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Messages - eBlob

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Introduce Yourself / Re: Hello Trevis and every one here
« on: January 03, 2017, 12:04:09 AM »
I am a new trader in Cryptocurrency and looking forward to learn something new here.

Welcome to the forum Desi. I'm sure you will find much here for you.

Introduce Yourself / Re: Hello, from Compumatrix...
« on: July 24, 2016, 04:56:48 PM »
Greetings to all at Compumatrix and welcome.

Introduce Yourself / Hello
« on: July 14, 2016, 11:26:40 AM »
Hello everyone, good to be here!

Ethereum / Re: Chiefless Company Rakes In More Than $100 Million
« on: May 27, 2016, 05:21:36 PM »
Largest crowdfunding ever!

Ethereum / Re: Ethereum Developer Resources
« on: May 27, 2016, 05:21:14 PM »

Ethereum / Re: Ethereum Developer Resources
« on: May 27, 2016, 05:18:18 PM »

Bitcoin / Thoughts On Scaling Bitcoin
« on: March 09, 2016, 11:59:44 AM »
Hello everyone,

I'm curious to know if others have been keeping a close watching on the scaling debate as it relates to bitcoin. It seems there is quite a bit of disagreement on how exactly this technology should be scaled sustain ably, or even what purpose bitcoin should serve in 10 years.

Some will claim that bitcoin needs to be scaled up so that it can accommodate faster, and a greater quantity of payments. This could come at the costs of a higher barrier to entry for the mining industry as it would increase the storage requirements for running a full node (a full copy of all transactions conducted). Increasing the block size would allow more payments to be included in a block, but that would make the barrier to entry higher for new miners.

The current block size is 1 MB.

After the Satoshi Roundtable event this last month (February), it seems like no definite path forward has been reached.

What do you think?

Should bitcoin be a platform for fast and quick micro-payment for everything from daily purchases to large movements of money? Or should it remain as decentralized as possible while keeping the barrier to entry low and the blockchain ledger an immutable record of financial information?

Ethereum / Re: Why I Believe In Eth
« on: March 09, 2016, 11:54:44 AM »
The agnostic or atheistic reader may still ask why he should believe in a Power greater than himself.
For some reason this has transitioned into a religious conversation. I for one believe the self and the "I" within the whole is that greatest Power you speak of.

Bitcoin / Re: The Bitcoin Enabled Browser
« on: March 09, 2016, 11:53:07 AM »
Thank you for sharing this. It would seem Brave is trying to take an early lead on the demonitization of display advertising.

I'm sure that advertising on the web will continue to be a huge industry, but something like bitcoin micropayments (as you said), could change the landscape of content creation and how online work is monetized.

I'll be watching this closely.


Diffie and Hellman's Invention of Public-Key Cryptography and Digital Signatures Revolutionized Computer Security

ACM, the Association for Computing Machinery, today named Whitfield Diffie, former Chief Security Officer of Sun Microsystems and Martin E. Hellman, Professor Emeritus of Electrical Engineering at Stanford University, recipients of the 2015 ACM A.M. Turing Award for critical contributions to modern cryptography. The ability for two parties to communicate privately over a secure channel is fundamental for billions of people around the world. On a daily basis, individuals establish secure online connections with banks, e-commerce sites, email servers and the cloud. Diffie and Hellman's groundbreaking 1976 paper, "New Directions in Cryptography," introduced the ideas of public-key cryptography and digital signatures, which are the foundation for most regularly-used security protocols on the Internet today. The Diffie-Hellman Protocol protects daily Internet communications and trillions of dollars in financial transactions.

The ACM Turing Award, often referred to as the "Nobel Prize of Computing," carries a $1 million prize with financial support provided by Google, Inc. It is named for Alan M. Turing, the British mathematician who articulated the mathematical foundation and limits of computing and who was a key contributor to the Allied cryptoanalysis of the German Enigma cipher during World War II.

"Today, the subject of encryption dominates the media, is viewed as a matter of national security, impacts government-private sector relations, and attracts billions of dollars in research and development," said ACM President Alexander L. Wolf. "In 1976, Diffie and Hellman imagined a future where people would regularly communicate through electronic networks and be vulnerable to having their communications stolen or altered. Now, after nearly 40 years, we see that their forecasts were remarkably prescient."

