Dear colleagues, I'm here, as last resource, to try to find a light in the end of the tunnel. In 2012 I had a wallet at btcguild, and now I have discovered that this site is closed...like... 4 years. Is there a way to recover the wallet? I find out the btc.com transaction log proving that I have some money on my account, and is tagged as unspent. I know, I probably lost everything... but as I told ya, i'm trying to find hints or advices. Any word about this? thanks!
Dear friends: We can't afford for a bitcoin service to become too big to fail. No one will bail us out.
It is becoming obvious that bitcoin as a protocol is incredibly resilient. The biggest problem we face right now are from bitcoin services that will bring down the bitcoin economy if they fail. I am aware of two current situations where this possibility exists today:
BTC Guild has had nearly 50% of the mining pool share for all of recent history. If BTC Guild reaches 51% of the market share the mining pool could be used to fork the chain, leading to instability for bitcoin. It is simple to choose any of the other top 5 pools. See: blockchaininfo chart.
We must act now and over the long term to ensure that we don't inadvertently threaten the future of bitcoin with poor choices.
After many months of consideration, I have finally made the choice to announce the planned closure of BTC Guild. Below, I've outlined the closure process/timeline and reasons that this decision was made. Closure Timeframe and Process As identified in the support section and in the 2nd post on this thread, BTC Guild has had an official policy for the amount of time that will be given in the event of closure. The official date that BTC Guild will cease all business is January 31, 2015. This post is the start of the identified 3 months of warning. 1) Effective immediately, registrations are closed to new users. 2) BTC Guild mining servers will remain online until November 30, 2014. 3) Users will have until 11:59 PM (PST) on January 31, 2015 to withdraw any remaining balances on their account. The above timeline may change if BTC Guild is sold prior to the planned date of closure. Main Reasons for Closure 1) Risk/cost of a successful attack against the pool. As pooled mining in general is shrinking due to large manufacturers creating private farms, the potential revenue for the pool has gone down as expected. While the pool is still very profitable, the amount of time it would take to recover from an attack has increased due to the overall share of the network shrinking. BTC Guild has, to date, never been successfully hacked. However, I have seen a rise in attack attempts, and things like Heartbleed/Shellshock which show that efforts are being put into compromising common Linux services if possible. Neither of those attacks had any affect on BTC Guild, but they were both reminders that under BTC Guild's own code, there are many services which could be a doorway into the pool's servers if a vulnerability was discovered. One successful attack could cost close to a year of pool revenue, maybe more depending on what happens in the mining landscape over that period of time. If something else happened in that time (subsequent attack or regulation forcing closure), it would mean continuing to operate the pool beyond this point has cost me more money than it might potentially make in the rest of its lifetime. 2) US government/regulators are already taking stances against specific business types in Bitcoin, applying requirements which would be impossible for BTC Guild to operate under if they attempt to extend regulation into pooled mining, either directly or indirectly due to unclear definitions. Nobody will mine on a pool which requires them to provide personally identifiable information when they can change a single line in their configuration to point elsewhere. Additionally, state regulators are starting to make noise about Bitcoin. New York is the first to publicly put anything forward, but there are 49 other states which can put their own spin on things. Due to the ability for states to establish a nexus for businesses dealing with their state's residents, it is a scary landscape to continue operating in. I have no intention of leaving the US myself, and given the recent history of the US when it comes to online businesses, I don't feel safe simply moving the business legal entity to another country while continuing to live in the US myself. Aquisition and Users's Privacy/Funds In the event that BTC Guild is acquired prior to closure, users will not have their mining history and withdrawal history transferred to the new owner. All balances up to the date of aquisition will be retained by myself, and a separate service will be made available to claim any funds owed. I am unwilling to compromise on this, because I refuse to do anything where it puts the users of the pool at risk of not receiving what they've earned under my watch. Pool Recommendations and Advice For users looking for a new home for their miners, I highly recommend BitMinter, Eligius, and p2pool. I do not recommend Slush over any of those 3 options, and I actively encourage users to not use Discus Fish or GHash.io. Other smaller pools exist which are run by honest people, but due to their size, it is difficult to recommend them to the average miner. Closing Words When I got into Bitcoin back in March of 2011, I never expected anything that we've seen over the last 3 and a half years. I had never built a computer before, never run a server beyond a Gentoo PC in a spare bedroom, and never setup a website that experienced even 0.1% of the traffic BTC Guild gets on an average day. Bitcoin and BTC Guild have both radically changed my life. While I am closing BTC Guild, I still plan to remain a part of the Bitcoin community. I do believe, even in the face of over-regulation, that Bitcoin will continue to grow and become more useful and usable. I just feel that it is time to move on from BTC Guild, and take pride in the fact that BTC Guild's closure can show that not all Bitcoin businesses end with somebody stealing funds from their users, either by "getting hacked" or outright theft.
