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11-November
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11-November
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11/1 2008 - "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party.""
2008 - "The main properties Double-spending is prevented with a peer-to-peer network. No mint or other trusted parties. Participants can be anonymous. New coins are made from Hashcash style proof-of-work. The proof-of-work for new coin generation also proof-of-workers the network to prevent double-spending."""
QR 2018 - Nic Carter - Bitcoin’s Existential Crisis https://archive.is/Lvl6T
QR 2020 - Robert Breedlove - Our Most Brilliant Idea https://archive.is/mTl0s
11/2 2008 - "Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day.""
2008 - "Only people trying to create new coins would need to run network nodes.""
2008 - "At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node."" "
QR 2019 - HashedEntropy - What Hath Satoshi Wrought https://bitcoinwords.github.io/cy19m11#what-hath-satoshi-wrought
11/3 2008 - "The requirement is that the good guys collectively have more CPU proof-of-worker than any single attacker.""
2008 - "There would be many smaller zombie farms that are not big enough to overproof-of-worker the network, and they could still make money by generating bitcoins. The smaller farms are then the ""honest nodes"". (I need a better term than ""honest"") The more smaller farms resort to generating bitcoins, the higher the bar gets to overproof-of-worker the network, making larger farms also too small to overproof-of-worker it so that they may as well generate bitcoins too. According to the ""long tail"" theory, the small, medium and merely large farms put together should add up to a lot more than the biggest zombie farm.""
2008 - "The Bitcoin network might actually reduce spam by diverting zombie farms to generating bitcoins instead."""
11/4
QR 2019 - Dennis Reimann - Bitcoin Oxhearding https://bitcoinwords.github.io/cy19m11#tweetstorm-bitcoin-oxhearding
11/5 2011 - Electrum, a lightweight Bitcoin client, based on a client-server protocol, released by Thomas Voegtlin
2014 - Operation Onymous, a joint law enforcement operation between the Federal Bureau of Investigation (FBI) and the European Union Intelligence Agency Europol, is executed. The international effort also included the United States Department of Homeland Security, Immigration and Customs Enforcement (ICE), and Eurojust. The operation was part of the international strategies that address the problems of malware, botnet schemes, and illicit markets or darknets. It was also linked with the war on drugs effort with the participation of the U.S. Drug Enforcement Administration (DEA). A number of websites, initially claimed to be over 400, were shut down including drug markets that facilitated trade with Bitcoin such as Silk Road 2.0, Cloud 9 and Hydra"
QR 2019 - zen B - Bitcoin, life and time https://bitcoinwords.github.io/cy19m11#bitcoin-life-and-time
QR 2019 - Alex Gladstein - In China, It's Blockchain and Tyranny vs Bitcoin and Freedom https://bitcoinwords.github.io/cy19m11#op-ed-in-china-its-blockchain-and-tyranny-vs-bitcoin-and-freedom
QR 2020 - Gigi - What is 21ism? https://archive.is/EHinn
11/6 1976 - New Directions in Cryptography released by Withfield Diffie and Martin Hellman known as Diffie–Hellman key exchange.
2009 - "You will not find a solution to political problems in cryptography."" ""Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years.""
2010 - Calculated by multiplying the number of Bitcoins in circulation by the last trade on MtGox, the Bitcoin economy exceeds US$1 million. The price on MtGox reached US$0.50/BTC."
QR 2019 - Nik Bhatia - The Triumvirate of Liquidity https://bitcoinaudible.com/?p=3433
QR 2019 - David Morris - Johannes Trithemius, Archmage of Secrets https://bitcoinwords.github.io/cy19m11#johannes-trithemius-archmage-of-secrets
11/7 2009 - "Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.""
2017 - NO2X Day! the SegWit2X supporters finally throw in the towel just a week before the date of activation."
QR 2019 - Tuur Demeester - The Bitcoin Reformation https://web.archive.org/web/20201126161637/https://casebitcoin.com/docs/TheBitcoinReformation_TuurDemeester.pdf
11/8 2008 - "Coins have to get initially distributed somehow, and a constant rate seems like the best formula.""
