Questions tagged [trust]

Trust is when one party relies upon the representations made by another party such that the relying party would be harmed if the representations were inaccurate. Trust exists between users of crypto-currencies and the developers of the software they use, between mining pool managers and their miners, and between exchanges or e-wallet services and their users.

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CTV real world usage -- How to trustlessly coordinate 1,000 people sharing 1 UTXO? And how many vBytes would be required for such an onboarding Tx?

Lots of CTV talk lately. I believe I understand the basic concept, which is that, say, 1,000 users could share 1 UTXO, while any 1 of those users can withdraw funds to the main chain at any time. So ...
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I have the phrase words but I donot know which words shall i insert to get my wallet back , what shall I do?

Trust wallet I have my 12 phrase but I am not able to get my trust wallet back
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1 answer
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Is it possible to mine bitcoin in a trustless way with a Pool?

Some context As far as I understand there are two ways in which an individual (or a company) can mine Bitcoin: Solo: if one has enough hashrate to secure a block often enough to pay for the ...
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Am I being scammed again? [duplicate]

I recently was scammed out of $1000.00 a person recommended this Instagram site that assists in recovering stolen money. I was asked to pay a fee to obtain a program needed to move the money I ...
1 vote
2 answers
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How do zero-conf channels work?

What zero-conf channels are seems pretty straighforward (correct me if I'm wrong) -- channels that are immediately usable without needed confirmation on the blockchain. These are very useful since ...
3 votes
3 answers
2k views

What exactly does "trustless" mean in terms of Bitcoin?

People often say that Bitcoin is trustless, what exactly does it mean? I know you don't need to trust one of following entities when you transact in Bitcoin, but what don't you need to trust? third ...
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3 answers
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What is the trust model in bitcoin?

Bitcoin.org seems to be hacked. How can it be reclaimed, especially since the listed address is receiving a lot of funding? More importantly, what is the procedure for a new user in establishing ...
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The competitive practicality of Bitcoin

Bitcoin is to be trustless by the thousands of nodes, but is this no more trustless than the Federal Reserve system? An account size in 8b on each device is a feasible alternative with absolute ...
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1 answer
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Would a consensus algorithm like the one I describe work?

Given n nodes(miners/validators), Every unspent transaction output is broadcasted to all n nodes. Each node will select a batch of transactions and add it to their block. The specific mechanism of ...
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The true reason bitcoin needs merkle proof for SPV wallet?

I know exactly what merkle tree is, and I know it is used to verify a transaction is in a block with just a hundred of bytes flowing through my network cable (btw do I really lack that megabytes ...
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How would I prove that I own X amount of Bitcoin to somebody without violating my privacy or sending/risking any coins?

Now that people who own a full Bitcoin will be like people who currently own ten million USD or more in "liquid assets", I'm trying to come up with some way that I can safely and reasonably ...
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Why can't timestamps be a substitute for blockchain?

I'm super fascinated by the entire concept of proof of work and how it allows for a trustless, decentralized system. Despite knowing that proof of work (or proof of stake) can be an inevitable ...
3 votes
2 answers
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How do I know which exchanges are serious actors?

How do I find bitcoin exchanges? How do I know if the exchanges can be trusted?
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Traditional VC investment vs. bitcoin IPO

There are few Bitcoin "stock exchanges" trading mainly BTC mining company pass-through shares, like https://btct.co/ https://bitfunder.com/ We are planning to get investment for our Bitcoin-...
4 votes
2 answers
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Why is the full blockchain required, effectively forever?

I do understand that every block is validated in terms of the blocks before it by way of the previous block's hash, all the way back to the genesis block. However, could the protocol be modified such ...
21 votes
3 answers
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Is bitcoin.org or bitcoincore.org the one to trust?

"Download Bitcoin Core": https://bitcoin.org/en/download "Download Bitcoin Core": https://bitcoincore.org/en/download/ I've been alternating between the two sites for years. I have ...
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As the Bitcoin price skyrockets, how to avoid getting malware through freeware/FOSS software's updates?