In the past, BTCGuild increased their fees to prevent themselves from obtaining 51% hashing power. I suggest they lower their fees again to become competitive with GHash and take back some market share.
Learn how to code Once the basics of programming are understood, it can be difficult to understand how or why those concepts are applied. We believe the most effective way a beginner can approach learning to code is by breaking the learning process into three broad segments or “phases”. Learn syntax Solve problems Make stuff There is currently a complete lack of attention on the second segment. A beginner must go directly from learning syntax to making things without any real understanding of how the syntax is used to solve problems. In other words, the beginner has not yet learned how to think like a programmer, yet they are expected to solve problems like a programmer. Edabit was created to bridge this gap between knowing syntax and actually making stuff with syntax. In the real world, a developer will typically encounter a problem or challenge they’re not completely sure how to solve. They search for documentation, tutorials or Q&A to overcome the challenge and sometimes ask questions in discussion forums. A pattern repeated over and over again. Edabit simulates this pattern in a more structured way, while removing the tedious non-educational aspects and adding simple game mechanics. It teaches the beginner to think like a programmer, read documentation and ask appropriate questions. All of which transfer nicely to real world development environments. This approach will dramatically speed up the beginners journey to becoming an actual developer while at the same time making the process more enjoyable. It's easier, quicker and more fun.
BTC Guild is NOT close to 51% of the hash share, despite previous reports here
I wanted to debunk this, not because I like BTC guild (I use Slush's pool, which thankfully is now back up), but to stop the fear mongering of BTC Guild being large and another threat besides regulation, DDoS attacks, etc. Find the service you like, use them to mine, and be done with it. The whole purpose of BTC is to have more choices and allow more market freedom. If someone chooses to use BTC guild, they probably have a reason to do so, not because tehy were forced into it. Source: http://bitcoincharts.com/bitcoin/
WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future (274 points, 168 comments)
The guy who won this week's MillionaireMakers drawing has received ~$55 in BCH and ~$30 in BTC. It will cost him less than $0.01 to move the BCH, but $6.16 (20%) in fees to move the BTC. (164 points, 100 comments)
Do you think Bitcoin needs to increase the block size? You're in luck! It already did: Bitcoin BCH. Avoid the upcoming controversial BTC block size debate by trading your broken Bitcoin BTC for upgraded Bitcoin BCH now. (209 points, 194 comments)
Master list of evidence regarding Bitcoin's hijacking and takeover by Blockstream (185 points, 113 comments)
PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 192 comments)
This sub is the only sub in all of Reddit that allows truly uncensored discussion of BTC. If it turns out that most of that uncensored discussion is negative, DON'T BLAME US. (143 points, 205 comments)
211 points: fireduck's comment in John Mcafee on the run from IRS Tax Evasion charges, running 2020 Presidential Campaign from Venezuela in Exile
203 points: WalterRothbard's comment in I am a Bitcoin supporter and developer, and I'm starting to think that Bitcoin Cash could be better, but I have some concerns, is anyone willing to discuss them?
163 points: YourBodyIsBCHn's comment in I made this account specifically to tip in nsfw/gonewild subreddits
161 points: BeijingBitcoins's comment in Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo!
156 points: hawks5999's comment in You can’t make this stuff up. This is how BTC supporters actually think. From bitcoin: “What you can do to make BTC better: check twice if you really need to use it!” 🤦🏻♂️
155 points: lowstrife's comment in Steve Wozniak Sold His Bitcoin at Its Peak $20,000 Valuation
151 points: kdawgud's comment in The government is taking away basic freedoms we each deserve
147 points: m4ktub1st's comment in BCH suffered a 51% attack by colluding miners to re-org the chain in order to reverse transactions - why is nobody talking about this? Dangerous precident
147 points: todu's comment in Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers.
I'm happy I found you Bitcoin. I am now using it to donate to charity for free.
