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  1. 0.19.1 Release Notes Bitcoin Core version 0.19.1 is now available from: https://bitcoincore.org/bin/bitcoin-core-0.19.1/ This minor release includes various bug fixes and performance improvements, as well as updated translations. Please report bugs using the issue tracker at GitHub: https://github.com/bitcoin/bitcoin/issues To receive security and update notifications, please subscribe to: https://bitcoincore.org/en/list/announcements/join/ How to Upgrade If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or bitcoind/bitcoin-qt (on Linux). Upgrading directly from a version of Bitcoin Core that has reached its EOL is possible, but it might take some time if the datadir needs to be migrated. Old wallet versions of Bitcoin Core are generally supported. Compatibility Bitcoin Core is supported and extensively tested on operating systems using the Linux kernel, macOS 10.10+, and Windows 7 and newer. It is not recommended to use Bitcoin Core on unsupported systems. Bitcoin Core should also work on most other Unix-like systems but is not as frequently tested on them. From Bitcoin Core 0.17.0 onwards, macOS versions earlier than 10.10 are no longer supported, as Bitcoin Core is now built using Qt 5.9.x which requires macOS 10.10+. Additionally, Bitcoin Core does not yet change appearance when macOS “dark mode” is activated. In addition to previously supported CPU platforms, this release’s pre-compiled distribution provides binaries for the RISC-V platform. 0.19.1 change log Wallet #17643 Fix origfee return for bumpfee with feerate arg (instagibbs) #16963 Fix unique_ptr usage in boost::signals2 (promag) #17258 Fix issue with conflicted mempool tx in listsinceblock (adamjonas, mchrostowski) #17924 Bug: IsUsedDestination shouldn’t use key id as script id for ScriptHash (instagibbs) #17621 IsUsedDestination should count any known single-key address (instagibbs) #17843 Reset reused transactions cache (fjahr) RPC and other APIs #17687 cli: Fix fatal leveldb error when specifying -blockfilterindex=basic twice (brakmic) #17728 require second argument only for scantxoutset start action (achow101) #17445 zmq: Fix due to invalid argument and multiple notifiers (promag) #17524 psbt: handle unspendable psbts (achow101) #17156 psbt: check that various indexes and amounts are within bounds (achow101) GUI #17427 Fix missing qRegisterMetaType for size_t (hebasto) #17695 disable File->CreateWallet during startup (fanquake) #17634 Fix comparison function signature (hebasto) #18062 Fix unintialized WalletView::progressDialog (promag) Tests and QA #17416 Appveyor improvement - text file for vcpkg package list (sipsorcery) #17488 fix “bitcoind already running” warnings on macOS (fanquake) #17980 add missing #include to fix compiler errors (kallewoof) Platform support #17736 Update msvc build for Visual Studio 2019 v16.4 (sipsorcery) #17364 Updates to appveyor config for VS2019 and Qt5.9.8 + msvc project fixes (sipsorcery) #17887 bug-fix macos: give free bytes to F_PREALLOCATE (kallewoof) Miscellaneous #17897 init: Stop indexes on shutdown after ChainStateFlushed callback (jimpo) #17450 util: Add missing headers to util/fees.cpp (hebasto) #17654 Unbreak build with Boost 1.72.0 (jbeich) #17857 scripts: Fix symbol-check & security-check argument passing (fanquake) #17762 Log to net category for exceptions in ProcessMessages (laanwj) #18100 Update univalue subtree (MarcoFalke) Credits Thanks to everyone who directly contributed to this release: Aaron Clauson Adam Jonas Andrew Chow Fabian Jahr fanquake Gregory Sanders Harris Hennadii Stepanov Jan Beich Jim Posen João Barbosa Karl-Johan Alm Luke Dashjr MarcoFalke Michael Chrostowski Russell Yanofsky Wladimir J. van der Laan As well as to everyone that helped with translations on Transifex. View the full article
  2. style="margin: 0;color: black;"> View this email in a browser BitMEX Crypto Trader Digest February 4, 2020 From the desk of Arthur Hayes Co-founder & CEO, BitMEX BitMEX XRPUSD Perpetual Swap Launch We are launching our new XRPUSD Perpetual Swap at 0400 UTC, 5 February 2020. Key contract specs: Symbol: XRPUSD Expiry Date: Perpetual Bitcoin Multiplier: 0.0002 XBT (20,000 Satoshis) XBT Contract Value: XRPUSD Price * Bitcoin Multiplier (20,000 Sat/$1) Underlying: .BXRP Max Leverage: 50x Funding Min/Max: -0.75% to 0.75% Session Interval: 8 hours Keep an eye on our blog for more details. From The BitMEX Research Desk Growth In The Level Of Precision Of Bitcoin Spending Abstract: In this report we analyse and discuss the average level of precision (round numbers) in Bitcoin transaction output values. We evaluated almost 1.3 billion Bitcoin outputs with non-zero values since the network was launched, representing a total value of over 5.4 billion bitcoin of spend, worth over US$12 trillion. We then placed these transaction outputs into buckets, based on the degree of precision. The level of precision has maintained a strong upward trajectory in the last decade. Currently over 70% of Bitcoin outputs use the highest available degree of precision (one satoshi), while the equivalent figure in 2012 was around 40%. Since 2019 only 0.6% of outputs spend an integer number of Bitcoin, compared to around 10% in 2012. We conclude that the primary driver for this may be the increased prevalence of fiat denominated payments, compared to the higher level of experimental usage of the network in the past. The data also suggests the Bitcoiner dream of achieving unit of account status is nowhere in sight, at least for now. Figure 1 – Proportion of Bitcoin outputs by value precision bucket (Source: BitMEX Research, Bitcoin blockchain) (Notes: Up to block height 613,999, excludes outputs with a value of zero, outputs are in groups of 1,000 blocks) Lightning Network (Part 7) – Proportion Of Public vs Private Channels Abstract: Following on from our January 2020 piece on our database of at least 60,000 non-cooperative lightning network channel closures, we were asked how many of these were public channels vs private ones. We have used the 1ml.com database of public lightning channels and cross referenced it with our dataset of non-cooperative channel closures. We conclude that around 28% of non-cooperative closures related to private channels. This 28% figure may be a reasonable proxy for the total proportion of private channels on the wider lightning network. Estimated proportion of public vs private channels on the lightning network (Source: BitMEX Research, 1ml.com) (Notes: Based on data from non-cooperative closures identified by the sweep methodology only) From The Desk Of Arthur Hayes When Options? Part 2 The above image has nothing to do with options. But it’s deep into ski season, and I’m loving the powder. I already spent a few thousand words talking about the crypto derivatives market structure. Now, let’s talk about 2020. Crypto Derivatives 2020 Roadmap While speculators’ needs are well met via the crypto delta one products on the market, there remain those who want to earn a yield on their coin, those who need to pay bills in fiat without selling coin, and those who need to smooth out their future return profile. Chasing Yield Due to the relative low volatility and range bound price action, the new crypto and decentralised finance (DeFi) crowd now demand yield. Their “shitcoin” ain’t pumping, so they might as well lend it and earn something for their troubles. Because there are not safe crypto bonds in which to invest, it is almost impossible to earn yield. While a traditional bond market for crypto does not exist, speculators are always looking to borrow money. They must borrow money to short sell crypto, and they must borrow money to trade with. The challenge is to create crypto inventory in a price neutral fashion. I will focus on Bitcoin because it has the most developed and liquid derivatives markets. The easiest way to create Bitcoin inventory is by buying Bitcoin and selling a future against it. Here are the steps: Sell 100,000 USD, buy 10 Bitcoin. Sell 100,000 contracts of the BitMEX March 2020 futures contract, XBTH20. Now you have completely removed any price risk. Assume you only use 50% leverage. That means you must deposit 5 Bitcoin on BitMEX. Lend out 5 Bitcoin OTC via a trusted counterparty, and in return receive USD as collateral. Currently most lending is over collateralised so you will receive over 100% of the value in USD or USD stablecoin. If XBTH20 trades at a discount, you will price the loan at such a rate to cover your hedging costs. If XBTH20 trades at a premium, you will earn yield via the futures premium and the loan rate. You must monitor your liquidation price. If the market rises, you can “create” more Bitcoin to post as margin by selling fiat, purchasing Bitcoin, and selling futures. In a bull market, the premium should expand, therefore, creation of Bitcoin earns positive carry. As the loan balances for Bitcoin lenders increase, the loan rates will resemble the quarterly futures per annum percentage basis. This is a great strategy for someone who abhors Bitcoin price volatility. What about those already holding Bitcoin? What yield can they earn from their inert magic internet money? One strategy which will become more prevalent in 2020 is Call Overwrite. Assume the following: You own some Bitcoin and would like to earn yield by selling upside out of the money call options. You currently hold 100 XBT. Spot = $5,000 1 month $6,000 strike call option = $500 Trade: Sell 100 call options Payoff: Income today: $50,000 (this could be structured to receive Bitcoin as the premium) Bitcoin Price Rises: If XBT settles above $6,000 in one month, you deliver 100 XBT, you receive $600,000. Bitcoin Price Falls: If XBT settles below $6,000 in one month, you deliver nothing, you receive nothing. This trade nets you a 10% yield in one month. You would like to hold onto your Bitcoin as the price goes higher; however, if it pops 20% in a month you are happy to surrender your Bitcoin. You are already holding Bitcoin therefore if the price tanks and you show a mark-to-market loss, you still get paid the premium. If the price rises you cash out at a good level, and you receive premium income. Who would buy this? As I mentioned before, speculators would rather trade XBTUSD than paying 20% for an upside call option. However, if you are chasing yield, you will not be very price-sensitive. If the fair value is 12% per month, but you receive 10% will you really care? The alternative is to continue munching on your doughnut. In essence, a price-insensitive yield high-fructose corn syrup junkie will sell implied volatility too cheap. The price-sensitive volatility trader is in the business of purchasing options where the implied volatility is less than future realised volatility. These vol traders make money by delta hedging throughout the life of the option. If this sounds like whale to you, it’s a sign you should not be purchasing these options. This is a win-win structure for both buyer and seller. These trades will be negotiated OTC. Custodians of Bitcoin will sell calls in size to large market makers. These custodians will then offer a monthly yield to customers who allow them to encumber their Bitcoin. Finally, there is a real revenue stream open to crypto custodians. Miners Getting Smart Hobbiest Bitcoin mining died when ASICs were introduced in 2013. The ever-increasing CAPEX requirements dictated that miners must operate at large scale to remain profitable. At a certain size, a miner can roughly predict how many coins they will mine over a short time period. Unless the miner has a solid balance sheet filled with fiat ready to pay operating costs, they continuously battle to obtain fiat without selling Bitcoin. The market for Bitcoin collateralised fiat loans was born out of this need. There is no derivative component to this trade. However, miners could earn income to pay OPEX by writing calls against future Bitcoin to be mined. Assumptions: You are a miner that must pay electricity and other operating costs at the end of each month. You are fairly confident that you can produce 100 Bitcoin over the next month. You enter into the below trade to earn fiat income to pay your month-end bills. Spot = $5,000 1 month $6,000 strike call option = $500 Trade: Sell 100 call options Payoff: Income today: $50,000, part or all of which is used to pay OPEX. Bitcoin Price Rises: If XBT settles above $6,000 in one month, you deliver 100 XBT, you receive $600,000. Bitcoin Price Falls: If XBT settles below $6,000 in one month, you deliver nothing, you receive nothing. Similar to the Bitcoin holder, the miner is relatively price / implied volatility insensitive. The miner’s main concern is meeting his monthly fiat bills. If the premium offered meets these goals, the miner is happy. One hiccup is how to margin this trade. Miners will only receive the total 100 Bitcoin at month end. However, the trader needs to begin to delta hedge this option immediately. This requires a belief that the miner will absolutely deliver the full amount of Bitcoin in one month if call settles in the money. If trust can be built between mining farms with a long operating history and large trading houses, liquidity could enter this market rather quickly. Floating Rate Bitcoin Note Another interesting cohort of mining wannabes are fiat holders who want to earn a yield. One month spans roughly two difficulty adjustment periods. With proper confidence on one-month future price and hashrate, you could roughly predict how much money a $1 million investment in the most efficient miners would yield each month. You could offer a floating rate note where the rate fixes monthly. The product could be called the Floating Rate Bitcoin Note (FRBN). The yield for each period would be set based on the hashrate and price at the beginning of the month. If Bitcoin rips a hole in space time on the upside, USD mining returns will be much higher. If the price takes a digger, the promoter might be producing coins below cost. The 30 day hashrate volatility is much lower than Bitcoin. Therefore, the risk which must be hedged is that of price. To hedge his downside, the promoter needs to purchase a put option where the strike price is near to his cost of production. Cost = Electricity Costs + Datacenter Rent + Mining Rig Depreciation In order to finance the purchase of the put option, the promoter can sell an upside out of the money call option. The collar structure is zero cost. If such an option structure were available, the promoter could confidently set the monthly floating rate. Assumptions: You are the promoter selling a Floating Rate Bitcoin Note. For the next period, the FRBN pays 3%. You sell $1 million worth of FRBNs. To hedge your price risk, you enter into the below zero-cost collar structure. Cost = $3,500 Hashrate is constant over next two difficulty adjustments. 1 month projected Bitcoin earnings = 100 Spot = $5,000 1 month $6,000 strike call option = $500 1 month $4,000 strike put option = $500 Payoff: Cost today: +$50,000 from selling calls, -$50,000 from buying puts = zero Bitcoin Price Rises: If the price above $60,000 in one month, you deliver 100 XBT, you receive $600,000. The put option expires worthless. Mining Profit: $600,000 - $350,000 (marginal cost of producing 100 XBT) = $250,000 Yield: $250,000 / $1,000,000 = 25% Promoter Profit: 25% - 3% (FRBN guaranteed yield) = 22% * $1,000,000 = $220,000 Bitcoin Price Falls: If the price is below $4,000 in one month, you deliver 100 XBT, you receive $400,000. The call option expires worthless. Mining Profit: $400,000 - $350,000 = $50,000 Yield: $50,000 / $1,000,000 = 5% Promoter Profit: 5% - 3% = 2% * 1,000,000 = $2,000 The other side of this trade is a large trading desk. You as the promoter must buy a $4,000 strike put option to ensure you are profitable on the downside. You are less concerned with the strike price of the call option as long as the call income covers put cost. The trading desk will play with the strike price of the call option to ensure that they can profitably hedge the delta of the zero-cost collar options structure. OTC is King OTC spot trading firms cleaned up in 2017. Today only those with the mightiest balance sheets remain. Spreads narrowed due to competition, and volumes plunged. Spot trading is almost always perfectly competitive after enough time elapses. I shed no tears for gullible investors who ploughed money into OTC shops at a revenue multiple greater than 1x. The only IP present was a telegram chat room. There is definitely a demand for these types of yield and cash flow structured option trades. These trades cannot be executed on-screen given the current liquidity and margining requirements of crypto options trading platforms. OTC shops that actually employ intelligent traders have an opportunity in 2020 to grow their profit margins. Those that can price and trade an options structure, then hedge its greeks profitably without having to farm out the vanilla components to the wider market will be met with YUGE demand. As the OTC market grows, volumes in short-dated vanilla calls and puts will grow. This is how the screen will gain liquidity. 2020 Gonna be Interesting War, elections, and viruses have already made their way into the 2020 consciousness. Your health and the political system you “enjoy” maybe completely upended by the end of the year. What do you buy when you’re fearful and what do you sell? Those traders who anticipate what the herd believes is safe and toxic will profit bigly this year. After almost ten years of volatility suppression supported by central bank money printing, life appears to be rearing its unpredictable noggin. Bitcoin needs to prove it is worth its salt as a true safe haven asset is macroeconomic volatility. Crypto traders will rejoice as the low volume phase wanes. Those who demand income from their silicon enabled monetary instrument will be able to sell volume and clip a coupon. It’s like being on Oprah, errbody gets something from heightened Bitcoin volatility. Congratulations if you actually read the entire series. I’ll check-in before the summer holidays with an assessment on how the derivatives markets tackled Winter and Spring 2020. Risk Disclaimer This article should not be copied or reproduced in whole or in part. The information contained in this article does not constitute research or a recommendation. Neither BitMEX nor any of its affiliates make any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this article is not to be taken as constituting the giving of investment advice nor to constitute such person a client of BitMEX. Contact Us | Subscribe | Unsubscribe
  3. style="margin: 0;color: black;"> View this email in a browser BitMEX Crypto Trader Digest January 13, 2020 From the desk of Arthur Hayes Co-founder & CEO, BitMEX From The BitMEX Research Desk The Bitcoin Cash Hardfork – Three Interrelated Incidents Abstract: The 15 May 2019 Bitcoin Cash hardfork appears to have suffered from three significant interrelated problems. A weakness exploited by an “attack transaction”, which caused miners to produce empty blocks. The uncertainty surrounding the empty blocks may have caused concern among some miners, who may have tried to mine on the original non-hardfork chain, causing a consensus chainsplit. There appears to have been a plan by developers and miners to recover funds accidentally sent to SegWit addresses and the above weakness may have scuppered this plan. This failure may have resulted in a deliberate and coordinated 2 block chain re-organisation. Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original “thief”. Illustration of the Bitcoin Cash network splits on 15 May 2019 (Source: BitMEX Research) (Notes: Graphical illustration of the split) ForkMonitor: Unexpected Inflation Detection and Warning System Abstract: ForkMonitor has now implemented unexpected inflation detection and warning systems for Bitcoin. The block reward is currently 12.5 bitcoin, which means that no more than 12.5 new bitcoin should be created each block. Some of the ForkMonitor nodes now calculate the total coin supply each block, using the gettxoutsetinfo RPC call. If the total coin supply increases by more than 12.5 bitcoin, warnings systems are initiated. This service potentially provides additional assurances to network participants about the supply of Bitcoin at any given time. (Source: ForkMonitor.info) Bitcoin’s Block Timestamp Protection Rules Abstract: We examine two of Bitcoin’s little-known rules, designed to stop nefarious miners from manipulating the block timestamps and achieving unfairly high mining rewards. We discuss why constants such as the two-hour MAX_FUTURE_BLOCK_TIME value may have been chosen and how this value may have particular implications for Bitcoin Cash. We conclude that Bitcoin’s time protection rules appear reasonably effective, an impressive feat, considering the lack of a functioning network when the rules were implemented. (Source: Pexels) Bitcoin Cash’s October 2019 Hashrate Volatility Increase Abstract: We look at the recent elevated level of hashrate volatility on the Bitcoin Cash network. We note that the apparent cyclical nature of the oscillations may indicate a form of manipulation, although we found no direct evidence of such behavior. We conclude that there are no easy solutions to Bitcoin Cash’s hashrate volatility issue, on the other hand the negative impact on the usability of the coin has been marginal so far. The best course of action in the short term may be to be patient and research possible solutions, unless a particular cause becomes more apparent. Bitcoin Cash Hashrate Estimate- (8 hour rolling average) – PH/s (Source: BitMEX Research) (Notes: Eight hour periods were chosen to maximise the visual impact of the apparent hashrate oscillations. Hashrate data calculated by using the difficulty and block timestamps) Announcing txstats.com Abstract: BitMEX Research and Coin Metrics are happy to announce the release of txstats.com, the successor to P2SH.info, an independent project created by Coin Metrics’ Lead Data Engineer, Antoine Le Calvez. Bitcoin stored by P2SH address type(Screenshot from txstats.com) Benford’s Law & Cryptocurrency Trading Data Abstract: In this report we examine Benford’s law, a mathematical rule which describes the frequency of the leading digit in various real world sequences of numbers. We look at various datasets from the cryptocurrency ecosystem, such as coin prices and trading volume data. We explain that this mathematical concept should not be looked at in isolation and that a strong understanding of the underlying economics is necessary to draw strong conclusions. We note that for a minority of trading platforms, notably OKEX and HitBTC, the reported trading volume figures appear to result in a distribution which does not follow Benford’s law. However, this pattern does not imply inappropriate manipulation of the data and there are many potential legitimate explanations for the unexpected distributions. (Ben Affleck explaining to Anna Kendrick the abnormally high occurrence of the digit 3, potentially indicating financial fraud, in the 2016 Hollywood movie “The Accountant”. Screen captured 41 minutes and 40 seconds into the film) Bitcoin’s Initial Block Download Abstract: We test the performance of Bitcoin Core by successfully conducting 35 initial block downloads (IBDs) and recording the amount of time the node takes to synchronize with the network. We used software releases in the period spanning from 2012 to 2019. The results show a considerable and consistent improvement in the performance of the software, but also a high degree of variance. Even with the latest computer hardware, older versions of Bitcoin struggled to get past the pickup in transaction volume which occured in the 2015 to 2016 period. Therefore we conclude that without the software enhancements, an initial synchronization today could be almost impossible. Figure 1 – Bitcoin Initial Block Download Time (Days) – Average Of 3 Attempts (Source: BitMEX Research) (Notes: Synchronization up to block 602,707. Further details in the notes below) Lightning Network (Part 5) – BitMEX Research Launches Penalty Transaction Alert System Abstract: ForkMonitor has launched a Lightning Network penalty transaction alert system, available at https://forkmonitor.info/lightning. Unfortunately, it is possible the alerts could be manipulated, for instance by users artificially generating this transaction type on two nodes they control. On the other hand, our new alert system should capture every failed theft attempt on the Lightning Network, in real time. This may be a useful feature to those monitoring the health and development of the Lightning Network and additionally it could be useful to individual users concerned about their channels. (Source: Pexels.com) I CAN has IPO Abstract: In contrast to the apparent management difficulties at Bitmain, in a shrewd piece of corporate finance, cryptocurrency ASIC manufacturer Canaan Creative successfully raised $90m in an IPO in November 2019, at a very attractive valuation from the company’s perspective. From Canaan’s point of view, the timing appears impeccable, right before the release of a set of financial results likely to show a loss in 2019, a Bitcoin price decline and the 2020 halvening which should reduce mining revenue. Quarterly disclosures in the prospectus illustrate extreme volatility in sales, which appear more volatile than both cryptocurrency prices and mining farm operation financials. The shares are down 43% since the listing, moving towards what we would consider a more attractive valuation for investors. Canaan’s