By KDW

by KDW - 2018 years ago

Bitcoin Network Status Update Wednesday, May 16, 2018

Status of the Bitcoin network as of Wednesday, May 16, 2018 at 12:00:03 EST: Total bitcoins: 17,037,077.295296 Height: 522,972 Difficulty: 4,143,878,474,754.187988 Statistics for the past 24 hours: Number of blocks mined: 160 Total bitcoins output (amount sent): 1,072,422.631136 Total fees: 36.50917...

by KDW - 2018 years ago

What is the purpose of the merkle root?

I thought that the merkle root was there provide immutability, but I don't see this being necessary as the proof of work hashes the previous block. Hashing the previous block means that all the transactions in the previous block are hashed as well and any changes to a transaction are thus preven...

by KDW - 2018 years ago

Bitcoin is digital gold and the LightningNetwork uses cryptographically secured and trustless “IOU’s” as a medium of exchange backed by bitcoin, for efficiency. Like when paper money was backed by gold in 1844. But this time no one can suddenly take the g

Edit: Yikes, this blew up a little and I’m being hit from all angles about why I’m wrong. I probably shouldn’t have used the term “IOU” cause it insinuates debt, as well as there being counter party risk. My point is that it’s like having the most trusted and secure IOU in the world, because it’s no...

by KDW - 2018 years ago

Warning: Spam attack from 2016 has resumed

Since about 09:00 UTC, 40 MB of transactions have been added to the mempool. Vegard from the LND slack pointed out this transaction, which certainly looks like spam, but perhaps it's legitimate. After all, it did pay a 332 sat/B(!) fee, which is quite high right now. However, if you investigate,...