UPDATE A user as asked me if how to contribute to working towards my 1BTC goal. While I believe this is a great idea as many people can use the same worker, and anyone can tribute even the smallest to make a bigger difference, I had not planned to open by BTC Guild worker publicly. And you may say I could just take the bitcoins for myself, etc. I don't have any proof to show you so if you like to help with reaching my 1 BTC, you are doing so at your own risk. I just want to make it clear since this is NOT my focus and I will explain below how you can do just exactly what I'm doing without ever having me involved. So here is my attempt at helping you set it up. If you are new to bitcoin, usually you create a Wallet. This is simply where you store your bitcoins. However, we do not need a wallet since all the bitcoins you earn will be diverted directly to the charity site, which makes setting up so much easier. SET UP & INSTALLATION
Download and Run bitcoin miner. I use GUIMiner the most popular and this is simple the software that will do the actual mining and essentially all you need. Here is the official link http://guiminer.org
Select BTC GUILD (any) as your server and Username: BTCharity_1. (Password is anything you set)
Hit Start Mining and that's it, let it run it the background as you collect. You will see it working when you see a hash rate showing with shares numbers slowly rising.
Note: If you would like to earn bitcoins to donate for yourself seperately, you need to first create a new account on BTC guild. Then create a worker with your account to replace mine. Next thing you need to do is get a address from the donation site http://www.thesethgroup.org/#!donate-bitcoin/coo5 Copy that address in your Settings>Bitcoin Wallet address and set an automatic payout (lowest is 0.01). Now you are all set, when you've collected enough bitcoins on your own, and once it reaches your payout threshlevel, it will automatically send the bitcoins to the charity. Hope this helps. Dear reddit, I have never heard of bitcoins until recently like many other individuals, I took a interest after the big BTC value rise and I saw it on reddit. I have been reading everything about bitcoins for the last few days. What really inspired me what how progressive it has become and how much more wildly common it is to use. I have never tried to mine for actual bitcoins until this reddit post got to me. http://www.reddit.com/Bitcoin/comments/1bjmh6/nonprofit_cancer_researchers_accepting_bitcoin_to/ Charity organizations are beginning to accept bitcoins! This one was particularly relevant to me since two of my loved family members are diagnosed with cancer, my aunt and my uncle from dad's side, they are pro cannabis also. So basically as of now, I'm using my desktop to "mine" bitcones, I average about 200Mh/s. This is not much at all and you should not expect to make any real money. However I have set up a way to mine bitcoins with a pool, on my computer which is usually on all the time and added a donation link key from the Cancer Reasarch site above to the BTC guild account and have it set to automatic payout when it reaches 1 bitcoin. I have never donated before in my life even though I have always wanted to, but I am just poor and have no money, I find this a heartwarming way to now I'm contributing to something. I find this an amazing way to both contribute to the bitcoin cause and to fight cancer, to donate to charity essentially for free if you don't have the money to spare. I encourage you to do the same. If you have any questions about doing something similar I will try to help! You can essentially set this up in less than 5 minutes and start contributing even if you don't know much about bitcoins yet. You can learn as you go.
Playing devil's advocate- "Why Bitcoin will crash to $0", by a Bitcoin supporter.
OK, let me start by saying that I think the general idea of a cryptographic currency is a brilliant one. I can definitely see Bitcoin establishing itself as a major world currency, and basically doing to fiat currencies what email did to the postal system. However, whenever I mention Bitcoin to anyone, I strongly encourage them not to invest more than they are prepared to lose. I myself only own 10 BTC. Why? Because Bitcoin has flaws, and it has potential enemies, and I think there's a very good chance that the currency could be basically destroyed overnight. THE PROBLEMS:
The code. Bitcoin is not a magic black box. It's a complicated piece of open-source software, written by a community of volunteers and hobbyists with various degrees of ability. IT CONTAINS BUGS. What these bugs are and how serious their symptoms will be remains to be seen, but we have already had a few serious problems (such as the 0.7/0.8 fork) and it's likely there will be more to come.
The value of exploits. With the soaring value of Bitcoins, it is likely that it will increasingly become a target for attack. If someone can find and exploit a flaw, they can make a fortune. Due to the nature of Bitcoin, it would be almost impossible to discover the culprit or recover any losses. This was already happening when there was almost nothing to gain from it!
