The Bitcoin crash is coming

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Buttcoin buttcoin 0 Comment June 7, This blog is now in archive-only mode! We have new outlets for expressing our excitement and contempt for all forms of cryptocurrency now! You can follow us and laugh along with Bitcoin and other cryptocurrency projects on our twitter, Buttcoin.

While we are officially putting the blog out to pasture, Buttcoin is not dead. We still hate you all. What exactly is going on there? To make the transaction as smooth as possible, they allowed the players clients, relay nodes, and miners running both v2 and v3 to talk to each other even after the transition.

But that plan backfired because some v3 miners got a block B from one of the few remaining v2 miners and started to mine on top of it, not realizing that B was invalid under the v3 rules.

For a while, that was the longer something awful bitcoin crash again. That branch was perfectly valid for clients still running v2, and was assumed to be valid by some v3 wallet apps that did not do full checking of the blockchain.

Meanwhile, other v3 miners, realizing that B was invalid, ignored that branch and started growing more slowly their own branch. It is not known whether there were double spends this time. To guard against possible repeats of the incident, possibly with double-spends, the devs had to issue a warning to all clients even v3 ones, depending on the software they are using to wait 30 confirmations 5 hours for safety.

IMHO, the devs blotched the fork. Then they could have sent a waring something awful bitcoin crash again all v2 players, something awful bitcoin crash again the remaining v2 miners and relay nodes, that they should upgrade before BIP66 went into effect.

But that would have been bad PR… ha ha. Another thing is the algorithm that miners use when building the blocks that they try to mine. The software that those miners were running would indeed have checked the BIP66 rule, if it got a chance to do so. But the software only checked the transactions to be included in the block that they were mining, and not those of the parent block that they got from another miner.

They figured out that they would earn more by gambling that the previous block was valid, and mining on top of its hash only, than by downloading it and verifying it first. If the previous block was v3-valid, their block would be v3-valid too. If the previous block turned out tobe invalid, well, bad luck.

An interesting detail is how the big pools steal the hash of the most recent block from other pools, even before it gets out to the relay nodes. That is why they couldnot even check its something awful bitcoin crash again stamp.

All they have to do is subscribe anonymously as members of the other pools, and they will get that information as soon as the pool manager receives a mined header from some other member. To be precise, a miner gets bitcoins for being the first to mine the next valid block. They are not required to verify anything and it is not possible to check whether they are indeed verifying anything. They only verify enough to maximize their expected gain.

In particular, when they steal the hash of a recently mined block from some other pool, they are quite confident that it will be a valid block. A combination of events have coincided to form a perfect shitstorm, once again proving that Bitcoin is nowhere near ready for the big leagues. As of this writing there are approximately forty thousand unconfirmed transactions, more or less requiring blocks to something awful bitcoin crash again full in order to catch up.

Meanwhile, miners are generating invalid blocks, failing at the one job they have. A recent change to the Bitcoin client software has led to some… issues. For several months, an increasing amount of mining hash rate has been signaling its something awful bitcoin crash again to begin enforcing BIP66 strict DER signatures.

As part of the BIP66 rules, once of the last 1, blocks were something awful bitcoin crash again 3 v3 blocks, all upgraded miners would reject version 2 v2 blocks. Unfortunately, it turned out that roughly half the network hash rate was mining without fully validating blocks called SPV miningand built new blocks on top of that invalid block. A couple of days ago someone in our dedicated subreddit started a thread to something awful bitcoin crash again Bitcoin haiku.

We did, however, suffer a grievous loss during the move: He is a braver man than I. Why is there no gold at the end of the rainbow? The Leprechaun took it and traded it for something awful bitcoin crash again A peer-to-peer decentralized crypto-currency that utilizes open source software and public ledger called the blockchain to provide proof of work in solving the encrypted transactions ultimately increasing security and control in your personal finances.

How do you make enough time for all the work and play with your computer? You mine with the GPU. To commit computer hacking, traffic in fraudulent identification documents, and money laundering conspiracy. A Gavincoin and an MPCoin meet in a bar. Says Gavincoin to MPcoin: Wow, as in Bow? The Buttcoin Foundation and its many members wish to share with you this evidence:. Furthermore, it seems that Something awful bitcoin crash again and other Bitcoin superstars have been around much longer than anyone knew.

Have you not been following up on Bitcoin lately? Been in a bit something awful bitcoin crash again a haze from the holidays? Bitstamp got robbed of 19 butts. Their response was to close down everything and say they would be back in 24 hours 48 hours hours soonish TM. They came back after a couple of days. Something awful bitcoin crash again is apparently still a scam according to all bitcoiners. The failure to see the irony is total.

He got something awful bitcoin crash again that they denined him even though he had paid the his taxes. Apparently, tax is not a codeword for bribing the Embassy. Normal people laugh at him for being an idiot. Bitcoiners cry corruption and tyranny. They need to get them sold badly because they just got sued for 5 million in unpaid server bills. The Canadian exchange Vault of Satoshi closed down citing low profitability. They will instead focus on something awful bitcoin crash again Netflix VPN service which apparently make much more money.

Overstock goes full Bitcoin and will offer staff to get paid in Butts. They even install a bitcoin ATM at the head office. Quite a few of those seem to have been from a couple of users who quickly figured out how to trick the system to pay out repeatedly without playing. How that business model was supposed to work remains a mystery. I assume it has something to do with maths and the fundamentals. The gold dealer Amagi Metals that brings the wonderful world of goldbugs and bitcoiners together revealed plans on going full bitcoin.

