usd,.,bitcoin,.,30 confirmations,.,3,.,bitcoins in gbp,.,3,.,bitcoins,.,3,.,bitcoins to usd,.,3,.,bitcoin,.,in euro,.,3,.,bitcoin,.,to eur,.,bitcoin,.,3 unlimited,.,bitcoin,.,3 day chart,.,bitcoin,.,3 address,.,bitcoin,.,4000,.,bitcoin,.,4chan,.,bitcoin,.,4 billion,.,bitcoin,.,401k,.,bitcoin,.,4 backpage,.,bitcoin,.,43,.,bitcoin,.,40000,.,bitcoin,.,4k,.,bitcoin,.,4 year chart,.,bitcoin,.,48,.,4,.,bitcoins,.,4,.,bitcoins to usd,.,4,.,bitcoins in gbp,.,4,.,bitcoin,.,to eur,.,bitcoins 4 backpage,.,bitcoin,.,4 igaming,.,bitcoin,.,4 u,.,bitcoin,.,4 november,.,bitcoin,.,4 cash,.,bitcoin,.,5 year chart,.,bitcoin,.,51 attack,.,bitcoin,.,500,.,bitcoin,.,5 year,.,bitcoin,.,500 000,.,bitcoin,.,5000,.,bitcoin,.,50000,.,bitcoin,.,5 year price,.,bitcoin,.,5 years ago,.,bitcoin,.,5 year forecast,.,5,.,bitcoins in pounds,.,5,.,bitcoins,.,5,.,bitcoins to usd,.,5,.,bitcoin,.,free,.,5,.,bitcoin,.,in euro,.,bitcoin,.,5 years,.,bitcoin,.,5 minutes,.,bitcoin,.,5 min,.,bitcoin,.,5 unlimited generator,.,bitcoin,.,666,.,bitcoin,.,6 months,.,bitcoin,.,6 confirmations,.,bitcoin,.,6 month chart,.,bitcoin,.,6000,.,bitcoin,.,60 minutes,.,bitcoin,.,6 confirmations time,.,bitcoin,.,6 month price,.,bitcoin,.,6 years ago,.,bitcoin,.,60 day chart,.,6,.,bitcoin,.,network confirmations,.,,.,
submitted by besterse to BestCryptoPlatform [link] [comments]

Behold a Pale Bitcoin

The "Government", Bitcoin, Mt. Gox, and the Alt-coin markets.
We are at an interesting point in time in human history. Where we are on the verge of a new way of life via currency. Currency hasn't changed since the first clay tokens of Mesopotamia. Now with Bitcoin we have a new way to go about things. Tokens that are accounted for absolutely and usable absolutely without a centralized authority.
It's seems once again that a great empire is on the decline, the empire of the United States Dollar. The USD is dropping quickly in daily trading volume, while the yuan, and others are on the rise. The problem here is that our system of trade between the countries of the world are entire interdependent upon one another. Similar to the way BTC and LTC are at the top of the crypto charts.
Trust in USD, the markets, and financial instruments is on a steady decline, and is now being floated by lies and manipulation on a global scale. This has become overwhelmingly evident in the past 15 years, with incidents such as the FICO scandal, and the LIBOR scandal. Is this simply just greed, or is there another hand at play? I believe the NSA has been careful to make sure they have been obtaining as much data from the population as to know when to promote or demote a specific agenda. Matters of National Security are most easily quelled by controlling the flow of information. I can assure you this much, that the BTC/USD situation is at the forefront of there attention span.
No worries, Bitcoin to the rescue! It became clear at the debate in November that our government was taking a neutral stance with crypto-currencies, some would even say a positive stance. This interesting because it came after the news that China and Russia had been moving away from trading in USD, and that volume trades in USD were n a steady decline. Bitcoin almost immediately became a last ditch fail safe alternative in case of economic collapse. Shortly after the government had its "talk" about BTC, the rumors about JP Morgan, Sachs, and others entering the market started pouring in.
Finally, Mt. Gox, This fiasco is just simply embarrassing. First lets get it straight. There was never a direct issue with the Bitcoin protocol. It was an issue that effected just a handful of exchanges who ignored issues that had been pointed out before with transaction ID malleability. The key thing here is that Mt. Gox wasn't even using the the official Bitcoin wallet daemon to handle all the transactions. They instead would queue transactions with a transaction ID and then in turn try to process each tx through bitcoind. The problem here is that there was lack luster security exchange side protecting these txids.
THE ONLY FAULT OF BTC, is the lack of evolution in the both the daemon and the QT wallet AKA: We are developing too slowly to keep pace with the rapid adoption of Btc as both a commodity and a currency. These issues that Mt. Gox is experiencing are easily fixed by updating the code on which the exchange runs, This is comparable to if the NASDAQ collapsed due to a few bad algos and trading was suspended. On the flipside the issue could also have been resolved by releasing a more robust version of the daemon and QT wallets.
The manner and volume in which the disinformation was spread indicates other influences at play. The news media seems dead set at fingering the blame on BTC, this would seem silly if it weren't Karpeles that sat at the throne! Since he is in a position of power, and also one of the first people the news media would contact in the event of a failure of the BTC protocol he had an overwhelming effect on the marketplace as a whole.
Co-incidence, I think not!
Ready for more bad news?
If the adoption of the coin in general, but specifically BTC does not happen fast enough, the Corps and Banks will be able to "pull the rug from under our feet". It is essential that we get coins dispersed to as many people as possible whilst not harming the value of the coin in the process. The flipside of this of coarse is that a lot of people who did trust the system to pay out, are now wealthy, and are able to be more prominent influencers, However I don't believe its wise to place our "faith" in those who trusted crypto the most.
This is the double edge sword, Crypto can both be the revolution we crave or the knife to sit on.
Its all about the numbers. 1% - 51%
What about Silkroad....
How do governments fund black Ops? How would one "test" out a new system to launder money? It is best worded as a craigslist style site that skims profit off the top. What a perfect environment for funding of back channel operations.
Silkroad is an indicator that our government knows Bitcoins potential or has already started experimenting with it. This should be everyones indicator to jump on the band wagon before the price goes astro!
That sounds shady, why invest?
Ehh, hell, it's still better than what we have now.
Why U No stabilize markets?
Essentially it is in the best interest of charity, government, exchanges, coin holders, banks, and businesses to keep prices in a state flux, as it is an excellent tool to fuel a growing commodity as a currency or visa versa.