sharp share price decline since the IPO vs Bitcoin(Source: Bloomberg) Build Systems & Security – Bitcoin Is Improving Abstract: This piece is written by Bitcoin Core contributor and BitMEX Research guest writer, Michael Ford. Michael is the recipient of the HDR Global Trading Limited Bitcoin development grant of US$60,000 per annum. In this report, Michael explains recent Bitcoin Core build system improvements and how he has been involved in removing third party software dependencies, such as OpenSSL. The number of packages built in Bitcoin Core 0.19.99 is down 44% since Bitcoin Core 0.13.2 and the build time has fallen 42% since the peak, to 135 seconds, according to Michael’s tests. This work has improved the security of the software, by reducing the attack surface and improved software performance. Bitcoin Core Dependencies – Build Time (Source: Michael Ford’s analysis) (Notes: Only requires packages, excludes downloading. Make -C depends -j8 NO_QT=1 NO_UPNP=1 etc, Conducted on MacOS) Lightning Network (Part 6) – Over 60,000 Non-Cooperative Channel Closures Abstract: In our sixth piece on the lightning network, we provide new data about its growth and size. We reveal statistics about private channels, often produced by mobile wallets, which are not normally included in traditional network metrics. We primarily focus on non-cooperative channel closures and a database we have constructed, which we believe contains all such transactions. Our database illustrates that non-cooperative channel closures are relatively common and that lightning network usage is higher than expected. Main Findings: The number of lightning network non-cooperative channel closures in Bitcoin’s history is over 60,000. Over 1,000 Bitcoin has been spent in non-cooperative channel closure transactions. (Lightning strikes the city of New York. Source: Pexels) From The Desk Of Arthur Hayes When Options? Part 1 These are the three questions any self-respecting crypto punter asks themselves: When moon? When lambo? When liquid options? If I knew the answers to questions 1 and 2, HDR Long Term Capital Management would not be a figment of my imagination, but a fee guzzling hedge fund posting returns that rival Renaissance Technologies. By the way, I recently read somewhere that since its inception, Ren Tech earned over $100 billion in net gains AFTER fees of 4 and 40. Jim Simons is the Samuel L Jackson of investing; he is one bad ass mother fucker. As the CEO of the largest crypto derivatives trading platform, I do however have a somewhat informed opinion on the third question. For those of you ringing in 2020 with a resolve to read even less text and more Instagram, here is the summary: The liquid crypto delta one trading products obviate the need for traders to rush into traditional screen options trading platforms like in traditional asset classes. That does not mean that volatility products will not pick up liquidity. As more participants rediscover the need to smooth out volatile cash flows and earn yield on their Bitcoin, both insurance and yield products with embedded options will become popular. These structured products will lead the way towards a more mature crypto derivatives market, and that liquidity will leak into vanilla options traded by sophisticated traders. BitMEX will be present in the areas of the market where we can add value. Delta One Dominance Traders use delta one products to obtain leveraged directional exposure to an asset. Traders always want more leverage when they are prescient; that’s how you earn more ducats. Traditional trading platforms and exchanges, baring shady CFD brokers / bucket shops, offer limited leverage. Unless you are a very large hedge fund, bank, or financial institution, you will not have access to a large amount of leverage. Exchanges endeavor to protect their seat holders who are on the hook for bankrupt traders by limiting leverage. The most liquid equity futures contract globally is the CME’s Globex S&P E-mini contract. I believe the maintenance margin offered by the exchange equates to max 5x leverage. 5x leverage ain’t the nuts when a large daily move in the underlying is considered 1%. Brokers may offer higher leverage trading FX pairs, but obtaining 100x or greater leverage is getting increasingly difficult. Even if you can obtain high leverage, these exchanges or brokers do not limit your liability. When the Swiss National Bank removed the CHF/EUR peg in January 2015, a few shops sued customers for large losses. That’s not a good look. Since the options are either low leverage offered at the exchange level, or high leverage offered by a broker, with the risk of total financial ruin, traders in search of safe leverage must resort to options. By purchasing out of the money (OTM) call and put options, traders can enjoy much higher leverage and limited liability. The OTM options will trade cheap because the strike price is far enough away from the current spot price to dampen the premium. You pay less for an outcome that is less likely to happen. If the trader is wrong, he only loses the premium. This way, traders construct leveraged positive convexity trades. The other, and arguably more important facet which will reduce the premium is low observed volatility levels for equities, fixed income, and currencies. If the asset price moves very little and is OTM, the premium will be cheaper, which offers larger gearing. As a result of this market structure, options appeal to speculators. In turn, speculators bring the gift of liquidity on both sides of a market. Life is all about discovering cheap convexity. Traditional asset class options markets offer convexity, leverage, and safety to speculators. Delta one products offer none of these characteristics, therefore, speculators add a significant amount of liquidity and open interest to the options markets. Crypto derivatives feature a completely different market structure. Suing your customers is bad business and almost impossible when the margin currency, Bitcoin, is barely recognised as real money. As a result, all platforms adopted a limited liability stance from the outset. You can only lose your initial margin on BitMEX, no matter how big your position is. Nothing in life is free, unless you are a politician running for election. If traders can only lose what they put in, then in volatile and jumpy markets, winners cannot enjoy their full unrealised profit. There will be situations where the market gaps up or down and the platform does not possess enough equity to pay out winners in full. That is where the socialised loss system plays a role. The socialised loss system ensures the platform is solvent under all market conditions. Crypto trading platforms did not start by selling seats to well-heeled institutions willing to put their balance sheets on the line so punters can go 100x on one of the most volatile assets in human history. I can only speak for BitMEX, but if Bitcoin goes to zero or infinity in one tick, we will be solvent. That is how much safety our socialised loss system provides. A limited liability and socialised loss margin system sounds attractive in theory, but without the third piece, the insurance fund, it is still deficient. In a two-trader system where one person is long and other side short, the maximum return on equity (ROE) is 100%. That is because you can only win what the other side has placed as margin. This platform could offer 1,000x leverage and it would still be a nothing burger. The leverage is irrelevant if you can’t raise your ROE substantially above 100%. An additional pot of funds which pays out winners when the losers go bankrupt is needed to raise ROE above 100%. Traditional exchanges partner with a clearinghouse which provides such a backstop from guarantee bonds. Usually seat holders must purchase these bonds; in return they receive a fee on every trade. However, if I came to you in 2015 and asked you to give me some Bitcoin to help traders use 100x leverage, you probably would have suffered a myocardial infarction laughing at my expense. Therefore, BitMEX and other platforms had to find another source of funds to backstop the market. The insurance fund is that pool of money. The BitMEX insurance fund currently holds approximately 33,500 Bitcoin. Pop goes the weasel, with an insurance fund the potential ROE in a socialised system rises above 100%. Mathematically the larger the insurance fund the larger the potential ROE of a new trade becomes. The other factor that influences the potential ROE is the number of traders on a platform who have different price expectations on the long and short side. The more punters, the greater chance that a liquidation order will be cleared in the market at better than bankruptcy price. As a result, the insurance fund will grow. Assume that all crypto derivatives platforms have the same number of active users. (I could posit that BitMEX has the most, but I can’t verify that without knowing the active user base of all competitors. And alas I don’t have that information.) The only public data which all socialised loss platforms post is their insurance fund. BitMEX has the largest fund. Therefore, on BitMEX a trader will have the highest pre-trade potential ROE. If we assume a non-zero insurance fund balance, then the crypto delta one markets begin to confer some juicy convexity for traders. Consider this: Traders can only lose what they put in. That means their downside loss is capped. Traders can make more when they are right than when they are wrong, regardless of going long or short. That means their return profile is always positively convex. Traders can use high leverage. In essence, the crypto capital market structure has wrapped options into a delta one product. The return profile of a crypto future or swap hasn’t changed. On the leveraged notional, a 1% rise in price equals a 1% rise in the contract. However, on an ROE basis the trader has purchased an option with the premium as the initial margin. Crypto Options Various crypto platforms have over the years offered options markets. While the liquidity is definitely better than five years ago when I entered the space, it still is pretty illiquid. Many traders lament the lack of “proper” liquid screen market of calls and puts of various strikes. Traders who cut their teeth trading equity and fx options want the same trading weapons in crypto. However, the crypto option is a breech loaded musket compared to the crypto perpetual swap Gatling gun. Charge that hill if you dare. Trading options is orders of magnitude more complicated than trading futures and swaps. Delta, Vega, Theta, Rho, Gamma, dVega / dVol, I could go on with the alphabet letter soup of the option greeks. I still remember the weekly quizzes on options math and the greeks the MD would give me during my internship on the derivatives sales desk at Deutsche Bank. Given volatility sales and trading desks employ tens of thousands but not millions, most traders of all stripes barely understand how these markets are priced. Case in point, one day I was sitting with a trader who traded Variance Swaps. A Variance Swap allows the trader to have constant vega across all strikes. If you don’t know what that means, this story will be comforting. The trader had a fancy spreadsheet which calculated all the option greeks and told him his daily PNL. All he had to do was vigorously press F9 to generate quotes. I asked him how those were calculated. He responded that he didn’t know, the quants made the spreadsheet and he just followed it blindly. Moral of the story, this shit is complicated. Strike one! Traders will always do what is easiest if they can generate the same return profile. Crypto volatility is very high. We are currently in a low volatility regime and 30 day realised volatility is around 40%. When pricing an option, the higher the volatility the more expensive the call or put. Therefore, option buyers, the speculators, must post high amounts of capital to obtain convex trades. In order to be cheaper than the BitMEX XBTUSD perpetual swap, the most liquid crypto derivatives product, the premium must be less than 1%. That is not possible when the underlying asset has such a high realised volatility. Strike two! Traders will always gravitate to the product with the most leverage. Market makers, I haven’t forgotten about you. For every buyer there is a seller. Writing options is a tough business. If the volatility is high, margin requirements for writers of options will be very expensive. Market makers must be able to write naked options while quoting. Writing naked call options on an asset that popped 40% in a few hours when Xi Jinping mentioned the word “blockchain” is risky. As a result, the margining systems employed by various platforms are extremely conservative. The same set of crypto market makers quote crypto delta one and options products. They must decide how to allocate their capital. If the option requires more capital due to margin requirements and has less flow because it’s less understood and offers less leverage, they will provide less liquidity. If the brave speculator turns up to trade an option and you can drive a Tesla pickup truck through the spread, she will hightail it back to XBTUSD. Strike three, and you are out! Traders prefer the liquid to the illiquid derivative. I hope you enjoyed a nice primer on the crypto derivatives market structure and why delta one products will be preferred to options by speculators. Delta One: High leverage Limited liability which translates into a max loss of 100% of initial margin, but a max upside that vastly exceeds 100%. Also known as positive convexity. Liquidity Options: High premiums because of high implied volatility, which translates into low leverage or gearing. Limited liability as you can only lose your premium. Illiquid After laying out what won’t work, in the next voluminous installment I will get into my views on what sort of option / volatility products will become popular in 2020. Glossary of Terms For those of you who didn’t get any of what I just said, here’s a glossary. Delta – The change in the value of a derivative contract with respect to the price of the underlying asset. Delta One – Derivatives where delta equals one. This term will be used to refer to futures and swaps products of the crypto space. I was a practicing delta one trader during my time working for the man. Socialised Loss System – This is the dominant margining system used by all liquid crypto derivatives platforms. In this system, if there is not enough money to pay out winners due to bankrupt losers, the winners’ unrealized profit is reduced, or their position is closed early. Initial Margin / Limited Liability – A complement to the socialised loss system. Traders can only lose a position’s initial margin. The trading platform cannot go after other financial assets held outside of its system. This is different than most brokers offering any sort of derivatives / leveraged trading, they can and will go after the entirety of a traders’ financial net worth if losses exceed the initial margin. Insurance Fund – This is the guarantee fund attached to a socialised loss system. On BitMEX, if you are liquidated, the system takes over your position and closes it in the market. If there is equity left over after closure, those funds are deposited into the insurance fund. The losers pay into the fund with their leftover equity. The fund is tapped when a liquidation order cannot be closed at a price which is above its bankruptcy price. Volatility Products – Derivatives where the delta is greater than one. This term will be used to refer to options products of all stripes. When trading options, you are not just trading directionally but also for convexity and yield. Convexity – This is the asymmetric nature of a payoff curve. A positively convex trade is one where you make more money when you are right than when you are wrong, assuming the same asset price movement on the up or downside. Buying an option is a positively convex trade. A negatively convex trade is one where you lose more money when you are wrong than when you are right, assuming the same asset price movement on the up or downside. Selling or writing an option is a negatively convex trade. Convexity is not free, the price for this return profile is the premium attached to any option. Yield – A trade that yields a fixed known payoff by expiry. Selling a covered call option is a yield trade. E.g. A miner expects to produce 100 Bitcoin in one year sells 100 $10,000 Strike December 2020 Bitcoin / USD Call Options and receives 20 Bitcoin premium from the buyer. The miner knows a priori that this trade will yield 20 Bitcoin of income regardless of where the price of Bitcoin settles in one year. I am doing these concepts a disservice via these curt descriptions, but I am cognizant of a burning desire on behalf of punters to read as little as possible while still trading profitably. Risk Disclaimer This article should not be copied or reproduced in whole or in part. The information contained in this article does not constitute research or a recommendation. Neither BitMEX nor any of its affiliates make any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this article is not to be taken as constituting the giving of investment advice nor to constitute such person a client of BitMEX. Contact Us | Subscribe | Unsubscribe
  4. Не е тайна, че на този етап Биткойн не е достатъчно анонимен. Или поне не дотолкова, доколкото ни се иска. Това е така, защото блокчейнът е публичен и видим за всички. Широко разпространено мнение е, че Биткойн и останалите криптовалути се използват основно за трансфер на средства от нелегална дейност.... Материалът PayNyms и Биткойн анонимността е публикуван за пръв път на Hash.bg. View the full article
  5. Не е тайна, че на този етап Биткойн не е достатъчно анонимен. Или поне не дотолкова, доколкото ни се иска. Това е така, защото блокчейнът е публичен и видим за всички. Широко разпространено мнение е, че Биткойн и останалите криптовалути се използват основно за трансфер на средства от нелегална дейност.... Материалът PayNyms и Биткойн анонимността е публикуван за пръв път на Hash.bg. View the full article
  6. Bitcoin Core version 0.19.0.1 is now available from: https://bitcoincore.org/bin/bitcoin-core-0.19.0.1/ This release includes new features, various bug fixes and performance improvements, as well as updated translations. Please report bugs using the issue tracker at GitHub: https://github.com/bitcoin/bitcoin/issues To receive security and update notifications, please subscribe to: https://bitcoincore.org/en/list/announcements/join/ How to Upgrade If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or bitcoind/bitcoin-qt (on Linux). Upgrading directly from a version of Bitcoin Core that has reached its EOL is possible, but might take some time if the datadir needs to be migrated. Old wallet versions of Bitcoin Core are generally supported. Compatibility Bitcoin Core is supported and extensively tested on operating systems using the Linux kernel, macOS 10.10+, and Windows 7 and newer. It is not recommended to use Bitcoin Core on unsupported systems. Bitcoin Core should also work on most other Unix-like systems but is not as frequently tested on them. From 0.17.0 onwards, macOS <10.10 is no longer supported. 0.17.0 is built using Qt 5.9.x, which doesn’t support versions of macOS older than 10.10. Additionally, Bitcoin Core does not yet change appearance when macOS “dark mode” is activated. Users running macOS Catalina may need to “right-click” and then choose “Open” to open the Bitcoin Core .dmg. This is due to new signing requirements imposed by Apple, which the Bitcoin Core project does not yet adhere too. Notable changes New user documentation Reduce memory suggests configuration tweaks for running Bitcoin Core on systems with limited memory. (#16339) New RPCs getbalances returns an object with all balances (mine, untrusted_pending and immature). Please refer to the RPC help of getbalances for details. The new RPC is intended to replace getbalance, getunconfirmedbalance, and the balance fields in getwalletinfo. These old calls and fields may be removed in a future version. (#15930, #16239) setwalletflag sets and unsets wallet flags that enable or disable features specific to that existing wallet, such as the new avoid_reuse feature documented elsewhere in these release notes. (#13756) getblockfilter gets the BIP158 filter for the specified block. This RPC is only enabled if block filters have been created using the -blockfilterindex configuration option. (#14121) New settings -blockfilterindex enables the creation of BIP158 block filters for the entire blockchain. Filters will be created in the background and currently use about 4 GiB of space. Note: this version of Bitcoin Core does not serve block filters over the P2P network, although the local user may obtain block filters using the getblockfilter RPC. (#14121) Updated settings whitebind and whitelist now accept a list of permissions to provide peers connecting using the indicated interfaces or IP addresses. If no permissions are specified with an address or CIDR network, the implicit default permissions are the same as previous releases. See the bitcoind -help output for these two options for details about the available permissions. (#16248) Users setting custom dbcache values can increase their setting slightly without using any more real memory. Recent changes reduced the memory use by about 9% and made chainstate accounting more accurate (it was underestimating the use of memory before). For example, if you set a value of “450” before, you may now set a value of “500” to use about the same real amount of memory. (#16957) Updated RPCs Note: some low-level RPC changes mainly useful for testing are described in the Low-level Changes section below. sendmany no longer has a minconf argument. This argument was not well-specified and would lead to RPC errors even when the wallet’s coin selection succeeded. Users who want to influence coin selection can use the existing -spendzeroconfchange, -limitancestorcount, -limitdescendantcount and -walletrejectlongchains configuration arguments. (#15596) getbalance and sendtoaddress, plus the new RPCs getbalances and createwallet, now accept an “avoid_reuse” parameter that controls whether already used addresses should be included in the operation. Additionally, sendtoaddress will avoid partial spends when avoid_reuse is enabled even if this feature is not already enabled via the -avoidpartialspends command line flag because not doing so would risk using up the “wrong” UTXO for an address reuse case. (#13756) RPCs which have an include_watchonly argument or includeWatching option now default to true for watch-only wallets. Affected RPCs are: getbalance, listreceivedbyaddress, listreceivedbylabel, listtransactions, listsinceblock, gettransaction, walletcreatefundedpsbt, and fundrawtransaction. (#16383) listunspent now returns a “reused” bool for each output if the wallet flag “avoid_reuse” is enabled. (#13756) getblockstats now uses BlockUndo data instead of the transaction index, making it much faster, no longer dependent on the -txindex configuration option, and functional for all non-pruned blocks. (#14802) utxoupdatepsbt now accepts a descriptors parameter that will fill out input and output scripts and keys when known. P2SH-witness inputs will be filled in from the UTXO set when a descriptor is provided that shows they’re spending segwit outputs. See the RPC help text for full details. (#15427) sendrawtransaction and testmempoolaccept no longer accept a allowhighfees parameter to fail mempool acceptance if the transaction fee exceeds the value of the configuration option -maxtxfee. Now there is a hardcoded default maximum feerate that can be changed when calling either RPC using a maxfeerate parameter. (#15620) getmempoolancestors, getmempooldescendants, getmempoolentry, and getrawmempool no longer return a size field unless the configuration option -deprecatedrpc=size is used. Instead a new vsize field is returned with the transaction’s virtual size (consistent with other RPCs such as getrawtransaction). (#15637) getwalletinfo now includes a scanning field that is either false (no scanning) or an object with information about the duration and progress of the wallet’s scanning historical blocks for transactions affecting its balances. (#15730) gettransaction now accepts a third (boolean) argument verbose. If set to true, a new decoded field will be added to the response containing the decoded transaction. This field is equivalent to RPC decoderawtransaction, or RPC getrawtransaction when verbose is passed. (#16185, #16866, #16873) createwallet accepts a new passphrase parameter. If set, this will create the new wallet encrypted with the given passphrase. If unset (the default) or set to an empty string, no encryption will be used. (#16394) getchaintxstats RPC now returns the additional key of window_final_block_height. (#16695) getmempoolentry now provides a weight field containing the transaction weight as defined in BIP141. (#16647) The getnetworkinfo and getpeerinfo commands now contain a new field with decoded network service flags. (#16786) getdescriptorinfo now returns an additional checksum field containing the checksum for the unmodified descriptor provided by the user (that is, before the descriptor is normalized for the descriptor field). (#15986) joinpsbts now shuffles the order of the inputs and outputs of the resulting joined PSBT. Previously, inputs and outputs were added in the order PSBTs were provided. This made it easy to correlate inputs to