sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
<bramc> Although come to think of it maybe those issues and be worked around by putting the 'must exist by' in the output rather than in the transaction itself.
<bramc> Not the most aesthetic approach, but it should work fine.
DougieBot5000 has joined #bitcoin-wizards
Quanttek has quit [Ping timeout: 246 seconds]
GGuyZ has quit [Quit: GGuyZ]
kmels has quit [Ping timeout: 260 seconds]
<bramc> With regards to rollout of opt-in rbf, I'd suggest putting a specific date of when they'll start being accepted by default in the reference implementation. On a technical level, it's probably to define the date as the first time when the median of 11 consecutive blocks has a timestamp exceeding a set time, plus a fixed number of blocks on top of it, probably two days worth.
dEBRUYNE__ has quit [Ping timeout: 276 seconds]
bramc has quit [Read error: Connection reset by peer]
bramc has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
<Anduck> wasn't opt-in rbf frozen for 0.12?
Yoghur114_2 has quit [Remote host closed the connection]
berndj has quit [Ping timeout: 264 seconds]
fuc has quit []
bramc has quit [Read error: Connection reset by peer]
bramc has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
berndj has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
brg444 has quit [Quit: Page closed]
<bramc> Anduck, Hmm, it seems it is merged, although this post doesn't say when it's slated for release, and oddly the list of major features for 0.12 doesn't include it https://twitter.com/petertoddbtc/status/670281556536201216
<bramc> Also doesn't seem to be any particular timetable of when it goes into effect, which probably means as soon as people upgrade. The solution to the controversy around that one may be 'The core developers do not care about your whining'
<eragmus> 'The core developers do not care about your whining' — that will make the hivemind more angry
<bramc> Good thing I'm not a core developer so nobody can claim they're saying that.
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
<eragmus> bramc: Ha, don't give them ideas. Paranoid enough as it is.
<bramc> In the case of opt-in rbf it really is such a no-brainer that shoving it in without consulting the horde is perfectly reasonable.
<eragmus> No need to consult, but at least 'inform' via Reddit post, or Blog post, or FAQ document.
roconnor has joined #bitcoin-wizards
<eragmus> I guess you read the tweet replies to that tweet you posted… and lost some hope.
<eragmus> For such people, yeah, there is no hope basically. Or it's not worth the time to educate every last one of that type of person.
<eragmus> (IMO)
<alpalp> hivemind just needs to get obsessed with the next idiotic idea- unlimited.
<alpalp> let them focus on that
hashtag has quit [Ping timeout: 256 seconds]
<bramc> alpalp, What is unlimited?
<bramc> This is about the closest there's been to hive engagement, it makes me think that discussing highly technical topics on reddit is a lost cause: https://www.reddit.com/r/Bitcoin/comments/3urm8o/optin_rbf_is_misunderstood_ask_questions_about_it/
<alpalp> bramc: even more insanity than XT. *no* block size, everyone determines it individually what they'll pass along. Constitution for running it. I'd think it was a parody if I didn't know. Poe's Law.
bramc has quit [Quit: Leaving]
<alpalp> bramc: I've seen some good discussion on technical topics in the past, but it's so overrun with trolls now, it's hard to do so without conspiracy theories and other nonsense.
hashtag has joined #bitcoin-wizards
bramc has joined #bitcoin-wizards
jcorgan|away is now known as jcorgan
<bramc> alpalp, Nothing could possibly go wrong therte
<alpalp> bramc: think it's Peter R's brainchild
<alpalp> should just pet them on the head like children, tell them play nicely, then when miners don't adopt it they can get mad at the miners instead.
<bramc> That makes completely demented sense
<bramc> Next there's going to be blowback that the high speed relay and weak blocks do damage to scaling
<alpalp> segwit rolls out fast: "omg, untested", segwit rolls out slow : "omg, we need capacity increase now!"
<bramc> Dumb question: Is the canonical ordering of transactions in blocks the lexical ordering of their hashes?
<andytoshi> bramc: i don't think there is a canonical ordering
tulip has joined #bitcoin-wizards
<bramc> I could have sworn there was something about a BIP which specified a canonical ordering
<tulip> bramc: lexicographical ordering would produce invalid blocks.
<bramc> tulip, Huh? I thought the blockchain format allows any ordering.
<alpalp> bramc: you can have chained transactions in a block.
<tulip> transactions are processed serially, if you ordered by the hash you can end up spending an output before it was created.
<bramc> tulip, aaaah, thank you. That's... painful, but understandable.
<alpalp> IIRC a lot of miners will order blocks (priority)|(sorted by fees) with occasional chains mixed in.
<Eliel_> bramc: I think the answer to your question is that the orering is unspecified, unless needed, in which case there's only one valid order :P
<bramc> I was wondering if it could be reused for the single-block hash root. Doesn't matter quite so much though. Thinking about it now, it's very clear that it's imperative to have a hash root of just the utxo diffs in the one block and have the big utxo set be trailing by one (or two if you want to be on the extreme safe side). Maybe even can skip the current block utxo diff
<tulip> alpalp: that might be fun to explore. word on the street is that some miners disable priority stuff completely, but I don't know how true that is.
<tulip> (calculating priority is sort of a pain, really)
<tulip> bramc: it's sort of a deficiency in Bitcoin in general, canonical sorting would make a lot of sense in many cases.
<tulip> though I'm not how you'd do that in blocks, as any sort would need to also take into account chains of transactions.
<bramc> tulip, Thankfully the amount of stuff going into any one block is small enough that it isn't a big deal.
RoboTedd_ has quit [Remote host closed the connection]
<tulip> bramc: blocks can get pretty unwieldy depending on what you're doing with them, the format of them on disk needs lots of iteration to load (you can't seek to a particular position for example).