We have a situation now where the vast majority of software I have installed on my computer (Windows 10, since there are no other supported versions of Windows) are either aging one-man freeware ...
3 votes
1 answer
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Does a low profit margin on mining reduce the integrity of the blocks stored in the transaction history?

As the mining Bitcoin payout decreases from 50 to zero, what incentive is there for miners to continue operating? Is there a need for miners to continue to operate when the payout decreases to zero? ...
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Chat online using Bitcoin addresses?

I was surfing on the web and trying to find a chat app that uses Bitcoin address instead of phone numbers or any other identifier. Do you know about any project in this field?
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Can one consider that the interest of other actors/stakeholders would change something about the concept of "blockchain"?

I am new to the Bitcoin world and am trying to get an overview within a research project. I see that Bitcoin was born out of a certain motivation to decentralize money and that decentralization, open ...
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BTC Miner, trust? or scam? [duplicate]

trust to miner who after the investment ask You other btc to have free access to unspendable-btc in the wallet? any suggestion?
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1 answer
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Generate my own public/private key to secure my bitcoins

I have a few bitcoins on a bitcoin platform (Kraken). I do not trust any bitcoin platform. I want to own my bitcoins. I do not trust Ledger devices too. What i want to do is to generate my own ...
15 votes
3 answers
870 views

What are the most notable cases of Bitcoin scams?

Bitcoins can be easily used to scam people out of their money due to the inability to perform charge-backs. What are the most notable cases of Bitcoin scams that are known?
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6 answers
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Is proof-of-work required in Bitcoin?

It seems that the rationale behind the proof-of-work requirement in Bitcoin is that it creates trust in a decentralized trustless network by: helping to reach consensus on which version of the ...
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TSA: Why singing hash(hash(data),t)?

Why does a TSA first appends the timestamp and hashes the combination of timestamp and data? This product is then signed and send to the client back with the timestamp. Why not signing hash + ...
4 votes
3 answers
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What if Zcash Company turns evil?

The "Company Values" section at the Zcash website states: we are not the controllers or the power-holders, and do not control the mining or distribution of Zcash. Every user of Zcash contributes ...
1 vote
1 answer
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How 1 cpu 1 vote works?

How 1 cpu 1 vote works? What is its validity? Does it use IP address or mac address or similar to that? If yes, then it can be changed and can make fool to the network. If it can't, then how is it ...
1 vote
1 answer
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off-chain payment channels: Do we need to trust "Payment Service Providers"?

A paper entitled: "Privacy in Bitcoin Transactions: New Challenges from Blockchain Scalability Solutions" has tried to investigate privacy issues of the Bitcoin influenced by the solutions for ...
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Does Multi_Signature transactions enable trust-less payments? (Edited)

This paper: (Link to paper) introduces a blockchain based platform entitled PriWatt claiming (in Section 2.5 MultiSignatures, page 3): "PriWatt provides the means to form agreements or contracts ...
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Is transaction validation in Ripple trust-based or trust-less?

In Ripple consensus, (1) Each validating server maintains a list of trusted servers known as Unique Node List (UNL). (2) Servers only trust the votes issued by other servers which are contained in ...
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Is routing approach of Bitcoin Lighning Network "decentralized" and "trust-less"?

From the Bitcoin Lightning Network: it is possible to find a path across the network similar to routing packets on the internet. Is routing approach of Bitcoin Lighning Network performed in a "...
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1 answer
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Is there a decentralized zk-SNARK (zero-knowledge Succinct Non-Interactive ARgument of Knowledge)?

Normally, in zk-SNARK, we need to generate two public keys: one for prover and one for verifier. However, the input parameter of this generator algorithm must be secret, meaning that it must be hidden ...
5 votes
1 answer
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Using Bitcoin contracts to run a betting site without the need for deposits?

There are a couple of bitcoin betting sites, but they all seem to require making a deposit with them. Is it possible to somehow use the Bitcoin contract system to establish a distributed betting pool? ...
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1 answer
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Is the whole idea of proof of work or proof of stake quite unnecessary and superfluous for cyptocurrencies?