"Public-key cryptography is fundamental for our industry," said Andrei Broder, Google Distinguished Scientist. "The ability to protect private data rests on protocols for confirming an owner's identity and for ensuring the integrity and confidentiality of communications. These widely used protocols were made possible through the ideas and methods pioneered by Diffie and Hellman."

Cryptography is a practice that facilitates communication between two parties so that the communication will be kept private and authenticated from a third party trying to read or alter what is being communicated. From ancient times, cryptography has been achieved through encryption, the conversion of readable information into gibberish that only a select few can decipher. In its earliest incarnations, encryption might have involved substituting one letter for another or rearranging the order of letters in the message. The development of radio in 1903, followed a decade later by World War I, gave cryptography a central role it never had before. At the same time, the development of electricity and machining allowed the development of machines that could encrypt far more securely than any human could. The post-World War I period saw the development of a number of enciphering machines that matured over the next 20 years and became the backbone of World War II cryptography. After the war, the development of computer technology led to faster and more secure cryptography by purely electronic machines.

In encryption, a "key" is a piece of information used to transform readable plain text into garbled incomprehensible cipher text. Encryption is much like keying a lock to accept a particular key and decryption is like using the key to open the lock. In the past, when two parties were seeking to establish secure communications, they needed to have identical keys. Supplying these keys—key management—was a major limitation of the flexibility of encrypted communications.

Two significant shortcomings of symmetric cryptosystems are the need for a secure means of key transfer and, because both parties have the same key, one could forge a message to oneself, claiming it came from the other. In addition, overuse of a particular key may provide an opponent with sufficient ciphertext to break the cryptosystem (i.e., discover the key). To limit the number of parties sharing the same key, separate keys are often distributed to each pair of communicating parties, posing additional key management challenges.

In "New Directions in Cryptography," Diffie and Hellman presented an algorithm that showed that asymmetric or public-key cryptography was possible. In Diffie and Hellman's invention, a public key, which is not secret and can be freely distributed, is used for encryption, while a private key, that need never leave the receiving device, is used for decryption. This asymmetric cryptosystem is designed in such a way that the calculation of the private key from the public key is not feasible computationally, even though one uniquely determines the other.

Reversing the process provides a digital signature. The transmitter of a message uses a private key to sign the message, while the receiver uses the transmitter's public key to authenticate it. Such digital signatures are more secure than written signatures because changing even one word of the message invalidates the signature. In contrast, a person's written signature looks the same on a $10 check and a $1,000,000 check.

Any user of the World Wide Web is likely to be familiar with the use of public-key cryptography to establish secure connections. A typical secure URL begins with "https," where the "s" means that the Secure Transport Layer protocol will be used to encrypt the communication. The secure connection is established using a combination of public-key cryptography to transport a key with symmetric cryptography that is used to encrypt subsequent communications.

In addition to laying the foundation for today's online security industry and establishing cryptography as a leading discipline within computer science, Diffie and Hellman's work made encryption technologies accessible to individuals and companies.

ACM will present the 2015 A.M. Turing Award at its annual Awards Banquet on June 11 in San Francisco, Calif.

Bitcoin / Goldman Sachs: Blockchain is Ready For Centre Stage
« on: December 02, 2015, 11:07:50 PM »
Blockchain technology is ready to "take centre stage", says a new report by banking giant Goldman Sachs.

The bank – which participated in Circle's $50m funding round earlier this year – notes in its Emerging Theme Radar research note sent to clients today that bitcoin might just be the "opening act" for blockchain technology.


Bitcoin / Re: Current Bitcoin Price Rally
« on: November 05, 2015, 06:07:42 PM »
Seems the price has calmed down the last couple days.

If some of the positive indicators coming out of the space are any indication though, it may trend upwards soon again though.