Government intervention. Currency manipulation is one of the core economic controls of government. Mass adoption of Bitcoin would render this tool ineffective, or even unusable. It's certainly conceivable that the US or EU could implement a blanket ban on Bitcoin trades, which would utterly cripple the currency's expansion. As we're now hitting the point where large-scale funds are buying into Bitcoin, such a move would cause a rapid exodus of significant funds, by a few small high-worth individuals over a very short timescale. This, combined with the effect of legislation, would almost inevitably trigger a large-scale panic sell-off, and there would be no market remaining to allow for the currency's revival.
Corporate sabotage. Moneygram, Western Union, Paypal. Just three examples of multi-billion dollar multinationals with business models which would be rendered obsolete should Bitcoin achieve widespread adoption. Bitcoin, despite its rapid expansion and long-term potential, is tiny compared to many large organisations which have a vested interest in seeing the currency fail. At its current size, the Bitcoin economy could be toppled for a handful of million dollars- enough to buy and sell large volumes specifically to cause huge price swings, to undermine confidence with smear campaigns, or to directly attack flaws in the software or the network that underpins it.
Fundamental flaws. The design of Bitcoin is not perfect. We're already seeing the blockchain becoming bloated by the micro-transactions of SatoshiDice. What if the volume of these were to rise a thousandfold, through deliberate flooding or simply through the natural expansion of the currency? We're already worried about mining guilds which have control of too much computing power. 51% is quoted as the minimum level required in order to subvert the Bitcoin transaction system successfully. This is not strictly true- 51% is simply the point at which an attack becomes more likely to succeed than to fail. It's perfectly possible that an entity with a significant non-majority of mining power could succeed in poisoning the blockchain with dishonest blocks. This can be attempted over and over again by a motivated group or individual, and it only needs to succeed once to cause irreparable damage to Bitcoin's credibility.
With the current public interest in the currency, the media spotlight focused on it, and the fledgling involvement of high-value investors likely to abandon Bitcoin forcefully if they foresee any potential losses, I believe that Bitcoin is extremely vulnerable at present. Any one of the problems listed could trigger a panic which would crash the currency overnight, and in a way that it wouldn't likely recover from. So, whilst I'm not concerned about the effects of speculative bubbles, and I do believe Bitcoin is destined for long-term success, I urge caution. Please, don't invest more than you can afford to lose.
Why the price is plummeting....its very simple: Currently BTC guild can destroy the blockchain.
The reason why the price has plummeted is not DDOS or exchange instability its the fact that bitcoin is currently not technically safe, the day of the crash BTC guild announced they were voluntarily limiting their mining speed to less than 50%. They have their own ASIC miners that are faster than EVERYONE else. They can theoretically do whatever they want to the block chain. They are currently limiting themselves voluntarily in order to preserve the integrity of the block chain!!!!
Mining at this point is no longer about profit. It's about ideology. You mine BTC to support a system in which you believe, the revenue serves the purpose of keeping it affordable to you. For the pool operators, the situation is different. For them, mining IS about profit. If BTC Guild has 25% of the Hashrate, it means their pool discovers 25% of the block per day or 1800 BTC, their 3% fee, (excl transaction fees), means 54 Bitcoin/43,200 dollar daily, far exceeding the cost of hosting a pool. For this reason it is important that Bitcoin miners know about ALL options available to them to secure the network. Please understand the following simple fact: You do not depend on the pool operators. As I will go on to show, the pool operators depend on you. You are already aware of your ability to switch to a different pool. You can move to Eligius or other pools which have 0% fees, thus earning you more money. If you want to help the network, mine on a pool that has a low hash rate, abandon the largest pools. However, there's another option available to you that you have to be aware of. Pools can become malicious. As an example, GHash.IO is believed to have committed double-spending attacks against Betcoin dice, which accepts zero confirmation bets. Theoretically, GHash.IO could use the money from attacks committed against the network to subsidize miners who mine on their pool, thus leading to them eventually getting 51% of the network. If you believe a pool is a threat to the Bitcoin network, you have the ability to engage in a block withholding attack. There's nothing a pool operator can do about this, which is why they don't want you to know about it. Block withholding attacks are an essential weapon of last resort we have against malicious pools. It works as following. When you find a valid hash, you normally give the hash to the pool, just like any other hash. The pool takes the reward and distributes the profits equally to everyone in the pool based on the amount of attempts they contributed. You're not able to use the hash for yourself, the reward goes to an address controlled by the pool operator. However, the pool operator doesn't know if you found a valid hash until you hand it over to him! If you choose