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Topic: [ANN][XMY] Myriad | Multi-Algo, Fair, Secure - page 49. (Read 849993 times)

hero member
Activity: 672
Merit: 500
theymos proposing multi-algo for bitcoin:
https://www.reddit.com/r/Bitcoin/comments/4jg4ea/bitcoin_core_threatens_a_hard_fork_over_asicboost/d36fp1c

Has any coin implemented multi-PoW with a PoS compenent at this point?
Very interesting. Quoting for emphasis.
sr. member
Activity: 350
Merit: 250
Independent Cryptoveloper
Myriadcoin Wallet for Android has been updated to use a different exchange and a different block explorer, since the previous ones were defunct.

https://github.com/HashEngineering/myriadcoin-wallet/releases/tag/v0.9.2.16b


The exchange rates do work, but I am getting crashes on two devices when accessing the block explorer website.  The error in the logs is that an activity cannot be found to handle that intent, which is something like: http://insight-myr.cryptap.us/address/MCrypTZRTRk8RGjSt3MZ3atSEwSLPicePR. The bug with the block explorer was fixed.

Please let me know if you test this if the "Browse" function works on an address, a transaction or a block.
legendary
Activity: 3164
Merit: 1116
Sad that the mods deleted the Turkish and Croatian ANN's. Was any explanation given?

Both said that they deleted because translations were clearly Google translate.
full member
Activity: 135
Merit: 100
Sad that the mods deleted the Turkish and Croatian ANN's. Was any explanation given?
legendary
Activity: 3164
Merit: 1116
theymos proposing multi-algo for bitcoin:
https://www.reddit.com/r/Bitcoin/comments/4jg4ea/bitcoin_core_threatens_a_hard_fork_over_asicboost/d36fp1c

Has any coin implemented multi-PoW with a PoS compenent at this point?
legendary
Activity: 1354
Merit: 1020
I was diagnosed with brain parasite
hi, we are resurrecting unitus community.
if any of you is interested in joining unitus slack, please send me your email and i will generate invite link for you  Wink
full member
Activity: 135
Merit: 100

Just wanted to pop in and say how nice it is to see a website that is clean, crisp, intuitive and INFORMATIVE all at the same time!

No more, and no less.  Grin

Everything you need to know about Myriad without fuss or muss.

Fantastic job.

http://myriadcoin.org/en/home


. . . this community is showing signs of life too . . . something that's not all that common among Alts as of late . . .


Yep, and the website is on github too so anyone can contribute or rehost it. https://github.com/myriadteam/website

Also, a reminder that I'm paying 20USD in MYR for every translation of the website. Just replace the Esperanto/eo text in the quote below with your own language:

Code:
	else if($lang == 'eo')
{
switch (clean($text))
{
// homepage
case clean("Open To Anyone"):
return "Malferma al ĉiuj";
case clean("Myriad is multi-algo - the first coin to implement 5 simultaneous hash functions. Unlike Bitcoin, which can only be profitably mined using
SHA256d ASICs, Myriad is open to SHA256d ASICS, Scrypt ASICS, GPUs & CPUs."):
return "Myriad (miriad) estas mult-algoritma - la unua ĉifrovaluto kiu uzas 5 samtempajn haketfunkciojn. Malkiel Bitmono, kiun oni povas profitdone mini nur per
ASICoj por SHA256d, Myriad estas malferma al ASICoj por SHA256d k Scrypt, ankaŭ al grafiksprocesoroj k centraj procesoroj.";
case clean("Secure"):
return "Sekura";
case clean("A miner can choose to mine using any of the 5 algorithms — SHA256d, Scrypt, Myr-Groestl, Skein, or Qubit —
each has a target block time of 5 minutes. Overall, a block is found approximately every 1 minute. Each algorithm's difficulty is only affected by its own hash rate.
While ASICs have rendered GPU mining on SHA256d & Scrypt unproductive, the remaining algorithms continue to be dominated by GPU mining.
The multi-algo approach offers exceptional 51% resistance because a range of different hardware is needed to find 51% of the blocks."):
return "Oni povas elekti el la 5 algoritmoj por mini — SHA256d, Scrypt, Myr-Groestl, Skein aŭ Qubit —
ĉiu havas celtempon de 5 minutoj por unu bloko. Entute, unu bloko troviĝas proksimume ĉiun minuton. La malfacileco de ĉiu algoritmo dependas nur de ties propra haketrapideco.
";
                        case clean("Merge mining has been enabled on SHA256d & Scrypt, allowing Myriad to benefit from the massive hash power available."):
                                return "Kunligita minado estis saltita je SHA256d & Scrypt. Nun Myriad povas gajni de la grandega haketpotenco disponebla.";
case clean("Fair Distribution"):
return "Egaleca disdonado";
case clean("No premine or hidden fortunes possessed by insiders. Everyone has an equal opportunity to obtain Myriad at the market rate."):
return "Ekzistas nek moneroj minitaj antaŭ ol la lanĉo, nek kaŝitaj sumoj kiujn posedas komplotuloj. Ĉiuj havas egalan eblecon akiri Miriadojn je la kurzo de la publika merkato ";
// technology
case clean("Multi-Algorithm"):
return "Multaj algoritmoj";
case clean("5 Algorithms, catering for ASIC, GPU and CPU mining:"):
return "5 Algoritmoj, kiuj ebligas efikan minadon per ASICoj, grafiksprocesoroj, k centraj procesoroj:";
case clean("Two rounds of the SHA256d hashing algorithm, first used by the pioneer cryptocurrency Bitcoin."):
return "Du rondoj de la SHA256d haketa algoritmo, unue uzata en la pionira ĉifrovaluto, Bitmono.";
case clean("Designed to be a CPU-only password hashing algorithm, now mined with ASICs on many altcoins, starting with Litecoin."):
return "Dizajnita esti pasvorta haketa algoritmo nur por centraj procesoroj, nun oni minas ĝin per ASICoj por multaj ĉifrovalutoj. Litecoin estis la unua.";
case clean("A Myriad-specific variant of the Groestl hash algorithm, one of the five finalists in the NIST SHA-3 hash competition."):
return "Speciale kreita por Myriad estas variaĵo de la haketa algoritmo Grøstl, unu el la 5 finalistoj en la haketa konkurso NIST SHA-3.";
case clean("Another  of the five finalists in the NIST SHA-3 hash competition, first used by Skeincoin."):
return "Alia finalisto de la haketa konkurso NIST SHA-3, unue uzata de Skeincoin.";
case clean("Originally a CPU-only algorithm, Qubit combines 5 competitors in the NIST SHA-3 hash competition - Luffa, Cubehash, SHAvite, SIMD and ECHO."):
return "Originale algoritmo nur por CPU, Qubit estas kombinaĵo de 5 konkursantoj de la haketa konkurso NIST SHA-3 - Luffa, Cubehash, SHAvite, SIMD k ECHO.";
case clean("Merge Mining"):
return "Kunligita Minado";
case clean("Since block 4002000, merge mining has been allowed on the SHA256d and Scrypt algorithms. This has enabled Myriad to take advantage of the huge hashrates currently in use
by coins using these algorithms, further securing the Myriad blockchain."):
return "Ekde la 4002000a bloko, kunligita minado estis ebligita je la algoritmoj SHA256d k Scrypt. Nun Myriad povas utiligi la enorman haketpotencon trovebla
ĉe valutoj kiuj uzas tiujn algoritmojn. Tio sekurigas la blokĉenon de Myriad eĉ plu.";