RoboTeddy has joined #bitcoin-wizards
<tulip> I'm not sure if that matters to anyone else really, and I'm not sure what the optimal way of storing the transactions for a block would really be.
GGuyZ has joined #bitcoin-wizards
<eragmus> if you guys want another topic to discuss —> http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-December/012103.html
<eragmus> "Segregated witnesses and validationless mining"
<bramc> tulip, Hard to say. Either dependencies have to be built in or you have to rederive them locally to support child pays. Neither are particularly appealing.
<alpalp> tulip: It depends what you are needing to look at the blocks for. Either you have UTXO cached, or you don't have/aren't caching it and need to recreate it (temporarily or permanently).
<alpalp> or you are just gathering information? Any other cases?
<tulip> I'm just musing.
<tulip> with the current block format you don't know where transactions start and end. so to load them all you have to walk though each transaction (walk each input of the transaction, then each output) and then you've got the start of the next one.
<alpalp> tulip: but how would you know where the one you want is anyway?
<bramc> eragmus, It's probably best to fix those problems with weak blocks/iblt/protocol enhancements rather than trying to add new technical requirements.
<tulip> if TXID were uniformly random and strictly ordered you could make some assumptions, but neither is true.
<alpalp> tulip: i suppose you could order transactions by txid, and then just do a 2-pass parse on the blocks for validity.
<bramc> alpalp, That would make running a minimal node more expensive
<bramc> And increase verification latency
TBI__ has quit [Read error: Connection reset by peer]
<alpalp> bramc: you are changing order of calculations, does it really make it slower? Unless verifying order was required?
<tulip> TXID aren't random though.
<tulip> well they're random, but anyone can grind them to any extent they want.
<bramc> alpalp, Well you need to at least pass through and figure out dependencies so everything can be verified
AaronvanW has quit [Ping timeout: 260 seconds]
<alpalp> bramc: you go through calculate all the txids first to verify the merkle root, then make a second pass verifying tx are valid (and have the dependency txids calculated).
<alpalp> am I missing something?
<tulip> I think Bitcoin Core does that anyway.
<tulip> validation is run from least to most expensive, proof of work verification, merkle root, then actual transaction checks.
<bramc> alpalp, Right now there isn't a merkle root, but yeah once there is you need to do two passes anyway, it's a matter of either having to figure out dependencies or having to sort. Not sure which of those is slower. In practice of course we're stuck with having to sort because of the current requirements.
<eragmus> okay bramc, noted thanks :)
smk has joined #bitcoin-wizards
<alpalp> bramc: merkle root in the header?
<bramc> alpalp, Yeah that's my goal
<tulip> it is in the header today?
<alpalp> bramc: yeah, I thought it was there today as well.
GoonClooney has joined #bitcoin-wizards
<bramc> It's possible that the merkle root of just the transactions for the current block are in the header and I'm unaware of it. The merkle root for the whole utxo set most definitely is not.
<tulip> that's all correct.
<tulip> the block header has the merkle root, then the block binary is just a counter for the number of transactions, and then the raw transaction binaries. the node must rebuild the whole merkle root itself to do validation, that all the transactions are included correctly and that the root matches the header.
<bramc> Ah, thanks. The merkle roots of new utxos and deleted utxos are different things which I believe aren't included right now.
<alpalp> bramc: that is correct
<tulip> bramc: no they're not, the concept of a UTXO database is actually pretty new. wxBitcoin was pretty nuts and did things very differently.
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
<bramc> Oh right, *that* merkle root. Is that one even of a balanced tree?
<tulip> it's padded out to be balanced, I think from memory the merkle trees used in Bitcoin aren't optimal in some way.
<bramc> tulip, I doubt that it's 'new' in the sense that it's a completely obvious thing to add for people experienced with crypto protocols. It's 'new' in the sense that nobody has particularly strong confidence that it can be made to work performantly, hence what I'm currently building.
<bramc> tulip, It's useful for that to be balanced because *in principle* it lets you authenticate bits of the tree before you have the whole thing. I don't think the protocol actually supports that though.
eragmus1 has joined #bitcoin-wizards
brg444 has joined #bitcoin-wizards
<tulip> bramc: what I'm talking about is that the UTXO database was only added to Bitcoin Core in 0.8. prior to that wxBitcoin stored outputs in BerkeleyDB actually in the original merkle trees. the description of pruning in the Bitcoin whitepaper has nodes snipping off spent transactions from these trees which is completely unnecessary and inefficient.
eragmus has quit [Ping timeout: 250 seconds]
bramc has quit [Read error: Connection reset by peer]
bramc has joined #bitcoin-wizards
<tulip> bramc: did you lose that last message?
Ylbam has quit [Quit: Connection closed for inactivity]
<bramc> tulip, I got it from the logs. My reaction is 'Eugh'
TBI has joined #bitcoin-wizards
<bramc> Clearly Satoshi is not a data engineer.
<tulip> there's details in the source which definitely point to Bitcoin not being intended to be used in the real world, at least originally.
<brg444> more science fiction?
<brg444> "An Examination of Single Transaction Blocks and Their Effect on Network Throughput and Block Size"
<brg444> w/ charts & colors!
<alpalp> brg444: I hope this thing finds a way to exist somehow just to watch the train wreck
<kanzure> as much as those ideas seem to be completely wrong, let's not turn this channel into a hatefactory.
<tulip> brg444: off topic, please.
<brg444> Tbf I was genuinely posting it in the interest of others. it seems at least....somewhat researched
<brg444> always help to validate and not assume they're wrong ;)
GAit has quit [Quit: Leaving.]