outputs, representing a privacy leak. (#16512) walletcreatefundedpsbt now signals BIP125 Replace-by-Fee if the -walletrbf configuration option is set to true. (#15911) GUI changes The GUI wallet now provides bech32 addresses by default. The user may change the address type during invoice generation using a GUI toggle, or the default address type may be changed with the -addresstype configuration option. (#15711, #16497) In 0.18.0, a ./configure flag was introduced to allow disabling BIP70 support in the GUI (support was enabled by default). In 0.19.0, this flag is now disabled by default. If you want to compile Bitcoin Core with BIP70 support in the GUI, you can pass --enable-bip70 to ./configure. (#15584) Deprecated or removed configuration options -mempoolreplacement is removed, although default node behavior remains the same. This option previously allowed the user to prevent the node from accepting or relaying BIP125 transaction replacements. This is different from the remaining configuration option -walletrbf. (#16171) Deprecated or removed RPCs bumpfee no longer accepts a totalFee option unless the configuration parameter deprecatedrpc=totalFee is specified. This parameter will be fully removed in a subsequent release. (#15996) bumpfee has a new fee_rate option as a replacement for the deprecated totalFee. (#16727) generate is now removed after being deprecated in Bitcoin Core 0.18. Use the generatetoaddress RPC instead. (#15492) P2P changes BIP 61 reject messages were deprecated in v0.18. They are now disabled by default, but can be enabled by setting the -enablebip61 command line option. BIP 61 reject messages will be removed entirely in a future version of Bitcoin Core. (#14054) To eliminate well-known denial-of-service vectors in Bitcoin Core, especially for nodes with spinning disks, the default value for the -peerbloomfilters configuration option has been changed to false. This prevents Bitcoin Core from sending the BIP111 NODE_BLOOM service flag, accepting BIP37 bloom filters, or serving merkle blocks or transactions matching a bloom filter. Users who still want to provide bloom filter support may either set the configuration option to true to re-enable both BIP111 and BIP37 support or enable just BIP37 support for specific peers using the updated -whitelist and -whitebind configuration options described elsewhere in these release notes. For the near future, lightweight clients using public BIP111/BIP37 nodes should still be able to connect to older versions of Bitcoin Core and nodes that have manually enabled BIP37 support, but developers of such software should consider migrating to either using specific BIP37 nodes or an alternative transaction filtering system. (#16152) By default, Bitcoin Core will now make two additional outbound connections that are exclusively used for block-relay. No transactions or addr messages will be processed on these connections. These connections are designed to add little additional memory or bandwidth resource requirements but should make some partitioning attacks more difficult to carry out. (#15759) Miscellaneous CLI Changes The testnet field in bitcoin-cli -getinfo has been renamed to chain and now returns the current network name as defined in BIP70 (main, test, regtest). (#15566) Low-level changes RPC getblockchaininfo no longer returns a bip9_softforks object. Instead, information has been moved into the softforks object and an additional type field describes how Bitcoin Core determines whether that soft fork is active (e.g. BIP9 or BIP90). See the RPC help for details. (#16060) getblocktemplate no longer returns a rules array containing CSV and segwit (the BIP9 deployments that are currently in active state). (#16060) getrpcinfo now returns a logpath field with the path to debug.log. (#15483) Tests The regression test chain enabled by the -regtest command line flag now requires transactions to not violate standard policy by default. This is the same default used for mainnet and makes it easier to test mainnet behavior on regtest. Note that the testnet still allows non-standard txs by default and that the policy can be locally adjusted with the -acceptnonstdtxn command line flag for both test chains. (#15891) Configuration A setting specified in the default section but not also specified in a network-specific section (e.g. testnet) will now produce an error preventing startup instead of just a warning unless the network is mainnet. This prevents settings intended for mainnet from being applied to testnet or regtest. (#15629) On platforms supporting thread_local, log lines can be prefixed with the name of the thread that caused the log. To enable this behavior, use -logthreadnames=1. (#15849) Network When fetching a transaction announced by multiple peers, previous versions of Bitcoin Core would sequentially attempt to download the transaction from each announcing peer until the transaction is received, in the order that those peers’ announcements were received. In this release, the download logic has changed to randomize the fetch order across peers and to prefer sending download requests to outbound peers over inbound peers. This fixes an issue where inbound peers could prevent a node from getting a transaction. (#14897, #15834) If a Tor hidden service is being used, Bitcoin Core will be bound to the standard port 8333 even if a different port is configured for clearnet connections. This prevents leaking node identity through use of identical non-default port numbers. (#15651) Mempool and transaction relay Allows one extra single-ancestor transaction per package. Previously, if a transaction in the mempool had 25 descendants, or it and all of its descendants were over 101,000 vbytes, any newly-received transaction that was also a descendant would be ignored. Now, one extra descendant will be allowed provided it is an immediate descendant (child) and the child’s size is 10,000 vbytes or less. This makes it possible for two-party contract protocols such as Lightning Network to give each participant an output they can spend immediately for Child-Pays-For-Parent (CPFP) fee bumping without allowing one malicious participant to fill the entire package and thus prevent the other participant from spending their output. (#15681) Transactions with outputs paying v1 to v16 witness versions (future segwit versions) are now accepted into the mempool, relayed, and mined. Attempting to spend those outputs remains forbidden by policy (“non-standard”). When this change has been widely deployed, wallets and services can accept any valid bech32 Bitcoin address without concern that transactions paying future segwit versions will become stuck in an unconfirmed state. (#15846) Legacy transactions (transactions with no segwit inputs) must now be sent using the legacy encoding format, enforcing the rule specified in BIP144. (#14039) Wallet When in pruned mode, a rescan that was triggered by an importwallet, importpubkey, importaddress, or importprivkey RPC will only fail when blocks have been pruned. Previously it would fail when -prune has been set. This change allows setting -prune to a high value (e.g. the disk size) without the calls to any of the import RPCs failing until the first block is pruned. (#15870) When creating a transaction with a fee above -maxtxfee (default 0.1 BTC), the RPC commands walletcreatefundedpsbt and fundrawtransaction will now fail instead of rounding down the fee. Be aware that the feeRate argument is specified in BTC per 1,000 vbytes, not satoshi per vbyte. (#16257) A new wallet flag avoid_reuse has been added (default off). When enabled, a wallet will distinguish between used and unused addresses, and default to not use the former in coin selection. When setting this flag on an existing wallet, rescanning the blockchain is required to correctly mark previously used destinations. Together with “avoid partial spends” (added in Bitcoin Core v0.17.0), this can eliminate a serious privacy issue where a malicious user can track spends by sending small payments to a previously-paid address that would then be included with unrelated inputs in future payments. (#13756) Build system changes Python >=3.5 is now required by all aspects of the project. This includes the build systems, test framework and linters. The previously supported minimum (3.4), was EOL in March 2019. (#14954) The minimum supported miniUPnPc API version is set to 10. This keeps compatibility with Ubuntu 16.04 LTS and Debian 8 libminiupnpc-dev packages. Please note, on Debian this package is still vulnerable to CVE-2017-8798 (in jessie only) and CVE-2017-1000494 (both in jessie and in stretch). (#15993) 0.19.0 change log Consensus #16128 Delete error-prone CScript constructor only used with FindAndDelete (instagibbs) #16060 Bury bip9 deployments (jnewbery) Policy #15557 Enhance bumpfee to include inputs when targeting a feerate (instagibbs) #15846 Make sending to future native witness outputs standard (sipa) Block and transaction handling #15632 Remove ResendWalletTransactions from the Validation Interface (jnewbery) #14121 Index for BIP 157 block filters (jimpo) #15141 Rewrite DoS interface between validation and net_processing (sdaftuar) #15880 utils and libraries: Replace deprecated Boost Filesystem functions (hebasto) #15971 validation: Add compile-time checking for negative locking requirement in LimitValidationInterfaceQueue (practicalswift) #15999 init: Remove dead code in LoadChainTip (MarcoFalke) #16015 validation: Hold cs_main when reading chainActive in RewindBlockIndex (practicalswift) #16056 remove unused magic number from consistency check (instagibbs) #16171 Remove -mempoolreplacement to prevent needless block prop slowness (TheBlueMatt) #15894 Remove duplicated “Error: “ prefix in logs (hebasto) #14193 validation: Add missing mempool locks (MarcoFalke) #15681 Allow one extra single-ancestor transaction per package (TheBlueMatt) #15305 [validation] Crash if disconnecting a block fails (sdaftuar) #16471 log correct messages when CPFP fails (jnewbery) #16433 txmempool: Remove unused default value MemPoolRemovalReason::UNKNOWN (MarcoFalke) #13868 Remove unused fScriptChecks parameter from CheckInputs (Empact) #16421 Conservatively accept RBF bumps bumping one tx at the package limits (TheBlueMatt) #16854 Prevent UpdateTip log message from being broken up (stevenroose) #16956 validation: Make GetWitnessCommitmentIndex public (MarcoFalke) #16713 Ignore old versionbit activations to avoid ‘unknown softforks’ warning (jnewbery) #17002 chainparams: Bump assumed chain params (MarcoFalke) #16849 Fix block index inconsistency in InvalidateBlock() (sdaftuar) P2P protocol and network code #15597 Generate log entry when blocks messages are received unexpectedly (pstratem) #15654 Remove unused unsanitized user agent string CNode::strSubVer (MarcoFalke) #15689 netaddress: Update CNetAddr for ORCHIDv2 (dongcarl) #15834 Fix transaction relay bugs introduced in #14897 and expire transactions from peer in-flight map (sdaftuar) #15651 torcontrol: Use the default/standard network port for Tor hidden services, even if the internal port is set differently (luke-jr) #16188 Document what happens to getdata of unknown type (MarcoFalke) #15649 Add ChaCha20Poly1305@Bitcoin AEAD (jonasschnelli) #16152 Disable bloom filtering by default (TheBlueMatt) #15993 Drop support of the insecure miniUPnPc versions (hebasto) #16197 Use mockable time for tx download (MarcoFalke) #16248 Make whitebind/whitelist permissions more flexible (NicolasDorier) #16618 [Fix] Allow connection of a noban banned peer (NicolasDorier) #16631 Restore default whitelistrelay to true (NicolasDorier) #15759 Add 2 outbound block-relay-only connections (sdaftuar) #15558 Don’t query all DNS seeds at once (sipa) #16999 0.19 seeds update (laanwj) Wallet #15288 Remove wallet -> node global function calls (ryanofsky) #15491 Improve log output for errors during load (gwillen) #13541 wallet/rpc: sendrawtransaction maxfeerate (kallewoof) #15680 Remove resendwallettransactions RPC method (jnewbery) #15508 Refactor analyzepsbt for use outside RPC code (gwillen) #15747 Remove plethora of Get*Balance (MarcoFalke) #15728 Refactor relay transactions (jnewbery) #15639 bitcoin-wallet tool: Drop libbitcoin_server.a dependency (ryanofsky) #15853 Remove unused import checkpoints.h (MarcoFalke) #15780 add cachable amounts for caching credit/debit values (kallewoof) #15778 Move maxtxfee from node to wallet (jnewbery) #15901 log on rescan completion (andrewtoth) #15917 Avoid logging no_such_file_or_directory error (promag) #15452 Replace CScriptID and CKeyID in CTxDestination with dedicated types (instagibbs) #15870 Only fail rescan when blocks have actually been pruned (MarcoFalke) #15006 Add option to create an encrypted wallet (achow101) #16001 Give WalletModel::UnlockContext move semantics (sipa) #15741 Batch write imported stuff in importmulti (achow101) #16144 do not encrypt wallets with disabled private keys (mrwhythat) #15024 Allow specific private keys to be derived from descriptor (meshcollider) #13756 “avoid_reuse” wallet flag for improved privacy (kallewoof) #16226 Move ismine to the wallet module (achow101) #16239 wallet/rpc: follow-up clean-up/fixes to avoid_reuse (kallewoof) #16286 refactoring: wallet: Fix GCC 7.4.0 warning (hebasto) #16257 abort when attempting to fund a transaction above -maxtxfee (Sjors) #16237 Have the wallet give out destinations instead of keys (achow101) #16322 Fix -maxtxfee check by moving it to CWallet::CreateTransaction (promag) #16361 Remove redundant pre-TopUpKeypool check (instagibbs) #16244 Move wallet creation out of the createwallet rpc into its own function (achow101) #16227 Refactor CWallet’s inheritance chain (achow101) #16208 Consume ReserveDestination on successful CreateTransaction (instagibbs) #16301 Use CWallet::Import* functions in all import* RPCs (achow101) #16402 Remove wallet settings from chainparams (MarcoFalke) #16415 Get rid of PendingWalletTx class (ryanofsky) #15588 Log the actual wallet file version and no longer publicly expose the “version” record (achow101) #16399 Improve wallet creation (fjahr) #16475 Enumerate walletdb keys (MarcoFalke) #15709 Do not add “setting” key as unknown (Bushstar) #16451 Remove CMerkleTx (jnewbery) #15906 Move min_depth and max_depth to coin control (amitiuttarwar) #16502 Drop unused OldKey (promag) #16394 Allow createwallet to take empty passwords to make unencrypted wallets (achow101) #15911 Use wallet RBF default for walletcreatefundedpsbt (Sjors) #16503 Remove p2pEnabled from Chain interface (ariard) #16557 restore coinbase and confirmed/conflicted checks in SubmitMemoryPoolAndRelay() (jnewbery) #14934 Descriptor expansion cache clarifications (Sjors) #16383 rpcwallet: default include_watchonly to true for watchonly wallets (jb55) #16542 Return more specific errors about invalid descriptors (achow101) #16572 Fix Char as Bool in Wallet (JeremyRubin) #16753 extract PubKey from P2PK script with Solver (theStack) #16716 Use wallet name instead of pointer on unload/release (promag) #16185 gettransaction: add an argument to decode the transaction (darosior) #16745 Translate all initErrors in CreateWalletFromFile (MarcoFalke) #16792 Assert that the HRP is lowercase in Bech32::Encode (meshcollider) #16624 encapsulate transactions state (ariard) #16830 Cleanup walletinitinterface.h (hebasto) #16796 Fix segfault in CreateWalletFromFile (MarcoFalke) #16866 Rename ‘decode’ argument in gettransaction method to ‘verbose’ (jnewbery) #16727 Explicit feerate for bumpfee (instagibbs) #16609 descriptor: fix missed m_script_arg arg renaming in #14934 (fanquake) RPC and other APIs #15492 remove deprecated generate method (Sjors) #15566 cli: Replace testnet with chain and return network name as per bip70 (fanquake) #15564 cli: Remove duplicate wallet fields from -getinfo (fanquake) #15642 Remove deprecated rpc warnings (jnewbery) #15637 Rename size to vsize in mempool related calls (fanquake) #15620 Uncouple non-wallet rpcs from maxTxFee global (MarcoFalke) #15616 Clarify decodescript RPCResult doc (MarcoFalke) #15669 Fix help text for signtransactionwithXXX (torkelrogstad) #15596 Ignore sendmany::minconf as dummy value (MarcoFalke) #15755 remove unused var in rawtransaction.cpp (Bushstar) #15746 RPCHelpMan: Always name dictionary keys (MarcoFalke) #15748 remove dead mining code (jnewbery) #15751 Speed up deriveaddresses for large ranges (sipa) #15770 Validate maxfeerate with AmountFromValue (promag) #15474 rest/rpc: Make mempoolinfo atomic (promag) #15463 Speedup getaddressesbylabel (promag) #15784 Remove dependency on interfaces::Chain in SignTransaction (ariard) #15323 Expose g_is_mempool_loaded via getmempoolinfo (Empact) #15932 Serialize in getblock without cs_main (MarcoFalke) #15930 Add balances RPC (MarcoFalke) #15730 Show scanning details in getwalletinfo (promag) #14802 faster getblockstats using BlockUndo data (FelixWeis) #14984 Speedup getrawmempool when verbose=true (promag) #16071 Hint for importmulti in help output of importpubkey and importaddress (kristapsk) #16063 Mention getwalletinfo where a rescan is triggered (promag) #16024 deriveaddresses: Correction of descriptor checksum in RPC example (ccapo) #16217 getrawtransaction: inform about blockhash argument when lookup fails (darosior) #15427 Add support for descriptors to utxoupdatepsbt (sipa) #16262 Allow shutdown while in generateblocks (pstratem) #15483 Adding a ‘logpath’ entry to getrpcinfo (darosior) #16325 Clarify that block count means height excl genesis (MarcoFalke) #16326 add new utxoupdatepsbt arguments to the CRPCCommand and CPRCCvertParam tables (jnewbery) #16332 Add logpath description for getrpcinfo (instagibbs) #16240 JSONRPCRequest-aware RPCHelpMan (kallewoof) #15996 Deprecate totalfee argument in bumpfee (instagibbs) #16467 sendrawtransaction help privacy note (jonatack) #16596 Fix getblocktemplate CLI example (emilengler) #15986 Add checksum to getdescriptorinfo (sipa) #16647 add weight to getmempoolentry output (fanquake) #16695 Add window final block height to getchaintxstats (leto) #16798 Refactor rawtransaction_util’s SignTransaction to separate prevtx parsing (achow101) #16285 Improve scantxoutset response and help message (promag) #16725 Don’t show addresses or P2PK in decoderawtransaction (NicolasDorier) #16787 Human readable network services (darosior) #16251 Improve signrawtransaction error reporting (ajtowns) #16873 fix regression in gettransaction (jonatack) #16512 Shuffle inputs and outputs after joining psbts (achow101) #16521 Use the default maxfeerate value as BTC/kB (Remagpie) #16817 Fix casing in getblockchaininfo to be inline with other fields (dangershony) #17131 fix -rpcclienttimeout 0 option (fjahr) #17249 Add missing deque include to fix build (jbeich) #17368 cli: fix -getinfo output when compiled with no wallet (fanquake) GUI #15464 Drop unused return values in WalletFrame (promag) #15614 Defer removeAndDeleteWallet when no modal widget is active (promag) #15711 Generate bech32 addresses by default (MarcoFalke) #15829 update request payment button text and tab description (fanquake) #15874 Resolve the qt/guiutil <-> qt/optionsmodel CD (251Labs) #15371 Uppercase bech32 addresses in qr codes (benthecarman) #15928 Move QRImageWidget to its own file-pair (luke-jr) #16113 move coin control “OK” to the right hand side of the dialog (fanquake) #16090 Add vertical spacer to peer detail widget (JosuGZ) #15886 qt, wallet: Revamp SendConfirmationDialog (hebasto) #16263 Use qInfo() if no error occurs (hebasto) #16153 Add antialiasing to traffic graph widget (JosuGZ) #16350 Remove unused guard (hebasto) #16106 Sort wallets in open wallet menu (promag) #16291 Stop translating PACKAGE_NAME (MarcoFalke) #16380 Remove unused bits from the service flags enum (MarcoFalke) #16379 Fix autostart filenames on Linux for testnet/regtest (hebasto) #16366 init: Use InitError for all errors in bitcoind/qt (MarcoFalke) #16436 Do not create payment server if -disablewallet option provided (hebasto) #16514 Remove unused RPCConsole::tabFocus (promag) #16497 Generate bech32 addresses by default (take 2, fixup) (MarcoFalke) #16349 Remove redundant WalletController::addWallet slot (hebasto) #16578 Do not pass in command line arguments to QApplication (achow101) #16612 Remove menu icons (laanwj) #16677 remove unused PlatformStyle::TextColorIcon (fanquake) #16694 Ensure transaction send error is always visible (fanquake) #14879 Add warning messages to the debug window (hebasto) #16708 Replace obsolete functions of QSslSocket (hebasto) #16701 Replace functions deprecated in Qt 5.13 (hebasto) #16706 Replace deprecated QSignalMapper by lambda expressions (hebasto) #16707 Remove obsolete QModelIndex::child() (hebasto) #16758 Replace QFontMetrics::width() with TextWidth() (hebasto) #16760 Change uninstall icon on Windows (GChuf) #16720 Replace objc_msgSend() function calls with the native Objective-C syntax (hebasto) #16788 Update transifex slug for 0.19 (laanwj) #15450 Create wallet menu option (achow101) #16735 Remove unused menu items for Windows and Linux (GChuf) #16826 Do additional character escaping for wallet names and address labels (achow101) #15529 Add Qt programs to msvc build (updated, no code changes) (sipsorcery) #16714 add prune to intro screen with smart default (Sjors) #16858 advise users not to switch wallets when opening a BIP70 URI (jameshilliard) #16822 Create wallet menu option follow-ups (jonatack) #16882 Re-generate translations before 0.19.0 (MarcoFalke) #16928 Rename address checkbox back to bech32 (MarcoFalke) #16837 Fix {C{,XX},LD}FLAGS pickup (dongcarl) #16971 Change default size of intro frame (emilengler) #16988 Periodic translations update (laanwj) #16852 When BIP70 is disabled, get PaymentRequest merchant using string search (achow101) #16952 make sure to update the UI when deleting a transaction (jonasschnelli) #17031 Prevent processing duplicate payment requests (promag) #17135 Make polling in ClientModel asynchronous (promag) #17120 Fix start timer from non QThread (promag) #17257 disable font antialiasing for QR image address (fanquake) Build system #14954 Require python 3.5 (MarcoFalke) #15580 native_protobuf: avoid system zlib (dongcarl) #15601 Switch to python3 (take 3) (MarcoFalke) #15581 Make less assumptions about build env (dongcarl) #14853 latest RapidCheck (fanquake) #15446 Improve depends debuggability (dongcarl) #13788 Fix –disable-asm for newer assembly checks/code (luke-jr) #12051 add missing debian contrib file to tarball (puchu) #15919 Remove unused OpenSSL includes to make it more clear where OpenSSL is used (practicalswift) #15978 .gitignore: Don’t ignore depends patches (dongcarl) #15939 gitian: Remove windows 32 bit build (MarcoFalke) #15239 scripts and tools: Move non-linux build source tarballs to “bitcoin-binaries/version” directory (hebasto) #14047 Add HKDF_HMAC256_L32 and method to negate a private key (jonasschnelli) #16051 add patch to common dependencies (fanquake) #16049 switch to secure download of all dependencies (Kemu) #16059 configure: Fix thread_local detection (dongcarl) #16089 add ability to skip building zeromq (fanquake) #15844 Purge libtool archives (dongcarl) #15461 update to Boost 1.70 (Sjors) #16141 remove GZIP export from gitian descriptors (fanquake) #16235 Cleaned up and consolidated msbuild files (no code changes) (sipsorcery) #16246 MSVC: Fix error in debug mode (Fix #16245) (NicolasDorier) #16183 xtrans: Configure flags cleanup (dongcarl) #16258 [MSVC]: Create the config.ini as part of bitcoind build (NicolasDorier) #16271 remove -Wall from rapidcheck build flags (fanquake) #16309 [MSVC] allow user level project customization (NicolasDorier) #16308 [MSVC] Copy build output to src/ automatically after build (NicolasDorier) #15457 Check std::system for -[alert block wallet]notify (Sjors) #16344 use #if HAVE_SYSTEM instead of defined(HAVE_SYSTEM) (Sjors) #16352 prune dbus from depends (fanquake) #16270 expat 2.2.7 (fanquake) #16408 Prune X packages (dongcarl) #16386 disable unused Qt features (fanquake) #16424 Treat -Wswitch as error when –enable-werror (MarcoFalke) #16441 remove qt libjpeg check from bitcoin_qt.m4 (fanquake) #16434 Specify AM_CPPFLAGS for ZMQ (domob1812) #16534 add Qt Creator Makefile.am.user to .gitignore (Bushstar) #16573 disable building libsecp256k1 benchmarks (fanquake) #16533 disable libxcb extensions (fanquake) #16589 Remove unused src/obj-test folder (MarcoFalke) #16435 autoconf: Sane --enable-debug defaults (dongcarl) #16622 echo property tests status during build (jonatack) #16611 Remove src/obj directory from repository (laanwj) #16371 ignore macOS make deploy artefacts & add them to clean-local (fanquake) #16654 build: update RapidCheck Makefile (jonatack) #16370 cleanup package configure flags (fanquake) #16746 msbuild: Ignore linker warning (sipsorcery) #16750 msbuild: adds bench_bitcoin to auto generated project files (sipsorcery) #16810 guix: Remove ssp spec file hack (dongcarl) #16477 skip deploying plugins we dont use in macdeployqtplus (fanquake) #16413 Bump QT to LTS release 5.9.8 (THETCR) #15584 disable BIP70 support by default (fanquake) #16871 make building protobuf optional in depends (fanquake) #16879 remove redundant sed patching (fanquake) #16809 zlib: Move toolchain options to configure (dongcarl) #15146 Solve SmartOS FD_ZERO build issue (Empact) #16870 update boost macros to latest upstream for improved error reporting (fanquake) #16982 Factor out qt translations from build system (laanwj) #16926 Add OpenSSL termios fix for musl libc (nmarley) #16927 Refresh ZeroMQ 4.3.1 patch (nmarley) #17005 Qt version appears only if GUI is being built (ch4ot1c) #16468 Exclude depends/Makefile in .gitignore (promag) Tests and QA #15296 Add script checking for deterministic line coverage in unit tests (practicalswift) #15338 ci: Build and run tests once on freebsd (MarcoFalke) #15479 Add .style.yapf (MarcoFalke) #15534 lint-format-strings: open files sequentially (fix for OS X) (gwillen) #15504 fuzz: Link BasicTestingSetup (shared with unit tests) (MarcoFalke) #15473 bench: Benchmark mempooltojson (MarcoFalke) #15466 Print remaining jobs in test_runner.py (stevenroose) #15631 mininode: Clearer error message on invalid magic bytes (MarcoFalke) #15255 Remove travis_wait from lint script (gkrizek) #15686 make pruning test faster (jnewbery) #15533 .style.yapf: Set column_limit=160 (MarcoFalke) #15660 Overhaul p2p_compactblocks.py (sdaftuar) #15495 Add regtests for HTTP status codes (domob1812) #15772 Properly log named args in authproxy (MarcoFalke) #15771 Prevent concurrency issues reading .cookie file (promag) #15693 travis: Switch to ubuntu keyserver to avoid timeouts (MarcoFalke) #15629 init: Throw error when network specific config is ignored (MarcoFalke) #15773 Add BitcoinTestFramework::sync_* methods (MarcoFalke) #15797 travis: Bump second timeout to 33 minutes, add rationale (MarcoFalke) #15788 Unify testing setups for fuzz, bench, and unit tests (MarcoFalke) #15352 Reduce noise level in test_bitcoin output (practicalswift) #15779 Add wallet_balance benchmark (MarcoFalke) #15843 fix outdated include in blockfilter_index_tests (jamesob) #15866 Add missing syncwithvalidationinterfacequeue to wallet_import_rescan (MarcoFalke) #15697 Make swap_magic_bytes in p2p_invalid_messages atomic (MarcoFalke) #15895 Avoid re-reading config.ini unnecessarily (luke-jr) #15896 feature_filelock, interface_bitcoin_cli: Use PACKAGE_NAME in messages rather than hardcoding Bitcoin Core (luke-jr) #15897 QA/mininode: Send all headers upfront in send_blocks_and_test to avoid sending an unconnected one (luke-jr) #15696 test_runner: Move feature_pruning to base tests (MarcoFalke) #15869 Add settings merge test to prevent regresssions (ryanofsky) #15758 Add further tests to wallet_balance (MarcoFalke) #15841 combine_logs: append node stderr and stdout if it exists (MarcoFalke) #15949 test_runner: Move pruning back to extended (MarcoFalke) #15927 log thread names by default in functional tests (jnewbery) #15664 change default Python block serialization to witness (instagibbs) #15988 Add test for ArgsManager::GetChainName (ryanofsky) #15963 Make random seed logged and settable (jnewbery) #15943 Fail if RPC has been added without tests (MarcoFalke) #16036 travis: Run all lint scripts even if one fails (scravy) #13555 parameterize adjustment period in versionbits_computeblockversion (JBaczuk) #16079 wallet_balance.py: Prevent edge cases (stevenroose) #16078 replace tx hash with txid in rawtransaction test (LongShao007) #16042 Bump MAX_NODES to 12 (MarcoFalke) #16124 Limit Python linting to files in the repo (practicalswift) #16143 Mark unit test blockfilter_index_initial_sync as non-deterministic (practicalswift) #16214 travis: Fix caching issues (MarcoFalke) #15982 Make msg_block a witness block (MarcoFalke) #16225 Make coins_tests/updatecoins_simulation_test deterministic (practicalswift) #16236 fuzz: Log output even if fuzzer failed (MarcoFalke) #15520 cirrus: Run extended test feature_pruning (MarcoFalke) #16234 Add test for unknown args (MarcoFalke) #16207 stop generating lcov coverage when functional tests fail (asood123) #16252 Log to debug.log in all unit tests (MarcoFalke) #16289 Add missing ECC_Stop() in GUI rpcnestedtests.cpp (jonasschnelli) #16278 Remove unused includes (practicalswift) #16302 Add missing syncwithvalidationinterfacequeue to wallet_balance test (MarcoFalke) #15538 wallet_bumpfee.py: Make sure coin selection produces change (instagibbs) #16294 Create at most one testing setup (MarcoFalke) #16299 bench: Move generated data to a dedicated translation unit (promag) #16329 Add tests for getblockchaininfo.softforks (MarcoFalke) #15687 tool wallet test coverage for unexpected writes to wallet (jonatack) #16267 bench: Benchmark blocktojson (fanatid) #14505 Add linter to make sure single parameter constructors are marked explicit (practicalswift) #16338 Disable other targets when enable-fuzz is set (qmma70) #16334 rpc_users: Also test rpcauth.py with password (dongcarl) #15282 Replace hard-coded hex tx with class in test framework (stevenroose) #16390 Add –filter option to test_runner.py (promag) #15891 Require standard txs in regtest by default (MarcoFalke) #16374 Enable passing wildcard test names to test runner from root (jonatack) #16420 Fix race condition in wallet_encryption test (jonasschnelli) #16422 remove redundant setup in addrman_tests (zenosage) #16438 travis: Print memory and number of cpus (MarcoFalke) #16445 Skip flaky p2p_invalid_messages test on macOS (fjahr) #16459 Fix race condition in example_test.py (sdaftuar) #16464 Ensure we don’t generate a too-big block in p2sh sigops test (sdaftuar) #16491 fix deprecated log.warn in feature_dbcrash test (jonatack) #15134 Switch one of the Travis jobs to an unsigned char environment (-funsigned-char) (practicalswift) #16505 Changes verbosity of msbuild from quiet to normal in the appveyor script (sipsorcery) #16293 Make test cases separate functions (MarcoFalke) #16470 Fail early on disconnect in mininode.wait_for_* (MarcoFalke) #16277 Suppress output in test_bitcoin for expected errors (gertjaap) #16493 Fix test failures (MarcoFalke) #16538 Add missing sync_blocks to feature_pruning (MarcoFalke) #16509 Adapt test framework for chains other than “regtest” (MarcoFalke) #16363 Add test for BIP30 duplicate tx (MarcoFalke) #16535 Explain why -whitelist is used in feature_fee_estimation (MarcoFalke) #16554 only include and use OpenSSL where it’s actually needed (BIP70) (fanquake) #16598 Remove confusing hash256 function in util (elichai) #16595 travis: Use extended 90 minute timeout when available (MarcoFalke) #16563 Add unit test for AddTimeData (mzumsande) #16561 Use colors and dots in test_runner.py output only if standard output is a terminal (practicalswift) #16465 Test p2sh-witness and bech32 in wallet_import_rescan (MarcoFalke) #16582 Rework ci (Use travis only as fallback env) (MarcoFalke) #16633 travis: Fix test_runner.py timeouts (MarcoFalke) #16646 Run tests with UPnP disabled (fanquake) #16623 ci: Add environment files for all settings (MarcoFalke) #16656 fix rpc_setban.py race (jonasschnelli) #16570 Make descriptor tests deterministic (davereikher) #16404 Test ZMQ notification after chain reorg (promag) #16726 Avoid common Python default parameter gotcha when mutable dict/list:s are used as default parameter values (practicalswift) #16739 ci: Pass down $makejobs to test_runner.py, other improvements (MarcoFalke) #16767 Check for codespell in lint-spelling.sh (kristapsk) #16768 Make lint-includes.sh work from any directory (kristapsk) #15257 Scripts and tools: Bump flake8 to 3.7.8 (Empact) #16804 Remove unused try-block in assert_debug_log (MarcoFalke) #16850 servicesnames field in getpeerinfo and getnetworkinfo (darosior) #16551 Test that low difficulty chain fork is rejected (MarcoFalke) #16737 Establish only one connection between nodes in rpc_invalidateblock (MarcoFalke) #16845 Add notes on how to generate data/wallets/high_minversion (MarcoFalke) #16888 Bump timeouts in slow running tests (MarcoFalke) #16864 Add python bech32 impl round-trip test (instagibbs) #16865 add some unit tests for merkle.cpp (soroosh-sdi) #14696 Add explicit references to related CVE’s in p2p_invalid_block test (lucash-dev) #16907 lint: Add DisabledOpcodeTemplates to whitelist (MarcoFalke) #16898 Remove connect_nodes_bi (MarcoFalke) #16917 Move common function assert_approx() into util.py (fridokus) #16921 Add information on how to add Vulture suppressions (practicalswift) #16920 Fix extra_args in wallet_import_rescan.py (MarcoFalke) #16918 Make PORT_MIN in test runner configurable (MarcoFalke) #16941 travis: Disable feature_block in tsan run due to oom (MarcoFalke) #16929 follow-up to rpc: default maxfeerate value as BTC/kB (jonatack) #16959 ci: Set $host before setting fallback values (MarcoFalke) #16961 Remove python dead code linter (laanwj) #16931 add unittests for CheckProofOfWork (soroosh-sdi) #16991 Fix service flag comparison check in rpc_net test (luke-jr) (laanwj) #16987 Correct docstring param name (jbampton) #17015 Explain QT_QPA_PLATFORM for gui tests (MarcoFalke) #17006 Enable UBSan for Travis fuzzing job (practicalswift) #17086 Fix fs_tests for unknown locales (carnhofdaki) #15903 appveyor: Write @PACKAGE_NAME@ to config (MarcoFalke) #16742 test: add executable flag for wallet_watchonly.py (theStack) #16740 qa: Relax so that the subscriber is ready before publishing zmq messages (#16740) Miscellaneous #15335 Fix lack of warning of unrecognized section names (AkioNak) #15528 contrib: Bump gitian descriptors for 0.19 (MarcoFalke) #15609 scripts and tools: Set ‘distro’ explicitly (hebasto) #15519 Add Poly1305 implementation (jonasschnelli) #15643 contrib: Gh-merge: include acks in merge commit (MarcoFalke) #15838 scripts and tools: Fetch missing review comments in github-merge.py (nkostoulas) #15920 lint: Check that all wallet args are hidden (MarcoFalke) #15849 Thread names in logs and deadlock debug tools (jamesob) #15650 Handle the result of posix_fallocate system call (lucayepa) #15766 scripts and tools: Upgrade gitian image before signing (hebasto) #15512 Add ChaCha20 encryption option (XOR) (jonasschnelli) #15968 Fix portability issue with pthreads (grim-trigger) #15970 Utils and libraries: fix static_assert for macro HAVE_THREAD_LOCAL (orientye) #15863 scripts and tools: Ensure repos are up-to-date in gitian-build.py (hebasto) #15224 Add RNG strengthening (10ms once every minute) (sipa) #15840 Contrib scripts: Filter IPv6 by ASN (abitfan) #13998 Scripts and tools: gitian-build.py improvements and corrections (hebasto) #15236 scripts and tools: Make –setup command independent (hebasto) #16114 contrib: Add curl as a required program in gitian-build.py (fanquake) #16046 util: Add type safe gettime (MarcoFalke) #15703 Update secp256k1 subtree to latest upstream (sipa) #16086 contrib: Use newer config.guess & config.sub in install_db4.sh (fanquake) #16130 Don’t GPG sign intermediate commits with github-merge tool (stevenroose) #16162 scripts: Add key for michael ford (fanquake) to trusted keys list (fanquake) #16201 devtools: Always use unabbreviated commit IDs in github-merge.py (laanwj) #16112 util: Log early messages (MarcoFalke) #16223 devtools: Fetch and display ACKs at sign-off time in github-merge (laanwj) #16300 util: Explain why the path is cached (MarcoFalke) #16314 scripts and tools: Update copyright_header.py script (hebasto) #16158 Fix logic of memory_cleanse() on MSVC and clean up docs (real-or-random) #14734 fix an undefined behavior in uint::SetHex (kazcw) #16327 scripts and tools: Update ShellCheck linter (hebasto) #15277 contrib: Enable building in guix containers (dongcarl) #16362 Add bilingual_str type (hebasto) #16481 logs: add missing space (harding) #16581 sipsorcery gitian key (sipsorcery) #16566 util: Refactor upper/lowercase functions (kallewoof) #16620 util: Move resolveerrmsg to util/error (MarcoFalke) #16625 scripts: Remove github-merge.py (fanquake) #15864 Fix datadir handling (hebasto) #16670 util: Add join helper to join a list of strings (MarcoFalke) #16665 scripts: Move update-translations.py to maintainer-tools repo (fanquake) #16730 Support serialization of std::vector<bool> (sipa) #16556 Fix systemd service file configuration directory setup (setpill) #15615 Add log output during initial header sync (jonasschnelli) #16774 Avoid unnecessary “Synchronizing blockheaders” log messages (jonasschnelli) #16489 log: harmonize bitcoind logging (jonatack) #16577 util: Cbufferedfile fixes and unit test (LarryRuane) #16984 util: Make thread names shorter (hebasto) #17038 Don’t rename main thread at process level (laanwj) #17184 util: Filter out macos process serial number (hebasto) #17095 util: Filter control characters out of log messages (laanwj) #17085 init: Change fallback locale to C.UTF-8 (laanwj) #16957 9% less memory: make SaltedOutpointHasher noexcept (martinus) #17449 fix uninitialized variable nMinerConfirmationWindow (bitcoinVBR) Documentation #15514 Update Transifex links (fanquake) #15513 add “sections” info to example bitcoin.conf (fanquake) #15530 Move wallet lock annotations to header (MarcoFalke) #15562 remove duplicate clone step in build-windows.md (fanquake) #15565 remove release note fragments (fanquake) #15444 Additional productivity tips (Sjors) #15577 Enable TLS in link to chris.beams.io (JeremyRand) #15604 release note for disabling reject messages by default (jnewbery) #15611 Add Gitian key for droark (droark) #15626 Update ACK description in CONTRIBUTING.md (jonatack) #15603 Add more tips to productivity.md (gwillen) #15683 Comment for seemingly duplicate LIBBITCOIN_SERVER (Bushstar) #15685 rpc-mining: Clarify error messages (MarcoFalke) #15760 Clarify sendrawtransaction::maxfeerate==0 help (MarcoFalke) #15659 fix findFork comment (r8921039) #15718 Improve netaddress comments (dongcarl) #15833 remove out-of-date comment on pay-to-witness support (r8921039) #15821 Remove upgrade note in release notes from EOL versions (MarcoFalke) #15267 explain AcceptToMemoryPoolWorker’s coins_to_uncache (jamesob) #15887 Align code example style with clang-format (hebasto) #15877 Fix -dustrelayfee= argument docs grammar (keepkeyjon) #15908 Align MSVC build options with Linux build ones (hebasto) #15941 Add historical release notes for 0.18.0 (laanwj) #15794 Clarify PR guidelines w/re documentation (dongcarl) #15607 Release process updates (jonatack) #14364 Clarify -blocksdir usage (sangaman) #15777 Add doxygen comments for keypool classes (jnewbery) #15820 Add productivity notes for dummy rebases (dongcarl) #15922 Explain how to pass in non-fundamental types into functions (MarcoFalke) #16080 build/doc: update bitcoin_config.h packages, release process (jonatack) #16047 analyzepsbt description in doc/psbt.md (jonatack) #16039 add release note for 14954 (fanquake) #16139 Add riscv64 to outputs list in release-process.md (JeremyRand) #16140 create security policy (narula) #16164 update release process for SECURITY.md (jonatack) #16213 Remove explicit mention of versions from SECURITY.md (MarcoFalke) #16186 doc/lint: Fix spelling errors identified by codespell 1.15.0 (Empact) #16149 Rework section on ACK in CONTRIBUTING.md (MarcoFalke) #16196 Add release notes for 14897 & 15834 (MarcoFalke) #16241 add rapidcheck to vcpkg install list (fanquake) #16243 Remove travis badge from readme (MarcoFalke) #16256 remove orphaned header in developer notes (jonatack) #15964 Improve build-osx document formatting (giulio92) #16313 Fix broken link in doc/build-osx.md (jonatack) #16330 Use placeholder instead of key expiration date (hebasto) #16339 add reduce-memory.md (fanquake) #16347 Include static members in Doxygen (dongcarl) #15824 Improve netbase comments (dongcarl) #16430 Update bips 35, 37 and 111 status (MarcoFalke) #16455 Remove downgrading warning in release notes, per 0.18 branch (MarcoFalke) #16484 update labels in CONTRIBUTING.md (MarcoFalke) #16483 update Python command in msvc readme (sipsorcery) #16504 Add release note for the deprecated totalFee option of bumpfee (promag) #16448 add note on precedence of options in bitcoin.conf (fanquake) #16536 Update and extend benchmarking.md (ariard) #16530 Fix grammar and punctuation in developer notes (Tech1k) #16574 Add historical release notes for 0.18.1 (laanwj) #16585 Update Markdown syntax for bdb packages (emilengler) #16586 Mention other ways to conserve memory on compilation (MarcoFalke) #16605 Add missing contributor to 0.18.1 release notes (meshcollider) #16615 Fix typos in COPYRIGHT (gapeman) #16626 Fix spelling error chache -> cache (nilswloewen) #16587 Improve versionbits.h documentation (ariard) #16643 Add ZMQ dependencies to the Fedora build instructions (hebasto) #16634 Refer in rpcbind doc to the manpage (MarcoFalke) #16555 mention whitelist is inbound, and applies to blocksonly (Sjors) #16645 initial RapidCheck property-based testing documentation (jonatack) #16691 improve depends prefix documentation (fanquake) #16629 Add documentation for the new whitelist permissions (NicolasDorier) #16723 Update labels in CONTRIBUTING.md (hebasto) #16461 Tidy up shadowing section (promag) #16621 add default bitcoin.conf locations (GChuf) #16752 Delete stale URL in test README (michaelfolkson) #14862 Declare BLOCK_VALID_HEADER reserved (MarcoFalke) #16806 Add issue templates for bug and feature request (MarcoFalke) #16857 Elaborate need to re-login on Debian-based after usermod for Tor group (clashicly) #16863 Add a missing closing parenthesis in the bitcoin-wallet’s help (darosior) #16757 CChainState return values (MarcoFalke) #16847 add comments clarifying how local services are advertised (jamesob) #16812 Fix whitespace errs in .md files, bitcoin.conf, and Info.plist.in (ch4ot1c) #16885 Update tx-size-small comment with relevant CVE disclosure (instagibbs) #16900 Fix doxygen comment for SignTransaction in rpc/rawtransaction_util (MarcoFalke) #16914 Update homebrew instruction for doxygen (Sjors) #16912 Remove Doxygen intro from src/bitcoind.cpp (ch4ot1c) #16960 replace outdated OpenSSL comment in test README (fanquake) #16968 Remove MSVC update step from translation process (laanwj) #16953 Improve test READMEs (fjahr) #16962 Put PR template in comments (laanwj) #16397 Clarify includeWatching for fundrawtransaction (stevenroose) #15459 add how to calculate blockchain and chainstate size variables to release process (marcoagner) #16997 Update bips.md for 0.19 (laanwj) #17001 Remove mention of renamed mapBlocksUnlinked (MarcoFalke) #17014 Consolidate release notes before 0.19.0 (move-only) (MarcoFalke) #17111 update bips.md with buried BIP9 deployments (MarcoFalke) Credits Thanks to everyone who directly contributed to this release: 251 Aaron Clauson Akio Nakamura Alistair Mann Amiti Uttarwar Andrew Chow andrewtoth Anthony Towns Antoine Riard Aseem Sood Ben Carman Ben Woosley bpay Carl Dong Carnhof Daki Chris Capobianco Chris Moore Chuf clashic clashicly Cory Fields Daki Carnhof Dan Gershony Daniel Edgecumbe Daniel Kraft Daniel McNally darosior David A. Harding David Reikher Douglas Roark Elichai Turkel Emil Emil Engler ezegom Fabian Jahr fanquake Felix Weis Ferdinando M. Ametrano fridokus gapeman GChuf Gert-Jaap Glasbergen Giulio Lombardo Glenn Willen Graham Krizek Gregory Sanders grim-trigger gwillen Hennadii Stepanov Jack Mallers James Hilliard James O’Beirne Jan Beich Jeremy Rubin JeremyRand Jim Posen John Bampton John Newbery Jon Atack Jon Layton Jonas Schnelli Jonathan “Duke” Leto João Barbosa Joonmo Yang Jordan Baczuk Jorge Timón Josu Goñi Julian Fleischer Karl-Johan Alm Kaz Wesley keepkeyjon Kirill Fomichev Kristaps Kaupe Kristian Kramer Larry Ruane Lenny Maiorani LongShao007 Luca Venturini lucash-dev Luke Dashjr marcoagner MarcoFalke marcuswin Martin Ankerl Martin Zumsande Matt Corallo MeshCollider Michael Folkson Miguel Herranz Nathan Marley Neha Narula nicolas.dorier Nils Loewen nkostoulas NullFunctor orient Patrick Strateman Peter Bushnell Peter Wagner Pieter Wuille practicalswift qmma r8921039 RJ Rybarczyk Russell Yanofsky Samuel Dobson Sebastian Falbesoner setpill shannon1916 Sjors Provoost soroosh-sdi Steven Roose Suhas Daftuar tecnovert THETCR Tim Ruffing Tobias Kaderle Torkel Rogstad Ulrich Kempken whythat William Casarin Wladimir J. van der Laan zenosage As well as everyone that helped translating on Transifex. View the full article
  7. Дори и да не е отразено в цената на Биткойн (няма драстичен спад) две от най-големите борси за деривати – Deribit и BitMEX, имат тежко денонощие. Двата проблема са от различно естество. Проблемът за Deribit се появи около 23:00 часа снощи вечер (31.10.2017). Поради вътрешна грешка в калкулирането на техния... Материалът Тежки 20 часа за най-големите крипто борси за деривати е публикуван за пръв път на Hash.bg. View the full article
  8. Дори и да не е отразено в цената на Биткойн (няма драстичен спад) две от най-големите борси за деривати – Deribit и BitMEX, имат тежко денонощие. Двата проблема са от различно естество. Проблемът за Deribit се появи около 23:00 часа снощи вечер (31.10.2017). Поради вътрешна грешка в калкулирането на техния... Материалът Тежки 20 часа за най-големите крипто борси за деривати е публикуван за пръв път на Hash.bg. View the full article
  9. Някои от най-големите крипто борси в света, включително Kraken, Coinbase, Circle Internet Financial and Bittrex, сформираха екип с цел разработване на система за оценяване на редица крипто валути, които могат да бъдат идентифицирани като ценни книжа от Комисията по ценни книжа и борси (SEC). Компаниите искат да покажат на комисията,... Материалът CRC разработва платформа за оценяване на токени е публикуван за пръв път на Hash.bg. View the full article
  10. Някои от най-големите крипто борси в света, включително Kraken, Coinbase, Circle Internet Financial and Bittrex, сформираха екип с цел разработване на система за оценяване на редица крипто валути, които могат да бъдат идентифицирани като ценни книжа от Комисията по ценни книжа и борси (SEC). Компаниите искат да покажат на комисията,... Материалът CRC разработва платформа за оценяване на токени е публикуван за пръв път на Hash.bg. View the full article
  11. Bitcoin Core version 0.18.1 is now available from: https://bitcoincore.org/bin/bitcoin-core-0.18.1/ This is a new minor version release, including new features, various bug fixes and performance improvements, as well as updated translations. Please report bugs using the issue tracker at GitHub: https://github.com/bitcoin/bitcoin/issues To receive security and update notifications, please subscribe to: https://bitcoincore.org/en/list/announcements/join/ How to Upgrade If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or bitcoind/bitcoin-qt (on Linux). The first time you run version 0.15.0 or newer, your chainstate database will be converted to a new format, which will take anywhere from a few minutes to half an hour, depending on the speed of your machine. Note that the block database format also changed in version 0.8.0 and there is no automatic upgrade code from before version 0.8 to version 0.15.0 or later. Upgrading directly from 0.7.x and earlier without redownloading the blockchain is not supported. However, as usual, old wallet versions are still supported. Compatibility Bitcoin Core is supported and extensively tested on operating systems using the Linux kernel, macOS 10.10+, and Windows 7 and newer. It is not recommended to use Bitcoin Core on unsupported systems. Bitcoin Core should also work on most other Unix-like systems but is not as frequently tested on them. From 0.17.0 onwards, macOS <10.10 is no longer supported. 0.17.0 is built using Qt 5.9.x, which doesn’t support versions of macOS older than 10.10. Additionally, Bitcoin Core does not yet change appearance when macOS “dark mode” is activated. Known issues Wallet GUI For advanced users who have both (1) enabled coin control features, and (2) are using multiple wallets loaded at the same time: The coin control input selection dialog can erroneously retain wrong-wallet state when switching wallets using the dropdown menu. For now, it is recommended not to use coin control features with multiple wallets loaded. 0.18.1 change log P2P protocol and network code #15990 Add tests and documentation for blocksonly (MarcoFalke) #16021 Avoid logging transaction decode errors to stderr (MarcoFalke) #16405 fix: tor: Call event_base_loopbreak from the event’s callback (promag) #16412 Make poll in InterruptibleRecv only filter for POLLIN events (tecnovert) Wallet #15913 Add -ignorepartialspends to list of ignored wallet options (luke-jr) RPC and other APIs #15991 Bugfix: fix pruneblockchain returned prune height (jonasschnelli) #15899 Document iswitness flag and fix bug in converttopsbt (MarcoFalke) #16026 Ensure that uncompressed public keys in a multisig always returns a legacy address (achow101) #14039 Disallow extended encoding for non-witness transactions (sipa) #16210 add 2nd arg to signrawtransactionwithkey examples (dooglus) #16250 signrawtransactionwithkey: report error when missing redeemScript/witnessScript (ajtowns) GUI #16044 fix the bug of OPEN CONFIGURATION FILE on Mac (shannon1916) #15957 Show “No wallets available” in open menu instead of nothing (meshcollider) #16118 Enable open wallet menu on setWalletController (promag) #16135 Set progressDialog to nullptr (promag) #16231 Fix open wallet menu initialization order (promag) #16254 Set AA_EnableHighDpiScaling attribute early (hebasto) #16122 Enable console line edit on setClientModel (promag) #16348 Assert QMetaObject::invokeMethod result (promag) Build system #15985 Add test for GCC bug 90348 (sipa) #15947 Install bitcoin-wallet manpage (domob1812) #15983 build with -fstack-reuse=none (MarcoFalke) Tests and QA #15826 Pure python EC (sipa) #15893 Add test for superfluous witness record in deserialization (instagibbs) #14818 Bugfix: test/functional/rpc_psbt: Remove check for specific error message that depends on uncertain assumptions (luke-jr) #15831 Add test that addmultisigaddress fails for watchonly addresses (MarcoFalke) Documentation #15890 Remove text about txes always relayed from -whitelist (harding) Miscellaneous #16095 Catch by reference not value in wallettool (kristapsk) #16205 Replace fprintf with tfm::format (MarcoFalke) Credits Thanks to everyone who directly contributed to this release: Andrew Chow Anthony Towns Chris Moore Daniel Kraft David A. Harding fanquake Gregory Sanders Hennadii Stepanov John Newbery Jonas Schnelli João Barbosa Kristaps Kaupe Luke Dashjr MarcoFalke MeshCollider Pieter Wuille shannon1916 tecnovert Wladimir J. van der Laan As well as everyone that helped translating on Transifex. View the full article