case clean("Merge Mining, or AuxPow, allows the work being done for a parent coin (such as Bitcoin or Litecoin) to be used to find valid blocks on Myriad's blockchain, with no extra load
or performance impact to the parent coin."):
return "Kunligita Minado, alinome AuxPow, permesas al oni fari laboron por trovi blokojn de gepatra valuto (ekz, Bitmono aŭ Litecoin), kaj dume, reuzi tiun laboron por trovi Miriadajn blokojn, senkoste.
Tio neniel havas malbonan efikon por la gepatra valuto.";
case clean("Distribution"):
return "Disdonado";
case clean("Myriad was released to the wild on February 23, 2014 at 18:30 UTC. The "):
return "Myriad naskiĝis en publika vido la 23an de Februaro, 18:30 UTC. La ";
case clean("first mined block"):
return "unua minita bloko";
case clean(" came 4 minutes later, thus establishing that there was no premine."):
return " troviĝis 4 minutoj post la lanĉo, kiu pruvas ke oni ne minis antaŭ ol la lanĉo.";
case clean("The initial reward was 1,000 MYR, halving every 967,680 blocks (approximately 48 weeks). Total supply is approximately 2 billion MYR."):
return "La premio por trovi blokojn estis dekomence 1,000MYR, kaj planita estis duoniĝo post ĉiuj 967,680 blokoj (proksimume 48 semajnoj). Enfine estos proksimume 2 bilionoj da MYR.";
case clean("Initially, the target blocktime was 30 seconds, or 150 seconds per algorithm. On the 12th of July, 2015, the community decided to increase the target block time to 60 seconds, or 300 seconds per algorithm, effective at block 1,401,001. At the time,
Myriad suffered from low hash rate and extensive difficulty hopping on Scrypt and SHA256d, causing the actual average block time to be over 50 seconds. In addition to enabling aux-PoW on Scrypt and SHA256d, the increase in target block time lead
to greater consistency on the network, without affecting fairness of distribution."):
return "Dekomence, la celtempo estis 30 sekundoj po bloko, 150 sekundoj po algoritmo. Je la 12a de Julio 2015, la komunumo decidis pliigi la celtempon al 60 sekundoj, do 300 sekundoj po algoritmo. Tio efektiviĝis je bloko 1,401,001. Tiutempe,
Myriad suferis de malgranda haketpotenco. Ofte ministoj emis atendi ĝis la malfacileco malpliiĝis, tuj mini multajn blokojn, kaj poste salti al alia valuto ĝis la malfacileco remalleviĝis. Kiam Myriad ebligis kunligitan minadon je Scrypt k SHA256d, kaj ankaŭ pliigis la celtempon de la blokoj,
la rezulto estis pli fidebla valuto. Tio okazis sen forpreni de la disdonada egaleco.";
case clean("Myriad's History"):
return "Historio de Myriad";
case clean("Myriad was launched in February 2014 by 8bitcoder, forked from Zetacoin. It was the first cryptocurrency to use five proof-of-work algorithms
in an effort to increase security as well as broaden the base of people who could mine it - SHA256d and Scrypt for ASIC miners,
Skein and Myr-Groestl for GPU miners, and Qubit for GPU and CPU miners. Huntercoin, launched in late 2013, was actually the first
coin to use multiple PoW algorithms (SHA256d and Scrypt), but its focus was not on mining, rather on a blockchain-based game that produced the large majority of new coins."):
return "8bitcoder forkis Miriadon de Zetacoin, kaj lanĉis ĝin en Februaro 2014. Ĝi estas la unua ĉifrovaluto kiu uzas kvin laborpruvajn algoritmojn.
kiel strategion por pliigi la sekurecon k larĝigi la ministaron — SHA256d k Scrypt por ministoj kun ASICoj,
Skein k Myr-Groestl por ministoj kun grafiksprocesoroj, kaj Qubit por ministoj kun aŭ grafiksprocesoroj aŭ centraj procesoroj. Huntercoin, lanĉita malfrue en 2013, estis fakte
la unua valuto kiu uzas multajn laborpruvajn algoritmojn (SHA256d k Scrypt), tamen ĝia fokuso ne estis pri minado, sed pri blokĉen-bazita ludo kiu produktas la vastan plejmulton de la moneroj.";
case clean("Myriad has spawned several spin-offs, the first of which was Saffroncoin, also utilizing five PoW algorithms.
Digitalcoin and Digibyte both hard-forked to use three and five PoW algorithms, respectively. Unitus is another five-algo PoW coin that shares several PoW algos with Myriad,
and allows users to merge-mine on all five of its algos. Auroracoin and Verge have also announced plans to fork to multi-algo."):
return "Multaj valutoj jam imitas Miriadon. Unue estis Saffroncoin, kiu ankaŭ uzas 5 laborpruvajn algoritmojn.