<bramc> brg444, The theory behind that is based on a coherent set of assumptions. Those assumptions happen to be wrong, but for reasons which are sufficiently technical that arguing them on reddit is a bit of a lost cause
<brg444> I'd agree to that
<bramc> brg444, It's based on Peter R's work which we're already familiar with. The wrong assumptions are that (1) the time to propagate a block is linearly proportional to the number of transactions accepted, and (2) that's a good thing
<brg444> Yes I also got this impression. It's unfortunate to see such efforts being put to such unproductive use. bramc I never got to ask but I'd be curious to know what it is your dabbling in w/ regards to Bitcoin at the moment. you seem to have something in the pipes?
<bramc> brg444, I've been working on a merkle set which I babble about on here fairly regularly. It's all the hard work of making a database.
<bramc> brg444, Also I've been working on making a proofs of space based system work. That's still in theoretical discussions.
<coinoperated> bramc, what sense of space
<brg444> interesting. thanks.
<bramc> coinoperated, In the sense of making 'mining' require disk storage but not power
<coinoperated> oh is this like BurstCoin
<bramc> AUGH
<coinoperated> lemme guess, you have heard that one before
<tulip> coinoperated: burstcoin is a broken concept, same effectively as nothing at stake.
<katu> coinoperated: harder than burstcoin, proof of storing some data in particular
<katu> not just erasure
<bramc> No, not like burstcoin. Yes, I've researched this. It's extremely difficult to make a proof of work where the bottleneck is truly storage and not power. The one in spacemint is probably good, but I believe that system as a whole needs some further improvement.
<coinoperated> ah ok, i know little about Burst because on the surface of it it seemed like a dead end, and altcoin market shenanigans will undermine even the best of intentions anyway.
<coinoperated> where can i follow your current work on this
<katu> coinoperate[Dd: any proof of storage is unfixable, not only burst.
<bramc> coinoperated, There isn't any public writeup of it. There's some babbling in this channel's logs by me and some email discussion which is ongoing
<coinoperated> @katu: this is my strong hunch, but I have no proof
<bramc> katu, Untrue! Or at least, probably untrue. Fixing proof of storage is very nontrivial though.
<katu> bramc: as in, it could replace PoW?
<coinoperated> dilute PoW, no?
<katu> bramc: that works for proof of erasure
<katu> bramc: but storage is entirely new level
<katu> (storage, as in, useful data)
<katu> not just erasure garbage
jannes_ has joined #bitcoin-wizards
<bramc> It appears to be that you have to throw in a bunch of proofs of time and engineer the system as a whole very carefully. It results in a bit of a rube goldberg contraption, but it does appear to be viable. Assuming of course (1) a valid proof of space primitive (2) a valid proof of time primitive and (3) a bunch of carefully done engineering to put them together properly.
<bramc> katu, I'm talking about erasure
<katu> oh, ok then
<coinoperated> wouldn't you need to make sure someone isnt faking storage activity with a summy interface
<katu> erasure seems workable
<coinoperated> dummy
<bramc> The paper spacemint is based on uses the term 'proofs of storage' to refer to what you're calling erasure
<katu> as long you get that oracle in 2)
<katu> NUMS oracle
<coinoperated> i guess this is where the valid proof of storage primitive part comes in
<bramc> katu, There's a workable primitive for (2) although it's highly inelegant: You do repeated hashing with checkpoints.
<katu> bramc: yeah, there are multiple approaches all of which seem to have some gotcha
<jl2012> bramc, "not valid after" could be added with a new witness structure, but that violate some basic assumptions of Bitcoin that a valid tx should be valid forever (unless doublespent)
<katu> bramc: some of the more entertaining: abandon blockchain altogether, you get only timestamped designated signers, not data, this getting rid of the grinding problem. now you can use winner from 100 "blocks" in the past as a NUMS.
<katu> bramc: another proposal is to use separate PoW chain as a nums oracle
<katu> say, current bitcoin blockchain :)
jannes has quit [Ping timeout: 265 seconds]
<katu> both carry some huge "but" with it
<bramc> jl2012, Yes it violates that assumption. There's a strong argument to be made that it's worth getting rid of that assumption so that when a transaction fails because of lack of willingness to pay the fee you can know that it has well and truly failed without having to spend it to invalidate the old transaction, which of course you aren't going to do because of that fee problem.
jannes__ has joined #bitcoin-wizards
<bramc> katu, Proof of steak also has interesting technical problems. Unfortunately even if you solve them all you're still left with a proof of steak system, which isn't really decentralized at all anyway.
<katu> bramc: it all boils down how you deal with the source of timestamp.
bit2017 has joined #bitcoin-wizards
<katu> simplest would be to simply use PoW for timestamps. this would work pretty well for late-stage bitcoin where nodes are incentivized to prove they actually know random sections of blockchain data.
<katu> and PoS scheme would be just auxiliary proof, with no direct monetary reward incentive, but say, incentive for others to even accept your PoW work
<katu> (S=storage)
jannes_ has quit [Ping timeout: 272 seconds]
<bramc> katu, cow systems also have lots of problems with handling steakholders being offline
<katu> well, the idea here is basically that you prove knownledge part of the chain depending on your pow result
<katu> so to mine, you *must* know the whole chain
<katu> additionaly, you have to broadcast that tiny part of chain you've just proven
<jl2012> bramc, ok if outputs of "not valid after" inputs are not allowed to be spent within 100 confirmation. But that will make it much less useful.
bit2017 has quit [Ping timeout: 240 seconds]
<katu> this guarantees no disintegration of chain in some dht style storage.