*fingers crossed

Bitcoin / Re: Can the Lightning Network Scale Bitcoin Sustainably?
« on: October 28, 2015, 02:31:58 PM »
Joseph Poon:

The current challenges are related to getting in the soft-forks necessary to make it successful. There are several soft-forks necessary in the near-term, and some longer-term.
OP_CHECKLOCKTIMEVERIFY has been merged into bitcoin-core, which means that it will be in bitcoin within several months, which can be used by Lightning (among other projects which need it). OP_CHECKSEQUENCEVERIFY and a relative locktime nSequence soft-fork are also necessary to let one create channels which can last an indefinite amount of time. Longer-term it’s ideal for wallet security to have a SIGHASH_NORMALIZED or SIGHASH_NOINPUT flag which allows one to sign transactions which have not been created yet, this allows for one to outsource the security of watching the blockchain. Additionally, it may be necessary longer-term to have a timestop function for blockchain denial service attacks.
Until that time, the Lightning Network should be used primarily for micropayments and smaller amounts to minimize risk.

I think there’s lots of promise for technological development of Bitcoin as the core basis for money. Bitcoin created the basis for money, and by having an electronic cash system, we need to build the rest of the financial infrastructure as a result. However, by having this monetary base, technologies like Lightning Network can rest atop this base and build out the future of finance.

In other words, it appears to me that LN cannot be relied on to resolve scalability concerns in the near-term (next 1 year). Thus, block size increase may be the only way to deal with near-term scalability.

Bitcoin / Re: The BitLicense: Bad for Bitcoin Business?
« on: October 16, 2015, 03:09:56 AM »
Bad for bitcoin business all-around.

And that's precisely why it was put into place ...

Bitcoin / Winklevoss Gemini Exchange Is Approved For Launch
« on: October 07, 2015, 07:08:08 AM »
Finally, after what seems to have been months of delay, the Winklevoss twins have gained approval from the NYSDFS to launch their bitcoin exchange. Already, this seem to has caused some upward price momentum.

It really does seem like the twin duo is seeking to bring on institutional players not just on Wall Street, but from around many different countries!

Winklevoss Gemini Bitcoin Exchange Eyes Institutional Players
Bitcoin Exchange Gemini Approved for Launch in New York

Bitcoin / Re: Quick Recap: Scaling Bitcoin Montreal Conference
« on: October 02, 2015, 03:58:02 PM »
Cool recap!

I didn't even know there was another conference upcoming in Hong Kong.

Bitcoin / Re: 21 Inc. Releases First "Bitcoin Computer"
« on: October 02, 2015, 03:56:39 PM »
This is indeed BIG news. I especially like how you focused on the internet of things applications that will come from this device instead of looking at it as a competitor for bitcoin mining operations.

At first many were skeptical about Andreesson Horowitz decision to invest in 21 Inc. I think now we're are beginning to see what their gameplan is and how much potential it actually has.

Money / Re: A Key Insight
« on: September 15, 2015, 02:14:27 PM »
The meeting of the minds comes from Travis' observation...:

Given that the bitcoin network is inherently regulated by an algorithm which adjusts the consumption index to an average of 10 minutes, could it be argued that the standard unit of measurement is time itself?

...and the end of my writing where the quote from Ideal Money lies:

It might be difficult to project beyond this but one can expect a certain form of standardized unit of currency in the near future as well as a new formula for a type of “economic velocity”.

With Time and Velocity being part of the same function in this sense everything becomes quite relatable and I do believe a new type of metric arises.  Their are ramification, but without going into them it seems that this is only the beginning of a new perspective which only a select few seem to have shared for some time in this world/society.

Time is the ultimate form of money. Unable to be manipulated. Known scarcity. Easy to measure yet impossible to define.

Here is an interview with George Gilder when he talks briefly about the relationship between time as money and bitcoin's involvement as a new internet layer:

Bitcoin / Re: Thoughts On the Blocksize Debate?
« on: September 15, 2015, 02:08:15 PM »
BIP101 is fine. I am not keen on the XT fork. Merging it into core seems reasonable enough.

I'm not sure if a hard fork is necessary. Seems like BitcoinXT would compromise the decentralization of mining over the long term.

Hopefully the core developers will find a stable solution.

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