Get ready for the arms race, with coins.

TL;DR Because Bitcoin, Because revolution!
You're all clear, kid, now let's blow this thing and go home! http://imgur.com/hZSrAaD
submitted by akstunt600 to Bitcoin [link] [comments]

GPU-friendly mining. 1m BTC market cap. 84m coins. 2.5 minute blocks. A Bitcoiner's report on Litecoin.

Litecoin, a Bitcoin-like Internet currency has seen its network gain significant hashing power in recent weeks, but the currency's long-term prospects remain unclear. This post aims to provide more information about the Litecoin network and currency.
In early to mid 2013, Bitcoin mining is likely to become largely unprofitable for GPU-miners due to the rise of efficient Bitcoin mining ASICs. It is expected that many GPUs will be removed from securing the Bitcoin network and will be redeployed for other purposes. Besides Bitcoin mining, there are three such uses for these GPUs: 1) gaming, 2) password recovery and security testing and 3) non-Bitcoin cryptocurrency mining. Since Litecoin is the cryptocurrency with the next greatest hashing power and is most efficiently mined with GPUs, understanding the current status of the Litecoin network and economy is desirable for those studying the options. Below, I have gathered information to help inform a decision on whether to commit resources to Litecoin.
Miners
The current hashrate of the network is roughly 3 gigahashes per second (GH/s). Due to Litecoin's scrypt-based mining algorithm, Litecoin hashrates are generally 1000 times slower than when mining Bitcoin on comparable hardware. Therefore, this hash rate is produced by an amount of hardware that would produce 3 terahashes per second (TH/s) on the Bitcoin newtork. The current 15-day window estimate for Bitcoin hashrate is 40 TH/s meaning the Litecoin network is roughly 7% the strength of the Bitcoin network.
Source: http://litecoinpool.org/pools, http://bitcoin.sipa.be/speed-lin-ever.png
History
Litecoin's genesis block was mined on Thursday Oct 13, 2011 at 03:00 GMT. Since then, over 15.5 million litecoins have been mined in the first 310,000 blocks. The network releases 50 litecoins per block which are targeted to be found evey 2.5 minutes on average. The block reward will halve every 840,000 blocks which will cause the network to produce 84 million litecoins in total.
The currency has traded in the 1.22 mBTC to 17.3 mBTC range since its birth. Trading is highly volatile with 40-50% changes occuring on a daily basis. Most trading volume can be found on the BTC-e exchange (https://btc-e.com) in the LTC/BTC market by a margin of 2:1 over the next highest volume of LTC/USD also at BTC-e. Other supporting LTC/BTC exchanges include Vircurex (https://vircurex.com) and BitParking (https://ltcexchange.bitparking.com).
All-time price statistics ------------------------- BTC - high: 17.69 mBTC on 3/12/2013 low: 1.22 mBTC on 8/15/2012 USD - high: $0.75 on 3/7/2013 low: $0.015 on 8/15/2012 
The current exchange rate for Litecoin at BTC-e is 12.3 mBTC or $0.55 for one litecoin.
Source: http://cryptocoincharts.com, http://btccharts.com, http://explorer.litecoin.net
Early-adopter advantage
The ability to acquire currency units cheaply through purchase or mining provided an important incentive to Bitcoin's earlier-adopters. By risking the loss of their time and money they have shared in financial gains proportional to the exchange rate and, by extension, the success of the system. Litecoin has a similar early-adopter incentive with one difference. Its launch into an already-sizeable community meant that a greater number of stakeholders existed from the beginning than were aware of Bitcoin in 2009.