<katu> this is all assuming people come to terms with the fact that all blokchain data might measure petabytes
<katu> and that storing all of it is simply inpractictal and not actually necessary.
<bramc> jl2012, It's okay to spend them immediately if they get committed more than 100 before their not valid after as well
<bramc> katu, Not sure what you're talking about now. Neither erasure nor cow requires a particularly big blockchain.
<katu> bramc: i'm not sure what "cow" is. i'm rambling about engineering ideas of useful PoS proof
<katu> PoS itself is useless, as it seems to always result just nothing at stake / no thermodynamic cap of PoW
<bramc> katu, 'cow' is my slightly obnoxious term for proofs of steak systems
<katu> bramc: please use more neutral NaS :)
<katu> PoS=storage, not steak
<katu> well, im interested in this erasure of yours. i assume you treat it as a huge mem-hard PoW then
GGuyZ has quit [Quit: GGuyZ]
<bramc> katu, People have done much more involved analysis than I have on it and have come to the conclusion that you can't prove that a cow system will disintegrate because they can always reach a stable state where somebody has completely 0wned the system and lets it run well enough to maximize their profits. There's probably a real-world lesson in there
<bramc> katu, There's some info on proofs of space here: https://github.com/kwonalbert/spacemint
<katu> bramc: is that the precommited pebbles?
<katu> those cant store data.
<bramc> katu, Yes this is not 'useful' work
<katu> im somewhat convinced they dont give the "inverted function" enough justice
<katu> there are simple schemes to make those not variable tmto
<katu> and can even possibly store data; albeit with overhead
<bramc> katu, We seem to have a name collision here. You're referring to proof of space as representing some kind of useful storage. That project (and the academic papers generally) use it to refer to the storage resource with no useful work in it
<katu> bramc: yeah, its somewhat unfortunate
<bramc> I haven't read through their latest proof technique. I have some questions about how it works if you know it reasonably well. I independently came up with the 'obvious' approach to proofs of space, which is unfortunately busted.
<katu> bramc: pebble graphs dont strike me as practical because can't be constructed incrementally. its a time/space hard computation which is then reused to answer random queries.
<katu> bramc: your intution behind simple function inversion might be right, at least i arrived at a provable result those are not infact vulnerable to variable TMTO as the paper claims.
<coinoperated> dumb question, doesnt all Proof-of-(IRL_commitment) have to involve no useful recovery of value from the resource committed in order to be economically predictable
justanot1eruser has joined #bitcoin-wizards
<coinoperated> if you can get something of value (useful work) back from your sacrificed resource commitment, you haven't actually committed anything of value
justanotheruser has quit [Ping timeout: 265 seconds]
<bramc> katu, the answering random queries thing is what I want/need anyway, not sure what you mean by incremental, and also not sure if you're saying that you have a proof of space technique which you like better
justanot1eruser is now known as justanotheruser
<katu> bramc: well, what is it you thought of and got busted
<katu> bramc: was it a simple lookup table of intractable function (hash or number field) mapping?
<bramc> coinoperated, eeeeh, sort of. It would be a nice bonus for something to involve some useful work but the practicalities seem to be ridiculous.
<bramc> katu, Yeah it was use the closeness of a secure hash of a public key, and you prepare for it by storing a whole lot of public keys in sorted order (simplifying a little here)
<katu> bramc: let me introduce the concept of "powcrypt", you can take it from here. i suspect you might arrive at same result as i did.
<coinoperated> right.. see if a miner could recover costs of mining by doing useful work, then the cost of proof drops for that miner. seems like this would cause chaos
<coinoperated> unless the recovered cost could somehow be made exactly the same value for all miners
<bramc> katu, I don't think I'm going to be able to find it from that. I have limited bandwidth to think about things right now and proofs of space primitives are sufficiently technical and sufficiently well-handled by others that I haven't been thinking about them at all
<bramc> coinoperated, That's one of many problems. Another is that useful problems don't conform to the needs of PoW systems at all.
<katu> bramc: say, you have some predefined string of data. you chop it to say, 30 bit chunks. for each 30 bit chunk, you find 36 bit (1/e overhead or something like that) or so preimage which hashes to each 30 bit chunk.
<katu> bramc: this way, at roughly 20% overhead you can store arbitrary data, which is difficult to compute, but easy to verify you actually did that computation.
<katu> now, why this can't be TMTOd? the data you're going to store are commitment, and you do this encoding twice.
<bramc> katu, I'm unfortunately not following. Are you proposing a proof of space?
<katu> yes, one which cant be tmtod. its necessary for infinite-size blocks in bitcoin :)
<bramc> I can only think of these things in terms of an API where there's a challenge and then there's a response which has an amount of quality which goes up proportionally to the amount of space used and has a stochastic distribution
<bramc> Not even sure if the spacemint one has that sort of API
<katu> your "quality" metric in those cases is not defining property of PoS
<katu> its ultimately yes/no thing. if you want to add quality metric, you add multiple copies, each with different encoding and then just hash it against a difficulty target. it gets a stochastic metric regarding to storage used.
<katu> now this is problematic with the proposed pebble graphs. you have to construct huge, several-gb pebble trees and thats it. want to add more proof? construct another huge several gb pebble tree.
<katu> thats what i meant with not being "incremental"
tulip has quit [Quit: Textual IRC Client: www.textualapp.com]
<bramc> Yes that's very annoying. The busted simple approach is so beautiful.
<bramc> I actually need that API to get the system as a whole to work properly.
<bramc> You can even do the busted approach on the unallocated sections of your hard drive, and if they get allocated over oh well, you only lose out on proportional space.
<bramc> I would like to understand your proposed approach, as would others I think, although at the moment I have merkle sets on the brain and am hacking on that and chatting at the same time, so my cycles are a bit low.