2008 - "As computers get faster and the total computing proof-of-worker applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant. Thus, it is known in advance how many new bitcoins will be created every year in the future.""
2008 - "The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula."""
QR 2019 - Parker Lewis - Bitcoin Cannot be Banned https://archive.is/W50hO
QR 2019 - Robert Breedlove - An Open Letter to Ray Dalio re:Bitcoin https://bitcoinwords.github.io/cy19m11#an-open-letter-to-ray-dalio-re-bitcoin
11/9 2008 - "Right, nodes keep transactions in their working set until they get into a block. If a transaction reaches 90% of nodes, then each time a new block is found, it has a 90% chance of being in it.""
2008 - The Bitcoin Project hits SourceForge - The Bitcoin project is registered on SourceForge.net, a community collaboration website focused on the development and distribution of open source software.
2008 - "Receivers of transactions will normally need to hold transactions for perhaps an hour or more to allow time for this kind of possibility to be resolved. They can still re-spend the coins immediately, but they should wait before taking an action such as shipping goods.""
2008 - "The attacker isn't adding blocks to the end. He has to go back and redo the block his transaction is in and all the blocks after it, as well as any new blocks the network keeps adding to the end while he's doing that. He's rewriting history. Once his branch is longer, it becomes the new valid one.""
2008 - "It is strictly necessary that the longest chain is always considered the valid one. Nodes that were present may remember that one branch was there first and got replaced by another, but there would be no way for them to convince those who were not present of this. We can't have subfactions of nodes that cling to one branch that they think was first, others that saw another branch first, and others that joined later and never saw what happened. The CPU proof-of-worker proof-of-work vote must have the final say. The only way for everyone to stay on the same page is to believe that the longest chain is always the valid one, no matter what.""
2008 - "The recipient just needs to verify it back to a depth that is sufficiently far back in the block chain, which will often only require a depth of 2 transactions. All transactions before that can be discarded.""
2008 - "When a node receives a block, it checks the signatures of every transaction in it against previous transactions in blocks. Blocks can only contain transactions that depend on valid transactions in previous blocks or the same block. Transaction C could depend on transaction B in the same block and B depends on transaction A in an earlier block.""
2008 - "It's not a problem if transactions have to wait one or a few extra cycles to get into a block.""
2008 - "The proof-of-work chain is the solution to the synchronisation problem, and to knowing what the globally shared view is without having to trust anyone.""
2008 - "A transaction will quickly propagate throughout the network, so if two versions of the same transaction were reported at close to the same time, the one with the head start would have a big advantage in reaching many more nodes first. Nodes will only accept the first one they see, refusing the second one to arrive, so the earlier transaction would have many more nodes working on incorporating it into the next proof-of-work. In effect, each node votes for its viewpoint of which transaction it saw first by including it in its proof-of-work effort. If the transactions did come at exactly the same time and there was an even split, it's a toss up based on which gets into a proof-of-work first, and that decides which is valid.""
2008 - "When a node finds a proof-of-work, the new block is propagated throughout the network and everyone adds it to the chain and starts working on the next block after it. Any nodes that had the other transaction will stop trying to include it in a block, since it's now invalid according to the accepted chain.""
2008 - "The proof-of-work chain is itself self-evident proof that it came from the globally shared view. Only the majority of the network together has enough CPU proof-of-worker to generate such a difficult chain of proof-of-work. Any user, upon receiving the proof-of-work chain, can see what the majority of the network has approved. Once a transaction is hashed into a link that's a few links back in the chain, it is firmly etched into the global history.""
QR 2020 - Vijay Boyapati - The Four Valuation Frameworks for Bitcoin https://bitcoinwords.github.io/cy20m11#tweet-thread---the-four-valuation-frameworks-for-bitcoin
11/10 2008 - "If you're having trouble with the inflation issue, it's easy to tweak it for transaction fees instead. It's as simple as this let the output value from any transaction be 1 cent less than the input value. Either the client software automatically writes transactions for 1 cent more than the intended payment value, or it could come out of the payee's side. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block."