Aliaj valutoj forkiĝas imite. Digitalcoin nun havas 3 laborpruvajn algoritmojn, kaj Digibyte havas 5. Unitus estas alia valuto kun 5 laborpruvaj algoritmoj, kaj kelkaj el ili samas kiel en Myriad.
Unitus ankaŭ ebligas kunligitan minadon je ĉiuj siaj 5 algoritmoj. Auroracoin k Verge ankaŭ anoncis siajn planojn forki sin al multaj algoritmoj.";
case clean("In August 2015 Myriad hard-forked to allow merge-mining on its SHA256d and Scrypt algorithms in an effort to improve security and achieve a more stable hashrate on those two algorithms.
At this time the target block time for each algorithm was also changed to five minutes (previously 2.5 minutes), to achieve an overall block target time of 1 minute (previously 30 seconds);
this change will stretch the emission curve out by a factor of 2x, to approximately 20 years."):
return "Aŭguston 2015, Myriad malmole forkiĝis por ebligi kunligitan minadon je SHA256d k Scrypt. La celo estis plibonigi la sekurecon kaj atingi pli stabilan haketpotencon je tiuj du algoritmoj.
Tiutempe, la celtempo de la blokoj por ĉiu algoritmo estis ŝanĝita de 2.5 minutoj al 5 minutoj. Entute, unu bloko nun troviĝas proksimume ĉiun minuton anstataŭ ĉiujn 30 sekundojn.
Tiu ŝanĝo signifas ke novaj moneroj daŭros miniĝi dum pluaj 20 jaroj, ne 10 jaroj, kiel intencita dekomence.";
// wallets
case clean("Latest version is 0.11.2.0, released April 7th 2016. See "):
return "La plej lasta versio estas 0.11.2.0, eldonita je la 7a Aprilo 2016. Vidu ";
case clean(" announcement & upgrade notes."):
return "anoncon k sciigojn pri la ĝisdatigo.";
case clean("Desktop"):
return "Surtabla komputilo";
case clean(" Windows"):
return "Vindozo";
case clean("32-bit Installer (11.5 MB)"):
return "32-bita Instalilo (11.5 MB)";
case clean("64-bit Installer (11.5 MB)"):
return "64-bita Instalilo (11.5 MB)";
case clean("Mobile"):
return "Poŝtelefono";
case clean("Android"):
return "Android";
case clean("Source"):
return "Fonto";
case clean("Source Code (0.11.2.0)"):
return "Fontkodo (0.11.2.0)";
case clean("Other"):
return "Aliaj";
case clean("Linux"):
return "Linukso";
case clean("Windows"):
return "Vindozo";
case clean("JSWallet"):
return "JSMonujo";
case clean("Brain Wallet"):
return "Cerba Monujo";
case clean("Paper Wallet"):
return "Papera Monujo";
// mining
case clean("Getting Started"):
return "Kiel komenci";
case clean("Download a "):
return "Elŝuti ";
case clean("wallet"):
return "monujon";
case clean(", download a miner of the right type, find a pool and fire away..."):
return ", elŝuti minilon ĝustaspecan, trovi mingrupon, kaj ek!...";
case clean("Mining Tutorial Video"):
return "Filma Leciono pri Minado";
case clean("Watch on "):
return "Spektu ĉe ";
case clean("Mining Software"):
return "Mina Softvaro";
case clean("Use any SHA256d compatible ASIC"):
return "Uzu ian ajn ASIC taŭga por SHA256d";
case clean("Use any Scrypt compatible ASIC"):
return "Uzu ian ajn ASIC taŭga por Scrypt";
case clean("sgminer for OpenCL GPU mining"):
return "sgminer por grafiksprocesora minado en OpenCL";
case clean("ccminer for CUDA GPU mining"):
return "ccminer por CUDA-grafiksprocesora minado";
case clean("cpuminer-multi for CPU mining"):
return "cpuminer-multi por minado per centra procesoro";
case clean("cgminer for OpenCL GPU mining"):
return "cgminer por OpenCL-grafiksprocesora minado";
case clean("BitcoinTalk Thread"):
return "Fadeno ĉe BitcoinTalk (angle)";
case clean("Windows Binaries"):
return "Duumaj dosieroj por Vindozo";
case clean("GitHub Source"):
return "Kodfonto ĉe Github";
case clean("Suggested Command Line"):
return "Rekomendita Komandlineo";
case clean("Pools"):
return "Mingrupoj";
case clean("P2Pool nodes"):
return "P2Pool-nodoj";
case clean("Run Your Own Node"):
return "Starigu Vian Propran Nodon";
case clean("Other pools"):
return "Aliaj mingrupoj";
case clean("Merge Mining Pools"):
return "Mingrupoj por Kunligita Minado";
case clean("zpool - The miners multipool"):
return "zpool - Mingrupo de multaj ĉifrovalutoj";
case clean("MultiPool"):
return "MultiPool";
// services
case clean("Information & Resources"):
return "Informado k risurcoj";
case clean("Insight Explorer (1)"):
return "Insight Esplorilo (1)";
case clean("Insight Explorer (2)"):
return "Insight Esplorilo (2)";
case clean("Abe Explorer"):
return "Abe Esplorilo";
case clean("Network Status"):
return "Reta Statuso";
case clean("Exchanges"):
return "Monŝanĝejoj";