CubicEarth has quit [Remote host closed the connection]
<katu> bramc: i plan on writing some sort of poc on it
<katu> bramc: but principally, its similiar to cuckoo cycle
CubicEarth has joined #bitcoin-wizards
<katu> you store "path" to solve some puzzle, and that puzzle just so happens to be commitment-encrypted useful data
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
<bramc> katu, I have a decent understanding of cukoo, so that at least gives a hint.
<bramc> But a writeup is needed and would be much appreciated, and not just by me.
<bramc> Also if you could come up with better proofs of time that would be helpful as well.
<katu> oh well, its christmas ;_;
* katu goes to write up 'powcrypt' approach
pistdov has joined #bitcoin-wizards
Guest58 has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
bram__ has joined #bitcoin-wizards
bramc has quit [Read error: Connection reset by peer]
<Guest58> what are people's thoughts about applying blockchain / cryptocurrency to high volume capital markets transactions like cash equities / fixed income?
<Guest58> Could the clearance and settlement time for these transactions be significantlly reduced?
eragmus has joined #bitcoin-wizards
<katu> Guest58: no. the current blockchain craze for traditional double-entry FIX markets looks ... amusing, at best.
eragmus1 has quit [Ping timeout: 245 seconds]
<Guest58> why do you say that?
<bram__> Guest58 That isn't a simple question. A lot of it has to do with what's actually holding up transactions in capital markets. One clear benefit of having 'blockchains' which are lightly trusted ledgers which support smart transactions is that they could allow for trades across counterparties without coordinating through a single trusted third party.
bram__ is now known as bramc
<katu> Guest58: triple entry accounting as such would be useful, sure. but there are difficulties carrying it out in terms of logistics.
brg444 has quit [Ping timeout: 252 seconds]
<katu> Guest58: first, big capital markets are centralized for a reason and the biggest problem atm is how to make quote data a commitment to the price quoted.
<katu> Guest58: thats surprisingly completely unrelated to blockchain by the virtue of operation, yet it could be partially solved using hashcash style protocols.
<bramc> The slow settlement times of capital markets in general are mysterious to me. They seem to take several orders of magnitude longer than makes any sense at all.
<Guest58> Bramc: I believe the slow settlement times are more due to regulatory issues vs. technology
GGuyZ has joined #bitcoin-wizards
<bramc> Does anybody know if there's a writeup of the coinswap protocol meant to be read by finance industry types?
<katu> bramc: depends at which level you're looking. but in terms of volume (dumps from nanex) its not something one could imagine easily as a byzantine process.
CubicEarth has quit [Remote host closed the connection]
<coinoperated> correct, red tape evolved incrementally to slow down activity and ensure it passed under many eyes to distribute trust through compliance process.
CubicEarth has joined #bitcoin-wizards
<coinoperated> it allows time for immune system to react before malicious activity can rip the guts out. when it works, you never hear about it. when it doesn't, you get lehman bros., etc.
<bramc> I know bank transfers have crazy delays in them. Just because you've cashed a check doesn't mean the money won't be retroactively taken out of your account any time in the next two months. Favorite trick of scammers everywhere.
<alpalp> bramc: I accidentally did that to myself and ended up getting a cashiers check, then a negative balance equal to my house down payment
<bramc> alpalp, Ouch. It's weird whenever you discuss things like cashier's checks at a bank they act like you're an idiot for not knowing the minutiae of how the different instruments work and how obviously nothing could ever be changed
Burrito has quit [Quit: Leaving]
<alpalp> bramc: wrote myself a check out of the wrong account, deposited it. Balance increments. Get cashiers check. Next day, negative huge balance. Write another check out of same wrong account, check bounces again, same negative balance.
<alpalp> eventually got it resolved, but what a terrible process
<gwillen> bramc: I mean, to some degree it's important to read about the instruments before dealing with them, since they have different security properties you may want to know about even if the bank doesn't care
<gwillen> for relevant example, the fact that cashier's checks can come back out of your account for something like 90 days after apparently having been successfully deposited...
<gwillen> (only in cases of forgery, I think, but nevertheless a common scam)
<AdrianG> bramc: i would imagine a lot of transfers of more complicated instruments would be due to make sure the title is transferred properly.
<AdrianG> and there aren't any liens, etc.
<AdrianG> or some other kind of encumbrance, or whatever the term is.
pistdov has quit [Quit: fuhklahhhh]
<coinoperated> get this, one of my accounts is at the us Treasury's own in house credit union. Deposited a cashier's check there *from the US Treasury*, still had to wait 2 business days for it to be considered clear.
Giszmo has quit [Ping timeout: 272 seconds]
<AdrianG> you work for US Treasury?
<coinoperated> no, but you don't have to if you meet certain guidelines and live in the district
<bramc> AdrianG, That doesn't explain why Western Union charges $20 to send *cash*, and doesn't do it instantaneously. That's one case where Bitcoin bizarrely looks better, although it says more about the finance system than it does about Bitcoin
Guest58 has quit [Read error: Connection reset by peer]
<AdrianG> bramc: western union is not even finance industry, really.
<coinoperated> i also have a NASA credit union account for the same reason. their branches just ahppen to be convenient for me to get to
<bramc> Or how you need the physical address of a bank to make a wire transfer to it, because apparently maintaining a national database mapping routing numbers to addresses would be a technical impossibility.
<AdrianG> bramc: physical address is there so that you can sue if anything.
RoboTeddy has quit [Remote host closed the connection]
<AdrianG> thats all it boils down in the end, legal process/system.