QR 2018 - Nic Carter - Transaction count is an inferior measure https://bitcoinwords.github.io/cy18m11#transaction-count-is-an-inferior-measure
QR 2020 - Hasu - Exploring Bitcoin's core values and why we defend them https://bitcoinwords.github.io/cy20m11#exploring-bitcoins-core-values-and-why-we-defend-them
11/11 2008 - ""When there are multiple double-spent versions of the same transaction, one and only one will become valid.""
2008 - "The receiver of a payment must wait an hour or so before believing that it's valid. The network will resolve any possible double-spend races by then.""
2008 - "The guy who received the double-spend that became invalid never thought he had it in the first place. His software would have shown the transaction go from ""unconfirmed"" to ""invalid"". If necessary, the UI can be made to hide transactions until they're sufficiently deep in the block chain.""
2008 - "The target time between blocks will probably be 10 minutes. Every block includes its creation time. If the time is off by more than 36 hours, other nodes won't work on it. If the timespan over the last 6*24*30 blocks is less than 15 days, blocks are being generated too fast and the proof-of-work difficulty doubles. Everyone does the same calculation with the same chain data, so they all get the same result at the same link in the chain.""
2008 - "Instantant non-repudiability is not a feature, but it's still much faster than existing systems. Paper cheques can bounce up to a week or two later. Credit card transactions can be contested up to 60 to 180 days later. Bitcoin transactions can be sufficiently irreversible in an hour or two.""
2008 - "With the transaction fee based incentive system I recently posted, nodes would have an incentive to include all the paying transactions they receive."""
QR 2020 - Jason Deane - How Bitcoin's Power Consumption Is Good for the Planet https://bitcoinwords.github.io/cy20m11#how-bitcoins-power-consumption-is-good-for-the-planet
11/12
QR 2019 - Phil Bonello - "The Sovereign Individual" Investment Thesis https://bitcoinwords.github.io/cy19m11#the-sovereign-individual-investment-thesis
11/13 2008 - "It's very attractive to the libertarian viewpoint if we can explain it properly. I'm better with code than with words though.""
2008 - "The proof-of-work chain is a solution to the Byzantine Generals' Problem. I'll try to rephrase it in that context. A number of Byzantine Generals each have a computer and want to attack the King's wi-fi by brute forcing the password, which they've learned is a certain number of characters in length. Once they stimulate the network to generate a packet, they must crack the password within a limited time to break in and erase the logs, otherwise they will be discovered and get in trouble. They only have enough CPU proof-of-worker to crack it fast enough if a majority of them attack at the same time. They don't particularly care when the attack will be, just that they all agree. It has been decided that anyone who feels like it will announce a time, and whatever time is heard first will be the official attack time. The problem is that the network is not instantaneous, and if two generals announce different attack times at close to the same time, some may hear one first and others hear the other first. They use a proof-of-work chain to solve the problem. Once each general receives whatever attack time he hears first, he sets his computer to solve an extremely difficult proof-of-work problem that includes the attack time in its hash. The proof-of-work is so difficult, it's expected to take 10 minutes of them all working at once before one of them finds a solution. Once one of the generals finds a proof-of-work, he broadcasts it to the network, and everyone changes their current proof-of-work computation to include that proof-of-work in the hash they're working on. If anyone was working on a different attack time, they switch to this one, because its proof-of-work chain is now longer. After two hours, one attack time should be hashed by a chain of 12 proofs-of-work. Every general, just by verifying the difficulty of the proof-of-work chain, can estimate how much parallel CPU proof-of-worker per hour was expended on it and see that it must have required the majority of the computers to produce that much proof-of-work in the allotted time. They had to all have seen it because the proof-of-work is proof that they worked on it. If the CPU proof-of-worker exhibited by the proof-of-work chain is sufficient to crack the password, they can safely attack at the agreed time.\n The proof-of-work chain is how all the synchronisation, distributed database and global view problems you've asked about are solved.""