  12. style="margin: 0;color: black;"> View this email in a browser BitMEX Crypto Trader Digest June 28, 2019 From the desk of Arthur Hayes Co-founder & CEO, BitMEX From The BitMEX Security Team Important Security Advisory Update, June 2019 We have observed an increased number of unauthorised attempts to access customer accounts. We would like to remind all customers and users to please protect your BitMEX and personal accounts by: using strong and unique passwords; enabling Two-Factor Authentication (2FA) for all your accounts; and using a password manager. Asia Blockchain Summit 2019 in Taipei On 27 June 2019, we set a new record for crypto: >$1B open interest on XBTUSD, >$13B traded on XBTUSD, >$16B on all BitMEX products. Yet, Nouriel Roubini still believes that cryptocurrencies are a farce. Watch him face-to-face next week in Taipei's Asia Blockchain Summit vs our CEO, Arthur Hayes. All Hail Libra Obviously BitMEX must weigh in on the implications of Facebook's new Libra project. BitMEX Research and myself have differing views on what Libra is, and its future implications for the financial services industry. I hope that our analysis stands out above all the other pundits offering their opinions on the same topic. From The BitMEX Research Team Facebook Takes on ETF Giant Blackrock, with a Fixed Income ETF called Libra Abstract: In a bold move, social networking giant Facebook, has challenged the traditional finance and ETF industry, with its “Libra coin", or as we call it the "Libra ETF". We note that there are many unanswered questions about Libra, which may lack transparency, when compared to traditional ETFs. Another key disadvantage of Libra is that unlike with legacy ETFs, investment income is not distributed to unit holders. We conclude that although Libra has significant disadvantages when compared to traditional ETF products, Facebook's wide consumer reach with platforms such as Whatsapp and Instagram could give Libra a key commercial advantage. (Facebook vs Blackrock – The battle for the ETFs) Overview The structure of Libra is analogous to the popular Exchange Traded Fund (ETF) model, where unit holders are entitled to the financial returns of a basket of financial assets. The units are tradable on exchanges and a select group of authorised participants are able to create and redeem units using the underlying assets. As we pointed out in our February 2019 piece, the ETF industry has enjoyed considerable growth in the last decade or so, in particular in the area of fixed income (See figure 1 below). In June 2019, in a bombshell moment for the ETF industry and challenge for the established players such as Blackrock and Vanguard, social media and internet conglomerate Facebook, entered the game. In a direct challenge to Blackrocks’s “iShares Core U.S. Aggregate Bond ETF” (AGG), Facebook announced plans to launch a new ETF, the “Libra ETF”, also focused on fixed income and government bonds. Figure 1 – Size of the Top Bond ETFs Targeting US Investors – US$ Billion (Source: BitMEX Research, Bloomberg) (Note: The chart represents the sum of the market capitalisations of the following bond ETFs: iShares Core U.S. Aggregate Bond ETF, Vanguard Total Bond Market ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, Vanguard Short-Term Corporate Bond ETF, Vanguard Short-Term Bond ETF, Vanguard Intermediate-Term Corporate Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, Vanguard Total International Bond ETF, iShares MBS Bond ETF, iShares iBoxx $ High Yield Corporate Bond ETF, PIMCO Enhanced Short Maturity Strategy Fund, Vanguard Intermediate-Term Bond ETF, iShares Short-Term Corporate Bond ETF, SPDR Barclays High Yield Bond ETF, iShares Short Maturity Bond ETF) Comparing the new ETF structure with the traditional space In figure 2 below, we have analysed and compared the new innovative Libra ETF to a traditional ETF, Blackrock’s iShares Core US Aggregate Bond ETF (AGG). Our analysis shows that, although the Libra product is new, much of the relevant information, such as transparency of the holdings and frequency of the publication of the NAV, has not yet been disclosed. The analysis also highlights that Libra may suffer from unnecessary complexity with respect to portfolio management. The fund appears to be managed by the Libra Association, which consists of many entities in multiple industries across the globe. These same entities are responsible for issuing the ETF and the list of companies is set to expand further. At the same time, the investment mandate is unclear. In contrast Blackrock’s fixed income ETF product has a clear investment mandate, to track the Bloomberg Barclays U.S. Aggregate Bond Index, which is managed independently of the ETF issuer. Perhaps the most significant disadvantage of the Libra product, is that unit holders do not appear to be entitled to receive the investment income. This contrasts unfavourably with Blackrock’s product, which focuses on an almost identical asset class and has an investment yield of around 2.6%. Defenders of Libra could point out that the expenses need to be covered from somewhere and that the Libra’s expense fee is not yet disclosed. However, the ETF industry is already highly competitive, with Blackrock charging an expense fee of just 0.05%. This expense fee is far lower than the expected investment yield of the product, at around 2.6% and therefore the Libra ETF may not be price competitive, a key potential disadvantage for potential investors. Figure 2 – Libra ETF vs iShares Core U.S. Aggregate Bond ETF (AGG) – Detailed Comparison Libra ETF iShares Core U.S. Aggregate Bond ETF (AGG) Launch date June 2019 September 2003 Issuer The Libra Association/Facebook Blackrock Assets Under Management Unknown US$63.5 billion Asset class Fixed Income Bank deposits and government securities in currencies from stable and reputable central banks Fixed income – Investment grade government and corporate bonds Underlying Index Unknown/Not applicable Bloomberg Barclays U.S. Aggregate Bond Index Portfolio managers The Libra Association, based in Switzerland will manage the reserve. The investment mandate is not currently disclosed. The current members are as follows: Mastercard PayPal PayU (Naspers’ fintech arm) Stripe Visa Booking Holdings eBay Facebook/Calibra Farfetch Lyft MercadoPago Spotify Uber Iliad Vodafone Group Anchorage Bison Trails Coinbase Xapo Andreessen Horowitz Breakthrough Initiatives Ribbit Capital Thrive Capital Union Square Ventures Creative Destruction Lab, Kiva Mercy Corps Women’s World Banking James Mauro and Scott Radell, with a clear constrained mandate to track the index Fees Unknown 0.05% Investment yield Unknown 2.6% Use of investment income Unit holders are not entitled to investment income Investment income will: first go to support the operating expenses of the association — to fund investments in the growth and development of the ecosystem, grants to nonprofit and multilateral organizations, engineering research, etc. Once that is covered, part of the remaining returns will go to pay dividends to early investors in the Libra Investment Token for their initial contribution Attributable to ETF unit holders Available exchanges Currently None The Libra Association will encourage the listing of Libra on multiple regulated electronic exchanges throughout the world NYSE Creation/redemption basket size Unknown 100,000 units Authorized Participants (entities able to create and redeem units) Authorized resellers, not currently disclosed Investment Banks Fund auditor Unknown PwC Information about holdings and Net Asset value (NAV) Unknown Full disclosure (Published daily) (Sources: iShares, Libra) We have also analysed the two alternatives from a technical perspective. As figure 3 below indicates, the key difference is that control of Libra tokens may in part be managed by digital signatures. As long as no whitelist of addresses is implemented, this may provide some advantages: Pseudonymity A limited amount of censorship resistance Relatively easy integration with cryptocurrency exchanges However, as we mentioned in our Tether report in February 2018, history has shown that these characteristics can cause platforms to ultimately face a choice between implementing KYC or face being shut down by the authorities. Facebook has already censored politically controversial figures on its main platform, therefore it may appear likely the extent to which Libra ETF units are managed by public private key cryptography is significantly constrained or eventually becomes phased out. Figure 3 – Technical and cryptographic considerations Libra ETF iShares Core U.S. Aggregate Bond ETF (AGG) Consensus system Not applicable (An ETF does not require a consensus system) Blockchain Not relevant (Grouping records of ETF transactions into a chain of blocks linked together by hashing, is inconsequential for ETFs) Control of units based on digital signature Possibly: The Libra Blockchain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity No (Sources: iShares, Libra) Conclusion Despite the key disadvantage, namely that Libra unit holders are not entitled to the investment income, many industry analysts are carefully examining the impact Libra could have on the traditional ETF industry and existing electronic payment systems. While our comparison to ETFs is a bit tongue and cheek, it does highlight that the structure of the product has similar attributes to existing financial products. We therefore think it is an appropriate comparison, and if Libra wants to be competitive, it should emulate some of the governance and fee characteristics of traditional ETFs. However, Libra could attract clients due to integration with platforms such as Facebook, Whatsapp and Instagram. If Libra does retain the property of allowing coins to be controlled by private keys, this is an interesting development and the coin is likely to gain share from tokens such as Tether. However, in our view, in the long run, it is likely Libra either disables this feature or makes it technically difficult, such that only a tiny minority of users have these “non-custodial” wallets. If that happens, Libra is nothing more than a high fee ETF. Libra: Zuck Me Gently The event horizon has passed. With Libra, Facebook begins its foray into the digital asset industry. Before I begin my analysis, let’s get one thing straight; Libra is not decentralised nor censorship resistant. Libra is not a cryptocurrency. Libra will destroy all stablecoins, but who gives a fuck. I shed no tears for all those projects that somehow believed there was value in a an unheard-of sponsor creating a fiat money market fund that rode on a blockchain. Libra could lay commercial banks and central banks low. It might reduce their usefulness to a dumb regulated warehouse for digital fiat money. And that is exactly what should happen to these institutions in a digital age. Why Do Commercial Banks Exist? Banks came about during a time of great danger for members of the human society. In feudal Europe you most likely worked dawn-till-dusk on the farm. Any meagre savings you or your feudal lord amassed were constantly under siege. Given that money was physical in nature, if you or your lord left the protection of the town, theft was likely. Safety of assets has been the most important value proposition for traditional banks. They could store physical assets and records safely in their vaults. Therefore, governments and wealthy individuals stored money and assets with banks. Banks were and are engaged in a massive confidence game. That is why bank building edifices portray a certain fortified grandeur. In a generation, your assets will still be there, intact and ready for use. Through their partnership with the government, banks obtain a license to issue credit and expand the money supply. They also rely on the legalised violence of the government to enforce contracts. Don’t pay the bank back, they will confiscate the encumbered asset. Should you defy the courts, a government goon will happily press boot to neck, and ensure your compliance. In the last decade, human civilisation’s money and assets quickly transitioned from analogue to digital representations. Money and representations of ownership travel electronically rather than on the back of a horse. If assets and money are now digital, do we need institutions that provide physical rather than digital security? As we have seen, commercial banks are terrible at securing digital information. Pick your large too-big-to-fail bank, and there will be a story about the “leakage” (euphemism for “we have no fucking clue how to safeguard your digital property”) of customer data. Whoever has the customer, has the value Previously banks held the most valuable information about customers. They had your whole financial history, and information about where you lived and what you bought. In the past ten years, social media companies through voluntary actions of their users, amassed the most amount of personal information in human history. We share every detail of our lives on Facebook, Instagram, Google, Twitter, WeChat, LINE, Kakao Talk etc. We send billions of messages on centralised chat programs controlled by those same institutions as well. They now own the customer. The modern consumer technology companies own billions of the wealthiest customers’ data. Previous to now, these companies made money on advertising and selling a product. But as with all businesses, once you are successful capturing customers, you start offering financial services. Facebook has almost 2 billion daily active users. It makes complete sense to own the financial existence of their chattel. That is Libra. Libra Deconstructed Libra is a stablecoin backed by a basket of fiat currencies. The fiat currencies sit in a dumb regulated commercial bank. Libra allows a privileged few the ability to create and redeem Libra at its Net Asset Value (NAV). Libra rides on a blockchain where certain parties operate permissioned nodes. These parties included VC firms, technology companies, retail merchants, cryptocurrency exchanges, and most importantly commercial banks and credit card processors. Libra may invest into short term government bonds, or into anything the Foundation board allows. The income earned is not passed onto the pleb Libra users, but the node operators and Libra investment token investors. The Foundation is the governing body of the Libra ecosystem. The members are selected based on the industries they represent, and their economic investment into the ecosystem. Libra does not connect real-world identities to addresses. However, you can bet that converting assets into Libra will encounter KYC. And let’s be clear, any request from a government agency to freeze a transaction will be met with compliance. Therefore, do not use Libra to buy your mood-altering substance(s) of choice. Impact on Consumers Many of Facebook’s users reside in places with low financial services penetration. Imagine a world where a Filipina helper can purchase goods sold in Europe with Libra. She most likely does not have great banking services where she works as an overseas foreign worker. Therefore, purchasing goods from foreign countries over the internet is difficult. With Libra, there is no issue. The merchant in Europe receives payment in a basket of fiat currencies they already deal with. This transaction can happen completely inside of one of Facebook’s social media properties like Instagram or Whatsapp. Facebook or a new financial services company it creates, can issue loans at the point of sale denominated in Libra. A user can opt-in to allow Facebook to use all its data on the individual to compute a credit score. Using that credit score, Facebook will lend Libra at a rate to purchase goods from merchants selling on the Facebook platform. Voila, the poorest members of our global society can experience the joys of purchasing mass-produced Chinese knick-knacks on credit. Welcome to Pax Americana! Impact on Commercial Banks Commercial banks make money lending. They use retail deposits to make these loans. Unfortunately, in this digital age, they no longer have the best information set about these retail depositors. The social media companies do. Therefore, the Facebook, Google, and Alibaba’s of the world can originate a loan cheaper and offer a lower interest rate than a commercial bank. Libra and the plethora of copycats to come, allow technology companies to use a digital fiat representation in their ecosystems to extend credit and offer all of the most profitable banking products at a much lower cost. These global tech behemoths have billions of free cash flow on their balance sheets to lend. Commercial banks can become node operators or regulated warehouses for the reserve assets of the stablecoin in question. There is still economic value in both of these verticals, but consumer technology companies will now sell the most profitable financial products themselves. Any bank should be on notice, Libra and its clones are existential threats to their business models. Many will cheer as banks’ profit centers are eviscerated. But maybe society is trading one devil for another. Impact on Central Banks Commercial banks are not needed at their current largesse in a digital economy. With Libra, Facebook is assuming the role of a central bank. The Libra reserve is managed by a third-party foundation. The reserve managers choose the fiat currency weights, and how funds are invested. Sounds a lot like the job scorecard of a central bank governor. Consumer tech companies can now issue, from their own balance sheet, credit directly to consumers. The only difference with this model is that they, for now, are not able to actually create money like commercial banks. This is the flow: 1. Take retained fiat earnings, and exchange for Libra with an authorised primary dealer. 2. Lend Libra to your customer in exchange for a good or service you offer. 3. Obtain Libra + interest in Libra back from your customer. 4. Sell Libra in exchange for fiat with an authorised primary dealer. The money supply does not expand. That is the one major divergence from how a central bank issues credit into an economy. Central banks’ lending in most cases increases the aggregate supply of money. Why trust a few crusty old men and women to manage the monetary health of the global economy. Let’s trust Zuck! I have no love lost for US Representative Maxine Waters’ idiotic statements and actions on the US House Financial Services Committee. But her and other government officials’ outbursts of concern are not driven by altruistic feelings towards their subjects, but rather a fear of the upending of the financial services industry that lines their pockets and keeps them in office. The speed at which government officials rushed to admonish Libra tells you there is some potential positive value to human society embedded in the project. Libra and Financial Privacy It is amusing to see how many people rushed to complain about the potential loss of financial freedom Libra could represent. This fear is misplaced, financial privacy is already non-existent, nor will it ever exist in a digital fiat money system. Whether it be Facebook, The Fed, or The PBOC, centralised electronic fiat money is coming - cash will be outlawed. The great thing about the launch of Libra is that it forces those concerned about the loss of financial privacy to explore alternatives. Bitcoin and other cryptocurrencies will benefit as curious plebs contemplate how secure financial privacy in this new digital age. Libra and the conversations it sparked, is the best news for Bitcoin. Two billion people will now embrace and potentially be frightened of a corporate overlord controlling their financial wellbeing. Curiosity is the best food for the Bitcoin bull market. Through their investments in augmented and virtual reality, it appears that Facebook wishes to create a completely new digital world. Libra could be the financial mana that powers this virtual existence. Let’s hope that while we are vegetating in our haptic pods, our physical shells don’t get Zucked too hard. Please Zuck me gently, and Zuck me long time. Risk Disclaimer This article should not be copied or reproduced in whole or in part. The information contained in this article does not constitute research or a recommendation. Neither BitMEX nor any of its affiliates make any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this article is not to be taken as constituting the giving of investment advice nor to constitute such person a client of BitMEX. Contact Us | Subscribe | Unsubscribe
  13. style="margin: 0;color: black;"> View this email in a browser BitMEX Crypto Trader Digest May 23, 2019 From the desk of Arthur Hayes Co-founder & CEO, BitMEX From The BitMEX Engine Team BitMEX Technology Scaling, Part 2: The Road to 100x Today, we’re offering Part 2 of this series — a deep dive into overload and problems inherent to horizontal scaling. We will discuss the results from our efforts so far in handling unprecedented volumes and will detail the parts of the BitMEX engine that must remain serial, the parts that can be parallelised, and the benefits of BitMEX’s API-first design. From The BitMEX Research Desk The Lightning Network (Part 2) – Routing Fee Economics Abstract: BitMEX Research examines the market dynamics of Lightning network routing fees and the financial incentives for Lightning node operators to provide liquidity. We identify the interrelationship and balance between Lightning routing fees and investment returns for channel liquidity providers, as a major challenge for the network, rather than the computer science aspects of the routing problem. We conclude that if the Lightning network scales, at least in theory, conditions in wider financial markets, such as changing interest rates and investor sentiment may impact the market for Lightning network fees. However, regardless of the prevailing economic conditions, we are of the view that in the long term, competition will be the key driver of prices. Low barriers to entry into the market could mean the balance favours users and low fees, rather than investment returns for liquidity providers. (Photo source: Pexels) The Schnorr Signature & Taproot Softfork Proposal Abstract: We summarise and provide context for a recent Bitcoin softfork upgrade proposal, which includes a new digital signature scheme (Schnorr), as well as a complementary upgrade called Taproot, which adds new capabilities that extend Bitcoin’s smart contracting capability. The upgrades are structured to ensure that they simultaneously improve both scalability and privacy. Other than increased complexity, there are no significant downsides to the proposal, and the most controversial aspect of it is likely to be the lack of other anticipated features. We conclude that although many will be enthusiastic about the upgrade and are keen to see it rolled out, patience will be important. (Photo source: Pexels) Bitcoin Cash SV – 6 block chainsplit Abstract: On 18th April 2019, the BitMEX Research Bitcoin Cash SV node experienced 2 block re-organisations. First a 3 block re-organisation, followed by a 6 block re-organisation. In this brief piece, we provide data and graphics related to the temporary chainsplit. The chainsplit appears to be caused by large blocks which took too long to propagate, rather than consensus related issues. Our analysis shows there were no double spends related to the split. Initial Exchange Offerings Abstract: In this piece we present data on a relatively new phenomenon, Initial Exchange Offerings (IEOs). The ICO market is down around 97% in Q1 2019 (YoY), based on the amount of capital raised. In this relatively challenging climate to raise funds, some projects have changed the “C” in ICO to an “E”, perhaps in an attempt to assist with raising capital. At least for now, to some extent, this appears to be working, with almost $40m having been raised so far this year. However, we remain sceptical about the prospects for long term investors. Let's Go Choyna! In America, the “heartland”, “rustbelt”, “flyover states” and “insert your euphemism for underemployed workers”, have not participated in the tech and finance bull market from the 1980s until the present. Trump rode the wave of this disaffection to the White House, and he panders to his constituency with China bashing. Oh, and you best believe he is going to wipe the floor with the Democrats in 2020. I will trade SIZE on this prediction. In China, the rural-now-urban peasants left their villages to work in factories mass-producing knick knacks at affordable prices for American soccer moms. 30 years on, Xi Jinping and the Politburo must continue to generate wage growth to keep the peasant horde happy. In the absence of actual demand, that means China prints money to continue to support heavy industry and manufacturing. Both America and China need a market for their labour. The trade war is a manifestation of this conflict. Unfortunately, win or lose, this “war” will not solve the structural economic issues that keep the plebes plebeian. It is a convenient distraction for both Trump and Xi. The unfortunate part for China is that it lacks a well-functioning consumer economic participation to create homegrown GDP growth. Instead, China relies on money printing to generate economic activity. The trade war, while pointless in the long run, pushed China to continue to print more and more money to keep growth numbers at “acceptable” levels. I subscribe to the view of Michael Pettis that GDP is a political number. Beijing chooses a GDP growth rate, then prints money to hit the target. It does not represent the true economic health of the Chinese economy. I highly suggest anyone serious about understanding China macroeconomics to subscribe to his newsletter. It’s pricey but worth every penny. So Back to Bitcoin Bitcoin is a monetary asset, and the flow of money and credit is crucial to understanding how the price will perform in the future. The Fed and PBOC are committed to increasing the size of their balance sheets in 2019, that is positive for Bitcoin. The reason I focus more on China is the scale of credit creation each year dwarfs any country ever in human history. The other important consideration is Chinese people have no illusion about what is actually happening. Unlike their American counterparts, ordinary Chinese people do not trust the government. Americans love America. Walk around an American and city, and you will see countless people wearing American flag paraphernalia. Walk around a Chinese city, and you are more likely to see a Balenciaga handbag than someone rocking the Chinese flag as a fashion statement. China has devalued and revalued the Yuan multiple times since the early 1980s. This is not lost on the population. The PBOC has kept the Yuan relatively stable since early 2017. They even made moves to actually tighten credit conditions. However, the trade war changed all that, and now they are printing money like it’s 2008. That pressure will build around the exchange rate, and at some point, either the PBOC tightens credit and slows GDP growth, or devalues. Chinese asset holders are not stupid. They see the writing on the wall, and as the CNY has recently crept higher towards the magical 7.00, Bitcoin exited the doldrums and more than doubled. The charts above show the USD/CNH (this is the offshore CNY) and the Bitcoin / USD price performance during two time periods, June 2015 – December 2015 and January 2019 – May 2019. The charts show that Bitcoin performs well during periods of rapid Yuan depreciation. The wrinkle in 2019 is that the major Chinese exchanges no longer offer Bitcoin / CNY trading. Now Chinese traders must obtain Bitcoin in the Chinese OTC markets. Make no mistake, just because you don’t see Okcoin and Huobi putting up big volume numbers in China, doesn’t mean they have stopped serving the Chinese market. The OTC market is vibrant, and these venues have found politically acceptable ways to allow buyers and sellers to meet in China. Zhao Dong, arguably the largest OTC trader in China, is one of the main people responsible for the successful $1bn Bitfinex LEO IEO. He went on the record supporting Bitfinex to the Chinese crypto community, and his clout and network helped Bitfinex win back the Chinese traders. China still matters. The key number is 7.00. If the PBOC allows the Yuan to break this level, ordinary Zhou’s will scramble to get their hands on Bitcoin and other cryptos. Similar to 2015, a sharp and sudden Yuan depreciation could lead to the beginning of another epic bull market. Replace C with E When in doubt, change the name. ICO is a dirty word these days, so let’s just call them IEO’s (Initial Exchange Offerings). 