<bramc> But now I'm getting into the realm of off-topic ranting. The on topic point is that most if not all of the finance industry's inefficiencies are things which blockchain technology can't actually help with.
<AdrianG> you must have a physical address so that they can be served, if anything.
<coinoperated> the $5 lock security only costs $5 because it depends on the $500 door security, which depends on the $500,000 house security, which depends on the $50m local police department security etc.
<AdrianG> bramc: bitcoin doesn't help with any of the legal barriers, no.
<AdrianG> i dont think.
<coinoperated> its like a web of trust, sort of thing
<AdrianG> coinoperated: what are you making analogies with?
GGuyZ has quit [Quit: GGuyZ]
GoonClooney has quit [Quit: Connection closed for inactivity]
<coinoperated> that the physical address of a given secured value is part of a larger framework of trust, and thus necessary for the address to be locateable in that framework for the security mechanism to do its job
<coinoperated> having an address is in a way, proof of work
<coinoperated> unique
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
<AdrianG> coinoperated: you can have a million corps in one PO box
<AdrianG> its not proof of work
hashtag has quit [Ping timeout: 250 seconds]
TheSeven has quit [Ping timeout: 240 seconds]
<bramc> Okay, I've now finished rejiggering my verification code for proofs of inclusion and proofs of exclusion. I added checks to make sure that the prefixes are right, but have not made it do a higher form of puking in those error cases, because these are free floating functions and I can't convince myself that that form of edge casing is worth it. The internal validation code of the actual data structure will do such puking.
<bramc> And with that, I'm off to drive home.
bramc has quit [Quit: This computer has gone to sleep]
TheSeven has joined #bitcoin-wizards
jaydas has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
ThomasV has joined #bitcoin-wizards
davec has quit [Read error: Connection reset by peer]
davec has joined #bitcoin-wizards
moa has joined #bitcoin-wizards
jaydas has quit [Quit: My Mac has gone to sleep. ZZZzzz…]
CubicEarth has joined #bitcoin-wizards
eragmus has quit [Quit: Leaving.]
tripleslash has joined #bitcoin-wizards
gocrazy has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
RoboTeddy has quit [Ping timeout: 260 seconds]
adam3us has quit [Quit: Leaving.]
smk has quit [Ping timeout: 252 seconds]
licnep has joined #bitcoin-wizards
adam3us has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
adam3us has quit [Quit: Leaving.]
kmels has joined #bitcoin-wizards
ThomasV has quit [Ping timeout: 250 seconds]
adam3us has joined #bitcoin-wizards
RedEmerald has quit [Changing host]
RedEmerald has joined #bitcoin-wizards
tripleslash_x has joined #bitcoin-wizards
tripleslash has quit [Ping timeout: 272 seconds]
adam3us has quit [Read error: Connection reset by peer]
bramc has joined #bitcoin-wizards
tripleslash_x is now known as tripleslash
Ylbam has joined #bitcoin-wizards
matsjj has joined #bitcoin-wizards
dEBRUYNE has joined #bitcoin-wizards
pozitrono has joined #bitcoin-wizards
ThomasV has joined #bitcoin-wizards
kmels has quit [Ping timeout: 256 seconds]
dEBRUYNE has quit [Ping timeout: 256 seconds]
p15 has joined #bitcoin-wizards
ThomasV has quit [Ping timeout: 250 seconds]
sparetire_ has quit [Quit: sparetire_]
licnep has quit [Quit: Connection closed for inactivity]
bramc has quit [Quit: This computer has gone to sleep]
pozitrono has quit [Ping timeout: 245 seconds]
melvster has quit [Ping timeout: 264 seconds]
GAit has joined #bitcoin-wizards
melvster has joined #bitcoin-wizards
roconnor has quit [Ping timeout: 272 seconds]
moa has quit [Quit: Leaving.]
p15 has quit [Ping timeout: 276 seconds]
CubicEarth has quit [Remote host closed the connection]
Quanttek has joined #bitcoin-wizards
CubicEarth has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
RoboTeddy has quit [Remote host closed the connection]
GAit has quit [Read error: Connection reset by peer]
GAit has joined #bitcoin-wizards
GAit has quit [Quit: Leaving.]
arowser has quit [Ping timeout: 255 seconds]
arowser has joined #bitcoin-wizards
crazybrain has joined #bitcoin-wizards
<crazybrain> Hii
<crazybrain> How do you see the growing censorship of bitcoin for the government?
RoboTeddy has joined #bitcoin-wizards
RoboTeddy has quit [Ping timeout: 260 seconds]
<fluffypony> crazybrain: #bitcoin
adam3us has joined #bitcoin-wizards
laurentmt has joined #bitcoin-wizards
laurentmt has quit [Client Quit]
adam3us has quit [Ping timeout: 240 seconds]
adam3us has joined #bitcoin-wizards
hashtag has joined #bitcoin-wizards
adam3us has quit [Ping timeout: 264 seconds]
adam3us has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
adam3us has quit [Ping timeout: 264 seconds]
RoboTeddy has quit [Ping timeout: 260 seconds]
adam3us has joined #bitcoin-wizards
GAit has joined #bitcoin-wizards
GAit has quit [Client Quit]
GAit has joined #bitcoin-wizards
hashtag has quit [Ping timeout: 256 seconds]
adam3us has quit [Quit: Leaving.]