I only have a vague idea of proof of stake, but I think I reasonably understand proof of work. In the case of bitcoin, the whole hash thing business has to be combined with a mechanism to increase the ...
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1 answer
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How does LN solve the liquidity problem?

How do nodes in LN manage to provide 100% collateral to all the outgoing channels? I attached an example below that details my confusion about the lack of liquidity.
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Exchange Transaction versus Blockchain Verification

I am wondering about a question related to this post. According to bitcoinity, the number of bitcoin-trades at major exchanges per minute is roughly 400. However, as also pointed out by @eponymous in ...
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2 answers
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Does blockchain have any value if you trust all nodes?

If we are designing a new project or application whatever it is, and you can trust all nodes, should we still consider blockchains in the architecture? I saw this video of IBM and I was wondering ...
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Ripple paper wallet: is "ripplepaperwallet.com" safe?

I've been reading on the internet and I have found several websites for generating Ripple paper wallets: ripply.eu, bithomp.com, gatehub, etc. I'm not sure if these websites are official Ripple ...
2 votes
1 answer
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Is there an escrow-like mechanism that doesn't involve a trusted 3rd party?

We know that escrow mechanisms are easy to implement when it involves a trusted 3rd party. For example if A and B don't trust each other they can simply send their goods to C whom they both trust. ...
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2 answers
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Examples of trustworthy ripple paper wallets?

Which are examples of trustworthy ripple paper wallets? I've been reading on the internet and I have found several websites for generating ripple paper wallets: ripply.eu, bithomp.com, gatehub, ...
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0 answers
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Can we trust Aionnext exchange platform? [closed]

I have a general question, if there is a list of regulatory approved exchange for cryptocurrency brokers?
5 votes
2 answers
2k views

Blockchain as a service - is this really just a replacement trusted third party?

One of the key tenets of Blockchain technology is that it is a trustless, distributed ledger which removes the need for a trusted (but hackable) third party to oversee the veracity of transactions (e....
8 votes
4 answers
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How can a bitcoin exchange prove its solvency while maintaining privacy?

What methods can an exchange website use to prove that it actually has all its users' bitcoins? These are the requirements: User privacy is a must. No one should be able to tell how many bitcoins an ...
0 votes
1 answer
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Is it possible for multisig wallets to have trusted addresses? (Dynamic amount of permissions required)

I've been wondering if it is by design possible to have a multi-signature wallet which has a set of trusted addresses which require less signatures. Let's say I have a 3-of-5 wallet, but all address ...
4 votes
1 answer
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Trustworthy url address for bitcoin download?

I would like to download install some bitcoin software and create a wallet. I know there are some programs like Bitcoin-QT or Multibit. There are more sources to download these programs. I want to be ...
1 vote
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What is the security and trust model of an Opendime?

Opendimes use some entropy on the device in combination with some entropy added by the owner to generate private keys directly on the device. Until the device's seal is broken, it is claimed to be ...
1 vote
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Do wallets break trustless character of cryptocurrency transactions?

My question is, whether lite wallets and wallets in general break trustless character of cryptocurrency transactions or not? In case of a lite wallet, even I hold the keys, a blockchain itself is ...
7 votes
1 answer
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Do we have to trust at least one DNS seed?

If I understand correctly, when new bitcoin node wants to join the network, it must be introduced by guiding nodes -- DNS seeds. DNS seeds can thereafter help new node discover more existing nodes. ...
1 vote
1 answer
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Can a publicly visible but privately mined block chain be trusted?

Outside of Bitcoin, if a company set up a blockchain like structure that can be publicly accessed but only the company itself mines blocks, does that mean the blockchain can't be trusted? I have only ...
2 votes
1 answer
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How to avoid "single point of trust" in online bitcoin exchange sites

How do an online service such as a Bitcoin exchange prevent some sysadmin from transferring assets from its users to him self (like in the bitcoin case, a secret wallet of his own) and take off to ...