2019 marked the beginning of the IEO market. BitMEX Research wrote an excellent piece examining the beginnings of the IEO market. With an ICO, any schmuck with an internet connection could put up a makeshift WordPress site, a Bitcoin or Ethereum address, and a poorly written whitepaper. Fast forward a few months, and the team became crypto millionaires. After the lawyers and regulators scared off everyone, the ICO market died. The IEO market rose from the ashes. Instead of just anyone raising money, the exchanges with the most vibrant user bases became the gatekeepers. It makes sense, ICO projects all jostled to get onto Binance, Bittrex, Kraken, Bitfinex etc. You can’t pump an ICO without a coterie of speculators, which successful exchanges bring to the party. Instead of allowing a bunch of amateurs financial token advisors take the vig, the exchanges completely cut them out of the process. The most straightforward IEO investments are in the exchanges themselves. Binance pioneered the exchange token space with its BNB token. Binance pledged that it would buyback BNB in the market with profits generated from the exchange. To encourage traders to hold BNB, Binance gave fee discounts and recently required punters to stake BNB to participate in hot IEO deals. ICO mania treated Bitcoin and Ether very well. The more people that heard about the insane returns trading ICO’s, the more people who entered the crypto ecosystem. The first asset they naturally bought was Bitcoin or Ether. Even if some of that money transitioned onto shitcoins, a lot of it stuck around. The question during this crypto winter is, what new thing will cause speculators to pile back into the crypto capital markets. Enter Bitfinex! The Tether / Bitfinex saga entered a new stage when payment processing firm Crypto Capital was unable to give Bitfinex access to its money. Bitfinex took a “loan” from Tether, and once this was exposed via the NYAG, Bitfinex had some ‘splanin’ to do. When in doubt IEO!! Bitfinex used the new shitcoin IEO wrapper to issue the largest exchange token ever. They planned to privately raise $1 billion to plug the Crypto Capital hole and keep Tether backed 1:1 with USD cash money. The community rallied behind them. In under two weeks, the Bitfinex LEO exchange token raised $1 billion from private individuals. This is truly amazing. Read the LEO whitepaper and an S1 for an IPO in the United States. You will quickly realise the LEO whitepaper is about one ton lighter in the material than an S1. No matter, the trading community piled in. The Capital Structure? Where does an IEO sit on the capital structure of a company? That is a great question. In the case of exchange tokens like BNB and LEO, it appears you have no rights. That doesn’t mean the cash won’t flow, but the exchange can change the rules of the game as they see fit. The only check is the willingness of the community to continue supporting said exchange by paying fees. Exchanges that focus on the community and do right by it will generally outperform those that don’t. Binance is a great case study in an organisation that took the top spot by giving the crypto traders what they wanted. They wanted shitcoins, they wanted a charismatic CEO, they wanted SICK GAINZ!! In the shitcoin game, Binance listed everything and created a community of die-hard fans. Exchanges like Poloniex were not able to keep the mindshare of traders and got smoked by the upstart. Do you have any legal rights as the holder of an IEO exchange token? Maybe. That being said, if an exchange abuses the community long enough, someone will take their place. Anyone can open an exchange, and there are plenty of white lable tech providers that will happily take $100k and give you a subpar matching engine. Would be usurpers see the fees generated by the top players and want in on the action. That is why crypto is different than traditional asset trading. If you wanted to create a traditional stock exchange, good luck! I hope you have a few hundred million USD of capital and like waiting for Godot. Bull Market Baby If Bitfinex can raise the largest ever IEO in under two weeks, the community is feeling good about itself. Traders spent the last two years repairing their balance sheets. They are striking out now at the new shiny bauble. Buckle up, buckaroos! Convexity - Rektum Damn Near Killed ‘Em Since BitMEX launched on 24 November 2014, cryptocurrency derivatives trading exploded. I tried in vain to seduce various venture capital firms with the vision of the future that was all about derivatives trading. At that time, succour was not forthcoming; however, I could not be more pleased with my failures now standing in 2019. The BitMEX XBTUSD perpetual swap and various other contracts traded on OKEx and Deribit are of the same ilk. These contracts all allow you to trade a fixed USD amount of Bitcoin. We call these inverse derivatives contracts. Many OG traders have heard me speak at length about the subtle yet profound implications of this contract structure. However, as many new traders now try their hand at derivatives trading, a refresher course is necessitated. Contrary to popular belief, I don’t delight when I see the BitMEX Rekt twitter feed going bananas. I’m long-term greedy. I would rather you enjoy a long trading career earning a profit and paying BitMEX trading fees along the way, than blow up your equity capital during a liquidation. Therefore, it is in mine and BitMEX’s best interest that our traders are sufficiently educated about best trading practices. I love our traders, but when I hear people smile and laugh about getting liquidated it makes me cringe. A real trader practices proper risk management, and that means never being liquidated. You Gotta Go Down, To Go Up Convexity or gamma is the second derivative of a contract's value with respect to price. Used correctly convexity can supercharge your portfolio’s returns. However, if you do not understand how convexity affects a derivative you trade, you will get rekt repeatedly. With inverse contracts, the margin currency is the same as the home currency. I will use the XBTUSD contract throughout this post. Home Currency: XBT (Bitcoin) Foreign Currency: USD Margin Currency: XBT USD Value: 1 USD XBT Value: 1 USD / Price (XBT/USD exchange rate or .BXBT index) I will dwell on how the XBT exposure of a long 100,000 contract position changes with respect to the price (.BXBT Index). First, let’s look at the long side. In bull and bear markets, these will most likely be speculators. This makes sense because being long Bitcoin offers asymmetric returns. Bitcoin can rise to infinity, but can only fall zero. It is better from a return on equity perspective to go long the bottom, then go short the top. Those who picked up ETH below $100 know this acutely. Therefore, coupled with leverage, on the margin, longs in most market environments will be predominately speculators. The first chart shows XBT PNL profile and curvature. The straight line is the PNL % return if the contract moved in a linear fashion, the curved line is the long inverse contract position’s PNL % return. What you immediately notice is that you will lose more money when the market falls, and make less money as the market rises. This is suboptimal as you must post margin in XBT. Thus, your margin requirements increase in a non-linear fashion, and this is why longs get rekt quickly in a falling market. Now let’s examine the short side. In bull and bear markets, these will most likely be hedgers and market makers. In both cases, these market participants want to lock in the USD value of Bitcoin. With inverse contracts, a long physical Bitcoin position coupled with an equivalent short XBTUSD position creates a synthetic USD position. If 100% of the physical Bitcoin is placed at cross-margin with BitMEX, you cannot be liquidated. Unlike the long side, shorts benefit from positive XBT convexity. Shorts make more and more XBT as the price falls, and lose less and less as the price rises. The take away from these two examples is that long speculators will be liquidated faster on the way down. This explains why dumps in these derivatives dominated markets are now more extreme than pumps and will continue so long as inverse style derivatives dominate the cryptocurrency derivatives markets. The CME contract has a fixed XBT exposure regardless of the price, and the USD exposure varies linearly with respect to price. While this is great for USD benchmarked investors, it becomes problematic for those hedging their exposure. Bitcoin purchased to hedge a short CME position cannot be used as collateral with the CME. This presents some challenges for hedgers who hold physical Bitcoin, and market makers who must divide precious capital between derivatives and spot markets with no cross-collateral relief. Risk Disclaimer This article should not be copied or reproduced in whole or in part. The information contained in this article does not constitute research or a recommendation. Neither BitMEX nor any of its affiliates make any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this article is not to be taken as constituting the giving of investment advice nor to constitute such person a client of BitMEX. Contact Us | Subscribe | Unsubscribe
  14. Какво е Lightning invoice? Lightning invoice (фактура) е начинът, по който заявявате, че искате да получите плащане чрез LN. Тя частично наподобява биткойн адресите, но има някои ключови разлики, на който трябва да обърнем внимание. Ето и пример: В този си вид изглежда малко стряскащо. Именно затова в повечето случаи... Материалът Lightning 101: Какво е Lightning invoice? е публикуван за пръв път на Hash.bg. View the full article
  15. Какво е Lightning invoice? Lightning invoice (фактура) е начинът, по който заявявате, че искате да получите плащане чрез LN. Тя частично наподобява биткойн адресите, но има някои ключови разлики, на който трябва да обърнем внимание. Ето и пример: lnbc8u1p0xjp9spp5v2t48wa7c3cjjs0ldxj8qcswjr04zg43ts62tx232vvqc7pa956sdqqcqzpgxqyz5vqsp5y0x7yrps4v4r4qtj2djyn9np25m9wpzpmgm2pu5wq0hgrklam7aq9qy9qsq633p0dxsncdpaagdqlurrqm33rwkcu3tw32jn96kr0q8fa8mfkyjdfx6ed6yg0gj2wnueae72tkjj9juysu2anyypy487uf9hpkqm6qpzt7s3t В този си вид изглежда малко стряскащо. Именно затова в повечето... Материалът Lightning 101: Какво е Lightning invoice? е публикуван за пръв път на Hash.bg. View the full article
  16. Какво правят Lightning нодовете? LN нодовете имат две основни задължения: Да следят основния блокчейн (Bitcoin). Да взаимодействат с други Lightning Network нодове и да осъществяват транзакциите в мрежата Всеки нод в Lightning мрежата трябва да наблюдава блокчейна на основната валутата, върху която работи. Когато се говори за Lightning network, повечето... Материалът Lightning 101: Какво е Lightning нод? е публикуван за пръв път на Hash.bg. View the full article
  17. Какво правят Lightning нодовете? LN нодовете имат две основни задължения: Да следят основния блокчейн (Bitcoin). Да взаимодействат с други Lightning Network нодове и да осъществяват транзакциите в мрежата Всеки нод в Lightning мрежата трябва да наблюдава блокчейна на основната валутата, върху която работи. Когато се говори за Lightning network, повечето... Материалът Lightning 101: Какво е Lightning нод? е публикуван за пръв път на Hash.bg. View the full article
  18. Bitcoin Core version 0.18.0 is now available from: https://bitcoincore.org/bin/bitcoin-core-0.18.0/ This is a new major version release, including new features, various bug fixes and performance improvements, as well as updated translations. Please report bugs using the issue tracker at GitHub: https://github.com/bitcoin/bitcoin/issues To receive security and update notifications, please subscribe to: https://bitcoincore.org/en/list/announcements/join/ How to Upgrade If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or bitcoind/bitcoin-qt (on Linux). The first time you run version 0.15.0 or newer, your chainstate database will be converted to a new format, which will take anywhere from a few minutes to half an hour, depending on the speed of your machine. Note that the block database format also changed in version 0.8.0 and there is no automatic upgrade code from before version 0.8 to version 0.15.0 or later. Upgrading directly from 0.7.x and earlier without redownloading the blockchain is not supported. However, as usual, old wallet versions are still supported. Compatibility Bitcoin Core is supported and extensively tested on operating systems using the Linux kernel, macOS 10.10+, and Windows 7 and newer. It is not recommended to use Bitcoin Core on unsupported systems. Bitcoin Core should also work on most other Unix-like systems but is not as frequently tested on them. From 0.17.0 onwards, macOS <10.10 is no longer supported. 0.17.0 is built using Qt 5.9.x, which doesn’t support versions of macOS older than 10.10. Additionally, Bitcoin Core does not yet change appearance when macOS “dark mode” is activated. In addition to previously-supported CPU platforms, this release’s pre-compiled distribution also provides binaries for the RISC-V platform. If you are using the systemd unit configuration file located at contrib/init/bitcoind.service, it has been changed to use /var/lib/bitcoind as the data directory instead of ~bitcoin/.bitcoin. When switching over to the new configuration file, please make sure that the filesystem on which /var/lib/bitcoind will exist has enough space (check using df -h /var/lib/bitcoind), and optionally copy over your existing data directory. See the systemd init file section for more details. Known issues Wallet GUI For advanced users who have both (1) enabled coin control features, and (2) are using multiple wallets loaded at the same time: The coin control input selection dialog can erroneously retain wrong-wallet state when switching wallets using the dropdown menu. For now, it is recommended not to use coin control features with multiple wallets loaded. Notable changes Mining Calls to getblocktemplate will fail if the segwit rule is not specified. Calling getblocktemplate without segwit specified is almost certainly a misconfiguration since doing so results in lower rewards for the miner. Failed calls will produce an error message describing how to enable the segwit rule. Configuration option changes A warning is printed if an unrecognized section name is used in the configuration file. Recognized sections are [test], [main], and [regtest]. Four new options are available for configuring the maximum number of messages that ZMQ will queue in memory (the “high water mark”) before dropping additional messages. The default value is 1,000, the same as was used for previous releases. See the ZMQ documentation for details. The rpcallowip option can no longer be used to automatically listen on all network interfaces. Instead, the rpcbind parameter must be used to specify the IP addresses to listen on. Listening for RPC commands over a public network connection is insecure and should be disabled, so a warning is now printed if a user selects such a configuration. If you need to expose RPC in order to use a tool like Docker, ensure you only bind RPC to your localhost, e.g. docker run [...] -p 127.0.0.1:8332:8332 (this is an extra :8332 over the normal Docker port specification). The rpcpassword option now causes a startup error if the password set in the configuration file contains a hash character (#), as it’s ambiguous whether the hash character is meant for the password or as a comment. The whitelistforcerelay option is used to relay transactions from whitelisted peers even when not accepted to the mempool. This option now defaults to being off, so that changes in policy and disconnect/ban behavior will not cause a node that is whitelisting another to be dropped by peers. Users can still explicitly enable this behavior with the command line option (and may want to consider contacting the Bitcoin Core project to let us know about their use-case, as this feature could be deprecated in the future). systemd init file The systemd init file (contrib/init/bitcoind.service) has been changed to use /var/lib/bitcoind as the data directory instead of ~bitcoin/.bitcoin. This change makes Bitcoin Core more consistent with other services, and makes the systemd init config more consistent with existing Upstart and OpenRC configs. The configuration, PID, and data directories are now completely managed by systemd, which will take care of their creation, permissions, etc. See systemd.exec(5) for more details. When using the provided init files under contrib/init, overriding the datadir option in /etc/bitcoin/bitcoin.conf will have no effect. This is because the command line arguments specified in the init files take precedence over the options specified in /etc/bitcoin/bitcoin.conf. Documentation A new short document about the JSON-RPC interface describes cases where the results of an RPC might contain inconsistencies between data sourced from different subsystems, such as wallet state and mempool state. A note is added to the REST interface documentation indicating that the same rules apply. Further information is added to the JSON-RPC documentation about how to secure this interface. A new document about the bitcoin.conf file describes how to use it to configure Bitcoin Core. A new document introduces Bitcoin Core’s BIP174 Partially-Signed Bitcoin Transactions (PSBT) interface, which is used to allow multiple programs to collaboratively work to create, sign, and broadcast new transactions. This is useful for offline (cold storage) wallets, multisig wallets, coinjoin implementations, and many other cases where two or more programs need to interact to generate a complete transaction. The output script descriptor documentation has been updated with information about new features in this still-developing language for describing the output scripts that a wallet or other program wants to receive notifications for, such as which addresses it wants to know received payments. The language is currently used in multiple new and updated RPCs described in these release notes and is expected to be adapted to other RPCs and to the underlying wallet structure. Build system changes A new --disable-bip70 option may be passed to ./configure to prevent Bitcoin-Qt from being built with support for the BIP70 payment protocol or from linking libssl. As the payment protocol has exposed Bitcoin Core to libssl vulnerabilities in the past, builders who don’t need BIP70 support are encouraged to use this option to reduce their exposure to future vulnerabilities. The minimum required version of Qt (when building the GUI) has been increased from 5.2 to 5.5.1 (the depends system provides 5.9.7) New RPCs getnodeaddresses returns peer addresses known to this node. It may be used to find nodes to connect to without using a DNS seeder. listwalletdir returns a list of wallets in the wallet directory (either the default wallet directory or the directory configured by the -walletdir parameter). getrpcinfo returns runtime details of the RPC server. At the moment, it returns an array of the currently active commands and how long they’ve been running. deriveaddresses returns one or more addresses corresponding to an output descriptor. getdescriptorinfo accepts a descriptor and returns information about it, including its computed checksum. joinpsbts merges multiple distinct PSBTs into a single PSBT. The multiple PSBTs must have different inputs. The resulting PSBT will contain every input and output from all of the PSBTs. Any signatures provided in any of the PSBTs will be dropped. analyzepsbt examines a PSBT and provides information about what the PSBT contains and the next steps that need to be taken in order to complete the transaction. For each input of a PSBT, analyzepsbt provides information about what information is missing for that input, including whether a UTXO needs to be provided, what pubkeys still need to be provided, which scripts need to be provided, and what signatures are still needed. Every input will also list which role is needed to complete that input, and analyzepsbt will also list the next role in general needed to complete the PSBT. analyzepsbt will also provide the estimated fee rate and estimated virtual size of the completed transaction if it has enough information to do so. utxoupdatepsbt searches the set of Unspent Transaction Outputs (UTXOs) to find the outputs being spent by the partial transaction. PSBTs need to have the UTXOs being spent to be provided because the signing algorithm requires information from the UTXO being spent. For segwit inputs, only the UTXO itself is necessary. For non-segwit outputs, the entire previous transaction is needed so that signers can be sure that they are signing the correct thing. Unfortunately, because the UTXO set only contains UTXOs and not full transactions, utxoupdatepsbt will only add the UTXO for segwit inputs. Updated RPCs Note: some low-level RPC changes mainly useful for testing are described in the Low-level Changes section below. getpeerinfo now returns an additional minfeefilter field set to the peer’s BIP133 fee filter. You can use this to detect that you have peers that are willing to accept transactions below the default minimum relay fee. The mempool RPCs, such as getrawmempool with verbose=true, now return an additional “bip125-replaceable” value indicating whether the transaction (or its unconfirmed ancestors) opts-in to asking nodes and miners to replace it with a higher-feerate transaction spending any of the same inputs. settxfee previously silently ignored attempts to set the fee below the allowed minimums. It now prints a warning. The special value of “0” may still be used to request the minimum value. getaddressinfo now provides an ischange field indicating whether the wallet used the address in a change output. importmulti has been updated to support P2WSH, P2WPKH, P2SH-P2WPKH, and P2SH-P2WSH. Requests for P2WSH and P2SH-P2WSH accept an additional witnessscript parameter. importmulti now returns an additional warnings field for each request with an array of strings explaining when fields are being ignored or are inconsistent, if there are any. getaddressinfo now returns an additional solvable boolean field when Bitcoin Core knows enough about the address’s scriptPubKey, optional redeemScript, and optional witnessScript in order for the wallet to be able to generate an unsigned input spending funds sent to that address. The getaddressinfo, listunspent, and scantxoutset RPCs now return an additional desc field that contains an output descriptor containing all key paths and signing information for the address (except for the private key). The desc field is only returned for getaddressinfo and listunspent when the address is solvable. importprivkey will preserve previously-set labels for addresses or public keys corresponding to the private key being imported. For example, if you imported a watch-only address with the label “cold wallet” in earlier releases of Bitcoin Core, subsequently importing the private key would default to resetting the address’s label to the default empty-string label (“”). In this release, the previous label of “cold wallet” will be retained. If you optionally specify any label besides the default when calling importprivkey, the new label will be applied to the address. See the Mining section for changes to getblocktemplate. getmininginfo now omits currentblockweight and currentblocktx when a block was never assembled via RPC on this node. The getrawtransaction RPC & REST endpoints no longer check the unspent UTXO set for a transaction. The remaining behaviors are as follows: 1. If a blockhash is provided, check the corresponding block. If no blockhash is provided, check the mempool. 