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03-21 13:25 - 'Urrrrr no, if you read what I said and you know what problems nakamoto over come in the original white paper, and then stating that scaling was truly possible through basic SPV wallets seems odd. / Just as this other g...' by /u/CreepyCranfield10 removed from /r/Bitcoin within 2-12min
''' Urrrrr no, if you read what I said and you know what problems nakamoto over come in the original white paper, and then stating that scaling was truly possible through basic SPV wallets seems odd. Just as this other guy has asked a similar question which also seems odd, such a genius getting the basics completely wrong in fact so wrong that as for the scaling issue it meant the whole invention didn’t work properly and certainly not well enough to do what it was claimed. ''' Context Link Go1dfish undelete link unreddit undelete link Author: CreepyCranfield10
I have learnt how to make a website and was wondering if I could host my own small scale bitcoin wallet. Also will there be a security risk doing this as I don't have a group of programmers to work on that.
The bitcoin-qt core wallet in pruned mode, cold storage and scaling: test results.
Importing "watch only" addresses (cold storage), creating a wallet in pruned mode and a pruned blockchain and then importing the private key to go from cold to hot storage works just fine in bitcoin-qt (after a restart).
However, when importing "watch only" addresses AFTER creating the blockchain the balances are not visible and require to download the full blockchain again (95 GB).
As far as I understand it this is not necessary, as the balances (not the history) can be obtained from the UTXO set and a new download is not necessary. I made this an issue on Github (and just got a positive feedback).
A possible use case: a user downloads (or gets it from a usb) a 2.5 GB pruned blockchain, checks it (maybe some options or software needs to be developed) and creates a wallet and imports his own addresses and/or private keys WITHOUT HAVING TO CREATE THE PRUNED BLOCHCHAIN HIMSELF, WHICH IS VITAL IN ORDER TO SCALE BITCOIN.
At the moment keeping a pruned blockchain up-to-date is not a big deal. It requires (blocksonly=1) about 3 GB of disk space and 1/600 MB/s=1.7 kB/s=13 kb/s of download bandwidth. Downloading all raw blocks and creating the pruned blockchain is very resource intensive process and can take a long time (already).
Trusting that electrum servers wil always be available is tricky (especially when blocks get bigger than 1MB) as I, for example, was not able to do it with my hardware and I'm not the only one: https://redd.it/3gg0wh
DETAILS First a wallet was created in the following way: bitcoin-qt -connect=wrong_ip_address -prune=550 -listen=0 -datadir=/home/use.bitcoin_pruned & The trick here is to add a wrong ip address so bitcoin-qt won't start loading blocks. The -listen=0 makes it possible to run bitcoin-qt while bitcoind (as a full archival node) is running in the background on the same computer.
Now some "watch only" addresses, that already had some bitcoin in them, were added (in bitcoin-qt: help -> Debug window -> Console) importaddress watch_only_address "" false The pruned blockchain was then created by inserting the correct ip address (pointing to my node) or by removing "-connect=ip_address" completely.
Because bitcoin-qt was not the only program, creating the pruned blockchain was a very long process that took about 5 days! I could speed up the process a lot by turning off bitcoind and running the pruned node as a bitcoind with some extra priority: sudo /usbin/ionice -c 2 -n 0 /usbin/nice -n -20 ./bitcoind -datadir=/home/use.bitcoin_pruned/ Had I done that from the start, it could have been much faster and maybe 1 or 2 days would have been enough. The final pruned blockchain has a size of: 2542 MB so about 2.5 GB.
I now moved the wallet.dat to wallet.dat_back and restarted bitcoin-qt. The program will create a new wallet that can be used to receive and then send transactions. If you now add a private key that already has some bitcoins in it, they will NOT be visible. There is no reason for that as the balances (not the history) are in the UTXO set.
I now started bitcoin-qt with the original wallet.dat file. The bitcoins in the watch only addresses are now visible. I then imported the private key of one of the addresses but the move of the bitcoins from "Watch only" to "Spendable" was not visible in bitcoin-qt. However, after a restart of bitcoin-qt the funds were visible in the "Spendable" section of the wallet. I then did a transaction to another address. Now in this case I want the change of the transaction to stay within MY "watch only" addresses and they shouldn't move to the (arbitrary) addresses created when the wallet was created. This is fortunate possible in bitcoin-qt. You have to choose in bitcoin-qt: Settings -> Options -> Wallet -> Enable coin controle features. It is then possible to choose the return address to be one of the watch only addresses (with or without bitcoins in them). It all worked just fine! It is not clear to me why bitcoin-qt has the option to "importprunedfunds", that doesn't seem necessary.
Of course, a big thank you to all developers who implemented the currently available great features.
One of the biggest risks of using segregated witness as a scaling solution (which was surfaced at the conference) is that to obtain the scaling benefit it will require not only new bitcoin core code,but also new code to be written by each of the major wallet providers who are generating transactions
[uncensored-r/Bitcoin] Behold, technical incompetence meets scaling. ConBase wallet with 1,465,196 UTXOs for 265BTC reve...
The following post by Bastiat is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7li96e The original post's content was as follows:
A bitcoin wallet allows making different transactions, like buying or selling the cryptocurrencies. The main task of the Bitcoin wallet is to store the secret key needed to access the bitcoin address and, accordingly, your means. When dealing with a larger amount of money, it’s always advisable to make use of a private Bitcoin wallet which Pindar Wong Scaling Scaling Bitcoin SB2-11. play_circle_filled. Zooko Wilcox-OHearn Zcash SB2-12. play_circle_filled Full Node Requirements SB2-14. play_circle_filled. Maksim Boyarov and Aleksei Karpov Concept of Bitcoin Wallet security SB2-15. play_circle_filled. Jonathan Hope Optimal UTXO Selection SB2-16. play_circle_filled. This could be accomplished through a decentralized protocol and be built into any wallet. This would make a great 2nd layer solution to scaling that seems rather simple. Remember how much batching helped the mempool when major exchanges began doing it? A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed Vivek Bagaria, David Tse (Stanford), Sreeram Kannan (University of Washington), Giulia Fanti (CMU), Pramod Viswanath (University of Illinois at Urbana-Champaign) Prism: Scaling Bitcoin to Physical Limits SB6-14 Scaling Bitcoin workshop : Milan 2016 Coin selection. Simulation-based evaluation of coin selection strategies. Mark Erhardt (murch) If you are looking at merchants might use bitcoin and how a mobile wallet user might use bitcoin, it's very different. Mobile wallet client might get a big payment incoming and then make lots of small payments
Bitcoin Scaling Explained Can Bitcoin Cash Scale on Today's Hardware
Get the complete scoop on Scaling #Bitcoin with Mad Bitcoins 12 Videos - 15 hours of content! Here, Mackay referred to the original Bitcoin whitepaper on what a good SPV should look like: a low bandwidth method for confirming payment that requires block handles and merkle paths. Bitcoin Scaling Explained: Can Bitcoin Cash Scale on Today's Hardware? - Duration: 21:22. Bitcoin.com - Official Channel 5,617 views. 21:22. Hi Dude, In this video I told you how to create a bitcoin wallet for free. You can also create a free wallet and start bitcoin mining. I hope you liked my video. If you liked my video, don't ... Related keyword topic - bitcoin price usd, bitcoin stock, bitcoin wallet, bitcoin cash, bitcoin address, bitcoin app, bitcoin account, bitcoin analysis, bitcoin address lookup, bitcoin all time ...