A large proportion of early bitcoins were mined when it was extremely unclear if Bitcoin would last beyond a brief experiment. It is then reasonable to expect that many early users did not keep their wallet files or private keys and that a large proportion of early coins will never be spent. While it is difficult to estimate the magnitude of this effect, it provides a potential source of volatility in the future. In contrast, early Litecoin users, most of which were familiar with Bitcoin, could expect that Litecoin's success would make their coins worth keeping. The %-days-destroyed metric tracks what fraction of the money supply has moved since it was mined and for Litecoin is 60.3% versus Bitcoin's 43.7%.
source: http://explorer.litecoin.net, https://blockchain.info/charts/bitcoin-days-destroyed-cumulative
Diversification
Diversification helps to reduce risk and increase reliability of investments and technological systems respectively. Since Litecoin is the second-most established cryptocurrency and is also blockchain-based it may be used easily to diversify Bitcoin-denominated investments. The unique ease of currency exchange beween this currency pair results from each currency's decentralized management and low transfer fees. While current trading volumes and high volatiltiy limit Litecoin's use for significant and stable diversification, more research into LTC/BTC, LTC/USD, and BTC/USD exchange rate relationships is advised.
From a technical standpoint, Litecoin shares many features and the vast majority of its codebase with Bitcoin. Litecoin therefor provides little additional security benefit to the cryptocurrency ecosphere as bugs found in Bitcoin are likely to apply to Litecoin. Mining infrastructure is probably where Litecoin offers the greatest independence from Bitcoin due to Litecoin's use of the scrypt mining algorithm.
Since Litecoin is very similar in use, Bitcoin-accepting merchants and payment processors can support Litecoin payments with minor modifications to the software they are using though at this time only a small number of businesses accept Litecoin.
Development
The core client Litecoin-qt/litecoind is based on Bitcoin-qt/bitcoind. It is currently at version 0.6.3 and is based on the same Bitcoin software version. It is 8 months behind the current Bitcoin client. The Litecoin codebase is maintained at https://github.com/litecoin-project/litecoin as a fork of the https://github.com/bitcoin/bitcoin project. While the same revision control system is in use, the current development model lacks the formal testing and release verification of bitcoin-qt/bitcoind.
Outside the core client codebase, many of the documents and websites created when Litecoin was launched remain untouched, display incorrect information, or have disappeared completely though a number of new sites and services have appeared in recent weeks.
Service Availability
While Litecoin services such as a block explorer, historical charts, and an Instawallet-like web wallet do exist, there are a number of important services that are not yet available. There is no client-side encrypted web-based wallet comparable to Blockchain.info/wallet or the extensive macroeconomic charts at that same site. Mobile software is also limited to a few mining programs with no mobile wallet or exchange rate monitor apps available. Finally, exchange volume is highly centralized on the BTC-e exchange and there is no payment processor that provides any functionality similar to Bit-Pay or Coinbase.
Conclusion
This report has provided information on the Litecoin peer to peer Internet currency and will likely be obsolete within hours of its release in many of the figures quoted. The reader is encouraged to retrieve updated information from the sources included in the report as they will undoubtedly affect any decision on whether to support Litecoin.
submitted by dsterry to CryptoCurrency [link] [comments]

GPU-friendly mining. 1m BTC market cap. 84m coins. 2.5 minute blocks. A Bitcoiner's report on Litecoin.