3. If no blockhash is provided but txindex is enabled, also check txindex. unloadwallet is now synchronous, meaning it will not return until the wallet is fully unloaded. importmulti now supports importing of addresses from descriptors. A “desc” parameter can be provided instead of the “scriptPubKey” in a request, as well as an optional range for ranged descriptors to specify the start and end of the range to import. Descriptors with key origin information imported through importmulti will have their key origin information stored in the wallet for use with creating PSBTs. More information about descriptors can be found here. listunspent has been modified so that it also returns witnessScript, the witness script in the case of a P2WSH or P2SH-P2WSH output. createwallet now has an optional blank argument that can be used to create a blank wallet. Blank wallets do not have any keys or HD seed. They cannot be opened in software older than 0.18. Once a blank wallet has a HD seed set (by using sethdseed) or private keys, scripts, addresses, and other watch only things have been imported, the wallet is no longer blank and can be opened in 0.17.x. Encrypting a blank wallet will also set a HD seed for it. Deprecated or removed RPCs signrawtransaction is removed after being deprecated and hidden behind a special configuration option in version 0.17.0. The ‘account’ API is removed after being deprecated in v0.17. The ‘label’ API was introduced in v0.17 as a replacement for accounts. See the release notes from v0.17 for a full description of the changes from the ‘account’ API to the ‘label’ API. addwitnessaddress is removed after being deprecated in version 0.16.0. generate is deprecated and will be fully removed in a subsequent major version. This RPC is only used for testing, but its implementation reached across multiple subsystems (wallet and mining), so it is being deprecated to simplify the wallet-node interface. Projects that are using generate for testing purposes should transition to using the generatetoaddress RPC, which does not require or use the wallet component. Calling generatetoaddress with an address returned by the getnewaddress RPC gives the same functionality as the old generate RPC. To continue using generate in this version, restart bitcoind with the -deprecatedrpc=generate configuration option. Be reminded that parts of the validateaddress command have been deprecated and moved to getaddressinfo. The following deprecated fields have moved to getaddressinfo: ismine, iswatchonly, script, hex, pubkeys, sigsrequired, pubkey, embedded, iscompressed, label, timestamp, hdkeypath, hdmasterkeyid. The addresses field has been removed from the validateaddress and getaddressinfo RPC methods. This field was confusing since it referred to public keys using their P2PKH address. Clients should use the embedded.address field for P2SH or P2WSH wrapped addresses, and pubkeys for inspecting multisig participants. REST changes A new /rest/blockhashbyheight/ endpoint is added for fetching the hash of the block in the current best blockchain based on its height (how many blocks it is after the Genesis Block). Graphical User Interface (GUI) A new Window menu is added alongside the existing File, Settings, and Help menus. Several items from the other menus that opened new windows have been moved to this new Window menu. In the Send tab, the checkbox for “pay only the required fee” has been removed. Instead, the user can simply decrease the value in the Custom Feerate field all the way down to the node’s configured minimum relay fee. In the Overview tab, the watch-only balance will be the only balance shown if the wallet was created using the createwallet RPC and the disable_private_keys parameter was set to true. The launch-on-startup option is no longer available on macOS if compiled with macosx min version greater than 10.11 (use CXXFLAGS=”-mmacosx-version-min=10.11” CFLAGS=”-mmacosx-version-min=10.11” for setting the deployment sdk version) Tools A new bitcoin-wallet tool is now distributed alongside Bitcoin Core’s other executables. Without needing to use any RPCs, this tool can currently create a new wallet file or display some basic information about an existing wallet, such as whether the wallet is encrypted, whether it uses an HD seed, how many transactions it contains, and how many address book entries it has. Planned changes This section describes planned changes to Bitcoin Core that may affect other Bitcoin software and services. Since version 0.16.0, Bitcoin Core’s built-in wallet has defaulted to generating P2SH-wrapped segwit addresses when users want to receive payments. These addresses are backwards compatible with all widely-used software. Starting with Bitcoin Core 0.20 (expected about a year after 0.18), Bitcoin Core will default to native segwit addresses (bech32) that provide additional fee savings and other benefits. Currently, many wallets and services already support sending to bech32 addresses, and if the Bitcoin Core project sees enough additional adoption, it will instead default to bech32 receiving addresses in Bitcoin Core 0.19 (approximately November 2019). P2SH-wrapped segwit addresses will continue to be provided if the user requests them in the GUI or by RPC, and anyone who doesn’t want the update will be able to configure their default address type. (Similarly, pioneering users who want to change their default now may set the addresstype=bech32 configuration option in any Bitcoin Core release from 0.16.0 up.) Deprecated P2P messages BIP 61 reject messages are now deprecated. Reject messages have no use case on the P2P network and are only logged for debugging by most network nodes. Furthermore, they increase bandwidth and can be harmful for privacy and security. It has been possible to disable BIP 61 messages since v0.17 with the -enablebip61=0 option. BIP 61 messages will be disabled by default in a future version, before being removed entirely. Low-level changes This section describes RPC changes mainly useful for testing, mostly not relevant in production. The changes are mentioned for completeness. RPC The submitblock RPC previously returned the reason a rejected block was invalid the first time it processed that block, but returned a generic “duplicate” rejection message on subsequent occasions it processed the same block. It now always returns the fundamental reason for rejecting an invalid block and only returns “duplicate” for valid blocks it has already accepted. A new submitheader RPC allows submitting block headers independently from their block. This is likely only useful for testing. The signrawtransactionwithkey and signrawtransactionwithwallet RPCs have been modified so that they also optionally accept a witnessScript, the witness script in the case of a P2WSH or P2SH-P2WSH output. This is compatible with the change to listunspent. For the walletprocesspsbt and walletcreatefundedpsbt RPCs, if the bip32derivs parameter is set to true but the key metadata for a public key has not been updated yet, then that key will have a derivation path as if it were just an independent key (i.e. no derivation path and its master fingerprint is itself). Configuration The -usehd configuration option was removed in version 0.16. From that version onwards, all new wallets created are hierarchical deterministic wallets. This release makes specifying -usehd an invalid configuration option. Network This release allows peers that your node automatically disconnected for misbehavior (e.g. sending invalid data) to reconnect to your node if you have unused incoming connection slots. If your slots fill up, a misbehaving node will be disconnected to make room for nodes without a history of problems (unless the misbehaving node helps your node in some other way, such as by connecting to a part of the Internet from which you don’t have many other peers). Previously, Bitcoin Core banned the IP addresses of misbehaving peers for a period of time (default of 1 day); this was easily circumvented by attackers with multiple IP addresses. If you manually ban a peer, such as by using the setban RPC, all connections from that peer will still be rejected. Wallet The key metadata will need to be upgraded the first time that the HD seed is available. For unencrypted wallets this will occur on wallet loading. For encrypted wallets this will occur the first time the wallet is unlocked. Newly encrypted wallets will no longer require restarting the software. Instead such wallets will be completely unloaded and reloaded to achieve the same effect. A sub-project of Bitcoin Core now provides Hardware Wallet Interaction (HWI) scripts that allow command-line users to use several popular hardware key management devices with Bitcoin Core. See their project page for details. Security This release changes the Random Number Generator (RNG) used from OpenSSL to Bitcoin Core’s own implementation, although entropy gathered by Bitcoin Core is fed out to OpenSSL and then read back in when the program needs strong randomness. This moves Bitcoin Core a little closer to no longer needing to depend on OpenSSL, a dependency that has caused security issues in the past. The new implementation gathers entropy from multiple sources, including from hardware supporting the rdseed CPU instruction. Changes for particular platforms On macOS, Bitcoin Core now opts out of application CPU throttling (“app nap”) during initial blockchain download, when catching up from over 100 blocks behind the current chain tip, or when reindexing chain data. This helps prevent these operations from taking an excessively long time because the operating system is attempting to conserve power. 0.18.0 change log Consensus #14247 Fix crash bug with duplicate inputs within a transaction (TheBlueMatt) Mining #14811 Mining: Enforce that segwit option must be set in GBT (jnewbery) Block and transaction handling #13310 Report progress in ReplayBlocks while rolling forward (promag) #13783 validation: Pass tx pool reference into CheckSequenceLocks (MarcoFalke) #14834 validation: Assert that pindexPrev is non-null when required (kallewoof) #14085 index: Fix for indexers skipping genesis block (jimpo) #14963 mempool, validation: Explain cs_main locking semantics (MarcoFalke) #15193 Default -whitelistforcerelay to off (sdaftuar) #15429 Update assumevalid, minimumchainwork, and getchaintxstats to height 563378 (gmaxwell) #15552 Granular invalidateblock and RewindBlockIndex (MarcoFalke) #14841 Move CheckBlock() call to critical section (hebasto) P2P protocol and network code #14025 Remove dead code for nVersion=10300 (MarcoFalke) #12254 BIP 158: Compact Block Filters for Light Clients (jimpo) #14073 blockfilter: Avoid out-of-bounds script access (jimpo) #14140 Switch nPrevNodeCount to vNodesSize (pstratem) #14027 Skip stale tip checking if outbound connections are off or if reindexing (gmaxwell) #14532 Never bind INADDR_ANY by default, and warn when doing so explicitly (luke-jr) #14733 Make peer timeout configurable, speed up very slow test and ensure correct code path tested (zallarak) #14336 Implement poll (pstratem) #15051 IsReachable is the inverse of IsLimited (DRY). Includes unit tests (mmachicao) #15138 Drop IsLimited in favor of IsReachable (Empact) #14605 Return of the Banman (dongcarl) #14970 Add dnsseed.emzy.de to DNS seeds (Emzy) #14929 Allow connections from misbehavior banned peers (gmaxwell) #15345 Correct comparison of addr count (dongcarl) #15201 Add missing locking annotation for vNodes. vNodes is guarded by cs_vNodes (practicalswift) #14626 Select orphan transaction uniformly for eviction (sipa) #15486 Ensure tried collisions resolve, and allow feeler connections to existing outbound netgroups (sdaftuar) Wallet #13962 Remove unused dummy_tx variable from FillPSBT (dongcarl) #13967 Don’t report minversion wallet entry as unknown (instagibbs) #13988 Add checks for settxfee reasonableness (ajtowns) #12559 Avoid locking cs_main in some wallet RPC (promag) #13631 Add CMerkleTx::IsImmatureCoinBase method (Empact) #14023 Remove accounts RPCs (jnewbery) #13825 Kill accounts (jnewbery) #10605 Add AssertLockHeld assertions in CWallet::ListCoins (ryanofsky) #12490 Remove deprecated wallet rpc features from bitcoin_server (jnewbery) #14138 Set encrypted_batch to nullptr after delete. Avoid double free in the case of NDEBUG (practicalswift) #14168 Remove ENABLE_WALLET from libbitcoin_server.a (jnewbery) #12493 Reopen CDBEnv after encryption instead of shutting down (achow101) #14282 Remove -usehd option (jnewbery) #14146 Remove trailing separators from -walletdir arg (PierreRochard) #14291 Add ListWalletDir utility function (promag) #14468 Deprecate generate RPC method (jnewbery) #11634 Add missing cs_wallet/cs_KeyStore locks to wallet (practicalswift) #14296 Remove addwitnessaddress (jnewbery) #14451 Add BIP70 deprecation warning and allow building GUI without BIP70 support (jameshilliard) #14320 Fix duplicate fileid detection (ken2812221) #14561 Remove fs::relative call and fix listwalletdir tests (promag) #14454 Add SegWit support to importmulti (MeshCollider) #14410 rpcwallet: ischange field for getaddressinfo RPC (mrwhythat) #14350 Add WalletLocation class (promag) #14689 Require a public key to be retrieved when signing a P2PKH input (achow101) #14478 Show error to user when corrupt wallet unlock fails (MeshCollider) #14411 Restore ability to list incoming transactions by label (ryanofsky) #14552 Detect duplicate wallet by comparing the db filename (ken2812221) #14678 Remove redundant KeyOriginInfo access, already done in CreateSig (instagibbs) #14477 Add ability to convert solvability info to descriptor (sipa) #14380 Fix assert crash when specified change output spend size is unknown (instagibbs) #14760 Log env path in BerkeleyEnvironment::Flush (promag) #14646 Add expansion cache functions to descriptors (unused for now) (sipa) #13076 Fix ScanForWalletTransactions to return an enum indicating scan result: success / failure / user_abort (Empact) #14821 Replace CAffectedKeysVisitor with descriptor based logic (sipa) #14957 Initialize stop_block in CWallet::ScanForWalletTransactions (Empact) #14565 Overhaul importmulti logic (sipa) #15039 Avoid leaking nLockTime fingerprint when anti-fee-sniping (MarcoFalke) #14268 Introduce SafeDbt to handle Dbt with free or memory_cleanse raii-style (Empact) #14711 Remove uses of chainActive and mapBlockIndex in wallet code (ryanofsky) #15279 Clarify rescanblockchain doc (MarcoFalke) #15292 Remove boost::optional-related false positive -Wmaybe-uninitialized warnings on GCC compiler (hebasto) #13926 [Tools] bitcoin-wallet - a tool for creating and managing wallets offline (jnewbery) #11911 Free BerkeleyEnvironment instances when not in use (ryanofsky) #15235 Do not import private keys to wallets with private keys disabled (achow101) #15263 Descriptor expansions only need pubkey entries for PKH/WPKH (sipa) #15322 Add missing cs_db lock (promag) #15297 Releases dangling files on BerkeleyEnvironment::Close (promag) #14491 Allow descriptor imports with importmulti (MeshCollider) #15365 Add lock annotation for mapAddressBook (MarcoFalke) #15226 Allow creating blank (empty) wallets (alternative) (achow101) #15390 [wallet-tool] Close bdb when flushing wallet (jnewbery) #15334 Log absolute paths for the wallets (hebasto) #14978 Factor out PSBT utilities from RPCs for use in GUI code; related refactoring (gwillen) #14481 Add P2SH-P2WSH support to listunspent RPC (MeshCollider) #14021 Import key origin data through descriptors in importmulti (achow101) #14075 Import watch only pubkeys to the keypool if private keys are disabled (achow101) #15368 Descriptor checksums (sipa) #15433 Use a single wallet batch for UpgradeKeyMetadata (jonasschnelli) #15408 Remove unused TransactionError constants (MarcoFalke) #15583 Log and ignore errors in ListWalletDir and IsBerkeleyBtree (promag) #14195 Pass privkey export DER compression flag correctly (fingera) #15299 Fix assertion in CKey::SignCompact (promag) #14437 Start to separate wallet from node (ryanofsky) #15749 Fix: importmulti only imports origin info for PKH outputs (sipa) RPC and other APIs #12842 Prevent concurrent savemempool (promag) #13987 Report minfeefilter value in getpeerinfo RPC (ajtowns) #13891 Remove getinfo deprecation warning (jnewbery) #13399 Add submitheader (MarcoFalke) #12676 Show bip125-replaceable flag, when retrieving mempool entries (dexX7) #13723 PSBT key path cleanups (sipa) #14008 Preserve a format of RPC command definitions (kostyantyn) #9332 Let wallet importmulti RPC accept labels for standard scriptPubKeys (ryanofsky) #13983 Return more specific reject reason for submitblock (MarcoFalke) #13152 Add getnodeaddresses RPC command (chris-belcher) #14298 rest: Improve performance for JSON calls (alecalve) #14297 Remove warning for removed estimatefee RPC (jnewbery) #14373 Consistency fixes for RPC descriptions (ch4ot1c) #14150 Add key origin support to descriptors (sipa) #14518 Always throw in getblockstats if -txindex is required (promag) #14060 ZMQ: add options to configure outbound message high water mark, aka SNDHWM (mruddy) #13381 Add possibility to preserve labels on importprivkey (marcoagner) #14530 Use RPCHelpMan to generate RPC doc strings (MarcoFalke) #14720 Correctly name RPC arguments (MarcoFalke) #14726 Use RPCHelpMan for all RPCs (MarcoFalke) #14796 Pass argument descriptions to RPCHelpMan (MarcoFalke) #14670 http: Fix HTTP server shutdown (promag) #14885 Assert that named arguments are unique in RPCHelpMan (promag) #14877 Document default values for optional arguments (MarcoFalke) #14875 RPCHelpMan: Support required arguments after optional ones (MarcoFalke) #14993 Fix data race (UB) in InterruptRPC() (practicalswift) #14653 rpcwallet: Add missing transaction categories to RPC helptexts (andrewtoth) #14981 Clarify RPC getrawtransaction’s time help text (benthecarman) #12151 Remove cs_main lock from blockToJSON and blockheaderToJSON (promag) #15078 Document bytessent_per_msg and bytesrecv_per_msg (MarcoFalke) #15057 Correct reconsiderblock help text, add test (MarcoFalke) #12153 Avoid permanent cs_main lock in getblockheader (promag) #14982 Add getrpcinfo command (promag) #15122 Expand help text for importmulti changes (jnewbery) #15186 remove duplicate solvable field from getaddressinfo (fanquake) #15209 zmq: log outbound message high water mark when reusing socket (fanquake) #15177 rest: Improve tests and documention of /headers and /block (promag) #14353 rest: Add blockhash call, fetch blockhash by height (jonasschnelli) #15248 Compile on GCC4.8 (MarcoFalke) #14987 RPCHelpMan: Pass through Result and Examples (MarcoFalke) #15159 Remove lookup to UTXO set from GetTransaction (amitiuttarwar) #15245 remove deprecated mentions of signrawtransaction from fundraw help (instagibbs) #14667 Add deriveaddresses RPC util method (Sjors) #15357 Don’t ignore -maxtxfee when wallet is disabled (JBaczuk) #15337 Fix for segfault if combinepsbt called with empty inputs (benthecarman) #14918 RPCHelpMan: Check default values are given at compile-time (MarcoFalke) #15383 mining: Omit uninitialized currentblockweight, currentblocktx (MarcoFalke) #13932 Additional utility RPCs for PSBT (achow101) #15401 Actually throw help when passed invalid number of params (MarcoFalke) #15471 rpc/gui: Remove ‘Unknown block versions being mined’ warning (laanwj) #15497 Consistent range arguments in scantxoutset/importmulti/deriveaddresses (sipa) #15510 deriveaddresses: add range to CRPCConvertParam (Sjors) #15582 Fix overflow bug in analyzepsbt fee: CAmount instead of int (sipa) #13424 Consistently validate txid / blockhash length and encoding in rpc calls (Empact) #15750 Remove the addresses field from the getaddressinfo return object (jnewbery) GUI #13634 Compile boost::signals2 only once (MarcoFalke) #13248 Make proxy icon from statusbar clickable (mess110) #12818 TransactionView: highlight replacement tx after fee bump (Sjors) #13529 Use new Qt5 connect syntax (promag) #14162 Also log and print messages or questions like bitcoind (MarcoFalke) #14385 Avoid system harfbuzz and bz2 (theuni) #14450 Fix QCompleter popup regression (hebasto) #14177 Set C locale for amountWidget (hebasto) #14374 Add Blocksdir to Debug window (hebasto) #14554 Remove unused adjustedTime parameter (hebasto) #14228 Enable system tray icon by default if available (hebasto) #14608 Remove the “Pay only required fee…” checkbox (hebasto) #14521 qt, docs: Fix bitcoin-qt -version output formatting (hebasto) #13966 When private key is disabled, only show watch-only balance (ken2812221) #14828 Remove hidden columns in coin control dialog (promag) #14783 Fix boost::signals2::no_slots_error in early calls to InitWarning (promag) #14854 Cleanup SplashScreen class (hebasto) #14801 Use window() instead of obsolete topLevelWidget() (hebasto) #14573 Add Window menu (promag) #14979 Restore < Qt5.6 compatibility for addAction (jonasschnelli) #14975 Refactoring with QString::toNSString() (hebasto) #15000 Fix broken notificator on GNOME (hebasto) #14375 Correct misleading “overridden options” label (hebasto) #15007 Notificator class refactoring (hebasto) #14784 Use WalletModel* instead of the wallet name as map key (promag) #11625 Add BitcoinApplication & RPCConsole tests (ryanofsky) #14517 Fix start with the -min option (hebasto) #13216 implements concept for different disk sizes on intro (marcoagner) #15114 Replace remaining 0 with nullptr (Empact) #14594 Fix minimized window bug on Linux (hebasto) #14556 Fix confirmed transaction labeled “open” (#13299) (hebasto) #15149 Show current wallet name in window title (promag) #15136 “Peers” tab overhaul (hebasto) #14250 Remove redundant stopThread() and stopExecutor() signals (hebasto) #15040 Add workaround for QProgressDialog bug on macOS (hebasto) #15101 Add WalletController (promag) #15178 Improve “help-console” message (hebasto) #15210 Fix window title update (promag) #15167 Fix wallet selector size adjustment (hebasto) #15208 Remove macOS launch-at-startup when compiled with > macOS 10.11, fix memory mismanagement (jonasschnelli) #15163 Correct units for “-dbcache” and “-prune” (hebasto) #15225 Change the receive button to respond to keypool state changing (achow101) #15280 Fix shutdown order (promag) #15203 Fix issue #9683 “gui, wallet: random abort (segmentation fault) (dooglus) #15091 Fix model overlay header sync (jonasschnelli) #15153 Add Open Wallet menu (promag) #15183 Fix m_assumed_blockchain_size variable value (marcoagner) #15063 If BIP70 is disabled, attempt to fall back to BIP21 parsing (luke-jr) #15195 Add Close Wallet action (promag) #15462 Fix async open wallet call order (promag) #15801 Bugfix: GUI: Options: Initialise prune setting range before loading current value, and remove upper bound limit (luke-jr) Build system #13955 gitian: Bump descriptors for (0.)18 (fanquake) #13899 Enable -Wredundant-decls where available. Remove redundant redeclarations (practicalswift) #13665 Add RISC-V support to gitian (ken2812221) #14062 Generate MSVC project files via python script (ken2812221) #14037 Add README.md to linux release tarballs (hebasto) #14183 Remove unused Qt 4 dependencies (ken2812221) #14127 Avoid getifaddrs when unavailable (greenaddress) #14184 Scripts and tools: increased timeout downloading (cisba) #14204 Move interfaces/* to libbitcoin_server (laanwj) #14208 Actually remove ENABLE_WALLET (jnewbery) #14212 Remove libssl from LDADD unless GUI (MarcoFalke) #13578 Upgrade zeromq to 4.2.5 and avoid deprecated zeromq API functions (mruddy) #14281 lcov: filter /usr/lib/ from coverage reports (MarcoFalke) #14325 gitian: Use versioned unsigned tarballs instead of generically named ones (achow101) #14253 During ‘make clean’, remove some files that are currently missed (murrayn) #14455 Unbreak make clean (jamesob) #14495 Warn (don’t fail!) on spelling errors (practicalswift) #14496 Pin to specific versions of Python packages we install from PyPI in Travis (practicalswift) #14568 Fix Qt link order for Windows build (ken2812221) #14252 Run functional tests and benchmarks under the undefined behaviour sanitizer (UBSan) (practicalswift) #14612 Include full version number in released file names (achow101) #14840 Remove duplicate libconsensus linking in test make (AmirAbrams) #14564 Adjust configure so that only