Piper-Off is now known as Monthrect
GAit1 has joined #bitcoin-wizards
GAit1 has quit [Client Quit]
GAit has quit [Ping timeout: 256 seconds]
hashtag has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
RoboTeddy has quit [Ping timeout: 245 seconds]
rustyn has quit [Read error: Connection reset by peer]
rustyn has joined #bitcoin-wizards
Giszmo has joined #bitcoin-wizards
crazybrain_ has joined #bitcoin-wizards
crazybrain has quit [Ping timeout: 245 seconds]
AaronvanW has joined #bitcoin-wizards
AaronvanW has quit [Changing host]
AaronvanW has joined #bitcoin-wizards
Giszmo has quit [Ping timeout: 260 seconds]
crazybrain_ is now known as crazybrain
livegnik has quit [Quit: No Ping reply in 180 seconds.]
livegnik has joined #bitcoin-wizards
kkpn has joined #bitcoin-wizards
kkpn has quit [Client Quit]
TBI has quit [Ping timeout: 265 seconds]
GGuyZ has joined #bitcoin-wizards
GGuyZ has quit [Client Quit]
crazybrain has quit [Remote host closed the connection]
TheFernDawg has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
TheFernDawg has quit [Client Quit]
matsjj_ has joined #bitcoin-wizards
Guest58_ has joined #bitcoin-wizards
matsjj has quit [Ping timeout: 240 seconds]
belcher has joined #bitcoin-wizards
RoboTeddy has quit [Ping timeout: 245 seconds]
GGuyZ has joined #bitcoin-wizards
Guyver2 has joined #bitcoin-wizards
matsjj_ has quit [Ping timeout: 240 seconds]
matsjj has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
kmels has joined #bitcoin-wizards
PRab has quit [Read error: Connection reset by peer]
Guest58_ has quit [Quit: My Mac has gone to sleep. ZZZzzz…]
RoboTeddy has quit [Ping timeout: 240 seconds]
dEBRUYNE has joined #bitcoin-wizards
Quanttek has quit [Ping timeout: 250 seconds]
kmels has quit [Ping timeout: 255 seconds]
erasmospunk has joined #bitcoin-wizards
matsjj_ has joined #bitcoin-wizards
matsjj has quit [Ping timeout: 260 seconds]
erasmospunk has quit [Ping timeout: 265 seconds]
matsjj_ has quit [Ping timeout: 240 seconds]
erasmospunk has joined #bitcoin-wizards
matsjj_ has joined #bitcoin-wizards
bramc has joined #bitcoin-wizards
dEBRUYNE has quit [Ping timeout: 256 seconds]
dEBRUYNE has joined #bitcoin-wizards
TBI has joined #bitcoin-wizards
licnep has joined #bitcoin-wizards
matsjj has joined #bitcoin-wizards
matsjj_ has quit [Ping timeout: 240 seconds]
Guest58_ has joined #bitcoin-wizards
hashtag has quit [Ping timeout: 245 seconds]
erasmospunk has quit [Remote host closed the connection]
kmels has joined #bitcoin-wizards
RoboTeddy has joined #bitcoin-wizards
Harkonin has joined #bitcoin-wizards
RoboTeddy has quit [Ping timeout: 256 seconds]
Quanttek has joined #bitcoin-wizards
alpalp has quit [Ping timeout: 245 seconds]
Quanttek has quit [Ping timeout: 276 seconds]
hashtag has joined #bitcoin-wizards
alpalp has joined #bitcoin-wizards
Luke-Jr has quit [Excess Flood]
Luke-Jr has joined #bitcoin-wizards
Quanttek has joined #bitcoin-wizards
matsjj_ has joined #bitcoin-wizards
matsjj has quit [Ping timeout: 245 seconds]
dave4925 has joined #bitcoin-wizards
dEBRUYNE_ has joined #bitcoin-wizards
sparetire_ has joined #bitcoin-wizards
dEBRUYNE has quit [Ping timeout: 276 seconds]
dEBRUYNE__ has joined #bitcoin-wizards
dEBRUYNE_ has quit [Read error: Connection reset by peer]
erasmospunk has joined #bitcoin-wizards
erasmospunk has quit [Ping timeout: 250 seconds]
RoboTeddy has joined #bitcoin-wizards
RoboTeddy has quit [Ping timeout: 255 seconds]
adam3us has joined #bitcoin-wizards
GGuyZ_ has joined #bitcoin-wizards
GGuyZ has quit [Read error: Connection reset by peer]
GGuyZ_ is now known as GGuyZ
eragmus has joined #bitcoin-wizards
Ylbam has quit [Quit: Connection closed for inactivity]
TBI_ has joined #bitcoin-wizards
TBI has quit [Ping timeout: 276 seconds]
JackH has quit [Ping timeout: 240 seconds]
erasmospunk has joined #bitcoin-wizards
erasmospunk has quit [Ping timeout: 240 seconds]
RoboTeddy has joined #bitcoin-wizards
rustyn has quit [Read error: Connection reset by peer]
RoboTeddy has quit [Ping timeout: 256 seconds]
rustyn has joined #bitcoin-wizards
bramc has quit [Quit: This computer has gone to sleep]
Ylbam has joined #bitcoin-wizards
matsjj has joined #bitcoin-wizards
CubicEarth has joined #bitcoin-wizards
dEBRUYNE__ has quit [Ping timeout: 276 seconds]
matsjj_ has quit [Ping timeout: 250 seconds]
JackH has joined #bitcoin-wizards
Burrito has joined #bitcoin-wizards
JackH has quit [Ping timeout: 260 seconds]
eragmus1 has joined #bitcoin-wizards
eragmus has quit [Ping timeout: 240 seconds]
JHCShGVgFV has joined #bitcoin-wizards
luigi1111w is now known as luigi1111vaca
c0rw|zZz_ has joined #bitcoin-wizards