They plan on only accepting butts as payment by or The staff will also be paid in butts. Bitcoiners later freak out as all traces of actual bitcoin payment is removed from the site. Something something problems with evil banks.

Nigeria now has their own exchange. It seems like they forgot to tell Amazon about something awful bitcoin crash again because Amazon are denying any involvement. It later returns and offer users to mine frostcoins or frozencoins or something. Unclear if it was an actual hack. Most people assume the owners just faked it and ran off with the money. Butters are going mad which is hillarious.

On top of that, it seems like miners are starting to pull the plug as well. Stay tuned for a metric ton of comedy gold as this mess unravels. Buttcoin burgerflipperpiles of literal garbagesecure 7 Comments January 6, Have you ever wondered how Bitcoin miners secure the Bitcoin network? And now you know how important it is to have tens of thousands of miners ensure a secure and robust network.

Meet the Board What are Buttcoins? Why should I invest in bitcoins? Buttcoin buttcoin 0 Comment June 7, This blog is now in archive-only mode! Bitcoiners are blinded by greed? The flood of test transactions on top of this is like diarrhea icing on a shit cake. Tears fall, like your coins. Why did the bitcoin cross the road? To get to the china bubble Knock Knock.

How many Bitcoins does something awful bitcoin crash again take to screw the banking system? Jack and jill went up a hill, both with half a bitcoin. Jill came down with 1 bitcoin, that fucking whore. Why did the Bitcoin cross the silkroad? Is that an Antminer in your pocket, or are you just happy to see me.

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It's an effort to implement a code revision referred to as a Segregated Witness , or SegWit, a method for separating signature data from transaction identifier data in a Bitcoin transaction. Doing so offers a number of ostensible benefits , including increasing the Bitcoin blocksize, limiting the extent to which transaction data can be modified by third parties, and simplifying scripting upgrades.

The SegWit operation depends on the consensus of Bitcoin miners. If a majority of the Bitcoin miners signal their support through their mining activity, the change should become active across all compatible Bitcoin clients. But if BIP is only embraced by a minority, the blockchain could split. In an email to The Register , Bitcoin contributor Dave Harding explained, "The development team for SegWit, called Bitcoin Core, released it in late October with an activation method used for a previous successful Bitcoin upgrade.

Miner activation of Bitcoin upgrades is not mandatory, said Harding, but it's less disruptive that way. Harding believes he knows why, but hesitated to speculate. Harding describes UASF as a boycott on steroids. That's what's happening at the end of the month. As a consequence, everyone will be forced to join the boycotters or to exclude them.

Harding said that if everyone accepts the proposal or if everyone rejects it, there would be no issue. That means when the UASF starts on August 1st, we have to wait and see whether or not the people who say they support the UASF actually put their money where their mouth is and refuse to accept Bitcoins from any boycotted miner or anyone associated with that miner.

And for those who haven't chosen a side, there's uncertainty about which kind of Bitcoin will be valid. Harding stressed that Bitcoin marked as confirmed in a wallet prior to the start of the event will be safe. It's the Bitcoins passing back and forth afterwards that are at issue.

To further complicate matters, there's another such proposal known as "SegWit2" planned for November. Among those in the Bitcoin community, there's doubt about whether this alert is being handled in a responsible manner, because a blockchain split is considered unlikely. A research note issued by Morgan Stanley analysts on Wednesday may do more damage. It advised spending bitcoins rather than saving them because "Bitcoin acceptance is virtually zero and shrinking.

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Don't panic, but your Bitcoins may just vanish into the ether next month Well, actually, do panic. No overwhelming support Harding said that if everyone accepts the proposal or if everyone rejects it, there would be no issue.

It advises Bitcoin users to: Not trust payments until some indeterminate time when the situation has been resolved.

Not send payments during this period. Be wary of offers to invest in the outcome of the SegWit by splitting your coins. Most read Cambridge Analytica dismantled for good? It just changed its name to Emerdata Democrats need just one more senator and then a miracle to reverse US net neutrality death Take-off crash 'n' burn didn't kill the Concorde, it was just too bloody expensive to maintain Microsoft's latest Windows 10 update downs Chrome, Cortana Exclusive to all press: Atari launches world's best ever games console.

More from The Register. Junk food meets junk money: Lloyds Bank bans Bitcoin purchases by credit card customers B-b-b.. Cops seek 4 for aggravated burglary in Midsomer Murders town Fintech workers reportedly targeted.

UK reaches peak Bitcoin as bin firm accepts cryptocurrency 'It's not a publicity stunt,' says BusinessWaste. JavaScript fingered for poking cash-spilling holes in Bitcoin wallets If you've got an old money store, check it for hacked gaps.

Bitcoin hijackers found at least one sucker for scam Chrome extension Victim of 'FacexWorm' malware clicked on random link from Facebook Messenger.

Elon Musk says he's not Satoshi Nakamoto and is pretty rubbish at Bitcoin He had some once, but lost them down the back of the sofa. Whitepapers Don't Overlook Your Email Archiving Systems Today, business users need on-the-go access to all their critical data, which includes emails, documents and attachments. Seeking to reduce costs and to provide better customer experience. Before proceeding we must understand what the definition of the words Certification and Accreditation.

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