BIP70 is disabled when protobuf is missing instead of the GUI (jameshilliard) #14883 Add --retry 5 to curl opts in install_db4.sh (qubenix) #14701 Add CLIENT_VERSION_BUILD to CFBundleGetInfoString (fanquake) #14849 Qt 5.9.7 (fanquake) #15020 Add names to Travis jobs (gkrizek) #15047 Allow to configure –with-sanitizers=fuzzer (MarcoFalke) #15154 Configure: bitcoin-tx doesn’t need libevent, so don’t pull it in (luke-jr) #15175 Drop macports support (Empact) #15308 Restore compatibility with older boost (Empact) #15407 msvc: Fix silent merge conflict between #13926 and #14372 part II (ken2812221) #15388 Makefile.am: add rule for src/bitcoin-wallet (Sjors) #15393 Bump minimum Qt version to 5.5.1 (Sjors) #15285 Prefer Python 3.4 even if newer versions are present on the system (Sjors) #15398 msvc: Add rapidcheck property tests (ken2812221) #15431 msvc: scripted-diff: Remove NDEBUG pre-define in project file (ken2812221) #15549 gitian: Improve error handling (laanwj) #15548 use full version string in setup.exe (MarcoFalke) #11526 Visual Studio build configuration for Bitcoin Core (sipsorcery) #15110 build_msvc: Fix the build problem in libbitcoin_server (Mr-Leshiy) #14372 msvc: build secp256k1 and leveldb locally (ken2812221) #15325 msvc: Fix silent merge conflict between #13926 and #14372 (ken2812221) #15391 Add compile time verification of assumptions we’re currently making implicitly/tacitly (practicalswift) #15503 msvc: Use a single file to specify the include path (ken2812221) #13765 contrib: Add gitian build support for github pull request (ken2812221) #15809 gitignore: plist and dat (jamesob) Tests and QA #15405 appveyor: Clean cache when build configuration changes (Sjors) #13953 Fix deprecation in bitcoin-util-test.py (isghe) #13963 Replace usage of tostring() with tobytes() (dongcarl) #13964 ci: Add appveyor ci (ken2812221) #13997 appveyor: fetch the latest port data (ken2812221) #13707 Add usage note to check-rpc-mappings.py (masonicboom) #14036 travis: Run unit tests –with-sanitizers=undefined (MarcoFalke) #13861 Add testing of value_ret for SelectCoinsBnB (Empact) #13863 travis: Move script sections to files in .travis/ subject to shellcheck (scravy) #14081 travis: Fix missing differentiation between unit and functional tests (scravy) #14042 travis: Add cxxflags=-wno-psabi at arm job (ken2812221) #14051 Make combine_logs.py handle multi-line logs (jnewbery) #14093 Fix accidental trunction from int to bool (practicalswift) #14108 Add missing locking annotations and locks (g_cs_orphans) (practicalswift) #14088 Don’t assert(…) with side effects (practicalswift) #14086 appveyor: Use clcache to speed up build (ken2812221) #13954 Warn (don’t fail!) on spelling errors. Fix typos reported by codespell (practicalswift) #12775 Integration of property based testing into Bitcoin Core (Christewart) #14119 Read reject reasons from debug log, not P2P messages (MarcoFalke) #14189 Fix silent merge conflict in wallet_importmulti (MarcoFalke) #13419 Speed up knapsack_solver_test by not recreating wallet 100 times (lucash-dev) #14199 Remove redundant BIP174 test from rpc_psbt.json (araspitzu) #14179 Fixups to “Run all tests even if wallet is not compiled” (MarcoFalke) #14225 Reorder tests and move most of extended tests up to normal tests (ken2812221) #14236 generate –> generatetoaddress change to allow tests run without wallet (sanket1729) #14287 Use MakeUnique to construct objects owned by unique_ptrs (practicalswift) #14007 Run functional test on Windows and enable it on Appveyor (ken2812221) #14275 Write the notification message to different files to avoid race condition in feature_notifications.py (ken2812221) #14306 appveyor: Move AppVeyor YAML to dot-file-style YAML (MitchellCash) #14305 Enforce critical class instance attributes in functional tests, fix segwit test specificity (JustinTArthur) #12246 Bugfix: Only run bitcoin-tx tests when bitcoin-tx is enabled (luke-jr) #14316 Exclude all tests with difference parameters in --exclude list (ken2812221) #14381 Add missing call to skip_if_no_cli() (practicalswift) #14389 travis: Set codespell version to avoid breakage (MarcoFalke) #14398 Don’t access out of bounds array index: array[sizeof(array)] (Empact) #14419 Remove rpc_zmq.py (jnewbery) #14241 appveyor: Script improvement (ken2812221) #14413 Allow closed RPC handler in assert_start_raises_init_error (ken2812221) #14324 Run more tests with wallet disabled (MarcoFalke) #13649 Allow arguments to be forwarded to flake8 in lint-python.sh (jamesob) #14465 Stop node before removing the notification file (ken2812221) #14460 Improve ‘CAmount’ tests (hebasto) #14456 forward timeouts properly in send_blocks_and_test (jamesob) #14527 Revert “Make qt wallet test compatible with qt4” (MarcoFalke) #14504 Show the progress of functional tests (isghe) #14559 appveyor: Enable multiwallet tests (ken2812221) #13515 travis: Enable qt for all jobs (ken2812221) #14571 Test that nodes respond to getdata with notfound (MarcoFalke) #14569 Print dots by default in functional tests (ken2812221) #14631 Move deterministic address import to setup_nodes (jnewbery) #14630 test: Remove travis specific code (MarcoFalke) #14528 travis: Compile once on xenial (MarcoFalke) #14092 Dry run bench_bitcoin as part make check to allow for quick identification of assertion/sanitizer failures in benchmarking code (practicalswift) #14664 example_test.py: fixup coinbase height argument, derive number clearly (instagibbs) #14522 Add invalid P2P message tests (jamesob) #14619 Fix value display name in test_runner help text (merland) #14672 Send fewer spam messages in p2p_invalid_messages (jamesob) #14673 travis: Fail the ubsan travis build in case of newly introduced ubsan errors (practicalswift) #14665 appveyor: Script improvement part II (ken2812221) #14365 Add Python dead code linter (vulture) to Travis (practicalswift) #14693 test_node: get_mem_rss fixups (MarcoFalke) #14714 util.h: explicitly include required QString header (1Il1) #14705 travis: Avoid timeout on verify-commits check (MarcoFalke) #14770 travis: Do not specify sudo in .travis (scravy) #14719 Check specific reject reasons in feature_block (MarcoFalke) #14771 Add BOOST_REQUIRE to getters returning optional (MarcoFalke) #14777 Add regtest for JSON-RPC batch calls (domob1812) #14764 travis: Run thread sanitizer on unit tests (MarcoFalke) #14400 Add Benchmark to test input de-duplication worst case (JeremyRubin) #14812 Fix p2p_invalid_messages on macOS (jamesob) #14813 Add wallet_encryption error tests (MarcoFalke) #14820 Fix descriptor_tests not checking ToString output of public descriptors (ryanofsky) #14794 Add AddressSanitizer (ASan) Travis build (practicalswift) #14819 Bugfix: test/functional/mempool_accept: Ensure oversize transaction is actually oversize (luke-jr) #14822 bench: Destroy wallet txs instead of leaking their memory (MarcoFalke) #14683 Better combine_logs.py behavior (jamesob) #14231 travis: Save cache even when build or test fail (ken2812221) #14816 Add CScriptNum decode python implementation in functional suite (instagibbs) #14861 Modify rpc_bind to conform to #14532 behaviour (dongcarl) #14864 Run scripted-diff in subshell (dongcarl) #14795 Allow test_runner command line to receive parameters for each test (marcoagner) #14788 Possible fix the permission error when the tests open the cookie file (ken2812221) #14857 wallet_keypool_topup.py: Test for all keypool address types (instagibbs) #14886 Refactor importmulti tests (jnewbery) #14908 Removed implicit CTransaction constructor calls from tests and benchmarks (lucash-dev) #14903 Handle ImportError explicitly, improve comparisons against None (daniel-s-ingram) #14884 travis: Enforce python 3.4 support through linter (Sjors) #14940 Add test for truncated pushdata script (MarcoFalke) #14926 consensus: Check that final transactions are valid (MarcoFalke) #14937 travis: Fix travis would always be green even if it fail (ken2812221) #14953 Make g_insecure_rand_ctx thread_local (MarcoFalke) #14931 mempool: Verify prioritization is dumped correctly (MarcoFalke) #14935 Test for expected return values when calling functions returning a success code (practicalswift) #14969 Fix cuckoocache_tests TSAN failure introduced in 14935 (practicalswift) #14964 Fix race in mempool_accept (MarcoFalke) #14829 travis: Enable functional tests in the threadsanitizer (tsan) build job (practicalswift) #14985 Remove thread_local from test_bitcoin (MarcoFalke) #15005 Bump timeout to run tests in travis thread sanitizer (MarcoFalke) #15013 Avoid race in p2p_timeouts (MarcoFalke) #14960 lint/format-strings: Correctly exclude escaped percent symbols (luke-jr) #14930 pruning: Check that verifychain can be called when pruned (MarcoFalke) #15022 Upgrade Travis OS to Xenial (gkrizek) #14738 Fix running wallet_listtransactions.py individually through test_runner.py (kristapsk) #15026 Rename rpc_timewait to rpc_timeout (MarcoFalke) #15069 Fix rpc_net.py pong race condition (Empact) #14790 Allow running rpc_bind.py –nonloopback test without IPv6 (kristapsk) #14457 add invalid tx templates for use in functional tests (jamesob) #14855 Correct ineffectual WithOrVersion from transactions_tests (Empact) #15099 Use std::vector API for construction of test data (domob1812) #15102 Run invalid_txs.InputMissing test in feature_block (MarcoFalke) #15059 Add basic test for BIP34 (MarcoFalke) #15108 Tidy up wallet_importmulti.py (amitiuttarwar) #15164 Ignore shellcheck warning SC2236 (promag) #15170 refactor/lint: Add ignored shellcheck suggestions to an array (koalaman) #14958 Remove race between connecting and shutdown on separate connections (promag) #15166 Pin shellcheck version (practicalswift) #15196 Update all subprocess.check_output functions to be Python 3.4 compatible (gkrizek) #15043 Build fuzz targets into seperate executables (MarcoFalke) #15276 travis: Compile once on trusty (MarcoFalke) #15246 Add tests for invalid message headers (MarcoFalke) #15301 When testing with –usecli, unify RPC arg to cli arg conversion and handle dicts and lists (achow101) #15247 Use wallet to retrieve raw transactions (MarcoFalke) #15303 travis: Remove unused functional_tests_config (MarcoFalke) #15330 Fix race in p2p_invalid_messages (MarcoFalke) #15324 Make bloom tests deterministic (MarcoFalke) #15328 travis: Revert “run extended tests once daily” (MarcoFalke) #15327 Make test updatecoins_simulation_test deterministic (practicalswift) #14519 add utility to easily profile node performance with perf (jamesob) #15349 travis: Only exit early if compilation took longer than 30 min (MarcoFalke) #15350 Drop RPC connection if –usecli (promag) #15370 test: Remove unused –force option (MarcoFalke) #14543 minor p2p_sendheaders fix of height in coinbase (instagibbs) #13787 Test for Windows encoding issue (ken2812221) #15378 Added missing tests for RPC wallet errors (benthecarman) #15238 remove some magic mining constants in functional tests (instagibbs) #15411 travis: Combine –disable-bip70 into existing job (MarcoFalke) #15295 fuzz: Add test/fuzz/test_runner.py and run it in travis (MarcoFalke) #15413 Add missing cs_main locks required when accessing pcoinsdbview, pcoinsTip or pblocktree (practicalswift) #15399 fuzz: Script validation flags (MarcoFalke) #15410 txindex: interrupt threadGroup before calling destructor (MarcoFalke) #15397 Remove manual byte editing in wallet_tx_clone func test (instagibbs) #15415 functional: allow custom cwd, use tmpdir as default (Sjors) #15404 Remove -txindex to start nodes (amitiuttarwar) #15439 remove byte.hex() to keep compatibility (AkioNak) #15419 Always refresh cache to be out of ibd (MarcoFalke) #15507 Bump timeout on tests that timeout on windows (MarcoFalke) #15506 appveyor: fix cache issue and reduce dependencies build time (ken2812221) #15485 add rpc_misc.py, mv test getmemoryinfo, add test mallocinfo (adamjonas) #15321 Add cs_main lock annotations for mapBlockIndex (MarcoFalke) #14128 lint: Make sure we read the command line inputs using UTF-8 decoding in python (ken2812221) #14115 lint: Make all linters work under the default macos dev environment (build-osx.md) (practicalswift) #15219 lint: Enable python linters via an array (Empact) Platform support #13866 utils: Use _wfopen and _wfreopen on windows (ken2812221) #13886 utils: Run commands using UTF-8 string on windows (ken2812221) #14192 utils: Convert fs::filesystem_error messages from local multibyte to UTF-8 on windows (ken2812221) #13877 utils: Make fs::path::string() always return UTF-8 string on windows (ken2812221) #13883 utils: Convert windows args to UTF-8 string (ken2812221) #13878 utils: Add fstream wrapper to allow to pass unicode filename on windows (ken2812221) #14426 utils: Fix broken windows filelock (ken2812221) #14686 Fix windows build error if --disable-bip70 (ken2812221) #14922 windows: Set _WIN32_WINNT to 0x0601 (Windows 7) (ken2812221) #13888 Call unicode API on Windows (ken2812221) #15468 Use fsbridge::ifstream to fix Windows path issue (ken2812221) #13734 Drop boost::scoped_array and use wchar_t API explicitly on Windows (ken2812221) #13884 Enable bdb unicode support for Windows (ken2812221) Miscellaneous #13935 contrib: Adjust output to current test format (AkioNak) #14097 validation: Log FormatStateMessage on ConnectBlock error in ConnectTip (MarcoFalke) #13724 contrib: Support ARM and RISC-V symbol check (ken2812221) #13159 Don’t close old debug log file handle prematurely when trying to re-open (on SIGHUP) (practicalswift) #14186 bitcoin-cli: don’t translate command line options (HashUnlimited) #14057 logging: Only log using config file path_to_bitcoin.conf message on startup if conf file exists (leishman) #14164 Update univalue subtree (MarcoFalke) #14272 init: Remove deprecated args from hidden args (MarcoFalke) #14494 Error if # is used in rpcpassword in conf (MeshCollider) #14742 Properly generate salt in rpcauth.py (dongcarl) #14708 Warn unrecognised sections in the config file (AkioNak) #14756 Improve rpcauth.py by using argparse and getpass modules (promag) #14785 scripts: Fix detection of copyright holders (cornelius) #14831 scripts: Use #!/usr/bin/env bash instead of #!/bin/bash (vim88) #14869 Scripts: Add trusted key for samuel dobson (laanwj) #14809 Tools: improve verify-commits.py script (jlopp) #14624 Some simple improvements to the RNG code (sipa) #14947 scripts: Remove python 2 import workarounds (practicalswift) #15087 Error if rpcpassword contains hash in conf sections (MeshCollider) #14433 Add checksum in gitian build scripts for ossl (TheCharlatan) #15165 contrib: Allow use of github api authentication in github-merge (laanwj) #14409 utils and libraries: Make ‘blocksdir’ always net specific (hebasto) #14839 threads: Fix unitialized members in sched_param (fanquake) #14955 Switch all RNG code to the built-in PRNG (sipa) #15258 Scripts and tools: Fix devtools/copyright_header.py to always honor exclusions (Empact) #12255 Update bitcoin.service to conform to init.md (dongcarl) #15266 memory: Construct globals on first use (MarcoFalke) #15347 Fix build after pr 15266 merged (hebasto) #15351 Update linearize-hashes.py (OverlordQ) #15358 util: Add setuphelpoptions() (MarcoFalke) #15216 Scripts and tools: Replace script name with a special parameter (hebasto) #15250 Use RdSeed when available, and reduce RdRand load (sipa) #15278 Improve PID file error handling (hebasto) #15270 Pull leveldb subtree (MarcoFalke) #15456 Enable PID file creation on WIN (riordant) #12783 macOS: disable AppNap during sync (krab) #13910 Log progress while verifying blocks at level 4 (domob1812) #15124 Fail AppInitMain if either disk space check fails (Empact) #15117 Fix invalid memory write in case of failing mmap(…) in PosixLockedPageAllocator::AllocateLocked (practicalswift) #14357 streams: Fix broken streams_vector_reader test. Remove unused seek(size_t) #11640 Make LOCK, LOCK2, TRY_LOCK work with CWaitableCriticalSection (ryanofsky) #14074 Use std::unordered_set instead of set in blockfilter interface (jimpo) #15275 Add gitian PGP key for hebasto (hebasto) Documentation #14120 Notes about control port and read access to cookie (JBaczuk) #14135 correct GetDifficulty doc after #13288 (fanquake) #14013 Add new regtest ports in man following #10825 ports reattributions (ariard) #14149 Remove misleading checkpoints comment in CMainParams (MarcoFalke) #14153 Add disable-wallet section to OSX build instructions, update line in Unix instructions (bitstein) #13662 Explain when reindex-chainstate can be used instead of reindex (Sjors) #14207 -help-debug implies -help (laanwj) #14213 Fix reference to lint-locale-dependence.sh (hebasto) #14206 Document -checklevel levels (laanwj) #14217 Add GitHub PR template (MarcoFalke) #14331 doxygen: Fix member comments (MarcoFalke) #14264 Split depends installation instructions per arch (MarcoFalke) #14393 Add missing apt-get install (poiuty) #14428 Fix macOS files description in qt/README.md (hebasto) #14390 release process: RPC documentation (karel-3d) #14472 getblocktemplate: use SegWit in example (Sjors) #14497 Add doc/bitcoin-conf.md (hebasto) #14526 Document lint tests (fanquake) #14511 Remove explicit storage requirement from README.md (merland) #14600 Clarify commit message guidelines (merland) #14617 FreeBSD: Document Python 3 requirement for ‘gmake check’ (murrayn) #14592 Add external interface consistency guarantees (MarcoFalke) #14625 Make clear function argument case in dev notes (dongcarl) #14515 Update OpenBSD build guide for 6.4 (fanquake) #14436 Add comment explaining recentRejects-DoS behavior (jamesob) #14684 conf: Remove deprecated options from docs, Other cleanup (MarcoFalke) #14731 Improve scripted-diff developer docs (dongcarl) #14778 A few minor formatting fixes and clarifications to descriptors.md (jnewbery) #14448 Clarify rpcwallet flag url change (JBaczuk) #14808 Clarify RPC rawtransaction documentation (jlopp) #14804 Less confusing documentation for torpassword (fanquake) #14848 Fix broken Gmane URL in security-check.py (cyounkins-bot) #14882 developer-notes.md: Point out that UniValue deviates from upstream (Sjors) #14909 Update minimum required Qt (fanquake) #14914 Add nice table to files.md (emilengler) #14741 Indicate -rpcauth option password hashing alg (dongcarl) #14950 Add NSIS setup/install steps to windows docs (fanquake) #13930 Better explain GetAncestor check for m_failed_blocks in AcceptBlockHeader (Sjors) #14973 Improve Windows native build instructions (murrayn) #15073 Botbot.me (IRC logs) not available anymore (anduck) #15038 Get more info about GUI-related issue on Linux (hebasto) #14832 Add more Doxygen information to Developer Notes (ch4ot1c) #15128 Fix download link in doc/README.md (merland) #15127 Clarifying testing instructions (benthecarman) #15132 Add FreeBSD build notes link to doc/README.md (fanquake) #15173 Explain what .python-version does (Sjors) #15223 Add information about security to the JSON-RPC doc (harding) #15249 Update python docs to reflect that wildcard imports are disallowed (Empact) #15176 Get rid of badly named doc/README_osx.md (merland) #15272 Correct logging return type and RPC example (fanquake) #15244 Gdb attaching to process during tests has non-sudo solution (instagibbs) #15332 Small updates to getrawtransaction description (amitiuttarwar) #15354 Add missing bitcoin-wallet tool manpages (MarcoFalke) #15343 netaddress: Make IPv4 loopback comment more descriptive (dongcarl) #15353 Minor textual improvements in translation_strings_policy.md (merland) #15426 importmulti: add missing description of keypool option (harding) #15425 Add missing newline to listunspent help for witnessScript (harding) #15348 Add separate productivity notes document (dongcarl) #15416 Update FreeBSD build guide for 12.0 (fanquake) #15222 Add info about factors that affect dependency list (merland) #13676 Explain that mempool memory is added to -dbcache (Sjors) #15273 Slight tweak to the verify-commits script directions (droark) #15477 Remove misleading hint in getrawtransaction (MarcoFalke) #15489 Update release process for snap package (MarcoFalke) #15524 doc: Remove berkeleydb PPA from linux build instructions (MarcoFalke) #15559 Correct analyzepsbt rpc doc (fanquake) #15194 Add comment describing fDisconnect behavior (dongcarl) #15754 getrpcinfo docs (benthecarman) #15763 Update bips.md for 0.18.0 (sipa) #15757 List new RPCs in psbt.md and descriptors.md (sipa) #15765 correct bitcoinconsensus_version in shared-libraries.md (fanquake) #15792 describe onlynet option in doc/tor.md (jonatack) #15802 mention creating application support bitcoin folder on OSX (JimmyMow) #15799 Clarify RPC versioning (MarcoFalke) Credits Thanks to everyone who directly contributed to this release: 1Il1 251 Aaron Clauson Adam Jonas Akio Nakamura Alexander Leishman Alexey Ivanov Alexey Poghilenkov Amir Abrams Amiti Uttarwar Andrew Chow andrewtoth Anthony Towns Antoine Le Calvez Antoine Riard Antti Majakivi araspitzu Arvid Norberg Ben Carman Ben Woosley benthecarman bitcoinhodler Carl Dong Chakib Benziane Chris Moore Chris Stewart chris-belcher Chun Kuan Lee Cornelius Schumacher Cory Fields Craig Younkins Cristian Mircea Messel Damian Mee Daniel Ingram Daniel Kraft David A. Harding DesWurstes dexX7 Dimitri Deijs Dimitris Apostolou Douglas Roark DrahtBot Emanuele Cisbani Emil Engler Eric Scrivner fridokus Gal Buki Gleb Naumenko Glenn Willen Graham Krizek Gregory Maxwell Gregory Sanders gustavonalle Harry Moreno Hennadii Stepanov Isidoro Ghezzi Jack Mallers James Hilliard James O’Beirne Jameson Lopp Jeremy Rubin Jesse Cohen Jim Posen John Newbery Jon Layton Jonas Schnelli João Barbosa Jordan Baczuk Jorge Timón Julian Fleischer Justin Turner Arthur Karel Bílek Karl-Johan Alm Kaz Wesley ken2812221 Kostiantyn Stepaniuk Kristaps Kaupe Lawrence Nahum Lenny Maiorani liuyujun lucash-dev luciana Luke Dashjr marcaiaf marcoagner MarcoFalke Martin Erlandsson Marty Jones Mason Simon Michael Ford Michael Goldstein Michael Polzer Mitchell Cash mruddy Murray Nesbitt OverlordQ Patrick Strateman Pierre Rochard Pieter Wuille poiuty practicalswift priscoan qubenix riordant Russell Yanofsky Samuel Dobson sanket1729 Sjors Provoost Stephan Oeste Steven Roose Suhas Daftuar TheCharlatan Tim Ruffing Vidar Holen vim88 Walter whythat Wladimir J. van der Laan Zain Iqbal Allarakhia As well as everyone that helped translating on Transifex. 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  19. Криптовалутите са сравнително нови и за повечето хора те имат различни недостатъци. Спекулантите и търсачите на бързо забогатяване, например, гледащи на криптовалутите като начин за „пенсиониране“ в рамките на няколко дни, бързо биват застигнати от реалността. От другата страна, по-консервативните се страхуват от волатилността, което е разбираемо. Хората, закупили Биткойн... Материалът Lightning Network и борбата с мащабируемостта в Биткойн системата е публикуван за пръв път на Hash.bg. View the full article
  20. Криптовалутите са сравнително нови и за повечето хора те имат различни недостатъци. Спекулантите и търсачите на бързо забогатяване, например, гледащи на криптовалутите като начин за „пенсиониране“ в рамките на няколко дни, бързо биват застигнати от реалността. От другата страна, по-консервативните се страхуват от волатилността, което е разбираемо. Хората, закупили Биткойн... Материалът Lightning Network и борбата с мащабируемостта в Биткойн системата е публикуван за пръв път на Hash.bg. View the full article
  21. Лог-ин и PIN код След като сте преминали през стъпките, описани в предишната статия и сте създали своя Blockstream Green портфейл, ще ви бъде показан следният Лог-ин екран, на който ще трябва да въведете своя PIN код. Правилно въведена комбинация ще ви даде достъп до портфейла. Ако сте забравили своя... Материалът Биткойн транзакции с портфейла Blockstream Green е публикуван за пръв път на Hash.bg. View the full article
  22. Лог-ин и PIN код След като сте преминали през стъпките, описани в предишната статия и сте създали своя Blockstream Green портфейл, ще ви бъде показан следният Лог-ин екран, на който ще трябва да въведете своя PIN код. Правилно въведена комбинация ще ви даде достъп до портфейла. Ако сте забравили своя... Материалът Биткойн транзакции с портфейла Blockstream Green е публикуван за пръв път на Hash.bg. View the full article
  23. *Интересен факт: Multisignature (накратко Multi-sig) се използва под различни форми от хиляди години. Към момента се смята, че най-древната форма е използвана при монасите, за да предпазят най-ценните реликви на своите светци. Главният монах давал само част от ключа на подчинените му монаси, като по този начин никой не можел... Материалът Multisignature и приложението му в Биткойн. Multi-sig адреси. е публикуван за пръв път на Hash.bg. View the full article
  24. *Интересен факт: Multisignature (накратко Multi-sig) се използва под различни форми от хиляди години. Към момента се смята, че най-древната форма е използвана при монасите, за да предпазят най-ценните реликви на своите светци. Главният монах давал само част от ключа на подчинените му монаси, като по този начин никой не можел... Материалът Multisignature и приложението му в Биткойн. Multi-sig адреси. е публикуван за пръв път на Hash.bg. View the full article
  25. За какво служи Blockstream Green? Blockstream Green е Bitcoin портфейл – той предоставя възможността да получавате, съхранявате и изпращате Bitcoin. Можете да използвате Blockstream Green, за да приемате входящи плащания, да съхранявате койните си на безопасно място за дълги периоди от време или да извършвате плащания и да изпращате Bitcoin... Материалът Blockstream Green – ултималният Биткойн портфейл е публикуван за пръв път на Hash.bg. View the full article
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