Bitcoins Mining - so geht's - CHIP

Ledger CTO requests suggestions to fix their product. Claims BCH is ‘fundamentally broken’.

EDIT2: I have seen a few comments and posts that make me believe that there is a fairly straightforward fix that can be implemented here.
u/btchip, you said you run your own servers to handle the fee calculations. Would you be willing to either connect to an external mining node running Bitcoin Unlimited or switch one of your non mining nodes to their software? They have indicated that their rpc response has been completely overhauled. I’ve also heard that they are discussing fees in the range of 10 bytes/satoshi.
Can anyone from Bitcoin unlimited comment?
I just had a fairly robust back and forth with u/btchip regarding the ongoing issues people (myself included) have been having with the ledger fee estimator and the low fee bug in the ledger software. u/btchip asserted several times that the issue is not with the ledger software but is related to an RPC call they are using to retrieve fee estimates from a set of non-mining Bitcoin ABC nodes they run for this purpose.
In the final message of our exchange u/btchip asks for ideas on how to fix this issue so I would like to ask the BCH community (devs in particular) how this is being done in other wallets. Clearly, the mempool data shows that many fee estimations are wildly higher than what they need to be so maybe there is some truth to what u/btchip says and maybe this is affecting other wallets. Can anyone offer some insight into this element of the code? How does the wallet do this same estimation? I always get a 1 or 2 satoshi/byte fee from them whereas I always see fee estimates of 50+ sat/b in the ledger software.
Is there any truth to what u/btchip says, and if so is anyone working on improving this element of any of the current bitcoin node clients? Can we point u/btchip towards a node software with a better implementation of that particular rpc call? I am not very knowledgeable in a lot of this so any help you can give to trying to resolve this would be much appreciated.
If you want to read the exchange the thread is here:
EDIT: thanks everyone for the discussion and thanks especially to u/btchip for taking the time to come here and discuss. Hopefully this can be resolved quickly so we can all get back to using our peer to peer electronic cash with super low fees and fast transaction times.
submitted by The_Beer_Engineer to btc [link] [comments]

Percentage of Segwit Transactions Hits 8%, Mem Pool is Empty

Developed primarily to solve a long-standing vulnerability in Bitcoin (transaction malleability), it also had the side effect of providing more on-chain capacity, & reducing fees for sending / receiving Bitcoins.
SegWit Charts Transaction percentage hits 8%:
Shapeshift IS Now One of the Leading SegWit Adopters! Shapeshift is responsible for 2% to 3% of ALL Bitcoin transactions. What this means:
• Lower mining fees for ShapeShift users buying or selling Bitcoin
• Less data per transaction (increasing scale capacity of network)
Unconfirmed Transactions (MEM Pool) are really low, at around 10,000. All this year, before SegWit got activated, Unconfirmed Transactions, were sitting around 150,000. Source:
Please note, you could get 2 free coins, IF you hold Bitcoin (BTC), when Bitcoin Gold Hard Forks on 25th October, & SegWit2X in mid November.
When the SegWit2X Hard Fork happens in mid November. Coinbase has said that "Customers with Bitcoin balances stored on Coinbase at the time of the fork, will have access to Bitcoin on both blockchains." Source:
Now, you can sell whichever chain of Bitcoin you want to sell, safely, without selling the Bitcoin chain you want to keep.
The only wallet that I know of so far, that has confirmed that they will provide support for SegWit2X chain is the Ledger hardware wallet. They clearly state "if there's no replay protection added we'll force a split before transacting" Source:
submitted by BTCBCCBCH to btc [link] [comments]