2010 - "I'm happy if someone with artistic skill wants to contribute alternatives. The icon/logo was meant to be good as an icon at the 16x16 and 20x20 pixel sizes. I think it's the best program icon, but there's room for improvement at larger sizes for a graphic for use on websites. It'll be a lot simpler if authors could make their graphics public domain."""
QR 2018 - Preethi Kasireddy - How Does Distributed Consensus Work? https://bitcoinwords.github.io/cy18m11#how-does-distributed-consensus-work
QR 2019 - HashedEntropy - The Last Mortal Man https://bitcoinwords.github.io/cy19m11#the-last-mortal-man
11/14 2008 - "Broadcasts will probably be almost completely reliable. TCP transmissions are rarely ever dropped these days, and the broadcast protocol has a retry mechanism to get the data from other nodes after a while. If broadcasts turn out to be slower in practice than expected, the target time between blocks may have to be increased to avoid wasting resources. We want blocks to usually propagate in much less time than it takes to generate them, otherwise nodes would spend too much time working on obsolete blocks.""
QR 2020 - Brandon Quittem - Bitcoin and the power of incentives https://bitcoinwords.github.io/cy20m11#tweetstorm---bitcoin-and-the-power-of-incentives
11/15 2011 - The first CVE was assigned to a Bitcoin client exploit (CVE-2011-4447).
2012 - Wordpress becomes the first big website to accept Bitcoin.
QR 2018 - Joe Kendzicky - Exploring Liquid Sidechain https://bitcoinwords.github.io/cy18m11#exploring-liquid-sidechain
11/16
11/17 2008 - "I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon. I sent you the main files. (available by request at the moment, full release soon)""
2008 - "I'll try and hurry up and release the sourcecode as soon as possible to serve as a reference to help clear up all these implementation questions.""
2008 - "A basic transaction is just what you see in the figure in section 2. A signature (of the buyer) satisfying the public key of the previous transaction, and a new public key (of the seller) that must be satisfied to spend it the next time.""
2008 - "There's no need for reporting of ""proof of double spending"" like that. If the same chain contains both spends, then the block is invalid and rejected. Same if a block didn't have enough proof-of-work. That block is invalid and rejected. There's no need to circulate a report about it. Every node could see that and reject it before relaying it.""
2008 - "We're not ""on the lookout"" for double spends to sound the alarm and catch the cheater. We merely adjudicate which one of the spends is valid. Receivers of transactions must wait a few blocks to make sure that resolution has had time to complete. Would be cheaters can try and simultaneously double-spend all they want, and all they accomplish is that within a few blocks, one of the spends becomes valid and the others become invalid. Any later double-spends are immediately rejected once there's already a spend in the main chain.""
2008 - "The proof-of-work is a Hashcash style SHA-256 collision finding. It's a memoryless process where you do millions of hashes a second, with a small chance of finding one each time. The 3 or 4 fastest nodes' dominance would only be proportional to their share of the total CPU proof-of-worker. Anyone's chance of finding a solution at any time is proportional to their CPU proof-of-worker.""
2008 - "There will be transaction fees, so nodes will have an incentive to receive and include all the transactions they can. Nodes will eventually be compensated by transaction fees alone when the total coins created hits the pre-determined ceiling.""
2008 - "The credential that establishes someone as real is the ability to supply CPU proof-of-worker.""
2008 - "The race is to spread your transaction on the network first. Think 6 degrees of freedom -- it spreads exponentially. It would only take something like 2 minutes for a transaction to spread widely enough that a competitor starting late would have little chance of grabbing very many nodes before the first one is overtaking the whole network. During those 2 minutes, the merchant's nodes can be watching for a double-spent transaction. The double-spender would not be able to blast his alternate transaction out to the world without the merchant getting it, so he has to wait before starting. \n If the real transaction reaches 90% and the double-spent tx reaches 10%, the double-spender only gets a 10% chance of not paying, and 90% chance his money gets spent. For almost any type of goods, that's not going to be worth it for the scammer.""
