Bitcoin radio waves transactions: future or dream?

Nick Szabo, possible creator of Bitcoin, proposed to conduct Bitcoin transactions using the radio waves
09 November 2017   1775

Cryptographer and specialist in the theory of computers and systems Nick Szabo, together with researcher Elaine Ou from Stanford University, presented a project in which they test the conduct of transactions in the network of bitcoins using radio waves. The presentation took place last weekend during the Scaling Bitcoin conference in San Francisco, Bitcoin.com reports.

According to the authors of the concept, despite the fact that at the moment the bitcoin network is sufficiently secure to protect, there are fears that in the future it will be attempted to attack or block through firewalls, network blocks or other means that may be used by governments or monopolists in area of ​​telecommunications.

Bitcoin radio wave transaction
Bitcoin radio wave transaction

To solve this problem, Szabo and Ou suggest using Skywave communication tools that use the ionosphere, a layer of the Earth's upper atmosphere, which serves as a kind of mirror for radio waves of a certain length, including those that can be used to carry out bitcoin transactions.

To do this, we are going to propose using skywave communication using the ionosphere where the sun hits the upper atmosphere of the earth near space with ultraviolet radiation — the layer it ionizes particles and creates this layer that acts as a mirror for certain radio wavelengths like the kind we want to use. The radio community — the two regimes we are interested in, in the radio community it’s near-vertical incidence skywave, this is the 70 degree angle there, it’s nearly vertical. You get a range of about 5 or 600 km. The most reliable frequency are 40-80 m. That’s what we’re targeting.
 

Nick Szabo
Bitcoin reasercher

Using the GNU Radio software tool to demonstrate the modulator involved in the testing, Szabo and Ou conducted a loop test with 70 cm antennas for the transmitter, using also the HackRF-1 device and 21 Bitcoin Computer.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   86

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.