What does it mean that Bitcoin is trustless? - Quora
What does it mean that Bitcoin is trustless? - Quora
What do we mean by “blockchains are trustless”?
What are Trustless Environments & How Cryptocurrencies ...
What Does "Trustless" Mean? - Bitcoin Market Journal
Trustless Binance Academy
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Q&A with CEO of trustless Bitcoin-based futures exchange Coinpit
See full Q&A here: http://www.bitcoinfuturesguide.com/bitcoin-blog/qa-with-coinpit-ceo-baraht-rao Coinpit says that users do not have to even use an email or login to trade. How does this system work? How can a trader feel confident they are in a secure environment if they do not have a classic-style account with email address and a personal relationship with the exchange? Coinpit uses Zero-Knowledge authentication using the same crypto in Bitcoin. Your user id is the bitcoin address represented by your private key. Every request is authenticated with the user’s private key instead of setting a session cookie. This is much safer than the traditional email/password and eliminates entire classes of security issues. You may have recently read about the 500 million emails leaked from yahoo. Several of these leaks occur every month. Some are detected a few years later, many are not. Hackers have years to crack the passwords, which they can easily attempt for commonly used passwords and passwords reused and stolen from other sites. Even some forms of 2FA do not protect the user from a server breach since the 2FA seeds can also be stolen and the 2FA token reconstructed. Zero knowledge systems however, do not store the essential ingredient on the servers and therefore are more resilient. We avoid email to eliminate the threat of spam, phishing and brute-force login attacks. Coinpit marketing materials state that you do “AML without KYC” – how does this work? Coinpit is committed to transparency using the blockchain. However, transparency without privacy would be a serious threat to financial security and peace of mind. To enable transparency without compromising privacy, Coinpit uses AML without KYC. Money laundering works in three stages: placement, layering and integration. Ensuring we do not take untraceable cash deposits prevents placement. Ensuring that coins can only be withdrawn to the origin prevents layering. The initial response from bankers to this system has been positive and provides a way to eliminate the poor cost effectiveness ratio of KYC Coinpit currently has a BTC/USD contract which boasts offering 200x, even 500x leverage. Most bitcoin futures exchanges that offer this degree of leverage use “socialised losses” in order to offset unfilled liquidations of users whose margin doesn't cover their position. How does Coinpit offer this high leverage without socialised losses? Socialized losses benefit the ultra-speculative traders at the expense of skilled and disciplined traders. We believe that game theory suggests that on such exchanges the most beneficial play is to make many small bets with the highest available leverage. This will lead to larger and larger socialized losses eventually making sensible trading impossible. Judicious use of high leverage requires that disciplined and skilled traders are rewarded instead of being punished. Coinpit terminates/deleverages a highly-leveraged winning trader when there are no orders at the stop of the losing trader. While this is not desirable, this is a problem that becomes less and less severe with increasing liquidity. Many traders are frustrated by leverage products on Bitfinex and BitMEX which lead to funding charges for traders – is there any interest charged on leverage for trading on Coinpit, or any kind of funding mechanism which users need to be aware of? Moving coins from Multisig to margin and vice-versa costs a small amount of coins to be paid directly to the bitcoin network. This may go away in the future if we can use lightening network or any similar off-chain technology once proven in the market. The exchange does not have any funding charges at present. This makes it ideal for long time holders. Funding fees add up, but more important, being variable they complicate the ability to predictably take winning positions. The longer traders hold, the more the chances of profits being erased by funding costs. High funding rate has the effect of causing the users to trade small for short durations.
Many of us are guilty of describing blockchains as “trustless” systems. However, I’ve come to realize that the term “trustless” is ambiguous, confusing, and most importantly, inaccurate. Blockchains don’t actually eliminate trust. What they do is minimize the amount of trust required from any single actor in the system. "Trustless" is a term that describes the key difference between bitcoin and fiat currency. In a trustless environment, there is no single entity that has authority over the system, and consensus is achieved without participants having to know or trust anything but the system itself. The property of trustlessness in a peer-to-peer (P2P) network was introduced by Bitcoin , as it allowed all transactional data to be verified and immutably stored on a public blockchain . Trustless. The trustless nature of Bitcoin and other cryptocurrencies that utilize a Proof-of-Work consensus mechanism is an environment where users can interact with each other in a purely peer to peer format without having to trust anything but the system. This has important ramifications for how people interact with each other as well as the future governance and structure of organizations ... "The Trustless Fund: A trust fund implemented in pure Bitcoin Script." Image: Magical Bitcoin. Within this framework, if the child wants to withdraw some funds before they are 18, they will be able to do this with the approval of one of the parents. Later on, once the child is 18, they will gain full control over the funds without needing a ...
What do you mean, Bitcoin is Trustless? - Cryptogirlio™ Ep 008
Macht die Blockhain Vertrauen überflüssig? Michael Kubach vom Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO erklärt, weshalb auch Blockchain Anwendungen nicht ohne Vertrauen ... Conquering COVID-19 VIRUS Trustless Bitcoin & The BANK TAKEDOWN [OZ] [V] [Steve Jobs] [SATOSHI] Skullcap Savant. Loading... Unsubscribe from Skullcap Savant? Cancel Unsubscribe. Working ... Making Cryptocurrency Easy and Fun! Bitcoin hit a new All Time High this week and Coinbase saw a rush of new users. Nina explains what "trustless" means in the blockchain world and how competitive ... Thaj explores how bitcoin miners can mitigate network threats with trustless collusion and gets pretty deep into the complexity of bitcoin mining. How to claim FREE HEX using Bitcoin! (Trustless) Knightly Crypto - Inevitable Success with HEX. Loading... Unsubscribe from Knightly Crypto - Inevitable Success with HEX? Cancel Unsubscribe ...