2008 - "If a merchant actually has a problem with theft, they can make the customer wait 2 minutes, or wait for something in e-mail, which many already do. If they really want to optimize, and it's a large download, they could cancel the download in the middle if the transaction comes back double-spent. If it's website access, typically it wouldn't be a big deal to let the customer have access for 5 minutes and then cut off access if it's rejected. Many such sites have a free trial anyway."""
QR 2019 - Willy Woo - How I explain Bitcoin to normies... https://bitcoinwords.github.io/cy19m11#how-i-explain-bitcoin-to-normies
11/18
11/19 2009 - Bitcoin Talk Forum founded by user satoshi (User ID 3)
QR 2018 - William Smith - https://bitcoinwords.github.io/cy18m11#cryptic-history-the-cypherpunks
QR 2019 - Rhythm - Bitcoin is The Only Way to Opt-Out https://bitcoinwords.github.io/cy19m11#bitcoin-is-the-only-way-to-opt-out
11/20
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QR 2018 - Su Zhu & Hasu - Skeptic's Guide to Bitcoin: An Honest Account of Fiat Money https://bitcoinwords.github.io/cy18m11#skeptics-guide-to-bitcoin-an-honest-account-of-fiat-money
QR 2019 - Gigi - Bitcoin Boots on the Ground: Venezuela https://archive.is/X6uAy
11/22 2009 - "Think of it as a cooperative effort to make a chain. When you add a link, you must first find the current end of the chain. If you were to locate the last link, then go off for an hour and forge your link, come back and link it to the link that was the end an hour ago, others may have added several links since then and they're not going to want to use your link that now branches off the middle."
QR 2020 - Lyn Alden - Banks, QE and Money-Printing https://bitcoinwords.github.io/cy20m11#banks-qe-and-money-printing
QR 2020 - Leo Zhang, Jack Koehler and David Cai - The Intelligent Bitcoin Miner, Part I https://bitcoinwords.github.io/cy20m11#the-intelligent-bitcoin-miner-part-i
11/23
11/24 2019 - Bitcoin core release 0.19.0.1
11/25 2010 - "For greater privacy, it's best to use bitcoin addresses only once."
2011 - The 2011 Bitcoin & Future Technology European Conference is held in Prague, the first European Bitcoin conference."
QR 2020 - Preston Pysh and Robert Breedlove on Bitcoin Common Misconceptions https://archive.is/22FMk
11/26
QR 1998 - Wei Dai's b-money paper is published on Cypherpunk Mailing List https://archive.is/ubCi6
QR 2018 - Hugo Nguyen - How Cryptography Redefines Private Property https://bitcoinwords.github.io/cy18m11#how-cryptography-redefines-private-property
QR 2019 - Alex Svetski - Immutability as a Service https://bitcoinwords.github.io/cy19m12#immutability-as-a-service
11/27 2013 - 1 BTC is worth 1000$ for the first time
11/28 2012 - First Bitcoin Halving at Block 210,000 cuts block subsidy from 50 to 25 BTC. A miner named laughinbear at Slush's pool was responsible for finding the solution, with a Radeon HD 5800 after mining for less than a week.
11/29 2017 - 1 BTC is worth 10000$ for the first time
QR 2018 - Christopher Bendiksen - An Honest Explanation of Price, Hashrate & Bitcoin Mining Network Dynamics https://bitcoinwords.github.io/cy18m11#an-honest-explanation-of-price-hashrate--bitcoin-mining-network-dynamics
QR 2019 - Parker Lewis - Bitcoin is not for Criminals https://archive.is/gNDc1
QR 2020 - James O'Beirne - An Open Letter to Friends and Family https://bitcoinwords.github.io/cy20m11#an-open-letter-to-friends-and-family
11/30