Litecoin, a Bitcoin-like Internet currency has seen its network gain significant hashing power in recent weeks, but the currency's long-term prospects remain unclear. This post aims to provide more information about the Litecoin network and currency.
In early to mid 2013, Bitcoin mining is likely to become largely unprofitable for GPU-miners due to the rise of efficient Bitcoin mining ASICs. It is expected that many GPUs will be removed from securing the Bitcoin network and will be redeployed for other purposes. Besides Bitcoin mining, there are three such uses for these GPUs: 1) gaming, 2) password recovery and security testing and 3) non-Bitcoin cryptocurrency mining. Since Litecoin is the cryptocurrency with the next greatest hashing power and is most efficiently mined with GPUs, understanding the current status of the Litecoin network and economy is desirable for those studying the options. Below, I have gathered information to help inform a decision on whether to commit resources to Litecoin.
Miners
The current hashrate of the network is roughly 3 gigahashes per second (GH/s). Due to Litecoin's scrypt-based mining algorithm, Litecoin hashrates are generally 1000 times slower than when mining Bitcoin on comparable hardware. Therefore, this hash rate is produced by an amount of hardware that would produce 3 terahashes per second (TH/s) on the Bitcoin newtork. The current 15-day window estimate for Bitcoin hashrate is 40 TH/s meaning the Litecoin network is roughly 7% the strength of the Bitcoin network.
Source: http://litecoinpool.org/pools, http://bitcoin.sipa.be/speed-lin-ever.png
History
Litecoin's genesis block was mined on Thursday Oct 13, 2011 at 03:00 GMT. Since then, over 15.5 million litecoins have been mined in the first 310,000 blocks. The network releases 50 litecoins per block which are targeted to be found evey 2.5 minutes on average. The block reward will halve every 840,000 blocks which will cause the network to produce 84 million litecoins in total.
The currency has traded in the 1.22 mBTC to 17.3 mBTC range since its birth. Trading is highly volatile with 40-50% changes occuring on a daily basis. Most trading volume can be found on the BTC-e exchange (https://btc-e.com) in the LTC/BTC market by a margin of 2:1 over the next highest volume of LTC/USD also at BTC-e. Other supporting LTC/BTC exchanges include Vircurex (https://vircurex.com) and BitParking (https://ltcexchange.bitparking.com).
All-time price statistics ------------------------- BTC - high: 17.69 mBTC on 3/12/2013 low: 1.22 mBTC on 8/15/2012 USD - high: $0.75 on 3/7/2013 low: $0.015 on 8/15/2012 
The current exchange rate for Litecoin at BTC-e is 12.3 mBTC or $0.55 for one litecoin.
Source: http://cryptocoincharts.com, http://btccharts.com, http://explorer.litecoin.net
Early-adopter advantage
The ability to acquire currency units cheaply through purchase or mining provided an important incentive to Bitcoin's earlier-adopters. By risking the loss of their time and money they have shared in financial gains proportional to the exchange rate and, by extension, the success of the system. Litecoin has a similar early-adopter incentive with one difference. Its launch into an already-sizeable community meant that a greater number of stakeholders existed from the beginning than were aware of Bitcoin in 2009.
A large proportion of early bitcoins were mined when it was extremely unclear if Bitcoin would last beyond a brief experiment. It is then reasonable to expect that many early users did not keep their wallet files or private keys and that a large proportion of early coins will never be spent. While it is difficult to estimate the magnitude of this effect, it provides a potential source of volatility in the future. In contrast, early Litecoin users, most of which were familiar with Bitcoin, could expect that Litecoin's success would make their coins worth keeping. The %-days-destroyed metric tracks what fraction of the money supply has moved since it was mined and for Litecoin is 60.3% versus Bitcoin's 43.7%.
source: http://explorer.litecoin.net, https://blockchain.info/charts/bitcoin-days-destroyed-cumulative
Diversification
Diversification helps to reduce risk and increase reliability of investments and technological systems respectively. Since Litecoin is the second-most established cryptocurrency and is also blockchain-based it may be used easily to diversify Bitcoin-denominated investments. The unique ease of currency exchange beween this currency pair results from each currency's decentralized management and low transfer fees. While current trading volumes and high volatiltiy limit Litecoin's use for significant and stable diversification, more research into LTC/BTC, LTC/USD, and BTC/USD exchange rate relationships is advised.
From a technical standpoint, Litecoin shares many features and the vast majority of its codebase with Bitcoin. Litecoin therefor provides little additional security benefit to the cryptocurrency ecosphere as bugs found in Bitcoin are likely to apply to Litecoin. Mining infrastructure is probably where Litecoin offers the greatest independence from Bitcoin due to Litecoin's use of the scrypt mining algorithm.
Since Litecoin is very similar in use, Bitcoin-accepting merchants and payment processors can support Litecoin payments with minor modifications to the software they are using though at this time only a small number of businesses accept Litecoin.
Development
The core client Litecoin-qt/litecoind is based on Bitcoin-qt/bitcoind. It is currently at version 0.6.3 and is based on the same Bitcoin software version. It is 8 months behind the current Bitcoin client. The Litecoin codebase is maintained at https://github.com/litecoin-project/litecoin as a fork of the https://github.com/bitcoin/bitcoin project. While the same revision control system is in use, the current development model lacks the formal testing and release verification of bitcoin-qt/bitcoind.
Outside the core client codebase, many of the documents and websites created when Litecoin was launched remain untouched, display incorrect information, or have disappeared completely though a number of new sites and services have appeared in recent weeks.
Service Availability
While Litecoin services such as a block explorer, historical charts, and an Instawallet-like web wallet do exist, there are a number of important services that are not yet available. There is no client-side encrypted web-based wallet comparable to Blockchain.info/wallet or the extensive macroeconomic charts at that same site. Mobile software is also limited to a few mining programs with no mobile wallet or exchange rate monitor apps available. Finally, exchange volume is highly centralized on the BTC-e exchange and there is no payment processor that provides any functionality similar to Bit-Pay or Coinbase.
Conclusion
This report has provided information on the Litecoin peer to peer Internet currency and will likely be obsolete within hours of its release in many of the figures quoted. The reader is encouraged to retrieve updated information from the sources included in the report as they will undoubtedly affect any decision on whether to support Litecoin.
submitted by dsterry to litecoin [link] [comments]