to withhold the hash, it doesn't cost you anything, the one who suffers financially is the pool operator, who pays you for your valid shares. If enough people do this, eventually the pool operator figures out that people are probably screwing him over. However, he doesn't know who! There are roughly three ways the pool operator can respond to this. He can try to figure out who is screwing him over. If the problem began recently, he might try to kick people who joined recently. However, he will also inevitably kick people who are mining honestly. Thus, his share of the network drops. Alternatively, he can increase his fee. When he increases his fee, people will get angry and leave his pool, meaning his share of the network still drops. The third response is to test miners, by sending them work that has already been solved whenever the pool mines a block. If any of the miners decide to withhold the solution, the pool operator knows they're screwing him over. However, miners can check the blockchain, thus allowing them to send the work they did if the block has already been successfully solved. The only response the pool operator has to such smart miners is to wait with publishing his block. This however increases his risk of having his block orphaned, which will end up costing him money as well. Thus pool operators who can't trust their miners will always lose money, one way or another. When should you use the block withholding attack? When to use the block withholding attack is ultimately your decision. However, there are some things you need to keep in mind. The block withholding attack takes some time before people discover it, as the pool operator will at first attribute his lack of blocks to a statistical fluctuation. Thus, if you move to a pool that's 45% of the network and growing rapidly, my guess would be that you're too late. Previous episodes have shown that we depended on ASICMiner, BTCGuild and GHash.IO to play nice with us and not start a 51% attack. My personal opinion would be that any malicious pool with more than 30% of the network is dangerous enough to justify a block withholding attack against them. Just the threat of a block withholding attack may be enough to save Bitcoin Why am I telling you this? As miners, your knowledge of your power to execute a block withholding attack is a danger to the pool operators, because it emancipates you. When most miners know how to commit a block withholding attack, the pools will have to prove to you that they deserve your trust! Thus, pools will have to make concessions to you. As an example, pools will have to promise not to go over 30% of the network. Alternatively, pool operators will have to reveal their identity to you. Pool operators right now are greedy, happily taking 40% or more of the network, as it raises their revenue. They will have to stop being greedy when miners learn that they can punish greedy pool operators. The ongoing threat of a 51% attack is also reducing the market cap of Bitcoin. When mining decentralizes again the value of Bitcoin will go up. How do you commit a block withholding attack? This is the embarrassing part of my post. I'd really like to provide an answer here, but I can't. I am not aware of any mining client that has an option to carry out the block withholding attack. The block withholding attack for now remains a theoretical construct, akin to a Cobalt bomb, a theoretical weapon of mass destruction that nobody has bothered building. The first guy who builds an open source mining client capable of carrying out a block withholding attack will make large pool operators shit bricks. I'm sure some people would be willing to pay a coder who produces a client capable of a block withholding attack as well. Until that time, the block withholding attack remains the stuff of game theory and nerd-mythology.
31% is still a very large portion of the hash rate. Bitcoin's strength is in it's decentralization and there are many decent pools to run on. I personally recommend bitminter (custom client, VERY easy to use) or p2pool. I would even stay away from 50BTC as it also holds more than 15% of the hash rate. Preferably, pools should not be larger than 15% at this point in time and in the future p2pool should be the defacto (there seems to be more downtime than it should but with a backup pool it should be fine). Currently pools and exchanges are bitcoin's biggest weakness, we should not exacerbation the problem.
BTC.com is a web wallet originally created by Blocktrail and now owned by Bitmain Technologies. It also publishes an Android wallet, an iOS Wallet, a Bitcoin API, a block explorer, and a mining pool. On July 19, 2016 Blocktrail was acquired by Bitmain and subsequently re-branded to BTC.com. BTC Guild is a mining pool which offers proportional based rewards, where your reward is equal to the block value, multiplied by your valid shares submitted during the round.The pool does not take a fee from each block solved, and calculates rewards to the full 8 decimal points supported by the Bitcoin protocol. BTC Guild is set to close at the end of June, months after previously announcing that it would shut down its long-running bitcoin mining pool. BTC Guild is a mining pool which offers proportional based rewards, where your reward is equal to the block value, multiplied by your valid shares submitted during the round.The pool does not take a fee from each block solved, and calculates rewards to the full 8 decimal points supported by the Bitcoin protocol. Pooled mining is a mining approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Bitcoin pooled mining effectively reduces the granularity of the block generation reward.
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