Collecting your FREE Bitcoin SegWit2X Bitcoins

"Jeff Garzik merged in an opt-in replay protection scheme for Segwit2x yesterday. " according to Jimmy Song
What do I need to do to split my coins after the hard fork?
According to Jimmy: " You will want to move your Legacy coins first to new addresses (your Legacy wallet), but each of these transactions will have to send a small amount to 3Bit1xA4apyzgmFNT2k8Pvnd6zb6TnwcTi."
He carries on: "After that, you can send your 2x coins to different addresses and that would be your 2x wallet."
PLEASE NOT WELL - Jimmy says: "This replay protection scheme only activates after the chain split. That is, it’s useless to send a small amount to the address above until November 18 or so when block 494784 gets mined."
Read Jimmy Song's Full Article Here:
The only wallet that I know of so far, that has confirmed that they will provide support for SegWit2X chain is the Ledger hardware wallet. They clearly state "if there's no replay protection added we'll force a split before transacting" Source:
Now, you can sell whichever chain of Bitcoin you want safely, without selling the Bitcoin chain you want to keep.
This post is based on my current knowledge, which is limited. I will edit & update this post, as further information comes to light. Please carry out your own research before trying to split your coins in November, AFTER the Hard Fork. Stay Safe.
submitted by BTCBCCBCH to btc [link] [comments]

Bitcoin Core or Bitcoin Segwit2X - The OWNERS (market) will DECIDE which is the REAL Bitcoin BTC - not miners.

I believe that both coins, Bitcoin Core and Bitcoin2X should be listed on ALL exchanges. Owners of Bitcoin will then decide which Bitcoin has greater market value. The coin that ends up with the highest market valuation deserves the title "the real Bitcoin" and the ticker symbol BTC.
Miners might be political at first, but we all know that in the end, they will mine the most profitable chain. This has already been proven, time and again.
The coins can still be technically secured on both chains using nlocktime and RBF, even if there is no replay protection. Source:
Contact your exchange and demand that they list both Bitcoin Core & Bitcoin2x. Email your wallet & demand that they split your coins safely.
The only wallet that I know of so far, that has confirmed that they will provide support for SegWit2X chain is the Ledger hardware wallet. They clearly state "if there's no replay protection added we'll force a split before transacting" Source:
Miners have a powerful voice BUT so do the owners of Bitcoin (the market). The owners can choose which chain they prefer, & nobody can take that choice away from them. Miners will eventually mine the coin that has the highest value.
We might end up getting opt-in replay protection added to Segwit2X (btc1). Source:
Am I missing something? If you can add further information to this post, it would be helpful.
submitted by BTCBCCBCH to btc [link] [comments]

Ledger HW.1 review and guide for use w/Electrum development version.


I've been really interested in hardware solutions for private key storage. Without jumping in head first and going for the obvious choice I decided to try to least expensive option first: Ledgers HW.1. At the time or writing one can buy a HW.1 for 15€ or 0.0717 btc.
Mine took about 2 weeks to arrive in a hand written envelope from France. Inside was a piece of paper wrapped around a card the exact same dimensions as a US drivers license/credit card. The HW.1 is to be snapped out and folded over as explained on the site. Here is a pic of the device "assembled" next to the card it was snapped out of and plugged into a usb port on a laptop for perspective.
Ledger seems to have some sort of partnership with GreenAddress, but I don't like having a third party involved in my transactions. Regardless how 'ungoxable' they are bitcoin to me is about taking back full control. Therefore I chose to figure out how to use the device with Electrum. There is no guide for this on their site as the process is not simple. However I was able to achieve it and I will share my experience.
I would also like to mention here that this whole process took me about two days of sporadic work to accomplish and a few emails to support. I ended up emailing back and forth with Nicolas Bacca, Ledgers CTO. He was helpful and really quick to answer my questions.
Overall my experience has been really positive and I can honestly recommend purchasing. I'm really excited to try out some other products from Ledger.
The first step is installing electrum development version as described on their site. From a Debian distro I had problems with dependencies, but from a Debian/Ubuntu distro the process was near effortless. I won't go into details on how to install electrum as that is a guide in itself.
Regardless which client you use with the HW.1 you will still need to install the drivers.
What follows is a guide I've put together for the setup and use of the HW.1 with electrum development version on a Debian/Ubuntu os.