c0rw|zZz has quit [Ping timeout: 260 seconds]
licnep has quit [Quit: Connection closed for inactivity]
RoboTeddy has joined #bitcoin-wizards
dEBRUYNE has joined #bitcoin-wizards
matsjj_ has joined #bitcoin-wizards
gielbier has joined #bitcoin-wizards
gielbier has quit [Changing host]
gielbier has joined #bitcoin-wizards
matsjj has quit [Ping timeout: 255 seconds]
matsjj has joined #bitcoin-wizards
matsjj_ has quit [Ping timeout: 240 seconds]
erasmospunk has joined #bitcoin-wizards
erasmospunk has quit [Ping timeout: 260 seconds]
grubles is now known as `grubIes
`grubIes is now known as `grub1es
`grub1es is now known as grubIes`
grubIes` is now known as grub1es`
grub1es` is now known as grubles
JackH has joined #bitcoin-wizards
licnep has joined #bitcoin-wizards
JHCShGVgFV has quit [Quit: Leaving]
JackH has quit [Ping timeout: 276 seconds]
davec has quit [Read error: Connection reset by peer]
davec has joined #bitcoin-wizards
warptangent_ is now known as warptangent
erasmospunk has joined #bitcoin-wizards
zookolaptop has joined #bitcoin-wizards
matsjj_ has joined #bitcoin-wizards
matsjj has quit [Ping timeout: 240 seconds]
CubicEarth has quit [Remote host closed the connection]
CubicEarth has joined #bitcoin-wizards
CubicEarth has quit [Remote host closed the connection]
coinoperated has quit [Ping timeout: 265 seconds]
AnoAnon has joined #bitcoin-wizards
AnoAnon has quit [Max SendQ exceeded]
AnoAnon has joined #bitcoin-wizards
AnoAnon has quit [Read error: Connection reset by peer]
adam3us has quit [Quit: Leaving.]
jannes__ has quit [Quit: Leaving]
Transisto2 has quit []
adam3us has joined #bitcoin-wizards
CubicEarth has joined #bitcoin-wizards
melvster has quit [Ping timeout: 250 seconds]
c0rw|zZz_ is now known as c0rw1n
dEBRUYNE has quit [Ping timeout: 250 seconds]
laurentmt has joined #bitcoin-wizards
copumpkin has quit [Ping timeout: 250 seconds]
melvster has joined #bitcoin-wizards
laurentmt has quit [Quit: laurentmt]
belcher has quit [Ping timeout: 260 seconds]
PaulCapestany has quit [Quit: .]
bramc has joined #bitcoin-wizards
PaulCapestany has joined #bitcoin-wizards
zookolaptop is now known as zooko
eragmus has joined #bitcoin-wizards
JackH has joined #bitcoin-wizards
eragmus1 has quit [Ping timeout: 272 seconds]
erasmospunk has quit [Quit: ttm]
licnep has quit [Quit: Connection closed for inactivity]
copumpkin has joined #bitcoin-wizards
hashtag has quit [Ping timeout: 250 seconds]
eragmus1 has joined #bitcoin-wizards
PaulCapestany has quit [Remote host closed the connection]
eragmus has quit [Ping timeout: 276 seconds]
PaulCapestany has joined #bitcoin-wizards
eragmus1 has quit [Read error: Connection reset by peer]
eragmus has joined #bitcoin-wizards
JackH has quit [Ping timeout: 240 seconds]
eragmus1 has joined #bitcoin-wizards
eragmus2 has joined #bitcoin-wizards
eragmus has quit [Ping timeout: 256 seconds]
eragmus1 has quit [Ping timeout: 250 seconds]
eragmus has joined #bitcoin-wizards
hashtag has joined #bitcoin-wizards
eragmus2 has quit [Ping timeout: 264 seconds]
eragmus1 has joined #bitcoin-wizards
eragmus2 has joined #bitcoin-wizards
eragmus has quit [Ping timeout: 260 seconds]
eragmus1 has quit [Ping timeout: 246 seconds]
eragmus has joined #bitcoin-wizards
zooko has quit [Ping timeout: 240 seconds]
tripleslash has quit [Ping timeout: 260 seconds]
eragmus2 has quit [Ping timeout: 260 seconds]
eragmus1 has joined #bitcoin-wizards
dgenr8 has quit [Quit: Leaving]
tripleslash has joined #bitcoin-wizards
eragmus2 has joined #bitcoin-wizards
dgenr8 has joined #bitcoin-wizards
eragmus has quit [Ping timeout: 272 seconds]
eragmus1 has quit [Ping timeout: 240 seconds]
eragmus has joined #bitcoin-wizards
Guyver2 has quit [Quit: :)]
eragmus2 has quit [Ping timeout: 265 seconds]
eragmus1 has joined #bitcoin-wizards
dEBRUYNE has joined #bitcoin-wizards
eragmus2 has joined #bitcoin-wizards
eragmus has quit [Ping timeout: 245 seconds]
eragmus has joined #bitcoin-wizards
matsjj has joined #bitcoin-wizards
matsjj_ has quit [Ping timeout: 240 seconds]
eragmus1 has quit [Ping timeout: 240 seconds]
zookolaptop has joined #bitcoin-wizards
eragmus2 has quit [Ping timeout: 276 seconds]
eragmus has quit [Read error: Connection reset by peer]
eragmus has joined #bitcoin-wizards
dave4925 has quit [Remote host closed the connection]
matsjj_ has joined #bitcoin-wizards
matsjj has quit [Ping timeout: 250 seconds]
eragmus has quit [Read error: Connection reset by peer]
eragmus has joined #bitcoin-wizards
c0rw1n is now known as c0rw|zZz
eragmus1 has joined #bitcoin-wizards
eragmus2 has joined #bitcoin-wizards
eragmus has quit [Ping timeout: 276 seconds]