Mike Kelly

@mikekelly85

I think it should cost shops nothing to take a payment from you. It's just moving some numbers over the internet. I'm solving that problem.

London, England
Vrijeme pridruživanja: lipanj 2008.

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  1. Prikvačeni tweet
    18. ruj 2019.

    Banks make money when you deposit your salary with them by taking your money and lending it out to other people. Would you accept your bank charging you an extra fee every time you need to pay for something like a coffee, Netflix subscription, or donating to charity?

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  2. 2. velj

    These are real risks to Bitcoin, not FUD. Everyone putting money in should be aware. The Bitcoin dev community should be working on building, testing, and integrating working code that can deal with them in a decentralised way. As Bitcoin grows, the stakes het higher. Stay safe!

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  3. 2. velj

    There is no known fix for Purge attacks. I am working on a design for a fix at the moment, but it might turn out to be an unsolvable problem. If you’re interested in a more detailed explanation of purge attacks see this write up by

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  4. 2. velj

    This allows all the payers in those blocks to take the opportunity to unspend those payments! But the recipient will have sent the goods, and possibly spent the Bitcoin (they no longer own) with someone else. This is of course chaos; hence the analogy with the movie The Purge.

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  5. 2. velj

    Unfortunately, if someone controls most of the mining power, Bitcoin allows them to go back in time and “undo” as many of the latest blocks as they can afford, mining fresh ones that are empty instead. When they do this, all the payments in those blocks go back into the mempool!

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  6. 2. velj

    Because of this, recipients of Bitcoin payments can only trust a payment is “done” once it’s out of the mempool and mined into a block. For larger amounts it’s better to wait for additional blocks on top too. Only then should you exchange goods/services/currency with the payer.

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  7. 2. velj

    When you make a bitcoin payment it goes into a holding area called the mempool. Miners pick transactions out of the mempool and put them in blocks. Bitcoin allows payers to amend payments while still in the mempool; changing the recipient, amount, etc.

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  8. 2. velj

    The second weakness builds on the first; it’s an additional way of using that mining power, not to plug the pipes but instead to create chaos on the network - allowing active users to unspend their Bitcoin payments and take their coins back. This has been dubbed a “Purge attack”:

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  9. 2. velj

    This is a devastating weakness inherent to the design of Bitcoin’s mining mechanism known as “proof of work”. There are no known solutions. Best idea is stop and hide in “bunker mode” and wait for the government to go away! Detailed analysis of attack here

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  10. 2. velj

    Once governments control all of the seized mining power, they can use it to plug the pipes of Bitcoin and stop any transactions going through. While they do this, the price will drop. And all it costs to keep going is the price of electricity to power the seized mining equipment.

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  11. 2. velj

    Bitcoin is designed to be a system open to anyone; terrorists, tax evaders, human traffickers, sanctioned countries, etc. If/when governments decide this represents enough of a threat to national security, they will seize these giant mining operations. They’re not hard to find.

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  12. 2. velj

    Firstly, and most importantly, Bitcoin can be attacked by governments. The network relies on miner protection. Mining is v. competitive and expensive, which has led to a small number of massive mining operations; because it’s cheaper to buy the equipment and electricity in bulk.

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  13. 2. velj

    There are a couple of big weakness in . Until they’re addressed, the network (and its price) is at risk of collapsing. People with money invested or thinking about investing should understand these risks, so I’m going to try and explain them in simple terms (thread)

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  14. 1. velj

    Running 2nd in the fantasy league. Nick Tompkins made some serious points as my super sub in the game.👌

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  15. proslijedio/la je Tweet
    30. sij

    This week in our Insight: Introducing Purge attacks, a practical form of sabotage that tries to create coordination disincentives among Bitcoin users. Key takeaways below! 👇

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  16. 30. sij

    Afaict, this means an adversary with resources and motive to collapse network can create chaos with a non-trivial reorg full of empty blocks. Everyone who sent Bitcoin in that window can unspend them. Any subsequent txn invalid. Lots of collateral damage.

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  17. 28. sij

    This is a bit like every 90 days your bank completely logging out your mobile app, and you having to go through the full authorisation process as if you had just installed it. Banks don't do this because it doesn't make you more secure (ie. save them money) and it's a crap UX.

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  18. 28. sij

    Xero's open banking support page: "For enhanced security, bank connections need to be renewed every 90 days." 1. This doesn't meaningfully enhance security. Arguably degrades it. 2. This is horrible UX. 3. Not their choice. Open Banking require it. 🤦‍♂️

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  19. 27. sij

    Two of smartest people I know and are building . Easily the most interesting bank API company around. They don’t need banks’ permission to deliver. Huge potential. Great team. 🔥

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  20. 27. sij

    I think Buffalo wings might be the ultimate food. Awesome macros for people on keto/lowcarb. Taste amazing. Quick and easy to make. 👌

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  21. 26. sij

    How the market for BTG reacted to it being proven to be insecure... 🤦‍♂️

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