Bitcoin Live Btc Price Liquidation Watch: July 18 2020 ... Bitcoin Price Predictions Bitcoin Price ABOUT TO CAPITULATE! - LIVE Crypto Trading Analysis & BTC Cryptocurrency News 2019 Bitcoin Live Btc Price Liquidation Watch: 8 2020 - YouTube Bitcoin Live BTC Price Watch: June 29 2020

A slowdown of the price in Bitcoin market with declining volumes will give sellers a chance for correction to the mark $9,700. So, let’s see whether sellers today will be able to give fitting reply to buyers concerning 10% Bitcoin price growth. BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. The first online purchase using bitcoin was performed by Laszlo Hanyecz in 2010. He bought Papa John's pizza for 10,000 coins (25 USD – Bitcoin value was 0.0025 cents for 1 coin). The real name of the Bitcoin developer remains unrevealed to this day.; On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had Bitcoin Core was originally known as simply “Bitcoin” when it was published online by Satoshi Nakamoto in 2009. Later, it was named Bitcoin-Qt. Today, it’s mostly known as Bitcoin Core, or sometimes as the “Satoshi Client”. Bitcoin Core is a full client used by bitcoin nodes operating on the bitcoin network. Bitcoin-Qt/bitcoind version 0.8.3 released: A new version of the Bitcoin-Qt and Bitcoind clients, v0.8.3, includes a fix for a bug that can be exploited as part of a denial-of-service attack against the Bitcoin network. Without this fix, Bitcoin-Qt/bitcoind nodes that receive a specific over-size message can crash. Open-source full Bitcoin client software that utilizes the Qt UI framework for a graphical user interface. Wladimir J. van der Laan developed the software to use the original reference code by Satoshi Nakamoto, but with an improved user interface. Today, it is bundled with the Bitcoin Core client and is collectively maintained by the BitcoinRead More

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Bitcoin Live Btc Price Liquidation Watch: July 18 2020 ...

Bitcoin Currency Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin ... Bitcoin ( BTC ) must reclaim $9,400 as soon as possible in order to change its bearish course, says Cointelegraph Markets analyst filbfilb . In an update on social media on July 16, the popular ... End of Week Bitcoin Price Analysis and Targets. When Will BTC Pump or Dump out of this Range? - Duration: 22:56. Magic Internet Money 146 views Bitcoin Live Btc Price Liquidation Watch 24/7 Bull vs Bear Pump or Dump Bitcoin Currency Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single ... Bitcoin Live Btc Price Liquidation Watch 24/7 Bull vs Bear Pump or Dump Bitcoin Currency Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single ...

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