case clean("Shop"):
return "Butikoj";

case clean("List of Coinpayments stores"):
return "Listo de butikoj ĉe Coinpayments";
case clean("Other"):
return "Aliaj";
case clean("Faucet"):
return "Krano";
case clean("Testnet Information"):
return "Informo pri testnet";
case clean("cryptap.us Myriad page"):
return "Myriad-paĝo cryptap.us";
case clean("Reddit/IRC myrbot information"):
return "Informo pri myrbot por Reddit/IRC";
default:
return $text;
}
}

Also paying 10USD for translations of the ANN post by 8bitcoder.
legendary
Activity: 3164
Merit: 1116
New ANNs in Croatian:
https://bitcointalk.org/index.php?topic=1470905.new#new

and Turkish:
https://bitcointalk.org/index.php?topic=1470903.new#new

Also, fixed German ANN:
https://bitcointalk.org/index.php?topic=1459030.new#new

Edit: Seems Croatian and Turkish threads were removed. I'll try to contact mods and see why...
HR
legendary
Activity: 1176
Merit: 1011
Transparency & Integrity

Just wanted to pop in and say how nice it is to see a website that is clean, crisp, intuitive and INFORMATIVE all at the same time!

No more, and no less.  Grin

Everything you need to know about Myriad without fuss or muss.

Fantastic job.

http://myriadcoin.org/en/home


. . . this community is showing signs of life too . . . something that's not all that common among Alts as of late . . .
hero member
Activity: 672
Merit: 500
Are there still alive pools remained for MYR-Groestl except https://miningpoolhub.com?
Yeah, what's up with the nz p2p node? I cannot connect to the http page, IDK if the server is really on but I'd like to keep churning GRS blocks.
member
Activity: 113
Merit: 10
hero member
Activity: 687
Merit: 500
novag
legendary
Activity: 3164
Merit: 1116
Meta analysis of Myriad ANN thread:

Code:
Total number of posts:                    7332
Total number of unique posters:            909
Number of posts by legendary members:      380
Number of posts by hero members:          1483
Number of posts by senior members:        2542
Number of posts by full members:          1302
Number of posts by member members:         870
Number of posts by junior members:         383
Number of posts by newbie members:         366
Number of posts by brand new members:        0