We'll start the electrum gui from the command line along with two options.
-v, --verbose - show debugging information -o, --offline - remain offline 
Here's is what the full command will look like:
$ electrum -v -o 
At which point the gui will open and present you with the entry panel.
Next screen you'll tell it that are making a BTChip wallet.
The next info we receive is explaining the next step. Basically telling us that we can create a completely new wallet now, or re-create one from a seed that we have backed up.
We are now presented with the option to execute creation of a new seed or re-creation of a previous one. For this guide I will choose to create a 'New Wallet'. (Note: it would be really cool if someone could explain to me how to turn a 12 word mnemonic into a 128 bit hexidecimal string as would be inputted here).
The next screen, 2/3 in the creation steps, will have us choose a security profile (2fa or pin only) and a pin. Basically 'hardened' is 2fa with the second factor being a 4 digit pin and the transaction details that the HW.1 will print to a text editor (as you will see with the seed backup in upcoming steps).
Of course we will choose 'Hardened' for the most fun... and security. Then choose a strong PIN.
Since we chose 2fa we now have to tell what type of keyboard we're using.
Next an apt warning about backing up your seed.
Last step before secure backup of seed. We will be removing the HW.1 before hitting next.
Reading this carefully, it's telling us to open a text editor (even a terminal will do), make it the active window, and plug the HW.1 back in.
Opening a text editor, placing the cursor on it, and plugging the HW.1 back in we get a printout in a few seconds in the following format.
Seed 128bitHexidecimalX 
We will remove 'Seed' from the beginning and 'X' from the end. What remains is our seed. We will save it in case of an issue with our HW.1 (lost, damaged, forgotten pin, etc.).
Note: To restore from this Master Private Seed one needs to put 'xpriv' at the beginning of the seed for electrum to recognize it. Using the seed from above if, we didn't have our HW.1 we could input the following to regenerate our private keys:
After backing up our seed we can click the 'Next' button. Where we will be asked if we backed our seed up.
For some reason, I received this after confirming that I had backed my seed up.
Ok, I took the HW.1 out and put it back in. Then clicked 'Yes'. At which point we are presented with the following screen. Enter the pin and complete the setup by clicking 'Finish'.
The wallet/device are now created and we have a backup (at least one). Now we can spend some coins. Let's open our wallet with the HW.1 plugged in. This time we'll add an option for our chosen wallet path and remove the option to remain offline.
-w WALLET_PATH, --wallet=WALLET_PATH - wallet path 
The command should look like this:
$ electrum -v -w /path/to/wallet.file 
Right away we're prompted with the same two screens we saw at the beginning.
We won't see these again if we keep our wallet file, or continuously use the default_wallet created by electrum when the -w option is not used. For now we will answer these questions the same as at the beginning.
The next window will be how electrum will start from now on when this wallet is used with the HW.1.
Now we have electrum running normally. This is a good place to note that a 'watching-only' version of this wallet can be opened even without the presence of the HW.1. So you can retrieve addresses without the privkeys at any time. Funding addresses in normal, spending is a little different.
We'll create the spend from the gui the standard way.
After clicking 'Send' we are presented with this screen. READ THIS SCREEN CAREFULLY!
After careful reading we should have determined that we are to open a text editor and make it the active screen. Take out the HW.1 and put it back in. At this point the HW.1 will print into your text editor the details of your spend and your 2fa pin in the following format.
Powercycle then confirm transfer of x.xxxx BTC to 1xxbitcoinaddress fees x.xxxx BTC change x.xxxx BTC with PIN 1234 
From this output we can see how many btc are being sent to which address. In this case there is no change. The PIN in this scenario is '1234'. This is what will be entered into the 2fa challenge. DO NOT CLICK 'OK' YET.
After entering our PIN we have to remove the HW.1 and then put it back in before clicking 'OK'. After doing this we can click 'OK'. At which point we are presented with a familiar screen.
The transaction is signed and ready for the network. We can broadcast from here or save it for later.
Feedback welcomed.
submitted by mktx to coincode [link] [comments]

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