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Ah I see. Thank you for the clarification.
So if Block A doesn't signal... and on the same chain Block B does...
Do knots nodes see Block B build on A? Or do they just find the whole chain as invalid?
I expect some small 'inscription' (could just be a random Brc thing) in every post-chaintip block. Meaning that every block will be 'thrown out' by bip-110 nodes correct? So the hardfork will be almost immediate.
Then the forkers nodes will never see another valid block... because the previous block will already have been thrown out. It only takes one transaction from what I understand, almost a given, for the forkers to think the block is invalid meaning that every subsequent block is also invalid and the chains fork immediately.
Then it is on the forkers to generate enough hashrate to actually find blocks on their chain. If miners ignore them then... what?
The biggest one for me is this: if it takes ~ 5 hours to find ONE Knots block then either
- the fees will be REALLY high in which case the spam on Knots is outbid anyway.
or
- the Bitcoin Knots Blocks are empty. Which means it's not being used 'as money' despite what the forkers say.
So then what is the point of the fork?
Well then what are they planning on doing Saturday? How are they going to exchange it?
They literally have to notify the merchants, they need lightning support, they need exchanges to list it, and with ~ 3% hashrate it would take ~ 60 weeks to get a difficulty adjustment. Or 30 hours for 'final confirmation' of a transaction (6 blocks at 5 hours per block found).
Or ~ 15 hours to open a lightning channel (3 confs for Lightning).
(10 minutes x 30 = 300 minutes = 5 hours per block)
And bip-110 miners cannot sell their coins for 100 blocks or 500 hours or ~ 20 days.
Will those coins have buyers to pay for the electricity? Basically 3 weeks without a payout for the miners etc etc
And if none of this 'works' (miners waiting almost 21 days to sell their mined coins) then knowing ahead of time the new PoW would give the forking insiders an enormous advantage. To solo-mine or essentially premine by having the equipment set up already.
And in which case what is the name of the new coin going to be? Who decides how much difficulty the mining will have? And if the PoW changes will it still be 'temporary' for just the year what happens after the year is up?
I haven't seen any of these questions answered yet and I've been following this stuff for few years
Serious Question - are exchanges going to list Knots Coin? When are they going to give the coin its own name?
Bitcoin Knots
Bitcoin Luke's Vision etc etc
I would have thought they would choose a name a long time ago
They weren't accepting post-coinjoin utxos a few years ago, they would literally send them back if you tried to send them for lightning.
I assume they would do the same thing in this instance... Except it wouldn't be clear which funds were stolen that would come out later, and effectively be stolen property they would have no right to. Which meant they couldn't get anything for it and effectively operate at a loss...
A mess, really
Lol
"and the reason is worth more than the result"
Lol predict the next word creating lightning addresses is so weird
In my humble opinion nobody, and I mean nobody, should have trusted the coldcard RNG. That's the whole point of being able to roll dice.
There are no 100% guarantees with any of these 'wallets' and i'm surprised that multi-vendor multi-sig isn't more popular. It could be a phone wallet combined with a "hardware wallet" (in a 2 of 2) even a bad one, and events like this would have been prevented at least long enough for users to migrate funds. And even then nobody's phone was hacked or specifically targeted... Two separate systems (and modern phones are relatively secure) would have to both be compromised for the funds to leak and IMO the odds of 2 bad RNGs is way less than one.
If you think about it, you don't really need specialized equipment at all, maybe just to calculate a checksum from the dice rolls and the 'other' signer could be a freshly installed copy of Linux on a cheap latop. How many more people would have their savings if that was being taught rather than 'go out and buy a hardware wallet' which clearly failed.
A little creativity and skepticism goes a long way and somehow we missed that.
I think the idea is that users who roll more dice, or are inclined to have "more" entropy rather than less, are better off with 24. Yes both 12 and 24 reduce to 128 bit but 24 provides a stronger checksum and better opportunity to capture randomness from physical entropy. Just IMO
Every day we have coins dude...
Chris Taylor: It's the way the whole thing works. People like Elias get wasted. People like Barnes just go on making up the rules any way they want. So what do we do? Sit in the middle and suck on it. We just don't add up to dry shit, King.
King: Whoever said we did, man? All you got to do is make it out of here, and it's all gravy. Every day, the rest of your life, gravy.
Platoon (1986)
I'm amazed nobody put the code in a frontier LLM. Now all the other HWWs will get the same treatment. Will be interesting for sure facepalm
I'm amazed with all the LLM access out there... That this exploit/bug wasn't caught earlier.
The weak entropy of RNG generated seeds in all the devices... Including the mk4 and Q is hard to believe honestly.
The logical conclusion is there will be a lot of sweeping by morning, if I were a hacker (I'm not) I'd be renting GPUs and looking for private keys for each address type or even multisigs being spent. Incredible stuff.
How did noone catch this earlier? Mk3s have been around forever
It's going to cause massive lawsuits. What a great day
This is a very very massive hack. But of course the stackers know that.
My guess is that the 'real' hacking is just beginning.
A low-entropy passphrase is not good enough because a '25th word' is a joke to brute force it's basically like not even having one. And a lot of people won't know about the hack, and now that the whole world is looking for it all the those seed phrases are toast. Next the hackers will be using low-entropy '25th words' with low-entropy seeds just GPUs to rainbow-tables.
A lot of cold card customers will be waking up confused as to what happened.
Not to mention a lot of people don't have access to the HWW or they are at work or traveling or whatever so they can't just move things. Plus they need a safe seed to move it to. Plus my guess is that anything in the mempool... will only draw attention to vulnerable seeds which will be brute-forced by hungry hackers.
Twitter is saying the bug potentially effects mk3 mk4 and Q devices.
Ok so it happens immediately. Thank you for the clarification. It will be interesting to watch on Saturday!