Top 30 posters:
Code:
Username                       number of posts           user class               
neuroMode                                  587           Sr. Member                        
foodies123                                 551           Sr. Member                        
primer-                                    252           Hero Member                        
novag                                      201           Hero Member                        
ahmed_bodi                                 176           Hero Member                        
cryptapus                                  174           Sr. Member                        
jwinterm                                   164           Legendary                          
iamphoenix                                 144           Sr. Member                        
8bitcoder                                  128           Full Member                        
Zoella                                     119           Full Member                        
zuludrag                                   100           Sr. Member                        
Mikellev                                    99           Sr. Member                        
dazz                                        88           Full Member                        
myriadcoin                                  75           Full Member                        
ivanlabrie                                  74           Hero Member                        
DLow                                        70           Sr. Member                        
Muzzargh                                    69           Member                            
Kraxer                                      67           Member                            
blacklig                                    64           Full Member                        
HR                                          62           Hero Member                        
MaxDZ8                                      59           Hero Member                        
keepwalking1234                             55           Member                            
mmihai1978                                  53           Sr. Member                        
xfelinho                                    52           Member                            
doge94                                      46           Sr. Member                        
paoloandre                                  43           Member                            
mami                                        41           Jr. Member                        
MyriadAngel                                 40           Jr. Member                        
svennand                                    39           Sr. Member                        
ocminer                                     39           Legendary      
         

Complete list of posters:
https://bpaste.net/show/c1b82a687cb1

Script for gathering data:
https://bpaste.net/show/54010104d2f9        

Kind of sad out of the top 3 posters of all-time, two are no longer around the project, and the third is le troll extroardinaire Tongue I'm sure some day we'll get some new names in the top spots.
newbie
Activity: 57
Merit: 0
Are there still alive pools remained for MYR-Groestl except https://miningpoolhub.com?
member
Activity: 113
Merit: 10
Thanks for the help! I think I can create a good script from my knowledge now. Of course I'll post for discussion and to iron it out.


One question though, not really important for the video I dont think, just curious. I've been into Bitcoin since 2012 so I am pretty old school admittedly, but being a non-coder the newer methods are fairly beyond me. The comment given to me about the old coins and using single addresses for all transactions as an insecure method.... I have heard about that creating a security risk, but honestly I just don't see how. I can look up some of the top addresses in btc, ltc, ftc  or whatnot. Some of them have 100s or 1000s of transactions in and out all from the same address, yet I haven't heard of people losing coins beyond poor password security (and some other rare instances around poorly constructed wallet software). Bitcoin seems very secure and people with lots of money are trusting it - so what is the risk?



Well, from how I've heard it explained, it comes down to upcoming potential insecurities regarding quantum computing. An address is actually a hash of the public key, not the public key itself. Once you make a transaction you expose the public key, thus if anyone solves the quantum computing problem (and that's a pretty big "if") it might be possible to derive the private key and steal funds. We won't know when/if that happens until someone pulls it off. We probably have (at least, given the current state of quantum computing) many years until it becomes an issue.

Folks are just trying to create good practices for wallets to prep everyone. It will be a big deal (lots of news) if it's solved (or broken depending on how you look at it).

Couple of corrections needed. Yes, the address is a hash of the public key - See https://en.bitcoin.it/wiki/Protocol_documentation#Addresses for how it is derived. But the public key is just that - public. It doesn't matter who has the public key. The only things that can be done with the public key are encrypting data (that can then only be decrypted with the private key) or verifying a signature (that was generated with the private key).

The important thing to keep hidden is the private key - with possession of this you can sign a message or transaction - and thus spend funds.

How realistic or concerned about quantum computing should we be to attack the ECDSA public / private keypairs used with most crypto-currencies? At this point I'd consider this to be low risk. When we see the rest of the computer security world starting to panic about ECDSA or RSA encryption being worthless, then it's time to have something else in place.

