Since the original XTCoin fork of Bitcoin was announced MIT's Technology Review has been the solitary media outlet of note lending its complete and unreserved support to XTCoin's social media propaganda war. MIT's rag has effectively sacrificed whatever reputation it may have still had as it attempts to force a narrative that frames Gavin Andressen and Mike Hearn's efforts as an attempt to somehow save Bitcoin. The once storied Massachusetts Insitute of Technology, which has taken money from the United States Military to research Bitcoin prices and rescued Gavin Andressen from poverty when the Vessenes' Foundation collapsed is now set on burning the last of its credibility in an attack on Bitcoin.
Category Archives: Bitcoin
XT Node Blacklists Fail to Prevent DDoS Attack
Mike Hearn and Gavin Andressen recently chose to use the Bitcoin-XT project to attempt to provoke a hard fork in the blockchain to increase the block size limit. Users who support Gavin's code to hard fork the network to increase the block size, began switching to, and launching Bitcoin-XT nodes. After Mike Hearn's declaration of war, the number of XT-Nodes on the network began to increase. However Mike Hearn began seeing a pattern of nodes getting attacked by heavy DDoS attacks. Continue reading
BIP-101 Syndicate Shares Fiat Ties, Opposition to Actual Bitcoin
Upon a Crunchbase investigation of the companies attached to the open letter (text) published on Blockchain.info's blog supporting BIP-101, a correlation arose that indicates these companies have most likely been compromised for some time. All of these companies who have been known to employ heavy KYC terms, are heavily funded by fiat institutions that want to pervert Bitcoin. Continue reading
Small Mining Firm Takes Regulatory Compliance Pill, Moves to the Dark Side
A small mining firm referring to itself as HashingSpace Corporation has pushed out a press release bragging that they have retained the services of IdentityMind Global to implement anti money laundering, know your customer, and other criminal regulatory services antithetical to Bitcoin. IdentityMind Global claims to have relationships with "more than 40" "virtual currency businesses" most of which serve as interfaces between fiat currency and Bitcoin. HashingSpace professes to primarily be a mining and miner hosting operation that also just happens to provide other services like a "wallet" and Bitcoin ATMs. On social media earlier this summer HashingSpace has claimed to possess 5 petahashes of mining hardware, an amount eerily similar to that claimed by GAW Miners before their collapse.
Surviving a Transaction Flood
As populist noisemakers continue to push for blocksize inflation and services set to benefit from forcing users off of full nodes announce "stress tests" composed of transaction floods, the issue of making sure your transactions propagate with timely confirmations and your node stays online come to the forefront. Thankfully there are measures that can be taken now to which can provide benefits during a transaction flood and as fuller blocks becomes a more normal state for the Bitcoin network. Continue reading
Many Pools Rejecting XT in Favor of Other Undefined Fork
A handful of large mining pools including those operated by BTCChina and Bitfury have rejected Mike Hearn and Gavin Andressen's XTCoin proposal in favor of a different forking change which would leave them still more influence on their forked blockchain. The pools currently authoring blocks which support the proposal known as BIP 100 currently compromise a bit more than 50% of the hashrate, an amount which if BIP 100 actually had any working implementations would be insufficient to trigger a switch without an attack orphaning all blocks without a "triggering" vote.
At the moment BIP 100 exists as a proposal requesting comments, so it is not possible at the time of this writing to describe any of its points with certainty beyond votes for it being a clear repudiation of the XT effort. As BIP 100 exists now it preserves the 32 MB maximum message size as a hard explicit limit which the blocksize limit must stay under on a BIP 100 forked chain. With so many particulars of BIP 100 not being set in stone yet, it is not unlikely that support for it may wane though at the moment support is likely to persist as a repudiation of the XT effort to hijack Bitcoin.
Trilema Publishes Bitcoin Competency Exam
Qntra earlier reported on the deficiencies of the CryptoCurrency Certification Consortium (C4) operated by the good friends of Vitalik Buterin of Ethereum infamy. The lunacy of the certifications inspired Mircea Popescu to create a superior alternative. Trilema has published a system for scoring one's basic comprehension of Bitcoin called the Basic Bitcoin Competency Certification. Continue reading
Agora Marketplace Suspends Operations Citing Potential Tor Attack
Concerns about Tor security are cited by the Agora Marketplace as the reason behind their recent decision to suspend service. According to the Agora administrator research into deanonymization attacks as well as suspicious activity are prompting them to move servers as a temporary mitigating measure with a rewrite of their entire software stack being necessary. They encourage users of their platform to withdraw funds at the first possible opportunity. Their full announcement is reproduced below. Users are encouraged to validate the below text against public keys of known vintage. Continue reading
Concerns for the Toomim Brothers Mining
BIP-101 requires 750 of the last 1000 consecutive blocks to have a version bits set to 0x20000007 in hex to trigger a hard fork to remove the block size limit. Qntra recently published an article indicating the negligible miner support for XT, of which Jonathan Toomim commented the brothers' mining initiative would be supporting BIP-101 with blocks they solve. This lead into a brief investigation of the Toomim brothers who use GPG, yet are not in the Web of Trust. Continue reading
BitBet Prediction Market Opens XTCoin Bet, Pool already over 100 BTC
Today BitBet has opened a bet on whether Mike Hearn and Gavin Andressen's XTCoin forking effort will succeed. The bet which closes to new betting July 2nd, 2016 and resolves on August 1st, 2016 enumerates a number of conditions under which the XT effort could be considered a failure. These metrics include sufficient mining of XT blocks to trigger the fork, the mining of a block over 1000000 bytes with the XT block version number, the mining difficulty of the XTCoin chain, and the price of XTCoin compared to Bitcoin. Back in March the largest Bitcoin bet in terms of value was resolved on the BitBet platform with a total of 5514.62 BTC in wager on the proposition that Bitcoin would surpass Berkshire Hathaway as an investment. At the time of this writing 100.09 Bitcoin have been bet on the side of the XT coup failing, while only 1.02 Bitcoin have been wagered that XTCoin will succeed.