I believe the recommendation for using different addresses for receiving funds is more about obscurity of of those funds. Yes it is all traceable - given enough time and use of a tool like a block explorer you can put together the pieces of the puzzle of who send coins where and then where they went after that. Thus why others have things like stealth transactions, darksend, mixers etc etc. It's all about tracability, not exposure of public keys.
legendary
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Use this image as you please.   Kiss

Sry so big but designers might want high res for whatever reason.

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Say, I like that black and white "m" Smiley

Thank you sir.  Perhaps I will find a cleaner background as well and do another quick setup.  If anyone has ideas or suggestions I'd love to hear them.  Smiley
legendary
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One more question then too just to make sure I have this. Each address is essentially comprised of 3 things: the address, the public key, the private key....is that right?

This is correct, but the other two of those things are derived from the private key. Here is a nice tutorial on how the public key and address are generated from the private key:
http://bitcoinx.io/bitcoin-help/bitcoin-address-generator-tutorial/
hero member
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OK, I'm going to correct your terminology a bit so it is more clear. A wallet can contain multiple addresses, and an address here is what I believe you're referring to. Sending multiple transactions to a single address does not expose the the public key of the recipient,

Right, thanks. I'm not the only one that uses "wallet" that way though- again might be because I'm pretty old school. In Multibit classic your addresses are listed and the column they are under is titled "wallets". So at least previously in terminology "wallet" = "address".

appreciate you letting me pick your brain.....

One more question then too just to make sure I have this. Each address is essentially comprised of 3 things: the address, the public key, the private key....is that right?
hero member
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Merit: 504
Use this image as you please.   Kiss

Sry so big but designers might want high res for whatever reason.

...


Say, I like that black and white "m" Smiley
hero member
Activity: 626
Merit: 504
Thanks for the help! I think I can create a good script from my knowledge now. Of course I'll post for discussion and to iron it out.


One question though, not really important for the video I dont think, just curious. I've been into Bitcoin since 2012 so I am pretty old school admittedly, but being a non-coder the newer methods are fairly beyond me. The comment given to me about the old coins and using single addresses for all transactions as an insecure method.... I have heard about that creating a security risk, but honestly I just don't see how. I can look up some of the top addresses in btc, ltc, ftc  or whatnot. Some of them have 100s or 1000s of transactions in and out all from the same address, yet I haven't heard of people losing coins beyond poor password security (and some other rare instances around poorly constructed wallet software). Bitcoin seems very secure and people with lots of money are trusting it - so what is the risk?



Well, from how I've heard it explained, it comes down to upcoming potential insecurities regarding quantum computing. An address is actually a hash of the public key, not the public key itself. Once you make a transaction you expose the public key, thus if anyone solves the quantum computing problem (and that's a pretty big "if") it might be possible to derive the private key and steal funds. We won't know when/if that happens until someone pulls it off. We probably have (at least, given the current state of quantum computing) many years until it becomes an issue.

Folks are just trying to create good practices for wallets to prep everyone. It will be a big deal (lots of news) if it's solved (or broken depending on how you look at it).

Ah, thanks so much. That makes a lot of sense. Puts 2 things together I've been wondering about for a while. I knew a transaction would expose your public key AND I knew the bitcoin crowd have said defense against quantum computing was possible- but as of right now most people aren't prepared.

But I thought the inherent exposure risk was from sending out from your wallet only- whereas in receiving nothing is exposed. Is there something riskier youve heard around having multiple transactions into a wallet vs a single transaction in?

OK, I'm going to correct your terminology a bit so it is more clear. A wallet can contain multiple addresses, and an address here is what I believe you're referring to. Sending multiple transactions to a single address does not expose the the public key of the recipient, thus would be considered "quantum safe" (at least so far). Only when the recipient sends those coins does the public key get exposed (by signing the transaction using the public key corresponding to the address). But jwinterm brings up a good point about privacy, if you're just advertising a single address for many people to send to, you're essentially "tainting" everyone who wants to send coins to you and they are traceable. Some folks are nervous about this, understandably so....

Now all of this may start to change with payment channels (think lightning) and I believe the privacy oriented folks will be more pleased with the results of those efforts (at least I hope so).
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